Latest news with #Rs1.6
Express Tribune
5 days ago
- Express Tribune
Man killed by robbers outside bank
A 50-year-old man was shot dead while resisting a robbery by men on a motorcycle outside a bank on Ravi Road on Tuesday. The victim, Iftikhar, had arrived at the spot to deposit Rs1.6 million. He worked as a clerk in a nearby grain market and was on his way to deposit cash in the bank. According to the police, the assailants opened fire when Iftikhar resisted their attempt to rob him. "The citizen had come from a nearby grain market to deposit Rs1.6 million in the private bank," a police spokesperson said. "When the robbers attempted to snatch the money, he offered resistance, prompting them to open fire." The victim was shifted to Mayo Hospital but he succumbed to his injuries. The police spokesperson said Iftikhar worked at a shop and regularly handled cash transactions for the grain market. The attackers fled without taking the money after shooting the victim. The police handed over the amount to the grain business owner. DIG Operations Faisal Kamran stated that investigations were being conducted from all angles, including murder and attempted robbery. The police said they were examining CCTV footage from the area and had launched a manhunt for the murderers.
Time of India
06-06-2025
- Time of India
Six house burglaries solved, juvenile gang busted
Nagpur: The local crime branch (LCB) of Nagpur Rural has cracked a series of six house burglary cases, leading to the detention of a juvenile gang involved in thefts across multiple police jurisdictions. Valuables worth Rs1.6 lakh have been seized in the operation. The breakthrough came during the investigation of a housebreaking case registered at Kodhali police station. While the local police pursued leads, a parallel probe was launched by the LCB. Acting on technical intelligence and information from informants, LCB teams detained a juvenile from Khaparkheda on June 4. During interrogation, the juvenile confessed to his involvement and named two more minors as accomplices. Further questioning of the detained juveniles revealed that the group had committed several housebreakings in the jurisdictions of Katol, Kuhi, Hinganghat, Mankapur, and Yashodhara Nagar police stations. They were reportedly working alongside two other associates, also believed to be juveniles. During follow-up raids, the police recovered various stolen items from their possession. The seized property includes an LED TV, two motorcycles, three Android smartphones, a table fan, and Rs10,000 in cash, collectively valued at Rs1,60,500. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villa For Sale in Dubai Might Surprise You Villas in Dubai | Search ads Learn More Undo The stolen goods are linked to multiple unsolved thefts, including a motorcycle theft from Mankapur and burglaries reported at Hinganghat and Yashodhara Nagar. Cases have now been reopened or freshly registered based on these revelations, including under section 303(2), sections 305(A) and 331(4) BNS. The juveniles remain in custody, and legal proceedings under the Juvenile Justice Act are being pursued. Get the latest lifestyle updates on Times of India, along with Eid wishes , messages , and quotes !
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First Post
30-05-2025
- Business
- First Post
What developed India's defence budget may look like
India's defence budget may rise nearly fivefold to Rs 31.7 trillion by 2047, says a report by CII and KPMG. The country aims for self-reliance by 2032 and top-five exporter status by 2038. Challenges include budget limits, import reliance, and skill gaps. read more India's defence budget is projected to grow significantly over the next two decades. According to a recently released report by the Confederation of Indian Industry (CII) and KPMG India, the budget could rise nearly fivefold to Rs 31.7 trillion (lakh crore) by 2047, up from Rs 6.81 trillion in 2025-26. India aims to enhance self-reliance in defence production by 2032, become a top-five global exporter by 2038, and lead in cutting-edge defence technologies by 2045. However, challenges remain, including budgetary constraints, regulatory hurdles, dependence on imports for critical technologies, and a shortage of skilled manpower. STORY CONTINUES BELOW THIS AD The vision for India's defence industrial sector in a developed India by 2047 is ambitious, aiming for self-reliance, becoming a major exporter, and achieving global leadership in critical niche technologies. It has been outlined in the CII-KPMG India report, titled 'Atmanirbhar, Agrani, and Atulya Bharat 2047'. The percentage of India's total GDP spent on defence is also expected to increase significantly. The report projects that the percentage of total GDP spent on defence will rise from 2 per cent to 4-5 per cent by 2047. This indicates a greater emphasis on defence expenditure relative to the overall size of the economy. Beyond the overall budget, the vision for 2047 includes projections for other key areas of the defence sector: Defence production is anticipated to experience substantial growth, reaching Rs 8.8 lakh crores by 2047, a notable increase from Rs1.6 lakh crores in 2024-25. The document also mentions aspirations to achieve Rs 3 lakh crore in defence production by 2029. Defence exports are projected to see a dramatic rise, reaching Rs 2.8 lakh crores in 2047. This is a significant leap from Rs 30,000 crores in 2024-25, reflecting the ambition to become a major exporter. The capital expenditure of the budget is expected to increase from 27 per cent to 40 per cent by 2047. This suggests a greater focus on investments in modernising the armed forces and developing indigenous military technologies. STORY CONTINUES BELOW THIS AD Total R&D spend is projected to increase from 4 per cent to 8-10 per cent by 2047. This aligns with the strategic vector of achieving global leadership in critical niche technologies and the need for increased investment in defence R&D. The document notes that leading nations spend 10-15 per cent of their defence expenditures on R&D. These projected milestones are linked to the achievement of key strategic vectors outlined in the vision. These are like conditions to be met for achieving the 2047 goals: Achieve enhanced self-reliance in defence capabilities by 2032: This involves reducing dependence on foreign suppliers and fostering indigenous development through R&D and manufacturing. Become a major exporter by 2038: The aim is to be among the top five global exporters of defence equipment and technology through expanding international partnerships and promoting Indian products. Achieve global leadership in critical niche technologies by 2045: This focuses on pioneering advancements in cutting-edge technologies like AI, quantum computing, and cyber defence through collaboration and substantial R&D investments. Achieving this transformative vision requires collaborative efforts from various stakeholders, including government bodies, the armed forces, academic institutions, industry leaders, and global partners. The document emphasises the need to address critical gaps in areas such as R&D, talent development, production capabilities, regulatory frameworks, partnerships, and infrastructure development to realise these goals. The projected defence budget and related milestones for 2047 reflect a strong commitment to transforming India's defence sector into a self-reliant, globally competitive powerhouse.
Business Recorder
21-05-2025
- Politics
- Business Recorder
Use of ministry's building: Senate panel briefed about non-payment of rent by NAB
ISLAMABAD: The Senate Committee on Housing and Works was briefed on Tuesday about the non-payment of rent since March 2021 by the National Accountability Bureau (NAB) for the use of a building of the Ministry of Housing and Works in Federal Lodges, Wafaqi Colony, Dhana Singh Wala, Lahore. It was revealed that a total of Rs480 million outstanding has not yet been paid by the NAB to the ministry, and the building has still not been vacated. It was further informed that the decision on the matter is pending with the Prime Minister's Office. The committee found that no agreement had been signed between the two departments. The chairman expressed serious displeasure over the negligence of the Ministry of Housing and Works. Senator Saifullah Abro urged departments to discourage such practices and to maintain clear documentation when signing agreements. The chairman directed both departments to settle the matter within one month, warning that if they fail to implement the committee's decision, the officers involved in the negligence will be summoned and punished. The meeting of the Senate Standing Committee on Housing and Works, chaired by Senator Nasir Mehmood, convened Tuesday to identify the reasons for delays in CDA and FGEHA projects, and the unauthorised utilisation of government accommodations by other departments without approval or payment of rent. The chairman of the committee commended the input of all committee members regarding the vacation of illegally possessed accommodations of the Ministry of Housing and Works in Wafaqi Colony, Lahore, by the Punjab Police. He informed that the Punjab Police had illegally occupied the said accommodations since 1990 and had never paid a single penny in lieu of using them. Punjab Police submitted the compliance report over the directions passed by the committee and upon the directions of the committee, the Punjab Police paid Rs1.6 million in rent, up to the year 2024 and assured the committee that the remaining rent would be paid in the upcoming financial year. While briefing on the progress of the construction of Islamabad Jail, the chairman CDA informed that the project was handed over by PWD to CDA with a revised cost of Rs7.4 billion on 26-06-2024. In Phase I, the construction of the Admin Block and boundary wall has been completed up to 98 percent, and roads and infrastructure up to 75 percent. He added that delays in funding from the Ministry of Planning and Development caused the project's delay. The committee expressed concern over the delay in fund disbursement by the Ministry of Finance and other concerned authorities and directed that the ministries of Planning and Development and Finance be summoned to brief the committee on the delay in releasing funds to the Ministry of Interior for CDA projects. The chairman, upon the request of the chairman CDA, recommended for hiring the human resources required to operate the jail. On the issue of malfunctioning of lifts in the Shaheed-e-Millat Building, the chairman CDA stated that only one out of five lifts was operational. Another lift had been repaired, but three were still not working. However, CDA has urgently issued a tender notice of Rs120 million for the repair of the three lifts. The Committee was informed that in the Shaheed-e-Millat Building and other government offices, some lifts are specifically reserved for VIPs/senior officers, and public or government employees are not allowed to use them. The committee took serious notice of this VIP culture in government buildings and directed CDA to eliminate such practices and ensure all lifts are accessible to the general public. The joint secretary, Ministry of Housing and Works, briefed the committee on the seniority list for the allotment of government accommodations to federal employees. He informed the committee that the ministry has a backlog of 26,000 applications, while there are only 17,000 houses available in Islamabad. The committee found the briefing insufficient and directed the ministry to provide a list of illegal allotments and the names of officers involved in such unlawful practices. The committee also ordered the discontinuation of all functions of the Restoration Committee and directed the ministry to submit a report at the next committee meeting. The committee also noted that FGEHA is not awarding tenders uniformly to firms, is not seriously pursuing its projects, and has failed to deliver completed projects to end users. Senator Saifullah Abro criticized the rising costs of FGEHA projects caused by delays on their part, with the burden passed on to the end users. The committee directed FGEHA to submit a list of all ongoing projects, including complete details and associated costs. The meeting was attended by senators, Bilal Ahmed Khan, Saifullah Abro, Husna Bano, Khalida Ateeb, Saifullah Sarwar Khan Nyazee, and HidayatUllah Khan. Copyright Business Recorder, 2025
Business Recorder
24-04-2025
- Business
- Business Recorder
‘Rs1.6trn to be saved': NEPRA says to discontinue dollar-based indexations for four power plants
The National Electric Power Regulatory Authority (NEPRA) has decided to discontinue the dollar-based indexations for four power plants, Business Recorder learnt on Thursday. The plants include Haveli Bahadur Shah, Balloki, Northern Power Generation Company Limited (NPGCL), and Central Power Generation Co. Ltd (CPGCL) power plants. These prudent measures will result in a projected saving of Rs1.6 trillion over the life of the projects, including Rs22 billion in the current financial year alone The decision was taken in a public hearing held on Thursday at the headquarters in Islamabad, NEPRA said in a press release. 'In a landmark move, NEPRA has decided to discontinue dollar-based indexations for these plants, transitioning instead to rupee-based indexations fixed for the entire useful life of the power projects. Renewable energy push: Nepra may approve tariff of KE's 2 PV solar projects 'This strategic revision aims to curb foreign exchange exposure and reduce tariff volatility for consumers,' the press release read. 'Further reforms include capping the indexation for Operations & Maintenance (O&M) costs to 70% of rupee devaluation, down from the previous 100%. Local O&M expenses will now be indexed to either 5% or the 12-month average of the National Consumer Price Index (NCPI), whichever is lower.' NEPRA also announced to rationalise the return on equity (ROE) structure. 'Plants will now receive 35% of the ROE as fixed, with the remaining 65% linked directly to the actual operation of the plant — a significant departure from the previous 100% guaranteed ROE model. 'These prudent measures will result in a projected saving of Rs1.6 trillion over the life of the projects, including Rs22 billion in the current financial year alone,' it said.
