Exim policy will focus on job creation
Kolkata: The key thrust areas of the forthcoming Exim Policy, to be announced by Union minister of Commerce, Kamal Nath, will focus on employment generation and a cut in transaction costs for exporters.

Delivering the keynote address at an Open House on Exim Policy and other issues, organised by the regional office of the Export Promotion Council for EOUs and SEZ Units (EPCES), G.K. Pillai, Additional Secretary, Ministry of Commerce, said special attention in the policy would be given to manpower intensive sectors like gems & jewellery, textiles, leather and value added products, handlooms and agri food-processing.

As for the cut in transaction costs for exporters, mainly through elimination of procedural delays, Pillai said the plan was to minimise the interface between exporters and the Government.
He also said that the objective was to touch exports of $150 billion by 2010. He said if necessary the Central grant of Rs 425 crore for States (in export promotion) under the ASIDE (Assistance for State in Export Development) Scheme may even be raised, as exports have the potential to generate more jobs.
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FICCI: 'South — south' a window of opportunity
New Delhi: To tap the huge trade potential between India and Brazil, the Federation of Indian Chambers of Commerce and Industry (FICCI) has said that the two countries can exploit resource advantages, arbitrage the development curve, leverage select technology leads, partner to attack common markets and build local businesses.

Sharing the outcome of the meeting jointly organised by FICCI and Unctad, at the Unctad Regionalism and South-South Cooperation conference recently held in Brazil, Dr Amit Mitra said, "Latin-America and India represent best mutual opportunities for both to move beyond low-cost exports." Exports between Indian and Brazil are still small at $200 million and are moving at a slow pace. Imports from India today represent about one per cent of the total Brazil imports versus about four per cent in case of China.

Commenting on the relationships between Mercosur and India, he said, there is scope for more trade and investment as well as technological cooperation between the two. `South-South' is a window of opportunity and not a substitute for developed markets, he said.
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Assocham: Raise I-T exemption limit to Rs 1 lakh
Chennai: The Associated Chambers of Commerce and Industry of India (Assocham), in its pre-Budget memorandum, has called for raising the basic exemption limit in personal income-tax to Rs 1 lakh from Rs 65,000.

The Chamber has suggested that the interest rate for valuation of interest-free loan perks should be equivalent to the bank rate (6 per cent). Reimbursement of medical expenses by the employer should be tax-free up to Rs 50,000 (Rs 15,000).
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IIM-Calcutta sticks to old fee structure
Kolkata: The governing board of the Indian Institute of Management, Calcutta (IIM-C) has decided to continue with the old course fee structure for the academic year beginning this month.

The board, which met here on Friday at ITC Sonar Bangla, also decided to provide scholarship / financial assistance to the students, who had fulfilled the entrance criteria, but whose annual family income was less than Rs 2 lakh.

The board has also proposed to increase the placement charges to generate more revenue. However, the quantum of the increase would be decided later.
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Yashoda installs Dynamic IMRT to fight cancer
Hyderabad: Yashoda Hospital has launched a sophisticated radiation technique that can destroy cancerous tissues without damaging the normal ones in the neighbourhood. The radiation technique, scientifically called Dynamic Intensity Modulated Radiation Therapy (Dynamic IMRT) was installed at a cost of Rs 25 crore.

The system operates like a laser-guided precision bombing of tumour. Unlike in the traditional radiation method, it doesn't damage the normal tissues.
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NHPC net up 22 per cent
New Delhi: National Hydroelectric Power Corporation (NHPC), a Government-owned organisation, has recorded a net profit of Rs 621.38 crore during fiscal 2003-04, up 22 per cent over the Rs 510.5 crore recorded during the previous year.

According to NHPC this is the highest profit earned by the corporation since its inception. NHPC is also undertaking a massive investment plan of Rs 25,000 crore during the next three years to achieve the target of adding 4,357 MW in the Tenth Plan period.

The Corporation will also tap the overseas markets to part finance the 2,000 MW Subansiri Lower project. Of the estimated cost of Rs 6,900 crore for commissioning Subansiri, about Rs 2,100 crore would come in the form of equity from the Government and the remaining would be funded by the domestic and foreign sources.
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States agree to implement VAT from April `05
New Delhi: Consensus has emerged among most of the States to implement a value added tax (VAT) regime that would replace sales tax from April 1, 2005.

The phase out of the central sales tax (CST) would now be "co-terminus" with the implementation of VAT. The consensus on the new date for VAT implementation was conveyed to the Union Finance Minister, P. Chidambaram, at a meeting of the Empowered Committee of State Finance Ministers on VAT held in the Capital on Friday.

Even as most of the States agreed on the new date for implementation of VAT, the State Finance Ministers used the occasion to get a commitment from the Centre that the draft service tax Bill piloted by the Finance Ministry would be thoroughly reviewed and States would be consulted on this matter. On the issue of compensation to States for losses, if any, on the implementation of VAT, Dr Dasgupta said that the Finance Minister has assured the States that any losses on account of implementation of VAT or phase out of CST would be compensated.
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