President approves central rule in UP
New Delhi: Uttar Pradesh was on 8 March brought under central rule and the newly-constituted assembly kept in suspended animation with president K R Narayanan giving his seal of approval to the union cabinet's recommendations.

Narayanan signed the proclamation after considering the report of UP governor Vishnukant Shastri and the cabinet recommendations.

The proclamation has to be ratified by both houses of parliament within two months for it to last for six months.
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Govt to formulate price mechanism for urea subsidy
New Delhi: A high-powered group of ministers will formulate a revised pricing mechanism for providing subsidy to urea manufacturers upto March, 2003.

The GoM will be headed by planning commission deputy chairman K C Pant.
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SIAM criticises auto policy
New Delhi: The Society of Indian Automobile Manufacturers (SIAM) has lashed out at the new automobile policy announced by the centre for failing to spell out specific criteria on minimum foreign investment level in auto sector.

"The Auto Policy allows automatic approval for foreign equity investment up to 100 per cent in the automotive sector, but does not lay down any minimum investment criteria," SIAM said in a statement.

SIAM has welcomed the thrust put on the terminal life policy for commercial vehicles and move toward international taxing policies linked to age of vehicles by terming as steps in right direction.
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WB to give $300 mn soft loan to India
New Delhi: World Bank will provide a $300 million soft loan assistance to India for water supply and sanitation projects in Karnataka and Uttar Pradesh.

The assistance will be provided through the International Development Agency (IDA), a soft loan assistance arm of World Bank.

Under the agreement, Karnakata will receive $151.6 million for rural water supply while IDA aid of $149.2 million is meant for UP water sector restructuring project.

The World Bank project for Karnataka, which is going to last for six years, will assist the state government in increasing rural communities' access to safe drinking water, sanitation services and decentralisation of rural water supply.

The project envisaged for UP aims at making policy framework for water sector reform and increase and sustain water and agricultural productivity.
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Govt removes control over marketing of petro products
New Delhi: Companies which have invested Rs 2000 crore in petroleum sector have been granted permission to market transportation fuels - petrol, diesel and Aviation Turbine Fuel (ATF).

"The companies investing or proposing to invest Rs 2000 crore in exploration and production, refining, pipelines or terminals have been granted authorisation to market transporation fuels, namely petrol, high speed diesel and ATF," petroleum minister Ram Naik told parliament.

Companies which have already made in full the investment of Rs 2,000 crore in eligible activities would be granted authorisation during the administered pricing mechanism itself while companies proposing to invest would be granted authorisation only after the APM is dismantled.
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Panel okays entry of brokers, coops in insurance
New Delhi: The standing committee on finance has approved the Insurance (Amendment) Bill 2001, allowing entry of brokers and cooperatives in the sector and permitting payment of premium through credit cards and internet.

The committee has asked government to provide necessary safeguards to the existing insurance agents.

The Bill contains provisions relating to the payment of commission and fee for insurance intermediaries, allowing flexibility in the eligibility of corporate agents.

The bill also contains the provisions for allowing a more flexible mode of payment or premium through credit cards, smart cards and the internet.

The amendment also envisages the distribution of surplus of life insurance business to the policyholders.
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Mohanlal to set up studio in Kerala
Thiruvananthapuram: Malayalam film superstar Mohanlal is setting up a modern studio complex at Kazhakootam near here.

The complex is planned in a three-acre plot at an estimated initial outlay of Rs. 3 crore. The venture is slated to go on stream on 17 August.

The studio complex will have indoor and outdoor shooting locales, special effects workshop, live shoot and edit facility and recording suites. These could be utilised for film, video and television programmes. The proposed studio will have all the latest equipment which will augment the quality of the software.
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Govt cuts staff by 6 per cent in 2001
New Delhi: The government has cut staff numbers by 6 per cent in 2001 over 2000.

This includes 3.4 lakh government employees taken off the governments rolls with the corporatisation of DoT.

The government employees on rolls in 2001 stood at 32.67 lakh.
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