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Strike may paralyse air travel, banking operations
New Delhi: Air travel and banking operations are expected to be hit tomorrow due to the one-day strike call given by trade unions to protest against the government decision to privatise profit making public sector entities.

However, none of the recognised railway unions are participating in the strike. Telecom unions of BSNL and MTNL workers are also not participating in the strike.

Air travel to and from Kolkata is likely to be seriously affected with the two private sector airlines, Jet Airways and Air Sahara, cancelling flights and Indian Airlines announcing curtailment of flights. Most airlines have reported a drop in bookings for travel on Thursday.

Kingfisher Airlines has said that that on an average 25 per cent of its flights operating tomorrow have been cancelled. The airline has cancelled six morning flights including Bangalore-Mumbai, Bangalore-New Delhi and New Delhi-Mumbai sectors on both ways.

Air Deccan has announced that it is not cancelling any flights

The The Airports Authority of India Joint Workers Forum has decided that the strike would be from 7 a.m. to 7 p.m. instead of a 24-hour strike.

The Air Traffic Controllers will not join the strike.
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Organised retail to grow faster than GDP, says KPMG
New Delhi: The organised retail sector in India will grow at a higher rate than GDP growth in the next five years driven by changing lifestyles, strong income growth and favourable demographic patterns, according to a KPMG report titled `Consumer Markets in India: the next big thing?'

According to the report, the annual growth of department stores has been estimated at 24 per cent, which is faster than overall retail; and supermarkets have taken an increased share of general food and grocery trade over the last two decades.

Though affluence remains concentrated in urban centers the report reveals that the sheer size and potential of the rural segment has been underestimated. The Indian market is evolving dynamically and there is hidden consumption power in the low-income rural areas that offers considerable opportunities for organised retailers in the kind of rural territories that many companies have failed to address.

The retail growth therein is expected to be double-digit if infrastructure allows the consumer companies to reach new markets at reasonable costs.

The KPMG report further reveals that the Indian consumer is emerging to be more trend-conscious with the development of modern urban lifestyles.

The reports adds that the food and beverages segment is an emerging growth area while the gems and jewellery market is a key emerging area with significant potential.
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IT collection in W. Bengal up 25 pc
Kolkata: Income tax collection in West Bengal circle rose 25 per cent in the current financial year against the same period previous fiscal, according to the chief commissioner of Income Tax P C Sinha.

Sinha said while the target for the current year from income tax collection was Rs7,656 crore for the West Bengal circle, the department had been able to mop up Rs2,514 crore till date.
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Iran reportedly rescinds on gas export deal
New Delhi: According to as yet unconfirmed reports Iran has cancelled a natural gas export deal with India after New Delhi voted in favor of a UN atomic agency resolution putting Tehran on notice over its nuclear program.

Under a deal signed in June, India planned to import 5 million tons of liquefied natural gas annually for 25 years with deliveries from Iran starting in 2009.

The decision to cancel the deal was conveyed to India's permanent representative at the International Atomic Energy Agency by Iran's ambassador in Vienna, Austria.
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