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India plans extensive FTAs by 2006
New Delhi: By the end of next year, India will have free trade agreements (FTAs) with all neighbouring countries, beginning with the Asean and stretching to the Gulf countries, according to the Prime Minister of India Dr Manmohan Singh.

However, an FTA with China is not on the agenda. Dr Singh said India should buy more goods from the South Asian Association for Regional Cooperation as all these countries have a negative balance of trade with India.
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UK to grant four lakh visas every year
Bangalore: The British High Commission in India plans to increase the number of visas to be granted to four lakh per year, having already granted three lakh visas till October this year.

Michael Arthur, British High commissioner in India said, "It is the largest number of visas given to any country."

He added that as part of the deliberations with the aviation ministry, the number of flights to the UK from India will be increased from the present 45 per week to 100. British Airways also plans to operate five flights per week from Bangalore.

He added that there is a greater scope for SMEs to come to the UK because of its "e-readiness, low tax and the business friendly environment."

Highlighting research facilities available in the UK, he said the country is responsible for 5.5 per cent of global R&D spending.

At present, the UK is the second largest global recipient of Overseas Direct Investment (ODI) behind the US and accounts for 21.5 per cent of all ODI in the EU and nine per cent world-wide.
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Ahluwalia: high growth rate a must for reduction of poverty
New Delhi: Dr Montek Singh Ahluwalia, deputy chairman of the Planning Commission, said the India economy was ready to transit from a phase of moderate growth to a new high growth stage and could achieve an average growth rate of eight per cent over the next 15 years. He said higher growth rates would enable a sharp reduction in poverty levels from the existing level of 26 per cent to a mere six per cent.

Dr Ahluwalia said the parameters which will necessitate a higher growth trajectory was more foreign direct investment, a double digit growth of the industrial sector with provision of quality infrastructure and flexibility in labour laws, an agricultural growth rate of four per cent per annum and sustaining the impressive growth rate of the services sector.

He said the eight per cent growth should be "inclusive", or else the disparities between the rich and poor would widen and become intolerable.

He felt that globalisation had reduced inequality in the Indian society, unlike in China, apart from bringing other benefits.
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Maharashtra gets compensated for VAT loss in Q1
New Delhi: The Finance Ministry has sanctioned Rs259.89 crore for Maharashtra to meet shortfall in revenue due to implementation of value added tax (VAT) in the first quarter of this fiscal.

Maharashtra had earlier submitted a claim for Rs266.49 crore for the first quarter, but after the finance ministry asked it not to include the entry tax collection figures in revenues, the State submitted a revised figure of Rs259.89 crore

The Centre has already cleared Rs 246 crore of compensation to Andhra Pradesh, Bihar and Tripura for the first quarter.
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CPI (M) to prepare note on IT sector unions by Dec.
New Delhi: The CPI (M) Politburo will soon start preparing a comprehensive note on the nature of work of IT sector workers, their rights to employment and working conditions.

The note will be placed before the party's Central Committee meeting in the middle of December that would examine it before taking a stand on the trade union rights of such workers.

The party General Secretary, Prakash Karat, said the issue is whether this sector would qualify for essential services. It is already a vital service, but not an essential one in terms of law.

He said the party is of the view that IT sector workers, should have the right to organise themselves into trade unions for collective bargaining rights, but the unions have to decide on exercising the right to strike.
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