Orissa approves Posco's ore mine plans
Bhubaneshwar: South Korean company Posco has received clearance from the Orissa government, to recommend the Union mining ministry for prospecting licence (PL) of the Khandadhar iron ore mines in Sundergarh district.

Posco has, among others, applied for the remaining deposits at Khandadhar group of mines spread over 6,200 hectares, which has an estimated iron ore reserve of about 200 million tonne. The company had applied for the PL for two more mines - Thakurani in Keonjhar district and Malingtoli in Sundergarh district.

The state government had been going slow on the recommendation for the PL in view of the opposition to the swapping clause in the MoU signed between the state government and Posco on June 22, 2005.

Though the government has given an estimated deposit of about 200 million tonne at Khanadhar, 250 million tonne at Thakurani (A) and 100-150 million tonne of iron ore at Malingtoli, Posco is not sure about the figures. Posco wanted to ensure the deposits sooner than later so that later the steel project does not suffer from want of raw material in future.
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German business team to visit India in March
Kolkata: A team of 300 small & medium enterprises (SMEs) from Germany will visit India next March to explore business opportunities here. This was announced by Germany's ambassador in India Bernd Mutzelburg on Friday at an interactive session organised by the Bengal Chamber of Commerce and Industry.
According to him the German industry is interested in looking at India, China and Russia for future growth.

According to the German ambassador, India is a more stable country and has started to showcase its success stories globally. As part of its India plans, Germany is looking at business opportunities in textiles, steel, automotive parts, food processing, pharma products, information technology and other manufacturing sectors. Germany is keen to produce goods in India as the labour cost is much lower, Mutzelburg said.
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India invites Japanese companies to invest in India
Tokyo: India is rolling out the red carpet to Japanese companies. Addressing a seminar 'Invest in India', commerce and industry minister Kamal Nath said Japanese investors should participate in India's growth story and highlighted the opportunities that the country presents in infrastructure, manufacturing and services sector.

The minister said investment opportunities worth $500 billion were estimated in 25 major economic activities.

Nath said India is targeting a growth rate of 10 pc in the next five-year plan and the investment and policy regime are being continuously aligned to achieve these GDP growth rates.
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India to surpass China in 2007 growth: Credit Suisse
New Delhi: India will surpass China as the fastest-growing economy in Asia next year on the back of increasing consumer demand and public investment in infrastructure, global research firm Credit Suisse said. The firm upgraded India's economic growth rate to 9.5 pc in its December 2006 forecast from 8.5 pc in September this year.

The economy would grow 10 pc in 2007 and 10.5 pc rate in 2008, it added.

Apart from this the firm said external liquidity in India remained a concern and interest rates could go up. The report also singled out India on external liquidity concerns and said most countries in the region maintained robust current account surpluses.

The agency increased the projected growth rate for China in 2007 to 9.9 pc from 9.5 pc forecast in September. Chinese economy is likely to grow at 10.4 pc in 2006, it said.
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