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India and Turkey to set up JWG for the hydrocarbon sector
New Delhi: India and Turkey have decided to work together for acquiring stakes in third countries oilfields and have proposed to set up a joint working group within the framework of a joint commission of both countries.

"We have decided to establish a joint working group for Hydrocarbon sector," Petroleum Minister, Mani Shankar Aiyar , told media persons.

He said during his interaction with Minister of Energy and Natural Resources Helmie Gular, both agreed on the need for cooperation.
Indian upstream company ONGC Videsh Limited (OVL) can work with a Turkish company for acquiring stakes in third countries particularly in CIS countries, in which Turkish companies have better relations, Aiyar said.

Aiyar said that the Indian Oil Corporation has also proposed to bid for acquiring 50 per cent stake in State-owned Turkish refinery. "The map for acquiring the stakes is being prepared by the Indian Oil Corporatin and will bid for acquiring the stakes", he added.

He said that the Turkish side has also shared their experience in setting up the BTC pipeline along with Caspian sea to set up a world class pipeline.

He said that the experience of Turkish companies can be useful in case of Iran-India pipeline through Pakistan.
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Kapil Sibal: `Country to receive near-normal rainfall'
New Delhi: The 15-per cent deficiency in average rainfall in the country is expected to be made up by the first week of July, Minister of State (Independent Charge) for Science and Technology, Kapil Sibal has said.

"The country will receive near normal rainfall and the monsoon will make up for the 15-per cent deficiency till today by July 5 itself," Kapil Sibal, said here on Friday.

Normal rainfall has been predicted in Bihar, Marathwada and some States in the North-East in the first week of July.

Extensive cloud mass associated with the inter-tropical convergence zone drifted northwards in the extreme south Arabian Sea which helped the monsoon become strong. This will result in good rainfall across the country in this period, barring some places, Sibal told reporters. In the last four days of June, the monsoon has made up for about 30 per cent of rain deficiency, he said.

Central India has witnessed a good amount of rainfall, while some States in the North-East have received below-normal rains and the situation is not likely to change much, he said.

The condition in Marathwada is likely to be grim as the region has not received rainfall and there is no possibility of rainfall in the near future, he said adding that Bihar is likely to receive scanty rains. The trend in Gujarat, which has received good rainfall so far, is likely to continue, said Sibal.

On the difference in rainfall predictions made by various agencies, Sibal said, "From now onwards, the Department of Science and Technology would collect information from research institutes and disseminate information to avoid any confusion."
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Sonia and Left leaders discuss BHEL divestment issue
New Delhi: United Progressive Alliance Chairperson Sonia Gandhi had a meeting with Communist Party of India (Marxist) general secretary Prakash Karat and CPI national secretary D. Raja here on Friday in an attempt to end the standoff over disinvestment in Bharat Heavy Electricals Limited (BHEL).

"There is nothing to report by way of a final decision. We are confident of a proper constructive solution in the near future," Congress spokesperson Abhishek Singhvi said.

This was the first formal interaction between the leaders after the Left parties wrote to Ms. Gandhi on Sunday conveying their decision to suspend participation in the UPA-Left coordination committee meetings protesting against a "serious violation of the Common Minimum Programme."

Ms. Gandhi hoped that a solution could be found before Prime Minister Manmohan Singh left for the G-8 meeting in Scotland next week.
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Govt. to announce special credit plan for SMEs this month
Bangalore: The Finance Ministry is working on a special credit plan for small and medium sector enterprises and will announce the policy this month.

Speaking at the centenary celebrations of the public sector Canara Bank here on Friday, the Union Finance Minister, P. Chidambaram, said this policy would be on the same lines as the special agriculture lending policy.

However, Chidambaram said, to meet these large lending programmes, banks would need greater capitalisation. They would need to find the means for raising these large capital requirements.

He reiterated that for banks to remain internationally competitive, they would have to consolidate and emerge as bigger institutions. "We need to have some international-sized banks," Chidambaram said. This, he said, was essential to improve the services of the banking sector.

Chidambaram said this year the Government's target for farm lending was Rs1,41,000 crore.
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CSO revises GDP growth to 6.9 per cent for 2004-05
New Delhi: The country's overall economic growth, as measured by its gross domestic product (GDP), slowed down to 6.9 per cent in 2004-05 as compared to the much higher growth of 8.5 per cent achieved in the previous fiscal.

According to the revised estimates of GDP growth in 2004-05 released by the Central Statistical Organisation (CSO) here on Thursday, the overall increase for the year could have been still lower, but for the healthy 9.2 per cent surge by the manufacturing sector during the fiscal.

As for the growth rate in agriculture during 2004-05, it plummeted to 1.1 per cent during the year as opposed to a healthy 9.6 per cent growth in 2003-04.
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Inflation falls to 4.1 per cent on lower textile prices
New Delhi: The annual wholesale price index-based inflation dipped to 4.1 per cent during the week ended June 18, from the previous week's 4.33 per cent.

The 0.23-per cent dip in growth was mainly on account of last year's high base and lower textile prices, according to data released here by the Ministry of Commerce and Industry.

During the latest reported week, the WPI rose 0.2 per cent to 192.9 points due to costlier primary articles and manufactured goods prices, even as fuel prices remained unchanged. The index stood at 185.3 points in the year ago period.

On a disaggregated basis, the index of primary articles was up 0.6 per cent to 190.4 points due to costlier food and non-food articles. The fuel, power, light and lubricants group index remained unchanged for the last two weeks at 296.3 points.

The index for manufactured products' group was up 0.1 per cent to 170.7 points due to costlier food products, paper, chemicals, basic metals, machinery and transport parts.

Among the primary articles, the food articles group index rose 0.8 per cent to 192.6 points. The index of non-food articles group rose 0.3 per cent to 180.4 points. Among the manufactured products, the food products group index rose 0.1 per cent to 174.2 points. The textiles group index fell 0.2 per cent to 130.4 points.

The Government revised upwards the inflation to 5.96 per cent during the week ended April 23, compared to the provisional estimate of 5.91 per cent, while WPI stood corrected at 190 points against the provisional level of 191.9 points.
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