K'taka cabinet gives nod to Peripheral Ring Road, renames it as 'Bengaluru Business Corridor'
Bengaluru (PTI): The Karnataka cabinet on Thursday gave nod to the Peripheral Ring Road and renamed it as ‘Bengaluru Business Corrdior’ (BBC).
Briefing reporters after the cabinet meeting, Deputy Chief Minister D K Shivakumar said the notifications were issued in the past for the 117-km PRR from Tumakuru to Electronic City but no decisions were taken till now.
"Previous governments wanted to drop it. Now an alternative road is needed. We thought no road will be denotified," Shivakumar, who holds Bengaluru development portfolio, said.
The Deputy CM said earlier there was no provision for compensation, but the government has taken ways to give compensation to the land losers.
The notification is for 100-metre road, but it will only be 65-metre wide. The remaining 35 metres will be given back to the land losers to carry out commercial activities.
"Thirty five per cent road will be given back to farmers as compensation. It has value. If someone wants for residential purpose then we will give 40 per cent," Shivakumar said.
There will also be provision for cash compensation up to 20 guntas of land, which is half an acre.
Shivakumar said those who want Floor Area Ratio (FAR) instead of land compensation, will provided the same so that they can utilise the area adjacent to the FAR land.
Also, there will be provision to give compensation in the form of Transferrable Development Rights.
"We are ready to give two times TDR or we will give alternative Bangalore Development Authority land," the Deputy CM said.
"If someone does not want to take money then we will acquire the land and deposit the amount in the court," he clarified.
According to Shivakumar, the road will be tolled. It will also have a service road.
The project cost is about Rs 27,000 crore and the government will take loan for it.
"It’s a new chapter in Benglauru. We are building 117 km new road," Shivakumar said.
He also clarified that the state government will not denotify any land.
Following the new compensation policy, the project cost may reduce by Rs 10,000 crore, the Deputy CM said, adding the project may require 1,800 acres of land in the north side of the city.
"This project will be completed within two years by the BDA. The TDR value will be given as per the BBMP rules, which is beneficial for the land losers. I have asked officers to create TDR exchange system," Shivakumar said.
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India proposes preferential trade agreement with Mexico to deal with high tariffs
New Delhi (PTI): India has proposed a preferential trade agreement (PTA) with Mexico to help domestic exporters deal with the steep tariffs announced by the South American country, a top government official said on Monday.
Mexico has decided to impose steep import tariffs - ranging from about 5 per cent to as high as 50 per cent on a wide range of goods (about 1,463 tariff lines) from countries that do not have free trade agreements with Mexico, including India, China, South Korea, Thailand and Indonesia.
Commerce Secretary Rajesh Agrawal said that India has engaged with the country on the issue.
"Technical level talks are on...The only fast way forward is to try to get a preferential trade agreement (PTA) because an FTA (free trade agreement) will take a lot of time. So we are trying to see what can be a good way forward," he told reporters here.
While in an FTA two trading partners either significantly reduce or eliminate import duties on maximum number of goods traded between them, in a PTA, duties are cut or removed on a limited number of products.
Trading partners of Mexico cannot file a compliant against the decision on imposing high tariffs as they are WTO (World Trade Organisation) compatible.
The duties are within their bound rates, he said, adding that their primary target was not India.
"We have proposed a PTA because its a WTO-compatible way forward... we can do a PTA and try to get concessions that are required for Indian supply chains and similarly offer them concessions where they have export interests in India," Agrawal said.
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Citing support for local production and correction of trade imbalances, Mexico has approved an increase in MFN (most favoured nation) import tariffs (5-50 per cent) with effect from January 1, 2026 on 1,455 tariff lines (or product categories) within the WTO framework, targeting non-FTA partners.
Preliminary estimates suggest that this affects India's around USD 2 billion exports to Mexico particularly -- automobile, two-wheelers, auto parts, textiles, iron and steel, plastics, leather and footwear.
The measure is also aimed at curbing Chinese imports.
India-Mexico merchandise trade totalled USD 8.74 billion in 2024, with exports USD 5.73 billion, imports USD 3.01 billion, and a trade surplus of USD 2.72 billion.
The government has been continuously and comprehensively assessing Mexico's tariff revisions since the issue emerged, engaging stakeholders, safeguarding the interests of Indian exporters, and pursuing constructive dialogue to ensure a stable trade environment benefiting businesses and consumers in both countries.
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Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai has said that Mexico's decision is a matter of concern, particularly for sectors like automobiles and auto components, machinery, electrical and electronics, organic chemicals, pharmaceuticals, textiles, and plastics.
"Such steep duties will erode our competitiveness and risk, disrupting supply chains that have taken years to develop," Sahai said, adding that this development also underlines the little urgency for India and Mexico to fast-track a comprehensive trade agreement.
Domestic auto component manufacturers will face enhanced cost pressures with Mexico hiking duties on Indian imports, according to industry body ACMA.
