India moves ahead in merchandise imports
New Delhi: India is now the 17th largest importer, amongst the world's 30 leading importers, in merchandise trade in 2005, says a WTO report. For the country, this marks a jump from its earlier 24th rank, which it held in 2004. In spite of its shift up the ladder the country still accounts for a minuscule 1.2 per cent share, or $131.6 billion, in the world imports of $10.75 trillion last year.

However, in merchandise exports, India emerged a shade better in 2005 by inching from the 30th slot to the 29th position, with exports at $89.8bn, a share of 0.9 per cent in 2005. This also marks a growth of 19 per cent, an average increase of 9 per cent during 2000-05, as compared to China, which grew at an average of 25 per cent during the five-year period with exports of $762bn in 2005.

In services exports, India earned $68bn with an annual average growth of 33 per cent during 2000-05, against China, which with services exports of $81 billion registered an annual average growth of 22 per cent during the five-year period.

In commercial services, India moved from the 16th position in 2004 to the 10th position among leading exporters, while in the case of imports, it moved from the 15th place in 2004 to the 10th place in 2005. India's share in world trade in services is 2.8 per cent, while in services imports, its share is 2.9 per cent.

Acknowledging the growing importance of services trade by India, the WTO said the performance of the 20 leading exporters of commercial services trade ranged from a minor decline in the exports of the UK to "a very high increases in the services exports (and imports) of China and India."

Remarking on the major trade developments in 2005, the world trade monitoring body said that during 2005, annual growth rates of the 30 leading importers varied between a low of 4 per cent logged by Austria to a peak of 35 per cent for India.

In 2005, the value of merchandise exports rose 13 per cent to $10.1trn, crossing the $10trn mark for the first time.
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Deora: Petroleum regulatory board to be in place by September
New Delhi: The Petroleum and Natural Gas Board is likely to be established by September this year. Murli Deora, minister for Petroleum and Natural Gas, has said that with the presidential assent for the Petroleum and Natural Gas Regulatory Board Bill, 2006, now having been received, rules and regulations would be notified soon and a search panel for selection of candidates for the board formulated.

"In the next four-five months the regulatory body for the petroleum and gas sector should be functional," the Minister added. The downstream regulator would have the task of monitoring petroleum and gas activities right from refining, processing, storage, transportation, distribution, marketing and sale with the aim of ensuring transparency and fair play in the market while protecting the interests of consumers.
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Oil imports at $40bn for Apr-Feb 2006 period
New Delhi: India's oil import bill is up at $40bn for the 11 months (April-February) of 2005-06. As per the latest data released by the ministry of Petroleum and Natural Gas, about 90.34 million tonnes of crude oil worth $34.95bn and 10.63 million tonnes of petroleum products valued at $5.29bn were imported during April-February 2005-06.

The country's net oil import bill stood at $30.69 billion in April-February 2005-06. For the 2004-05 fiscal, the net oil import bill was $22.94 billion.

According to the data, the country exported 19.51 million tonnes of petroleum products for $9.55bn in the 11 months of 2005-06. For the 2004-05 fiscal, total oil product exports stood at 17.57 million tonnes worth $6.33bn.

The country's main exports in April-February 2005-06 remained diesel, with 7.64 million tonnes for total value of $3.8bn. Other products exported included 2.02 million tonnes of petrol for $1.11 billion, 4.52 million tonnes of naphtha for $2.23 billion and 2.53 million tonnes of jet fuel for $1.42 billion, the data said.
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E&Y report: India on way to becoming global hub for biotech studies
Bangalore: "The Global Biotechnology Report 2006" brought out by Ernst & Young says that India is rapidly moving from being a label extension support centre to being included in global pivotal studies, and that the growing generics industry is boosting the flow of pharmacokinetic studies to the country.

According to the study, Indian companies are busy identifying areas of comparative advantage and leveraging them to compete globally.

The study says that the next big step for India will be in products, as most current research programmes will bear fruit by the end of the decade. The range could be impressive, including biogenerics, novel therapeutics, vaccines, biochemicals, nutraceuticals and cosmeceuticals.

A global expansion would be driven by domestic innovation, competitive costs, availability of valid data, and viable business models that have already been tested in India.

The "Global Technology Report" adds while stem-cell research has raised some debate in the West, huge investments have been flowing to India in this field.
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Nagpur to be developed as a cargo-hub
New Delhi: With Nagpur's Sonegaon Airport receiving clearance for its upgradation plans, it is now on its way towards becoming a multi-modal passenger-cum-cargo hub, in addition to becoming an international one.

The multi-modal passenger and cargo centre is expected to be developed with world-class cargo handling facilities, rail and road connectivity and a special economic zone (SEZ).

The Maharashtra government had proposed construction of an International Multi-Modal International Hub At Nagpur (MIHAN). The Ministry of Civil Aviation/Airports Authority of India (AAI) has already set up a Special Purpose Vehicle (SPV) in the name of the Maharashtra Airport Development Company (MADC) for MIHAN's development.

Nagpur offers an all-weather 365-day operation, and industry experts have long stated that India has the potential to become a global hub for air cargo but needs to improve upon infrastructure and cost efficiency.
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