State will send ₹850 crore proposal to Centre for development of Malpe harbour: Min Mankal Vaidya
Udupi: The State will submit a Rs 850 crore proposal to the Union government for the overall development of the Malpe fishing harbour, Karnataka Minister Mankal S. Vaidya announced while laying the foundation stone for a Rs 12.52 crore modernisation project of the harbour under the Pradhan Mantri Matsya Sampada Yojana (PMMSY).
“If the Union government does not consider the proposal, the State government will finance the proposed project,” The Hindu quoted Vaidya, state's Minister for Fisheries, Ports and Inland Water Transport, as saying.
Vaidya noted that Coastal Regulation Zone (CRZ) rules continue to hinder coastal development in Karnataka, preventing the implementation of projects worth Rs 2,034 crore. He stressed the need for CRZ norms in the state to be aligned with those in other states, where such regulations do not pose a barrier to coastal infrastructure and development initiatives.
Speaking at the event, Udupi-Chikkamagaluru MP Kota Srinivas Poojary said the PMMSY has revitalised the fisheries sector, enabling the implementation of several projects that benefit fishing communities nationwide. He urged the state government to prioritise dredging of estuaries and upgrading fisheries jetties to ensure year-round navigability and the safety of fishing vessels.
The Rs 12.52 crore modernisation project will focus on enhancing sanitation and water supply at the harbour, upgrading fish handling capacity, and strengthening security at the port, The Hindu quoted fisheries and ports officials as saying.
A reliable water supply and improved handling facilities are expected to speed up auctions and vessel turnarounds, while upgraded wastewater systems will help tackle long-standing issues of odour and contamination at the harbour.
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Rupee falls 9 paise to all-time low of 90.58 against US dollar in early trade
Mumbai (PTI): Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.
At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.
On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.
Brent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.
Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data.
"FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
