GOVT HIKES PRICES OF ETHANOL TO CUT SUGAR SURPLUS

NEW DELHI: The government has approved a nearly 25% hike in the price of ethanol, a byproduct of sugarcane used for blending petrol, a step aimed at shedding surplus sugar out and lowering the quantum of total oil imports, one of the main macroeconomic risks due to rising fuel prices. The decision was announced by petroleum minister Dharmendra Pradhan, after the Cabinet’s approval Wednesday. The government expects two main benefits. Sugar mills battling losses from surpluses will be better equipped to clear payments due to cane farmers, worth over ~13,000 crore. Of this, mills in politically significant Uttar Pradesh owe nearly ~10,000 crore.

CCEA nod to expand rail electrification

New Delhi: The Cabinet Committee on Economic Affairs on Wednesday approved the proposal for electrification of balance un-electrified broad gauge routes of Indian Railways comprising 108 sections covering 13,675 route kilometers (16,540 track km) at a cost of ~12,134.50 crore. This electrification is likely to be completed by 2021-22. According to the railway, major trunk routes have already been electrified and are operational. The proposed electrification, which is mainly for missing links and last mile connectivity will increase the operational efficiency, enhance the line capacity and improve the average speed of trains.

CBI raids senior manager of Northern Coalfields

NEW DELHI: The CBI has recovered assets worth over ~1.92 crore from a