IT SEZ approvals move to slow lane
New Delhi: The Board of Approvals, the nodal authority of the central government that grants approves for setting up of SEZs, has decided that for the time being no more in-principle approval would be given for IT zones, the commerce secretary, G K Pillai, said.

He said so far, formal approvals have been given for 148 IT SEZs and in-principle approvals to about 75 such zones. He said perhaps, even 148 SEZs would not be set up. On having a cap on SEZs for other sectors, he said that the question does not arise.

"We are nowhere near reaching any ceiling in the other sectors. In textiles, there are only 16 SEZs, while in pharma it is 13. There is potential for more in both the sectors. In all the other sectors, SEZ approvals are in the single digits," he said.

He said the commerce ministry has decided to appoint an independent organisation to study tax losses from SEZs. "The report would hopefully be out in the next three to six months," he said.
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Petro prices not to be cut for now: Deora
New Delhi: There would be no cut in petrol prices for now as oil companies continue to make losses even after the recent fall in international oil prices.

In view of continuing under-recoveries on diesel, kerosene and liquefied petroleum gas (LPG), a review would be considered after a more permanent drop in international prices said union petroleum minister, Murli Deora.

Prices for the Indian crude oil basket are now in the range of $56-58 per barrel compared to about $67 a barrel when the last increase in prices of petrol and diesel was made in June (petrol price was raised by Rs 4 a litre and diesel by Rs 2 per litre). The Indian crude basket stood at $57.97 a barrel on Tuesday ($56.87 on November 6).

"The government is keeping a close watch on the volatile prices and will not decide on the prices on short-term trends. The futures market predicts a price of $64 in January and $75 in June and so any reduction now will be premature and short-lived.,'' said the petroleum secretary, M S Srinivasan.
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'Immense potential in Rajasthan oil fields'
Hyderabad: The Rajasthan oil fields have immense potential and the State is witness to some of the largest oil discoveries in the world since 1985 said Dr Mike Watts of Cairns Energy.

He added that, "Ravva alone has potential to grow to over $10 billion business and the revenues would significantly accrue to India and Rajasthan as taxes. Further, when the oil flows in Rajasthan, it will not only transform the company but also materially impact the economy of the region and in turn India."

Dr Watts said RIL has made about 28 discoveries and named them sequentially after Dhirubhai Ambani and now holds potential for huge business through exploration.
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IT industry to be within purview of strike
Kolkata: The CPM's trade union CITU has said that strikes can take place in IT industry as it is not an essential service.

CITU's state secretary Kali Ghosh said trade union right is a constitutional right of the workers. When asked whether IT sector would be included within the purview of the December 14 nation-wide general strike called by Left trade unions and mass organisations, he said the decision in this regard would be taken on December 12.

The remarks came a day after the top brass of the IT industry expressed apprehension at the possibility of a coercive action following formation of IT workers' union.
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10 per cent ethanol blended petrol to be introduced
New Delhi: India plans to introduce the mandatory blending of 10 per cent ethanol into gasoline across the entire country from June 2007, said petroleum secretary M S Srinivasan.

He said the government had tied up 50 per cent of the 560 million tonnes of ethanol needed for 5 per cent mixing at Rs 21.50 a litre. India will need 1.12 billion litres of ethanol a year for the move to 10 per cent blended petrol.

He said the government expected substantial availability of ethanol for 10 per cent blending as new capacities are being created and a bumper crop of sugarcane is expected.

Agriculture minister, Sharad Pawar, said that sugar production in the cane crushing season that began in October was likely to reach 22.7 million tonnes, up from 19 million tonnes in the year ago period. With this a ban on sugar exports may be lifted within the next two weeks, Pawar said.

India also plans to replace around 5 per cent of its current 40 million tonnes of annual diesel consumption with jatropha biodiesel within about five years, as it tries to limit oil imports that account for 70 per cent of its needs.
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Duty free wheat import only till year end: Pawar
New Delhi: Agriculture minister Sharad Pawar said duty-free import of wheat by private traders would not be allowed beyond the end of December this year.

Of the 5.5 million tonnes of wheat contracted for import on the government's account, about 2.6 million tonnes had already arrived and the rest would come soon.

He said the agriculture and allied sector had achieved a handsome growth rate of 3.9 per cent in 2005-06, against less than 2 per cent in the past few years.

The minister said the prices of wheat would drop by April 2007. He attributed the lower wheat procurement in the last season to allowing, for the first time, private traders to buy wheat directly from farmers and selling it anywhere in the country.

He hoped that the government would be able to procure more wheat from the next crop, thanks to the highest ever increase of Rs 100 a quintal in its minimum support price. The production of wheat might also set a new record next year because of higher plantings and good weather conditions.
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