Presidential nod for gas regulatory bill
New Delhi: The Petroleum and Natural Gas Regulatory Board Bill, 2006, which provides for setting up of a regulator for downstream oil refining and fuel marketing, has become an Act with the President, A.P.J. Abdul Kalam, giving his nod to the legislation passed by Parliament last month.

"This regulatory mechanism would facilitate uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country at fair price. It would promote competitive markets," a release said here.
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India to partner at Hannover Fair
Kolkata: The Hannover Fair in Germany, considered to be the largest and most important technology event in the world, will showcase the products of 319 Indian companies this year as against last year's 14. India is the partner country after 21 years.

The fair is to be held from April 24-28. Prime Minister Manmohan Singh and German chancellor Angela Merkel will jointly inaugurate the Indian pavilion.

Around thirty one items, like auto components, industrial casting, forging, steel metal components, medical & surgical instruments, X-ray equipment, electrical equipment, agricultural equipment, and others, have been identified as thrust engineering products for exports.

The Indian contingent will include Union commerce minister Kamal Nath, Union science & technology minister Kapil Sibal, Union minister of state for commerce & Industry Ramesh Jairam and delegations from the Confederation of Indian Industry and Federation of Indian Chambers of Commerce and Industry.
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Chinese steel majors sniffing opportunities in India
Beijing: Chinese steel majors such as Bao Steel and Capital Steel are exploring business opportunities in India and may make substantial investments in the sector.

In the course of interactions with a visiting delegation of Indian industrialists and a media group, industry sources here said besides IT software, hardware and pharmaceuticals, Chinese companies in the mineral and metals sectors were already undertaking feasibility studies in India.

Liu Zhengang, chief representative China Minmetals Corporation said, "Chinese steel companies can make use of Indian iron-ore reserves and many companies are exploring investment possibilities in India. But the Indian Government should make changes in its mines and minerals policy to allow freer movement of raw materials."

Energy security has been a crucial issue in the region and a combined India-China market will have tremendous strategic impact on energy access and control mechanism, Chinese officials said.

Chinese officials also pointed out that actual FDI in India by Chinese companies stood at $0.63 million against an approved investment of $231.6 million between January 1991 and March 2004.

Saroj Kumar Poddar, FICCI President, said that efforts should be to raise the bilateral trade to $50 billion in three years and $100 billion in six years. He also said that attempts should be made to encourage investments in each other's countries to at least $1 billion each in next five years.
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Inflation in India tolerable: Chidambaram
Bangalore: Finance minister P. Chidambaram said on Monday that inflation in the country is within tolerable limits and the Reserve Bank of India (RBI) has been successful in managing prices.

The comment comes a day before the RBI releases its monetary policy statement, which is widely expected to raise interest rates because of concerns about high prices of shares, property and oil, which is India's biggest import.

"Zero percent is satisfactory but as a developing country, one cannot aim for a zero per cent inflation. A 3.5 percent inflation is tolerable by any measure. The RBI is managing inflation in a commendable manner," Chidambaram told reporters after inaugurating Biocon Biopharmaceuticals, a multi-product biologics facility on the outskirts of Bangalore.

However, he said that global oil prices were a matter of concern.
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Govt. to invest Rs.2,000-cr in rural electrification plan
New Delhi: The Non-conventional energy sources minister, Vilas Muttemwar, has said that his ministry would spend about Rs2,000 crore to light up around 10,000 remote villages and hamlets through renewable energy under the Rajiv Gandhi Grameen Vidyuti Karan Yojana for providing electricity to rural households.

The electrification of these villages would be carried out through the Remote Village Electrification Programme of his ministry during the next three years. The programme would provide electricity to over one million rural households.
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