India-Israel trade centre to come up in Mumbai
Kolkata: Israel has decided to set up a trade centre in Mumbai later this year. At a press conference Israel's Ambassador in India David Danieli said that the Israel Trade Centre would be the first-of-its-kind facility in the country. The ambassador said that the Indo-Israel trade volume was expected to touch $2 billion this year. He also said that a delegation from Israel's telecom sector will visit India in December, while the Confederation of Indian Industry will hold a 'Made in India' exhibition in Israel next year.
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OVL stake likely in Iranian oil fields
New Delhi: India's flagship overseas firm ONGC Videsh Ltd (OVL) is likely to get a 20 per cent stake in Khusk and Hosseineieh oil fields in Iran on a nomination basis. It is being reported that Iran has offered 20 per cent share (equal to 60,000 barrels per day or 3 million tonnes of crude oil annually) in Khusk and Hosseineieh fields in exchange for India buying 5 million tonnes of LNG from Tehran. Tehran will select operators of the two fields through a bidding round by September-end in which OVL will have to participate.
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World Bank stresses on fiscal deficit
New Delhi: The World Bank has said that India could grow at least by six per cent over the long term, but containing fiscal deficit was important. In tandem, another multilateral lending institution, the Asian Development Bank has also said that India could achieve seven per cent growth over the next two years if there were no "unprecedented" shocks. Quoting the World Bank's Global Development Finance Report 2004, the World Bank Country Director Michel Carter has said that India's high growth could be the "key" underlying factor behind the regional performance.
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