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Deputy Energy Minister Mohammad Sadeghzadeh said 3000 new small-scale solar plants are going to be constructed in the country’s underprivileged and rural areas by the end of the current Iranian calendar year (March 20, 2019), IRNA reported.

Sadeghzadeh, who is the Head of Renewable Energy and Energy Efficiency Organization (SATBA) noted that 2000 small-scale solar plants are currently operating in the country’s rural areas and with ne new plants constructed the number will reach 5000 by yearend.

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The government’s recent decision to reduce sales tax on 61 commodities has drawn mixed reactions, with critics describing it as “ineffective” as it does not include most essential items, experts said.

Last Wednesday, the Cabinet decided to slash the general sales tax on 61 commodities down to 4 per cent from 10 and 16 per cent.

A statement by the Prime Ministry said that the move was meant to ease economic hardships on citizens and help balance the tax burdens.

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GCC countries are expected to grow by 2.3 per cent in 2019 and 2.6 per cent in 2020, from an estimated 2.4 per cent in 2018, driven by increased public spending and various measures to stimulate private sector, according to National Bank of Kuwait.

In its Mena Outlook Report, the bank’s economists said the region’s positive economic growth is backed by expansive public spending and private sector stimulus, leading regional governments to continue their infrastructure and development projects, with Saudi Arabia’s record budget of SR1.1 trillion.

Copyright © 2019 Khaleej Times. All Rights Reserved.

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Most businesses and public services came to a halt on Thursday with some 700,000 civil servants observing a nationwide strike demanding payments’ hike.

Witnesses said operations at Carthage International Airport stopped, with large numbers of passengers packing the terminal halls, many having failed to board departing aircraft.

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Finance minister Arun Jaitley on Thursday gave a strong indication that the February 1 interim Budget may not necessarily be a vote-on-account, emphasising that the government could deviate from an election-year convention to meet challenges confronting the economy, like the one facing the farm sector.



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On the BSE index, Reliance Industries, Kotak Mahindra Bank, HCL Tech, ONGC, Asian Paints and Vedanta were among the major gainers with their stocks surging as much as 4.34 per cent. On NSE, except for Nifty IT, all other sub-indices finished in red with Nifty Pharma losing the most, down 2.70 per cent.



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Net profit of the IT major stood at Rs 2,545 crore in the three months to December 31, from Rs 1,930 crore in the same period a year earlier. The Bengaluru-based company’s revenue increased by 10.2 per cent in Q3, while revenue from its IT services grew 13 per cent.



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The company believes that early migration to the stricter emission norms will help it maintain a smooth transition to the new regime, especially as it is almost a certainty that older version cars will not be allowed to sell after March 31, 2020.



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