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Sree Vijaykumar
Sree Vijaykumar
From the Editor's Desk

MMRDA approves 12k cr FY19 Budget; to penalise errant contractors
Devendra Fadnavis, Chief Minister, Maharashtra, and Chairman of the Mumbai Metropolitan Region Development Authority (MMRDA), on Thursday, approved a budget of Rs 12,156.95 crore for the year 2018-19. The budget has made large provision of funds for crucial projects such as metro corridors, the showcase, Mumbai Trans Harbour Link (MTHL), development of the Mumbai metropolitan region with flyovers, creek bridges, road network and development of water resources, besides prioritising the Bandra-Kurla complex (BKC) to improve its connectivity and infrastructure.

MMRDA made a provision of Rs 4,700 crore for the seven metro projects and Rs 2,100 crore for MTHL.

A significant allocation of Rs 581 crore was made for the ongoing 403 MLD Surya Regional Water Supply Scheme which has been undertaken to provide bulk water supply to Mira-Bhayandar and Vasai-Virar Municipal Corporations, as also for some rental housing schemes in the area.

The state government's intent of building a memorial to Dr. Ambedkar became clearer as MMRDA allocated Rs 150-crore. The memorial will come up on Indu Mill's 4.84 ha of land.

A decision was also taken to create a Labour Welfare Fund for the workers deployed on metro projects. The fund is proposed to be created through various penal actions taken against contractors for accidents causing light, grievous and fatal injuries; reporting accidents late or willfully suppressing them, etc. UPS Madan, Metropolitan Commissioner, MMRDA, said, "This is not only to press contractors to take adequate safety measures during the construction but also to take care of the workers and their family members by compensating them in case of any mishaps. MMRDA will soon draft a policy based on which the sufferer and his family can be compensated."

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Double Digit Growth For Indian IT Will Come Sooner Than You Think: JPMorgan's Ravi Shankar

JPMorgan India sees the Indian I.T companies at the cusp of a transition from legacy to digital, and as legacy companies grow smaller, Indian I.T could see double digit growth in the next twelve months.“All the mid-cap companies are growing in double digits. Hexaware, Mphasis, L&T Infotech, L&T Technology Services--all of these are growing between 12 and 15 percent,” Ravi Shankar, MD, Investment Banking at JPMorgan India told BloombergQuint at the sidelines of the India Investor Summit 2018.



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