document.writeln("

Infrastructure growth slows to 5.7 per cent in Aug.

New Delhi: Infrastructure growth slowed down to 5.7 per cent in August 2005, compared to 6.3 per cent in the same month a year ago. In the April-August period during this year also, the cumulative growth in the infrastructure sector also slowed down to 5.1 per cent against 6.5 per cent during the corresponding previous period, according to Government data released on Monday.

During the latest reported month, the petroleum refining production growth slowed to 2.3 per cent (4.4 per cent). Coal output grew by a strong 10.9 per cent (one per cent), while cement sector growth shot up a massive 17.8 per cent (1.1 per cent).

Power generation rose by 7.7 per cent (7.5 per cent), while finished steel production grew by 7.8 per cent (9.3 per cent). Crude oil production declined for the fourth time this fiscal to 2.412 million tonnes (mt) in August against 2.874 mt a year ago.

Cumulative crude oil production during the first five months of the current fiscal at 13.587 mt declined 4.5 per cent against a growth of 4.7 per cent in the same period last fiscal. Refinery throughput stood at 10.023 mt (9.797 mt).

Cumulative refining production in April-August 2005 at 48.586 mt decreased 1.8 per cent from 8.8 per cent earlier.

Coal output at 29.1 mt was higher than 26.2 mt production earlier. Total production during April-August at 150.8 mt grew 7.2 per cent (6.9 per cent).

Finished steel production rose 7.8 per cent to 3.470 mt during August 2005 from 3.218 mt a year ago.
Back to News Review index page  

Switzerland is top exporter to India for Q1
Mumbai: Switzerland has emerged as the largest source of India's imports in the first quarter of 2005-06.

According to the latest foreign trade figures released by the government, imports from Switzerland amounted to US$2.4bn in April-June '05. According to available data machinery (electric and non-electric) accounted for 43 per cent of the total exports worth Swiss Franc 1,019m (US$1.3bn) by Switzerland to India.

China stood at second place with US$2bn-worth of imports and US at third place with US$1.6bn.
Back to News Review index page  

Trial run of Tax Information Exchange System to begin
New Delhi: The trial run of the TINXSYS (Tax Information Exchange System) project will begin from October 1. At least seven States are likely to participate in the trial run.

Officials had expected greater participation but states like Bihar (which has elections) and Madhya Pradesh are not in a position to do so.

The TINXSYS project, which is being implemented on a build, own, operate and transfer (BOOT) basis over five years, would primarily facilitate information exchange between the sales tax/VAT departments across the country and help establish a database for all inter-State transactions.

The information exchange system would also help verify and track inter-State transactions and curtail the scope for tax evasion.

Meanwhile, the Empowered Committee of State Finance Ministers on VAT is to meet here on October 5. The Central government has recently made it mandatory to file declaration forms (Form C, F, E-I and E-II) on inter-State transactions on a quarterly basis.

A senior Finance Ministry official said that the move to stipulate quarterly filing of declaration forms for inter-State trade transactions was part of the central sales tax (CST) reform process.
Back to News Review index page  

India GDP grew 7.1 percent in Q1
New Delhi: Finance Minister P. Chidambaram has said India's economic growth accelerated to 7.1 percent in the quarter ended June 30 helped by higher manufacturing output.

Chidambaram told the Board of Governors of the International Monetary Fund in Washington that, "Growth in April-June 2005 has been estimated at 7.1 percent. Domestic industry has been vibrant with the manufacturing sector growing at double-digit rates in recent months."

The economy expanded 7 percent in the previous quarter made India the world's second fastest growing major economy after China which expanded 9.5 percent in the same period.
Back to News Review index page  

AP coastal districts gets a boost of tourism infrastructure
Visakhapatnam: The Andhra Pradesh State Tourism Development Corporation is giving a boost to tourism infrastructure in the Visakhapatnam division comprising East Godavari, Visakhapatnam, Vizianagaram and Srikakulam districts.

The new facilities coming up include a major park coming up at Itchapuram in Srikakulam district and a 33-room coconut country resort at Razole in East Godavari which is expected to be ready by May next year. Facilities are also being increased in Visakhapatnam district.

At Punnami Beach Resort at Rushikonda near here, a three-storied block having 24 suites is getting ready in addition to the existing 33 suites.

Another major project is the Rs3.5-crore hill resort coming up at Anantagiri, with 19 cottages facing the valley, along with a conference hall and a bar-and-restaurant.

Another facility at Araku, the Mayuri Hill Resort, will have more accommodation. A 65-room resort is under construction in two blocks at a cost of Rs3.5 crore.

Coming up at a cost of Rs25 lakh, two of the four air-conditioned cottages are expected to be ready in 10 days. Two more igloo cottages are also under construction.
Back to News Review index page  

Orissa Govt. clears heavy mineral, steel projects worth Rs.22,231 crore
Bhubaneswar: The Orissa government has cleared one beach sand project and three steel projects worth Rs22,231 crore and the government will soon sign the MoUs with the concerned companies for the projects according to Naveen Patnaik, chief minister Orissa.

The Kolkota-based Titanium Minerals Product Ltd (TMPL) is proposing to set up a Titanium complex in the state utilising the illmunite from Orissa Sand Complex of Indian Rear Earth at Sriramchandrapur near Chatrapur in Ganjam district. The investment would be to the tune of Rs1,003 crore.

TMPL has already signed an MoU with Giredmet, the Institute of Rare Metal Industry, Moscow, through its JV partner, JSC Technochin Holding, for transfer of technology to manufacture titanium, slag, titanium di-oxide pigment. The three steel projects cleared are of Jindal Steel and Power Ltd (JSPL), Bhusan Steel and Strips Ltd and Rungta Mines Ltd.

JSPL had signed an MoU with the state government to set up a 2 million tonne steel plant in the district of Keonjhar, is proposing to enhance the capacity of the project to 6 million tonne and relocate the project in the district of Angul.

The project will now be set up at Kerjenga near Angul with an investment of Rs13,135.02 crore. JSPL has asked 5,750 acres of land for the project. Bhusan Steel and Strips Ltd (BSSL) is proposing to set up a 3.1 million tonne steel complex at Meramundali in Sambalpur district with an investment of Rs5828.16 crore.

BSSL, which has cold rolled steel production facilities at Khapoli in Maharastra and Sahiabad near New Delhi, is to bring in the Rs1,778.16 crore equity from its internal accruals while raising the debt component of Rs4,050 crore from the banks and financial institutions.
Back to News Review index page  

Cashew growers want transit cover for crops, sign pact with insurers
Mangalore: The Karnataka Cashew Manufacturers Association (KCMA) has signed a memorandum of understanding (MoU) with Bajaj Allianz General Insurance Company and Oriental Insurance Company to underwrite marine cover for the cashew industry.

Under the agreement, marine risks - including inland transit, and exports and imports - will be covered for KCMA members at a reduced premium.

According to the KCMA inland transit, for despatches of cashew kernels and cashew nut liquid oil to various destinations in the country, was largely not insured till now. KCMA feels that the agreement would be beneficial to both the cashew manufacturers and insurance companies. With this agreement, all the transit risks of manufacturers would be removed and also this area would provide a captive growth segment for the insurance sector.
Back to News Review index page  

Tyre exports rise 26 per cent in '04-05
New Delhi: According to the Automotive Tyre Manufacturers' Association (ATMA), tyre exports were up by nearly 26 per cent during fiscal 2004-05 to touch Rs1,834 crore.

Exports during 2003-04 stood at Rs1,460 crore, which represented a nearly 17 per cent jump from the Rs1,250 crore in 2002-03.

Tyre exports have exhibited a somewhat flat trend in the initial years of the current decade at Rs1,190 crore in 2000-01, Rs1,165 crore in 2001-02 and Rs1,250 crore in 2002-03.

Industry representatives say there is a surge in demand for Indian tyres in the markets abroad and are currently being exported to over 65 countries worldwide.

According to internal estimates, if the current trend were to continue, tyre exports during the current fiscal is expected to touch Rs 2,400 crore.
Back to News Review index page  

IT exports dip to 15 percent of total exports in 2005
New Delhi: IT exports as a share of total exports have come down from 16.1% in fiscal 2004 to 14.5 per cent in fiscal 2005, according to the Electronics and Computer Software Export Promotion Council (ESC).

This is not due to fall in IT exports but to the whopping growth of total exports by 43 percent driven by miscellaneous services items, including private transfers and income from financial assets.

ESC analysis shows that software services occupy a predominant position in the total services exports from the country.

The share of software exports to the total services exports during 2004-05 worked out to 33.7 per cent- way ahead of all sectors, except an assortment of sectors included in the miscellaneous items, which include income from financial assets, labour and property and current transfers. For instance, export receipts from travel was US$5.02bn.
Back to News Review index page