CPI (M) releases political resolution
New Delhi: The draft of the CPI (M)'s political resolution has laid down the new line to be adopted by the party and also provides new direction for the new General secretary. The resolution calls both the Congress and the BJP, 'bourgeoise' parties, and says it wants neither to gain strength.

While the party is keen to revive the third front, it adds that the present political climate in the country makes the task difficult.

The draft resolution prepared on the eve of the party's 18th congress also talks in some detail about caste politics.

In the draft, the CPI (M) commits itself to fighting caste-driven politics as well as those practising it. Also, for the first time, the resolution supports reservations in the private sector.

The draft also condemns Naxalism, terming it as ideological bankruptcy.

It accuses the Naxal groups active in Andhra Pradesh, Jharkand, Chhattisgarh and Bihar of violating the democratic rights of the people and goes on to say that the party will mount a political and ideological campaign against them.
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India and Chile sign up for preferential trade access
New Delhi: India and Chile have signed a framework agreement on economic cooperation to promote trade expansion by providing limited preferential access to each other's markets initially.

The Union Commerce and Industry Minister, Kamal Nath, and the Chilean Minister of Foreign Trade Affairs, Ignacio Walker, signed the Framework Agreement in the presence of the Prime Minister, Dr Manmohan Singh, and the Chilean President, Ricardo Lagos.

Kamal Nath said the signing of the framework pact with Chile is a part of the strategy to boost India's exports and improve its share of world trade, which is at present less than 1 per cent.

The country has of late been engaging itself with various regions/countries for preferential trading arrangement (PTA). Negotiations for PTA with Chile would start subsequent to the signing as per mutual consultations and would conclude by 2005.
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Inflation drops with fall in food article prices
New Delhi: The annual wholesale price index-based inflation fell to a 31-week low of 5.6 per cent for the week ended January 8, from 5.78 per cent recorded during the previous week. The fall recorded in the point-to-point inflation rate was largely on account of a drop in prices of some food articles, according to data released by the Ministry of Commerce and Industry today.

According to the data, the WPI stood unchanged at the previous week's level of 188.6 points but was higher than 178.6 a year ago. The primary articles' group index dipped by 0.1 per cent to 185.9 points as food articles turned cheaper, while non-food articles prices were up by 0.3 per cent.

The fuel, power, light and lubricants group index was up by 0.2 per cent to 288.1 due to a hike in electricity prices by 1 per cent, though aviation turbine fuel (ATF) turned cheaper by 21 per cent. The manufactured products group index rose by 0.1 per cent to 167.4 due to costlier food products, paper and machinery.

Among the primary articles' group, the food articles group index declined to 184.4 due to cheaper fish-marine (8 per cent), tea (4 per cent), fish-inland, masur, condiments and spices (2 per cent each), jowar and urad (1 per cent each). However, prices rose for ragi (4 per cent), poultry chicken (3 per cent), vegetables, mutton, moong and rice (1 per cent each). The Non-food Articles group index grew to 182.2 owing to higher prices of sunflower (12 per cent), niger seed (2 per cent), raw silk and raw jute (1 per cent each). But prices of castor seed, soyabean, hides and cottonseed fell by 1 per cent.

Among the manufactured products group, the food products group index rose by 1.1 per cent to 177.1 due to higher prices of khandsari and sugar (4 per cent), solvent extracted groundnut oil and bran (2 per cent each), gur and unrefined oil (1 per cent each). However, prices fell for sooji (2 per cent) and groundnut oil (1 per cent).

The Government also revised upward the WPI figure to 190.6 during the week ended November 13, while correcting the inflation to 7.68 per cent as against the provisional figure of 7.34.
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Assocham identifies new areas for Indo-Pak trade
New Delhi: The Associated Chambers of Commerce and Industry of India (Assocham) has identified nine key areas of economic activities in which successful joint ventures can be set up between India and Pakistan. These include the cotton industry, engineering products, leather, food processing, fisheries, educational institutes, services, information exchange and tourism.

In a memorandum submitted to the Commerce and Industry Minister, Kamal Nath, the Assocham President, Mahendra K. Sanghi, has urged him to take forward the chamber's initiatives and take up the matter with his counterpart in Pakistan so that a preliminary dialogue is commenced for the promotion of joint ventures in the above areas. Sanghi argued that unauthorised trade roughly over $1.5 billion takes place between the two countries even in these areas.

The chamber has already projected an enhancement of bilateral trade to the tune of $10 billion with Pakistan by 2010 from the present bilateral trade figure of over $3 billion, provided enough initiatives are taken by the two Governments.
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SEZ supplies are entitled to DFRC benefits
New Delhi: The Department of Commerce has clarified that all supplies made to special economic zone (SEZ) units after September 1, 2004 would be entitled for the benefits of duty-free replenishment certificate (DFRC) under the foreign trade policy.

This clarification has come in response to the doubts raised before the Directorate-General of Foreign Trade (DGFT) regarding availability of DFRC benefits on supplies made to SEZ units.

The facility of drawback/advance licence/duty entitlement passbook benefits is already available for supplies made to SEZ.

Meanwhile, the DGFT has issued a notification on January 19 for the gems and jewellery sector allowing import of gold of 8K and above under replenishment scheme subject to proper verification by way of an Assay Certificate.
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