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Inflation up at 4.75 per cent
New Delhi: Prices of vegetables, non-food items and manufactured products have pushed inflation up to 4.75 per cent for the week ended October 29, from 4.49 per cent in the previous week.

Many essential items such as vegetables, fruits, atta, maida, sooji, bran, bajra along with chemicals, metals and machinery have experienced a rise in prices. Although petroleum prices remained stable, electricity charges softened a bit.

Though inflation was showing signs of firming up, it is still lower than last year's 6.95 per cent.

The Wholesale Price Index was up at 198.3 points from 197.7 points. WPI was at 189.3 points a year ago. The RBI Deputy Governor, Dr Rakesh Mohan has warned that the high crude prices was showing a 'permanent character' and it was necessary for the central bank to raise key short term rates to keep inflation within 5-5.5 per cent during 2005-06.
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ONGC-Mittal in US$6bn oil and infrastructure deal with Nigeria
Abuja: Indian joint venture company ONGC Mittal Energy has signed an agreement with the Nigerian government for oil exploration rights in return for making investing up to US$6bn in the development of the country's infrastructure.

Nigeria, Africa's top oil producer, is on the look out for foreign investment in its decayed industrial base in order to pull its economy out of decades of stagnation.

Nigeria will give ONGC Mittal Energy exploration blocks with a potential to produce up to 650,000 barrels per day, and in return the Indian venture will invest up to US$6bn in power, railways, oil refining and agriculture.
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Maritime sector development policy in three months: Baalu
Bhubaneshwar: T.R. Baalu, union minister of shipping, road transport and highways said there was a need for better cooperation between the Centre and the maritime States to ensure coordinated development of major and minor ports.

Baalu said it was time the Centre and the maritime States pooled their resources and worked together in a constructive way to ensure faster development of the maritime sector. He said the Centre was formulating a comprehensive policy for the development of the sector.
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India signs up for the revised Kyoto Convention
New Delhi: India has now become the 40th country to accede to the protocol of amendment on the revised Kyoto Convention. The revised Kyoto Convention would focus on simplifying and harmonising customs procedures, an official statement said.

According to the protocol, the 1973 convention would come into force only when 40 of the contracting parties accede to the protocol. These procedures not only ensure maximum level of facilitation to goods and passengers travelling around the world but also help to improve the environment.

The revised Kyoto Convention, would be administered by a management committee which would ensure that all the provisions of the conventions are kept relevant and updated.
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China to back India on farm issues at WTO
New Delhi: India, which has taken the lead in voicing the concerns of developing countries with regard to market access in agriculture, at the World Trade Organisation (WTO) talks has secured the backing of China.

India is continuing with its efforts to forge co-operation between the G-33 and G-20 groupings so that a strong pitch can be made for special & differential (S&D) treatment to developing countries along with special provisions for agriculture like special products (SPs) and special safeguard mechanism (SSM).

Backing India, China has agreed to work on SPs and SSMs. The views of Beijing were expressed at an official-level meeting of the G-33 in Geneva. Both India and China are part of the both G-33 and as G-20 alliances.
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Income tax collections rise on tough talk by finance ministry
New Delhi: The 'tough talk' campaign started by the Central Board of Direct Taxes during October has sent personal income tax collections in that month soaring by 64.53 per cent over the collections in October last year.

There was almost a 16 per cent increase in the number of income tax returns filed - from 1,61,15,641 at the end of October 2004 to 1,88,16,209 in October this year.

If one adds fringe benefit tax, securities transaction tax and banking cash transaction tax the increase in tax collections in October 2005 over October, 2004 is almost 109.28 per cent.

The effective increase in collections is approximately Rs3,000 crore.
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IIP rises by 7.3 per cent in Sept
New Delhi: The index of industrial production (IIP) was up by 7.3 per cent in September compared with 9.8 per cent in the year-ago period.

However, the manufacturing boom helped the industry log 8.8 per cent growth in the first half of 2005-06, which is slightly higher than the growth of 8.3 per cent in the same period last fiscal.

Manufacturing recorded a growth of 8.9 per cent in September as against a growth of 10.5 per cent in September 2004. Both mining and electricity generation declined 1.1 per cent and 0.7 percent respectively, in September 2005.
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Imports of sensitive items up by 5.2 per cent in April-Aug
New Delhi: Import of sensitive items was up by 5.2 per cent to Rs6,994 crore during April-August 2005 against Rs6,646 crore during the same period last year.

The gross import of all commodities during same period this year stood at Rs2,37,411 crore against Rs1,77,411 crore during the same period last year.

Imports of sensitive items constitute only 2.9 per cent and 3.7 per cent of the gross imports during current year and last year respectively, an official release said.

Imports of edible oil, milk and milk products and rubber have shown a decline at broad group level during the first five months of this fiscal.

Imports of fruits and vegetables, cotton and silk, spices, automobiles, marble and granite, tea and coffee, alcoholic beverages, SSI and other products showed an increase during the period under review.

Edible oils imports decreased from Rs4,288.65 crore last year to Rs3,586.70 crore this year.
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