World-class cruise terminal to come up in Mumbai
Mumbai: The government has decided to set up a world class cruise terminal at Mumbai. The Mumbai Port Trust would be in charge of setting up the terminal.

"Expression of interests will be invited shortly for building the cruise terminal that would have a marina, a convention centre, hotels and entertainment places," said Ashok Kumar Bal, deputy chairman of MPT. The terminal is to be set up as a joint venture with public-private partnership, Bal added.

The Mumbai port receives about 25-30 international cruise ships currently, up from 18 in 2004-05.

Bal said the global scenario for cruise shipping was also gaining momentum, with an annual growth of 10-20 pc in cruise ship fleet and passengers. Mumbai, Kochi and Mormugao are the ports that are seeing an increase in cruise shipping.
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FM wants to lower tax rates
New Delhi: Finance Minister P Chidambaram has said lower tax rates would lead to an increase in tax revenues for the government. Addressing Ficci's 79th annual general meeting here, Chidambaram blamed a section of industry for artificially pushing up product prices by holding back supply and emphasised the importance of addressing the issue of escalating costs and prices. According to him while the contribution of primary and fuel items to inflation had declined, certain manufacturing items were contributing to a rise in prices.

Chidambaram said, "Industry should refrain from such a short-term view of the booming economy because it will harm them by forcing interest rates to rise. It will work to the disadvantage of the economy."
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