document.writeln("

Weak monsoon revival
Thiruvananthapuram: Monsoon has revived but only just about, thanks to less-than-expected strength of the easterlies blowing in from the Bay of Bengal.

According to National Centre for Medium Range Weather Forecasting (NCMRWF) officials the seasonal weather system is expected to go into another weak phase from August 22. This could lead to some problems managing the crops in central north peninsular and northwest India.

These areas could be subjected to some moisture stress, although resident moisture levels from excess July rainfall would be sufficient to save the crops from irreparable damage.

Fairly widespread rainfall with isolated heavy falls is indicated over central India and parts of north peninsular India during the next 2-3 days. After this, the weak phase will set in, and core rainfall activity will shift to the east and the northeast.
Back to News Review index page  

India's July exports up 26.8 per cent to US$7.2bn
India's exports have revved up in July as compared to a year ago, with companies such as Steel Authority of India Ltd stepping up sales to China and Tata Motors Ltd establishing new markets overseas.

Exports rose 26.8 per cent to US$7.2bn in July, as compared to the 19 per cent growth in June, the Commerce and Industry Ministry said in a statement in New Delhi. Imports rose 33 per cent to $9.9 billion in July, widening the trade deficit to $2.6 billion from $1.7 billion a year ago.

Exports, currently account for a 10th of India's $661 billion economy. India wants to export goods worth US$92bn in the year to March 31, more than the US$88bn forecast earlier.

Non-oil imports in April to July this year rose 38 per cent to US$29bn, while oil imports rose 32 per cent to $12.5 billion during the period.
Back to News Review index page  

Chidambaram: Govt. to call off strategic sale in profit-making PSUs
New Delhi: The finance minister, P. Chidambaram, informed the Parliament on Tuesday that the Government has decided to formally call off the divestment of stake through strategic sale in 13 profit-making CPSEs. The Government, instead, will consider some other form for divesting its stake in profit making central public sector enterprises (CPSEs) instead of strategic sale of equity.

"In keeping with the National Common Minimum Programme guidelines, it has been decided to formally call off the divestment process through strategic sale in the case of 13 profitable CPSEs," Chidambaram said.

They are Manganese Ore India Ltd, Sponge Iron India Ltd, Shipping Corporation of India Ltd, National Building Construction Corporation Ltd, National Fertilisers Ltd, Rashtriya Chemicals and Fertilisers Ltd, Hindustan Petroleum Corporation Ltd, Engineers India Ltd, Balmer and Lawrie and Company Ltd, Engineering Projects India Ltd, Hindustan Paper Corporation Ltd and State Trading Corporation of India Ltd.

Later, Chidambaram told newspersons that strategic sale is not a transparent method. "I believe that strategic sale is no longer the proper approach to adopt. It raises more questions and is not the preferred route,'' the Finance Minister said. The Government, instead, is considering the public offer route to sell minority stakes in CPSEs.

Chidambaram said sick public sector companies must be wound up. "Totally sick companies are a drain on resources. They have to be wound up," Chidambaram said, winding up the discussion on supplementary demands for grants of Rs14,661 crore, with cash outgo of Rs6,818 crore for the current fiscal.

The Rajya Sabha approved supplementary demands by a voice vote. The Lok Sabha had earlier passed the demand.
Back to News Review index page  

Oil price hike: Common man will not bear the brunt, says Aiyar
New Delhi: The government on Tuesday said that all steps would be taken to minimise the burden on the common man by considering reduction in duties.

"We are going through one of the worst crises in international oil prices," petroleum minister Mani Shankar Aiyar told the Lok Sabha during a discussion on the rise in the prices of essential commodities, including petroleum products. "We believe in equitable burden sharing. A little bit by the consumer, a substantial chunk by the government and the larger share on shoulders of the oil firms," he said.

Aiyar said the oil prices shot up US$18 in the last 14 months, which was equivalent to the increase over eight year period from 1996 to 2004.

Yet, the UPA government increased petrol prices by mere Rs7 as against NDA government's Rs16, PDS kerosene by only four paise vis-a-vis NDA's Rs6.05, diesel by Rs6 as against NDA's Rs15 and LPG by Rs53 a cylinder as against Rs145 a cylinder.

He said the government had resorted to only modest increase and oil companies absorbed a sizeable amount despite a whopping 164 per cent rise in crude oil prices, 177 per cent in petrol, 203 per cent in diesel and 218 per cent in case of kerosene and 108 per cent for LPG in the last three years.
Back to News Review index page  

Amended Factory Bill permits women to work in night shifts
New Delhi: The Government has tabled the Factories (Amendment) Bill 2005 that allows employment of women in night shifts. In March this year, the Cabinet had approved the amendment following long-standing demand for gender parity in the workforce.

Hitherto the factories Act did not permit employment of women workers between 7 p.m. and 6 a.m. The new provision permits such employment provided the factory ensures occupational safety and health, and equal opportunity for women workers.

The amendment is expected to benefit special economic zones, textiles sector and the IT sector, particularly call centres.

The amendment Bill also mandates that the employer arranges for adequate protection of the dignity of the women workforce and their honour and safety, along with transportation from the factory premises to the nearest point of their residence.
Back to News Review index page  

Govt. collects Rs.583 crore from FBT in Q1 - BCTT yields Rs.20 crore
New Delhi: The Union Government has collected nearly Rs583 crore as fringe benefit tax (FBT) during the first quarter of the current financial year.

The banking cash transaction tax (BCTT) realised during the same period stood at Rs20 crore. S.S. Palanimanickam, Minister of State for Finance, stated this in a written reply to a question raised in Parliament.

While highlighting that the BCTT came into effect on June 1, 2005, the Minister pointed out that the Q1 collections actually represent the collections of only one month.
Back to News Review index page  

Q1 PC sales cross one million mark for the first time in the country
New Delhi: For the first time, the Indian personal computer (PC) market crossed the one million mark in shipments in a quarter in Q1, 2005. The mark was reached on the back of a 31 per cent year-on-year growth in sales, recording sales of 10.05 lakh units for the quarter.

The notebook PC market has also shown a substantial boost and has crossed the one lakh sales barrier for the first time in a quarter. The notebook PC market witnessed a 138 per cent year-on-year and 60 per cent sequential growth.

In the overall PC market (desktops and notebooks), HP retained the number one position with a 45 per cent y-o-y growth.

While HCL retained the second slot, Lenovo occupied the third position. In the commercial desktop market, HCL outperformed Hewlett-Packard to grab the number one slot.

In the consumer market, however, it was HP which stood at the top. In the notebook PC market, HP retained its top slot, followed by Lenovo and Acer.

Notebook PCs are increasingly becoming a preferred choice due to convenience and productivity.
Back to News Review index page