SC to hear PIL on IIM fee cut today
New Delhi: The Supreme Court is to hear a Public Interest Litigation (PIL) against the fee cut and autonomy of the IIMs, today, with the IIM-Bangalore becoming the second institute after the IIM-Ahmedabad to file an affidavit against the HRD Ministry's decision to slash fees from Rs 1.5 lakh to Rs 30,000.
Back to News Review index page  

TMA: Increased cost to be passed on to customers
New Delhi: The Tractor Manufacturers Association has said that it can no longer absorb the increased costs resulting from rising pig iron and alloy steel prices and will be forced to pass on the burden to its customers. Pig iron prices have risen much more steeply than HR steel going up by about 60% in 2003 and by a further 74 per cent in the first 3 months of 2004. Pig iron and alloy steel are major inputs in the manufacture of tractors constituting around 67 per cent of total material cost.

The TMA says that these costs have pushed up the material costs for all tractor manufacturers by 10 to 15 per cent in the last one year, and a significant part of the increase will have to be passed on to the farmers. The TMA says that while there has been a government intervention with members of the Indian Steel Alliance to check the rise in HR and Cold rolled steel inputs, there has been no similar attempts to persuade the pig iron and alloy steel manufacturers to show restraint. TMA is urging the government to intervene and correct the situation.
Back to News Review index page  

IMD predicts normal monsoon
New Delhi: The India Meteorological Department (IMD) has released a long-range forecast that says that the total rainfall for the country as a whole during the coming monsoon season (June-September) will be 100 per cent of the long period average (LPA), with a quantitative model error of plus or minus 5 per cent.
The LPA is the average precipitation received over a 70-year period (1901-70), which is about 88 cm.
Back to News Review index page  

Gem and jewellery exports up 31 per cent
New Delhi: Gem and jewellery exports have gone up by 31 per cent during the fiscal year 2003-04 to touch $ 11.99 billion against $ 9.14 billion recorded during the previous year. This sector accounts for one-fifth of the country's exports in value terms. In rupee terms, gem and jewellery exports grew by about 24 per cent during 2003-04 at Rs 54,919 crore against Rs 44,080 crore. The Gem and Jewellery Export Promotion Council, has said that the industry would like to touch the $16 billion mark by 2007. The export target for 2004-05 is likely to be pegged at about $ 13.5 billion.

Diamond exports have recorded a growth of 21.32 per cent in dollar terms and 15.30 per cent in rupee terms during 2003-04. Total diamond exports in 2003-04 stood at $ 8.63 billion (Rs 39,545 crore) against $ 7.11 billion (Rs 34,298 crore). Gold jewellery exports during 2003-04 increased by about 68 per cent in dollar terms at $ 2.55 billion against $ 1.50 billion. In rupee terms, gold jewellery exports increased by 59 per cent at Rs11, 641 crore against Rs7,259 crore.
Back to News Review index page