Monsoon to weaken over coming days
Thiruvananthapuram: Weather models are by and large indicating an overall weakening of the southwest monsoon over the next four to five days.

According to weather forecasters rain-dependant crops sown in areas where the onset of monsoon has been declared could suffer. This is true for standing crops in peninsular India, especially in Karnataka, Andhra Pradesh and Maharashtra where the monsoon arrived ahead of schedule.
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Ordnance Factory Board opens door for business
Kolkata: The ministry of defence has permitted the Ordnance Factory Board (OFB) to offer idle manufacturing capacity of some of its factories to private and public sector companies, paving the way for non-defence sector companies to outsource a portion of critical raw material and equipment from ordnance factories.

The decision may also usher in the transformation of at least some ordnance factories into joint ventures. The OFB owns a total of 39 factories in the country, producing a diverse range of products - from arms and ammunition to clothing and leather goods.

A few MoUs may already have been signed between the OFB and private and public sector companies for mutual utilisation of technology and production capacity available with them. According to sources, the Tata Group is likely to utilise the manufacturing facility available at OFB's vehicle and truck factories, while SAIL may utilise forging plant facilities available at OFB's Ishapore Gun & Shell factory located in West Bengal.

The Medak unit of Indian Ordnance Factories is already manufacturing mine-protected vehicles (MPVs) which are intended to provide safety against landmines.
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Hyderabad Metro project work to commence at year end
Hyderabad: Work on the Rs7,000-crore Hyderabad Metro Rail Project is set to commence by the end of this year, with the likelihood that the detailed project report (DPR) and projected financial returns may be finalised before June-end.

The project would be taken up as build, operate and transfer model.

As per plan, the Hyderabad Metro Rail Corporation (HMRC) will be formed by August. Simultaneously, identification of Government lands to be acquired for stations, depots and workshops would be completed by July-end. The financial bids of the project are likely to be evaluated by October 20.

The Government has embarked upon the metro rail project as a long-term solution for easing traffic problems.
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Chittaranjan Locomotive moves to electronic payment system from June 15
Chittaranjan: Chittaranjan Locomotive Works (CLW), the electric locomotive manufacturing outfit of the Railways, will be introducing an electronic fund transfer scheme from June 15 which will facilitate payments to all suppliers and vendors across the country. Issuance of manual cheques by CLW will cease from June 15.

This will be the first such step by any zonal establishment of the Railways.

By way implementing the facility, necessary bank details, including the required codes, 9-digit MICR number of the banks concerned, signatures of authorised representatives, etc., have been sought from the suppliers and vendors. UTI Bank would handle the work through RTGS (real-time gross settlement) facility for funds transfer within 4-6 hours.

As a result of the comprehensive networking programme taken up by CLW, some 70 per cent of the current finance section work would go online.
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Inland Waterways Authority takes delivery of two vessels
New Delhi: Last week, the Inland Waterways Authority of India (IWAI) took delivery of two cargo vessels, Viswesvaraya and RN Tagore, each of 300-tonne capacity. One of them is an oil tanker and the other a container ship. The vessels are to be deployed on two National Waterways, NW1 (Haldia-Patna-Allahabad) and NW2 (Haldia- Guwahati, via Bangladesh).

The vessels were built by Hooghly Dock, the public sector ship-building firm near Kolkata, at an estimated cost of Rs3 crore each. With this acquisition, the IWAI's fleet strength rises to four. The two other general cargo vessels it already owns are Rajagopal (650 tonne) and Lal Bahadur Shastri (300 tonne).
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MRP of drugs to include all local taxes: Paswan
Shillong: Union chemcial fertilisers minister, Ram Vilas Paswan has said that the printed maximum retail price (MRP) on any drug would also include local tax and buyers would not have to pay any additional price over it from October 2 this year.

Currently sellers add local taxes over and above the MRP printed on the drugs, thus forcing a buyer to pay more.

The ministry, had earlier decided to bring all the 354 'essential' drugs under its control to check arbitrary pricing by the manufacturers. Manufacturers are now being given time from July 1 to October 2 to dispose off the existing stock and the new pricing set up would be in place from October 2, the minister said.

The ministry also asked manufacturers to start printing the MRP in Hindi in addition to English from October 2 this year.

Paswan said the turnover of the market was Rs25,000 crore (Rs250 billion) and there was always a tendency of some manipulation on price.
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Structural reforms required for better growth: CII
New Delhi: The Indian economy needs a set of structural reforms, not just to improve economic and industrial performance, but also to create inclusive growth, the Confederation of Indian Industry (CII) said today.

According to R Seshasayee, president, CII, the revised estimates of GDP and other growth figures released by the Central Statistical Organisation (CSO) on May 31 are a clear pointer to this fact as the mining and power sectors were a big drag on industrial growth. CII has accordingly suggested deregulation of the power and mining sectors.

CII has suggested creation of an Energy Commission for developing and implementing an integrated energy policy, creation of a competitive and vibrant wholesale power market, increasing the role of and guidance from the central government through stronger incentives for states that expedite reform; and increasing CERC mandate over SERCs.

Similarly, for the mining sector it has suggested policy changes like private and merchant participation in the mining sector, removal of hurdles in obtaining approvals and establishing an independent regulator.
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