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	Trade Headlines     India to sign FTA with Asean   NEW DELHI: India is set to sign an FTA with Asean either in August or October this year, opening the $1.1-trillion South-East Asian market for Indian exporters who find it hard to sell their merchandise in the recession-hit west.   Full duty refund to exporters   NEW DELHI: The government decided to extend full rate of duty refunds, including excise, to merchant exporters, who purchased goods from the local markets for overseas shipments. The central board of excise and customs (CBEC) said in a circular that the exporters seeking full duty drawback will have ...   IFC to invest Rs 5k cr in India   NEW DELHI: International Finance Corporation (IFC), the World Bank’s lending arm, on Tuesday said it plans to invest close to $1 billion (Rs 5,000 crore approximately) in India in the next fiscal (July 2009-June 2010). The firm is set to make these investments in infrastructure, agriculture and rura ...   Handicraft exports may turn positive in 2 months   NEW DELHI: With fresh enquiries beginning to pour in from the US and EU, Indian handicraft exports, one of the worst sufferers of the economic meltdown, is likely to enter the positive terrain in the next two months, giving hope to artisans who had lost their jobs. After contracting by an alarming 4 ...   Apparel export up 4% in ’08-09   COIMBATORE: Despite the global meltdown, apparel exports from the country registered over 4% growth in 2008-09 fiscal. In value terms, exports clocked $10.13 billion in 2008-09 as against the $9.68 billion in 2007-08, Apparel Exports Promotion Council (AEPC) Chairman Rakesh Vaid told reporters at ne ...   India, Poland to sign 3 pacts   NEW DELHI: President Pratibha Patil on Thursday arrived in Poland on a three-day state visit during which three bilateral agreements are expected to be inked. Meanwhile, industry body CII said that India and Poland should aim at increasing their bilateral trade to $5 billion in the next five years b ...   Egypt withdraws import fee   NEW DELHI: Egypt has withdrawn the 'precautionary fee' of 25% on imports of cotton yarn, fabric and sugar from India after New Delhi protested the move by the African country on the ground that it violated WTO rules. In January, Egypt had imposed a temporary precautionary fee of 25% for one year, ad ...   Economy to see 8-9% growth by Sept: PM   GUWAHATI: Prime Minister Manmohan Singh said the world economy will recover “partially” by September and India would then go back to the growth rate of 8-9%. “I expect the world economy to partially recover by September and if that happens we expect to go back to the growth rate of 8-9%, which has b ...   Veg oil imports may rise 20%   NEW DELHI: Vegetable oil imports may rise by 20% to touch 7.5 million tonne in 2008-09 season ending October this year on the back of zero import duty on cooking oil, according to industry estimates. Imports of vegetable oils, have increased by 59% to nearly 36 lakh tonne during November 2008 to Mar ...   India back on FDI radar   NEW DELHI: At a time when the world economy is facing the worst credit freeze in several decades, India attracted $2.7-billion FDI in January, up 58.8% from a year ago, and remained a favourite destination for cross-border investments. “January numbers are very good… it is an indication of the confi ...   HSIIDC to set up complex in Faridabad   HARYANA State Industrial and Infrastructure Development Corporation (HSIIDC) is setting up three-floored complex to provide ready to move in space for factories at sector 59 in Faridabad. The first of the kind three-floored complex being set up by HSIIDC would offer 926 sq feet covered area to each ...   Delhi, Mumbai corner half of FY08 FDI inflow   WHILE FDI inflows into the country increased eight times over the last four years, the major beneficiaries of the accelerated flow have been only two cities — Delhi and Mumbai. In 2007-08, the two cities attracted around 50% of the total FDI booty of $24.5 billion. Other major cities such as Kolkata ...   Inflation shows signs of peaking, hits another 3½-year high at 7.61%   There Are Chances That In 2 Weeks, Positive Base Impact May Play Role In Bringing Inflation Down: Experts THE annual inflation rate rose yet again, to a fresh three-and-a-half-year high of 7.61% for the week ended April 26, government data showed on Friday. Inflation measured as a change in t ...   Govt may take more steps to check prices   The government is aiming to bring down inflation by more than a percentage point in the next few weeks by taking fresh measures to curb price rise. Minister of state for industry Ashwani Kumar said on Thursday that while the full impact of these measures would be reflected in six-eight weeks, the po ...   Textile exports in FY11 may cross $40b: Vaghela   MUMBAI: India’s textile exports may cross $40 billion in 2010-11, short of the government’s stated target of $50 billion, weighed down by the rise in rupee over the past year, Union textiles minister ShankerSinh Vaghela said. The government is targeting textile exports of around $25 billion for 2008 ...   Auto industry puts expats in drivers seat   New Delhi: Indian auto industry is going for some ‘videshi’ touch. Companies are increasingly opting for foreign hands to run the show in the country and make a stronger presence abroad. Be it one of the oldest homegrown company like Bajaj Auto or the most visible car brand Maruti Suzuki, more ...   Steel export levy may be lifted partially   EXPORTERS OF SOME ITEMS COULD BE EXEMPTED IF THEY IMPORT SEMI-FINISHED STEEL THIS may come as a big relief to steel makers exporting value-added products. The government is considering to exempt cold rolled coils (CRC), galvanised products and tubes & pipes from the levy of 10% export duty if ...   India, Canada to discuss FTA during Kamal Nath’s visit   OTTAWA: India will hold discussion on a free trade agreement (FTA) with Canada during Union commerce minister Kamal Nath’s visit to that country next month. Indian high commissioner to Canada R L Narayan said that “this would be first high level discussion on this issue.” He said both countries had ...   MARKET SHOOTS UP 313 POINTS TO 17,600   IT MAY appear that above a certain point, inflation is actually a good thing for the stock market. Even as wholesale price index-based (WPI) inflation climbed to a three-and-a-half year high of 7.57%, equity indices rose over 1% on Friday, and are now up 3% in the week. The view on the Street r ...   MARKET SHOOTS UP 313 POINTS TO 17,600   IT MAY appear that above a certain point, inflation is actually a good thing for the stock market. Even as wholesale price index-based (WPI) inflation climbed to a three-and-a-half year high of 7.57%, equity indices rose over 1% on Friday, and are now up 3% in the week. The view on the Street r ...   Inflation scorches at 42-month high of 7.57%, but may cool soon   INFLATION rose yet again—to a scorching 7.57% for the week ended April 19—registering a 42-month high. The last time inflation had touched a higher level was in November 2004, when it had reached 7.68%. Inflation, measured as change in the wholesale price index (WPI) from its level in the correspond ...   CST cut hangs fire on compensation row   UNCERTAINTY looms large over the reduction of central sales tax (CST) from 3% to 2% from May 1, with the Centre and states yet to agree on the compensation package. CST phaseout has already missed the April 1 deadline. It was expected the empowered committee of state finance ministers and the C ...   SSIs, AMCs may get FDI via green channel   Proposal May Be Included In Annual Review, Move To Benefit Small-Scale Sports Equipment Makers THE government may allow foreign investment in sectors reserved for small-scale industries and asset management companies (AMCs) through the automatic route. The move is aimed at boosting sports equip ...   Steel prices in Punjab dip by Rs 1,000-1,200 per MT   Analysts expect further decline in prices by Rs 500 to Rs 700 MT In Few Days THE spot rates of steel in Punjab plummeted by Rs 1,000-1,200 per metric tonne (MT), a day after the government announced a slew of measures to rein in rising steel prices. The spot prices of ingot today opened at ...   Moody’s pegs India GDP at 7.8%   New Delhi: On the back of strong government spending and investment activity, the global slowdown will only have a modest effect on Indian economy whereas the country’s GDP is expected to ease to 7.8% this year, says global credit rating agency Moody’s in its latest report. The report by Moody’s Eco ...   RBI expects slowdown in growth   Moderates GDP Target At 8-8.5%, Increases CRR To Tame Price Rise Mumbai: In its bid to curb inflation, RBI on Tuesday raised the cash reserve ratio (CRR) by 25 basis points, the proportion of deposits banks need to keep with the central bank, to 8.25%, in its annual credit policy review. Th ...   FM slaps duty on steel & basmati export   THE government on Tuesday announced more measures to combat inflation and discipline industry, which together covered the strategies of saam (kind words), daam (material inducement), bhed (threats and abuse) and dand (penal measures) recommended by Indian tradition to persuade recalcitrants. Th ...   RBI survey points to 8% growth balm, continued inflation pain   FOR a government that is in firefighting mode on the inflation front, this could be something to cheer. A survey conducted by the country’s central bank based on responses from various professional economic forecasters has indicated that the economy could grow at a healthy rate of around 8.1% this f ...   Inflation unlikely to come down   To Hover Around 7% As Wholesale Price Index In 2008 Is Ruling Higher Than In 2007 New Delhi: Even if the government is able to contain the prices of commodities at the present level, the inflation will continue to hover around 7% level in the next couple of months. This is because government’s suc ...   Technical textile sector may grow four-fold by 2020: Ficci   NEW DELHI: India’s technical textile market could grow four fold to become a $37-billion industry by 2020, provided issues such as lack of investment and absence of research and development are addressed, a report by industry body Ficci said. According to the Ficci-Technopak report, the Indian techn ...   H-P to click on small-town SMEs   HEWLETT Packard (H-P) is all set to enhance its presence pan India by tapping the SME potential in tier-III & tier-IV cities. The company intends to multiply the number of its channel partners in India. Though the company officials are tight-lipped over the India investment part, they said that a co ...   World trade growth may slip 1% this yr   THE outlook for world trade in the ongoing calendar year appears bleak, with growth expected to dip to 4.5% from 5.5% in 2007. According to the World Trade Statistics 2008 report compiled by the World Trade Organisation (WTO), a sharp economic deceleration in key developed countries is only partly b ...   Inflation down a tad, but 7% itch remains   THE annual rate of inflation eased to 7.14% for the week ended April 5 from the previous week’s 40-month high of 7.41%. However, the price index for all commodities rose 0.27% and that for 25 essential commodities 0.32% over the seven days from March 29 to April 5 this year. In other words, nei ...   Imports and non-tariff barriers to help check prices   THE government continues to be in war mode on food prices, using a combination of non-tariff barriers and imports to keep a lid on the situation. While consumers can look forward to cheap one-litre pouches of vegetable oil in ration shops, traders may be in for a tough time as their harvest-tim ...   Steel firms raise prices   New Delhi: The government is finally ready to check the open defiance by steel companies, which again resorted to a price hike days after agreeing to keep rates unchanged. In the latest round of increase in rates, which started on Tuesday evening, leading manufacturers levied a surcharge to cov ...   Restating profit to lead to loss of face   CORPORATE houses will soon lose the leeway they have in getting away with errors they detect in previous years’ financial statements. From April 2010, a company will have to restate the profit and loss account for a past year in case it subsequently detect an error — something the investors and regu ...   STC to import 1.17 lakh tonnes of pulses to boost supplies   NEW DELHI: The State Trading Corp on Wednesday invited bids to import 1.17 lakh tonnes of pulses. It plans to buy 1.05 lakh tonnes of yellow peas and 6,000 tonnes each of lemon tur whole (arhar) and black matpe (urad). Bids will close on April 17 and a decision would be taken by April 25.   CII (NR) elects chairman, deputy   CHANDIGARH: Salil Singhal and Harpal Singh have been elected as chairman and deputy chairman respectively of the Confederation of Indian Industry (Northern Region) for 2008-09. The newly elected council of CII (NR) met on Wednesday at the close of the 34th annual session in New Delhi. Mr Singhal is ...   Industry seeks anti-dumping duty on goods from China   INDIAN industry on Tuesday asked the government to impose a 35% anti-dumping duty on capital goods imported from China, arguing that the measure was necessary to offset the indirect subsidy that Beijing offers to its industry by way of a fixed exchange rate. A delegation comprising L&T chairman ...   Invest, do biz in Illinois   IN an effort to strengthen the bilateral trade between State of Illinois, USA, and the Northern states of India a delegation led by Rajinder Bedi, Managing Director, Office of Trade and Investment (OTI), Deptt of Commerce & Economic Opportunity, State of Illinois was in Chandigarh to interact with t ...   Small units may get quota in govt contracts   THE government is planning a new purchase preference policy for micro and small enterprises (MSEs) which would make it binding for all central government ministries, departments and central public sector enterprises (CPSEs) to source at least 20% of their annual purchases from MSEs. It would also ma ...   Exporters seek higher refund   THE rate of refund on service tax against payment toward foreign agents’ commission for exports has come as a disappointment to the exporting community. Ignoring the RBI guideline of pegging the refund limit at 12.5% of FoB value of exports, the finance ministry has finally allowed the tax refund at ...   States told to levy cess on properties along new corridors   THE railways have asked states to levy cess on all new properties coming up along the proposed high-speed railway corridors in order to partfund these projects which are estimated to cost Rs 30,000 crore. States which had sent proposals for these projects include Maharashtra, Gujarat, Rajasthan, Pun ...   Service tax refund fails to cheer exporters   DESPITE the continuous increase in the list of services for which exporters would be given refunds, many exporters are not enthused. The exclusion of exporters claiming duty drawback (a scheme reimbursing exporters a part of the duties on inputs) from getting refunds of service tax has disappointed ...   Assocham opposes interest rate hike to tame inflation   NEW DELHI: Apprehending tightening of monetary policy by the Reserve Bank in its forthcoming annual credit policy, industry chamber Assocham said increasing interest rates will not help in containing inflation. “The price and supply conditions may get worse if the RBI resorts to raising interest rat ...   Roongta set to be SAIL CEO   New Delhi: SAIL management will be overhauled with its chairman S K Roongta likely to be designated as its chief executive officer, while the number of directors on its board will be pruned to 17 to enable the PSU to infuse vibrancy in its functioning. “We realise that SAIL needs to take quick ...   Steel may again be essential good   New Delhi: Within a year of pulling it out of Essential Commodities Act, the government is considering reversing its decision if the steel producers do not hold the price line. Although the steel majors have recently reduced prices by about Rs 2,000 a tonne, the producers may again hike prices ...   More incentives on cards for labour-intensive exports   EXPORTS of labour-intensive products such as textiles, handicraft, handloom, carpets, leather and toys are expected to get a leg-up in the annual supplement to the foreign trade policy (FTP) to be announced later this month. The scope of the focus-product scheme, launched in 2006, is likely to ...   Exporters should change biz model: Assocham survey   NEW DELHI: Indian exporters, who battled an appreciating rupee through 2007-08, need to make mammoth adjustments in their business modules, besides reducing dependence on government support to enhance their global competitiveness in the current fiscal, a survey has said. In a survey by Assocham and ...   Exporters’ interest subsidy may be extended on Re woes   EXPORTERS need not lose heart. While the interest rate subvention provided to exporters last year on pre-shipment and post-shipment credit lapsed earlier this week, the government seems keen to extend it with retrospective effect. Government sources said that the finance ministry has started work on ...   Haryana to give 90% subsidy on solar water heaters   Chandigarh: Haryana will give 90% subsidy on solar water heating systems to institutions of social sector. A spokesman of Haryana Renewable Energy Development Agency (HAREDA) said that during 2007-08, solar water heating systems of 72,500 lpd capacity have been installed in various social sector ins ...   Monetary steps to cool prices of little use this time, say experts   INFLATION IS LED BY SUPPLY-SIDE CONSTRAINTS AND MONETARY TIGHTENING WON’T HELP THERE seems to be a near consensus among economists that containing inflation through monetary tightening would prove counterproductive. Unlike in February 2007, when RBI successfully checked inflation by raising ...   Industrial output to dip further: Assocham   NEW DELHI: The country’s industrial production growth is likely to fall by over a third to touch 3.4% during April-July as against 5.3% in January due to worsening power situation, according to industry body Assocham. India’s industrial production growth had dipped by 25% in the last two months. The ...   Exports bounce back in Feb, but still way off target   IT’S AN uphill task ahead and by all counts the game is almost over. India looks certain to miss its export target of $160 billion for this fiscal. Despite exports recording a surge of 35% in February 2008 to $14.23 billion, pulling the eleven months export figures to $138.4 billion, meeting the tar ...   Trade policy may remove glitches   WITH budgetary constraints limiting the prospects of new sops for exporters, this year’s annual supplement to the foreign trade policy will attempt to remove procedural impediments hampering operations. The commerce department has decided to take the finance ministry head on over unnecessary regulat ...   ‘Inflationary pressure to stay’   New Delhi: The recent duty cuts by India can have some impact on softening prices after a couple of weeks, Asian Development Bank said on Wednesday even as it expected inflationary pressure to persist for a few more months. In its Asia Development Outlook, released on Wednesday, ADB expected in ...   Govt asks CR steel makers to cut price   THE government has asked cold-rolled (CR) steel makers to voluntarily reduce prices as it is adding to inflationary pressures. However, domestic CR steel producers say the price hike is inevitable given the sharp rise in hot rolled (HR) steel prices. They have, in fact, proposed to the government to ...   CII Haryana appoints Saluja as chairman   CHANDIGARH: Raman Saluja has been elected as the new chairman of CII Haryana State Council for the year 2008-09 while Nirmal Kumar Minda has been named its vice chairman, the industry body said in a release. Raman Saluja is a young entrepreneur and presently works as joint MD of Oriental Engg Works, ...   Inflation check: RBI prefers stronger rupee   New Delhi: Government is preparing to fight rising inflation from all fronts. While it has taken a number of fiscal measures to improve supplies of essential commodities, particularly food products, the Reserve Bank of India (RBI) will also take measures to help control the price rise. To start ...   Exports bounce back in Feb, grow 35% to $14bn   IT’S AN uphill task ahead and by all counts the game is almost over. India looks certain to miss its export target of $160 billion for this fiscal. Despite exports recording a surge of 35% in February 2008 to $14.23 billion, pulling the eleven months export figures to $138.4 billion, meeting the tar ...   Stable policy may lead to $200b goods exports by 2009: Survey   New Delhi: The country’s total export of merchandised goods is expected to touch $200 billion by 2009, according to a Confederation of Indian Industry survey. Conducted this month, the survey highlights the views of over 300 CEOs of various companies to assess the country’s foreign trade policy and ...   Not in the interest of exporters   No Confirmation On Extending Interest Subvention On Pre- And Post-Shipment Credit, DEPB May Hurt IT APPEARS to be the season of uncertainty for exporters. Not only is the future of the duty entitlement pass book scheme unclear, exporters are also not sure whether they will be allowed to enj ...   Export sops under DEPB scheme extended   IN A last minute decision, the government, on Monday, extended the duty entitlement pass book (DEPB) scheme — the popular import duty reimbursement scheme — the day on which it was scheduled to lapse. While exporters are relieved by the extension, the uncertainty on the future of the scheme remains ...   Fresh measures proposed to rein in steel prices   THE steel ministry has proposed a series of fresh initiatives like cutting duties in inputs like refractories, zinc and met coke; lowering excise duty on the product from present 14% to 8% curbing iron ore exports through higher export duty and introducing duty on steel exports and reducing rail tra ...   PHDCCI to take a delegation to Singapore   AFTER an exchange of pleasantries and an invitation to make Singapore as a hub for furthering business into south east Asia, China and even to Japan, minister from Singapore government, Goh Chok Tong invited PHD Chamber of Commerce and Industry to mount a high powered delegation to Singapore to scou ...   Exporters body moots SME joint ventures with France   COIMBATORE: Tirupur Exporters’ Association has suggested setting up joint venture in small and medium enterprises (SME) in the country with France for enhancing business relations between the two countries. The proposal was made to embassy of France economic and commercial counsellor, economic missi ...   Exporters wring hands over silence on DEPB   POSTPONEMENT of a decision on the extension of the duty entitlement pass book (DEPB) scheme, the popular import duty reimbursement scheme for exporters, by the Cabinet on Thursday, has exporters worried. Since the scheme is scheduled to lapse in four days time, exporters are clueless about what the ...   SMEs scale Great Wall to woo Dragon   DIPLOMATIC relations notwithstanding, bilateral trade between India and China is growing more than 50% year-on-year and is slated to cross the $100-billion mark in three years. Much of the growth is due to initiatives being taken by small and medium enterprises on either side of the border. A public ...   Economy to grow at 9%: UN body   New Delhi: Despite global slowdown, the Indian economy will continue to grow at 9% in 2008-09, said UN economic and social commission for Asia and the Pacific (UN-ESCAP) survey released on Thursday. “India’s economy has entered into a ‘new phase of high growth’, with expansion of 9% forecast fo ...   ‘Growth may be slowest in 4 yrs’   India’s economy may grow at the slowest pace in four years 08-09 as a global slowdown reduces foreign investment and exports, finance minister Palaniappan Chidambaram said. ‘‘We think there will be some second-order effects from the US slowdown,’’ Chidambaram said. ‘‘We’re quantifying it betwee ...   Amritsar textile industry seeks land for exhibition ground   THE Amritsar textile industry has demanded land for a permanent exhibition ground, on the lines of Delhi’s Pragati Maidan, so that it can showcase its products. Piara Lal Seth, president, Shawl Club (India), says, ”What the Amritsar textile industry needs is a permanent fixture, a mini Pragati ...   New industrial estate to come up at Baddi   Shimla: Cashing in on the boom that new industry is witnessing in the state, State Industrial Development Corporation (SIDC) has set out to develop 500 bighas of land for industrial purposes at Baddi. Though only two years as special tax exemption period have been granted to the state for setti ...   New accounting norms to transform cos balance sheets   THEprofitability and net worth of companies and banks are set to see a drastic change in April 2010 as they prepare for adopting international accounting norms a year later. The acquisitions made by companies, derivatives held by them, stock options issued by them and errors noticed on previous ...   Withdrawal of income-tax holiday may put three refineries in limbo   PETROLEUM MINISTRY WANTS TAX HOLIDAY EXTENSION FOR 10 YEARS INSTEAD OF SEVEN YEARS THE petroleum ministry is concerned that the Budget announcement to withdraw income tax holiday for refining sector may jeopardise the fate of three refinery projects — in Bhatinda (promoted by LN Mittal and HP ...   Indo-Pak rangers four-day meet starts at Chandigarh   CHANDIGARH: The four-day bi-annual meeting between Border Security Forces of India and Pakistan commenced here. While the Pakistani delegation is headed by major general Muhammad Haroon Aslam, its Indian counterpart is lead by addition director general of Border Security Force (BSF) G S Gill. This i ...   Singapore senior minister calls on Punjab CM   CHANDIGARH: A 24-member high powered delegation of Singapore government led by its senior minister Goh Chok Tong called on Punjab chief minister Parkash Singh Badal at his residence on Tuesday and put forth proposals to make investments in infrastructure development in Punjab by the Singapore govern ...   Haryana racing ahead of Punjab   CHANDIGARH: With Haryana’s growth rate even crossing national growth rate, the State has left way behind its ‘big brother’ Punjab and if it sustains the momentum, poverty will come to an end in the state within next 6-7 years. Haryana’s economy is growing at 11.2% as against Punjab’s estimated 6.32% ...   Steel cos agree to slash prices if duty is lowered   THE battle over rising steel prices today took a new turn with the steelmakers extending an olive branch to the government saying they will reduce prices provided excise duty on the alloy was brought down to a reasonable level and the same will be passed on to consumers. “We are also sensitive ...   Inflation hits 9-month high at 5.11%   WHOLESALE price-based inflation rose to a nine-month high of 5.11% for the week ended March 1, compared to the previous week’s 5.02%. The increase was on account of a rise in the prices of nonfood articles such as raw rubber, cotton, mustard seed and some manufactured products such as edible oil, gh ...   Inflation at 5.1%, FM blames costly imports   RBI Under Pressure To Hike Interest Rates Inflation have further moved up to a nine-month high to 5.11%, which will increase pressure on RBI for not lowering interest rates. The wholesale price index touched 5.11% in the week ended March 1. In the previous week, the prices have gone up by 5.01% ...   Safta lays red carpet for duty-free garment imports   FOR the domestic textile sector, already bleeding due to the rupee appreciation, this may add insult to injury. The government is all set to formalise unconditional duty free access of garments from Sri Lanka and Bangladesh up to specified limits. The move is guided by the South Asian Free Trade Are ...   Steel prices may rise on hike in iron ore royalty   NEW MARKET-VALUE BASED SYSTEM TO ESCALATE PAYOUT 10-FOLD IN WHAT may impact the business plans of companies like Tata Steel, SAIL, Posco and LN Mittal group’s Mittal Steel, the government is preparing to introduce a new system of royalty for minerals that would result in over 10-fold increase in t ...   MSME ministry to take up more proposals for units   The ministry of micro, small and medium enterprises will take up more proposals for the development of SME units across the country during Budget discussions. In Budget 2008-09, a provision of Rs 2,000 crore has been made for risk capital fund for Small Industries Development Bank of India (SIDBI). ...   Exports growth likely to remain close to 20 % in ’09   An economic slowdown in the US notwithstanding, India is likely to maintain the 20% growth in exports in 2008-09 but the basket may undergo a change, said a finance ministry official. "US is one of the major destinations for India. We said that in the coming year, it may not be as good as it was ear ...   India-Japan trade may touch $15 b by 2010: CII   Trade between India and Japan has the potential to double in the next two years if issues like trade facilitation and non-tariff barriers are addressed, according to industry body CII. India-Japan trade can reach $15 billion by 2010 from $7.5 billion in 2006-07. New areas of trade in services, highe ...   SMEs told to cash in on new looks   Govt Plans 70% Capital Subsidy, Other Support To SME Clusters For Adopting International Designs SMALL and medium enterprises (SMEs) may soon get a designer touch. The government is planning makeover of the SME sector by roping in international designers, especially for companies in the textiles, ...   India likely to be 90% of US economy by ‘50: PwC   In what could be a tectonic shift in the global economic centre of gravity, the size of India’s economy would grow to 90% of the US by 2050, with China becoming even bigger than the world’s largest economy currently, according to a PriceWaterhouseCoopers report. “The global centre of economic gravit ...   India, Japan to swap Cepa negative lists at Tokyo meet   Manufacturing Goods And Many Agricultural Items Expected To Feature In List INDIA is firming up the negative list for its comprehensive economic partnership agreement (Cepa) with Japan. Officials from both the countries are scheduled to meet in Tokyo later this month to take the talks forward and ...   Fairtrade earns Indian cotton space at M&S, Vericott & Oxfam   THE new-age Indian consumer might be long way from supporting ethical business, but the small Indian producer is already at it. European ethical business practices are already finding their way into the life of Indians, but from the wrong end of the supply chain. Fairtrade is a certification wh ...   Govt to digitise all patents granted so far: Ficci   The government is in the process of digitising all patents granted so far and will make it available for the public by early next year. The Department of Industrial Policy and Promotion (DIPP) will put the task of digitising the patent database on fast track and is likely to complete it by December ...   Govt cuts exporters’ subsidy by Rs 600 crore   The government has slashed allocations to its key export promotions and overseas market development programmes for 2008-09 by a huge Rs 600 crore, at a time when exporters are facing a rough weather on account of global slowdown and margin erosion due to rupee appreciation. The Budget for 2008-09 ha ...   Spot steel prices up by Rs 1,700 per metric tonne in Punjab   JUST a day after the steel producers rose the price of the alloy, the spot steel price in Punjab has hardened by Rs 1,700 per metric tonne (MT), compounding the woes of steel consuming industry in the state. Within a day, the steel ingot price has zoomed to Rs 37,200 per MT from Rs 35,500 per M ...   India, US talk trade treaty, but stay off farm sector   WHEN the European Union gets on board, the United States cannot be far behind. India and the US are planning a limited bilateral trade agreement involving a handful of sectors like human resource development, energy, infrastructure and financial services to begin with. A private sector advisory ...   Kenyan Punjabis to get into realty biz in Punjab   JOINT VENTURE WITH LOCAL PARTNER WITH BUSINESS INTERESTS IN KENYA WHILE there is a semblance of truce in Kenya after the gruesome turmoil which shook the nation with several ethnic communities on war path and left the people of Indian origin bewildered, the event has now led the Punjabis especiall ...   Exports up 20% in Jan, imports rise a whopping 63%   EXPORTS from the country continued to grow at a steady pace in 2008. Outbound shipments rose 20.47% to $13.14 billion in January, compared to $10.9 billion in January 2007. Cumulative value of exports for the period April-January 2007 stood at $124.19 billion, against $102.11 billion in the year-ago ...   New govt in Pak expected to implement Safta   India on Monday exuded confidence that the new government in Islamabad will take immediate steps to implement the South Asian Free Trade Agreement with New Delhi and take necessary measures, including duty changes, to facilitate trade. “We are looking toward the new government in Pakistan to take mo ...   Naphtha duty may leave textile cos in knots   Removal of 1% National Calamity Duty No Respite For Rupee-Hit, Sinking Industry POLYESTER and nylon clothing are set to turn costlier by 2-3%. The imposition of 5% Customs duty on naphtha (an input for manmade fibres) is likely to push up prices of polyester textiles at a time the textile trade is ...   Industry welcomes continuation of TUF, SITP   THE textile industry has welcomed the decision to continue with the Scheme for Integrated Textile Parks (SITP) and the Technology Upgradation Fund (TUF). A few months back there was a talk of scrapping these two schemes. But, under pressure from the textile industry and the continuous strenthening o ...   PEDA commissions 8 power projects   PROVIDING impetus to the promotion of co-generation power projects, Punjab Energy Development Agency announced the commissioning of eight biomass projects of 104.25 MW capacity in the state, involving an outlay of Rs 422 crore. The industries which are setting up these projects include A B Suga ...   140 Indian companies at Russian trade fair   Around 140 Indian companies will be in the spotlight when they showcase their products at the international trade fair being organised in St Petersburg on March 11-14. “The first day of the fair will be devoted to Indian industry to commemorate the Year of Russia, which is now underway in India,” sa ...   Textile sector sore over lack of export sops   The government proposal to raise allocation for Centrally-sponsored Technology Upgradation Fund (TUF) by around 20% will give a boost to modernisation and expansion of textile industry in the state, experts in textile and cotton marketing said here on Friday. TUF gives textile units a 5% interest re ...   American diamonds are forever   If American diamond-studded jewellery is more your taste, go right ahead and flaunt them. For now, gold and silver jewellery studded with synthetic diamonds will be lighter on your pocket, thanks to the 5% reduction in customs duty on rough as well as cut and polished cubic zirconia. Zirconia, ...   A mixed dish for industry   The Union budget 2008-09 has received a mixed response from the industry here. While the import duty on the steel scrap has been welcomed along with the reduction of central excise (16% to 14%) by manufacturers, exporters in hand tool industry, hardware, diesel engine and other related sectors, stil ...   Curtains up for project imports   CUSTOMS CUT TO BENEFIT SECTOR; STEEL PRICES MAY COOL OFF PROJECT IMPORTS GOT A SHOT IN the arm with the government slashing customs duty from 7.5% to 5%. Projects in the irrigation, steel, oil and gas, pipeline and mining sectors which bank on imports will benefit from this, especially with lower ...   Power sector sees light at end of tunnel   THE POWER SECTOR HAS THREE things to cheer about and one issue to sulk over. A national fund for power transmission and distribution (T&D) , a coal regulator along with a coal distribution policy, and increased budget allocation for rural electrification are all likely to benefit the industry. But i ...   Futures squeeze: Comm traders forced to pay more   FOR INDIA’S COMMODITY traders, the test of courage is not to die, but to endure. The new commodity transaction tax (CTT) and service tax on commodity exchanges will increase the cost of futures trading by at least four times. While big hedgers and arbitrageurs may be able to offset CTT against their ...   Just got harder for Day Tripper   NEW STT TREATMENT LIKELY TO AFFECT SHORT-TERM TRADING FINANCE MINISTER P CHIDAMBARAM may not have changed rates for securities transaction tax (STT), but his proposal to treat STT as deductible expenditure has not gone down well with the trading community. Day traders fear that it will put further ...   EXCISE PAIN FOR PETCHEM PLAYERS   BUDGET 2008 HAS MADE IT MORE DIFFICULT for export-oriented units (EOUs) to sell in the domestic market. EOUs, generally eligible to sell up to 50% of their annual sales domestically, will now have to pay customs duty at 50% of applicable rates for such sales, compared to 25% till now. India’s larges ...   Mould new policy for cheaper steel to SMEs, EEPC tells govt   AFTER the sharp escalation in steel prices over the past year, Engineering Export Promotion Council (EEPC) has urged the Centre to evolve a special policy for supply of steel at competitive rates to small and medium producers and exporters of engineering goods. In this light, EEPC chairman Rake ...   Omaxe to infuse 6k cr in Punjab, Haryana towns   REAL ESTATE DEVELOPER LIKELY TO LAUNCH THREE RESIDENTIAL PROJECTS IN PUNJAB THIS YEAR REALTY developer Omaxe Ltd plans to infuse over Rs 6,000 crore into integrated township projects in seven tier II and III towns in Punjab and Haryana. Omaxe is likely to launch three residential projects in Punjab ...   PEDA commissions eight power projects   Providing impetus to the promotion of co-generation power projects, Punjab Energy Development Agency on Thursday announced the commissioning of eight biomass projects of 104.25 mw capacity in the state, involving an outlay of Rs 422 crore. The industries which are setting up these projects include A ...   Gems & jewellery exports up 20% during April-September   The country’s gems and jewellery exports grew at over 20% in the first half of 2007-08, reviving from 2006-07, helped by cuts in import duties of rough jewels, according to the annual economic survey on Thursday. Exports from the sector, comprising diamonds, gold jewellery and coloured gemstones, fo ...   Economic Survey turns a new chapter   The Economic Survey has made some significant departures from the documents churned out in recent years. A new chapter Challenges, policy response and medium term prospects seeks to provide a more analytical view of the economy. Capital flows, states’ performance and governance seem to have received ...   Duty drawback sops fail to boost textile industry   A PALL of gloom hangs over the local textile mills even as their rivals in China, Bangladesh and Vietnam are betting on a 25% growth. The duty drawback balm has failed to soothe the industry, which is expected to shed 1.5 lakh jobs by next month. Sales are expected to fall to around $8 billion by th ...   Gold’s relentless climb hits imports   GOLD imports have declined significantly even as international prices hit a record high of $967.7 per ounce on the Comex on Wednesday. Traders expect scrap sales to increase to stem rising prices. Scrap sales in the local market have curtailed demand for imported gold, creating a gap between domesti ...   Marine products, leather & textiles show negative growth    A sharp rise in the value of the rupee against the dollar has resulted in negative growth in exports of marine products, leather, textile and handicrafts for the period ending December 2007 compared with the same period last year, minister of state for commerce Jairam Ramesh informed the Rajya Sab ...   Costly coal to singe carbon credit trading   PUNTERS on carbon credits have a new reason to worry: the rapid increase in global coal prices. For carbon credit sellers such as India, life is good when companies in Europe burn dirty fuel and buy carbon credits from them to clean up the mess. However, that could well change if coal becomes too ex ...   Consumer inflation hits 2-yr low   Drop Across White-Collar Urbanites, Farmers & Industrial Workers INDIA’S consumer price inflation is at a two-year low. More importantly, the drop in consumer inflation indices is across categories—white-collar urbanites, farmers as well as industrial workers. This trend is the opposite to that di ...   Capital subsidy scheme for MSEs revived   Responding to calls from micro and small enterprises (MSEs), the Cabinet has given the go-ahead to the concerned ministry to re-introduce credit-linked capital subsidy (CLCS) scheme for MSEs in the 11th Plan. The scheme which was introduced in October 2000 to provide financial support for technologi ...   Inflation still a matter of concern, feels RBI   Inflationary expectations arising out of high food and oil prices remain a matter of concern, a Reserve Bank of India official said on Tuesday. The prime concern of the RBI is to manage inflationary expectations and “we have to find ways to keep inflation under control,” said RBI executive director ...   LALU SIGNALS END OF THE ROAD FOR FREIGHT FREEBIES   BANKING on the economic boom to boost earnings, railway minister Lalu Prasad has attempted to deftly marry pragmatism with populism on the freight front to keep India Inc happy without actually giving anything away. The token reduction in freight rates for petrol & diesel (5%), fly ash (14%) and goo ...   NRIs change tack, opt for direct remittances   Remittances Go To Current Account; Deposits To Capital Account India is the largest recipient of remittances by its diaspora across the world with annual inflows of over $20 billion for almost four years now. But a chunk of this money is not new money sent by migrant Indians. Almost half the money ...   Strong rupee hits traditional crafts hard   THOUSANDS OF CHIKANKARI, JAIPURI SANGANERI, BAGRU WORKERS LOSE JOBS IN VIEW OF FALLING REVENUES CHIKANKARI from Lucknow, Jaipuri Sanganeri and Bagru prints and Phulkari from Patiala have received international acclaim but closer home these traditional crafts that involve intricate embroidery are f ...   Power situation in Punjab during summer may be worst   CHANDIGARH: Punjab may face severe power shortage in the coming summer, contrary to last year's period, as the state is expected to experience power deficit of 300 lakh units during this period. "Power situation in the state during summer will be one of the worst situations as the gap between demand ...   Centre to give Rs 150 crore for Nano City, IISER   THE Centre has earmarked Rs 150 crore for the development of Nano City and Indian Institute of Science Education and Research (IISER) in the Knowledge City at Mohali. In a meeting held between officials from the Central department of science and technology and their counterparts in Punjab, it w ...   Excise sops for six Re-hit sectors   PMO, Finmin Approval For Extension Of Interest Waiver Too BUDGET 2008-09 is likely to provide a bailout package for six labourintensive sectors hit most by the appreciating rupee. Textiles, gems & jewellery, handloom, handicraft, marine and leather could be given excise duty waivers and an extensi ...   Security check holds up VC fund for defence SMEs   A RS 1,200-crore venture capital fund being set up for small & medium enterprises (SMEs) in the defence sector has run into red tape. The fund, with advisors such as former RBI deputy governor Vepa Kamesam, Lt Gen VJ Sundaram, who is leading the flight vehicle design team for Prithvi, and Tata Strat ...   Indian Designers To Be Showcased Globally   GOOD news for the likes of designers Manish Malhotra, Tarun Tahiliani and Ritu Kumar. In a move to revive garment exports, the government has decided to promote Indian designers in the global market. The designers would get monetary support from the commerce department for organising shows in the in ...   Sidbi to help set up exclusive stock exchange for SMEs   TIRUCHIRAPALLI: Small Industries Development Bank of India (Sidbi) has said it will take the initiative to establish an exclusive stock exchange for small and medium enterprises (SMEs). Sidbi chairman and managing director RM Malla said the National Stock Exchange had requested Sidbi for crystallisa ...   Global price flux may ruin fertiliser subsidy bill maths   TIRUCHIRAPALLI: Small Industries Development Bank of India (Sidbi) has said it will take the initiative to establish an exclusive stock exchange for small and medium enterprises (SMEs). Sidbi chairman and managing director RM Malla said the National Stock Exchange had requested Sidbi for crystallisa ...   Exporters get another Rs 500cr interest relief   New Delhi: The Centre on Thursday approved a fresh Rs 500 crore assistance to help exporters make up for the loss in orders due to strenghtening of the rupee. While the government had earlier announced a 2% interest subsidy for exporters of some labour-intensive goods like textiles, leather, ma ...   Auto parts cos likely to get leg up with upgrade fund   INDICATIONS ARE THAT IT WILL BE MODELLED ON THE TEXTILE UPGRADATION FUND EVEN as D-Day approaches, the buzz is getting stronger that a modernisation-cum-upgrade fund for the auto components sectors is on the cards. Lately, the automobile sector is abuzz that the finance minister may introduce th ...   US rules out FTA with India for now   CHICAGO: Not willing to tread the path taken by the European Union and ASEAN for market-opening trade pacts with India, the US on Thursday said it was not ready for a free trade deal with the world’s second-fastest growing economy, as it could not fully open agricultural imports from American farmer ...   Re makes an about turn but importers, cos stay unhedged   Traders Bullish In Long Term, Rising Currency Brings Relief To Exporters BREAKING off from the almost one-year old appreciating trend, the rupee is now fast moving in the opposite direction. The local currency, which threatened to breach even the 39-mark versus the dollar barely a couple of month ...   PSIEC, STC in deal to boost exports from Punjab   THE Punjab Small Industries & Export Corporation Ltd (PSIEC) has signed an MoU with the State Trading Corporation of India Limited (STC) to use later’s offices abroad to give impetus to exports from the state. PSIEC will also seek help from STC to import raw materials like steel, HR coils/sheet ...   Soros, Google float fund for SMEs   New Delhi: The Soros Economic Development Fund (SEDF), Omidyar Network, and Google.org have come together to create a $17 million investment company just for India. The company called Small to Medium Enterprise Investment Company for India will provide equity capital to small and medium businesses i ...   Let sun not set for IT tax sops   INFORMATION technology and telecommunications are the key sectors supporting the country’s phenomenal growth. We expect the finance minister to give due importance to the sector while finalising hisBudget. One of the top concerns is the expiry of tax concessions available to the IT industry aft ...   Textile machinery sector needs a booster dose   THE coming Budget could give support to the capital goods industry with a view to stimulating investments in the economy. Particularly needed is an incentive package for the domestic textile engineering industry, considering that government’s own estimate says the textile sector would place fresh de ...   PSIEC, STC in deal to boost exports from Punjab   THE Punjab Small Industries & Export Corporation Ltd (PSIEC) has signed an MoU with the State Trading Corporation of India Limited (STC) to use later’s offices abroad to give impetus to exports from the state. PSIEC will also seek help from STC to import raw materials like steel, HR coils/sheet ...   Punjab seeks more subsidy for solar power plant   THE Punjab government has asked the Centre to grant more subsidy for installation of 10 MW solar power plant. The move comes at a time when Reliance Industries has evinced keen interest to tap the renewable energy sector in the state. Recently Suzlon Gujarat Wind Park had signed two MoUs with Punjab ...   3 more export services eligible for tax refunds   NEW DELHI: Exporters will now be able to claim service tax refund on three more services. The new services include services provided by the goods transport agency in relation to transportation of export goods from the place of removal to the actual place of export i.e. inland container depot or port ...   Fin min differs with comm min’s new definition of services   GOODS & SERVICES CANNOT BE TREATED ON PAR UNDER FOREIGN TRADE ACT, FEELS MoF THE trade in services is set to acquire a new meaning with the government planning to define the term services. The new definition is expected to be in tune with the taxation laws. Services would be defined by ame ...   Tax sops for EOUs may live for a year more beyond ’09   THE government may give another lease of life, albeit a short one, to 100% export-oriented units (EOUs). The income-tax sops enjoyed by these units may be extended by a year beyond March 2009. The tax exemption available to EOUs is set to end next year as the sunset clause kicks in. If accepted ...   Boost agriculture sector for true inclusive growth   A TRILLION-DOLLAR economy with more than $220 billion in foreign reserves, favourable supply-side factors, demographic dividends and high domestic savings - it’s a perfect recipe for making India the investment destination for any prospective investor. The other side of the coin: a dismal 2.2% ...   Poll yr may see support of Rs 10,000 cr over GBS   Additional Provision To Be Allocated To Social Sector Programmes APART from the normal gross budgetary support (GBS), that is being finalised at Rs 2,40,000 crore, the government is likely to make a additional provision of Rs 10,000 crore in the Budget to fund social sector programmes in the co ...   FIEO suggests setting up exchange neutralisation fund   KOLKATA: Taking cognisance of the adverse impact of rupee appreciation among a vast section of exporters, the Federation of Indian Export Organisations (FIEO) has pleaded with the government to set up an exchange neutralisation fund and fix the value of the dollar vis-a-vis the rupee on a quarterly ...   PETROL, DIESEL PRICES HIKED BY Rs 2 & Re 1   THE government has finally bitten the bullet after several rounds of deliberations on raising auto fuel prices. Despite the Left’s opposition, it has raised petrol and diesel prices by Rs 2 per litre and Re 1 per litre from February 15. Petrol now costs Rs 45.52 per litre in Delhi (up from Rs 43.52 ...   Punjab traders on bandh to oppose steel price rise   JALANDHAR: Traders in Punjab on Thursday observed bandh protesting against the government inability to put a check the increasing price of iron and steel. "Last two months have witnessed a huge increase in the price of steel up to Rs 8,000 per metric tonne and such sudden increase in the price of ra ...   Punjab to hold fresh auction for sand, gravel quarries   THE Punjab government has decided to hold fresh auction of sand and gravel quarries, for which the notice would be issued by February 20 and the process would be completed by March 31. The move comes at a time when the government has not been able to achieve its target of collecting Rs 200 cror ...   6 cos attend bidders’ conference for 2k mw talwandi sabo plan   CHANDIGARH: The representatives of six out of nine shortlisted companies for 2,000 mw Talwandi Sabo Thermal Power Project on Thursday participated in the bidders' conference for Request for Proposal (RFP) that was held here. The companies which took part in the meeting were Devona Thermal Power and ...   Cess may part-finance farmer debt relief   1% CESS ON DIRECT TAXES & 2% ON INDIRECT TAXES PROPOSED TO PART-finance the biggest debt relief package for farmers, amounting to a staggering Rs 60,000 crore, the government is examining a proposal of introducing a cess on direct and indirect tax collections. The agriculture ministry has propose ...   Punjab exempts wood industry from NOC   THE Punjab government on Wednesday exempted the existing wood-based industries from obtaining NoC from district magistrates. The order would benefit 6,000 wood-based units. This was disclosed by Tikshan Sud, forest minister, Punjab. The Central Empowered Committee (CEC), constituted by Supreme Court ...   Punjab footwear industry seeks 4% VAT in budget   CHANDIGARH: Punjab's footwear industry has sought reduction of VAT from 12.5% to 4% with a view to spur its growth which is in doldrums. Describing the present high tax structure as ‘blockade’ in industry's growth, the industry representative in its pre-budget memorandum to Punjab government has sou ...   Services export to be redefined   MOVE TO CORRECT PROCEDURAL ANOMALIES THE government is likely to redefine the export and import of services. The proposal is part of the initiative aimed at correcting procedural anomalies that have gripped services exports leading to large-scale litigation in service tax. An announcement in this ...   Ashwani Kumar urges finmin to support Punjab SMEs   NEW DELHI: Minister of state for industry Ashwani Kumar has urged the finance ministry to provide fiscal support to the rupee-hit small and medium enterprises of Punjab. “The small and medium enterprises in Punjab are facing problems owing to rising rupee and hardening interest rates. I have written ...   Punjab steel consuming industry to observe bandh   CHANDIGARH: The steel consuming industry of Punjab has decided to observe a complete bandh tomorrow to protest against the spiraling steel prices. "We have unanimously decided to close down our businesses for the whole day tomorrow, to protest the unjustified hike made by major steel producers of th ...   Budget must address problems of skill shortage   WITH just a fortnight away to go for the Union Budget 2008-09, it is time to give a wish list on what is expected. The Indian economy has been sanguine with GDP growth of 9.25% in 2006-07, inflation below the danger mark and sustainable interest rate. However, over 9% growth recorded in the past thr ...   PHD Chamber seeks more funds for development   CONCERNED over allocation of adequate funds for developmental activities in Punjab, the PHD Chamber of Commerce and Industry has urged the Punjab government to allocate more funds for new projects and eventually spend 60% of expenditure on development in the last year of 11th plan. The second year o ...   FM unlikely to levy a new cess    With Polls In Sight, Budget May Spare Taxpayers From More Burden New Delhi: The shadow of elections on Budget 2008 is likely to see FM P Chidambaram avoid taking recourse to any fresh cesses to fund key schemes and projects despite a high subsidy bill thwarting government’s effort to provide a h ...   US slowdown to hit all, says IMF   Dominique Strauss-Kahn, the managing director of the International Monetary Fund (IMF), warned that emerging economies aren’t immune to weakness in the US and urged countries to relax fiscal policy to cushion the slowdown. Predictions that the global economy had ‘‘decoupled’’ from the US were o ...   Industrialists protest hike in iron and steel prices   Jalandhar: Cracking down on the Centre for its indifferent attitude towards industries in the state, industrialists on Monday held a protest march here to oppose the hike in prices of iron and steel. The industrialists who were protesting against the hike in prices of steel by up to 35% in the ...   Punjab continues to face severe power shortage   PUNJAB continues to reel under severe power crisis for the past one-and-a-half month because of the failure of winter rains and significant fall in generation of hydro power. With the demand for power outstripping the supply by 150-200 lakh units per day, all the sectors including rural, urban and ...   India to grow at more than 8%: IMF MD   MUMBAI: Praising India for its macroeconomic policy and structural reforms, the International Monetary Fund on Friday said the country would grow at more than 8% (this year), which was “wonderful,” considering there was forecast of a global growth slowdown. IMF managing director Dominique Strauss-Ka ...   We do not see any limits to our SME role   Sidbi will continue to motivate banks and institutions to lend more to micro and medium enterprises, CMD RM Malla tells Sangita Mehta HAVING spent a large part of his career with developmental financial institutions like IDBI and IFCI, RM Malla has recently taken charge of Small Industries Develo ...   PC may revert to 12.5% rate for dividend tax   15% RATE HASN’T LED TO HIGHER REVENUES WHILE DISCOURAGING INCOME DISTRIBUTION A QUEER proposal involving a rejig in dividend distribution tax (DDT) is doing the rounds in the finance ministry. Though the government had raised DDT rates in the last Budget to 15% from 12.5%, the proposal is one of ...   Small trader may get excise amnesty   AN amnesty scheme for the chhota aadmi (small man) who has evaded or short-paid excise duties is on the cards. The UPA government is looking at a settlement scheme to allow taxpayers who have committed technical offences pay a portion of their excise dues and end litigation. The proposed scheme ...   Inflation may rise to 4.5% by March end   MUMBAI: Inflation could rise to around 4.50% by March end fuelled by firming food and increasing fuel prices, but will not attain alarming proportion, leading economists say. A hike in domestic fuel prices, if effected, could push inflation up further, a few economists said, though none expected it ...   Govt may consider FDI in specific retail sectors: Nath   NEW DELHI: The government may allow foreign direct investment for specific sectors such as electronics and sports goods in retail if an expert study going into the issue foresees no impact on the neighbourhood mom-and-pop stores. “We are expecting the ICRIER report on retail by February end. Certain ...   PFRDA expects pension money transfer to MFs by April 1   NEW DELHI: Paving the way for investing a part of Rs 4,500-crore retirement money of government staff in capital markets, interim pension regulator PFRDA expects the Centre and 19 states to transfer the money under New Pension Scheme to three fund managers by April 1, 2008. “We are hopeful the NPS c ...   FM may ask banks to raise credit, lower interest rates   NEW DELHI: With economic growth likely to slow down to 8.7% this fiscal, public sector bank heads are expected to come under pressure from finance minister P Chidambaram when he meets them on Tuesday to raise lending to the manufacturing sector and cut interest rates. “Some public sector banks have ...   Report on relief for Re-hit exporters expected this week   NEW DELHI: The Rangarajan Committee, which is considering relief for the rupee-hit exporters, is likely to submit its report to the Prime Minister’s Office this week, suggesting benefits that may be announced in the Budget. Issues like service tax refund for more sectors and sunset clause on 100% EO ...   Centre ropes in Unido to map SME clusters   AN EXTENSIVE exercise to map the large number of small & medium enterprises (SME) clusters in the country is likely to begin soon. The department of industrial policy & promotion (Dipp) has approached Unido — the UN agency for promoting economic development in developing countries — to map SME clust ...   Inflation soars to 5-month high of 4.11%   A SPIKE in the price of food items pushed up wholesale price inflation to a five-month high of 4.11% in the week ended January 26. It stood at 3.93% in the week before. Inflation was ruling at 6.69% in the same period a year ago. The wholesale price index rose 0.2% to 217.6 points from 217.1 in the ...   Export of non-basmati rice banned   NEW DELHI: The Centre has prohibited all exports of non-basmati rice with effect from February 7. While the government had already banned the export of non-basmati rice in October last year, some exports were being allowed to honour prior commitments of exporters undertaken against valid irrevocable ...   PM’s panel on manufacturing urges for sops in Budget   NEW DELHI: The prime minister’s panel on the manufacturing sector is understood to have suggested urgent fiscal measures in the Budget to reverse deceleration in growth in several sectors, including textile and leather. The high-level committee, headed by National Manufacturing Competitiveness Counc ...   Nath sure of exports reaching $200b in 2008-09   BANGALORE: Even as India struggles to meet the export target of $160 billion in the current fiscal, Union commerce minister Kamal Nath is confident that exports would touch $200 billion in 2008-09. Speaking to the media on the sidelines of an FKCCI and FIEO meeting, he said, “we would be announcing ...   Reservation era nears an end for small units   Govt Knocks Off 79 Items From SSI List New Delhi: Almost 17 years after the process of reforms began in India, one of the last remaining legacies of the licence-permit raj era is now almost obliterated. The commerce and industry ministry on Friday ended the monopoly of small-scale units on 79 item ...   Inflation breaches 4%, fresh worry for govt   New Delhi: Raising fresh hackles for the government in an election year, there was bad news on the economic front for the second day in a row with inflation breaching the 4% mark after nearly five months. Inflation based on wholesale price index (WPI) touched 4.11% for the week ended January 26, fro ...   Growth set to ease as industry, farm misfire   THE Indian economy is sustaining its growth momentum, with the Central Statistical Organisation forecasting growth in the current fiscal at 8.7%. This is slower than the 9.6% growth achieved in 2006-07 and 9.4% registered in 2005-06, but on par with the average annual compound growth rate achieved o ...   Rising Re to help India Inc profit 12-15% more: Assocham   NEW DELHI: Industry body Assocham said strong rupee against dollar will increase the profit margins of India Inc between 12-15% in long run as exporters are bringing in new technologies with cheaper imports for expanding their existing capacities. “The sectors that are likely to gain a great deal wi ...   Slowdown: Economy to grow at 8.7%   New Delhi: Just when you were getting used to 9% growth, the government’s statistics office on Thursday said GDP would rise by 8.7% in the current financial year, compared with 9.6% last year and 9.4% in 2005-06. While Reserve Bank of India’s interest rate hike to keep inflation under check is ...   FM still betting on a 9% performance   New Delhi: While lower than estimated agriculture growth has pulled down overall rise in GDP, FM P Chidambaram pointed out that agriculture ministry had estimated production of most crops would touch record levels this year. Appearing satisfied with the double-digit services growth and 9% rise ...   Budgee arrives in Delhi in style   BRAVING the mist and the cold Mr B has started his tour of the capital on Wednesday. Don’t get confused, Mr B is Budgee - ET’s new rock star masquerading as a Piggy Bank to collect Budget wish list from Delhiwallas which will be then presented to the finance minister for his Budget exercise. On Thur ...   KKR picks up 2.5% stake in Bharti Infratel   PRIVATE equity firm Kohlberg Kravis Roberts & Co (KKR) has picked up 2-2.5% stake in Bharti Infratel for $250 million, reports Our Bureau from New Delhi. Infratel is the hived-off telecom tower arm of Bharti Airtel. This is the second major placement in Infratel. In December-end, a clutch of in ...   Net, e-trade players eye service tax exemption   AFTER the IT industry, it’s the Internet and e-commerce players who are demanding tax sops. In a representation to the finance ministry, the Internet and Mobile Association of India (IAMAI) is demanding a five year moratorium on service tax levied on Online Services and Advertisements. Currently, th ...   Retail wants service tax load off rent   As rising rents threaten to derail retail, players want the Centre & states to take a friendlier view. Hospitality sector sees room for creating tourism infrastructure while the country’s second-largest job creator wants a reality check on taxes. THE hype around retail is reaching a crescendo ...   Tax & FDI top realty wish list   THE real estate industry, the second largest employment generator in the country after agriculture, is awaiting the Budget with a list of expectations. Finding a place on the list are simplification of the incometax structure, reduction in service tax and clarifications over FDI related issues. ...   Mohali-Baddi and Mohali-Phagwara expressways planned   Both Projects To Require Rs 4,821 cr Investment VEHICULAR movement around Mohali-Baddi and Mohali-Phagwara in Punjab is all set to ease, become safer and faster with the proposal to build expressways. Two Expressways one around Mohali covering Lalru-Mohali-Baddi with a proposed length of 65.3 km ...   UK to set up visa centre in Punjab   BRITAIN has offered to open a visa centre in Punjab to facilitate peoples to immigrate to the UK legally. This would check the growing trend of illegal immigration to the UK, said the United Kingdom minister of state, home office, Liam Byrne while speaking at a luncheon meeting hosted by Punjab chie ...   STPI benefits may live beyond 2009 for SMEs   PMO EXPECTED TO PITCH FOR SPECIAL DISPENSATION TO SMALL EXPORTERS SMALL and medium enterprises (SME) in the software export business may continue to enjoy income-tax benefits for some more time. The Prime Minister’s Office (PMO) is expected to pitch for a special dispensation to small exporters wh ...   US exports to India leap as trade gap shrinks   US EXPORTS to India increased by a sharp 75% in the first eleven months of 2007 to $15.85 billion, bringing down the trade gap between the two countries. India’s exports to the US, on the other hand, rose by 10.9% to $22 billion in the January-November 2007 period, compared with exports in the same ...   India, Malaysia begin negotiations on CECA   KUALA LUMPUR: India and Malaysia on Monday began negotiations on opening their markets through an agreement that will not only cover trade in goods and services but also investment. The first meeting of the trade negotiating committee on signing a comprehensive economic cooperation agreement (CECA) ...   Gulf offers key market for Indian textiles: Vaghela   DUBAI: With the Indian government taking a series of initiatives to boost its textile exports, the Gulf region could emerge as an important destination for the country’s products, Union textiles minister Shanker Sinh Vaghela said. Mr Vaghela, heading a delegation of the textile ministry and industry ...   2% export sop may stay   COMPANIES in the leather, textile, marine and handicrafts sectors may be in for some extended support. The government is likely to continue the 2% subvention in export credit for these sectors by another year in the forthcoming Budget. The current interest rate subvention facility is slated to expir ...   Budgetary support likely to jump 17%   THE last full Budget of the UPA government is likely to see an estimated 17% jump in the gross budgetary support (GBS), providing for over Rs 2,39,000 crore as public expenditure. It is understood that the Prime Minister Office (PMO) has in-principle approved the final fund allocation from the budge ...   Punjab priority sector credit needs Rs 41.5k cr: Nabard   THE district potential linked credit plan (PLP) for Punjab prepared by Nabard for 2008-09 projects that the total priority sector credit need would be to the tune of Rs 41,664.16 crore. Of this, 53% or Rs 22,298.52 crore will be crop loan, term loans to the agriculture and allied sector would be 11% ...   Service tax rate may be retained at 12%   BUDGET 2008 is likely to spare people a hike in the service tax rate. Under considerable pressure to deliver a people-friendly Budget, the government may leave the service tax rate unchanged even though some more services like business class domestic air travel and toll plazas could be subjected to ...   Mohali industry body slams steelmakers   The Mohali Industries Association (MIA) is apprehensive that the unbridled increase in the steel prices in the last 3-4 months has put the industry in a piquant situation. The association says that the rising steel prices have broken the back of SSIs. It alleged that the steel manufacturers hav ...   Rising input costs force cycle makers to up cost   WITH steel prices going up by almost 15 per cent in the last one month, cycle manufacturers in Punjab, mainly in Ludhiana, are compelled to enhance the costs of finished products (cycles) further, a move that may further impact their exports. Steel is widely used in industry like cycle, fastners, re ...   US recession a threat for most, including India   DECOUPLING, the theory that the rest of the world doesn’t have to catch a cold if the US sneezes, which was all the rage last year, could easily go down as one of the shortest–lived buzzwords in economic theory. As economists, analysts and wealth managers frantically look for explanations to give th ...   Rising Re takes toll, exports grow 16%   INDIA’S exports grew by 16.04 per cent in December 2007 in dollar terms but managed a paltry rise of 2.54 per cent in rupee terms, as the domestic currency strengthened against the greenback. Exports went up to $12.31 billion in December 2007 amid exporters’ concerns over appreciation in rupee ...   Rising rupee takes toll, exports grow 16%   India’s exports grew by 16.04% in December 2007 in dollar terms but managed a paltry rise of 2.54 per cent in rupee terms, as the domestic currency strengthened against the greenback. Exports went up to $12.31 billion in December 2007 amid exporters’ concerns over appreciation in rupee against the d ...   Bankers seek dollar loans for exporters from fx kitty   BANKS have made a plea to Reserve Bank of India seeking dollar loans for small exporters out of forex reserves. Indian exporters, who have been badly hit due to the rising rupee, are willing to pay rates over 300 basis points over the London inter-bank offer rate (Libor) - much more than what R ...   Inflation rises to 3.93%   RISING prices of some manufactured items and industrial oils pushed up inflation to 3.93% for the week ended January 19, although a few food items such as eggs turned cheaper on fears of bird flu in some parts of the country. The wholesale prices-based inflation was at 3.83% in the previous wee ...   Tight margins, competition squeeze auto parts cos   FAT sourcing deals. Million-dollar acquisition stories. Bulge-wallet reserves. India’s auto component companies never had it so good, right? Well, not exactly. Behind the deal frenzy and sourcing saga, there’s an alternative reality — of margin squeeze, competitive pressure and search for scale ...   Punjab budget on March 11   THE Punjab Assembly’s budget session will start from February 25 and continue till March 19. Disclosing this here on Wednesday, a spokesman of the Punjab government said that the session would begin with Governor's address on February 25 and the budget would be presented on March 11. The Cabine ...   NCAER revises GDP forecast to 9.1%   NEW DELHI: Economic think-tank NCAER on Wednesday revised its GDP forecast upward to 9.1% for the current financial year, against the earlier estimate of 8.9%, mainly on account of increase in investment activity. According to NCAER, the industrial sector is expected to record a rise of 9.1%, agains ...   Asia will continue to grow, but slower than 2007   New Delhi: Having served at World Bank, Citigroup and IMF, Stanley Fischer is now the governor of Bank of Israel. He spoke to TOI about the issues facing the global economy and India-Israel trade. Q: How do you see the US situation panning out in the coming days and how is it going to affect your ...   Hand tool industry demands ban on iron & steel exports   PUNJAB hand tools industry is in the doldrums.With growth slipping last fiscal, the industry is saddled with high input costs as prices of iron and steel have sky rocketed and export returns are declining due to rising rupee. The industry has demanded ban on exports of iron and steel and also withdr ...   Chamber urges Punjab to expand e-governance   New Delhi: The Punjab government should undertake e-governance on a wider scale to be able to reduce administrative cost and raise efficiency, besides streamlining the processes of recruitment, budgeting and planning, PHD chamber has said. Under the programme 'Digi-Gov', PHD Chamber said the pu ...   Houses for poor may fetch tax sops to developers   THE government may restore tax benefits to real estate developers for constructing houses for the economically weaker section (EWS). The scheme was discontinued last year. Under section 80(1)(B) of the Income-Tax Act, developers constructing houses with an area of up to 1,000 sq ft in Delhi and ...   Exports, output slowdown may keep Customs duty peak intact Rising Re & Elections Likely To Stop PC F   PEAK Customs duty, which stand at 10%, is unlikely to be cut in Budget 2008 following slowdown in the manufacturing sector and negative growth in labour-intensive exports. Senior officials said while the Centre wanted to reduce duties for the fourth successive year to meet the self-imposed targ ...   Textile, apparel exports show downward trend    NEW DELHI: The country’s total exports may be rising at around 20% but overseas sales of textile, apparel and handicrafts have declined during the first five months of this financial year, according to Reserve Bank of India (RBI) data. ”Exports of textile and textile products and handicraft contin ...   Excise sops to HP partially withdrawn   Shimla: Putting an end to excise exemptions for peripheral industrial activities, the central government on Friday amended the area-based excise exemption benefit for Himachal Pradesh and Uttarakhand. Excise and income tax exemptions were granted to these two states and also special category st ...   India, Pak to ink pact to start trade across LoC   TRADE across Line of Control (LoC) from Jammu and Kashmir to Pakistan occupied Kashmir (PoK) is likely to begin by July, according to Union minister of state for commerce and industry Jairam Ramesh. "Before the SAARC meet in July we will sign the agreement with our counterparts in Pakistan. We ...   Inflation rises to 3.79%; may dampen rate cut chance   WHOLESALE price-based inflation rose marginally to 3.79 % for the week ended January 5, after remaining at 3.5% for two weeks in a row. The rise was mainly on account of some fuel items like coking coal, non coking coal, furnace oil, naphtha and manufactured products like butter, coffee, edible oil ...   ‘Remove Pak from negative FEMA list’   Attari/Amritsar: Terming the twenty-first century as ‘century of investment', union minister of state for commerce Jairam Ramesh said foreign direct investment (FDI) should be allowed from Pakistan by removing it from the negative list of Foreign Exchange Management Act (FEMA) which in turn would pa ...   Exports from STPI in FY 08 up   CONTINUING to remain on top of the list in software exports from Software Technology Parks of India (STPI), Mohali, Infosys Technologies in the first nine months of 2007-08 has bagged exports worth Rs 156.96 crore as against Rs 127.28 crore in the corresponding period last year showing an increase b ...   Soaring pvt equity flows may get portfolio investment tag   PRIVATE Equity (PE) flows, which stood at $17 billion in 2007, should be treated as portfolio investment, feels the government’s key economic policy think-tank, the Prime Minister’s Economic Advisory Council (EAC). The panel has highlighted the lack of clarity in on this count and called for simplif ...   Finance, commerce ministries spat over export sops peaks.FINMIN PUTS FOOT DOWN ON A SERIES OF CONCES   WITH Budget preparations gaining momentum, the finance ministry has put its foot down on a series of concessions proposed for export promotion. As a result, the revenue department is heading for a standoff with the commerce & industry ministry over various issues including exemption from central sal ...   PM panel cuts growth projection to 8.9%   FARM sector growth, that almost made up for the slow down in the manufacturing sector in the first two quarters of the fiscal, is expected to support economic growth in the current fiscal at a shade below 9%, a top economy think tank advising the prime minister said on Thursday. The economy is expec ...   US seeks cut in import duty on Harley Davidson, alcohol   NEW DELHI: The US on Thursday demanded that India cut import duty on a host of items, including cult motorbike Harley Davidson and alcohol, as it seeks to have a bigger pie of the fast expanding market here. US assistant secretary for commerce David Bohigian met government officials, including secre ...   Moody’s pegs growth in 2008 at 8%   MUMBAI: Rating agency Moody’s has forecast that the Indian economy will grow by around 8% in ‘08, marginally slower than estimated 9% growth in ‘07. In a report released from Sydney the rating agency said that although the economy’s fundamentals remain strong and its prospects upbeat, growth will mo ...   Growth will slow down to 8.5% in 2008-09, says PM’s panel   New Delhi: While there may be signs of growth moderation during the current and the next fiscal, the Indian economy has for the first time logged an average 8% growth during a five-year period. The latest estimates released by the Prime Minister’s Economic Advisory Council on Thursday has estim ...   Industry not keen on plot conversions   AS the Chandigarh administration reportedly prepares to revise prices of converting industrial plots to commercial plots in the Industrial and Business Park on a proposal sent by the estate office, the industry is not taking the news sitting down. As per sources in the administration, the revisions ...   Single bank account for exporters, importers   NEW DELHI: Exporters and importers will need to maintain only one bank account for their transactions with different government departments and agencies like Customs and ports with the launch of etrade project from April. The commerce ministry has advised different government wings, including the Cu ...   China is India’s largest trade ally   Beijing: China has become India’s biggest trade partner surpassing US, which has held that position for a long time. India-China bilateral trade reached $38.6 billion in calendar 2007. During this period, India-US bilateral trade was just $34.6 billion, according to Indian government sources. T ...   Electronic items prices may fall 10% on proposed 4% excise cut   PRICES of electronic goods like LCD TVs, home-theatre systems and high end mobile phones may fall by 8% to 10%, according to early indications of the 2008 Budget exercise. The finance ministry is inclined to reducing duties on consumer electronics to 12% as compared to 16% now. At the same time, the ...   Chandigarh to invite EOIs for selected plots in IT park   THE Chandigarh administration will be inviting fresh expression of interests for some plots in the Rajiv Gandhi Chandigarh Technology Park (RGCTP) next week. The sites have been demarcated in the SEZ and non-SEZ areas in phases I and II and have not been allotted for over a year. In phase II, t ...   Haryana to host Partnership Summit 2008 in Gurgaon   CHANDIGARH: The Haryana government will host the Government of India, Haryana government and Confederation of Indian Industry Partnership Summit-2008 from 16th to 18th January in Gurgaon. Termed ‘Emerging Consensus: Inclusive and Sustainable Development’ the event would also host the launch of an In ...   Punjab to bail out farmers from financial mess   CHANDIGARH: In order to bail out farmers from the current financial mess and improve the condition of Primary Agriculture Cooperative Societies (PACS), Punjab government is now going to market consumer goods on CSD pattern in the state. Addressing a press conference here after concluding a workshop ...   Excise on plastics may be halved   THE government is considering a proposal to slash the 16% excise duty—tax on production levied at factory gate—on plastics by half to drive up consumption of plastics in various sectors like agriculture, packaging, irrigation, geo-textiles, healthcare, lifestyle, automobiles and infrastructure. ...   Economy to grow 9.1% in 2008-09: CMIE   MUMBAI: India's economy is expected to grow by 9.1% in the next fiscal year beginning April, fuelled by robust investments and buoyant consumer spending, the Centre for Monitoring Indian Economy (CMIE) said in its monthly review released on Monday. "With fresh investment proposals continuing to pour ...   Decision on petrol hike on January 17: Deora   HYDERABAD: Union petroleum minister Murli Deora on Monday said a decision on the fuel price hike will be taken at a group of ministers meeting on January 17. "On January 17, the group of ministers meeting under the chairmanship of Pranab Mukherjee is taking place in Delhi. That time, it will be deci ...   Ficci seeks infrastructure status for solar energy projects   NEW DELHI: Industry body Ficci has sought infrastructure status for solar energy projects to give a fillip to renewable and environment friendly source of energy that holds potential of reducing the country's power deficit. Ficci president Habib Khorakiwalla has asked the finance minister to treat s ...   Govt’s Diwali gift: Rs 10 coin   WITH smaller coins getting out of circulation, the government is planning to roll out Rs 10 coin during Diwali. The finance ministry will soon invite global tenders for manufacturing 30 crore pieces of Rs 10 coins worth Rs 300 crore. The centre of approximately 7.71 gm, 17-mm diameter bimetallic com ...   India may be hub for i20 export   Hyundai Motors India on Sunday said it is planning to manufacture its premium hatchback i20 in India by the end of this year for sales in overseas markets. “We may produce i20 by the end of 2008 at Chennai plant,” HMIL senior vice-president (sales & marketing) Arvind Saxena said. Initially, the car ...   Imports from China rising fast: Ficci   • NEW DELHI: Imports from China have increased at a much faster pace than those from India's other trading partners, even as the two countries are considering a market enlarging regional trade agreement, industry body Ficci has said. "India's imports from China have increased over eight-fold since 2 ...   PIO remittance to touch $40 b this fiscal   • NEW DELHI: It's not just the foreign investors who are pumping in billions of dollars into India. Persons of India origin living abroad too are chipping in wholeheartedly. The total PIO remittance is expected to cross $40 billion in the current fiscal ending March, according to research and analyt ...   FIEO pegs export loss due to rupee rise at $7 billion   • MUMBAI: A sharp appreciation of rupee against US dollar is estimated to have led to loss of exports worth about $7 billion over the last one year, according to the Federation of Indian Export Organisations (FIEO). The organisation’s president Ganesh Kumar Gupta said: "Importers are not willing to ...   Delhi plans SPV to convert parks into tourist magnets   • NEW DELHI: Parks and gardens in the Capital are in for a major face-lift with the Delhi government planning to set up a special purpose vehicle (SPV) to convert them into tourist magnets in view of the 2010 Commonwealth Games. A novel proposal to set up a flower and garden society would soon come ...   Punjab inks MoU with UN tourism agency   THE Punjab government today inked a memorandum of understanding (MoU) with United Nations World Tourism Organisation (UNWTO), a specialized agency of the United Nations, for the formulation of a tourism development master plan for the state. "Punjab has a tremendous tourism potential which needed to ...   City beautiful shows ugly side, Chandigarh crime up   IT has long been held as one of India's most organized and well-protected cities, but Chandigarh could be fast losing that enviable reputation with all types of crimes going up substantially in 2007. Vehicle thefts, murders, rape, rioting, robbery, snatchings, accidents and criminal trespass ar ...   Industrial growth plunges to 5.3% in Nov   THE sharp deceleration in the growth rate of index of industrial production (IIP) is a signal for the government to take a re-look at consumer spending and loosen money supply a bit, commerce & industry minister Kamal Nath has said, indicating the need for a possible reduction in interest rates. The ...   Steel may not see hike in duty   STEEL industry may not get further protection from surge in steel imports in the forthcoming Budget. The steel ministry has proposed status quo with respect to 5% Customs duty on finished and alloy steel, ignoring demands made by primary steel makers. It would mean added pressure for domestic steel ...   Choice group plans 5 hotels in Punjab,To Set Up All-Suite Hotel In Ludhiana/ To Invest Rs 1,000 Cr N   CHOICE Hotels is planning to set up five hotels in Punjab, which includes an all-suite hotel in Ludhiana, the only one of its kind in the country. Of the remaining four, two will be in Ludhiana and one each in Amritsar and Bhatinda. Along with its various promoter companies, the Delhibased gr ...   Chandigarh unveils new excise policy   CHANDIGARH, which aims to house the cheapest liquor in the country, has come up with its new excise policy for the year 2008-09. Country liquor and Indian made foreign liquor (IMFL) will now be available in pouches of 150 ml each while six new categories of IMFL have been introduced. Both the measur ...   GDP may slip to 8.4% in 2008: World Bank   • LONDON: India is likely to witness further moderation in economic growth with the gross domestic product (GDP) slipping to 8.4% in 2008, says a World Bank report. India's economic growth rate, however, was likely to marginally improve to 8.5% in 2009, said the World Bank's 'Global Economic Develop ...   India to continue witnessing dynamic growth in 2008: UN   • UNITED NATIONS: India will continue to witness dynamic growth in 2008, driven by investment in the manufacturing and service sectors, and will be "largely insulated from weakness in the global economy," a new United Nations report has said. The Asia-Pacific region as a whole is also likely to cont ...   India, US mull bilateral investment agreement   • WASHINGTON: A bilateral investment agreement between India and the United States is expected to be discussed next month in Chicago when commerce minister Kamal Nath is scheduled to meet US Trade Representative Susan Schwab. "In the private sector, we are hopeful of moving forward to pursue and con ...   MoUs with Italy, Hungary on agriculture approved   • NEW DELHI: The government on Thursday approved signing of MoUs with Italy and Hungary for cooperation in agriculture and food sectors, information and broadcasting minister P R Dasmunsi said. The pacts will promote further bilateral cooperation, joint activities and exchanges between India and the ...   Sri Lanka cuts taxes on food imported from India   COLOMBO: Faced with the grim prospect of a crippling island-wide traders' strike, the Sri Lankan government has drastically cut taxes on essential foods, most of which are imported from India. Essential Food Commodities Importers and Traders Association media secretary Hemaka Fernando said the gover ...   Big guns vie for Amritsar airpor   THE DEVELOPMENT of Amritsar airport has received expressions of interest from a number of companies including Reliance Energy, Tata Group, Emaar MGF, GE, Gammon, Larsen and Toubro Ltd, Unitech and DS Constructions. With the last date for the request for qualification being extended to January 14, mo ...   Metro Cash N Carry joins retail war in Punjab   THE INDIAN arm of German retail behemoth Metro Cash & Carry will be launching its operations in Punjab soon, even as others are waiting in line. Metro Cash & Carry India is likely to invest Rs 600 crore to start its chain of distributioncum-retail centres in the state, beginning with units in C ...   Another NRI meet on Jan 14   Chandigarh: The NRI is the flavour of the season. Close on the heels of Punjab government's NRI Sammelan comes another high-profile event aimed at addressing the concerns of the Indian diaspora. The event - Indian Diaspora: Migration and Development - is scheduled to be inaugurated by minister ...   PSUs may be punished for missing targets   CENTRAL public sector enterprises (CPSEs) that miss annual targets should now brace to face the music. The government is likely to curtail CPSEs decisionmaking power if they miss their annual targets. These public sector units may lose certain powers to take financial and administrative decisio ...   Ludhiana firm gets approval for Rs 213-crore SEZ   LUDHIANA-BASED Malhotra Land And Colonizers Private Ltd on Monday got the Centre’s approval to set up an auto-engineering special economic zone, taking the number of SEZs in Punjab to 12. The company plans to invest close to Rs 213 crore on 300 acres in Ludhiana for the project. It is expected ...   Health, education main sectors for investment at NRI Sammelan   A PLETHORA of investment proposals for Punjab has come from the Indian diaspora who attended the NRI Sammelan in Chandigarh. According to HS Bains, media advisor to the chief minister, education and healthcare dominated the agenda and most NRIs came out with lucrative proposals in these two fields. ...   8 mega projects await Punjab nod Include Spinning Plant, Beer-Making Unit, IT Park, Multiplexes And   SEVERAL new mega projects proposals have been submitted to the Punjab government for approval which include spinning units, a beer manufacturing unit, a knowledge-based IT park, multiplexes and hotels. Barring the beer manufacturing unit, these projects would involve investments of over Rs 100 crore ...   Punjab CM to open service industry meet on January 12   Chandigarh: The international conference being organized by International Punjabi Chamber for Service Industry (IPCSI) here on January 12 would focus on exploring opportunities in skills development, vocational education and employment generation for youth in domestic and overseas job markets. This ...   Erring PSU staff can be penalized post-retirement   New Delhi: Central public sector undertaking (PSU) employees, who might have committed serious lapses while in service, will not be spared of any penalty if found guilty after retirement. Currently, such employees simply escape the vigilance’s noose as well as any punitive action on their superannua ...   RIL, Essar arms in race to flag pipeline space Co Laying Pipeline First To Escape Stricter Regulatio   IT’S race against time for Reliance Gas Transportation Infrastructure (RGTIL) and Essar Steel for construction of their pipelines. RGTIL’s Kakinada-Basudebpur-Howrah gas pipeline and Essar’s Dabuna-Paradeep slurry pipeline would cross over in Orissa. The company that lays its pipeline first may be a ...   Small car to be hot story at Auto Expo   TEN years ago, when Tata Motors launched the Indica at the 1998 Auto Expo, the first glimpse vox populi verdict was, ‘Eh gaddi Maruti ka baap hai’. When the ninth Auto Expo kicks off at Pragati Maiden in less than 48 hours, yet another Tata product will hog most of the limelight. Only this time roun ...   Edu-centric NRI meet on Jan 12 in Chandigarh To Focus On Vocational Education, Employment Generation   CLOSE on the heels of the NRI Sammelan held here, Chandigarh will be hosting another congregation for non-resident Indians, the Parvasi Punjabi Divas, to be held on January 12. To be organised by the International Punjabi Chamber for Service Industry (IPSCI) and held on the occasion of the 6th Annua ...   NRI investors seek less red tape   WHILE the Punjab government is exulting about the massive turnout at the non-resident Indians’ conference in Chandigarh and Jalandhar, NRI investors are still looking for a secure and red-tape free scenario. Over the years, successive governments (Congress and SAD) have failed to curb bureaucratic h ...   ‘Manifold increase in NRI philanthropy’ Priority Shifts From Religious To Social Sector   Jalandhar: While Punjab has not been able to attract much NRI investment in the entrepreneurial sector, a reason why the state government is bending backwards to woo them during the NRI Sammelan, a multifold increase has been witnessed in their philanthropy efforts in the social sector. A study ...   NRI dream project slow in materialising   Jalandhar: The state government may have plans of hosting an NRI Sammelan to solve the problems of those staying outside the country but it has not been able to implement some of the plans it has had for their development all this while due to bureaucratic hurdles. The much propagated NRI Bhawa ...   Chandigarh gets intl airport UT Gains After Haryana-Punjab Bicker Over Mohali Name In Project   Chandigarh: In what would be a great leap forward for Chandigarh and its neighbouring states, an MoU for the much talked about international airport was signed here on Friday. This would be the second international airport in the region after Raja Sansi at Amritsar and will be an extension of the ex ...   Promoters may need state nod for factory expansion   FACTORY owners with expansion plans have a regulatory hurdle ahead. The government is all set to make it mandatory for them to get the state government’s permission before going in for physical expansion of existing businesses. As per existing guidelines under the Factories Act, occupier of a f ...   Tata Steel, SAIL come together for mining options   STEELMAKERS Tata Steel and Steel Authority of India Ltd (SAIL) unite to face the global competition. The two companies have agreed to join hands for coal mining in the country and considering to extend the similar coperation in sharing iron ore resources. They may even consider joint steel productio ...   DC’s Rs 25-Lakh Hot Rod Races For Auto Expo   TO fulfil the growing appetite for luxury cars in India, noted car designer Dilip Chhabria plans to launch his sports car range under his own DC brand. The newly-designed car S, positioned in the Rs 25-lakh price band, will be unveiled at the Auto Expo to grab attention of the niche customers for th ...   India’s first online serial coming soon   IT IS time to switch off your TV and log on to the Internet because the country’s first online serial would be launched very soon. “The serial may be launched by early next year. It will be a revolution in the online medium,” says Puneet Johar, MD, Tangerine Digital Entertainment, the brain behind t ...   Punjabis shocked at turmoil in Kenya   THE turmoil in Kenya following the re-election of President Mwai Kinaki has left the Indian community mainly Punjabis and Gujaratis in a state of shock. The onslaught on business establishments, looting and burning of vehicles mainly trucks owned by Punjabis in Kenya has made the Indian community to ...   NRI brings speciality hospital to Haryana in memory of father   FOR NEARLY a million residents of this backward area of Haryana, it is a blessing indeed. A multispeciality hospital has opened here, thanks to a US-based non-resident Indian (NRI). The 55-bed multi-specialty nonprofit hospital, with facilities for 24-hour intensive care unit (ICU) and emergenc ...   New goal: Bharti wants to set India’s football rolling Mittal Co To Invest Heavily And Enter Into A   SUNIL Mittal’s Bharti Group has a new ‘goal’. It is not a business of another kind. He wants India to qualify for the 2018 football World Cup. “Whatever it takes, our ambition is to see India qualify for the 2018 World Cup,” Mr Mittal told mediapersons on Friday. Bharti will invest a couple of hundr ...   Hi-tech ambulances to ply on highways One For Every 50 Km Of Highway; Six States To Be Covered In Fi   New Delhi: India, which records a road accident death every two minutes, has finally rolled out the ambitious Integrated Highway Trauma Care System. Under the programme, one state-of-the-art ambulance, equipped with a portable ventilator, advanced life support systems, oxygen cylinders and a de ...   Punjab focal points to be revived Property Tax May Replace House Tax: Minister   Sangrur: The state government is all set to revive industrial activity in the state in a big way. Every possible help would be provided to industry, and to start with, the industrial focal points across Punjab would be revived at a cost of Rs 40 crore. Established more than two decades ago, these fo ...   Tatas’ foray into Bangladesh market to turn smoother GOVT TO LEVERAGE FDI ACCESS TO ENSURE SPEEDY CL   THE government is using its decision to allow foreign direct investment (FDI) from Bangladesh to push for speedy clearance to the Tata Group’s plans to invest about $3 billion in the neighbouring country. A notification has now been issued to allow FDI from Bangladesh through the Foreign Investment ...   Social issues to be part of Punjab NRI Sammelan agenda   WOMEN married to non-resident Indians from Punjab have long faced problems in getting justice when their husbands abroad cheat them. Illegal immigration has been another problem for Indian and overseas authorities. The NRI Sammelan being organised by the Punjab government in Chandigarh and Jalandhar ...   Chandigarh airport likely to get international terminal   A MAJOR plan to upgrade the civilian enclave at Chandigarh airport will be implemented soon, with the Airports Authority of India (AAI) proposing to build an international terminal building and independent access to the airport. The runway would be extended subject to release of land by the Ind ...   Godrej plans JV for developing factory lands   Mumbai: The Godrej group, which is one of the beneficiaries of the Urban Land Ceiling (Regulation) Act (Ulcra) being repealed, is looking at developing real estate at some of its factories in India. The group has some 100 factories across India, and these include prime areas like Mohali and Amb ...   It’s quite patent for domestic pharma cos Three years into the patent regime, domestic pharma cos ha   CONTRARY to Indian pharma companies’ fear that global pharma majors will dominate the Indian market in the post-patent era by launching patented products, domestic pharma companies have strengthened their hold in the Rs 35,000crore Indian drug market three years into the patent regime. In fact, ...   RBI ropes in HCL Comnet for infotech overhaul   IN ONE of the RBI’s largest IT implementations in the recent times, the central bank is setting up two large data centres in Maharashtra and completely overhauling its IT infrastructure, consisting of legacy applications and software, to move to modern, more robust systems. The exercise will cost RB ...   Broadcasters may get Customs relief With Tech Witnessing Convergence, Duty Structure Applicable To I   BUDGET 2008 may bring in some duty cuts for the broadcasting sector (manufacturers, MSOs, cable TV operators) and bring it in line with the IT and telecom sectors. The broadcasting sector is faced with various Customs, excise and service tax slabs. A committee appointed by the Centre with representa ...   Punjab cabinet approves Mohali airport   THE Punjab cabinet on Wednesday formally approved the setting up of an international airport at Mohali. A spokesman of the Punjab government said the cabinet, which met under the chairmanship of Punjab chief minister Parkash Singh Badal, also approved the memorandum of understanding (MoU) to be sign ...   No leeway for PSUs on Clause 49   SEBI chairman M Damodaran has ruled out flexibility for public sector companies in complying with Clause 49 of the listing agreement that deals with the appointment of independent directors. Government-owned companies should be on the same footing as private players when it comes to corporate g ...   Minimum price for rice export raised to $500/t   THE government has raised the minimum export price of rice to $500 per tonne to discourage exports and make more foodgrain available in the domestic market. The commerce ministry agreed to the proposal sent by the food ministry advocating the hike, an official source said. The director general of fo ...   Steel cos to announce price hike   DOMESTIC steel producers are likely to announce a hike in steel prices with effect from Tuesday as galloping raw material costs including coal and iron ore eat into their margins. Domestic mining giant National Mineral Development Corporation (NMDC) has raised longterm contract prices of iron ore fi ...   Finance ministry refuses to bail out Madras Fertilizer Decision Could Set Precedent Of Denying Finan   IN a major setback to the government’s programme to restructure ailing PSUs, the finance ministry has rejected a proposal to give financial assistance to revive Madras Fertilizer (MFL). MFL is one of several PSUs seeking funds from the government. “The finance ministry is not in favour of provi ...   Nov exports grow 26.8% to $12.4 b   THE New Year has started on an encouraging note for the export sector with 26.82% growth in November 2007 to $12.43 billion compared to $9.8 billion in the same month of the previous year. The figure was, however, lower than the $13.30 billion worth of exports during October 2007 when exports, thank ...   Indian robots labour on global shopfloors Country Fast Emerging As A Major Hub For Industrial Robots   THEIR robots may look cool, act smart and amuse kids with their intelligence. But when it comes to doing hard work, Indian robots are winning hands down. India is fast emerging as a major hub for industrial robots. American, Korean and even Japanese firms are using these robots. Some companies ...   Rangarajan to decide package for exporters    The fate of exporters battling rupee appreciation has now slipped away from the hands of the finance ministry and the commerce department. The final shape of the proposed package for exporters would now be decided by Prime Minister’s economic advisory council chairman C Rangarajan. The PMO has ...   Govt may unweave 2 textile biz-friendly schemes   IN WHAT may come as a further setback for the textile industry, hit hard by the appreciating rupee, the government may soon scrap two schemes aimed at supporting local entrepreneurs — the apparel parks for export scheme (APES) and the textile centre infrastructure development scheme (TCIDS). The sch ...   More security for power major issue in Punjab   THE issue regarding payment of additional security for power and illogical electricity duty is snowballing into into a major storm. Trade and industry in Punjab is resorting to agitation as the additional security issue is keeping consumers on tenterhooks. The supply code prepared by the Punjab ...   Punjab industry pleads for lowering duty on electricity   PUNJAB is among the few states in the country which a high duty on electricity at the rate of 10% while most other states have duty on specific basis. Punjab too had electricity duty on specific basis for decades at 11 paise a unit. However, in 2003, the then state government changed it to ad v ...   SMEs see high attrition due to Re rise   New Delhi: Small and medium enterprises are witnessing a large scale attrition as the rising value of rupee has impacted margins of these units, particularly in the H2 of 2007, Assocham said. Paying capacities of SMEs to employees have been eroded due to rupee rise, which shrunk their margins a ...   New royalty norms to curb iron ore export   THE steel industry can rejoice. The government is planning to put further restrictions on iron ore export by introducing a system of royalty for minerals. Under this, royalty rates on iron ore are proposed to be calculated on freight on board (FOB) values in case of exports and on gross sales value ...   DTC removes many Indian cos from buyers list for 2008   THE diamond industry, which is reeling under the impact of appreciating rupee, is headed for more trouble that could adversely affect rough diamond supplies. Diamond Trading Company (DTC), distribution arm of De Beers Group, has removed several Indian companies from its list of sightholders for the ...   Budget may see big-ticket tax relief for oil explorers, refiners EXPLORATION COS MAY GET SERVICE TAX   THE oil sector may get substantial tax breaks in the 2008 Budget. While exploration firms are likely to be exempted from service tax, refiners may gain from an excise duty rejig. The government is considering removing the advalorem component and adjusting the specific component in such a way that th ...   Plugged into GLOBAL INC SEVEN years into the new millennium, India is more globalised than it was in   THE POWER OF GLOBALISATION, both the upside and the downside, has been apparent to investors in India’s stock markets over the past few weeks. In mid-December, the US Fed’s decision to cut interest rates by just 25 basis points led to a huge selloff in most Asian markets. India was no exception. The ...   AMD’s mkt share in India increases 4%   COMPETITION in the PC processor market has further intensified with Advanced Micro Devices (AMD) steadily increasing its share in the India. According to the latest market statistics of IDC for the third quarter of 2007, AMD has an overall market share of 21.1% which includes both desktops and lapto ...   Harley Davidson to drive into India   AMERICAN cult bike brand Harley Davidson may finally hit the Indian roads. In an effort to ease import of all bikes with over 800cc engine capacity, the government has relaxed their testing norms. The director general of foreign trade (DGFT) has now allowed import of all such bikes which have been ...   Abhishek Industries likely to pay more for Barnala land   ABHISHEK Industries Limited, the flagship company of the Rs 1,500-crore Trident group, may agree to pay 70% of the amount over and above the award announced earlier by the collector towards the full and final compensation to landowners in Barnala. The Lok Adalat is likely to settle the cases in the ...   In HP, Industry seeks better infrastructure   Chandigarh: Even as the BJP revels in euphoria generated by a massive victory in Himachal assembly polls, it has its a task cut out in the days ahead. The state’s industry, though upbeat over the change in guard, wants the new dispensation to take some serious steps to address problems relating ...   Godrej may move out of BPO venture   Mumbai: Will the Godrej group exit the BPO sector in the future? That’s the question which has cropped up after the group sold its holding in US-based Upstream, which specialises in providing contact center solutions to organisations in the travel domain. Godrej’s exit from Upstream was based o ...   Domestic banks cosy up to stocks while MNCs play safe With investments in bonds becoming unremunerat   EVEN as foreign institutional investors (FIIs) have made a killing in the stock market in the past two years, multinational banks, on the other hand, have been cautious at their equity desks. In contrast, Indian banks, both private sector and public sector banks, have higher direct exposure to stock ...   Dollar holds its ground despite another Fed rate cut   THE rate cut by the US Federal Reserve this month has not weakened the dollar as in past rate cuts. On the contrary, the dollar has actually appreciated against major currencies like the sterling pound, the euro apart from the domestic rupee. This is even though the Fed cut rates twice, once in Nove ...   PSUs won’t get to bypass CAG   Public sector companies’ dream to avoid the watchful eyes of the top government accountant, the Comptroller and Auditor General of India (CAG), may not come true. The government has decided to retain CAG’s oversight over how state-run companies manage their finances despite the J J Irani panel ...   India ready to join OECD steel panel   • NEW DELHI: India on Thursday made it clear that it is ready to join the OECD's steel committee provided no additional conditions are imposed over and above the obligations under the World Trade Organization. "We have received an invitation to join Organisation for Economic Cooperation and Developm ...   CII expresses reservations over Statistics Bill   • NEW DELHI: Expressing concern over the Collection of Statistics Bill, 2007, which empowers the government to seek sensitive corporate data, industry chamber CII has said confidentiality of such data should be maintained. CII pointed out that under the provisions of the proposed Act, an informant a ...   Core industries growth dips to 4.5% in October   A DECLINE in production of crude petroleum and a slowed down in the growth of petroleum refinery hit the combined output growth of six key infrastructure industries to 4.5% in October compared to a 9.9% growth in the corresponding month last year. Production of crude petroleum registered a negative ...   Auto Expo to hit new milestones   THE 9th Auto Expo will be the largest automotive show in Asia covering a floor size of over 1.2 lakh square metres with 10 hangers and seven state pavilions and over 2000 participants. Around 20 new vehicles are expected to be launched by the 45 domestic and foreign automobile manufacturers during t ...   Shopping Maul High rental values are impacting the profitability. Brands are exiting malls, experime   WITH rising rentals eating into profit margins, retailers are preparing to fight back with a multi pronged strategy that includes exiting malls, innovating with formats, opting for a revenue sharing model with developers and stepping up focus on smaller towns. Levi Strauss India, for instance, ...   Global fashion brands to increase local sourcing   INTERNATIONAL fashion brands such as Nautica, Puma, Marks & Spencer and Espirit have stepped up their local sourcing as they expand their presence in the domestic market. With advantages of higher profits, lesser lead time and competitive price points, these brands are now shedding their inhibition ...   Punjab to have IIT, IIM soon   Prime minister Manmohan Singh has in principle given approval for setting up of an Indian Institute of Technology and an Indian Institute of Management in the state. In a meeting held between Mr Singh and Punjab chief minister Parkash Singh Badal at New Delhi, the former agreed to expedite the proce ...   Indian makes world go round... and fast   Toronto: SkyLink Travel, which is part of the Canada-based SkyLink Group owned by Indian-Canadian Surjit Babra, claims to have created the world’s fastest travel search engine, much of which was built in the Indian city of Noida. Called Skylink Global Booking Engine, it is also North America’s ...   PSU banks may miss credit growth target SLUGGISH GROWTH UNLIKELY TO PICK UP IN LAST QUARTER, FEEL BA    PUBLIC sector banks are unlikely to meet credit growth targets set by the ministry of finance under the statement of intent (SoI) targets set at the beginning of the fiscal. Bankers feel the sluggish growth this year is unlikely to pick up in the last quarter. “Though we are well into busy ...   M&M eyes safe debut with lifestyle retail Foray To Be Through Subsidiary Mahindra Intertrade   ANOTHER big corporate is entering the retail business, but not in the controversial food and grocery segment as speculated earlier. The $4.5-billion Mahindra & Mahindra Group has zeroed in on urban lifestyle retail. According to sources in the retail industry, the group has appointed key personnel, ...   Petroleum min seeks Customs duty cut on fuels for industry Demand List Includes Furnace Oil, Naphtha   PRICES of many commonly used consumer products using petrochemical inputs starting from shoe polish to synthetic rubber and textile products as well as various automobile parts using plastics may decline after the upcoming Budget. The ministry of chemicals and petrochemicals has made a strong c ...   White goods industry to see 12% growth: Ficci   THE consumer durables sector is set to close the current financial year with 12% growth, 0.5 percentage point more than the growth registered last fiscal, according to a Ficci survey. The survey is based on feedback from the consumer durables industry, allied industry organisations and government ag ...   It’s China calling for Ludhiana cycle cos Hero, Avon, Eastman Industries, TI cycles Planning To Set   LUDHIANA-BASEDcycle industry has managed to douse Dragon fire. Cycle companies like Hero, Avon, Eastman Industries Limited, Deepak International SADEM industries, August Industries, TI cycles are planning to set up manufacturing facilities in China to enhance exports. These companies will be exporti ...   UP cane crushing delay to hit output, exports   Sugar exports are likely to be trimmed to 2.5 million tonnes (MT) in the crop year to September 2008, from earlier estimates of 3.5 MT, because of lower than expected output, a senior trade official said on Thursday. The Indian Sugar Mills Association, an apex body of private sugar producers, s ...   India opens doors to Singapore, slashes duties on 539 products PRODUCTS INCLUDE MACHINERY, CHEMICALS   SINGAPORE will now have wider access to the Indian market under the bilateral comprehensive economic partnership agreement. India has decided to agree to eliminate or reduce tariffs on 539 products as an additional concession. The tariff reduction, mainly on items related to machinery, mechanical ap ...   Punjab Coop Bank to form council of brand ambassadors   PUNJAB State Cooperative Bank on Friday said it would form a council comprising young agriculture entrepreneurs of the state to encourage the peasantry of the state to shed the traditional system of farming. "We are going to form a council of at least ten young agriculture entrepreneurs who hav ...   Maruti faces foggy mkt,margin paths Co May’ve To Risk Profits For Market Share   VOLUMES or margins? India’s largest carmaker Maruti Suzuki India (MSI) has been up against a catch-22 situation for sometime now. More so with global car makers like Volkswagen, Nissan Renault, Peugeot, Chrysler and Proton firming up their India plans. Result: MSI is gearing up to consolidate its ma ...   Tata strikes at critics over global takeover, Rs 1L car   Mumbai: On Wednesday, RK Krishna Kumar, vice chairman, Indian Hotels Corporation (IHCL) which owns the Taj group of hotels, shot off a missive to Paul White, CEO, Orient-Express (OEH). He demanded OEH apologise for a December 10 letter White wrote to the Taj group (as reported by TOI in its late edi ...   Tatas to showcase Rs 1-lakh car at Auto Expo   FOR small car freaks, the wait is finally over. The much talked about one- lakh car from the Tata stable, which analysts believe will revolutionise the national passenger car market, will be showcased on January 10, at the upcoming Auto Expo 2008 in Delhi. The prototype is ready and has been test dr ...   Bajaj Auto set to launch 2-stroke engine bikes   BIKE and scooter major Bajaj Auto is all set to bring the two stroke engine bikes back to the Indian market. The legendary two strokes engine technology, which was launched in the early 1990s (Bajaj Chetak, Kawasaki Bajaj 100, ) have already been launched in three-wheelers as Gasoline Direct In ...   It may soon rain bonus at PSUs Govt Plans To Ask Blue-Chip PSUs To Issue Bonus Shares On Swelling Re   IT’S party time for investors who have remained invested in public sector companies. The government plans to ask bluechip PSUs, including NTPC, Bhel, SAIL, ONGC, IOC, BPCL, HPCL and GAIL, to issue bonus shares, as their reserves and surplus have increased to several times their paid-up capital. The ...   FM asks states to refund taxes to Re-hit exporters   FINANCE minister P Chidambaram on Wednesday asked state governments to help rupee-hit exporters by refunding local taxes, including Vat, octroi and electricity duty, as taxes should not be exported. “At present, the number of taxes, including Vat, octroi and electricity duty, are borne by expor ...   Hero Honda drives into used-bike mkt   HERO Honda, the largest two-wheeler manufacturer in the world, has forayed into the used two-wheeler trading business under the ‘Hero Honda SURE!’ brand. Taking a cue from the passenger car market leader, Maruti Suzuki India (MSI), which spearheaded the used-vehicle business through Maruti True Valu ...   Punjab CM demands relief for cross-border farming   A PART from demanding special incentives to attract industry in the border belt of Punjab, chief minister Parkash Singh Badal has now sought compensation for the farmers cultivating land across the border on a regular basis. Currently more than 2,000 farmers cultivate 18,500 acres land in the b ...   PSU insurers to regain lost glory, post-free pricing   STATE-OWNED non-life insurance companies are expected to have an upper hand when floor limits on rates for property insurance are removed. Some insurers have already started quoting 60% on the erstwhile fire insurance tariff rates to acquire profitable business from January 2008. Last week at a ...   CII (NR), YES Bank highlight importance of CSR   CORPORATE Social Responsibility (CSR) is gaining importance in the world of globalisation with increased number of informed citizens and changing social expectations. With a strong linkage and correlation between CSR and business, between social empowerment and commercial sustainability, the Confede ...   Italy seeks food processing JV with Punjab   A delegation of Italian embassy led by Antonio Armellini, Ambassador of Italy to India, is on a visit to the Chandigarh region to evaluate the opportunites of bilateral trade between the two countries and especially with Punjab. Italian embassy is keen to enter into a joint venture with the Pun ...   Italy has pasta designs on Punjab   Chandigarh: The launch of Amritsar to Italy direct flight on Sunday could very well be a sign of bigger things to come. It so appears, Italy is not content with a direct airlink alone. It has bigger designs on Punjab — it has pasta designs. If all goes well, the land of Bhangra could well turn into ...   Gail plans firms for construction, pipelines   PUBLIC sector gas transportation major Gail India plans to set up two new corporate entities—a pipeline manufacturing firm and a construction company. The proposed companies could be two separate JVs with strategic partners where Gail would have minimum 50% equity stake in each. The plan is part of ...   State PSUs’ scrips see rise of 4-7%, defy meltdown   STOCK prices of the state PSUs have risen 4-7% over the last three trading session with the expectation gaining ground amongst the investors and stock brokers that BJP would form the next government. With the exit polls indicating a BJP government, the PSU scrips braved the global meltdown to remain ...   Bawal centre emerging as industrial hub   BAWAL Growth Centre in Harayana is emerging as a hub of industrial growth with the new processing unit of POSS Delhi Steel being inaugurated. This unit has been set up at a cost of Rs 66 crore and it was commissioned within a span of merely six-and-a-half months. While inaugurating the unit, Ha ...   Mkt slumps 769 pts on weak global cues   IN HINDSIGHT, there will always be enough explanations as to why a correction was imminent. Unrealistic valuations of many midcap companies, erratic foreign fund flows, and weakness in world markets together had formed a perfect breeding ground for bears. But when the fall finally came, most players ...   Sebi to set up bourse for SMEs   Bhubaneswar: Sebi chairman M Damodaran on Sunday said the stock market regulator would very soon identify a party to set up a dedicated bourse for the small and medium enterprises (SME) sector. “Sebi will help set up a separate stock exchange for the SME sector. Some parties have filed their ap ...   Tribals to get special shield against industries,SEZs NEW POLICY PROPOSES LAND RIGHTS, STRICTER EVIC   SETTING up industrial units, including SEZs, may become more difficult in areas inhabited by tribal population from next year. The new tribal policy being finalised by the government is all set to provide land ownership rights to the tribal population. This would not only make their eviction process ...   India’s engineering skill triggers JVs in auto industry   THE automobile industry is witnessing the second wave of alliances and joint ventures between global and Indian companies. As many as four tie-ups in the CV space and one in the passenger car segment (Bajaj-Renault) have been announced this year, a repeat of the 1990s when Toyota, Daewoo, Honda, For ...   JAI Group to restructure group companies   DELHI-BASED JAI Group, manufactures of multi leaf springs and parabolic leaf springs for major OEMs in India and abroad, is in the process of restructuring its group companies. The group comprises two companies - Jamna Auto Industries Ltd (‘Jamna’) and Jai Parabolic Springs Ltd (‘JPSL’). The co ...   Industry leaving Punjab: Amarinder Former CM Blames State Govt’s Policies For This   Muktsar: Former chief minister Amarinder Singh on Friday accused the SAD-BJP government of throttling the industry and trade in the state and of allowing the law and order situation here to deteriorate. He said distressed industrialists had started shifting their units to other states. While sp ...   Tata Steel floats JV with Ivory Coast   TATA Steel is likely to invest $1-1.5 billion over the next three years to develop Mount Nimba Iron ore deposit in Ivory Coast. The largest private sector Indian steel company has picked up a 75% stake in a joint venture on Tuesday. Sodemi, a state-owned mining company of Ivory Coast, will hold the ...   Godrej to enter TV market, plans solo show   GODREJ Appliances is getting ready to enter the biggest consumer durable product category in the country, colour televisions (CTVs). The appliances manufacturer is going to start with a pilot project in a few months which would be extended into a full-fledged entry into the segment under its own bra ...   Rajesh Exports bags Rs 116-cr order for diamond jewellery   • MUMBAI: Rajesh Exports has bagged a Rs 116-crore branded diamond jewellery export order from the UAE-based Excel Goldsmiths. The company has introduced nine brands of diamond jewellery. The order is for its brands including Eternal, Solitaire, Iteen, Ghazal, Aishwarya and Sushmita   ESPN Star Sports floats tender for overseas rights   • NEW DELHI: ESPN Star Sports, which has the global broadcast rights for all ICC events from 2008 to 2011, on Friday announced tenders for various rights for territories outside India. The broadcast rights include events like ICC Champions’ Trophy in Pakistan (2008), ICC World Twenty20 in England (2 ...   M&M introduces bio-diesel tractor   • PUNE: Mahindra & Mahindra's farm equipment sector on Friday launched the bio-diesel tractor B5 in Pune. The company will initially sell these tractors from Pune and Hyderabad, according to senior vicepresident (marketing and sales) Sanjeev Goyle. B5 tractors use 5% bio diesel and 95% ordinary dies ...   Intel conference begins   INTEL kicked off its Intel Channel Conference (ICC) in Chandigarh on Friday. Intel announced the launch of a new family of processors manufactured using the 45 nm technology, showcased its new marketing campaign called ‘Chips’ and also launched initiatives for channel partners to enhance their profi ...   Singapore Tourism Board to focus on Chandigarh, Punjab   SINGAPORE continues to be favourite destintion for people of Chandigarh. Data available indicates that from January to October 2007, 15 per cent more people visited Singapore in comparision with the same period last year. Kenneth Lim, area director, northern and eastern India, Bangladesh, Pakis ...   Manufacturing has bright future in hinterland Haryana, Punjab and Maharashtra have already shown int   POLICY managers may be having a tough time countering the resistance to some of the norms they have formulated for special economic zones (SEZs) in the country. But they seem to have left those worries behind them and are now focussing on a policy for introducing manufacturing investment regions (MI ...   Made in Punjab towels penetrate US, Europe   IF YOU happen to shower in an upscale New York hotel, chances are you will dry yourself with a “Made in Punjab” towel. Punjab-based towel manufacturer Abhishek Industries, with its Trident brand of towels, has not only been able to capture the high- and middle-end markets across the US, Europe ...   Paraguay fertile ground for Indian agri business group Solvent Extractors’ Association To Buy 15,000   MUMBAI-BASED Solvent Extractors’ Association of India is all set to acquire 15,000 acres in Paraguay to grow sunflower and soybean. The company also plans to set up a crushing unit for sunflower and soybean seeds there and may start exports from Paraguay itself. The land will be acquired at $2, ...   Punjab National Bank disburses Rs 504.36 crore to Haryana SMEs   Punjab National Bank(PNB) has decided to focus on small and medium sector(SME). R K Gupta, who recently took over as general manager, PNB Haryana zone, Chandigarh, said here today that the SME sector was turning out to be most vibrant and important part of the economy. Thus, the bank has decided to ...   ‘India second most favoured for FDI’   New York: India ranks second in world’s favoured FDI destination lagging just behind China which is number one, according to a study released by global strategic management consultancy A T Kearney. The emerging markets have registered the strongest investor optimism, with India, China, Brazil, ...   ‘India to remain outsourcing leader in 2008’   New Delhi: This should put smile back on the face of the Indian outsourcing industry. Gartner forecasts, “The year 2008 will be a good one for the ITES sector. India will remain the undisputed leader in the outsourcing space. This despite the fact that countries like China, Russia and Brazil are eme ...   PM to decide exporters’ fate   Prime Minister Manmohan Singh will decide on further relief measures for the nation’s exporters, whose earnings have been eroded by the strengthening of the rupee against the dollar. The government is also considering the refund of some duties as a relief measure, trade minister Kamal Nath said ...   Global warming fight a money issue, says UN climate chief Calls On FMs To Help Meet Environment Goal   UN CLIMATE chief Yvo de Boer called on finance ministers meeting here on Tuesday to provide the monetary muscle to tackle Earth's global-warming crisis. Finance ministers or their representatives are holding first-of-a-kind talks on climate change in parallel to a worldwide gathering that aims to de ...   Eicher to ride piggyback on Volvo expertise   FOR A David in a market of Goliaths, Eicher manages to attract a great deal of respect both from its domestic and global rivals. It’s valuation luck held out when Tafe bought its tractor business for Rs 310 crore two years ago. And although the exact valuation of the 8% that Volvo is picking up in E ...   Eicher, Volvo to set up JV for commercial vehicles Venture To Have An Equity Value Of $768 Million   COMMERCIAL vehicle manufacturer Eicher Motors (EML) and Swedish truck major AB Volvo have agreed to form a joint venture with an equity value of $768 million. The two partners have signed a letter of intent to this effect here on Monday and expect the JV to start operations by July next year. The In ...   Steeling The Show Stewols makes steel fibre that's changing the way highways, tunnels and even auto    "OUR HIGHWAYS can get better if steel fibre technology is quickly adopted by the NHAI like most of the tunneling projects, which have made use of this technology," says Shiraz K Doongaji, director, Stewols India, a company, a leading steel fibre manufacturer in India. Doongaji discovered stee ...   Edge of the Blade Maker A tractor blade maker is producing its own steel to cut costs and gain globa   SUNRINDER Rajpal is busy ramping up production at his factory located just across GT Road, on the Chandigarh-Delhi highway. He is setting up an oxygen plant to spruce up steel production at the unit. But wait, Rajpal isn't a steel producer. He is one of the biggest producers of disc blades (tractor ...   The Invisible Core of Your Business: Brand & Intangible Assets   During the last decade, Indian markets have been integrating with the global economy at an unprecedented rate. The copious flow of capital, deregulation along with new technology and communication platforms has demolished ‘barriers of entry’ which created an undue advantage for Indian companies in t ...   Intangible Assets Rule For India Inc: Global No. 3, Asia’s No.1 The country's strong position on int   India Inc holds far more within its folds than what meets the eye. In the knowledge-driven global marketplace, where intangible assets such as intellectual property, brand, customer relationship and talent hold much more value than tangible 'visible' assets such as capital, land, building, factories ...   Volvo leads cos seeking truck with Eicher   VOLVO, the world’s no. 2 truckmaker, seems to be the front-runner to buy a majority stake in Eicher Motors, according to people familiar with the situation. Eicher is likely to make the announcement to this effect on Monday. Truckmaker Eicher has been in talks with ‘several’ companies for a str ...   Punjab to launch mega irrigation project Government To Pump In Rs 3,243 Crore; Scheme To Include Str   BILLED as the state’s biggest irrigation project, the Punjab government has drawn up plans to pump in Rs 3,243.06 crore for the strengthening of major canal systems in the state. The project will also include flood control and anti water logging schemes. Work on major canal systems including th ...   COVERING BASES Infosys makes pitch for Aviva’s offshoring centres   INFOSYS, India’s second-largest software and services firm, is learnt to be eyeing UK’s largest insurance provider Aviva’s offshoring centres in Bangalore and Colombo as well as its two Pune facilities that are currently operated by WNS and EXL under the build-operate-transfer (BOT) model. The deal ...   Punjab to spend Rs 3,225 cr on power system overhaul   THE Punjab government on Wednesday approved two projects of Rs 3,225 crore for modernising and upgrading power transmission and distribution (T&D) systems across major cities in the state. The government suffers a loss of Rs 1,000 crore annually on this count, which is much higher than the national ...   Manufacturing sector opposes more cuts in customs duty   CONCERNED over the slow growth rate of the manufacturing sector in the current year, industry in Punjab is against the reduction of customs duty on manufactured goods in the coming budget. The strong rupee has not only affected manufactured goods’ exports but also led to a surge in imports of manufa ...   Punjab to form integrated co to market agri produce   THE government has decided to establish an integrated company to explore market potential of agriculture produce both at the national and international levels. This is done keeping in view the potential of large scale business of agri produce and the products being manufactured in the several c ...   Punjab rides high on growing ties with Italy   Chandigarh: The growing bonhomie between Italy and Punjab seemed to bode well for the state that was in dire need of foreign direct investment to boost its infrastructure. Wednesday’s meeting between Punjab advocate-general HS Mattewal and Italian embassy officials reportedly took forward the positi ...   MSMEs may be part of priority sector lending   MICRO and small enterprises (MSE) may soon get easy access to banking credit with the government planning to fix a 10% sub-sector target for units falling in the category. The sub-sector target will be within the overall stipulated 40% ceiling for priority sector lending targets of banks. To accommo ...   Jindal Cotex plans Rs 138-cr plant in Punjab New Facility To Be In Ludhiana; Will Have 50k Spindles,   JINDAL Cotex Limited is gearing up to inject Rs 138 crore in a new venture in Ludhiana. The new facility, which will be for cotton yarn, dyeing and garments, will have 50,400 spindles with a 6-tonnes-per-day dyeing unit and a 3,000-pieces-per-day garments manufacturing unit, will be developed in pha ...   Punjab’s per capita income contradicts popular notion Behind Chandigarh, Haryana   THE people of Punjab may be known for their lavish lifestyle and high spending power but the state itself lags behind Haryana and Chandi-garh as far as per capita income is concerned. The per capita income of Punjab for the year 2005-06 stood at Rs 28,605 against Haryana's per capita income of ...   Punjab pushing for potato exports to EU   THE Punjab State Co-Operative Supply and Marketing Federation Ltd (Markfed) is working for the removal of potato from the negative list of EU approved import list. More than 50 progressive farmers from the state were considering exporting 10,000 tonnes of 'yellow flesh' ware potatoes to the EU marke ...   India Inc second only to China in emerging MNCs Home To 20 Cos In List Of 100 BCG’s Soon-To-Be Globa   INDIA has contributed the second-largest number of companies in a new study of emerging market giants by multinational consultancy firm Boston Consulting Group (BCG). As many as 20 Indian companies, including the likes of M&M, Bajaj Auto, Bharat Forge, Cipla, Ranbaxy, Reliance group, TCS, Tata Motor ...   Indian paper industry seeks govt support   • NEW DELHI: Expressing concern over the rising cost borne by the paper industry, Indian Recycled Paper Mills Association on Tuesday sought the government’s help for meeting the production target of 15 million tonnes by 2015. “The current production capacity in India is 8 million tonnes. We urge the ...   Nath wants more life-saving sops for exporters   THE string of sops provided by the finance ministry for exporters has failed to impress the commerce department which has urged the Prime Minister’s Office (PMO) to ensure that a note on export incentives, pending with the Cabinet Committee on Economic Affairs (CCEA), is taken up as soon as possible ...   Yamaha unveils two sports bikes with Rs 10.5-lakh tag   IN A bid to grab bigger marketshare in India, Japanese bike major Yamaha has deviated from its mass market strategy and will now concentrate on niche motorcycle segments. It is also in the process of getting approvals for investment of Rs 1000 crore in the Indian subsidiary from the parent company. ...   Five in race for Punjab Infotech stake Contenders To Partner Fund Include Srei Ventures, Subhkam Ven   FIVE parties have responded to Punjab Infotech Venture Fund’s (PIVF’s) invitation for a suitable strategic partner/investor under the public private partnership initiative to improve its operational efficiency and bridge the gap in the existing fund corpus. Punjab Venture Capital Limited (PVCL) ...   China’s Rio dig may undermine India 90% Of Indian Iron-Ore Exports Go To China   CHINESE steelmakers, the largest buyers of iron ore, and the government are studying a joint bid for Rio Tinto Group to counter a $134-billion offer from BHP Billiton. “It’s an issue being discussed by top-level officials,” said Chen Hanyu, a director at the resources office of Beijing-based Sh ...   Exports rise 35%, but may not meet target   New Delhi: India’s exports made a strong comeback, rising over 35% to nearly $10 billion in October, despite complaints of a rising rupee. But government said the growth was mainly on account of petroleum, where prices are ruling at all-time highs, and engineering goods. The labour-intensive se ...   Exports shrug off Re jitters, rise 35% to $13.3b in Oct Petroleum, Gems & Jewellery & Engineering Go   THE appreciating rupee notwithstanding, exports grew 35% to $13.30 billion in October, compared to $9.8 billion in October 2006. The increase has been mostly in import-intensive sectors, including petroleum, gems & jewellery and engineering products while labour-intensive sectors such as leather, te ...   Indo-Pak trade should increase: Lahore business chamber head   THE movement of goods by trucks at the Wagah border has opened the floodgates for increasing trade between India and Pakistan and this should pave the way for moving forward, said Lahore Chamber of Commerce and Industry president Shahid Hassan Sheikh. Speaking on the sidelines of the ongoing PH ...   PSU bank stake won’t be counted as indirect foreign holding   IN A move that comes as a relief for companies in which public sector banks or financial institutions hold stake, the government is planning to exempt investment by PSU banks and FIs with foreign equity holding from calculation of indirect foreign equity holding in an Indian company. State Bank of I ...   ‘Govt should extend tax sops to SMEs, BPOs’   New Delhi: Since the dollar meltdown has affected SMEs and BPOs in the IT space, the government should extend tax benefits at par with SEZs to units registered under Software Technology Parks of India (STPI) beyond the stipulated sunset clause of 2009, says Som Mittal, the new president of Nasscom. ...   Bajaj Auto ups stake in KTM   BAJAJ Auto has increased its stake in KTM Power Sports AG from 14.5% to 18.8%. The company plans to finally hold 25% in KTM, which is Europe’s second largest sport motorcycle maker. Bajaj Auto MD Rajiv Bajaj has been inducted to KTM board. ET had reported that Bajaj Auto would up its stake to 2 ...   Intelenet buys two firms for $75 m   BARELY a few months after the completion of the management-led buy-out (MBO) of Intelenet Global Services by Blackstone, the BPO firm has finalised two acquisitions, one in the travel domain and the other of a shared-services BPO. Both are global firms with a footprint across continents, sources tol ...   Peugeot gears up for second innings in India   MORE than a decade since its last beleaguered outing in India, the € 56-billion PSA Peugeot Citroen, Europe's second largest car maker, is looking at a possible re-entry into the Indian market with its range of small cars and mid-segment sedans. According to automobile industry sources, the com ...   Exporters to go to DGFT   Rajesh Exports chairman Rajesh Mehta says his firm is also facing a problem with regard to dollar loans. Banks don’t have dollars and are increasingly asking borrowers to take rupee loans. “We deal with eight to nine banks. The problem is more acute in smaller banks,” says Mr Mehta. If at all b ...   Playwin puts its money on Goa casino Venetian Macau Keen To Enter Indian Gambling Market Punjab alr   GOA will soon have a new addition to its list of attractions. And it could be no bigger than a casino spread over 20,000 sq ft, thanks to the Rs 3,400-crore Playwin, the country’s largest online lottery company and gaming brand of Pan India Infravest. The company believes that this offshore casino w ...   Global luxury brands grab a slice of Indian wedding mart Chanel, Fendi, Christian Dior, Gucci Promin   CHRISTIAN Dior make-up, Gucci apparel, Jimmy Choo shoes for the bride for the special day, a 50-inch TV screen from Bang and Olufsen part of the trousseau, fresh fruits from Unifrutti imported from Turkey for the guests and a Canadian wedding planner to take care of it all. The Indian wedding s ...   SEL becomes partner in Kudu Industries   LUDHIANA-BASED SEL Manufacturing Company Limited has increased its stake to 99% in Kudu Industries to become a partner in the latter. The firm has a dyeing capacity of 4,500 tonnes/pa in fabric and 3,000 tonnes/pa in yarn. The firm also has flat bed printing, rotary printing and mercerising cap ...   UNIDO consultants meet Punjab industrialists for new policy   PUNJAB is in the process of shaping a new, investor-friendly industrial policy. Consultants appointed by the United Nations Industrial Development Organisation (UNIDO) have been doing the rounds meeting industrialists and representatives of various chambers of commerce and industry in the state. ...   Farmers now ride tailor-made tractors   LARGE land holdings and a relatively irregular labour force has made the country’s farmers look out for tractors tailor-made for their needs. This has prompted players like Mahindra and Mahindra (M&M), Pun-jab Tractors Limited (PTL), Eicher Motors and HMT Limited to roll out tractors looking at the ...   NTC,Biyani may forge retail JV Cashing In On The Great India Retail Story,The Textile PSU Is Plannin   LOOKING to capitalise on the retail boom in the country, National Textile Corporation (NTC) is planning to float a joint venture with the Kishore Biyani-owned Pantaloon Retail (Future Group). The public sector company, which has been unlocking value by selling surplus land across states, is now plan ...   Sports goods makers on bad wicket The once thriving export-dependent textile and sports goods cluste   INDIA’S recent T20 World Cup win sparked wild celebrations. Yuvraj Singh drove back a Porsche while RP Singh was gifted a Merc by a sports channel eager to cement its connection with the game. Why, even Piyush Chawla, who didn’t throw a ball in South Africa, saw his bank swell by Rs 20 lakh. But som ...   Govt announces more benefits for exporters   New Delhi: The goverment on Thursday announced a fresh set of measures to help exporters beat the currency blues. The package includes additional 2% interest subsidy, tax refunds and reduction in import duty on inputs used by the textiles sector, which has been hit the most due to a 15% appreciation ...   S Kumars spins global yarn, to acquire UK fashion outfit   TEXTILE firm S Kumars is learnt to be in advanced stage of negotiations to acquire a UKbased fashion outfit. The company, said a source, is controlled by NRIs. The company supplies a range of clothing and accessories for men, women and kids to high street retailers. It also offers a range of se ...   Govt wakes up to Re ruckus,offers Customs & tax sops to exporters MOVE TO BENEFIT LEATHER, HANDICRAF   THE government on Thursday reduced Customs duty on polyester staple fibre and polyester filament yarn from 7.5% to 5% and on other manmade fibres from 10% to 5%. It also gave tax exemption on three more services besides enhancing interest subsidy to give relief to exporters in identified sectors hit ...   Intel India spawns inhouse entrepreneurial ventures   BRINGING a successful global practise to its Indian operations, chip major Intel is planning to spawn entrepreneurial ventures within its India technology centre. The core idea is to create an environment of innovation and business-building apart from pure technology. The added upside is that such a ...   Bayer plans sub-Rs 1,000 blood sugar monitor Eyes Tier II & III Markets, To Launch Product By 2009-1   IN Abid to strengthen its presence in the diabetes care market, German healthcare major Bayer is planning to roll out a India-specific blood glucose monitor. The company intends to target the tier II and III markets with this device which is likely to be priced at less than Rs 1,000. Bayer Diab ...   Timex strapping on new looks to trawl new mkts   EARLIER this year, Bob Eckert, the big fish at Mattel Inc was asked by an American magazine to name his favourite gadget. It turned out to be the $45 Timex Ironman Triathlon 30-Lap Watch. Why? “It tells time in two different zones, keeps track of my running times and also serves as my alarm clock,” ...   LVMH to share ramp with Indian designers In Talks With Rohit Bal, Ritu Beri, Ritu Kumar For Equity S   THE fragmented domestic fashion and designerwear sector could soon move into the big league. Global luxury powerhouse Moet Hennessy Louis Vuitton (LVMH) is in talks with the country’s top designers, including Rohit Bal, Ritu Beri and Ritu Kumar among others for taking equity stakes in their companie ...   Competition eats into PSU banks’ market share   PUBLIC sector banks (PSBs) have seen their market share drop by over two percentage points due to competition from new private banks and foreign banks. However, the Reserve Bank of India (RBI) has cautioned the private sector against expanding their balance sheet using borrowings rather than deposit ...   Global Village: RBI on guard against subprime spillover   THE Reserve Bank of India (RBI) has said that India can’t be immune to the global subprime crisis despite the fact that Indian banks have no exposure to the troubled housing loans market in the US. The central bank said it was keeping an eye on the spillover effect of the subprime crisis from the in ...   Toyota to recall 2,64,000 cars to repair fuel pipes   JAPANESE car giant Toyota Motor Corp said Wednesday it was recalling about 2,64,000 cars in Japan and abroad to repair defective fuel pipes. It will recall 2,15,020 Crown, Mark X and Lexus sedans at home and some 49,000 Lexus GS and IS series cars abroad, mainly in the United States, Britain and Can ...   10% cap for foreign investors in credit info cos   THE government is planning to make it mandatory for foreign investors to report to RBI whenever they acquire more than 1% in a credit information company. Also, no single entity would be allowed to hold (directly or indirectly) more than 10% in such a company. Besides imposing these conditions on cr ...   Imported defence equipment to have 30% Indian parts   • CHENNAI: With India planning to import 45 billion dollars worth defence equipment in the next five years, the Centre has decided that all imported defence equipment should have at least 30% Indian components, a top defence scientist said on Wednesday. Inaugurating an international conference on em ...   Global peers show interest in United Spirits, says Mallya   UB Group chairman Vijay Mallya said several global liquor giants have shown interest in picking up a small stake in his flagship United Spirits Ltd (USL). While he has “exchanged ideas”, there are no formal talks till now, he added. “There are interested parties. Multinationals would like to be ...   Pepsico to run Punjab Agro Juice plant   THE board of directors of Punjab Agro Juices Ltd accepted Pepsico India’s offer for running a plant in Hoshiarpur for processing kinnows, tomatoes and other horticulture products. A formal agreement to this effect was signed on Wednesday by representatives of Pepsico India and PAJL in the presence o ...   Tata, Mittal, Nooyi among world’s top 25 business heads: Fortune   New York: India’s top corporate leader Ratan Tata has been named by global business magazine Fortune as one of the top 25 most powerful business heads, along with steel tycoon L N Mittal and Pepsi-Co’s Indra Nooyi. The Fortune ranking closely follows a list by another global business publicatio ...   Punjab wins second prize   Chandigarh: Punjab won the second prize in the India International Trade Fair-2007 (IITF-2007) organised by the India Trade Promotion Organisation at Pragati Maidan in New Delhi that concluded on Tuesday. The first and third prizes in IITF-2007 have gone to Kerala and Assam respectively, said a ...   Overseas markets to add 15% to box office collection by ’10    WITH several Bollywood movies doing great business in NRI pockets in international markets, revenue contribution from overseas markets is set to grow exponentially. According to an AT Kearney-CII report, the share of international revenues to domestic box office is expected to become 15% b ...   Hexaware hit by exotic forex option trading   IN one of the first instances that has come to light of a company being hit by exotic forex option transactions, Hexaware Technologies has made a provision of $20-25 million towards possible losses on these deals. The company also said it was suspending one of its employees in this connection for ac ...   Portals looking at tie-ups to hit mobile market   GLOBAL search portals are involved in a slugfest to grab a pie of the world’s fastest growing mobile market that is adding over seven million new users every month. Yahoo!, which lost the race for the big two, after Google forged an exclusive tieup with Bharti Airtel and Microsoft’s MSN entered into ...   ‘Punjab entry tax adjustable on all items except sugar’   THE Punjab government has clarified that the entry tax being levied on all items, except sugar, is aimed at checking evasion of valueadded tax (VAT). The tax is fully refundable on all items except sugar, he said, adding that the amount taken in the form of entry tax would be deducted from the amoun ...   Leather exports in tatters after Re hiding   For the ‘Flat World’ fraternity, a stronger rupee is a great opportunity to import machinery and ramp up capacity. Now, try telling that to apparel, leather or gems & jewellery manufacturers and labourers in Panipat, Kanpur of Surat. As the rupee continues to soar against the US dollar, exporters ar ...   4.5 lakh visit Haryana pavilion at IITF   Chandigarh: Approximately 4.5 lakh visitors have visited the Haryana pavilion and more than 1,100 domestic business enquiries have been recieved including 18 export enquiries involving a business of Rs 21 crore, informed an official spokesman at the India International Trade Fair at New Delhi. ...   Major development plans for cities in Punjab    Jalandhar: Claiming that the Punjab government would usher in a new area of development in the state, CM Parkash Singh Badal revealed that a six-lane Express highway between Chandigarh and Phagwara would be constructed at an estimate cost of Rs 700-800 crore. Talking the media persons here on ...   Syndicate Bank lends Rs 700 cr to industry in north India   WITH business in the northern region having almost doubled to nearly Rs 4,000 crore in the past one year, Syndicate Bank, which has extended term loans to a sizeable number of industrial units, is expected to end 2007-08 with an over twofold increase in its operating profit. While the operating ...   India may rope in Kenya & Lanka for tea forum   INDIA’S emergence as a significant voice on global policy issues is also getting reflected in the area of tea. The country, together with Kenya and Sri Lanka, is attempting to create a forum exclusively for tea producing countries, separate from the existing inter-governmental group on tea (IGG) — a ...   Traders clueless in volatile crude mkt   DURING the week, crude oil skirted $100 on New York Mercantile Exchange (Nymex). However, domestic futures remained subdued in comparison with less participation and huge volatility in the prices. Traders were unable to get a clear direction for further course of action, and there was considerable d ...   Infotech majors focus on software solutions with more reusable codes Up To 70% Of Codes Can Be Reuse   IN the first significant wave towards de-linking manpower addition and revenues, a number of large Indian and multinational IT services firms have developed software that can be used to automate a particular business process or aspect of product development and where 30% to 70% of the code can be re ...   RCOM to sell 5% more in tower co, eyes bigger pie   RELIANCE Communications (RCOM) plans to sell another 5% stake in its wireless tower business—Reliance Telecom Infrastructure Ltd (RTIL)—in the second such deal this year. JP Morgan, which advised RCOM in the last transaction announced in July, invited bids from financial investors last week. In ...   ArcelorMittal plans India listing CEO LN Mittal Will Take IDR Route To Raise Capital From Indian Mar   sue of IDRs. ‘‘Much as I would like to right away,’’ Mittal said, ‘‘current government norms for this purpose are not so feasible. So, we will have to wait a little while before going ahead with our plans.’’ The problem, as Mittal and many others see it is that India is yet to see capital accou ...   IT, export remittances set to ease pressure on liquidity Call Rates May Fall In Coming Weeks, But FI   THE spell of tight liquidity in the money market may ease next week, with dealers expecting higher remittances from exporters and software firms. On Wednesday, the Reserve Bank of India (RBI) lent close to Rs 32,000 crore on Wednesday to banks which were strapped for cash since local mutual fun ...   Godrej raises Rs 600 crore   Godrej Industries Ltd has alloted 27.9 million shares to various entities at Rs 215 each raising about Rs 600 crore, it said in a statement. Of the shares alloted 2.3 million were issued to Deutsche Securities Mauritius Ltd, 3.14 million shares to Sloane Robinson, 5.3 million shares to Quantum and 1 ...   Animations all set to storm film industry   There is a cyclone brewing in India’s animation film industry, after Hanuman’ took the Indian film industry by storm. Many animations films are taking shape in studios, with big budgets riding on them and industry insiders claim that close to 10 such films will be ready for release in India in 2008. ...   Market offer norms may be relaxed for power PSUs   POWER sector public offers are all set to hit the markets in a big way in coming months with government considering a proposal to allow all power PSUs to enhance their equity base through initial public offers (IPO) and follow on public offers (FPO) and raise in excess of Rs 60,000 crore over next f ...   Cadbury puts India among top 12 global markets   THERE could be a lot more sweet moments for Indian consumers. The UK-based chocolate, confectionery and beverages major Cadbury Schweppes has identified India among its top 12 focus markets globally, in an announcement made last week. Under a new management structure which would emerge followin ...   SIDBI signs MoU with Ludhiana Tools World Bank Backs Move To Provide Green Tech To SMEs   SMALL Industries Development Bank of India (SIDBI) on Monday signed a memorandum of understanding (MoU) with Ludhiana Hand Tools and Forging Envirocare Pvt Ltd. The latter is a special purpose vehicle (SPV) floated by SME units in Ludhiana's steel forging cluster. This is a part of SIDBI's vision to ...   Ranbaxy to shed 60% stake in hived-off research company   RANBAXY Laboratories may dilute up to 60% stake in its new research company, which will be formed by hiving off its R&D unit in 2008. “We are looking for an investor willing to pick up either a 40% or a 60% stake in the new research company, according to the valuation we are able to get,” said Ranba ...   Punjab to set up export division for farm items, says Kanwaljeet   Jalandhar: Co-operation minister Kanwaljeet Singh said on Sunday that Punjab would set up an export division to promote marketing of farm goods and food items produced in the state. Singh, who was presiding over a function to mark 54th Co-operative Week celebrations here on Sunday, told newsmen ...   Implement reforms for textile sector soon: Assocham   • NEW DELHI: Industry body Assocham has said reforms proposed for the Indian textile industry, battling rupee appreciation, should be implemented without further delay. The textile industry, braving various odds, would be able to attract investments of $55 billion, create job opportunities for 65.4 ...   Walt Disney to target Indian tweens to capture market To Focus On Local Content & Add Regional Langu   IN AN attempt to become the market leader in the Rs 200-crore kids television space, kids channel Walt Disney will focus on strengthening its presence in the 8-12 age group from a vast pool of 4-14 years that watch its channels. The company’s new managing director for India, Antoine Villeneuve, said ...   Foreign entities dealing in Indian shares liable to pay cap gains tax here   IN A decision that may boost the incometax department’s chances of bringing the $11.1-billion deal between Hutchison International and Vodafone into the tax net, the Authority for Advance Rulings (AAR) has held in a similar case that transaction of Indian shares between two foreign entities is liabl ...   India climbs to 15th spot in global ad rankings   India has moved up six notches — from 21 to 15 — in the list of countries with the highest advertising awards, according to the Gunn Report of 2007. India has moved ahead of China, New Zealand, Mexico and South Africa, among others, to notch up a total of 39 points for award-winning campaigns in pri ...   IT industry eyes SMEs for expansion   New Delhi: While the domestic market for Indian IT industry is logging into big times with nearly 28% growth per annum, the IT industry is now chalking out plans to expand their base in the SME sector. Since it’s the fastest growing segment in a developing economy and has a critical impact on region ...   M&M to expand Punjab Tractors, pump in more funds   "IF anyone told us that we were not investing up north, in the last 12 months, we have been investing in Punjab," a delighted Keshub Mahindra, chairman of Rs 3,000-crore Mahindra & Mahindra Group, told his guests at the ground-breaking ceremony of its first SEZ at the Chandigarh IT Park. That's ...   Dragon pales before India’s giants Net Worth Of 4 Richest Indians Tops Total Wealth Of China’s 40 Ri   INDIA Inc’s bulge-bracket bosses are now the richest in Asia as well. The net worth of the four richest Indians—Lakshmi Mittal, Mukesh Ambani, Anil Ambani and KP Singh—now exceeds the combined wealth of China’s 40 richest. According to Forbes, had these four been worth as much in March, when it publ ...   Steel utensil cos shift production from Maharashtra   THE stainless steel utensil makers in Maharashtra, who contribute to almost 70% of the country's total production, are steadily shifting production out of the state due to steep power and octroi rates. Almost a third of the small scale units that make utensils for kitchen use have decided to sh ...   Global revenues push Genpact net up by 27%   GENPACT, the country’s largest BPO, reported a 27% growth in net profit for the quarter ended September 30, driven largely by rise in global client revenue. The company’s net profit for the quarter grew to $16.3 million (Rs 64.26 crore) and revenues rose 32% to $214.6 million (Rs 846 crore). Th ...   Gail eying global pipeline projects   AFTER losing its near monopoly in the domestic gas pipeline business after the new pipeline policy was announced, public sector company Gail India (Gail) is now seeking participation in international gas pipeline projects. Besides the three transnational projects from Iran, Turkmenistan and Mynamar ...   Govt hopeful of revival in industrial growth   THE government on Wednesday expressed the hope that industrial growth will bounce back with the revival of manufacturing sector in the coming months. “I am hopeful manufacturing sector will revive in the coming months,” commerce & industry Minister Kamal Nath said. Growth in the country’s ...   India, China set to cross $30 billion trade: Envoy   • NEW DELHI: India and China are confident of surpassing $30 billion in bilateral trade this year, Chinese ambassador to India Sun Yuxi said here Wednesday. “Bilateral trade has already crossed $27 billion. We will easily achieve $30 billion trade by 2010,” he told reporters while stressing that the ...   Tech Mahindra looks overseas for development centres Rajiv Gandhi Campus To Employ 2,500 Professiona   GOING with the existing trend in the IT industry where companies like IBM and Infosys have chosen locations in South-East Asia to set up development centres, Tech Mahindra is also taking the plunge. Tech Mahindra, continuing its expansion within India and overseas, is looking at East Europe, Latin A ...   Chill in Europe may heat up India’s carbon credit market Rise In Emission Will Force Countries To Bu   New Delhi: A severe winter in Europe this year will mean business worth millions of dolars for Indian companies. Surprised? Welcome to the global trade in carbon credits. Here’s how it works. If Europe faces a severe winter, the oil and gas it will consume for heating is bound to rise. If the e ...   Revenue matters irk industry   Jalandhar: Steps by the ruling coalition government to increase revenue collection in the state have started meeting with resistance from various quarters, including industry. As the SAD-BJP alliance had been promising succour for them during assembly elections, these sections have now started raisi ...   Devising a new tool for power sector Domestic Electrical Equipment Manufacturers Need To Be Equipped   TO MATCH the mega investments in power generation being planned, there should be a boom in power equipment sector. But the Indian transmission and distribution (T&D) electrical equipment industry, which reported a 20% growth in quantity and 35% in value in 2006-07, continues to be entangled in regul ...   IBM to buy Canada’s software firm Cognos for $5 billion   INTERNATIONAL Business Machines (IBM) said on Monday it would buy Canada’s Cognos for $5 billion, snapping up the last major independent maker of business intelligence software. Investors had expected the deal after SAP bid $6.8 billion for Cognos rival Business Objects in October and Oracle bo ...   NTC mills to be weaved into textile commercial complexes   ABOUT 22-acres of NTC mill land in the prime Mumbai locations would soon be developed into textile-related commercial complex by Pantaloon, Alok Industries and Bhaskar Industries. National Textile Corporation (NTC) has signed agreements with the private firms for operating its four units in Mumbai a ...   India represents new global force, says Brown   RAPID emergence of India and China as global powers with legitimate aspirations is among the “new global forces” that are unique to our generation, British Prime Minister Gordon Brown said on Monday. Delivering his first major foreign police speech at the banquet hosted by the Lord Mayor of Lon ...   Weaving Success! Small sops won’t do; textiles need more   THE recently announced sops — marginal increase in DEPB and drawback rates — can hardly reverse the declining trend in textile and garment exports. Nor would the commerce ministry’s comparatively more useful proposal to neutralise state-level taxes in export content, which the Cabinet is expected to ...   Intel rolls out next-gen chips   San Francisco: Intel is rolling out newest generation processors, flexing its manufacturing muscle with a sophisticated new process that crams up to 40% more transistors onto the company’s chips. World’s largest semiconductor firm expects to start shipping 16 new microprocessors which boast inv ...   Industrial growth dips to 6.4% in Sept Industrial growth was expected to moderate due to rise in int   New Delhi: In a jolt to the growth story, industrial output rose 6.4% in September, compared to a 12% increase in the corresponding period last year, as high interest rates and the rising rupee pulled down production in the consumer goods and durables segment. Higher oil prices and turmoil in t ...   Taking Up The Global Challenge While bringing bigger challenges, globalisation has opened up newer o   Globalisation brings with itself both economic opportunities as well as potential threats, particularly for developing economies. It is setting free flow of goods/services, resources and knowledge like never before. Gaining access to global markets today serves as a strategic and essential move for ...   Google eyes 30% in seed-stage fund   MUMBAI: Global IT giant, Google Inc, will be investing up to Rs 22.5 crore (around $5.5-million) in Ventureast TeNet Fund-II, a seedstage fund that will invest in technology companies trying to establish their foothold. The fund is promoted by the Tenet Group of Chennai IIT and Hyderabad-based Ventu ...   Foreign shores beckon Indian apparel brands   INDIAN apparel retailers are increasing their brand presence overseas, particularly in developed markets. While most have identified a gap in countries in West Asia and Africa, some majors are also looking at the US and Europe. Arvind Brands, Madura Garments, Spykar Lifestyle and Royal Classic Polo ...   Tech Mahindra SEZ work to begin tomorrow   TECH Mahindra, the IT arm of Mahindra & Mahindra, will begin construction of its 15-acre sub-anchor site on Wednesday in Phase II of the Rajiv Gandhi Chandigarh Technology Park (RGCTP). The Chandigarh Administration added another 5 acres to the previous 10-acre allotment two months ago. The sit ...   Deshmukh reviews Maharashtra IT literacy venture   CHIEF minister Vilasrao Deshmukh on Monday took stock of the progress made on the state government’s tie-up with Microsoft Corporation to spread IT literacy in the state and enable better delivery of e-governance services. Maharashtra had signed an MoU with Microsoft Corporation in June this ye ...   US firm eyes SMEs in India Focal Signs 2 MoUs In Energy Sector   US-based Focal Energy is looking at small and medium projects in the country. The company has already signed two agreements with India-based companies in the energy sector. Focal Energy MD Noam Ben Ozer said the company was looking at renewable energy projects in the country. “We are very ...   Industry misfires again in Septemeber Manufacturing Downs IIP Growth To 6.4%   THE Index of Industrial Production (IIP) for September slackened to 6.4%—almost half last year’s growth, pulled down by the manufacturing sector, especially the consumer durables segment. The index for the same month last year stood at 12%. For the first half of this fiscal (April-September 200 ...   GSK looking for marketing partner   GLAXOSMITHKLINE Pharmaceuticals Ltd, the Indian arm of the UK drug major, is looking for a partner to market products for chronic, lifestyle-related diseases. The company is exploring brand in-licensing opportunities to improve its therapeutic coverage in high-growth segments such as cardiovascular, ...   Ranbaxy, Astellas settle patent row Agreement To Enable Ranbaxy Enter US Market 8 Weeks Prior To Exp   RANBAXYLaboratories has reached an out-ofcourt settlement with Japanese company Astellas and Boehringer Ingelheim to sell Flomax, a drug used in the treatment of benign enlargement of prostate, in the US. Boehringer Ingelheim has the exclusive marketing rights for the drug in the US. The settle ...   Asia, the new global hub for advertising campaign India’s ad industry is enjoying the fruits of the   LENOVO is a Chinese company that grew big by purchasing a US rival. Its chairman hails from rural China, and it rotates its headquarters between Beijing and North Carolina.When the time came to choose its global advertising hub, Lenovo opted for Bangalore, the city that has risen to fame as India's ...   Puncom looking to supply to defence sector   PUNJAB Communications Limited (Puncom), a Punjab state government undertaking and a leading manufacturer and supplier of telecommunication and IT equipment and solutions in India, is now aiming to manufacture electronics and communication equipments for the defence sector. With a telecom equipm ...   Industry growth in H1 slower: CII survey   A CONFEDERATION of Indian Industry (CII) survey for April 2007-September 2007 says compared with April 2006–September 2006, performance of various sectors of the industry has slowed down. More sectors have recorded growth below 10%. Out of 91 sectors, 15 sectors reported excellent growth rate o ...   Steel output target raised to 80 million tonnes by 2010   ENTHUSED by a healthy rate of 12 per cent growth in steel sector, the government on Wednesday said the target for steel output had been revised upwards to 80 million tonnes from 60 million tonnes by 2010. “Earlier, we had set a target to achieve production of 60 million tonnes by 2010 but now w ...   Punjab to get Rs 100 cr more   Chandigarh: The Union government is likely to provide an additional Rs 100 crore for antiwater logging measures in Punjab. This would be over and above the Rs 550 crore grant already sanctioned by NABARD for the purpose. Revealing this here on Wednesday, a press release said Union finance minis ...   DPE plans records of PSU directors   THE department of public enterprises (DPE) is planning to formulate a data bank of directors being employed by central public sector enterprises (CPSEs), in order to put pressure on them to have the stipulated number of independent directors on their board. The need for a data bank was felt by the d ...   Feedback Ventures to help plan IT Tower in Mohali   BESIDES the upcoming high rise residential apartments in and around Mohali, the city will boast of an information technology (IT) tower soon. The tower is proposed to be set up over 8 acres belonging to Punjab Infotech in Sector 67. Punjab Infotech has now enrolled Punjab Infrastructure Develop ...   Spice launches Spice Mail service in Punjab   SPICE TELECOM, first to set foot in Punjab, today launched Spice Mail service, a breakthrough service that offers the convenience of email on mobile phones. Now subscribers can send and receive emails using their regular mobile phone. Irina Brar, India’s top ranked lady professional golfer, lau ...   Hero Ultra targets 20,000 e-bike sales this fiscal   HERO Ultra, the joint venture between $3-billion Hero group and a UK-based Ultra Motor Company (UMC), is targeting sales of around 20,000 units of its e-bikes — Velociti and Maxi — across the country this fiscal. The company has so far opened around 65 outlets in the northern region and four ou ...   Punjab to receive Rs 100 cr to check water logging   PUNJAB will get an additional Rs 100 crore for anti-water logging measures in the state. This would be over and above Rs 550 crore already sanctioned by NABARD for this purpose. The Centre will also immediately release Rs 75 crore to help the state in starting its much talked about Adarsh School Sch ...   MPSEZ float gets record Rs 2-lakh cr bids Company Is Aiming At Raising Rs 1,771 Crore On The Higher   IN The biggest response to any initial public offering by an Indian company, Adani’s Mundra Port and SEZ (MPSEZ) IPO, the first public issue by a private port, has generated a record Rs 2-lakh crore subscription, surpassing all market expectations. The issue has been oversubscribed a whopping 1 ...   Google launches operating system   THE world’s largest search engine company, Google, on Monday launched an open war against Microsoft by entering into the operating system space. The company launched Android – an operating system for mobile phones — in alliance with T-Mobile, HTC, Qualcomm, Motorola through the Open Handset Alliance ...   Punjab Infotech to appoint consultant for IT road map   KEEN to give the necessary impetus to bring about growth in the information technology sector in the state, the Punjab Infotech is now on the verge of selecting a consultant to help it evolve a sector specific strategic policy and a road map for sustained growth. Likewise,Punjab Infotech has invited ...   Bajaj ready for Euro tour, picks 14.5% in KTM   EXACTLY a week after Renault Nissan CEO Carlos Ghosn’s high-profile visit to its Chakan plant, Bajaj Auto has announced another top-gear alliance, this time in the motorcycle market. On Monday, Bajaj picked up 14.5% in KTM from the open market for around Rs 300-350 crore, as part of a “wide-ranging ...   Bhel to lose edge as govt may remove price preference cover   DOMESTIC equipment manufacturers such as Bhel,which are already facing competition from Chinese and Korean companies, are in for some tough times ahead. The government is considering a proposal to do away with 15% price preference to public sector undertakings (PSUs) in procuring equipment for mega ...   Punjab approves mega projects worth Rs 1,345 cr   THE Punjab government on Tuesday cleared mega projects worth Rs 1,345 crore including the Rs 300 crore project of Grasim Industries at Lehra Mohabat. The mega projects were approved by the empowered committee on mega projects under the chairmanship of chief minister, Parkash Singh Badal. A spok ...   Punjab hopes to crush 590 lakh quintals sugarcane in 2007-08   PUNJAB expects to crush 590 lakh quintals of sugarcane during 2007-08 against 509 lakh quintals during the last season, as crushing by sugar mills in the state starts from Wednesday. The state has also targeted to produce 56.6 lakh quintals of sugar during this year as compared with 48.66 lakh quint ...   Bajaj buys stake in European bike firm   Pune: Bajaj Auto (BAL) has invested Rs 300 crore in 560 million Euro-KTM Power Sports AG, the second largest European sports motorcycle manufacturer, for picking up 14.5% stake. The investment in the Austrian company was done through BAL’s whollyowned subsidiary in Netherlands Bajaj Auto Internation ...   Inclusive growth through more jobs in Bharat National Manufacturing Competitiveness Council Seeks Po   THE National Manufacturing Competitiveness Council (NM-CC) will urge the government to devise policies to ensure that economic growth, especially the high growth in manufacturing, creates substantial new employment in the rural sector. “We need employment opportunities to be created where the p ...   Equipment PSUs may lose 15% price preference   DOMESTIC equipment manufacturers like BHEL — facing tough competition from its Chinese and Korean counterparts like Dongfang and Doosan — are in for some more tough times ahead. The government is considering a proposal to do away with 15% price preference to public sector undertakings (PSUs) in proc ...   Danish companies eye north for investments: Ambassador   DANISH companies are eyeing the northern region for new investments. Pointing out that prospects for investments by Danish companies looked promising, Danish ambassador in New Delhi Ole Lonsmann Poulsen said that the agriculture sector could see fresh investments especially in the food processing se ...   Punjab to auction small digit vehicle number   CHANDIGARH The Punjab government on Sunday notified the new policy to sell the small digit vehicle registration numbers in each series by open auction amending Motor Vehicle Rules 1989. Master Mohan Lal, transport minister, said that some numbers in each series have been reserved and they would be s ...   IFRS to improve comparability, transparency: CII   • NEW DELHI: Industry Chamber CII on Sunday said convergence of International Financial Reporting Standards (IFRS), the global accounting practice followed by 102 countries, would improve comparability, transparency and credibility of financial statements of the India Inc. "Adoption of IFRS, the new ...   Italy to support Indian SMEs, invest € 3 million   • NEW DELHI: Italy will invest over € 3 million for a project aimed at developing India's small and medium enterprises (SMEs) and make them globally competitive. The three-year project, called Consolidated Project for SMEs Development in India, will be overseen by the ministry of micro, small and me ...   Conergy to expand India network Germany’s Renewable Energy Co Has Already Set Up Manufacturing Unit   GERMAN renewable energy major Conergy is negotiating to acquire a number of local companies engaged in the business of distributing solar energy products in the country. It is also evaluating options for its second phase of expansion in India. One of the thrust areas for Conergy in India is rural el ...   CEO Scorecard: Matching goal by goal Cos Are Sharing Their Leadership Targets For Transparency & Emp   COMPANY boards are passe. The CEOs’ obligations now encompass a presence in the employee court too. In order to enhance the management’s credibility and infuse transparency, scores of companies are sharing goals, targets and key results areas (KRAs) of their CEOs and function heads with employees th ...   More export sops sought   THE commerce & industry ministry has pressed the panic button over job losses in the export sector. In a note for the Cabinet Committee on Economic Affairs (CCEA), it has been pointed out that approximately two lakh workers will be laid off by exporters by the end of the fiscal and the number could ...   CII’s consumer fair in a new avatar   Chandigarh: If you think CII’s consumer fair is all about swanky cars and luxurious electronic goods, think again. The annual consumer fair, which is organised by Confederation of Indian Industries (CII), has revamped itself this year. “Keeping customer’s needs in mind, this revamp is necessary ...   Handloom to get Rs 230-cr revamp   WITH an aim to support over 27 lakh handloom weavers, the government on Thursday approved a Rs 230-crore marketing and export promotion scheme for the sector that will be implemented over the next five years. “The Cabinet Committee on Economic Affairs gave its approval for implementation of a c ...   Auto Drive: White goods sales surge in October   THE consumer durables industry has managed to sell more than it expected in October. Significantly, the surge in demand has come at a time when the durable makers, in a departure from the past, stopped all substantial price discounts. This is in contrast to the automobile industry which has so far f ...   CLE, CLRI join hands with J&K body for leather industry revival   IN partnership with Kashmir Chamber of Commerce and Industry (KCCI), the Council of Leather Exports (CLE) and Central Leather Research Institute (CLRI) would prepare a vision document for reviving the leather industry. The abundance of the raw material in a hugely mutton-beef consuming place with a ...   Punjab allocates 31 biomass power projects   THE Punjab Energy Development Agency (PEDA) on Friday finalised the allocation of 31 decentralised biomass power projects with aggregate capacity of 338 mw, having capacity ranging from 5 mw to 20 mw in 31 tehsils. Stating this here, Bikram Singh Majithia, minister, science, technology, environ ...   Market survives bear hug, ends 252 pts up   SHOWING greater resilience, the stock market on Friday bounced from early lows to end 252 points higher in extremely volatile trade amid a global meltdown triggered by fresh credit market jitters. Reacting negatively to weak global cues, the Bombay Stock Exchange (BSE) 30-share Sensex tumbled b ...   Shreyans Industries H1 turnover up 16 %   SHREYANS Industries Limited, a flagship company of Ludhiana-based Shreyans Group has achieved a sales turnover of Rs 116.78 crore during the first half of 2007-08 as against Rs 92.76 crore achieved in the same period of the previous year. According to a company release, the profit is Rs 8.40 cr ...   China bars exports from toy factories in south   • BEIJING: More than 700 toy factories in southern China have had their export licences revoked or suspended following inspections triggered by the spate of product recalls overseas, state press said Thursday. Hundreds of other factories in Guangdong province, which is the nation’s biggest toy expor ...   Karnataka lines up new policy to boost textiles   EVEN as investments in the textile sector are flying out of Karnataka, the state government is giving finishing touches to a new textile and clothing (T&C) policy, and is planning to pump in Rs 500 crore to boost the sector. These investments will go into capacity building initiatives. Karnatak ...   Exports growth slips to 18.5% Cabinet Meet Soon To Review Re Rise   PULLED down by a rapidly rising rupee, growth in India’s exports — valued at $72.2 billion in the first half of the fiscal — decelerated to 18.52% compared to a sharp 27% rise to $60.8 billion recorded in the comparable period of the previous fiscal. India’s exports during September were valued ...   Tata Motors surprises mkt, Q2 net up 19%   TATA Motors surprised the market on Wednesday by reporting a 19% rise in its second quarter net profit, attributing the performance to new product launches, strong sales in certain categories and cost reduction initiatives. However, the company said its net profit of Rs 527 crore includes a Rs ...   Mahindra & Mahindra pitches for more SEZs   A FORCEFUL plea for creating more special economic zones (SEZs) to drive India’s economic growth was made at the Fortune Global Forum by industrialist Anand Mahindra here on Tuesday. “The answer lies in SEZs. That’s the route China took to its development,” Mahindra & Mahindra’s MD contended du ...   Bicycle companies eye urban market Bicycle business is flourishing worldwide with the poor and money   If car manufacturers are flooding the market with luxury brands, why should the poor cousin, bicycle, lag behind? Bicycle companies in India are now focusing on the urban market,and are looking to expand their base in the professional and adventure categories. The bicycle business is flour ...   Savera Systems to set up Indian arm soon   CALIFORNIA-BASED Savera Systems, a global leader in providing solutions and expertise in the areas of governance risk and compliance (GRC) will be setting up its Indian subsidiary in the coming months. The Indian arm of the company will be called Savera Systems Pvt Ltd. Savera Systems helps com ...   Rate cut desirable: Industry bodies   THE midterm review of the annual monetary policy announced by the RBI on Tuesday is on expected lines, according to industry associations. Keeping in mind the international trends in interest rates and particularly the indications coming in from the US, industry associations feel the RBI could have ...   Punjab agriculture varsity signs MoU with TAFE   PUNJAB Agricultural University has signed an MoU with Tractors and Farm Equipment (TAFE), Chennai, to collaborate on academic and research cooperation. The MoU was signed by Prof V K Sehgal, Dean, College of Agricultural Engineering and G Hari, Chief Operating Officer, TAFE. This is a part of p ...   Punjab agro policy to boost marketing   VALUE-added agro produce from Punjab will now get better display on retail shelves as the new agro industrial policy being formulated will give impetus to marketing channels. The proposed new agro industrial policy will be a separate document but may be a part of the new industrial policy, being pre ...   GLOBAL WARMING: A SERIOUS THREAT TO THE ENVIRONMENT   With India in a major growth and development phase, it is imperative that companies engaged in power production, cement generation and similar C02-generating activities take steps to curb GHG emissions. Industry sources inform that "Coal-based or fossil-fuel based plants are the major contributors t ...   Centre may consider additional sops for exporters   THE government might consider giving more sops to exporters hit by shrinking margins due to the rupee’s upward spiral against the US dollar. “We have already give two sets of reliefs, the first one was valued at Rs 1,400 crore and the other was Rs 1,500 crore after which additional benefits val ...   No FIIs on commodity exchange boards Govt Adopts Cautious Stand To Allow 25% Foreign Direct Investme   FOREIGN institutional investors (FII) will not be allowed to get a berth on the boards of commodity exchanges. Treading cautiously, the government has proposed that FIIs can pick up 24% stake in commodity exchanges but they should stay pure financial investors and not take up board representation wh ...   Bringing Global Transformation Entrepreneurs are more than profit seeking professionals; with their   ENTREPRENEURS are the growth engines of economies. They have pioneered most of what matters or have at least provided the world the tools. They are raw, real and revolutionary. They are the ‘e’ in the no differential equation driven world of chaos in which we live and work. They drive the ‘creative ...   Textile export crisis a livelihood issue The crisis in textile industry due to export slump, caused   LAST week, ET reported that the rise of rupee against the US dollar is forcing textile companies to cut jobs. In fact, the fear of likely large-scale loss of jobs comes on the heels of a recent industry estimate which saw a major drop (1.22 lakh) in incremental employment generation due to textile e ...   SEZ developers set to land space at sick industrial units WIN-WIN CASE: PROMOTERS GET ACCESS TO PRIM   WHILE acquisition of farmland has become an uphill task for industrialists following the political storm unleashed by the Nandigram fiasco, a new window of opportunity is opening up for special economic zone (SEZ) developers. State governments and the Centre are looking at utilising the land owned b ...   Patel wants end to PSU oilcos’ ATF monopoly   THE aviation turbine fuel (ATF) market, till now the monopoly of public sector oil companies, could soon witness competition as the ministry of civil aviation has urged Airport Authority of India (AAI) to develop common fuel infrastructure at airports and enable private oil retailers such as Relianc ...   Centre approves 13 SEZs for Punjab, says Badal   PUNJAB chief minister Parkash Singh Badal on Saturday announced that the Centre had approved 13 special economic zones (SEZs) for Punjab and the state government will soon enact the Punjab SEZs Act to facilitate the implementation of these projects. Speaking on the launch of 'Crop Tiger 60' har ...   Leather council seeks sops   A Package of incentives should be prepared to attract investors from within and outside Jammu and Kashmir for setting up units in leather industry, Council of Leather Exports (CLE) has suggested. CLE chairman Mukhtarul Amin, who led a delegation to explore the possibility of promoting leather ...   Global asset management cos check into Indian hotels   LARGE scale expansion in the booming hotel industry is making the international hotel asset management companies enter the country. US-based HVS International has firmed up plans to manage assets of hotels on behalf of the owners, charging them 2% of hotels’ revenue as fees, which is in sync with th ...   New Punjab norms for mega projects   THE Punjab government on Thursday issued guidelines to streamline the system for approvals of new mega projects, hotels, agro processing projects and housing projects. Disclosing this here, Manoranjan Kalia, local government, industries and commerce minister, said the investors can submit their ...   Bajaj to spearhead $3,000 car project   BAJAJ Auto will lead the three-way exclusive global alliance with Renault-Nissan for the $3,000 small car project. Sources said the current agreement is that Bajaj will lead the project and Renault-Nissan will support it. Bajaj will be involved not just in the development and manufacturing of the ca ...   Dutch blight on textiles flares up B’lore Court Orders Arrest Warrants Against Campaigning NGOs   AS GLOBAL NGOs step up their campaign against labour issues in India’s beleaguered garment industry, a Bangalore court has issued arrest warrants against the honchos of the Netherlands-based Clean Clothes Campaign (CCC) for running a malafide campaign against a city-based exporter. The court said or ...   Export floor price of Rs 20,000 may help meet procurement target   THE BROUHAHA over rice export ban is important, at this juncture, primarily since it is threatening to impinge on the central government’s purchases of the grain for its PDS and welfare schemes and affect attempts to beef up the buffer for food security. With apprehensions persisting over whether th ...   99 multiplex projects get Punjab nod   THE Punjab government on Wednesday approved 99 multiplex projects in the state entailing an investment of Rs 16,000 crore. Manoranjan Kalia, local government, industries and commerce minister of Punjab, said the implementation of these projects would be monitored by a committee headed by the chief s ...   General Motors to launch Captiva at Auto Expo   GENERAL Motors India (GMI), fullyowned subsidiary of General Motors, will launch its new sport utility vehicle (SUV) Captiva during the Auto Expo in January 2008. Karl Sylm, who took over as General Motors India’s new president & managing director on Monday, said, “We have big plans for the Indian m ...   Banks provide aid to 88,990 SME units in Punjab   BANKS have been told to double credit to small and medium enterprises (SMEs) in 2005-2010. SMEs manufacture about 8,000 products, accounting for 6% of the GDP, 34 % of national exports. They also 30 million people. According to data available, in Punjab the banks have up to to June 2007 provided ass ...   Punjab Tractors Q2 PBT stands at Rs 15 cr   THE board of directors of Punjab Tractors Ltd (PTL) had met on Tuesday to consider and approve the unaudited financial results for the second quarter and half year ended September 30. Domestic demand conditions in tractor industry continued to be subdued in Q2. Aggregate domestic billing during ...   Kirana shops can learn from global peers: Kumar   INDIAN kirana shops may have come together in their opposition to big retail, but they could do well to learn a few things from their global counterparts. According to Nirmalya Kumar, director, centre for marketing and co-director, Aditya Birla India Centre, London Business School, “Indian traders h ...   Retail chains eye commercial space in industrial area   THE conversion of land use policy that began in 2005 and was extended in September by another six months has become a source of generating commercial space for a city where lack of space is a perennial problem. Ever since the administration allowed industrial land to be converted to commercial land ...   Ban on exports of non-basmati hits farmers of Punjab, Haryana Badal, Hooda To Take Up Issue With The   THE Centre decision to ban exports of non-basmati and the subsequent boycott of paddy purchase from procurement centres and mandis in Punjab and Haryana by the rice exporters have made the farmers the ultimate looser. Both the chief ministers of Punjab and Haryana have assured farmers not to be misl ...   BJP slams ban on export of non-basmati rice   THE BJP on Monday renewed its attack on the anti-farmer policies of the UPA government, seeking an immediate reversal of the ban on export of non-basmati rice. The move follows the BJP’s demand for a higher minimum support price for paddy to help the farmers in southern states. The decision to ...   PSU banks’ credit growth target may be slashed   THE finance ministry may scale down credit growth targets for public sector banks to around 20%, if RBI's projections on credit demand in its monetary policy review (at the end of the month) indicate such a change in trend. The central bank had anticipated credit growth between 24-25% in 2007-08. ...   PSERC asks PSEB to take 3 months security   The Punjab State Electricity Regulatory Commission is asking PSEB to take security in advance equivalent to consumption charges for three months. This order has to be implemented by PSEB from January 1, 2008. Industry feels that this advance security will hits SMEs hard. Industry has taken up the ma ...   Rising cotton exports shrinking cos’ profits   RISING DEMAND for Indian cotton in countries like China and Taiwan is threatening bottomlines of Indian textile companies. With countries like China and Taiwan, which are fastgrowing markets for cotton exporters offering them better prices, textile companies including Arvind, Raymond and Aarvee are ...   Hero Honda to drive into low-cost mkts with HMC   THE Munjals of Hero Honda, the largest producer of two-wheelers in the world, plan to join hands with their Japanese partner, Honda Motor Company (HMC), to exploit different lowcost markets in Asia, Africa and Latin America. The Munjal family, joint-venture partner with HMC in the flagship, Hero Hon ...   HSBC Presents ET SME International Trade On Indo-Us Trade Forum Series On Indo-Us Trade Information   OVER the last twenty five years, the India-US bilateral trade has grown ten fold. From $ 3 bn to almost $ 32 bn. Today, the USA is India's largest trading partner. The US exports to India registered a remarkable growth of 32.94 % during Jan-May 2007 while India's exports in the same period registere ...   Paper industry wants to use degraded land Industry Wants Access To Degraded Lands In A Radius Of 100   INDIA’S paper industry is rueing the high cost of existing raw material, its slow depletion and inadequate forest land. For more than 500 units across the country engaged in manufacturing of paper, paperboards and newsprint, the availability of raw material is crucial. The industry is urging that th ...   Punjab to announce agro-industry policy by early December   THE working president of Shiromani Akali Dal and a Lok Sabha member, Mr Sukhbir Badal has assured industrialists in the region that along with the new industrial policy a separate agro-industrial policy, to bring in investment and remove all the bottlenecks faced by the industry, will be announced b ...   M&M to bring auto-component businesses under umbrella co   MAHINDRA and Mahindra (M&M) on Friday said it plans to restructure its six auto-component companies to form an umbrella company, Systech, before going for an initial public offering. The six companies are Mahindra Engineering, Mahindra Sourcing, Mahindra Forging, Mahindra Gears, Mahindra Compos ...   Punjab industry demands removal of electricity duty   THE industry in Punjab has expressed its unhappiness over the high cost of power which is crippling the it. Although the bulk of the steel demand of local industry is met by induction furnaces, the electric power is the main expenditure in converting iron and steel scrap into steel. Over and ab ...   North sees active trading of cotton this season   ACTIVE trading activity is being witnessed in the Punjab, Haryana and Rajasthan cotton this season. Around 34,000 bales have arrived across the region in 13 th/14th October with rates touching at Rs 1,900 to Rs 2,200 per quintal (compared to the minimum support price of Rs 1,960 per quintal announce ...   MSME min tweaks cluster fund norms   THE government has made another move to beef up infrastructure of industrial clusters for micro, small and medium enterprises (MSMEs). The ministry of micro, small and medium enterprise development has revised the Small Industries Cluster Development Programme (SICDP) to initiate funding also for in ...   Baja Auto joins discount war   IT’S muscle-flexing time in the bike market. The more than 7 million units a year motorcycle market is all set to kick in the festive season with a price war. Hero Honda fired the first salvo with a Rs 2000 ( approx 6%) discount on its entry level motorcycle CD Deluxe. Now arch rival Bajaj Auto has ...   Hollister to set up export-oriented unit in Haryana   HOLLISTERWashington will set up a 100% export-oriented unit on 10 acres in Bawal industrial area of Haryana with a capital investment of Rs 250 crore to develop and manufacture its medical care (austomy) products. A delegation from the company, led by its president George Malickel, director (No ...   GTF plans offices near Chandigarh to fund more SMEs   TO TAP the SME market, Rs 6,250-crore Global Trade Finance, providers of export-import trade finance solutions (mainly to the SMEs) plans to enhance its loan assets to Rs 600-700 crore in the Chandigarh region in one year span by opening satellite offices here. At present, the Mumbai-based company’s ...   Haryana signs MoU with US college to churn out techies   THE Haryana government and Montgomery College, State of Marryland, USA has signed a memorandum of understanding (MoU) for assistance in workforce creation and development through the provision of professional development, curriculum sharing, strategic planning, budgeting, institutional advancement, ...   Navratna PSUs turn out to be gems in govt’s crown   THE moniker of ‘navratnas’ for India’s biggest public sector companies is proving to be a fitting one. For in the last one year, the government has become wealthier by over Rs 3,14,000 crore or $78 billion thanks to the appreciation in the stock prices of public sector undertakings and new listings. ...   Creating viable export strategies We have to unveil country-specific export strategies along with se   THE annual supplement to the foreign trade policy (FTP) (2004-09) has set new heights for India’s exports to ensure that merchandised export reaches a level of US $160 billion by 2007-08 and $200 billion by 2008-09. Further, the policy reinforces the twin objectives of achieving both higher growth a ...   No move to refund state levies to exporters   EXPORTERS looking forward to reimbursement of state-level taxes by the Centre are in for disappointment. The revenue department has shot down the proposal for state tax exemptions made by the commerce department. The commerce department had agreed to replace the popular yet controversial DEPB scheme ...   CII inks MoU with PCRA for energy efficiency in SMEs   The Confederation of Indian Industry (CII) has signed a memorandum of understanding (MoU) with Petroleum Conservation Research Association (PCRA) for conducting audits in small and medium industrial units to exploit energy saving potential in them. The three industrial clusters identified for t ...   Govt may up tax-free investment cap for individuals to Rs 1.5 L Rs 50 K Must Go Into Infrastructure   INDIVIDUAL tax payers may be in for some cheer. The tax-free investment limit for individuals may soon be hiked from the present Rs 1 lakh to Rs 1.5 lakh. The proposal that the government is deliberating has a condition though: the additional Rs 50,000 will have to be invested in infrastructure ...   US NRI to invest Rs 2k cr in Haryana   US-BASED Spectrum International, a company owned by a non-resident Indian, has decided to invest Rs 2,000 crore in Haryana’s food preservation and processing industries. This was announced at a reception organised for visiting Haryana chief minister Bhupinder Singh Hooda in New Jersey by people ...   Raise fuel prices to shore up PSU oilcos: Assocham   • NEW DELHI: With global crude oil prices likely to cross $90 a barrel, the losses of oil companies would touch Rs 70,000 crore by March, compared to an estimated Rs 55,000 crore now, according to Assocham. The industry body has suggested that the prices of all petroleum products be raised to help o ...   Textile may soon be part of priority lending list   FUNDING for the textile sector may get easier soon. The government is planning to include the textile and apparel industry in the list of items eligible for priority sector lending. The ministry of textile is preparing a note in this regard which would soon be sent to RBI for its approval. “The move ...   Badal wants Aussie consulate in state Australia Keen To Include Punjab In Integrated Marketing Campa   AUSTRALIA is keen to include Punjab in its sustainable integrated marketing campaign especially in the area of agriculture value addition. An assurance to this effect was given by the Australian high commissioner John McCarthy, who led a six-member delegation to Punjab chief minister Prakash Si ...   Metro all set to enter Ludhiana, Amritsar Punjab Signs MoU With DMRC For Mass Rapid Transit System I   PUNJAB will be the first state in the region outside the national capital to introduce Mass Rapid Transit System (MRTS). The state government on Tuesday signed a memorandum of understanding (MoU) with the Delhi Metro Rail Corporation (DMRC) to introduce Metro rail services in Ludhiana. A simila ...   Carlyle eyes larger share of realty business   GLOBAL PE major Carlyle is eyeing a larger share of the booming realty business in India. The fund, one the largest private equity funds in the world with more than $75.6 billion of assets under management, is looking to make entity-level investments in real estate companies in India. While mos ...   Galileo betting big on e-ticketing mkt   ACCEPTABILITY of e-ticketing concept is propelling the growth of global distribution service provider Galileo in India. The company is piggybacking itself on the growth of the domestic airlines. “Eticketing is comparatively a new phenomenon in India but travellers are waking up to it. With IATA sett ...   Exporters to get extra duty drawback sans fresh paperwork   IN A move that will expedite payment of pending drawback amount to exporters, the finance ministry has agreed to provide additional duty drawback announced in June this year without insisting on submission of fresh documents. The drawback rate for several products was enhanced in the first export-pr ...   Old guard joins Indian MNC list after global buys   THE spate of acquisition globally by Indian companies has created a breed of Indian MNCs, which is not confined to the IT sector. The list of Indian MNCs now consists of companies not only from emerging economy, but from the old guard as well. The new breed of global Indian leader has old names such ...   TVS seeks Guru’s help in patent row SJM Leader To Mediate With Bajaj Auto   TVS Motor has roped in prominent SJM leader S Gurumurthy to mediate in its ongoing patent tussle with Bajaj Auto. Both companies are keen to settle the issue without litigation, and serious intermediation is underway. Mr Gurumurthy was earlier involved in the 2003 agreement hammered out between the ...   Tatas to race Fiat, global majors for Serbian auto co Tata Motors Pitted Against GM, Ford & Chinese   TATA Motors and Italian ally Fiat Motors are among the five global companies vying for Zastava Auto, the Serbian national automobile manufacturer up for sale this December. Others in the list include General Motors, Ford and an unidentified Chinese company. Zastava Auto—the struggling Serbian g ...   AT INDIA’S SILICON VALLEY, CEOs CHIP IN TO RAISE GLOBAL ASPIRATIONS Bulge-bracket businessmen & CEOs   THE ATMOSPHERE: Charged up. The dramatis personae: India Inc’s most distinguished. The Crowd: Power-packed. The Stage: Bangalore, India’s intellectual capital. This cocktail was enough to turn the ET CEO Roundtable, which debuted in Bangalore, into a veritable livewire B-school classroom. Last Wedne ...   Relief Redux: More service tax refunds on cards for exporters   HERE is something to cheer up exporters. The finance ministry is ready to include more items in the list of services for which exporters are to be refunded service tax. In addition to just four services notified by the finance ministry last month to provide service tax exemption to exporters, a new ...   Industry sees little relief in fertiliser bonds   THE fertiliser industry is not witnessing any structural change for the better despite the central government mulling a new investment policy and, more importantly, deciding to issue fertiliser bonds on the lines of oil bonds. Sources said the Centre is likely to issue the fertiliser bonds worth Rs ...   Construction of Fashion Textile Park set to begin soon Pune-Based Vascon In Tie-Up With FTP   FASHION Technology Park (FTP), touted to be the country’s first textile park, is finally set to take off after months of delay. Pune-based real estate and construction major Vascon Engineers Pvt Ltd has tied up with FTP to build the 14-acre textile park in Mohali. Vascon will design, develop and bui ...   Punjab clears projects worth Rs 1,500 crore   THE screening committee under the chairmanship of the Punjab chief secretary RI Singh on Friday approved nine mega manufacturing projects worth Rs 1,500 crore. Disclosing this, a spokesman of the Punjab government said with the setting up of these mega projects would give a boost to the textile ...   Mahindra working on makeover for Scorpio   THE indigenous sports utility vehicle (SUV), Scorpio, is going for a makeover. Utility vehicle major Mahindra and Mahindra (M&M) is currently working on a new set of refinement for its flagship SUV slated for US debut in 2009, the first Indian car to hit the US roads. M&M is working on a state- ...   Rising Re fails to dent exporters’ spirit   THE RECENT11% appreciation (approx.) in the rupee value vis-à-vis the US dollar, has failed to hold back the exports from the Indian micro, small & medium enterprises (MSMEs), that contribute approximately 34% of the national exports. According to a CII survey, for MSMEs, majority i.e. 71% responden ...   Maruti-Futaba JV to make auto parts in Haryana   HARYANA is in full motion to attract investment in the auto sector. After JCB India Limited and Lord Swaraj Paul’s Caparo Group, each announcing investments worth Rs 500 crore, it is time for auto giant Maruti Suzuki’s joint venture with Japan’s Futaba Industrial Co to make auto parts in Haryana. Th ...   Exporters offload dollars in forward market Crunch In Dollar-Denominated Credit Lines To Persist At   FOLLOWING the subprime crisis in the US, Indian firms are feeling the heat of a crunch in dollar-denominated credit lines, at least in the near term. This has led to a sharp decline in dollar funds in the Indian banking system, although, concidentally, rupee liqudity is high. In this scenario, ...   First industrial waste management plant in North   PUNJAB gets its first industrial waste containment and management plant on Wednesday in Mohali. The project, jointly floated by Nimbua Greenfield (Punjab) Ltd and the Punjab government, will begin in 20 acres of land in Dera Bassi, in Mohali district of Punjab with an investment of nearly Rs 20 cror ...   Coal linkages okayed for power generation • Assurance For 3,000 MW In Punjab & 1,320 MW In Haryana   THE coal ministry on Wednesday sanctioned coal linkages to public and private companies for generation of 17,910 mw electricity, taking the total approval to more than the capacity addition target in power sector during the 11th Five-Year Plan. The latest allocations will see Punjab getting sup ...   Another first for Rs 1-lakh car To Run On World’s First 800cc, Turbo-Charged, CRDi Diesel Engine   PRICE isn’t the only ‘first ever’ aspect of Tata Motors’ Rs 1-lakh car. According to sources in the auto industry, the car will sport the world’s first 800cc, turbo-charged, CRDi diesel engine. The company is working on two engine options for the car. The petrol version with a 600cc engine will debu ...   520-item list to get shield from India-EU trade pact in works INDUSTRIAL GOODS TO CORNER MORE SPACE   THE commerce department is on a drive to identify 520 items that would be shielded from tariff cuts planned through the proposed India-EU bilateral trade and investment agreement. Tariffs on all other items will have to be reduced to zero in 10 years from the date of implementation of the agreement. ...   National WiMax group soon for global reach   THE government is planning to set up a national working group on WiMax consisting of all stakeholders — government, service providers, equipment manufacturers and test equipment suppliers. The group will formulate strategy for active participation in the global WiMax forum proceedings. “It woul ...   All that glitter is tech Use of Technology In Jewellery Design Has Opened Up The World To Indian Man   MEHUL Choksi, chairman of the Mumbai-based Gitanjali group, recently procured a new machine ,which has changed the way gold jewellery is retailed. “It uses a computer programme, which assists our customers to design jewellery for themselves or make changes in the existing designs that can be replica ...   Vertex eyeing India buys to push growth   UK-HEADQUARTERED business process outsourcing (BPO) firm Vertex is looking at acquisitions in India. The company, which got acquired by a consortium led by private equity player Oak Hill Capital earlier this year, is looking at rapid organic growth. “With private equity as an owner, there is al ...   Chandigarh in top 10 outsourcing destinations for global companies   Chandigarh is one of 15 emerging outsourcing destinations for global companies, according to a new industry report. A study by industry publication Global Services and investment advisory firm Tholons put Chandigarh at number nine, apart from putting Chennai, Hyderabad ,Kolkata and Pune at the ...   Auto cos offer discounts to push sales during festivals   CAR makers are offering huge discounts and incentives while banks are offering lower interest rate packages to lure customers back to the showrooms for the next two months, the peak of the festive season. Leading the pack is market leader Maruti-Suzuki which plans to offer a discount of as much ...   Metal, power cos may lose coal mine allotment   METAL and power companies including Hindalco, Nalco, Jindal Steel & Power (JSPL), JSW Stainless and Hindustan Zinc face the prospect of losing their allotment of captive coal mines. Ministry of coal is planning to issue showcause notices to all companies that have failed to meet the milestones final ...   Global Indians are returning home   GLOBAL Indians are wooing and are being wooed by top Indian corporates to return home to India. It is not just techies but Indians working in different sectors of industry are homeward bound to be part of a booming Indian economy. The number of returning non-resident Indians (NRIs) has swelled in th ...   A new definition of marketing replaces brevity with verbosity   THE Chartered Institute of Marketing’s new definition of marketing swaps brevity for verbosity; not everyone is convinced. What is marketing? Not what it used to be, according to the CIM, which has unveiled a new definition of the business function to replace one that has served for more than 30 yea ...   Punjab seeks pvt partnerships for ethanol plant   TO BOOST maize cultivation in the state, Punjab State Farmer’s Commission, an advisory body on agricultural issues, is in talks with private players to set up an integrated ethanol plant based on maize crop in Punjab. “We are holding talks with 2-3 private companies for setting up a plant for p ...   Unido plans to make training pack for autoparts SMEs   THE United Nations Industrial Development Organisation (Unido) plans to develop a new training package for the auto component manufacturers mainly among the small and medium enterprises (SMEs). Under the new programme of co-operation, to be implemented in partnership with the Automotive Component Ma ...   Help’s on way: Oil PSUs set to get Rs 12k cr bonds in Oct   THE government may issue oil bonds worth Rs 12,000 crore to public sector oil marketing companies (OMCs) by mid-October to set off part of the losses incurred on the sale of retail fuel. Oilcos such as IOC, BPCL and HPCL have been incurring huge losses on the sale of fuel as retail prices have ...   Tata group looking for iron ore assets abroad   THE Tata group would be looking at acquiring iron ore asset overseas. According to group chairman Ratan Tata, ore acquisitions are part of a larger strategy to make both Corus and Tata Steel sustainable in terms of raw materials. “Having security of raw materials and supply is an essential part ...   Doing Business: India climbs 12 steps on index   INDIA has become a better place to do business with easier crossborder trade and greater credit access. The country has moved up 12 notches to 120 in the index of 178 nations listed in World Bank’s 2008 edition of Doing Business. Singapore, for the second year running, tops the aggregate rankin ...   Panchkula to be next IT hub in North • IT Park To Employ 40,000 People; EoIs Invited   HARYANA has taken a major stride towards revolutionising the IT industry in the state with the opening of the Panchkula Technology Park. The park is expected to provide employment to 40,000 persons. Haryana chief minister Bhupinder Singh Hooda, while inaugurating the Park on Wednesday, in fact proje ...   Rising Re adds to woes of Coimbatore exporters   THE Coimbatore region, known for its entrepreneurial spirit and which proved its mettle on the global front by exporting quality goods, has come to grief thanks to the continuously appreciating rupee against the US dollar. As the rupee edges closer to a fresh nine-year high vis-a-vis the doll ...   Merits of adopting global accounting system in core sector Cos, Retail & Institutional Investors, Fi   EARLIER, in most countries, while public sector operators were responsible for construction, operation and maintenance of infrastructure, including toll highways, toll bridges, power plants, water supply plants, airports, sea ports, etc, such infrastructure was financed through public budget appropr ...   Punjab govt earmarks Rs 100 cr for horticulture   PUNJAB’S agricultural growth rate will be increased from two per cent to four per cent and the state government has allocated Rs 100 crore for development of horticulture. This was announced here on Tuesday by the state finance minister S Manpreet Singh Badal. He was inaugurating a one-day Kisan Mel ...   Foreign investors paring exposure to Indian realty   WALL Street banks and leading international investors, who have relentlessly poured money in India’s red-hot property market, have now turned sellers. Today, they are looking at ways to unwind offshore structures created to side-step regulations that bar foreign loans in real estate. Close to $ ...   Regulatory challenges in a globalising world Problems Get Compounded When Markets Go Global But Juri    AS SUBPRIME crisis erupts in markets across the world in the clearest sign as yet of how globalised financial markets have become, regulators face one of their toughest challenges to date. The crux of the problem is that the jurisdiction of regulators remains largely national even as players an ...   Clothing The Threadbare Areas Quota-free market has created bright prospects for the textile sector.   PHASE-OUT of quota system has created opportunities for the Indian textile sector to expand in international & domestic markets with updated capacities. The sector now has comparative advantage over its competitors on availability of relatively low-cost and skilled workforce, design expertise and ra ...   Ford starts production at new China factory   FORD Motor Co. said its newest joint-venture factory in China began operations Monday and will produce small cars under the Ford and Mazda brands for the fastgrowing Chinese market. The $510 million ( € 360 million) factory in the eastern city of Nanjing will have an initial production capacity of 1 ...   ESPN hits jackpot with Twenty20 Rakes In Rs 200 Crore From Championship   ESPN-Star Sports (ESS), which gambled with an astonishing $1.1-billion bid last year to win the ICC rights for the next eight years, has earned Rs 200 crore from the inaugural Twenty20 World Cup championship alone, which India won on Monday. ESS has received close to Rs 110-115 crore only throu ...   Textile cos want TUFS back immediately   CONCERNED about the sharp deceleration in the growth of cotton textiles and textile products in July 2007, the textile industry seeks immediate restoration of the Technology Upgradation Scheme (TUFS) for the textile sector. TUFS, which was started in 1999, was extended beyond March 2007 subject to n ...   Do we need an exchange for SMEs? DEENA MEHTA Managing Director ACMIIL* Not an economically beneficia   A NEW exchange for small and medium sized companies? No way. Size does not dilute the discipline required in the use of public money. We have already seen how creating multiple touchlines — by setting up so many exchanges — is counter-productive. No doubt, SMEs need to have access to funds at an eco ...   Haryana Lords over auto sector I with Rs 500 cr from Caparo JCB India Has Already Announced Rs 500-C   HARYANA is all set to draw huge investments in the auto sector. In the last 45 days, the Haryana government has attracted investments close to Rs 1,000 crore in the sector, giving tough competition to its arch rival Punjab. ET had reported on August 14 about JCB India Limited’s plan to invest Rs 500 ...   Tea board signs MoU with Russia to promote tea exports   THE Tea Board of India has signed a Memorandum of Understanding (MoU) with Russia’s ‘Roschaikofe’ association to promote export of premium quality tea to this country in an effort to restore the flagging image of the Indian beverage in the local market. The MoU signed last night by the chairman ...   Nabard approves Rs 119.24 crore for Haryana & Punjab   THE National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 119.24 crore to Haryana and Punjab under Rural Infrastructure Development Fund. Out of this, Rs 110.10 crore is for 34 Irrigation Schemes in Haryana and Rs 9.14 crore for artificial recharge of ground water to th ...   Indian auto rickshaws on London streets soon   MADE-in-India auto rickshaws, better known in the west as tuk-tuks, could soon be plying on the streets of London if an application by a company to run a fleet in the West End is successful. Tuc Tuc Ltd, the brainchild of entrepreneur Dominic Ponniah, has been running a fleet of auto rickshaws ...   Global warming may melt Indian economy Country’s GDP To Drop By A Whopping 5% For Every 2 o Rise In   INDIA may be a long way from melting polar ice caps, but its economy will be among the worst affect on account of climate change. According to a report by Lehman Brothers India’s GDP would dip by 5% for every two degree temperature rise. Speaking to ET, John Llewellyn Lehman Brothers global eco ...   Indian Plastic Processing Industry: Looking forward to Good Times Polymer demand in India @ 14-15% p   The Indian plastics processing industry is highly fragmented and small and tiny players constitute majority of the units. Injection moulders dominate the Indian plastics processing sector. Polyethylene bag and sheet producers dominate the extrusion segment, highlights the Organisation of Plastics Pr ...   List of exempted services for exporters may be extended   THERE is more relief in store for harried exporters. The list of services on which exporters have been granted exemption from payment of service tax may be expanded. Commission paid to foreign agents — which forms a sizeable chunk of the service tax paid by exporters in sectors such as pharmaceutica ...   India new launch pad for auto giants Hyundai To Debut Premium Hatchback Pa In November   INDIA is turning out to be the new launch pad for global car models as major car makers prefer India over Europe and the American markets. Korean car major Hyundai Motor will debut its latest premium hatchback — code named Pa — in India in November ahead of its global launch in January 2008. Hy ...   Haryana targets Rs 30,000-cr exports   HARYANA chief minister Bhupinder Singh Hooda on Wednesday said the total exports from Haryana which had increased to Rs 25,000 crore in 2005-06 would likely cross Rs30,000 crore in 2006-07. Hooda while addressing media persons in the State Legislative Assembly said that his state has experienced t ...   Punjab hikes power tariff by 8.4% for domestic use • For Agriculture Sector Hike Is 12% And For Othe   ELECTRICITY consumers in Punjab would have to shell out more for power as the Punjab State Electricity Regulatory Commission (PSERC) on Wednesday passed an order increasing the power tariff by 7-12% for various categories of consumers, including the agricultural sector, from 1st September. PSERC wil ...   Few shocks worldwide Global Economy’s Vigour Should Protect It From A US Slowdown   IS THE US housing blowout going to hurt the rest of the world? Certainly, a major slowdown in the planet’s biggest economy would cause some countries pain. But much of the globe will likely shrug off the worst effects of any American slump. “The global economy is no longer US-centric,” says Ed Yarde ...   All eyes, hopes on Fed rate cut Some Sections Of Market Anticipate Cut By 25 Basis Points,Others 50   ALL EYES are on Ben Bernanke. The local markets are now awaiting the decision of the US Federal Reserve on Tuesday, night which could well have a major impact on the rupee and bond prices. While there is a broad expectation that the Fed could snip away at the rates by 25 basis points, some trea ...   Service tax refund for Re-hit exporters Services Covered Include Port-Based & Transport; Announcemen   THE finance ministry has approved a list of services, including port-based and transport services, for which exporters will be refunded service tax. While the notification has come at a time when exporters are looking forward to all possible relief to help them cope with the rising rupee, the announ ...   Following the global best Indian SMEs have just started realising the importance of having the right   A competent workforce is perhaps the most important asset for any organisation. Thus, it is in the interest of any company irrespective of its size to positively focus on human resource (HR) development & management. However, it is rather sad that the HR activities are often neglected by many Indian ...   Conversion of land use policy for industrial use extended    THE Chandigarh Administration extended the conversion of land use policy in industrial area till March 18, 2008. The decision has been taken following an appeal by the Joint Forum of the Association of Chandigarh, Federation of Small Scale Industries and Chamber of Chandigarh Industries, which ...   Global Pressures Build Up   THE MARKET ended higher again last week, but only just. The Sensex finished a modest 0.09% (13 points) higher, while the Nifty ended up 0.19%. The CNX Midcap index did a little better with a 1.15% gain. HDFC was the top performer among Sensex stocks with a 4% gain. It was followed by Reliance Energy ...   Globalisation Makes Decoupling Impossible   DECOUPLING, THE notion that the rest of the world can weather the effects of a slowing US economy, had all the attributes of a successful advertising campaign. The message was simple and clear. One problem: It doesn’t fly. It may even be argued that globalisation makes decoupling impossible. “Global ...   Honda recalls 1.8 lakh Civic globally, may do so in India   JAPANESE auto giant Honda, which is recalling over 1.8 lakh units of its luxury sedan Civic globally, today said it was studying whether the model in India too had defective wheel-bearing seal before deciding on the same strategy here. “We have received a notice for a global recall. As far as w ...   LSE likely to get Sebi nod in a week   MARKET regulator Securities and Exchange Board Of India (Sebi) is likely to give permission to the demutualisation process of Ludhiana Stock Exchange (LSE) within a week’s time. According to sources, the exchange has to complete the process of disinvestments by September 14. As per the Securities Co ...   De Beers eyes Rajesh Exports   ANOTHER big-ticket buyout could be on the cards. A US-based buyout fund and diamond giant De Beers are learnt to be interested in picking up 51% stake in jewellery maker and retailer Rajesh Exports. According to industry sources, while any formal bid is yet to be made, both parties will make separat ...   Tata Motors to drive in 12 new vehicles   IT’S NOT just the Rs-1lakh car Tata Motors is banking on in 2008. It has lined up a spate of new launches, including the debut of its secondgeneration vehicles. For India’s largest automobile company, the launch hooter will start buzzing from the Auto Expo in January when it will unveil its next-gen ...   Canola, olive, rice bran oils hot up market   CANOLAoil, olive oil and rice bran oil are set to replace other refine oil in the region as companies like Dalmia Continental and A P Solvex Ltd producing and marketing these products are gearing up to market them in a major way. Beginning from tying up with regional hotels and holding seminars in c ...   PTL opposes Sumitomo’s freedom to use Swaraj   THE ongoing boardroom battle in Swaraj Mazda is all set to escalate. Auto industry sources said Swaraj Mazda has received notices from the Mahindra & Mahindra (M&M)-controlled Punjab Tractors (PTL) over the use of the Swaraj brand name in its products as well as the proposed rights issue. Private eq ...   Now, they will fight marketing battle online   THE internet is set to gain ground as a marketing battleground. Marketing executives around the globe believe that in another three years, a majority of customers would use the Web to discover new products and services online and a third would use it to purchase goods. In a McKinsey poll of ove ...   Punjab invites EoI to set up three flying institutes   THE Punjab government has invited expression of interest to develop three flying training institutions (FTIs) at Patiala , Ludhiana and Jalandhar. The setting up of these FTIs will be through international competitive bidding and will be developed under public private partnership (PPP) mode. St ...   SMEs may get exclusive bourse BSE, DSE In The Fray For Setting Up Exchange   SMALL and medium enterprises (SMEs) may soon have their own dedicated stock exchange. Sidbi, National Stock Exchange, IDBI and IL&FS have submitted a proposal to market regulator Sebi in this regard. The Bombay Stock Exchange (BSE), Delhi Stock Exchange (DSE) and some others are also understood ...   China turns to India for soyameal after freight of US cargo increases   CHINA, which has drastically cut down soyameal imports from India in the early part of the current year, has again turned to India for the animal feed. During the period, it was largely dependent on the US for getting soyameal. But with the freight of soyameal cargo from the US on the rise, it has b ...   Punjab demands central aid for struggling cotton farmers   IN AN attempt to quell the growing unrest among cotton farmers in Punjab, the state government has demanded the Centre’s assistance in the form of a special subsidy or a bonus over and above the minimum support price (MSP) of Rs 1,950 per quintal of cotton. Punjab agriculture minister Sucha Sin ...   Industrial Growth slumps to 7.1% in July   INDUSTRIAL output growth for July 2007 has seen a sharp decline to 7.1% from 13.2% in July last year. The annual growth is at its lowest since last October, when it had dipped to 4.4%. Growth figures have been consistently at sub-10% levels since the last three months with credit squeeze slowing dow ...   Satyam to expand global reach   N A S D A Q - L I S T E D Satyam Computer Services is expanding its global footprint, eyeing development centres in Russia, Vietnam and the Philippines. The company reckons it can tap the local talent pool for these centres. Besides, it would also help mitigate business risks through a global delive ...   Cotton prices exceed MSP   COTTON prices are currently ruling at Rs 2,450 per quintal (compared to the minimum support price of Rs 1,960 per quintal announced by the government) across the 28 cotton mandis in Punjab whereas cotton seed is being sold at Rs 1,250 per quintal. Arrivals have picked up in the districts of Abo ...   Scorpio to switch over to auto transmission   MAHINDRA & Mahindra (M&M) is all set to join the league of Honda, Toyota, Ford and General Motors by offering automatic transmission in its vehicles. The country’s largest utility vehicle maker will be the first Indian company to develop an indigenous automatic transmission which will be initially s ...   Margin call: Auto dealers shift to luxury brands   FROM economy seat to business class, from one BHK flat to a penthouse, from a two-wheeler to a mini car and from a compact car to luxury marquees, now this upgradation bug has hit the Indian automotive industry. The entry of premium cars is prompting car dealers to diversify their portfolios. ...   Punjab, HP drive home transport pact Reciprocal Transport Agreement Signed For Providing Better Serv   THE INTER-STATE ‘Reciprocal Transport Agreement’ was signed between the government of Himachal Pradesh and the Punjab, in Chandigarh on Friday. According to the new agreement, Himachal Pradesh would operate buses in Punjab covering 60, 390.5 km against 48,836 km by Punjab in Himachal Pradesh. Himach ...   Sellers not able to unlock value in M&A deals, says study   M&A deals mostly don’t get optimal value realisation for the sellers. Despite being in a more powerful position than ever before in several years, sellers feel they haven’t made most of what is undoubtedly a sellers’ market, failing to extract maximum value from their disposal process. A latest stud ...   Maharashtra cabinet may ask for reopening of Akurdi plant   WITH more and more politicians joining the scramble to flaunt their pro-worker credentials, Bajaj Auto’s decision to close production at its Akurdi plant near Pune is gradually snowballing into a major controversy. Taking a cue from Sharad Pawar, Union agriculture minister, who seemed opposed t ...   Govt may pump funds into 10 PSU banks Banks Close To 51% Govt Stake Cap, Limiting Their Fund-Raising   EVEN as the government plans to infuse funds into the State Bank of India, it has a larger problem at its hands, of capitalising 10 other stateowned banks that are close of the 51% ceiling. This limits their options of raising capital to meet expansion needs. The government will consider infusing mo ...   Punjab fin body gets ISO stamp   THE PUNJAB Financial Corporation has obtained the ISO 9001:2000 standard certification. The corporation received the certificate last month from Det Norske Veritas (DNV) As, Ludhiana an accredited unit of DNV Certification BV, The Netherlands. The certification has been provided for sanctions, disbu ...   Customer Intelligence for maximising customer profitability Customer Is Supreme. So, Is Customer Int   WHO are your best customers? What can you do to retain them? How can you attract others like them? How can you improve the profitability of all your customers? The truth is that most retailers have difficulty understanding and managing customer life-cycles and profitability. This difficulty often st ...   Bhel Blackout: Govt plans global bids   THE government may invite global bids for sourcing equipment for 800 mw super critical power plants instead of engaging Bharat Heavy Electricals (Bhel) on a nomination basis. The move would come as a setback to the power equipment manufacturer, which plans to enter into manufacturing boilers and tur ...   UT Industry wants to remain CLUed-in Wants Extension Of CLU Policy For Another 2 Years   THE Industrial and Business Park in Chandigarh, formerly known as the Chandigarh Industrial Area, home to one of the largest clusters of nuts and bolts in the country is increasingly looking towards commercialisation of its industrial plots. Industrialists and entrepreneurs owning land plots in the ...   Explain your business model, Dipp asks Bharti on Wal-Mart   THE Department of Industrial Policy and Promotion (Dipp) has yet again asked Bharti-Wal-Mart to explain its business model. Dipp has asked the company to explain how the model would work in India given the restrictive FDI structure in retail. In its reply, Bharti has said the model is in total con ...   Tech Mahindra sets up plant in Hyderabad   The $650-million Tech Mahindra, an IT solutions provider in the telecom sector, is expanding its footprint to Hyderabad. The sixth largest software exporter has set up a development centre here. It has also lined up plans to open a campus at an SEZ (Kokapet) near Hyderabad, joining the league o ...   Badal demands level playing field in new industrial policy   THE Punjab government has asked the United Nations Industrial Development Organization (UNIDO) that the new industrial policy for the state must ensure a level playing field to all the industrialists and entrepreneurs, keeping in view the special incentives to the industry in Himachal Pradesh, J&K a ...   METRO TO CARRY OUT PUNJAB PLANS • Co To Pump Rs 900 Cr In First Phase; To Start Ops In Jalandhar, Lu   METRO Cash & Carry, the wholesale division of Germany-based Metro Group, on Tuesday unveiled its plan to start operations with units at Jalandhar, Ludhiana and Amritsar. Director (development & expansion) Erik Schmit on Tuesday met Punjab CM Parkash Singh Badal and unveiled the company’s busine ...   REI Agro opens 6Ten in Punjab, Haryana   REI Agro, on Tuesday, launched its retail chain, 6Ten, in Punjab and Haryana. The company has started its operations in the state with the simultaneous opening of five stores in Chandigarh, Mohali & Panchkula. The Initial investment will be about Rs 30-40 crore. The company plans to come up with 1,5 ...   Export duty on iron pellets may be scrapped   IN A move which may provide relief to steel firms like JSW and Essar Steel and encourage exports of valueadded products, the government is considering a proposal to withdraw the Rs 300 per tonne export duty on iron pellets. Pellets are prepared by an agglomeration of iron ore and is used in steel pr ...   Tata Motors to set up auto park near Jamshedpur   TATA Motors has proposed to set up an auto park in Adityapur in the Sareikela-Kharwsawan district of Jharkhand. The company would be investing Rs 1,400 crore for the proposed park. Senior officials of the company recently met Jharkhand chief secretary PP Sharma and industry secretary S K Satapa ...   Local mink blanket units get ready to chase the dragon Clandestine Chinese Import Hurts Local Indust   THE All India Mink Blanket Manufacturers Association has alleged that under invoicing of imports and manipulative tactics has put the domestic mink blanket industry in serious trouble. Clandestine imports of mink blankets from China are being dumped across the country, which is damaging the dom ...   Cement channel partners find business unstable   DESPITE being the secondlargest producer of cement globally, the retail channel of this business in India is quite apprehensive about its future prospects, according to a survey. A survey by Feedback Business Consulting Services has shown that one in every five channel members is not sure about ...   Emerson looks for big buys in India Sets Up Design Engg Centre In Mohali   ST LOUIS-based Emerson, a Fortune 500 company listed with the NYSE, is expanding its manufacturing segment in India. The company, that has invested more than $150 million in India till date on various verticals, is looking at India as a growth platform and is also open to acquisitions in the process ...   Cotton arrivals picking up in Punjab, Haryana Being Sold at Rs 2,150-Rs 2,200 / quintal   COTTON ARRIVALS have begun in Punjab and Haryana. 1,800 bales have arrived till date in the mandis of Punjab and Haryana. However, the arrivals have not started in northern Rajasthan. The delayed arrivals has not affected the prices of cotton, which is being sold at Rs 2,150 to Rs 2,200 per quintal ...   ‘Experiential marketing is new tool for brands’   WITH more and more brands climbing on to the retail bandwagon, the FMCG and durable segment will have to rely increasingly on advertising and ground level marketing. With the likes of Future Group to Reliance to Tatas mulling category killer stores, the reach of the brand becomes all the more import ...   State govts can buy 30% land for SEZ developers   THE group of ministers (GoM) set up to frame a relief and rehabilitation (R&R) policy for those displaced by industrial projects, including special economic zones, on Thursday decided to give state governments the power to acquire 30% of the land required in case the developer has acquired the rest ...   Global manufacturers getting focused   Today industry is challenged to deliver costeffective, reliable and flexible solutions. To make sure nothing interferes with meeting this challenge, many companies rely on frequent and incremental technology up-gradation to optimize industrial success. Exhibitions provide the most effective med ...   After auto cos, Japanese parts makers rush in JTEKT Corp Plans JV To Make Power Steerings   A SLEW of new models by Japanese car makers, such as Honda, Suzuki, Nissan and Toyota, is triggering off action on the components front as well. The latest to join the bandwagon is Japanese component major JTEKT Corp (a company formed by the merger of Koyo Seiko and Toyoda Machine Works). The compan ...   Ess Dee closes in on India Foils buy   ESS Dee Aluminium, one of the leading pharma packaging firms in the domestic packaging sector, is in final round of negotiations with the Vedanta group to buy out the latter’s foils business, India Foils. The London-listed Vedanta Resources had appointed management consultant KPMG to scout for poten ...   eBay clicks on new destinations • Plans B2B Model Foray In Germany, Spain & South-East Asia   e south business BAYIndia -east ( Motors B Asian 2B) countries model is planning to dominated Germany to take its , business Spain the busi and to - , by ness to consumer (B2C) models. Being the leading online marketplace for sale of second hand vehicles to automobile dealers in India, the firm ...   Market slump and inequality Society is not necessarily happier when inequalities fall and equality i   THE slump in global stockmarkets since July has wiped out an estimated $5 trillion of wealth, five times the GDP of India. So, world inequality has fallen dramatically. Are poor people across the world celebrating the great reduction of global inequalities? Are socialists celebrating increased equal ...   Govt planning textile institutes at district level   GOVERNMENT is working on a new plan to meet the demands of over 4 million skilled workers in the textile sector over the next five years. It has proposed to set up a series of textile institutes at the district and sub-district level under a scheme — Neighbourhood Apparel Training Institutes for Job ...   Talk Friendship, Walk Business SMEs can steer in interminable business deals by putting their best f   It's about exchanging business cards, being part of business-after-hours, and attending functions associated with presentations, conventions and product launches. Called networking, it is no more a corporate sport. It has become a social investment of SMEs for the long-term motive of exchanging busi ...   India & China to help Asia make up 30% of world GDP by ’20   INDIA’S growth story is set to contribute significantly to global GDP from now until 2020, according to a mid-August report of the International Labour Organisation (ILO). The report, which was discussed at the Asian Employment Forum at Beijing earlier this month, contends that if Asia continue ...   Punjab-UK Combo On A New High   INDIAN investment in the UK is at an all-time high. In the first half of 2007, Tata-Corus ($9 b) and UB-Whyte and Mackay (£ 600 m) deals alone pushed India onto the big league of investors in the UK. This time UK government is keen on investors from Punjab and is ready to offer varied incentives and ...   Punjab road commuters in for a smoother ride   THE Punjab government has decided to implement a long-term maintenance contract of roads, to keep all them in proper shape throughout their total life. Under this program 7,200-km road network in Punjab would be covered. Funds for upgradation, strengthening, rehabilitation and renewal coat proposed ...   CDMA rings in higher growth than GSM Low-End Devices Drive CDMA Market Upwards   IT’S the very low-end (VLE) devices driving the CDMA market skyward. As per latest figures provided by the CDMA Development Group (CDG), the CDMA subscriber base has crossed 50 million across India and VLE devices, including mobile and landline, have been able to bring the growth up to 5%. CDG ...   Starting a biz just got easier   COMPANIES wanting to set up new businesses in India will have to go through far fewer procedures than before. The ministries of industry, labour, company affairs and finance have worked together on new systems to reduce time taken to obtain various clearances, from 305 days to 166 days. Busines ...   Govt may ground five-year bind on flying abroad Civil Aviation Ministry Likely To Allow Carriers To   THE government is likely to do away with the mandatory norm that requires Indian carriers to operate in the domestic market for at least five years before they fly abroad. The civil aviation ministry has veered round to the view that each airline should be evaluated on its own merits instead of a bl ...   Lord Paul to drive into Singur with metal plant   BIT By bit, the much-talked about Rs 1,500-crore Tata Motors small car project at Singur in Hooghly district of West Bengal is taking shape. Even as the political quagmire threatens to steal the thunder at times, the “vendors” have slowly begun to troop in, determined to make the first car roll ...   Godrej Hershey may put Jumpin and Xs on block   GODREJ Hershey Foods & Beverages, a joint venture between Godrej and Hershey’s, is debating a proposal to put its two fruit drink brands, Jumpin’ and Xs, on the block. The development comes within four months of the US confectionery maker acquiring controlling stake in Godrej Foods (GBFL). Sources s ...   Bajaj Hindusthan honcho to head In Bev’s India ops   RAVI Jaipuria’s RJ Corp and beer giant InBev combine has roped in Raja Mukerji to spearhead its joint venture operations in India. InBev India International Ltd, in which RJ Corp holds 51% stake with InBev holding the rest, is expected to unveil brewery tie-ups in the coming weeks. When contact ...   Empower the board to review pay scales of PSUs: Scope   New Delhi: The Standing Conference of Public Enterprises (Scope), a representative body of state-run firms, on Wednesday demanded that the government give more autonomy to Board of Directors to fix wages for employees to check attrition. Scope has presented a report on ‘Compensation Management Pract ...   Decks cleared for 7 road projects in Punjab   ROAD infrastructure in Punjab is heading to get some facelift as decks have been cleared for seven road projects to be undertaken by the National Highways Authority of India (NHAI). The seven projects cleared included four-laning of Amritsar-Pathankot stretch on NH-15, six- laning of Chandigarh ...   Following Punjab model, SBI plans to re-energise Apple orchards in Himachal   WEATHER gods may have played havoc with the apple growers in Himachal pradesh, but with banks stepping in at the right time, things may change in the near future. Three area specific schemes launched by State Bank of India during the on going apple harvesting season in Himachal has brought smiles to ...   Punjab to set up SPV for food park, marketing To Take Care Of Milkfed And Markfed Products   A SPECIAL purpose vehicle (SPV) is going to be created by the State Cooperation department for marketing products from Milkfed and Markfed and also for setting up a food park in the state. Speaking to ET, Punjab Cooperation Minister Capt Kanwaljit Singh said the government was working on creating an ...   Traders seek nod for evening trade in globally-linked commodities   TRADERS and commodity exchanges have asked the market regulator, Forward Market Commission, to allow evening trading in internationally linked agri commodities like edible oil complex. "With increased participation in edible oil and oilseed complex by the industry, the timing is right to introduce e ...   PSU banks slash short-term FD rates   FIVE major public sector banks have cut interest rates on short-term fixed deposits by 0.5-2.25% after RBI’s quarterly review of credit policy. On July 20, interest rates for fixed deposits up to one year stood at 3-9.5%, which was revised downward to 3-7.25% on August 10, minister of state for ...   Rupee gains as traders look to Wall Street   THE Indian rupee shrugged off a 3% fall in local stocks to end stronger on Tuesday, with traders saying a rise in US stock futures was supportive and should encourage investors to bring some money back to India. The partially convertible rupee ended at 41.08/09 per dollar, moving up from Friday ...   New Zealand investigating Chinese garment imports   NEW Zealand launched an investigation into Chinese garment imports Monday after children’s clothes from China were found to contain dangerous levels of formaldehyde, officials said. The government ordered the probe after scientists testing clothes for TV3’s ”Target’’ consumer watchdog program disc ...   Connecting with success   Many SMEs are keen on getting aboard the telecom bandwagon. What are the challenges? What are the opportunities? This analysis tries to get some answers The India telecom story has just started to unfold and the future looks exciting. Having already achieved the distinction of boasting the ...   Exports from Haryana and Chandigarh up 20%   EVEN when the total exports from Haryana and Chandigarh recorded a growth of 20% at Rs 30,000 crore in 2006-07 as against export of Rs 25,000 crore in 2005-06, exporters across the state feel that the lack of infrastructure, delayed import facility at Panipat and unfavorable tax norms were not assis ...   MRTPC lens on Cipla’s African exports   THE Monopolies and Restrictive Trade Practices Commission (MRTPC) has asked its investigation wing to probe a US-based NGO’s allegation that pharma major Cipla is selling a crucial AIDS drug in Africa twoand-a-half times cheaper than in India. MRTPC wants to know why Indian consumers should subsidis ...   Blackstone picks 50% in Gokaldas for $165 million PE Major Seals Biggest Deal In The Domestic Appare   THE Indian arm of the NYSE-listed Blackstone Group has sewn the biggest deal in the domestic apparel industry, acquiring a 50.1% stake in Bangalore-based Gokaldas Exports (GEL), the country’s largest garment exporter. A press release issued by GEL said Blackstone would be investing close to $16 ...   MSMEs may land 10% advances from banks    MSME MINISTRY MOOTS PROPOSAL FOR SSI SUB-SECTOR Gunjan Pradhan Sinha HYDERABAD BANKS may have to earmark 10% of their advances every year for the small-scale sector if the Reserve Bank of India (RBI) endorses a proposal mooted by the ministry of micro, small and medium ent ...   Japan’s Metal One seeks FIPB . nod for three-party JV   JAPANESE trading giant Metal One Corporation has applied to the Foreign Investment Promotion Board (FIPB) for a 5% stake in a three-party joint venture. The other two partners in the JV would be Tata Metaliks and Japan’s Kubota. Tata Metaliks, a pig iron manufacturing company of the Tata Group, woul ...   Punjab to prepare master plan to control flood   THE Punjab government would soon prepare a comprehensive master plan to tackle the problem of floods in the state. An announcement to this effect was made on Sunday by Punjab Chief Minister Mr Parkash Singh Badal while visiting the site of breach of Charan Ganga Rivulet at Anandpur Sahib that had ca ...   Automobile slowdown Companies Need To Work Harder   THE reasonably good 12.3% growth in domestic passenger car sales in April-July 2007 provides a stark contrast to the 9.2% drop in two-wheeler sales over the same period. This large difference precludes any sweeping generalisation about consumer demand — automobile sales are considered a good lead in ...   Backward march on SMEs Enable Them To Compete   THE ministry of micro, small and medium enterprises wants to give legal backing to the existing price and purchase preference available to micro and small scale enterprises. This is a retrograde proposal that would discourage scale economies and in the long run compromise their competitiveness. Unde ...   ECB curbs to hit lending to SMEs   CURBS on external commercial borrowings (ECB) will have an impact on the lending to small and medium enterprises. With the increased cost of overseas borrowings for corporates and a subsequent liquidity squeeze, SMEs will be affected due to longer repayment cycles of the corporates, bankers feel. ...   Punjab draws up Rs 2k-cr power plan   THE power infrastructure for urban and agricultural sectors in Punjab is all set for a complete revamp as the government today announced a comprehensive Rs 2,000-crore plan to streamline supply and distribution arteries. A decision to this effect was taken at a high level meeting chaired by Pun ...   Seasame traders gear up to resume exports to Russia   WITH rice exports to Russia taking off once again, Indian exporters are now gearing up to resume exports of sesame seed to that country. Russia has stopped importing Indian sesame since May over a dispute on its quality. Knowing that Russia would not permit Indian sesame seeds without quality certif ...   SME pharmas may get interest subsidy   THE government may provide an interest subsidy to small and medium-size (SME) pharma companies to upgrade their facilities in order to meet stringent quality protocols. This particular proposal in the draft pharma policy is getting support from different wings of the government. The Prime Minis ...   PM stresses agri growth, industrialisation too   Prime Minister Manmohan Singh marked the 60th anniversary of Independence on Wednesday with a pledge to focus in the coming years on crisis-hit agriculture, but insisted that industrialisation was critical for progress and employment. Addressing the nation from the Red Fort here on a bright and ...   Metro may snake its way to Punjab Detailed Study By DMRC On Cards   THE Delhi Metro Railway Corporation (DMRC) is going to do a detailed study for starting the metro rail project in the cities of Ludhiana, Jalandhar and Amritsar. The work on the project is likely to start within a year, with the basic data already been provided by the Railway Institute of Technology ...   POSCO plans $4.5-b steel mill in Vietnam   POSCO, the world’s third-largest steel maker, is seeking approval from the Vietnamese government to build a $4.5 billion steel mill with a local partner, state media reported on Monday. The Dau Tu (Investment) newspaper quoted a POSCO proposal to the Vietnamese government as saying it would form a v ...   China’s Chery Automobile to form $370-m car venture in Iran   SHANGHAI: Chery Automobile Co, a mid-sized but fastgrowing Chinese car maker, has agreed to set up a $370 million assembly plant in Iran with two foreign partners, targeting Iran and neighbouring markets. Chery will hold 30% in the venture, with Iran Khodro Corp, Iran’s biggest car maker, holding 49 ...   JCB may invest Rs 500 cr in Haryana unit   JCB India, fully-owned subsidiary of JCB Excavator (UK), one of the top five construction and earth moving equipment manufacturers in the world, is expanding its manufacturing facility in Ballabgarh, Haryana. The fresh round of infusion could touch Rs 500 crore, claimed company sources, making it th ...   Companies add spice to functional food business   NESTLE is upping its ante in the functional food segment, just ahead of its arch rival Danone’s entry into this segment in India. Internationally, a market worth $80 billion, the functional food market is gathering heat here too with smaller players like Amul, Avesta Good Earth and Mother Dairy also ...   Punjab govt issues Rs 500-crore paper   THE Punjab government today notified the sale of Punjab Government Stock (Securities) of 10-year tenure for an aggregate amount of Rs 500 crore. The loan is being revised to finance parts of capital expenditure of the Plan schemes and other development schemes under execution. Centre’s consen ...   Rs 1-lakh car rollout may miss deadline: Tata Blames Vested Interests For The Delay   TATA Group chairman Ratan Tata, on Friday, for the first time indicated that the much-awaited rollout of the Rs 1-lakh small car from the Singur factory could miss the June 2008 deadline due to “vested interests”. “The Tata Motors small car project in Singur is getting delayed due to vested int ...   IIP growth almost flat at 9.8%   The country’s industrial production in June grew at the slowest pace in last eight months at 9.8% though marginally up from 9.7% in June, 2006. It is the first time annual growth had fallen below 10% since last October, and analysts said the impact of five increases in official interest rates betwee ...   India less exposed to US subprime crisis: Rajan A wakeup call for market players, says IMF former ch   INDIA is relatively less exposed to the aftermath of the US sub-prime mortgage collapse crisis that has sent global stock markets into a tizzy. But, it is nevertheless a wake-up call for a number of players who think that markets go only one way, cautions former Chief Economist at the IMF Raghuram G ...   US firm to bring innovative energy conversion technology to Punjab   USING the two forms of electromechanical radiation energy, especially Infrared light and microwaves, Infrared Power Inc of Phoenix, Arizona, is proposing to bring an innovative energy conversion technology to Punjab. Pawan Singh Dhindsa, the director of the US-based firm said, “the conversion o ...   Ludhiana to have PVR multiplex   MUMBAI: PVR has announced opening of two multi-plexes in Delhi and Ludhiana on Friday, taking the company's total number of silver-screens in operation to 89 across the country. The PVR multiplex at Rohini in Delhi would have three screens with 818 seats at the Fun City Mall, while the one in Ludhia ...   Auto sales misfire with 7% slide in July   THE domestic automobile industry continued to reel under high interest rates and poor demand as combined sales fell nearly 7% this July. Motorcycles took the biggest hit but passenger cars managed to post a double-digit growth. Monthly sales data released by the Society of Indian Automobile Man ...   Tata Steel mops up additional $150 m   A DAY after it announced the issue of $725 million offering of foreign currency convertible alternative reference securities (CARS), Tata Steel on Tuesday said that it has raised $150 million more by selling additional securities through the greenshoe option. The total offering now goes up to $ ...   Greenfield AEZs needed for food security & exports   The scheme for AEZs doesn’t seem to have yielded the desired results. These zones hardly helped in creating new irrigation & supply chain infrastructure at right locations. So, small & marginal farmers are left in the lurch, even as the demand for processed foods surges in domestic and global market ...   Infy’s SEZ among 6 cleared by BoA, Maha Mumbai gets extension   TWO special economic zones (SEZs) proposed by Infosys in the IT and IT-enabled sectors in Andhra Pradesh were given a formal go-ahead by the government on Wednesday. Other proposals approved by the board of approvals (BoA) for SEZs include IT/ITes SEZs by Genpact India in Rajasthan and Enfield Infra ...   Cheaper credit turns mirage for exporters