Chidambaram pegs 6-7.4 pc GDP growth
New Delhi: Finance Minister P Chidambaram has said that 8 per cent GDP growth would be difficult this fiscal on the back of high 8.2 per cent attained in 2003-04. He has pointed out that the 8.2 per cent growth of 2003-04 was on the back of a low 4 per cent in the previous fiscal, which, in his words was a slight statistical illusion. The minister was speaking at a CII post-budget meeting. After 8.2 per cent growth, he said projections of 6.5 to 7 per cent were reasonable.
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Industrial growth dips to 6.2 per cent in May
New Delhi: Industrial output posted a marginal slowdown in growth at 6.2 per cent in May, down from 6.4 per cent growth recorded during the corresponding month last year. The overall growth during the first two months of the current fiscal (April-May ) was, however, higher at 7.5 per cent, as against a growth of 5.3 per cent registered during April-May period last fiscal, according to the quick estimates of the Index of Industrial Production (IIP) released by the Central Statistical Organisation (CSO) today.

For the manufacturing sector, which has the highest weightage in the Index, growth during May was stable at 6.7 per cent, as was recorded during the same month last year. Cumulative growth during April-May was, however, higher at 7.6 per cent, as against a 5.5 per cent growth during the corresponding two months in 2003. The consumer durables sector recorded a dip in growth at 8.3 per cent, as against a double-digit growth of 11.4 per cent in May last year. The cumulative performance was up at 9.4 per cent, as against last year's 5.9 per cent.
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DGFT invites suggestions for new trade policy
New Delhi: The United Progressive Alliance (UPA) Government has said a new foreign trade policy for the country would be announced in August. The Directorate-General of Foreign Trade (DGFT) has now invited suggestions for the new policy. The suggestions could be forwarded to the DGFT latest by July 15, according to an official release.
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GAIL to invest Rs 10,450 crore in Kerala
Thiruvananthapuram: GAIL (India) Ltd has signed a gas cooperation agreement (GCA) with the Kerala State Industrial Development Corporation (KSIDC) providing a roadmap for the national gas carrier's proposed investment plans in the State worth Rs 10,450 crore. The three main projects planned are, firstly, a naphtha-based petrochemicals complex, a LNG regassification terminal and a pipeline network as an extension of the national gas grid.

The GCA commits GAIL to, among others, evaluating medium and long-term demand for natural gas in Kerala, undertaking a techno-feasibility study of a pipeline network; developing and constructing a network that would be operated on a common carrier basis; assessing the demand of the optical fibre cable bandwidth that piggybacks the pipeline network; and partnering with KSIDC for assessing the viability of city gas distribution projects.
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