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The Union Cabinet on Wednesday approved the Empowered Group of Ministers' (EGoM's) recommendations about the Phase-III of FM radio auction, setting a stage for faster rollout of FM Radio in the country.

In the third phase of expansion, the government will auction a total of 839 FM radio channels in a total of 294 cities through private agencies. The approval has put an end to the more than two-year-long wait for the phase-III expansion of the private FM radio network in the country.

India's External Affairs Minister Salman Khurshid may commit around $100 million to develop Chabahar Port in Iran during his upcoming visit to the West Asian country, sources said.

On Wednesday, the Union Cabinet headed by Prime Minister Manmohan Singh discussed plans to invest in projects in & around the Chabahar Port in the sanction-hit Iran.

As part of its effort to rein in its fiscal deficit, the government on Wednesday decided to cut in subsidy on potash and phosphate-based fertilisers for the current fiscal year.

The government slashed subsidies for diammonium phosphate (DAP) and muriate of potash (MoP) by 14 per cent and 21.5 per cent to Rs 12,350 and Rs 11,300 per tonne for the FY2013-14.

The Asian Development Bank (ADB) has announced its decision to invest $30 million (around Rs 162.66 crore) in clean-energy firm NSL Renewable Power Pvt. Ltd. to help it construct wind and hydropower projects.

NSL Group will use the money to partly fund the construction of its 75-megawatt Chilarewadi wind plant in Maharashtra, and a 100 megawatt Tidong run-of-river hydro project in Himachal Pradesh.

The Cellular Operators Association of India (COAI), the industry lobby representing GSM operators, has raised concerns over the draft Preferential Market Access (PMA) norms.

The COAI said that the proposed PMA policy, which gives preference to domestic electronic & telecom networks gear manufacturers and mandates a minimum 30 per cent local sourcing of all components, would hamper the industry's growth.

The Cabinet on Wednesday approved re-bidding of two rail projects in Bihar that were stuck in bureaucratic hurdles for almost three years.

The government has plans to set up a diesel locomotive factory and an electric locomotive factory in Marhowra and Madhepura, respectively.

The projects were announced by former Railway Minister Lalu Prasad Yadav in the year 2007. The two projects combined will cost an estimated Rs 3346.15 crore.