Political Capital missing to tax masses - Let GST do it! - Dr Panagariya tells TIOL (See 'THE COB(WEB)' in TIOL) Arbitration - Petition u/s 34 is beyond pecuniary jurisdiction of District Court as when interest is added, 'Aggregate Value' of claim exceeds Rs two crore: HC (See 'Legal Desk') SEBI - Failure of merchant banker to exercise due diligence and correctly apply law while calculating offer price attracts penalty u/s 15I: SAT (See 'Legal Desk') Aavishkaar Capital launches 'ESG First Fund' Swiggy raises USD 700 million in funding round led by Invesco Baby Amore raises external funds from GetVantage & marketplace Railways follows roadmap for supplying rakes for coal (See 'Corp Brief') Udyam Registration paves way for success (See 'Corp Brief') IBC - Since claim of Appellant is filed much belatedly, same is rightly rejected by Resolution Professional: NCLAT (See 'Legal Desk') Arbitration - Quantity and quality of evidence, is aspect that lies in exclusive domain of Arbitrator and requires no intervention of Court: HC (See 'Legal Desk') CCI imposes penalty on maritime transport companies (See 'Corp Brief') CCI nod for acquisition of shares of Future Generali by Generali N.V (See 'Corp Brief') CCI okays internal acquisition by Glaxo Smith Kline (See 'Corp Brief') SEBI Listing Obligations Regulations - Reclassification of promoter to public shareholder without seeking prior approval from stock exchange can attract penalty under LODR Regulations : SAT (See 'Legal Desk') IBC - Limitation Act, 2013 is not applicable to IBC, 2016 : NCLT (See 'Legal Desk') Trademark Act - Once found that Defendant's TM is identical with Plaintiff's registered TM, Court cannot go into enquiry whether infringement would cause deception or confusion: SC (See 'Legal Desk') Competition Act - Anti-competitive tendering process can be investigated by CCI even though lottery business carried out by State is res extra commercium - SC (See 'Legal Desk') IBC - Framework for cross-border insolvency to be announced soon (See 'Corp Brief') NITI Aayog, Rocky Mountain release 'Banking on EVs in India' report (See 'Corp Brief') Tiger conservation crucial for sustaining plethora of ecosystem services: Yadav (See 'Corp Brief') Toy-based pedagogy is in alignment with NEP 2020: MoS (See 'Corp Brief') SEBI - Provisions of SARFAESI Act cannot override those of LODR Regs., 2015 and CA, 2013 as they are not inconsistent with those of SARFAESI Act : SAT (See 'Legal Desk') CPC - Where there is identity of matter in both suits, even if further reliefs are claimed in subsequent suit, second suit must be stayed u/s 10: HC (See 'Legal Desk') PMLA - Arrested persons cannot be retained in judicial custody where ED is unable to complete investigation in a particular time frame due to peculiar nature of offence - bail allowed: SJ (See 'Legal Desk') Mineral Production Goes up by 5% in Nov month (See 'Corp Brief')

Budget 21 provided capital outlay of Rs 5.54 lakh crore

Published: Dec 07, 2021

By TIOLCorplaws News Service

NEW DELHI, DEC 07, 2021: TO initiate infrastructure development to boost the economy after COVID-19 pandemic, Union Budget 2021-22 has provided a capital outlay of Rs. 5.54 lakh crore, an increase of 34.5% over Budget Estimate of FY 2020-21. This was stated by Union Minister of State for Finance, Pankaj Chaudhary, in a written reply to a question in Lok Sabha yesterday.

The Minister stated that the Government has also made provision of more than Rs 2 lakh crore for States & Autonomous Bodies towards their Capital Expenditure. National Monetization Pipeline was also prepared to unlock the value of investments in public sector assets by tapping private capital and efficiencies for delivering infrastructure services. These proceeds are envisaged to augment existing/ create Greenfield infrastructure. Additionally, Central Ministries/Departments have been suggested to expedite infrastructure investment by front-loading capital expenditure.

Giving more details, the Minister said that the CCEA in its meetings held on 21.10.2021 approved the proposal for development of ‘PM GatiShakti National Master Plan (NMP)' for providing multimodal connectivity infrastructure to various Economic Zones. It aims to depict various economic zones and the infrastructure linkages to holistically integrate all the multimodal connectivity projects, remove missing gaps for seamless movement of people, goods & services, minimize disruptions, improve logistics efficiency. The sectors intended to be included in PM GatiShakti NMP are Transport & Logistics - Roads, Rail, DFC, Airports, Inland Waterways, Ports, Logistics infrastructure, Bulk material transportation, Urban Public Transport; Energy – Electricity Transmission with specific reference to evacuation of renewable energy projects, National Gas Grid; Communication – OFC network, Telecommunication Towers; Commercial infrastructure - Common infrastructure for industrial parks with industrial activities like, Food parks/Textile parks, SEZs, Electronics Manufacturing Clusters, Fishing Clusters/Harbours, Defence Corridors/Industrial Corridors, Pharma & Medical Device Clusters.

In response to the source of funding for the aforesaid project, the Minister stated that there is no financial implication for multimodal connectivity infrastructure to the economic zones under the PM GatiShakti NMP as the concerned line Ministries/Departments will seek funding of their respective infrastructure projects serving the economic zones as per procedures laid under their respective schemes/programmes.

Giving more details, the Minister stated that the National Infrastructure Pipeline (NIP) was launched with projected infrastructure investment of around Rs. 111 lakh crore during FY 2020-2025 to provide world-class infrastructure across the country, and improve the quality of life for all citizens. NIP was launched with 6,835 projects, which has expanded to over 9,000 projects covering 34 sub-sectors. NIP is a first-of-its-kind, whole-of-government exercise and covers all infrastructure sub-sectors, including MSMEs working in infrastructure sector, as mentioned in Harmonized Master List of Infrastructure Sub-sectors notified by Department of Economic Affairs (DEA).