Foreign Trade Policy: Govt. targets $92 bn in exports
New Delhi: Commerce and Industry Minister Kamal Nath has unveiled the Foreign Trade Policy for 2005-06, which revises the exports target to $92 billion from $88 billion earlier.

The minister has also announced that the country's exports have grown in excess of 24 per cent in 2004-05 to touch $80 billion. The Minister has outlined a number of steps to streamline procedures and has laid a thrust on agri-exports, including removal of exports' cess on farm and plantation commodities.

The policy includes a special package for the tsunami-hit marine sector, new initiatives in infrastructure to ease congestion at major ports and a reoriented Export Promotion Credit Guarantee Scheme.

He said the popular Duty Entitlement Passbook Scheme will continue for the time being and the replacement scheme was being finalised.
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Canada looking to double two-way trade in two years
Chennai: Canadian Minister for International Trade, James Peterson has said that his country wanted to double the two-way trade and investment between the two countries in the next two years. He said the two-way trade between the two countries at C $2.5 billion, and investments at C $246 million, was very low.

"Also, considering that there are an incredible one million Canadians of Indian origin, we want to expand both trade and investment exponentially," he said, adding, "our main aim is double the two-way trade and investment level in the next two years."

On the selection of Chennai to set up its Consulate to cater to the needs of South India, he said Chennai had an exceptional growth rate and was serving as a very important hub for Singapore, Malaysia and other countries.

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Saudi- Indian Business Network institutes 'Friend of India' award
Dubai: The newly formed Saudi-Indian Business Network (SIBN) has decided to institute an annual 'Distinguished Friend of India Award,' which will be given to a Saudi entrepreneur who excels in promoting business with India and mutual investments.

The award and the establishment of a permanent exhibition showcasing Indian products and services are among the immediate plans of SIBN, launched last month.

SIBN has also decided to develop a data bank on various Indian investment projects, Indian business houses across the Kingdom, and liberalisation of rules and regulations to promote and facilitate investment.
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FM: 'Enough resilience to contain inflationary pressures'
Mumbai: The Finance Minister, P Chidambaram has said that the Government is confident about managing inflationary pressures, despite rising crude oil prices. "The RBI and Government of India are taking necessary steps as we have enough capacity and resilience to withstand the situation," he said here.

The Cabinet will take a decision on the hike in petrol and diesel prices after consulting the Ministry of Petroleum, he said. On the interest rate, he said there is no likelihood of the rates going up in the medium term.

He said though the rising crude prices are a cause of concern, the recent inflationary figures however, signal a further decline.

The Finance Minister said the State governments must implement VAT as over 130 countries have benefited from such a regime. He also requested the traders to give up their protest against VAT.

He said two more States will switch over to VAT from today and hoped the reluctant ones would also implement the regime soon.
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Eligibility criteria: News channels given final extension
New Delhi: News and current affairs television channels have been given a final extension of six months, up to September 2005, to conform to the existing eligibility criteria. No further extension would be given, the Information and Broadcasting Minister, S Jaipal Reddy said after a Cabinet meeting here.

He said the companies operating such channels were earlier required to conform to the revised guidelines by March 2004, that is, to restructure their equity to conform to these guidelines.

The decision for extension of the deadline will give time to the Ministry to finalise the proposal to review the up-linking guidelines, Reddy added.
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