Latest news with #Rs180
Business Recorder
10 hours ago
- Business
- Business Recorder
Govt launches Rs180mn Skardu International Airport upgrade project
The government has formally launched the upgrade project of Skardu International Airport, marking a key milestone in strengthening air connectivity and unlocking the economic potential of Gilgit-Baltistan. The formal launch event took place at a local resort in Skardu, where the joint venture consultancy, comprising Swiss firm Intairplan and its Pakistani partners, presented their strategic roadmap for the airport's development. Australian HC team assesses Skardu Int'l Airport Senior officials from the Pakistan Airports Authority (PAA) attended the meeting, including the Director Planning & Development, the Additional Director Project Monitoring, Project Director Skardu International Airport, and the Airport Manager Skardu. Reforms in aviation sector reviewed: PM for further improvement in facilities at airports Representatives from the local administration, armed forces, law enforcement agencies, and other stakeholder institutions were also present. According to officials, the design consultancy for the upgrade has been awarded at a cost of Rs180 million. Construction work is expected to begin within a year, following the completion of the detailed design and PC-1. Stakeholders expressed unanimous support for the project and commended the PAA's efforts in positioning Skardu as a hub for international tourism and trade. The project is expected to boost regional development by enhancing air connectivity and enabling broader economic integration. The Skardu International Airport Upgrade Project is being hailed as a transformative step toward promoting sustainable growth and global accessibility in the mountainous region of Gilgit-Baltistan.
Business Recorder
11 hours ago
- Business
- Business Recorder
Govt launches Skardu International Airport upgrade project
The government has formally launched the upgrade project of Skardu International Airport, marking a key milestone in strengthening air connectivity and unlocking the economic potential of Gilgit-Baltistan. The formal launch event took place at a local resort in Skardu, where the joint venture consultancy, comprising Swiss firm Intairplan and its Pakistani partners, presented their strategic roadmap for the airport's development. Australian HC team assesses Skardu Int'l Airport Senior officials from the Pakistan Airports Authority (PAA) attended the meeting, including the Director Planning & Development, the Additional Director Project Monitoring, Project Director Skardu International Airport, and the Airport Manager Skardu. Reforms in aviation sector reviewed: PM for further improvement in facilities at airports Representatives from the local administration, armed forces, law enforcement agencies, and other stakeholder institutions were also present. According to officials, the design consultancy for the upgradation has been awarded at a cost of Rs180 million. Construction work is expected to begin within a year, following the completion of the detailed design and PC-1. Stakeholders expressed unanimous support for the project and commended the PAA's efforts in positioning Skardu as a hub for international tourism and trade. The project is expected to boost regional development by enhancing air connectivity and enabling broader economic integration. The Skardu International Airport Upgradation Project is being hailed as a transformative step toward promoting sustainable growth and global accessibility in the mountainous region of Gilgit-Baltistan.
Express Tribune
11-06-2025
- Business
- Express Tribune
K-P to unveil Rs2tr tax-free budget
The Khyber-Pakhtunkhwa government is set to present a Rs2,000 billion budget tomorrow, with over Rs1,800 billion allocated for current expenditures. The budget will show a surplus of Rs180 billion and will not introduce any new taxes. However, the scope and rate of existing taxes will be expanded. A total of Rs433 billion has been earmarked for development projects, including funds for the development of the newly merged tribal districts. The government will also announce the imposition of an "education emergency" in the new fiscal year. Under this initiative, furniture will be provided to 100 per cent of public schools. To boost its own revenues, the province has set a 40 per cent higher target for provincial tax collection compared to the current fiscal year. The new budget includes the establishment of four additional cardiac centers in addition to the existing ones, as well as special funds for the merged districts. Measures to support the province's vulnerable, marginalized, and low-income populations are also part of the budget. Funding has been allocated for key infrastructure and welfare projects including the Peshawar-DI Khan Motorway, a new electricity transmission line, the establishment of an insurance company, and the Chashma Right Bank Canal. Safe City projects in Peshawar, Bannu, and DI Khan will receive financial support, and the education budget is being increased by 13 per cent. The monthly honorarium for artists will also be raised from Rs100,000 to Rs150,000. A significant portion of the development budget will focus on completing ongoing projects. Priority will be given to projects that are 80 per cent or more complete, followed by those with 60 per cent completion. The number of new development projects has been capped at 500, with Rs195 billion to be immediately released, and up to Rs250 billion allocated as needed. For the first time, a special committee will be formed to approve projects based on priority and necessity. The budget will continue to prioritize the education, health, and social welfare sectors. Additionally, the 13-year throw-forward period for the Annual Development Program (ADP) will be reduced to seven years. A safari park is also planned for Misri Banda in Nowshera as part of the new fiscal year's initiatives. The federal government is set to allocate a total of Rs1,342.78 billion to K-P from the divisible pool for the upcoming fiscal year 2025-26, which will raise the province's overall budget to approximately Rs2,000 billion. For the ongoing fiscal year 2024-25, the federal government was expected to provide Rs1,221.53 billion. However, according to revised estimates, the actual amount transferred to the province stood at Rs1,135.66 billion by the end of the fiscal year. In the upcoming fiscal year, the merged tribal districts will receive a Rs40 billion subsidy in the energy sector. This is a reduction from Rs65 billion allocated during the current fiscal year. Additionally, the federal government will provide Rs80 billion in special grants to these merged districts — an increase from Rs66 billion allocated in the current year. Under the Public Sector Development Programme (PSDP), the merged tribal areas will be allocated Rs65.44 billion, compared to Rs70 billion in the current fiscal year.
Express Tribune
20-05-2025
- Business
- Express Tribune
Retailers threaten sugar sale halt amid price hike
As the wholesale price of sugar has witnessed a continuous hike, the Grocery Merchants Association has announced that if the Punjab government and local administration fail to reduce the ex-mill wholesale price of sugar, all grocery retailers across Punjab will stop selling sugar from next week. Sugar prices in the open market have surged by Rs20 per kg, reaching Rs180 per kg. Speaking to The Express Tribune, the association's president, Saleem Parvez Butt, said that the government has fixed the official retail price of sugar at Rs164 per kg, but sugar is now being supplied by mills at a wholesale rate of Rs174 per kg. He explained that additional costs, including loading, unloading, transportation, shopping bags, and wastage, amount to approximately Rs10 per kg. This means that purchasing sugar at Rs174 per kg and selling it at Rs164 per kg is financially unfeasible for retailers. Butt further added that the Rawalpindi Division and Islamabad District do not produce sugar and have no sugar mills of their own. Local dealers procure sugar from other regions where mills are located. With the new budget approaching, if prices remain unchecked, sugar could reach Rs200 per kg. The Central Grocery Association of Punjab has issued a clear warning to both the federal and provincial governments that if they continue to pressure retailers instead of controlling the sugar mill mafia and enforcing the official ex-mill rates, then millions of retailers across Punjab will suspend sugar sales entirely.
Time of India
19-05-2025
- Business
- Time of India
Virtual Galaxy Infotech lists on NSE at 26% premium
Nagpur: Virtual Galaxy Infotech Limited, an IT company from Nagpur, was listed in the SME segment of the National Stock Exchange (NSE) on Monday, with the shares opening at Rs180, a premium of over 26%. The company IPO had been oversubscribed by more than 231 times, with the public offer of Rs93 crore attracting bids worth over Rs14,400 crore. The listing was followed by a video message from chief minister Devendra Fadnavis , who said that the company, which started as a modest venture, has made a major mark in the sector. The success made him proud as the state's chief minister, he said. "It is a matter of pride that both the promoters, Avinash Shende and Sachin Pandey, are Marathi manus and residents of my own South-West Nagpur constituency," said Fadnavis. The chief minister also noted that the IPO was oversubscribed 231 times. The company will create 1,000 jobs in two years and develop a 10-acre campus at Mihan-SEZ, he said. Later, talking to TOI, Shende — one of the promoters — said the company diluted 26% of its stake, admitting that the response was overwhelming. Apart from building the unit at MIHAN SEZ, the IPO proceeds will also be used for repayment of loans worth Rs3 crore. Over Rs5 crore will go towards the purchase of a GPU, server, and storage system at the data centre. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like [Click Here] 2025 Best Luxury Hotel Prices Expertinspector Learn More Undo Apart from this, Rs18 crore will go towards enhancement and maintenance of existing products, and Rs14 crore for funding business development and marketing activities. The additional development facility at Nagpur will entail a capital expenditure of Rs34 crore. President of Vidarbha Association of Software Exporters (VASE) Amitabh Khanna said the development strengthens the confidence of the region's IT units. Chartered accountant Julfesh Shah said bids worth Rs14,400 crore for a Rs93 crore public issue is considerable indeed.
