African team calls for strengthening of bilateral ties
Hyderabad: A sixteen member high-level delegation of African envoys has called for mutual cooperation for the benefit of the two regions.

The delegation, which is on a four-day visit to Andhra Pradesh, is discussing business and other areas for bilateral cooperation. Headed by Abdal Mahmood Abdal Haleem, Ambassador of Sudan, the delegation's itinerary included visits to ICICI Knowledge Park, Shantha Biotechnics and Centre for Cellular and Molecular Biology (CCMB).

They would also meet the Andhra Pradesh Chief Minister, Dr Y.S. Rajasekhara Reddy, on his arrival from China. The delegation had a meeting with the FAPCCI-CEO Club on Thursday.

Addressing the African Ambassadors and High Commissioners, O.P. Goenka, President of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI), said there was an immediate need to activate an agreement signed in 1997 by India and the South African Development Community (SADC).

The agreement envisaged cooperation in diverse sectors such as agriculture, water resources management and human resources development. He suggested that a SADC team should visit India, especially Andhra Pradesh, to familiarise itself with the strength in the area of bulk drugs.

The chamber would set up a small-scale industries information centre to promote SMEs in the SADC region.
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Congo govt. in talks with Ranbaxy for drugs
New Delhi: The Congo Government is now looking at India to source drugs and essential medicines and the finalisation of a deal, with the New Delhi-based Ranbaxy Laboratories Ltd., is in the advanced stages.

A high-power Congo delegation led by its Minister of Foreign Affairs and International Cooperation, Ramazani Baya, is currently in India. Baya said that the group has met a number of senior executives from Ranbaxy Laboratories to negotiate the deal, which would be sealed shortly.
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Inflation at eight month low
New Delhi: Inflation dropped by 0.05 per cent to 5.37 per cent, touching a 34-week low, for the week ended January 22. This was mainly due to cheaper vegetables, fruits, edible oils, minerals, fuel and manufactured products.

The point-to-point Wholesale Price Index (WPI) inflation fell for the eighth consecutive week, from 5.42 per cent in the previous week, due to government's and the RBI's steps to contain the price level. It had stood at 6.24 per cent in the year-ago period.

The WPI declined by 0.1 per cent to 188.4 points with the indices of primary articles, fuels and manufactured products moving down. It had stood at 178.8 points in the previous year period. The final inflation and WPI stood unchanged at their respective levels of 7.30 per cent and 189.6 points during the week ended November 27.

The index of Primary Articles' group was down by 0.4 per cent to 184.7 points due to a sharp fall in the prices of minerals and non-food articles and a marginal dip in food prices. The index was 182 points in the year-ago period.

Though domestic fuel prices have been untouched for over two months, international prices had soared during the week under review due to concerns over increased demand from the US and elections in Iraq.
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IMF: India to grow at 6.5 per cent
Washington: The International Monetray Fund has said that the Indian economy is headed for another year of "robust growth" in an annual review of the Indian economy.

The world body noted that due to strong monsoon, growth had rebounded to 8.5 per cent in 2003-2004, the highest level in over a decade. But it warned that huge fiscal deficit and public debt were impediments in sustained growth. The IMF underlined that without enhancing tax revenues and reducing lower-priority spending, it would be very difficult to address the country's large infrastructure needs.

On the brighter side, the report said: "This year, firms appear to have embarked on a new investment cycle, underpinned by strong credit growth." The organisation said that a recovery in agriculture on normal monsoons in 2005-06 should support growth in the range of 6.5 per cent.
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