Asian gas grid: Aiyar calls for end to Western dominance
New Delhi: Petroleum Minister Mani Shankar Aiyar has proposed the construction of a natural gas pipeline network, connecting gas-rich nations in the Gulf and Siberia to consumption centres in India, China and Japan. "We need an Asian gas grid," he said, dressing the Third Asian Gas Buyers' Summit. We need to link all of Asia with network of pipelines, flowing gas in all directions," he said.

He suggested that the proposed Iran-India pipeline via Pakistan could be extended to South China via Burma, while a network of criss-crossing pipelines could link former Soviet republics of Kazakhstan and Turkmenistan with Fast East Russia on the one hand and demand centres, India and China, on the other. Gas- rich Myanmar and Indonesia could also form part of the grid.

Aiyar asked the Asian natural gas industry players to look beyond the confines of trading in gas and envision a pan-Asian community based on a clear understanding that Asia is home to over half of the world's gas reserves and is the destination for incremental consumption.

"This would enable the countries in the region to maximise the gains and end the wretched western dominance and secure energy security and economic growth in Asia."

Aiyar said that India could dip into its vast reserves of foreign exchange for investment in pipelines, he said.
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Indo-Iran gas pipeline to come up in five years
New Delhi: Iran has welcomed the participation of Indian companies in the development of the gas field, which will export natural gas to India through a pipeline passing via Pakistan.

National Iranian Gas Export Company chairman M H will hold technical discussion with the Indian side on the 2775-km Iran-Indian pipeline. He said that the pipeline would be constructed in five years' time. On security of supplies through the pipeline, he said "the pipeline is required by everybody. All partners need it and this is an assurance for safe delivery."

"We should not be worried about the security of supplies as it is more important for us and Pakistan to ensure safe delivery of gas," he added.

Pakistan would take 20 per cent of the 75 million standard cubic meter per day of gas exports from Iran and also get a transit fee.

Of the 28 phases planned for development of the gigantic South Pars field, gas for Iran-India pipeline will come from a phase beyond the current 18 phases put under development.
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India and Italy sign six accords
New Delhi: The Commerce and Industry Minister, Kamal Nath, has invited more foreign direct investments (FDI) from Italian enterprises, and has pointed out that the actual inflow of FDI from Italy at $ 448 million was only 1.83 per cent of the total FDI inflow into India from all the countries.

The Minister exchanged views on bilateral and multilateral trade matters with the visiting Italian Minister for Production Activities, Antonio Marzano. Both the Ministers expressed satisfaction over the signing of the memorandum of understanding (MoU) on fishery and aquaculture products. The MoU was signed between the Ministry of Commerce and Industry and the Italian Ministry of Health.

Marzano is accompanying the President of Italy, Carlo Azeglio Ciampi, on his visit to India. He is accompanied by a CEO's delegation consisting of 31 members led by Luca Di Montezemolo, President, Confindustria (Confederation of Italian Industries) and a delegation from 113 Italian small & medium Enterprises (SMEs).

In all, India and Italy have signed six accords that covered cooperation in space, science and technology, culture (conservation of paintings in Ajanta and Ellora) and fishery and aquaculture production.

The agreements were signed in the presence of Prime Minister, Dr Manmohan Singh and the visiting Italian President.
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India and Russia set to simplify visa procedures
Chennai: The Governments of Russia and India are on the verge of an agreement to simplify visa procedures for businessmen who want to visit Russia, the Russian Ambassador in India, Vyacheslav Trubnikov, has said.

Trubnikov stressed the huge potential for cooperation between India and Russia, especially in areas such as power, desalination plants and information technology. Trubnikov recalled that after the Russian President, Vladimir Putin, visited Bangalore in December 2004, and has held a meeting of Russian businessmen and academics in the Siberian city of Novosibirsk, where he spoke of his amazing experience in Bangalore and called upon all to work with India in IT.
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Exports mark 33 per cent growth in January
New Delhi: The country's exports seem to be on a roll with the first three quarters logging 25.55 per cent growth and January 2005 registering a 33.17 per cent growth in dollar terms compared to the corresponding previous periods.

Provisional figures put out by the Commerce Ministry based on data from the Directorate of Commercial Intelligence and Statistics, Kolkata, show that India's exports in January 2005 stood at $6,716.15 million, which is 33.17 per cent higher than $5,043.13 million clocked in January 2004.

Cumulatively too, the country's exports during the April-January period of the current fiscal are valued at $60,754.46 million, which is 25.55 per cent higher than $48,389.85 last year.

Senior officials of the Commerce Ministry have said that the growth in exports is across the board, covering most of the traditional exports, which by far account for the bulk of India's exports.

There is also optimism that with the phase-out of quota in global trade in textiles and clothing from January 1, 2005, would allow the country's textile exports to boost the overall exports and sustain the distinctly high export growth noticeable now.

The country's imports during January 2005 clocked a growth of 40.40 per cent at $9,584.53 million over $6,826.40 million in January 2004. Imports during the first three quarters of the current fiscal are estimated at $83,441.55 million, representing an increase of 34.72 per cent over $61,937.79 million previously.

Oil imports particularly shot up during the period under review, notching up a growth of 40.14 per cent at $23,461.21 million against $16,741.20 million earlier.

Non-oil imports during the period are estimated at $59,980.34 million, which is 32.71 per cent higher than the level of such imports valued at $45,196.59 million last year.

The relatively robust growth in non-oil imports also reflects the pronounced pick-up noticeable in the manufacturing sector growth, which was running at eight per cent during the current fiscal.

Trade deficit during the first three quarters of the current fiscal has gone up to $22,687.09 million, higher than the deficit of $13,547.94 million during April-January 2003-04.
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