India, Russia trade expected to rise to US$10bn by 2010
New Delhi: India and Russia are setting up a joint forum on trade and investment as a prelude to the feasibility of signing a Comprehensive Economic Cooperation Agreement (CECA). Bilateral trade turnover between the two countries has been projected to rise to US$10bn by 2010.

The Union commerce & industry minister, Kamal Nath, stated this here at a joint press conference with his Russian counterpart, German Gref, after both of them signed the protocol on completion of bilateral negotiations on the accession of Russia to the WTO and the memorandum of understanding on cooperation between the ministry of commerce and industry of India and the ministry of economic development and trade of the Russian Federation.

Both sides have also agreed to strengthen cooperation in oil and natural gas, besides beefing up existing cooperation in crucial areas, the two Ministers said.
Back to News Review index page  

Japan trade organisation wants tax breaks to invest in India
New Delhi: Japan Inc will invest in India provided its concerns regarding taxation and labour issues are addressed.

Osamu Watanabe, chairman and CEO of Japan External Trade Organisation (Jetro), leading a 73-member delegation to India, said Japanese companies would welcome incentives in the form of corporate tax exemptions or deduction in corporate tax.

The delegation has raised this issue at a meeting held earlier with the Prime Minister.
Back to News Review index page  

AP likely to grab 15 pc of software export market
Hyderabad: The Software Technology Parks of India (STPI) has said that Andhra Pradesh is likely to grab 15 per cent of the country's overall software export market this year.

The projected exports of about US$2.7bn (Rs12,500 crore), would mean a growth in excess of 50 per cent over last year.
STPI director, B.V. Naidu said overall exports stood at Rs8,963 crore in the first nine months of this fiscal, surpassing the overall export numbers of last year (Rs8,270 crore).

He said if the foreign equity participation is any indication as well as corroborating reports from consultant McKinsey, the State is on course to garnering about 25 per cent of the country's overall exports, projected to cross US$60bn by 2010 he said.

He said MNCs like Sharp and Honeywell have recently located centers in the state and the government is also in discussions with the world's largest US retailer and second largest US banking and financial services major, for setting up operations in the state he said.
Back to News Review index page  

FDI inflows expected to cross $7 b in FY-06
New Delhi: The Government expects foreign direct investment into India to cross US$7bn in 2005-06. FDI inflow as of November 2005 stood at US$3.3bn.

Figures for December 2005 have not yet been computed. The Government is expecting US$300-400mn investment from Korean steel major POSCO in the mining sector.

The commerce minister, Kamal Nath had earlier set a target of US$7.5bn FDI inflow in 2005-06 and US$10bn in the next fiscal.
Back to News Review index page  

Qatar Airways to fly to Nagpur
New Delhi: Qatar Airways will begin flights to Nagpur, the airlines' sixth destination in India from the coming summer season. The airline would be the second operator from West Asia to launch services.

The airline, having received its bilateral air traffic rights to daily operations, would start its Nagpur services with three flights each week by 110-seater Airbus 319 aircraft, Qatar Airways.

Qatar Airways currently operates daily services from Delhi, Mumbai and Thiruvananthapuram, besides five each week from Kochi and four from Hyderabad.
Back to News Review index page