GCC comprises Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. In May, India had implemented an FTA with the UAE which is likely to form the basis for the pact with the GCC, said officials. "The GCC is keen to ensure food security while India's concerns relate to regulatory measures, especially in some food items," said one of the officials, who did not wish to be identified.
India scrapped export taxes on low-grade iron ore and on some intermediate steel products beginning Saturday, after months of complaints from miners and steel makers about loss of foreign sales opportunities.
The rupee depreciated 12 paise to 81.86 against the US dollar in early trade on Monday, tracking the strength of the American currency in the overseas market and a muted trend in domestic equities.
A slowed pace of road construction this year has prompted the Centre to undertake a comprehensive review to identify the shortcomings and hasten implementation of national highway projects.
"Total original cost of implementation of the 1521 projects was Rs 21,18,597.26 crore and their anticipated completion cost is likely to be Rs 25,76,797.62 crore, which reflects overall cost overruns of Rs 4,58,200.36 crore (21.63% of original cost)," the ministry's latest report for October 2022 said.
According to the Ministry of Statistics and Programme Implementation, which monitors infrastructure projects of Rs 150 crore and above, out of 1,521 projects, 380 reported cost overruns and as many as 642 projects were delayed.