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Economic Summit begins on Nov.27
New Delhi: The India Economic Summit to be held here from November 27-29 will have the prime minister Dr Manmohan Singh addressing the closing session. CII President Y C Deveshwar told reporters that the 21st India Economic Summit would be hosted jointly by World Economic Forum and CII.

The theme of this years' summit is "Young and Resurgent India: Its impact on Regional and Global Strategies." The summit would bring together more than 200 international companies and over 600 participants from 33 countries, the director for India, World Economic Forum, Colette Mathur said.

About 30 sessions would focus on critical issues such as infrastructure, civil aviation, States' capabilities to attract investments, financial service energy and environment.

"The session on agri business and agriculture would be a major one as the agriculture minister has put in a special request", Mathur said.
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CII-PWC study: Organised retail to create eight million jobs
New Delhi: According to a study titled 'The Rising Elephant: Benefits of modern trade to Indian economy' by CII and PricewaterhouseCoopers, an additional eight million jobs will be generated in India through direct and indirect employment through the development of organised retail.

Commenting on the findings of the study, PwC partner Jaques-Etienne de T'Serclaes said, "By 2020 India will have the lead in this sector. The demographics of the country is such that nothing can stop it from becoming the leader."

The study said that fears that FDI in retail would create unemployment by wiping out kirana stores were misplaced and only those working in one lakh mid-category stores were likely to be displaced in the mid-term as against the assumed workforce working in 12 million retailers across the country.
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India offers infrastructure development for oil
Mumbai: India is offering credit of up to US$1bn to build power projects, railways, refineries and stadiums in oil-rich but poor West African nations in exchange of oil exploration rights.

India imports 70 per cent of its crude requirements, and has devised a multi-pronged strategy to ensure future oil supplies from overseas oil and gas properties.

A senior India oil ministry official said, "West Africa is a long-term investment destination for India." He said India would offer commercial partnerships and joint ventures to a group of African countries in oil, roads, railways, IT, power and ports under the partnership development initiative.

A US$6bn infrastructure investment deal struck in Nigeria this month by ONGC Mittal Energy Ltd., a joint venture between India's state-run Oil and Natural Gas Corp. Ltd. (ONGC) and the world's largest steel maker, Mittal Steel, is seen as a major breakthrough in this strategy.

According to analysts there is a risk factor in this, but it could be worth it if it helps Indian oil companies in strengthening relationships with the host countries and, in turn, offering a better chance in securing assets in these countries.
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India, Japan to sign MoUs for oil exploration
New Delhi: India and Japan may sign five to six draft Memorandums of Understanding (MoUs) in the oil and natural gas sector by January next, according to a top official of the Ministry of Petroleum and Natural Gas.

The major draft concerns joint exploration and production of oil and natural gas while the second one is on strategic storage, followed by energy conservation, research and development in the hydrogen sector and synthetic hydrates.

Japan has also shown a keen interest on helping India in processing heavy oil and expressed its willingness in participating in exploration of oil.
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Turkey to set up oil refinery with Indian expertise
New Delhi: India and Turkey are planning to set up a oil refinery on 50:50 ownership basis. The refinery will be set up with Indian expertise in Turkey said a senior Turkish official.

The refinery would produce 1,20,9000 barrels of oil per day in Turkey, he said.

The MoU also envisages addressing oil, energy and environment issues, including energy policy such as oil energy efficiency, energy research, development and expansion of regional energy infrastructure networks, training of specialists, expertise and technical assistance.

The MoU also focussed on joint oil and gas power market development, devising specific tools for operation and risk management.
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Spain to boost tourism ties with India
New Delhi: Spain is planning to boost tourism with India and is looking at launching a direct flight between the two countries.

Addressing reporters at a function to mark the launch of Qatar Airways flights from India to Spain via Doha, Spanish officials said that Spanish airport surveys had shown a massive jump of Indian tourist traffic from about 9,000 three years ago to over 26,000 last year.

Officials said there were complementary features between India and Spain in the tourism sector, and that the holiday period in India (May-July) was a lean season in Spain and the holiday season (August) in that country was lean period in India.
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AP frames policy to boost textile industry: YSR
Hyderabad: Pro-active measures and a policy for the textile industry in Andhra Pradesh would create a million jobs in the sector, said the chief minister, Y S Rajasekhar Reddy, here on Thursday. He was speaking at the inauguration of a two-day textile Forum "Emerging Opportunities: The Road Ahead," organised by the Confederation of Indian Industry (CII), southern region.

Reddy said that the government has framed a Textile and Apparel Promotion Policy 2005-10, to create employment opportunities.

He said though India is one of the oldest textile manufacturing nations in the world the existing technology for processing has proved to be a hurdle in competing with other advanced countries. He stressed the need for modernisation of the ginning units and also urged the Union government and financial institutions to come forward to help the industry in this regard.
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HC orders Mafatlals to deposit documents under seal
Mumbai: The Bombay High Court has ordered the Mafatlal family to deposit all documents pertaining to the family-owned Mariddhi Trading Company in a cupboard under seal at Mafatlal Centre in south Mumbai, and the deposit the keys in the custody of the court.

The court was hearing a petition filed by Atulya Mafatlal, youngest son of the deceased Yogindra Mafatlal, urging for a direction to restrain his mother Madhuri, brother and sisters from selling off a flat in a building belonging to family-owned Mariddhi Trading Company.
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BSNL questions TRAI's jurisdiction on interconnection
New Delhi: BSNL has questioned telecom regulator TRAI's powers and jurisdiction in matters relating to interconnection between it and other private service providers and has challenged TRAI's show cause notice, which alleged that BSNL had not adhered to the telecom regulator's directions.

Interconnection is considered to be crucial for providing telecom services and the TRAI has issued guidelines from time to time to enable two operators to sign interconnection agreements amicably.

BSNL said it had published its reference interconnection order (RIO) within the time prescribed by TDSAT with the changes as mutually agreed between the parties and adjudicated by the tribunal and same cannot be alleged to be in violation of any regulations of TRAI.

The TRAI show cause notice says, BSNL published its RIO without obtaining prior approval of TRAI leading to violation of regulators directions which calls for an appropriate action under relevant clause of the TRAI Act.
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