Export competitiveness: India worried over mechanism
New Delhi: New Delhi has sought certain clarifications from its Permanent Mission in Geneva in regard to a US request for determining the “export competitiveness” of all Indian textile and apparel products with the avowed objective of phasing out subsidies enjoyed by them under Article 27.6 of the World Trade Organisation (WTO) Agreement on Subsidies and Countervailing Measures (ASCM). The move follows doubts whether the computation asked for should be made on the basis of two, four or six digits tariff lines, say commerce and textiles ministry officials. Officials say Washington wants the computation to be made by the WTO secretariat at both the two and four digit section headings for all textile and apparel products under the Harmonised System of Nomenclature (HSN), Chapters 50-59 and 60-63. The use of the term “section” heading for a product has, however, caused some confusion in New Delhi, officials point out.
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TFCI takes over Arasa Hotel under Securitisation Act
New Delhi: The Tourism Finance Corporation of India (TFCI) on Monday took possession of the assets of Arasa Hotel Private Ltd under the provisions of the Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (Securitisation Act) for recovery of its dues. The financial institution has already issued notices to 15 other companies under the Act and is in the process of taking possession of the assets of defaulting companies. TFCI also planned to operate some of the hotels through reputed hotel chains wherever feasible, it stated in a release here on Tuesday.
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Metro rail being introduced in seven states
New Delhi: Union urban development minister Ananth Kumar on Tuesday said the government was working towards a transport revolution in the country with metro rail systems being introduced in seven cities, including Bangalore, Hyderabad-Secundarabad and Ahmedabad-Gandhinagar. Talking to reporters after inspecting metro rail worksites in Delhi, he said these three metros would take shape by the year-end while metro systems for Mumbai, Lucknow, Kochi and Thiruvananthapuram were also in the pipeline.

Kumar said the detailed project report of Bangalore metro had been completed by March 31 by the Delhi Metro Rail Corporation, which has the experience of building international standard metro. The Karnataka cabinet had already cleared the Rs 4,000 crore project, while a note is being prepared to be placed before the Union Cabinet for its clearance.
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