STC allowed to export 1.5 lakh tonnes sugar
New Delhi: The Union Government has given its approval to the State Trading Corporation of India (STC) to export 1.5 lakh tonnes (lt) of sugar. This is above the 1.5 lt already allocated to Indian Sugar Exim Corporation Ltd (ISEC) for sales to the Trading Corporation of Pakistan (TCP).

Sources said the decision to permit STC to export, which was cleared by the Food Ministry on Tuesday, was subject to the same conditions as applicable to ISEC. These include the stipulation that the contracts for export shall be executed by STC itself and not through any other private exporter or agent. Also, the shipping bills are to contain the name of STC, with the importer also having to open non-transferable letter of credit only in the Corporation's name. Also, STC will have to scout for buyers outside Pakistan, as it is not registered with TCP, the sources added.

During the 2005-06 season (October-September), India has so far contracted nine lt of sugar exports, with actual shipments amounting to around 7.3 lt and may cross 10 lt this season said sources. Most of this is by mills undertaking re-export obligations against past duty-free imports of raw sugar, with the three lt allocated to ISEC and STC (which are outside the re-export obligation) making up the rest.
Back to News Review index page  

Malaysia to issue Indians multiple entry visas
New Delhi: Malaysia will issue multiple entry visas to Indians.
According to the Deputy Prime Minister of Malaysia, Mohd Najib Tun Abd Razak, who is on a visit to India, "Over the last few years, the number of Indian visitors coming to Malaysia is up by 31 per cent. With our recent decision to issue multiple entry visas to Indian visitors, it is hoped that the number would increase further," he said

At a meeting organised by FICCI and CII and Malaysian trade bodies MIDA and MATRADE, he said the corporates of both countries must capitalise on the strategic advantage of sharing expertise and resources. He pointed out that India has strong ties with South African Customs Union countries and with South Asia, while Malaysia has ties with West Asia. "The business communities of both India and Malaysia should explore these networks and supply chain relationships to expand trade and investment opportunities beyond our individual boundaries," he said.
Back to News Review index page  

Mah govt plans new corporate friendly industrial policy
Mumbai: The state of Maharshatra is planning a new corporate friendly industrial policy to facilitate easy clearances for industries planning to set up shop in the state. The new policy will stress on time-bound single-window clearance system and minimising time spent by entrepreneurs before starting their venture said Maharashtra industry minister Ashok Chavan at the Maharashtra Economic Development Council conference here.

The industrial policy of 2001 lapsed in March this year.

The new policy also aims at removing regional imbalances and creating employment and also envisages giving power to Udyog Mitra committees, which are functional at the district level and are only consultative in nature. But these committees, which comprise almost all the departments that industry have to interact with, will be empowered to sort out localised problems of the industry, so every file needn't go to Mantralaya and be sent back to district headquarters, Chavan said.

The endeavor is to create a system wherein any entrepreneur is able to download a single form from our website, fill it and get all permissions including power connection, environmental clearance, labour, water supply and municipal clearances, etc at one go, he said.

The new policy will also have flexible labour laws, and although hire-and-fire system will not be introduced, companies, to some extent, may be allowed to hire people in good times and exercise lay-offs in tougher times, said other officials of the Maharashtra government.
Back to News Review index page  

Center urges states to cut sales tax on fuel
New Delhi: The central government is urging state governments to cut sales tax on diesel and petrol, but has ruled out any rollback in the new prices announced on Monday.

The government also said it will grant limited freedom to PSU oil firms to raise prices if Brent crude prices rise above $75.

A top oil ministry official told reporters on Wednesday that for every $1 increase in Brent prices, oil firms would be allowed to raise the price of petrol by 39 paise, diesel by 30 paise, kerosene by 36 paise and cooking gas by 67 paise per cylinder, the official said.

Petroleum Minister Murli Deora said the states were charging very high taxes on sale of fuel. In Maharashtra, the sales tax on diesel is as high as 37 per cent and 30 to 34 per cent on petrol Deora said. The minister also made a pointed reference to West Bengal, which has been at the forefront of protests against the price hike, where the state government levies a 27 per cent sales tax on petrol.

Deora said the Centre had done its bit by issuing Rs28,000 crore of bonds and reducing customs duty from 10 per cent to 7.5 per cent. He pointed out that higher prices would automatically result in greater sales tax revenue for states. "It is the state government's turn to reduce the burden on consumers," sources added.
Back to News Review index page  

Survey finds India 4th most attractive investment destination
New Delhi: India has been ranked as the fourth most attractive investment country and the preferred location for call centre and back office activities, according to a survey by global consultant firm Ernst and Young.

The Ernst and Young European Attractiveness Survey 2006, released today in La Baule, France, said the US and China remained the top two preferred countries for international decision makers.

However the survey said India still lagged behind China in attracting foreign direct investment.

While China achieved the lead position for manufacturing operations, India has emerged the top country for call centres and back office functions.

The survey findings also indicated a decline in India's attractiveness for call centre functions. Germany and USA/Canada trailed India in BPO functions.

India was at number five among the top 10 countries for research and development centres.
Back to News Review index page  

Kamal Nath to head Indian delegation at WEF meet
New Delhi: The commerce and industry minister, Kamal Nath, will lead the Indian delegation to the World Economic Forum's (WEF) East Asia summit beginning June 15 in Tokyo. Japan's ministry of economy, trade and industry and India's ministry of commerce and industry are co-sponsoring an India-Japan Business summit on the eve of the WEF event.

CII and India Brand Equity Foundation (IBEF) will unveil their `India Everywhere' campaign to showcase the Indian economic growth story and the investment opportunities on offer. CII president, R. Seshasayee is heading an industry delegation to the event.

The Toyota Kirloskar Motor's vice-chairman, Vikram Kirloskar, McKinsey India managing director, Adil Zainulbhai, chief mentor and executive vice-chairman of the board of Ranbaxy Laboratories Brian Tempest and co-chairman and managing director of Jubilant Organosys, Hari Bhartia are among those participating, a CII release said here.
Back to News Review index page  

Maharashtra power cos to invest Rs60,000-cr over five years
Mumbai: Maharashtra's energy minister, Dilip Valse-Patil, has said that three power companies - Maha Genco, Maha Transco and Maha Vitaran - will invest around Rs60,000 crore during the next five years in the power sector.

The total cost for the working of all the three companies in the next five years has been estimated at Rs58,991 crore.

Various projects are in process at Paral, Tarapur, Ghatghar, Paras and Vindhyachal, along with Dabhol, which should generate 2000 MW of power by December this year.
Back to News Review index page