Parliament: Budget session starts today
New Delhi: The budget session of Parliament starts today with the Left parties threatening to raise a stink. The Left has made its displeasure evident with key economic reform proposals including the banking regulation act and the raising of FDI limit in the insurance sector.

Yesterday, the Left had presented the Finance Minister P Chidambaram a wish list of twelve demands.

The bill providing for 33 per cent reservation for women in Lok Sabha and state assemblies, the Patents Bill and the Disaster Management Bill should be taken up in this session of parliament.
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Govt. allows 100 per cent FDI in construction
New Delhi: Government has allowed 100 per cent foreign direct investment (FDI) in the construction industry in a bid to boost employment and growth.

Announcing the decision, Commerce Minister Kamal Nath said FDI up to 100 per cent will be allowed under automatic route in townships, housing, built-up infrastructure and construction-development projects. But the government has barred the sale of undeveloped land by foreign investors to prevent speculation in real estate.

The foreign investor can now come in automatically without needing to go through the Foreign Investment Promotion Board (FIPB). The government feels allowing FDI in construction is going to create large-scale employment and will also boost infrastructure.

The move will also increase demand for core sectors like the cement and steel industries.
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Crude oil and natural gas output increases marginally
New Delhi: India's crude oil production has gone up by 2.6 per cent, according to the latest figures data released by Ministry of Petroleum and Natural Gas. The refinery output has also jumped 5.9 per cent in the first ten months of current fiscal.

While crude oil production was almost unchanged at 2.91 million tonnes in January, it increased from 27.76 million tonnes in April-January 2003-04 to 28.47 million tonnes this fiscal.

Production of refined petroleum products at 11.06 million tonnes was marginally down in January. But in April-January this fiscal, it rose 5.9 per cent to 106.02 million tonnes as against 100.12 million tonnes in the corresponding period the pervious year. Refineries operated at 102.3 per cent of their rated capacity in January and at 99.3 per cent in April-January. Natural gas production has increased by one per cent to 2763 million cubic meters in January.

Crude oil production from India's prime Mumbai High oilfield was almost unchanged at 1.55 million tonnes in January.
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