Oil pipeline: India hints at trilateral deal
Islamabad: Petroleum Minister Mani Shankar Aiyar currently in Islamabad has hinted at a trilateral agreement involving Pakistan for the oil pipeline project.

Uptill now, India was negotiating with Iran and Iran with Pakistan but now India may agree to look at a three party comprehensive agreement for the pipeline.

Aiyer has also indicated that India may not be averse to partner in another pipeline project involving Turkmenistan, Afghanistan and Pakistan.
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China now amongst top five destinations for Indian exports
New Delhi: China is also among the top five destinations of Indian exports according to the latest available disaggregated merchandise trade data for 2004-05.

The top five destinations sorted on the basis of growth, rated in dollar terms, in 2004-05 over 2003-04 are Singapore (78.63 per cent), China (55.20 per cent), the United Arab Emirates (38.48 per cent), the US (15.45 per cent) and Hong Kong (11.94 per cent).

According to an official statement, in terms of percentage share, the US has topped the list with 16.74 per cent followed by the UAE (8.96 per cent), China (5.79 per cent), Singapore (4.79 per cent) and Hong Kong (4.61 per cent).

In terms of value, India's exports to the US in 2004-05 were $13.2 billion followed by UAE ($7 billion), China ($4.5 billion ), Singapore ($3.7 billion ) and Hong Kong ($3.6 billion).
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IMD: Monsoon sets in over Kerala
Thiruvananthapuram: The southwest monsoon has set in along the Kerala coast with the first few showers, accompanied by thunder activity, lashing Thiruvananthapuram and a few other centres early Sunday morning.

An India Meteorological Department (IMD) update said monsoon has advanced into Kerala and also into some parts of South Arabian Sea, parts of Tamil Nadu and Southwest Bay of Bengal.

According to the met office, the northern limit of the monsoon passed through Kochi, and the landfall was more pronounced in that city. Other experts have however struck a note of caution saying that the bulk of the monsoon currents were still wallowing off the southern parts of the State.

Outlook for subsequent two days said the increased rainfall activity over the southern peninsula would continue. Heavy to very heavy rainfall has been forecast for a few places over Kerala and Lakshadweep. Isolated heavy rainfall is likely over Andaman and Nicobar Islands and coastal Karnataka.
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FY05: Gross tax collection up 20 per cent at Rs3,04,980 crore
New Delhi: Robust earnings and higher tax payment by India Inc has pushed up Centre's gross tax collection by 20 per cent to Rs3,04,980 crore in 2004-05, with the Government mopping up a whopping Rs71,651 crore in the month of March alone.

The net collections after providing for states' share and refunds grew to Rs2,24,857 crore in the last fiscal from Rs1,86,932 crore in 2003-04, barely missing the revised estimated target of Rs2,25,804 crore, as per figures released by Controller General of Accounts.

A strong industrial growth and higher profits of India Inc pushed up the corporate tax collection by 32 per cent to Rs83,566 crore in 2004-05 from Rs63,562 crore in 2003-04.
Income tax collections were up by a modest 17 per cent at Rs48,312 crore last fiscal.

The rise in indirect tax collections has come in spite of a duty rationalisation in the budget and cut in duties of petroleum, steel, polymers and other products to check inflation.

Customs duties were up by over 18 per cent at Rs57,655 crore while excise duties were higher by 10 per cent at Rs99,155 crore last fiscal. The Government mopped up another Rs16,292 crore from Service Tax and other taxes last fiscal compared to Rs10,004 crore in the previous fiscal.

Apart from income tax, about 82 per cent of the revenue came from India Inc last fiscal.
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CII: GDP growth to be at 7.2 per cent
New Delhi: ACII study has said that high growth of the agriculture and industrial sectors are expected to catapult GDP growth to 7.2 per cent during 2005-06.

The study also said that the forecast for a normal southwest monsoon and strong growth in commercial bank credit to the farm sector could push agriculture growth to around 3 per cent during 2005-06 as against 1 per cent during the last fiscal year.

"Factors likely to yield higher growth in agriculture are projection of normal southwest monsoon, an improvement in distribution of quality certified seeds, higher than targeted growth in commercial bank credit to agriculture and a favourable trend reversal in the gross capital formation in agriculture," the study has said.

The CII, however, cautioned about some downside risks for industrial growth for the current fiscal even while forecasting a 8.1 per cent growth for the sector during 2005-06.

It said a further slow down of infrastructure sectors whose growth fell to 4.4 per cent in 2004-05 from 6.2 per cent in 2003-04 will impose a real constraint on industrial performance.

Secondly, the RBI projection for growth of non-food credit is 19 per cent for 2005-06, which is significantly lower than 26.5 per cent growth in 2004-05 and may result in lower investment demand by the private sector, the CII study said.

However, based on the expected high growth in services and other sectors, the CII forecast an overall GDP growth rate of 7.2 per cent during 2005-06.
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MSEB to be unbundled into four separate companies
Mumbai: With the formation of four new companies the Maharashtra State Electricity Board (MSEB) will find itself unbundled from tomorrow.

The MSEB will be dismantled into the MSEB Holding Company, Maharashtra State Power Generation Company, Maharashtra State Transmission Company and Maharashtra State Distribution Company. The companies will be state-owned, under the Electricity Act, 2003 which envisages unbundling of the SEBs.

The holding company has come into existence on June 1 while the three companies would come into being on June 6, a top MSEB official said.

The state electricity board, which made a humble beginning with a 10 MW power plant has grown to about 9,771 MW capacity in the last 45 years and provides power to all towns and about 40,000 villages in Maharashtra. The SEB has the highest generation capacity, highest number of consumers at 1.4 crore and the largest number of agricultural pumps at 24.5 lakh in the country, he said.
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Karnataka plans to export goods worth Rs 60,000 cr
Mangalore: The State of Karnataka is planning to export goods worth Rs60,000 crore during the current financial year.

THE Karnataka State Industries minister has said that the State exported goods worth Rs50,000 crore, including Rs7,000 crore from coastal Karnataka, during 2004-05.

The information technology sector's contribution was Rs22,000 crore to the total exports from the State. Other sectors such as garments and manufacturing contributed the rest, he said.

Karnataka, which was in the second position in the last fiscal, is aiming at occupying the top slot during the current fiscal. To achieve this, the Government is also making efforts to boost export of agricultural products, he said.

The Government has also given approval for investments worth Rs50,000 crore, he said.
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