Refinery plan

New Delhi, July 3: India's biggest oil refinery that Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Engineers India Ltd plan to set up on the west coast will cost $30 billion, or Rs 2 lakh crore, a senior official said. "The 60-million-tonnes-a-year refinery and a mega petrochemical complex will be set up in two phases," Sanjiv Singh, director (refineries), IOC, said.

Rajan view

Basel, July 3: RBI governor Raghuram Rajan has cautioned against expecting too much from central banks, saying it was wrong on their part to always claim a "bazooka" left up their sleeves, even as he asserted that life is very difficult in emerging markets.

Tax rate

New Delhi, July 3: Making a case to raise the taxpayer base, finance minister Arun Jaitley has said the Centre's intention was to keep taxation rate "moderate" and emphasised that the tax department needs to start trusting the assessees.

Debt problem

Mumbai, July 3: Bloated credit profiles of corporate houses make their balance sheets vulnerable because of the challenges from infrastructure, commodity meltdown and low consumption demand, leaving their interest coverage ability very weak, Icra said in a report.