Bengaluru (PTI): Prime Minister Narendra Modi will be in poll bound Karnataka's northern districts of Yadgiri and Kalaburagi on Thursday to lay foundation stone and inaugurate projects worth more than Rs 10,800 crores.

This will be the second such visit by the Prime Minister to Karnataka this month. He was in Hubballi on January 12 to inaugurate the National Youth Festival, during which he had held a massive road show.

According to an official release, at around 12 noon, in Kodekal, Yadgiri district, the Prime Minister will lay the foundation stone and inaugurate various developmental projects related to irrigation, drinking water besides a National Highway development project.

Later, at around 2:15 PM, Modi will reach Malkhed, Kalaburagi District, where he will distribute title deeds (hakku patra) to the eligible beneficiaries of newly declared revenue villages and also lay the foundation stone for a National Highway project.

The visit also gains significance, as the ruling BJP prepares for assembly polls in Karnataka and has set a target of winning a minimum of 150 out of total 224 seats which will go for polls by May.

Aimed at providing safe and adequate drinking water through individual household tap connections to all households, Modi will lay the foundation stone for Yadgir multi-village drinking water supply scheme under Jal Jeevan Mission at Kodekal in Yadgiri District, also a Water Treatment Plant of 117 MLD will be built under the scheme.

The project, which costs more than Rs 2,050 crore, will provide potable water to about 2.3 lakh households of more than 700 rural habitations and three towns of Yadgiri district.

During the programme, the PM will also inaugurate Narayanpur Left Bank Canal Extension Renovation and Modernisation Project (NLBC ERM).

The project, with a canal carrying capacity of 10,000 cusecs, can irrigate 4.5 lakh hectares of command area. It will benefit more than three lakh farmers in 560 villages of Kalaburgi, Yadagir and Vijaypur districts. The total cost of the project is about Rs 4,700 crores.

Later, he will also lay the foundation stone of the 65.5 km section of NH-150C. This 6-lane Greenfield road project is part of Surat Chennai Expressway. It is being built at a cost of about Rs 2,000 crore.

Further pointing out that about 1,475 unrecorded habitations have been declared as New Revenue villages in five districts of Kalaburagi, Yadgiri, Raichur, Bidar and Vijayapura, the release said, at Malkhed village of Sedam Taluka of Kalaburagi district, the Prime Minister will distribute title deeds (hakku patra) to the eligible beneficiaries of these newly declared revenue villages.

The issuance of title deeds to more than 50,000 beneficiaries, who are largely from the marginalised and vulnerable communities from the SC, ST and OBC, is a step to provide a formal recognition from the government for their land, and will make them eligible for receiving government services like drinking water, electricity, roads etc.

During the programme, the Prime Minister will also lay the foundation stone of the 71 km section of NH-150C. This 6 lane Greenfield road project is also part of Surat Chennai Expressway. It is being built at a cost of more than Rs 2,100 crore.

Surat Chennai Expressway will pass through six states- Gujarat, Maharashtra, Karnataka, Telangana, Andhra Pradesh, and Tamil Nadu. It will reduce the existing route from 1,600 Kms to 1,270 Kms.

The PM after finishing with his engagements in Karnataka will leave for Mumbai.

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Mumbai (PTI): The Reserve Bank of India on Friday decided to keep the policy rate unchanged for the 11th time in a row but sharply lowered the GDP growth forecast to 6.6 per cent for the current fiscal, as against earlier projection of 7.2 per cent.

The Reserve Bank of India (RBI) maintained the status quo on interest rate despite July-September quarter GDP growth falling to 7-quarter low of 5.4 per cent, as against its own projection of 7 per cent.

The rate increase cycle was paused in April last year after six consecutive rate hikes, aggregating to 250 basis points since May 2022.

Announcing the fifth bi-monthly monetary policy for the current financial year, RBI Governor Shaktikanta Das said the Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 6.5 per cent while keeping policy stance unchanged at neutral.

He said MPC will remain watchful of incoming macroeconomic data for future action.

The RBI sharply cut the GDP growth projection to 6.6 per cent from the earlier level of 7.2 per cent, while raising inflation target to 4.8 per cent from the previous projection of 4.5 per cent for the current fiscal.

In a bid to make available more money with banks for lending so as to boost economic activity, the RBI slashed Cash Reserve Ratio to 4 per cent from existing 4.5 per cent. This would lead to release of Rs 1.16 lakh crore to banks and improve their lending capacity.

The CRR is the percentage of a bank’s total deposits that it is required to maintain in liquid cash with the RBI. The CRR percentage is determined by the RBI from time to time. Banks do not get any interest on this amount.

The government in October reconstituted the Reserve Bank's rate-setting panel -- Monetary Policy Committee (MPC). This was the second MPC meeting of the reconstituted panel with three newly appointed external members -- Ram Singh, Saugata Bhattacharya and Nagesh Kumar.