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Saturday, March 12, 2005

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INDUSTRY & ECONOMY

BUDGET


Industry happy with `growth-oriented' budget in Karnataka
THE Chairman of the Confederation of Indian Industry (CII) for Karnataka, Mr K.K. Swamy, has congratulated the Finance Minister, Mr Siddaramaiah, for presenting a development-led budget. "We are happy that it is a growth-oriented budget," Mr ... More

COURTS/LEGAL ISSUES


Property mortgaged against loan — HC stays auctioning by Tax Recovery Officer
THE Madras High Court has granted interim stay of a notice issued by the Tax Recovery Officer XXI, Chennai, for auctioning a property which had been mortgaged in favour of a finance company against a loan granted to a business firm. India ... More

ECONOMY


RBI chief sees lower inflation
THE Reserve Bank of India Governor, Dr Y.V. Reddy, on Friday said he expects inflation to be lower than the earlier estimate of 6.5 per cent by end of this fiscal. Dr Reddy said economic growth for the year would be higher than RBI's earlier ... More

Costlier fuel products push up inflation
THE annual wholesale price index-based inflation rose to 4.95 per cent during the week ended February 26, from 4.83 per cent in the previous week. The rise in the year-on-year inflation was largely on account of a spurt in the prices of fuel ... More

FICCI project to spruce up paper, food processing sectors
THE Federation of Indian Chambers of Commerce and Industry (FICCI) has launched a unique project for imparting competitiveness to the country's agro food processing, and paper and pulp sectors through technical and managerial training and ... More

Industry grows 8% in Jan
THE buoyancy in the country's industrial sector continues unabated, with the official Index of Industrial Production (IIP) notching up an annual growth of 8.4 per cent during April-January 2004-05, over and above a cumulative increase of 6.7 per ... More

UNIDO chief calls for more focus on manufacturing sector
THE United Nations Industrial Development Organisation (UNIDO) Director-General, Mr Carlos Magarinos, has asked the Indian industry to be more competitive through increasing productivity and technological excellence in manufacturing. He said ... More

ENVIRONMENT


Call for uniform diesel emission norms
THE European Association of Internal Combustion Engine Manufacturers (Euromot) has urged decision makers in New Delhi to align diesel emission regulations closer to the European standard. It said that a uniform emission regulation is beneficial ... More

Halon production phased out: Minister
INDIA has stopped production and consumption of halon in accordance with the Montreal Protocol on environment. The Minister of Environment and Forests, Mr A. Raja, said that halon production and consumption have been completely phased out in ... More

A 'hotspot'
Several conservation programmes have been mooted for the South Western Ghats, which is considered as a treasure trove of biodiversity resources. The World Wide Fund for Nature and the Union Ministry of Forest and Environment are working on ... More

FOREIGN TRADE


Call for positioning TN in Indo-US trade ties
AN innovative entrepreneurial mindset with focus on quality and cost can fetch for Tamil Nadu a most beneficial bilateral trade experience with the US. It should draw upon its strength and think big while doing the business with due homework ... More

HEALTH


Emcure launches first 3-in-1 AIDS pill for kids
THE three-in-one AIDS drug for adult HIV/AIDS patients was developed in India. And now a similar combination drug for children is also being launched by an Indian company — the Pune-based Emcure Pharmaceuticals Ltd to be precise. In a ... More

PETROLEUM


GAIL strikes jt venture deal with Syrian co
GAIL (India) Ltd has qualified to set up a joint venture company with Syrian Company for Distribution of Gaz for city gas distribution projects in Syria. The company has qualified to move into the next round of bidding from among the 23 ... More

Petro products sales dip 2 pc in February
SALES of petroleum products fell by more than 2 per cent in the last month compared to February 2004. Diesel sales, which form 40 per cent of total petroleum products' sales in India, recorded a 6.7 per cent fall in February 2005 compared to ... More

`Govt has noted US concern over investment in Iran'
THE Petroleum and Natural Gas Minister, Mr Mani Shankar Aiyar, has said that India had noted the concerns expressed by the US on its plans to invest in oil and gas fields in Iran and build a pipeline to transport natural gas from that country. ... More

Intl refiner award for Reliance
MUMBAI: Reliance Industries Ltd was awarded the `International Refiner of the Year' 2005 at the World Refining and Fuels Conference's awards ceremony held in San Francisco on Thursday. This is the first time that an Asian company has ... More

POWER


BHEL R&D initiatives start paying off — To market software for power stations with TCS
THE Corporate Research and Development of BHEL and TCS are working out a joint marketing initiative to promote `Power Pack', a software that helps in asset management of power stations. Power Pack is ready to be implemented in the proposed ... More

Uproar in AP Assembly over mini-hydel project again
MEMBERS of the Opposition Telugu Desam Party (TDP) created a furore in the State Assembly for the second consecutive day on Friday over the construction of a mini-hydel project upstream of Rajolibanda Diversion Scheme (RDS). Displaying posters ... More

STEEL


APMDC, Chennai co to tap iron ore in Prakasam dist
THE Andhra Pradesh Mineral Development Corporation Ltd (APMDC) has signed a memorandum of understanding with Gimpex Ltd of Chennai to tap low-grade iron ore deposits in Prakasam district. The deposits, located at Konijedu and Marlapadu ... More

TAXATION


`VAT will help in revenue growth'
THE Value-Added Tax (VAT) system, to be implemented from April 1 this year, is a simple and transparent tax, said Mr V. Somasundaran, Commissioner-Commercial Taxes, Government of Kerala. Speaking at an interactive session on `implementation ... More

TN chamber urges implementation in line with Kerala model
THE Tamil Nadu Chamber of Commerce and Industry has urged the State Government to positively introduce value-added tax (VAT) in the State from April 1 and in line with the Kerala model. Kerala, Andhra Pradesh, Karnataka and Pondicherry ... More

TN seeks `full compensation' to move to VAT
THE Tamil Nadu Finance Minister, Mr C. Ponnaiyan, on Friday laid down some conditions, including full compensation for the loss in revenue, for the State to switch over to a value added tax (VAT). The Centre will have to devolve more funds to ... More

Kanara Chambers welcome move to introduce VAT
THE Kanara Chamber of Commerce and Industry (KCCI) and the Kanara Small Industries Association (KSIA) have welcomed the move of the State Government to implement value-added tax (VAT) system from the next fiscal. Presenting the Budget ... More

Decks cleared for shifting to value-added tax regime
KARNATAKA has cleared the decks for moving into the value-added tax (VAT) regime beginning from April, making it the first State to do so. Presenting the Budget for the fiscal year 2005-06, the Deputy Chief Minister, Mr S.M. Siddaramiah, who ... More

ICFAI clarifies on Service Tax
HYDERABAD: The ICFAI has on Friday clarified that the issue of it not paying service tax did not arise, since the tax has not been made applicable to universities. Reacting to media reports quoting the Director General, Service Taxes, ... More

RADIO/TV


Kerala CM's `meet the public' on TV
THIRUVANANTHAPURAM: The Kerala Chief Minister, Mr Oommen Chandy, will respond to complaints from members of the public on a new television programme to be telecast on Doordarshan Thiruvananthapuram, says an official press release. The first ... More

MEDICAL INSTITUTIONS & HOSPITALS


`Apollo Clinic' in Mumbai soon
REAL estate costs have always been a nightmare in Mumbai, especially for companies with retail plans. But in a second coming of sorts, `The Apollo Clinic', a retail network of clinics from the Apollo Hospitals Group (AHG), expects to set shop ... More

REAL ESTATE & CONSTRUCTION


Retailers propose real estate mutual fund
INDIA may soon have a new genre of mutual funds, if the efforts uncorked by the Retailers Association of India (RAI) succeed. Instead of the equity market, the proposed fund would be investing in real estate development for the retail ... More

Sika to promote usage of chemicals in construction
SIKA India Pvt Ltd, the wholly owned subsidiary of Sika AG of Switzerland, the leader in construction chemicals, is on an aggressive drive to promote and sell its products all over the country, according to Mr Vaswar Das Gupta, Managing ... More

IDEB Construction keen to partner foreign cos
CLOSE on the heels of the Government's decision to liberalise foreign direct investment norms in the sector, IDEB Construction Project Ltd said on Friday that it is eyeing partnership with foreign companies for jointly undertaking construction, ... More

Seminar for architects in Visakhapatnam
VISAKHAPATNAM: Pidilite Industries Ltd, the manufacturer of Fevicol, is holding a series of seminars for architects to share their ideas on a creative platform, christened Pidilite knowledge series. Mr R.K Bajaj, all-India head, sales ... More

PAPER, BOARD & NEWSPRINT


Newsprint prices to go up by Rs 1,000 a tonne
FOLLOWING the footsteps of manufacturers of writing and printing paper, domestic newsprint makers have decided to raise standard newsprint prices by at least Rs 1,000 a tonne from April 2005. The move to revise prices has been ratified by the ... More

PAINTS


Firm crude price may dim paint stocks
PAINT stocks are firm, but unlike other beneficiaries of boom in real estate, housing, automotive sectors, these do not seem that colourful. Leader of the pack Asian Paints, which made its 52-week high, today finished a shade below. The Berger ... More

SMALL SAVINGS


A cruel change in the name of `global practice'
Mr Chidambaram is probably unaware that provident fund is the lone corpus on which retired old men and women live and if that gets pruned they will find living tortuous. More

EVENTS


`Vast opportunities in service sector'
``RESEARCH work in India should focus more on the prevailing problems in the primary education and healthcare sector,'' said Mr Anand Sharma, Member of Parliament, while inaugurating a two-day international conference on `Services management'. ... More

  • In Hyderabad today

    INCOME TAX


    Notional disallowance a better bet?
    HINTING at a possible distortion in employer-employee relations, if the proposed fringe benefits tax is brought into play, direct tax experts here feel it may be a much better idea to make notional disallowance under the old sections 37(2) to ... More

    TOURISM


    Aralam eco-tour project gears for holiday season
    The Aralam project, which is about 55 km from Kannur town, is managed by the local tribal community with support from the Forest Department. More

    ECONOMIC OFFENCES


    Education, code of conduct to beat corruption stressed
    CORRUPTION is one of the worst enemies of democracy, as it takes away from the poor the most. And one of the ways in which the menace can be tackled is through education and a code of conduct. Making a presentation on `Good governance for ... More


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    Top Stories
    Notional disallowance a better bet?


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    `Paradigm shift in IT services with R&D focus required'

    Progressing towards a flat tax?

    Making MTNL a subsidiary of BSNL is best option: ICICI Sec

    Retailers propose real estate mutual fund

    PSU insurers liquidate equity investments

    Less damage likely to Brazilian soyabean: USDA

    Newsprint prices to go up by Rs 1,000 a tonne

    In Focus

    BHEL Disinvestment
    The Yuan Revaluation
    Dabhol power regenerated
    Tracking the rains
    Sethusamudram Canal Project
    India Inc's overseas acquisition
    More

    In Depth

    Gender Justice
    Simple Economics
    Tax Talk
    More

    Looking back
    Feb. 27-Mar. 5
    UP, Bihar get 30 pc of tax devolutions

    Gold retail investment demand remains strong

    Cotton yarn exports begin to dip as made-ups make headway

    Drug cos hope to cash in on anti-tobacco drives

    Sharp fall in LPG demand upsets refiners' plans

    Real estate sector cries foul

    Centre's market borrowings may rise 68 pc next fiscal

    Corporate income-tax — A mix of lower tax shelters & rates

    A recast of personal taxation

    Law soon to allow banks to issue pref shares

    Tax savings: Choices galore

    Exporters not enthused by Budget plans

    Experts seek rollback of cash withdrawal tax

    Fringe tax to bite deeper into smaller IT cos

    `In the right direction for hardware sector'

    Partnership firms will have to file I-T returns

    Coal stock position `super critical' at 8 thermal stations

    Service tax exemption on forex payments to go

    The logic of tax on fringe benefits, savings

    TN zone export units' turnover to cross Rs 5,000 cr

    TN trade, industry bodies want quick shift to VAT

    Fringe benefit still gives drug industry the chill

    Software exports from TN to touch Rs 10,000 cr


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