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Government issues new norms for FDI in telecom
New Delhi: The government has issued guidelines for hiking foreign direct investment ceiling for telecom sector from 49 per cent to 74 per cent. Telecom operators have been given four months to comply with the new guidelines.

On October 21 the Cabinet approved the allowing of 74 per cent foreign investment in basic and mobile phone services companies.

The total composite foreign holding, including but not limited to investments by the FIIs, the NRIs, the FCCBs, the ADRs, the GDRs, convertible preference shares, proportionate foreign investment in Indian promoters investment companies including holding entities, will be referred as FDI and will not exceed 74 per cent. However, the foreign component in the total holding and the FIs will be treated as Indian holding," the notification said.

The government has said that the remaining 26 per cent stake in telecom is to be owned by resident Indians or by an Indian company. The majority of directors on boards of telecom companies with foreign stake, and the senior management of such companies, including chairpersons, managing directors, chief executive officers, chief technical officers and chief financial officers, should be "resident Indian citizens".

The department of telecommunications has been given powers to enforce the new norms and has been authorised to cancel the licence of operators in cases of defiance by companies, the notifications said.
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FM to review PSBs
New Delhi: Finance Minister P Chidambaram is meeting chairpersons and managing directors of the public sector banks on November 18 to review the performances of their respective organizations. This is to gauge the bank's action plan to meet additional capital requirement of about Rs 60,000 crore over the next five-six years.

The performance review is expected to cover parameters like growth in loans and deposits, profitability, non-performing assets, and capital adequacy ratio.

The finance minister will also review the progress of banks on technology upgrade and implementation of core-banking solutions (CBS) to provide customers instant and hassle-free services.

Chidambaram had recently expressed concern that some banks were lagging behind in the implementation of CBS.

In 2004-05, the public sector banks had exceeded the 30 per cent growth target in agricultural credit, which reached Rs1,15,000 crore as against the targeted Rs1,05,000 crore.

Consolidation in the banking sector is also likely to figure in the meeting as the finance minister has on various occasions stressed the need for large-sized Indian banks to compete globally.
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Cervical cancer vaccine to be introduced in India
New Delhi: The government is tying up with Merck to bring its vaccine against cervical cancer to India at a cost effective price, said Health Minister Anbumani Ramadoss on Monday.

A recent survey showed that the prevalence of cervical cancer is alarmingly high in India, Ramadoss told journalists here on the occasion of National Cancer Awareness Day.

Trial of the vaccine on 13 to 15-year-old girls has already taken place in South Africa, he said, adding the trials would also take place in India on women above 18 years.

The vaccine is against the Human Paillioma Virus (HPV), a major cause of cervical cancer in Ramadoss said that by the next financial year, vaccination against Hepatitis B would become part of the national immunisation schedule. Emphasising that the government intended to focus on non-communicable diseases including cancer, diabetes and mental health, he said it would chalk out a strategy in this direction.
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Tourist inflow up 14.2 per cent
New Delhi: Foreign tourist arrivals in India were up an impressive 14.2 per cent till October, with total earnings crossing a whopping Rs20,000 crore.

29 lakh foreign tourists flocked to destinations across India till October this year as compared to around 25 lakh during the corresponding period last year, the government said.

A large chunk of foreign tourists arrived in January and February, the peak season in the country's tourism calendar. While over 36,000 foreigners came to India in January, February saw the figure crossing 37,000, the government said in a statement.

The subsequent months also witnessed a steady flow, with over 32,000 reaching the country last month, as the fresh tourist season gradually gains momentum.

India's foreign exchange earnings have also continued their upward trend, with the country receiving Rs29,63,587 in the first ten months of this year as against Rs25,94,241 during the whole of last year and Rs21,16,360 the year before that, it said.
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