By Our Correspondent
NEW DELHI/BHUBANESWAR: Union PNG-Steel Minister Dharmendra Pradhan was on Friday welcomed the measures announced by the RBI . “Welcome the array of measures announced by Reserve Bank of India (RBI) today. These measures will channelise liquidity to sectors facing funding constraints, boost demand, support growth and help realise PM Narendra Modi’s vision of an #AatmaNirbharDesh,” the Union Minister twitted.
“Relief on interest payments, extension of loan-moratorium, reduction in Repo Rate from 4.4% to 4% and reducing Reverse Repo Rate to 3.5%, will facilitate flow of funds, lower the EMI burden, revive growth, control inflation and mitigate the impact of #Covid19 on the economy,” Pradhan added.
Meanwhile, Pradhan has reviewed pipeline projects worth approx. Rs. 8000 Crore, under various stages of implementation by oil and gas companies. Pitching for Aatmanirbhar Bharat, Minister Pradhan called for complete indigenisation in these projects.
GAIL is processing line pipe tenders of more than ₹1000 crore for around 1 Lakh MT steel procurement by September 2020 for progressive supply of 800 Km line pipe from domestic bidders. This quantity is expected to be doubled by the end of current financial year to boost Make in India initiatives and further the goal of a self-reliant India.
Project work along the Pradhan Mantri Urja Ganga, JHBDPL pipeline, has resumed in full swing post lockdown and is gearing up to connect Eastern India with the West to Central natural gas pipeline corridor for boosting gas-based economy in the country.
Indian Oil is implementing 1450 km long natural gas pipeline project in southern India, with a project cost of ₹6025 crore. It has an approximate 1.65 Lakh MT steel pipes manufacturing potential in India at a cost of ₹2060 crore, in line with the Atmanirbhar Bharat Abhiyan.
The Indradhanush Gas Grid Ltd., natural gas pipeline grid being developed in the north-east, will ensure uninterrupted supply of natural gas to all the 8 north-eastern states, accelerate their economic growth and help usher a gas-based economy in India. lGGL is processing line pipe tenders of more than ₹950 cr for around 73000 MT steel procurement by July, 2020 for progressive supply of 550 Km line pipe from domestic bidders. This quantity is expected to be doubled by the end of current FY.
