Chidambaram: India poised for 7-8 per cent sustained growth
New Delhi: India is poised to clock 7-8 per cent GDP growth on a sustained basis in the next 10 years which will be driven mainly by trade, Finance Minister P Chidambaram, has said.

The FM said that, "India is riding on a wave of sustained economic growth... There is universal acceptance that India now rides a crest of economic growth that can last for 10 years," he told an august gathering of Indian industrialists and delegates from 33 nations at the India Economic Summit. Although the economy has averaged 6.5 per cent growth in the last decade, Chidambaram said "what we need is 7-8 per cent growth on a sustained basis." The FM asserted that high growth in India was inevitable as there was a consensus on reforms irrespective of the party in power.

Chidambaram identified trade as the "growth driver", with exports growing by 24 per cent and imports clocking 37 per cent so far this year. "Trade will be a major driver of growth and even if it leads to trade deficit, it is beneficial for India," he said. Chidambaram, however, said that external debt has to be carefully managed and investment inflows carefully monitored.
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Putin visits Bangalore
Bangalore: The Russian President, Vladimir Putin, has said that Russia and India should work together on innovative new technologies. Earlier, Putin met with the senior management of the company, including Nandan M. Nilekani, CEO, President and Managing Director. Putin also visited the company's global management centre.

The Russian President also visited Hindustan Aeronautics Ltd. where he saw a display by the Intermediate jet trainer, the advanced light helicopter Dhruv and the Light Combat Aircraft, Tejas.
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India and Russia to develop air-launch version of the BrahMos missile
New Delhi: The governments of India and Russia have approved the development of the air-launched version of the BrahMos, the supersonic cruise missile jointly developed by both nations. This version of BrahMos would be integrated with the Sukhoi-30 MKI multi-role fighter aircraft. The timeframe for inducting this version has been set at two years.

The Russian President, Vladimir Putin, inaugurated the BrahMos Aerospace Headquarters complex in New Delhi yesterday. He spent more than an hour in the complex, visiting its various centres. These centres relate to the BrahMos design group, training and documentation, project management, international cooperation and an exhibition.

The IAF version of BrahMos will be lighter than the Naval version which weighs three tonnes. But the range will be the same. The IAF version will have an improved booster and a modified nose cap. An Army version of BrahMos is also being readied which would be fired from a mobile launcher on the ground towards a land target. Of the eight flights of BrahMos so far, the seventh flight on June 13, 2004 was from a mobile launcher.

The ship-launched version has already been proved with three successful flights from an Indian naval ship and the Navy is happy with the missile's performance. The BrahMos is essentially an anti-ship missile that can be launched from ships, submarines and from launchers on land. According to officials, a ship of the Indian Navy would be fully fitted with an operational system of the BrahMos in 2005.
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Vaghela: Rs.100 crore subsidy for cotton exporters likely
Mumbai: The Union Government is proposing to allocate Rs100 crore towards subsidy to help cotton exporters tide over pricing problems. The proposal, according to the Minister for Textiles, Shankersinh Vaghela, would have to cleared by the Finance Ministry but would help cotton growers get a commensurate price for their cotton.

Vaghela said that the size of the Technology Upgradation Fund (TUF) would also be enhanced and that increased investments in the textile industry would result in creating employment for another two lakh people. He added that there were plans to raise the current 5 per cent subsidy given to processing units to 8 per cent. Sick textile mills, he said, would be wound up and viable units would be strengthened.

The minister added that Indian textiles exports could grow at 18 per cent a year to reach $40 billion by 2010. India is also set to become the second biggest supplier to the US with its share bouncing up to 15 per cent from the current 4 per cent.
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