NID branches out into Bangalore
Bangalore: The National Institute of Design hub has opened a branch in Bangalore. Its new R&D campus will tap the IT city's software advantage to make design innovations in at least four new areas: for the masses, sensitive design projects for the defence forces and also for product innovation for the automobile and transportation sectors, according to NID.

The 45-year-old institute picked Bangalore a couple of years ago for its first campus outside Gujarat. The Rs5-crore research campus located off Tumkur Road is scheduled to be inaugurated on March 31 by the UNIDO Director-General, Kandeh K. Yumkella.
Back to News Review index page  

CAG warns AP on getting into debt trap
Hyderabad: The Comptroller and Auditor-General of India has warned the state of Andhra Pradesh that its ever-increasing ratio of fiscal liabilities to gross state domestic product (GSDP), together with growing revenue deficit, could lead it into a debt trap. The CAG report for 2004-2005, dealing with the State finances, observed that about 32 per cent of the State's liabilities have no asset back-up.

During 2004-2005, the interest payments were Rs7,091 crore, which was nearly 25 per cent of the revenue receipts. The outstanding fiscal liabilities, as of March 2005, were Rs74,288 crore, which is equivalent to 37 per cent of the GSDP.

The CAG observed that the Government had failed to achieve the target of bringing down revenue deficit as per the agreement with the Government of India.

Overall, revenue receipts increased from Rs19,475 crore in 2000-2001 to Rs28,750 crore in 2004-2005. During 2004-2005, 70 per cent of the revenue (Rs20,010 crore) was from the State's own resources, which increased by 15 per cent over the previous year.
Back to News Review index page  

Iran promises good news on natural gas project
New Delhi: The visiting Iranian vice-president, Rahim Mashaee, said the Indo-Iran relations are on track and has expressed confidence about the proposal to supply gas to India and said that good news could be heard soon.

Mashaee, who met the prime minister, Dr Manmohan Singh, on Saturday, told the press that the Iranian oil minister would soon visit India to finalise details. He said his Government had already given in-principle clearance to the liquefied natural gas proposal and Iranian engineers and technicians were working to set up the infrastructure in this regard. As regards the difference between India and Iran over the pricing of the gas, he said the cost of gas would depend on the international market.
Back to News Review index page