Lok Sabha: Supplementary demands for grants introduced
New Delhi: The second and final batch of supplementary demands for grants for the current fiscal involving a net cash outgo amounting to Rs8,072.74 crore was introduced in the Lok Sabha on Tuesday by the Minister of State for Finance, S.S. Palanimanickam.

Out of 69 grants and four appropriations involving authorisation of additional expenditure of the order of Rs1,69,269.77 crore, the proposals involving net cash outgo aggregate to Rs8,072.74 crore, while gross additional expenditure matched by savings of the Ministries/Departments or by enhanced receipts/recoveries aggregate to Rs1,61,196.40 crore. While demands under plan component amount to Rs520.74 crore, the demands for non-plan head amount to Rs7,552 crore in the net cash outgo.

Of the Rs8,072.74 crore net cash outgo, the lion's share of Rs1,937.76 crore under non-plan expenditure is for providing compensation to Bharat Sanchar Nigam Ltd (BSNL) for rural telephony (Rs1,994.85 crore). This is followed by demand for Rs1,970.73 crore by the Department of Fertilisers for subsidy to fertiliser industries and another Rs996.36 crore for payment of subsidy on indigenous decontrolled fertilisers and imported fertilisers.
Back to News Review index page  

Oil to flow from Sakhalin this year
New Delhi: The Minister of Petroleum and Natural Gas, Mani Shankar Aiyar, has informed the Rajya Sabha that production of oil and gas from Sakhalin-I is expected to commence from 2005-06 and full production is expected from the last quarter of 2006-07.

The Sakhalin Project is expected to produce about 12.5 million tonne of oil and 10 billion cubic metre of gas in the year of peak production, of which ONGC Videsh Ltd's (OVL) share would be 20 per cent.

The total production of the fields over their 40-year life period is estimated to be about 307 million tonne of oil and 485 billion cubic meter of gas. OVL has the option to bring its share of oil and gas to India or dispose off it to other consumers at the prevailing market prices.

In addition to OVL's partnership with Rosneft in Sakhalin-I project in Russia, the Minister said that further discussions about possible areas of collaboration have been held at the ministerial, official and commercial levels on this subject and the response has been encouraging.

Saudi Aramco, the world's largest oil firm, is keen to partner with state-owned Indian Oil Corporation (IOC) in maintenance of strategic crude reserves, Aiyar said. In a recent meeting between IOC and Saudi Aramco, the latter had expressed interest in joining India's efforts for maintenance of Strategic Petroleum Reserves. However, no formal proposal has been received from Saudi Aramco in this regard, he said.

India is in the process of building 5 million tonnes of storage capacity for crude oil in Visakhapatnam and Mangalore to improve its energy security. The storage, equivalent to 15 days of oil consumption, will boost India's existing 7.3 million tonne of crude tankage and 6.8 million tonnes product tankage capacity.

Currently, total crude oil storage capacity can meet the country's oil requirement for 19 days.
Back to News Review index page  

Delhi to host G-20 summit
New Delhi: Delhi will host a summit of a Group of 20 developing countries, popularly called the G-20, from March 18 onwards.

The G-20 will focus on drawing up a common strategy for agriculture ahead of the Hong Kong ministerial meeting in July.

The summit will also try to evolve a specific roadmap for reduction of subsidies in agriculture especially in the developed countries.
Back to News Review index page  

Mexican mission woos Indian drug majors
New Delhi: Mexico is trying to woo Indian pharmaceutical companies, through a pharma mission, comprising 11-members, which is visiting India. The mission will be meeting with officials of several drug majors such as Ranbaxy Laboratories, Cipla Ltd, Biocon and Wockhardt, besides top Government officials.

Rogelio Granguillhome, Mexican Ambassador to India, said the Mexican pharma industry would benefit by the expertise of the Indian generic players, who would be able to provide generic drugs at affordable costs.

Mexico is a potential market of about $2 billion, and is also the gateway to the US and Canada.
Back to News Review index page  

Mahajan accused of helping Reliance
New Delhi: Former Shiv Sena leader Sanjay Nirupam took his battle against the illegal allotment of shares of Reliance Industries into the Parliamentary arena. He questioned whether Reliance Infocomm investors were shortchanged when shares were given to some companies at much cheaper prices.

Outside the Parliament, he chose to directly accuse BJP General Secretary Pramod Mahajan of benefitting from Reliance.

"I am saying that as Pramod was the Telecom Minister then, he used his office to take decisions which helped Reliance," Nirupam alleged.

Finance Minister P Chidambaram has responded cautiously, by saying that all issues related to Reliance Industries were being looked into.
Back to News Review index page