Inflation slides back to 2.21%
New Delhi: An over eight per cent fall in the price of vegetables and a near two per cent in edible oils, coupled with marginal fall in sugar and tea prices, pushed the inflation back to 2.21 per cent for the week ended 22 December, as compared to 8.57 per cent in the year ago period.

The week witnessed point-to-point price change based on Wholesale Price Index (WPI) shedding a marginal 0.06 per cent from the previous week's level of 2.27 per cent, even as ragi, mutton, poultry chicken, sugarcane, woollen and hessian cloth, and mopeds became costlier.
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Forex reserves up by US $ 33 million
Mumbai: The upsurge in India's foreign exchange reserves continued with a rise of US$ 33 million to close at a record high of US$ 48,045 million during the week ended 28 December.

The increase was wholly on the basis of foreign currency assets going up by US$ 33 million at US$ 45,178 million, according to Reserve Bank of India's weekly statistical report.
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Blair announces increase in funds
Bangalore: British Prime Minister Tony Blair announced a major increase in UK's bilateral development programme in India from pound sterling 175 million in the current fiscal to 300 million in 2003-2004.

Blair said two new agreements worth pound sterling 221 million would be signed for programmes relating to polio eradication and HIV and AIDS relief this month, in addition to pound sterling 32 million agreed for rebuilding primary schools damaged in the Orissa super cyclone.
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Indian tea makes breakthrough in the UK
London: Indian tea has achieved a major breakthrough in the UK market with the introduction of a 100 per cent Indian tea product with Indian spices by a leading British tea company Twinings.

The breakthrough in the tea market was brought about by a new strategy adopted by the Tea Board, London which has launched a series of campaigns to popularise Indian tea.
The Twinings Chai package boldly mentions India as the origin of the tea and Nilgiri tea as the core of the blend.

India exports over 200 million kg, one fourth of its production of tea, earning about Rs 2,000 crore per annum.
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Govt to appoint new advisors for HCL
New Delhi: Government will invite fresh bids for appointing global advisors for divesting its entire stake in Hindustan Copper in place of present IDBI-Sumitomo Bank combine.

The present advisors - Industrial Development Bank of India and Sumitomo Bank combine -are not involved in the divestment process of HCL.

Government had earlier scrapped its decision to hive off two units of HCL, namely Khetri and Taloja, into a separate company before inducting a strategic partner and appointed the combine to scout for partners.
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IT exports likely to touch Rs 37,000cr
New Delhi: India's IT software and services exports is likely to touch Rs 37,000 crore in 2001-2002, according to Nasscom chairman Kiran Karnik.

Claiming that Indian software expertise was being widely recognised now, Karnik said: "We are slowly moving away from mere brain arbitrage towards greater intellectual property creation."

Some Indian companies are already selling products that are often among the best few in their category world-wide, he said.
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