Exports up 32.4 pc in Q1
New Delhi: Provisional data collated by the Directorate-General of Commercial Intelligence & Statistics (DGCI&S) and released by the Department of Commerce has showed that exports during April-June 2006-07 were valued at $27,671.93 million, 32.40 per cent higher than the level of $20,900.31 million during April-June 2005.

Merchandise exports grew by 40.17 per cent during June 2006 in dollar terms, and touched 9,967.08 million from $7,110.96 million during June 2005.

Ministry officials said quick estimates of selected major commodities showed a substantial spurt in exports of engineering products, petroleum products, basic chemicals, electronic goods, cotton yarn/fabrics/made-ups, spices, coffee, tobacco, carpets and mica, coal and other minerals, including processed ones, during June 2006.

The country's imports during June 2006 are valued at $13,763.86 million, representing an increase of 23.98 per cent over the level of imports valued at $11,101.23 million in June 2005. Total imports during April-June 2006 are valued at $40,281.28 million, which is 24.48 per cent higher than the level of $32,360.13 million during April-June 2005.

Trade deficit during the period April-June 2006 is estimated at $12,609.35 million, which is higher than the deficit of $11,459.92 million during April-June 2005. If the revised figures of June 2005 as also during the first quarter of 2005-06 are taken into account, the country's exports during April-June 2005-06 were $23,676.12 million and imports at $34,214.14 million, leaving a trade deficit of $10,538.02 million.
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Inflation rises on costlier manufactured items
New Delhi: The annual wholesale price index-based inflation rose 4.96 per cent during the week ended July 1, higher than the previous week's annual rise of 4.84 per cent. The rise in the year-on-year inflation was mainly on account of higher manufactured product prices, including costlier iron and steel, chemicals and textile products.

The wholesale price index (WPI) for `all commodities' ended the latest reported week at 203.3 points. The index was 193.7 points during the corresponding week a year ago. The inflation rate was at 4.14 per cent during the corresponding week of the previous year.
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Government considers stringent monitoring of foreign investments
New Delhi: Addressing security concerns arising out of foreign investments coming into the country, the National Security Council Secretariat (NSCN) has suggested putting in place mechanism to bar acquisitions, mergers or takeovers of Indian companies if there is evidence that a foreign controlling interest might threaten national security.

NSCN has suggested setting up a vigilance team based on the lines of the Committee on Foreign Investment in the United States (CFIUS) to review foreign investments. The NSCN has also mooted including communication network management equipment within the purview of industrial licences governed by the Industries Development and Regulation Act, 1951.

This could have an impact on the plans of equipment manufacturers such as Nokia, Ericsson and Motorola who have announced plans to set up telecom equipment production units in the country.

The NSCN suggestions come after concerns raised by the National Security Advisor about the security implications of Egypt's mobile telecom company Orascom's decision to acquire 19.3 per cent stake in the Hong-Kong based Hutchison.
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SC puts stay on Jet-sahara case
New Delhi: The Supreme Court has stayed arbitration proceedings involving Jet Airways and Air Sahara in the Lucknow district court. Hence Jet will not be able to lay its hands on for some time its claim of Rs 1,500 crore lying in an escrow account with ICICI Bank.

A bench headed by chief justice YK Sabharwal also stayed arbitration proceedings moved by Jet Airways in the Bombay High Court. The court issued notices to all parties in the failed agreement, and will hear them after three weeks.
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Fuel prices may be hiked again
New Delhi: Petroleum minister Murli Deora may not be able to fulfill his promise of not hiking petrol prices especially as his own ministry has informed the Prime Minister's Office that public sector oil companies have been given the freedom to hike fuel prices once a month, without consulting the government.

While, oil companies — IOC, HPCL and BPCL — say there had been no official word on the monthly autonomous fuel price revision, petroleum secretary MS Srinivasan's letter of July 7 to Cabinet secretary BK Chaturvedi categorically said oil companies had the freedom to revise fuel prices once every month.
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PM slams Pakistan
Mumbai: Indian Prime Minister Manmohan Singh has accused Pakistan of breaking its word by continuing to harbour Islamist extremists, after meeting victims of the Mumbai blasts. The prime minister said a peace process with nuclear rival Pakistan was threatened if Islamabad did not curb 'terrorist' violence directed at India.

'We are also certain that these terrorist modules are instigated, inspired and supported by elements across the border without which they cannot act with such devastating effect,' Singh said.

Singh's comments came at the end of a brief visit to the country's financial capital, which was hit by a wave of bomb blasts this week in which 179 people were killed and hundreds more wounded.

Although there has been no breakthrough in investigations into the attack, Indian officials have said that Pakistan-based Islamist militant group Lashkar-e-Taiba and Pakistan's Inter-Services Intelligence agency are the prime suspects.

Pakistan has countered Singh, saying the peace process should go on despite the attacks. Doubts are being raised on whether a meeting between the foreign secretaries of the old foes -- to review the peace process -- would be held as scheduled next week.

Islamabad has denied any involvement in the serial bombings and Pakistan President Pervez Musharraf has offered to help India investigate the attacks.
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