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Express Tribune
4 days ago
- Business
- Express Tribune
Rs415 billion approved for rehabilitation of 'killer road'
The government on Friday conditionally cleared the construction of three different sections of the 'killer road', the Balochistan Expressway or N-25, at an estimated cost of Rs415 billion, which is being funded through Rs8 per liter levy on petrol and high speed diesel. The Central Development Working Party (CDWP) cleared, in principle, construction of the three sections having a total length of 692 kilometers with an estimated cost of Rs415 billion for three different sections, according to the Ministry of Planning officials. Once completed in at least three years, there will be a dual carriageway from Quetta to Karachi, which will also open new avenues of economic development and connectivity. The Deputy Chairman of the Planning Commission and Planning Minister Ahsan Iqbal chaired the CDWP meeting. The project, to be executed in three different sections, will be presented before the Executive Committee of the National Economic Council (ECNEC) for its final approval after the National Highway Authority addresses queries raised in the CDWP meeting on Friday. The CDWP has the mandate to approve up to Rs7.5 billion projects and refer the higher cost schemes to ECNEC, which is chaired by the Deputy Prime Minister Ishaq Dar. The CDWP recommended dualisation of Karachi-Quetta-Chaman road having 278 kilometer length for the approval of ECNEC. This route will be constructed with a cost of Rs183.4 billion in three years and Rs33 billion have been set aside in the budget for the current fiscal year. However, given the low allocations in the first year, it will be challenging to complete this major route in three years unless the allocation is increased to Rs75 billion annually from the next fiscal year. The CDWP also in principle cleared the Rs99 billion worth dualization of Khuzdar-Kuchlak section of N-25 having 332 kilometers length. For the current fiscal year, the government has allocated Rs34 billion for its construction. The cost of the Khuzdar-Kuchlak section is less compared to the other two roads due to the award of contracts in the year 2021. About 52% work on this Khuzdar-Kuchlak road is already completed and the remaining work is expected to be finished in two years. The CDWP also sanctioned the dualization of Karoro Wadh section & Khuzdar Chaman section at a cost of Rs133 billion to build 104 kilometer road. For this fiscal year, Rs33 billion have been earmarked for this section. This project will need Rs50 billion per annum allocation for the next two fiscal years to complete the scheme on time. Prime Minister Shehbaz Sharif in April this year imposed an additional Rs8 per liter levy on every liter of petrol and diesel consumed by rich and poor alike to fund these deadly roads. There had been criticism against the Prime Minister's decision due to the fact that people already are heavily taxed and the government should wisely use these resources instead of putting more burdens. The government currently charges Rs75 per liter petroleum levy, Rs2.5 per liter climate levy and 10% custom duty on every liter of petrol sold in Pakistan, making it one of the heaviest taxed products. The petrol is now sold at Rs272 per liter after adding all taxes and profit margins of dealers. But PM Shehbaz reacted to these criticisms and stated that those opposing road projects in Balochistan, were narrow-minded. "We will complete the Karachi, Kalat, Khuzdar, and Quetta highway projects to the highest standard," he had vowed. The premier had said that the initiative to build roads reflected the aspirations of the people of Balochistan and was aimed at enhancing connectivity and ensuring safer travel in the province. The CDWP raised questions about the alignment of roads, revisions in the cost and the land acquisition. Once the sponsoring ministries address these questions, the projects will be tabled before the ECNEC for the final approval. For the current fiscal year, the government has allocated Rs1 trillion for the federal Public Sector Development Programme. Out of this, Rs210 billion has been set aside for various projects of Balochistan.
Time of India
02-07-2025
- Business
- Time of India
Green energy transition can unlock Rs5.4L cr investment for Vidarbha: Report
Mumbai: India's first regional energy transition plan for Vidarbha has suggested that around 25 million tonnes of carbon emissions could be saved if the region's coal-based mining and energy economy is replaced with the greener one comprising renewable and forests. Such a saving will be equivalent to removing 12.5 million or 1.25 crore polluting cars from the roads, which is equal to one-third of total vehicles (3.77 crores) in Maharashtra, an environmental think-tank has said. A green transition in Chandrapur-Nagpur-Yavatmal (CNY), Maharashtra's coal energy hub, can potentially unlock Rs5.4 lakh crore investment, 3.4 lakh jobs and 4% regional GDP growth by 2035, finds a report by iFOREST, an international forum for environment, sustainability and technology. The CNY region, responsible for 100% of Maharashtra's coal production and half its coal-based thermal power capacity, is the state's energy backbone. With resource exhaustion triggering coal decline by 50% in the next decade, the repurposing of closed and retiring coal mines can propel CNY into Maharashtra's green industry and energy hub, the report said. According to Dr Chandra Bhushan, CEO of iFOREST, saving 25 million tonnes of carbon emissions would have a long-lasting effect as it would mean removing 1.25 crore cars from roads permanently. In a move to secure India's clean energy future, iFOREST, in collaboration with Maharashtra govt's Department of Environment and Climate Change, released the first-ever Regional Just Transition Investment Plan recently, focused on the CNY region. The 10-year blueprint identifies three Economic Development Nodes — Bhadrawati–Wani, Rajura–Chandrapur, and Umred—which can together repurpose 6,000 hectares of coal mine land into green energy and industrial hubs. Highest solar potential found in the CNY region is expected to generate 37 GW of solar energy opportunities. According to a report, Rs33,400 crore from public investments, coal companies and power utilities can fund land reclamation and repurposing. Maharashtra chief secretary Sujata Saunik, said, "Our focus should be to attract investment for development of renewable energy projects and green industrial clusters. We also need to expand electrification from personal vehicles to commercial transportation. This transition will be driven by policy frameworks that unlock green finance and support innovation. Maharashtra has consistently led from the front in adopting progressive policies for climate resilience and sustainability. " Praveen Pardeshi, the chief economic advisor to the chief minister, and CEO, MITRA said, "Forty percent of Maharashtra's energy is used by farmers to pump water for irrigation. Moving them to solar pumps is our biggest ongoing success story. We need innovative nudge policies and behaviour change incentives to support a transition of this scale from traditional energy sources."
Economic Times
04-06-2025
- Business
- Economic Times
FPIs exercise caution in Indian IPO market amidst volatility in 2025
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel ET Intelligence Group: Foreign portfolio investors (FPIs) are treading cautiously in the domestic primary market amid high market volatility and the slower pace of initial public offerings (IPO), shunning the euphoria of have invested just over $1.8 billion (Rs15,864 crore) in IPOs in the calendar year till May, compared with $4 billion (Rs33,487 crore) in the same period a year calendar 2024, they pumped in a record $14.5 billion (Rs 1.2 lakh crore) as an all-time high of 178 companies raised primary equity through IPOs and qualified institutional placements (QIPs).So far in 2025, 15 companies have launched IPOs, nearly half the 29 that hit the primary market in the year earlier the aggregate ₹27,467 crore raised is almost at par with the ₹27,651 crore raised in the first five months of shows the average IPO size in 2025 so far has nearly doubled from last year. In 2024, over 80 companies had raised nearly ₹1.5 lakh crore through the IPO route, making it a record year for primary fundraising. "Compared with early 2024, FPIs were selling in the secondary market (between October 2024 and March 2025) because of a host of domestic and international uncertainties," said Arka Mookerjee, partner, capital markets, JSA Advocates & Solicitors. "That risk-off sentiment rubbed off on the primary market too."FPIs have become selective in the primary market, he said."In the past month, the primary market has seen FPI activity picking up especially in unique new-age tech companies where valuations are cheap, thanks to the stability in the secondary market. If it continues, foreign investors will be more encouraged to look at IPOs," Mookerjee contrast to the slack in the IPO market, FPIs showed heightened interest in the secondary market in May--their net investment at $2.1 billion was the highest in eight benefitted from the changing stance of foreign investors on emerging markets (EM).In May, emerging markets excluding China saw the largest net inflow since December 2023 of $13 billion, with almost every market in the plus column, noted Macquarie Capital in a report, adding that India, Taiwan and Brazil reported a strong and block deals worth ₹91,600 crore led by stake sales by investors in companies such as ITC and InterGlobe Aviation may have encouraged secondary market FPI line with their foreign counterparts, domestic funds also remained bullish in Indian equities. They invested a net ₹49,108 crore in May compared with ₹18,063 crore in the previous a revival in FPI flows in April and May, their net position in Indian equities remained negative in the first five months of 2025 due to the heavy selling between January and March. FPIs were net sellers to the tune of $10.6 billion (₹92,490 crore) in the first five months of 2025.
Time of India
04-06-2025
- Business
- Time of India
FPIs exercise caution in Indian IPO market amidst volatility in 2025
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel ET Intelligence Group: Foreign portfolio investors (FPIs) are treading cautiously in the domestic primary market amid high market volatility and the slower pace of initial public offerings (IPO), shunning the euphoria of have invested just over $1.8 billion (Rs15,864 crore) in IPOs in the calendar year till May, compared with $4 billion (Rs33,487 crore) in the same period a year calendar 2024, they pumped in a record $14.5 billion (Rs 1.2 lakh crore) as an all-time high of 178 companies raised primary equity through IPOs and qualified institutional placements (QIPs).So far in 2025, 15 companies have launched IPOs, nearly half the 29 that hit the primary market in the year earlier the aggregate ₹27,467 crore raised is almost at par with the ₹27,651 crore raised in the first five months of shows the average IPO size in 2025 so far has nearly doubled from last year. In 2024, over 80 companies had raised nearly ₹1.5 lakh crore through the IPO route, making it a record year for primary fundraising. "Compared with early 2024, FPIs were selling in the secondary market (between October 2024 and March 2025) because of a host of domestic and international uncertainties," said Arka Mookerjee, partner, capital markets, JSA Advocates & Solicitors. "That risk-off sentiment rubbed off on the primary market too."FPIs have become selective in the primary market, he said."In the past month, the primary market has seen FPI activity picking up especially in unique new-age tech companies where valuations are cheap, thanks to the stability in the secondary market. If it continues, foreign investors will be more encouraged to look at IPOs," Mookerjee contrast to the slack in the IPO market, FPIs showed heightened interest in the secondary market in May--their net investment at $2.1 billion was the highest in eight benefitted from the changing stance of foreign investors on emerging markets (EM).In May, emerging markets excluding China saw the largest net inflow since December 2023 of $13 billion, with almost every market in the plus column, noted Macquarie Capital in a report, adding that India, Taiwan and Brazil reported a strong and block deals worth ₹91,600 crore led by stake sales by investors in companies such as ITC and InterGlobe Aviation may have encouraged secondary market FPI line with their foreign counterparts, domestic funds also remained bullish in Indian equities. They invested a net ₹49,108 crore in May compared with ₹18,063 crore in the previous a revival in FPI flows in April and May, their net position in Indian equities remained negative in the first five months of 2025 due to the heavy selling between January and March. FPIs were net sellers to the tune of $10.6 billion (₹92,490 crore) in the first five months of 2025.
Express Tribune
31-05-2025
- Business
- Express Tribune
KCCI urges PM to release Rs23b power subsidy
Listen to article President of the Karachi Chamber of Commerce & Industry (KCCI), Muhammad Jawed Bilwani, has urged Prime Minister Shehbaz Sharif to ensure the release of the long-overdue Rs23 billion relief in electricity bills on incremental consumption. In a statement released on Friday, he called for the inclusion of this relief in the upcoming federal budget for FY2025-26, lamenting that although it was allocated in earlier budgets, it has yet to be disbursed — affecting only Karachi's industrial sector, while the rest of the country has received the benefit. As per the statement, Bilwani wrote a letter to the prime minister, acknowledging the government's steps to support the business community but expressed deep concern over the continued delay in providing the subsidy for the period from July 1, 2021, to October 21, 2023. He noted that Karachi's industries remain under immense financial pressure due to administrative and legal complications. He stated that the total subsidy for the period stands at Rs33 billion, of which Rs23 billion is undisputed and should have already been disbursed. Funds were earmarked in previous budgets — Rs22 billion in FY2021-22, Rs13 billion in FY2022-23, and Rs7 billion in FY2023-24 — but the subsidy has not reached recipients due to procedural delays involving K-Electric. "K-Electric (KE) operated without a stay order for nearly nine months yet failed to pass on the subsidy to consumers," said Bilwani, adding that NEPRA did not enforce compliance, and legal obstacles have dragged the issue. He pointed out that KE's appeals were dismissed by a tribunal in July 2024, but the matter remains stalled due to a stay order from the Islamabad High Court. KCCI has urged immediate verification of the figures by the Power Division and NEPRA, stressing that the verified subsidy should be reflected in the upcoming budget. Crucially, KCCI proposed that the undisputed Rs23 billion be paid directly to industrial consumers instead of routing it through KE to avoid further delays. "This is not just a legal obligation; it is a matter of economic justice and national interest," Bilwani said.
