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Natwar Singh says he will answer charges in Parliament
New Delhi: A day after being relieved of his portfolio, as the minister for external affairs K Natwar Singh said on Tuesday that he was not a "coward" and would answer all allegations against him in Parliament.

Adressing supporters Natwar Singh said, "I am not a coward. I am standing here and I can answer to the whole world. Congress party and I are not afraid of any probe."

Though he refused to elaborate on the controversy surrounding the Volcker committee report, Singh reiterated that he had not received any letter from the UN panel, which looked into allegations of corruption in the Iraqi Oil-For-Food Programme.

On the judicial inquiry by former Supreme Court Chief Justice R S Pathak and the appointment of special envoy Virendra Dayal to collect documents related to the Volcker probe, Singh said, "I had demanded the investigation and I am not afraid of any probe."
He asserted that "no harm can be done to the Congress party and me through these allegations.

"I will not do anything, which will force me or you to hang our heads in shame," he told his supporters.

Singh said not only him but big companies like Reliance, Tata and Kirloskar had been named in the Volcker report and everybody should get a chance to clarify their stand.

"My name is not even in the main report and Volcker says he has informed everyone whose name figured in the main report. So how can he inform me?" He referred to UN under secretary Shashi Tharoor's statement that there was no presumption of guilt about those mentioned in the Volcker report.
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DGCI&S: April-Aug. import numbers reflect brisk economic activity
New Delhi: Disaggregated trade data available for the period April to August 2005, based on provisional data compiled by the Directorate-General of Commercial Intelligence & Statistics (DGCI&S) show that machinery imports which account for a share of 9.25 per cent in total imports logged a 51.31 per cent growth at US$4473.51mn, against US$3226.75mn in the corresponding months of 2004-05.

According to the govt. body's statistics, the robust merchandise import growth of 39.40 per cent in the first five months of the current fiscal owed itself largely to substantial growth registered by non-oil imports, particularly capital goods as also imports of export-related items, reflecting the brisk domestic economic activity.

This growth in turn has had a ricocheting impact on the rising index of industrial output during the first half of the current fiscal.

Significantly, within the machinery imports, machinery other than electrical posted 80.72 per cent growth at $3265.81 million ($2180.37 million). Transport equipment with a share of 1.71 per cent in total imports also did well by notching up a growth of 75.28 per cent at $929.15 million ($530.39 million).

Import of project goods, though accounting for less than one per cent share, posted a 78.84 per cent growth during the period under review at $304.31 million ($170.15 million). Import of speciality iron and steel as intermediates in structural works also posted a high growth of 109.03 per cent at $1933.07 million ($920.84 million), while import of metaliferrous ores and metal scrap grew by 51.41 per cent at $1351.37 million ($892.52 million).

Import of pearls, precious and semi-precious stones, which go into value-added gem and jewellery exports, registered a growth of 38.64 per cent at $4473.51 million ($3226.75 million).
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US treasury secretary asks for FDI hike in retail and finance
Mumbai: US treasury secretary John Snow has emphasised the need for increase in foreign direct investment (FDI) limits in the banking, insurance and retail sectors. He has also advocated that India put in place a dispute resolution mechanism in order to assure certainty to investors and attract more FDI.

Addressing a press conference during the course of his two-day visit to Mumbai, the US treasury secretary admitted there were differences between India and the US on various World Trade Organisation (WTO) issues. He, however, hoped these could be resolved ahead of the Hong Kong ministerial meeting in December. "India stands to gain from further opening of the market and agriculture is key to achieving this," he said.

Snow, who met RBI Governor YV Reddy earlier in the day, said India should step up reforms in the financial sector. "Modernisation of the financial sector will lead to opportunities for better financing at lower cost. Further, the opening up of the financial sector will help increase the availability of funds for infrastructure development," he noted.

Snow also held one-to-one meetings with Tata group chairman Ratan Tata and Reliance Industries chairman Mukesh Ambani. Besides, he had interactions with CEOs from India and the US and also with Indian equity funds.

Snow also said that RBI had indicated that non-Indian banks would be allowed to increase their role in the Indian banking system and they would be allowed to set up branches.
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Mega chemical complex earmarked for Vizag
Hyderabad: The Centre and the Andhra Pradesh State government have decided to set up a mega chemical complex at Visakhapatnam, by way of attracting foreign direct investment (FDI) in the chemical sector.

The State government has earmarked 15,000 acres of land for the purpose, the chief minister, Dr Y. S. Rajasekhara Reddy, announced at the CII (Confederation of Indian Industry) conference on `Export Excellence' here on Tuesday. Dr Reddy said the Government would promote an exclusive special economic zone for garments in the Port City.

Though the share of Andhra Pradesh in India's overall exports is about four per cent, the State will try to double its performance in exports in the next few years by focusing on potential sectors. He also said that the Government was contemplating setting up an exclusive gas grid for the State.

Ms Lakshmi Parthasarathy, principal secretary (Department of Industries, Govt of AP), said the State Government would set up an exclusive cell for exports. The cell will expedite the processing of clearances.
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Central govt. to invest Rs.40 crore in twenty handloom clusters
New Delhi: In a move to develop handloom clusters in an inclusive and holistic manner, the textile ministry is set to introduce the integrated handloom cluster development (IHCD) programme this month. The integrated programme will be introduced in 20 handloom clusters at a cost of Rs40 crore.

The scheme will support weavers in the cooperative sector as well as those of self help groups, NGOs, small and medium enterprises and also attached weavers.

The scheme will be a central one with 100% central grant to be released directly to the agencies.

Speaking at the second All India Handloom Board meeting, union textile minister, Shankersinh Vaghela said, "The process of liberalisation and integration of the economy with the economy of the fast developing world has left the handloom sector a little behind. There is an urgent need to evaluate the strength and weakness in the handloom sector so that it can withstand the forces of intense global competition."

The IHCD aims at building capacity in the sector to meet the challenges of the market and global competition in a sustainable and self-reliant manner.

The other schemes announced are the Mahatma Gandhi Bunkar Bima Yojana, which is expected to cover 10 lakh weavers in the current year, the market promotion programme and the health insurance scheme.
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