PETROLEUM
Left, Opposition flay petro price hike
THE Left and several Opposition parties, including the BJP, on Friday condemned the UPA Government's decision to hike petrol, diesel and LPG prices. Attacking the UPA Government, the BJP dubbed it as an ``inflation-filled Diwali gift'' to the ... More

`Fuel price hike may cause hardening of rates'
SEVERAL bankers see the hike in petroleum prices as the immediate trigger, which will lead to a hike in interest rates. "We expect the interest rates to harden in the coming weeks when the revision in petroleum prices builds up inflationary ... More

Under fire
Activists of the Socialist Unity Centre of India protesting against the petro price hikes in Kolkata on Friday.

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PHARMACEUTICALS
Glaxo wants norms relaxed for non-patented molecules import
It is estimated that the cost of conducting clinical trials in India can be as little as a tenth of the costs in the West. More

POWER
State power generating cos to enter into purchasing pact with DisCos
STATE power generating companies (GenCos) have initiated steps to enter into direct power purchase agreements (PPA) with the electricity distribution companies (DisCos). Power generating companies were created by separating integrated State ... More

AP industries may get power at Rs 2 a unit
THE Chief Minister, Dr Y.S. Rajasekhara Reddy, on Friday hinted at offering power at Rs 2 a unit to the industrial sector. Addressing a CII conference on `Export excellence' here, he said the Government wanted to make power available at an ... More

TAXATION
Software sold off the shelf is liable to sales tax: SC
THE Supreme Court on Friday held that software programmes such as Oracle, Lotus and Unigraphics sold off the shelf are goods for the purpose of levy of sales tax by States. A five-Judge Constitution Bench headed by Mr Justice N. Santosh Hegde ... More

SC ruling to hit IT sector: Nasscom
THE software industry on Friday said that the Supreme Court ruling classifying software as "goods" for the purpose of levy of sales tax is likely to increase the price paid by users, encourage pirated software and affect the speed of PC ... More

Expansion of tax base key to cut in corporate taxes: Shome
The corporate tax rate in India is now at 35 per cent as compared with 19-30 per cent in the UK, 30 per cent in Australia and 25 per cent in Brazil. More

TEXTILES
DGFT order on worn, used cloth puts Gujarat units in a bind
PROCESSING units of imported worn and used cloth at Kandla special economic zone in Gujarat are facing rough weather following a notification by the Director-General of Foreign Trade (DGFT) restricting the sale of processed worn and used cloths ... More

PERSONAL PRODUCTS
Despite positive quarter FMCG sector awaits revival
ONCE the dust has settled on the September quarter results of major fast moving consumer goods (FMCG) companies, it is becoming clear that while the revival process may have begun, the sector has still a long road ahead to complete recovery. And ... More

EDUCATION
Air Force proposes aeronautical engg college in Bangalore
TO overcome the shortage of quality aeronautical engineers, the Indian Air Force has proposed to set up an engineering college that would feed the growing requirement of the country's defence forces and produce officers who could later be ... More

FOODS & FOOD PROCESSING
Govt finalising food processing policy
THE Government said today it was in the process of finalising the National Food Processing Policy and has decided to formulate a draft law on which the views of the State Governments and various stakeholders would be considered. The Minister ... More

GEMS & JEWELLERY
On the cutting edge
A diamond worker in Thrissur. These skilled workers, spread over five panchayats of Thrissur district, are facing a crisis as their jobs are taken away by workers in Gujarat and Maharashtra, where wages are low. There used to be over 25,000 ... More

REAL ESTATE & CONSTRUCTION

BIO-TECH & GENETICS
Working groups formed to deliberate biotech policy
THE Department of Biotechnology (DBT) has formed six major working groups that would deliberate on issues to be taken up in the biotech policy. The working groups would broadly deliberate on policy measures required to promote innovation and ... More

DISINVESTMENT
Non-life public insurers may tap capital market
A DILUTION of Government stake in the four public sector non-life insurance companies is likely this year in view of the large capital requirements to sustain growth. High-level sources said, the Finance Minister, Mr P. Chidambaram, had ... More

SOCIAL WELFARE

RURAL DEVELOPMENT
Small agri-biz consortium to become VC fund
REITERATING the Government's commitment to developing the rural economy, the Finance Minister, Mr P. Chidambaram, on Friday said the Government was taking steps to revamp the Small Farmers Agri-Business Consortium into a dynamic venture capital ... More

PM moots rural business hubs
EMPHASISING that benefits of rapid economic growth should flow out to all sections of society, particularly rural India, the Prime Minister, Dr Manmohan Singh, on Friday mooted the idea of establishing rural business hubs and stressed on the need ... More

Rural women urged to utilise facilities offered by Karnataka Govt, NGOs
THE Karnataka Deputy Chief Minister, Mr Siddaramaiah, has urged the rural women to utilise the facilities provided by the Government and non-governmental organisations. He was launching `Siri Shramik' brand of shirts, manufactured by ... More

EVENTS

EXPORTS & IMPORTS
`Auto components exports to touch $20 b in next 10 years'
AUTO components exports from India are expected to be of the order of $20 billion in the next 10 years. At present, India's auto components exports have been pegged at around $1 billion, according to Mr S. Kumar, Assistant General Manager of Tata ... More

ALTERNATIVE MEDICINES
Reliance to foray into medicinal farming
If the market pundits are to be believed, Reliance Life Sciences (RLS) may well emerge as one half of the blockbuster, double bill opening at the IPO box office some time next fiscal along with Reliance Infocomm. And laying the foundation to this ... More

TOURISM
Sun shines for Kerala tourism sector
BUOYED by a commendable performance in 2003, when the total number of foreign tourist arrivals in Kerala rose by over 26 per cent, the State's tourism industry is preparing for another successful season. "It seems like a good season ahead," ... More