Jobs in India, Employment, Job Search, Careers - Spends through IIFCL to save jobs

Newsflash

A District program established to invest in small businesses that would in turn create jobs for city residents has yielded just 31 new jobs at a cost of $76 million, according to a report by D.C. Auditor Deborah K. Nichols.

Nichols is recommending that the city terminate the Certified Capital Companies program, known as CAPCO, which is managed by the Department of Insurance, Securities and Banking. Its commissioner and a director struggled to explain the program's benefits at a D.C. Council hearing yesterday.

According to the report, the program had $54 million in start-up and administrative costs and invested $22 million. Over five years, the investment money was poured into businesses that employed 205 people. After the investments, they employed 236 workers, an increase of 31 jobs.

"It is clear that the District's CAPCO program has not had the desired economic impact," Nichols wrote in the report.

Firms that invest in small companies through the program are given tax credits. Originally, it was thought that the lost revenue would be offset by rises in income, sales and business taxes.

Main Menu

Home

Login Form

Syndicate

Latest News

Written by Administrator
Monday, 09 August 2004
Spends through IIFCL to save jobs: World Bank The World Bank has said that India’s attempt to agree to its infrastructure finance company IIFCL bring up Rs 40,000 crore to fund core sector would help the country to liven up lull demand and also protect jobs in the middle of the economic slowdown. According to World Bank, the government through its recent stimulus packages agreed IIFCL to raise Rs 40,000 crore through tax free bonds to aid the financing of infrastructure projects which were being carried out as public-private partnerships. Presently, IIFCL is allowed to raise only Rs 10,000 crore and the decision on the remaining Rs 30,000 crore would be taken in 18 months, if required. ASK Investment launches realty fund A private equity firm ASK Investment Holdings has launched its Rs 500 crore real estate fund, focusing on the top seven cities in the country, and is looking to invest mainly in the residential market with a focus on 200 fundamentally strong real estate developers. According to company’s executive director, Sunil Rohokale, equity and real estate are two critical asset classes of the wealth-creation process. He said, “We are closely observing the trends in the domestic real estate market and are convinced which has an important place in the long-term wealth creation process.” IIFCL to complete its bond raising plan The India Infrastructure Finance Company (IIFCL) is expected to complete the second tranche (Rs 2,600 crore) of the Rs 10,000 crore tax-free bonds programme by next week. S S Kohli, chairman, IIFCL, said: “We would be raising the remaining portion (Rs 2,600 crore) of the Rs 10,000 crore tax-free bonds by March 19.” From the first tranche, IIFCL had raised Rs 7,370 crore of tax-free bonds during the third week of January. The bond, which was guaranteed by the government, will give a 6.85 per cent tax-free return to investors and have a maturity period of five years. Design Arch launches affordable e-Homes Design Arch, a Delhi based developer has launched their affordable e-Homes in Greater Noida with a plan of electronically operated houses where in one can simply operate his air conditioners, refrigerator, curtains, microwave, lights, security system etc. by touch of his finger tip or either connecting to his mobile phones etc. The company claims that these houses are affordably priced and are highly developed residential areas with complete infrastructure. The company has introduced 350 flats spread over an area of 4 acres. According to a company release, the entire house can be operated electronically including A.C., lights, L.P.G. gas, curtains, locks etc. Not only this, e- Homes ensures complete security and safety standards through digital networked security force working 24 by7.
Last Updated ( Monday, 16 March 2009 )

< Prev		Next >

[ Back ]

Polls

This Joomla! installation was ....

	Absolutely simple
	Reasonably easy
	Not straight-forward but I worked it out
	I had to install extra server stuff
	I had no idea and got my friend to do it
	My dog ran away with the README ...