India, UK consider collaboration in cold storage facilities
London: Investors in UK have given an enthusiastic response to India's proposal to set up joint quality control testing facilities for agriculture products and establishing cold storage facilities in the India, according to minister of state for food processing industries, Subodh Kant Sahai who had had a series of meetings with investors and his British counterparts here in the last three days.

He said India required Rs1,00,000 crore ($20 billion) investment for setting adequate number of cold storages and creating mega food parks. He said that the Government planned to have a single integrated food and quality control law in the country to create a single authority as against the existing 14 laws. The draft legislation would be introduced in the next session of Parliament.
Back to News Review index page  

Ahluwalia dispels fears over reforms
New Delhi: Trying to dispel fears that the Government's decision to put on hold disinvestment in PSUs could affect the economy, the Planning Commission today said reforms were not only about disinvestment.

"I have never felt that disinvestment is the core of reforms. The reform agenda is very very wide ranging," said Montek Singh Ahluwalia, deputy chairman, Planning Commission.

Ahluwalia said the approach paper to the 11th Plan talks of a whole lot of reforms in agriculture such as greater public investment, new ways of organisation, changing laws and greater role of the market. "None of these have anything to do with disinvestment," he added.
Back to News Review index page  

Inflation drops to 4.84 per cent
New Delhi: After two weeks, the annual rate of inflation came down to 4.84 per cent for the week ended June 24, despite a rise in prices of food items. The inflation rate for the previous week was at its one-year high at 5.44 per cent. The inflation rate, calculated on point-to-point basis, stood at 4.30 per cent during the corresponding week of the previous year, according to official figures released here today.

Inflation declined by 0.6 percentage point during the week under review even as fuel index remained unchanged. The Wholesale Price Index (WPI) for all commodities rose to 203.6 points and it was 194.2 points in the year ago period.

The Government revised the final inflation figure to 3.9 per cent for the week ended April 29 from the provisional 3.59 per cent while WPI stood corrected at 199.6 points as against the provisional 199 points.
Back to News Review index page  

Income tax receipts rise 54 per cent in April-June
New Delhi: Income Tax collections rose by a whopping 54 per cent to Rs12,498 crore in the first quarter of this fiscal, after some high spenders paid up taxes on getting notices from taxmen.

Corporate tax registered a 46.9 per cent rise at Rs15,521 crore during the first three months of the current fiscal against Rs10,565 crore during the corresponding period of the previous fiscal. Corporate tax collections recorded 40 per cent growth during the first quarter of the last fiscal.

Total direct tax collections stood at over Rs28,000 crore during the first quarter of this fiscal. Income tax collections, in fact, had declined by 25.67 per cent during April-June last year after the Government raised the income tax exemption limit to Rs one lakh and consequent changes in tax rates.
Back to News Review index page  

Gold jewellery hallmarking made mandatory
Kolkata: The Government plans to make hallmarking of gold jewellery mandatory from 2008 to boost exports of gold jewellery from India. The government will soon put in place the necessary infrastructure required for the purpose. Hallmarking would also be necessary since India, which now enjoys the status of an observer, would become a member of the Vienna Gold Convention by the year-end.

A survey conducted by the Bureau of Indian Standards (BIS) had indicated that consumers in the country were being cheated by jewellers, with 88 per cent of the jewellery being sold showing shortage of purity to the extent of 28-37 per cent, government officials said. While BIS would be the main implementing agency and reduce licensing fee for the hallmark in metropolitan cities, financial assistance would also be provided to create the required infrastructure.

The government would also launch awareness campaigns about the programme and would interact with jewellery manufacturers and retailers across the country. Currently, more than 1,750 jewellers have obtained licence from BIS and 37 hallmarking and assaying centres were present across the country.
Back to News Review index page  

Striking doctors at AIIMS start parallel OPD service
New Delhi: Resident doctors at the All India Institute of Medical Sciences (AIIMS), protesting the move for the removal of their Director P Venugopal, started a parallel OPD today.

A senior resident doctor said the doctors at AIIMS do not want the patients to suffer because of the strike so they decided to run a parallel OPD. The doctors are providing the patients with medicines and consultation.

The doctor said health minister Ramadoss has brought them to this situation. Now, the PM should intervene to sort out the matter.
Back to News Review index page