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CII-ORG MARG report: India emerging
as major food market
New Delhi: A CII-AC Nielsen ORG-MARG
report says changing tastes and lifestyles are leading
to increased demand for packaged and branded food in India.
Due to this, India is seen emerging as a major world market
for retail sales of foods said the report released Sunday.
The
report titled, 'Foods and Beverages - Challenges and Opportunities
in the Indian Market', says foods sales have contributed
a staggering 72 percent to incremental FMCG (fast moving
consumer goods) value in 2004 as compared to 2000. Packaged
basics like cooking oils, atta, rice and ghee have contributed
an incremental value- indicating an overall upswing in
the commodity - to branding movement."
The
report says that the most significant change in the marketing
environment in recent years has been the advent of modern
format stores (MFS) which though accounting for only three
percent of FMCG sales, have been increasing at a compound
annual growth rate (CARG) of 15 percent in the last five
years.
The
number of traditional retail stores is also growing rapidly,
and the trend is likely to continue for the next three
years. By 2007, the number of stores is likely to be 7.8
million with bulk of the growth coming from grocers and
street corner stores.
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Govt.
aims to get Bangalore airport ready by 2010
New
Delhi: The Centre is aiming to get the new airport
being set up at Devanahalli, near Bangalore, ready by
2010, in view of the more-than-anticipated growth in levels
of traffic.
Minister
of aviation, Praful Patel, said the volume of traffic
projected for 2010 had been achieved this year itself.
He said that traffic volume projected for 2015 is likely
to be reached by 2008.
The
Centre has asked Bangalore International Airport Ltd (BIAL),
executing the project, to ensure that the new deadline
is met. The ministry has also asked for modifications
in the proposed airport terminal building to make it more
"modern". The new airport was to be built in
two phases 2005 to 2010 and 2010 to 2015.
German
multinational Siemens holds 40 per cent stake in BIAL,
while Unique Zurich and Larsen & Toubro hold 17 per
cent each. The Karnataka government, through Karnataka
State Industrial Investment Development Corporation, and
Airports Authority of India, together hold the remaining
26 per cent.
Patel
said all the consortium partners would share the increase
in cost.
Building
the airport is estimated to cost Rs1,411 crore. The Karnataka
government has provided a soft loan of Rs350 crore to
BIAL and a budgetary support of Rs400 crore. The funding
also includes a debt component of Rs735 crore.
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Increased
edible oil imports adversely impacting farmers
Mumbai:
The increase in imports of edible oils is adversely
affecting Farmers as they are getting low realisation
for their produce. Industry experts say that the condition
can worsen if it is not checked.
According
to the Soybean Processors Association of India, farmers
are getting only Rs1,100 per quintal for their soybean
produce. It said strong measures by the government and
private bodies are needed for better price realisation
to the farmers.
The
association says that the government needs to re-negotiate
the edible oil import structure for the safeguard of the
Indian farmers.
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EPF
board of trustees to meet on Monday
New
Delhi: The Central Board of Trustees (CBT) of the
Employees'
Provident Fund Organisation (EPFO) is meeting here
on Monday. The Board is likely to recommend the rate of
interest to be paid to EPF subscribers for the current
financial year.
The
meeting was earlier to be held on November 10, but was
postponed in view of state mourning declared following
the death of former President K R Narayanan.
The
meeting will be chaired by labour and employment minister
and CBT chairman K Chandrasekhar Rao, and would consider
valuation reports of the Employees' Pension Scheme, officials
said. The CBT was also likely to discuss investment patterns
of the EPF corpus.
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1.55
lakh candidates appear for CAT
Ahmedabad:
About 1,55,000 candidates appeared for the Common Admission
Test (CAT) on Sunday for entry into the six Indian Institutes
of Management (IIMs) and 75 other management schools in
the country.
The
CAT was conducted in 160 centres across 24 cities, and
there have been no reports of any kind of problem from
any of the centres, IIM Ahmedabad director, Prof Bakul
Dholakia, said.
The
number of applicants has gone up by 12 per cent this year,
and the number of institutes other than IIMs accepting
CAT scores has also risen sharply from 54 last year to
75 this year, Prof Dholakia said.
The
results of the written test are expected to come in by
the second week of January.
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IT
returns can be filed from anywhere in the country from
next year
New Delhi: Companies and individual salaried taxpayers
could be allowed to file IT returns from anywhere in the
country from next year. The revenue department has set
up an internal committee, headed by member (investigation
& computerisation) J G Pendse, to examine the feasibility
of the move.
The
committee has also been asked to consider if any legislative
amendments would be required for the purpose.
Government
officials said that with online filing of returns being
permitted, jurisdiction is no longer relevant. However,
jurisdiction is important in case of paper filing. If
the requirement is waived, some circles, like those in
Delhi, could find a huge increase in the number of returns
while some other circles could find their returns coming
down in a big way.
At
present, individuals file returns in an area where they
are based while companies file it at the place of registration
or principle place of business.
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Open
Sky policy for VSAT services soon
New
Delhi: The government is introducing an "Open
Sky" policy for VSAT operators to allow them to directly
negotiate and hire satellite bandwidth from foreign and
domestic players, including the Indian Space Research
Organisation.
The
government is also likely to allow VSAT operators in the
KA band, and will waive service tax for 10 years for rural
connections, said officials of the department of telecommunications.
The
changes are likely to be introduced in the new telecom
policy expected to be in place by early 2006.
At
present, VSAT operators cannot hire transponder space
on foreign satellites directly, but must do so via the
department of space, which hires transponder space from
abroad and sells it to them.
A
senior executive with a leading operator said the Open
Sky policy will make the service more affordable to the
end user as there are about 15 international satellite
operators with capacity overlooking India. But this also
means that VSAT operators will be subject to security
and monitoring restrictions applicable to Internet Service
Providers.
At
present, most VSAT operations are done on the KU band
frequency. Considering that technology is fast moving
towards exploiting the KA Band, which would reduce the
cost of hardware and services, the new telecom policy
is likely to permit the switchover, the sources said.
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