Bulk drug import licensing scrapped
New Delhi: The Indian government has scrapped the registration process for intermediates and bulk drug imports that are eventually meant for exports. The move has cheered the domestic pharma industry since it will make the import process easier and will make exports economical. The centre has exempted imports of all approved and unapproved drugs under the advance licensing scheme from the registration process. Before this, foreign companies exporting these intermediates into the country were supposed to register these items with the Drug Controller General of India. And, the new notification comes with a rider: it says imports of bulk drugs and intermediates into India have to be for exports of finished goods. In fact, China had maintained a rigid registration process for importing drugs and intermediates. Now, in India, imports of approved and unapproved drugs under the advance licensing scheme will not be subject to the registration procedure and imports will be permitted against an existing valid export order and to the extent raw materials are required as per that order. The new provisions say the drug controller will be a member of the advance licensing committee.
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Britain may give more BPO orders to India
New Delhi: UK minister of state for trade Michael O’Brien has said that Britain and India should cooperate in IT since the two countries "are natural partners." Sixty 60 per cent of work permits will go to India, O’Brien said, while delivering a keynote address at a symposium. "British companies realise the benefits of outsourcing from India, which has become the preferred global hub for software development and business process outsourcing (BPO). The EU has devised a new agricultural policy reducing export subsidy and tariff. It will lead to business opportunities for India and other developing economies in the EU in the agricultural sector."
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IRFC procures Rs 23,874 crore from Railways for rolling stocks
New Delhi: The gross asset value of rolling stocks leased or sub-leased by the Indian Railway Finance Corporation (IRFC) to the ministry of railways is Rs 23,874 crore as on 31 March 2002. Lease charges paid to IRFC by the Railways comprise principal repayments and interest payments. Out of lease rentals paid to IRFC till 31 March 2002, the amount of principal recovery effected is Rs 8,214 crore. This leaves an outstanding principal liability of Rs 1,566 crore. The funds raised through IRFC from the capital market are so far confined to financing the acquisition of the rolling stock except for a few short-term loans to the Konkan Railway Corporation and the RailTel Corporation of India.
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