FICCI signs pact with Brazilian counterpart
New Delhi: FICCI has signed a memorandum of understanding (MoU) with the Federation of Industries of the State of Goias (FISG), Republic of Brazil, to foster the development and diversification of commercial exchanges and economic cooperation on a mutually advantageous basis between the two countries.

The main objective of the pact is to promote business, investment and trade relations between the two countries.

The MoU was signed by the FISG President, Paulo Afonso Ferreira, and the FICCI President, Y.K. Modi, in the presence of Marconi Ferreira Perillo Jr, Governor of the State of Goias, Brazil, who is on a visit to India accompanied by a 50-member business delegation.

Earlier, at a meeting organised by FICCI, Perillo advised the Indian business community to exploit the vast market beyond the national boundaries.
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Kamal Nath pitches for agenda based regional co-operation
New Delhi: India has urged the member countries of the South Asian Association for Regional Cooperation (SAARC) to evolve a concrete agenda focusing on economic cooperation to bolster regional cooperation on a more solid basis.

Addressing the inaugural session of the two-day SAARC Commerce Ministers conference in Islamabad, the Union Minister of Commerce and Industry, Kamal Nath, said the logic of mutual economic benefit must triumph and that it was imperative that the SAARC countries devise a concrete, positive, workable and programme-based agenda central around economic cooperation.

"One in every five human beings on this planet is represented here.

If we bring prosperity to our people, we will have achieved something outstandingly remarkable, not just on a regional basis, but on a global scale," Nath said.

He stated that the total intra-regional trade among SAARC countries was barely of the order of $6 billion or so and compared miserably with the total international trade of these countries, which was of the order of $200 billion.

He said that it was a matter of regret that over ninety per cent of the requirements of South Asian countries were still sourced from outside the region. And conversely, a major part of India's exports were also destined for countries outside the SAARC grouping.
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Manufacturing council list to be finalized shortly
Chennai: Ratan Tata, Venu Srinivasan, Jamshed Godrej and Baba Kalyani are among the eleven industrialists who will represent industry in the newly-set up National Manufacturing Competitiveness Council (NMCC).

It is learnt that the member-list of the council was recently approved by the Cabinet. Economists Dr Bibek Debroy and Dr Isher Judge Ahluwalia, Presidents of FICCI, Assocham are also in the council list. Prof. Shekar Chaudhury, Director, IIM Calcutta and Prof. M.S. Ananth, Director, IIT, Chennai, represent the academia.

Other industrialists who are to be members of the council are Mukul Kasliwal, Chairman, S. Kumars group; A.M. Naik, Chairman and Managing Director, Larsen & Toubro; Y.C.

Deveshwar, Chairman and Managing Director, ITC; Suresh Neotia, Chairman, Gujarat Ambuja Cements Ltd; Habib Khorakiwala, Chairman and Managing Director, Wockhardt; Dr Surendra Kapur, Proprietor, Sona Steerings; and Ms Uma Reddy, Proprietor, Hitech Magnetics.

Apart from these, there will be one member from the SSI sector. The NMCC will have six members from the Government - Secretary, Department of Industrial Policy and Promotion, Secretary, Finance, Member (Industry), Planning Commission, Secretary, Heavy Industries, Secretary, SSI and Director General, Council of Scientific and Industrial Research (CSIR).

It is expected that a formal announcement of the constitution of the council will be made by the Government shortly.
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Centre approves desalination plant for Andhra Pradesh
Hyderabad: The Centre has approved the settiong up the country's first desalination plant in the Government sector at Bheemunipatnam in Andhra Pradesh. The Centre would bear 90 per cent cost of Rs 9-crore project, while the State Government will chip in the remaining amount.

Announcing this, Ghulam Nabi Azad, Union Minister for Urban Development, said he had asked the State Government to send project reports for three more such plants. The plant could produce 2.8 million litres a day.

Azad also said that the Government would study the successful urban solid waste management experiment in Andhra Pradesh and evolve a policy that could be replicated elsewhere in the country.
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Allow up to 49 per cent FDI in retail sector: ICRIER
New Delhi: A study conducted by The Indian Council for Research on International Economic Relations (ICRIER) has suggested that 49 per cent foreign direct investment (FDI) be allowed in the retail industry, pointing out that foreign players have already entered the Indian market through various loopholes in the regulation. Currently, the Government does not allow FDI in retailing.

ICRIER made these observations in a draft report of the study `Foreign direct investment in retail sector: India', which was presented to the Ministry of Consumer Affairs on Monday.

Making a case for allowing up to 49 per cent FDI, the council said this would provide an opportunity for domestic players to enter into joint venture agreements (JVs) and the entry of foreign players would ease financial pressures and bring in technical knowhow and best-management practices in this industry. Also, domestic players will be able to retain majority ownership of JVs in case the FDI limit is not raised beyond 49 per cent, the institute said.
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