Cooking gas, kerosene subsidies to stay
New Delhi: Subsidies on kerosene and cooking gas will continue after a previously imposed March deadline, and there are no plans to cut prices of the two fuels, Petroleum Minister Murli Deora said on Monday.
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ECS approves award of 52 oil, gas blocks
New Delhi: The Empowered Committee of Secretaries, comprising of top officials from petroleum, law and finance ministries, on Monday approved awarding 52 oil and gas blocks offered in NELP-VI, including 19 blocks under the sixth round of New Exploration Licensing Policy.

Oil and Natural Gas Corp and its partners emerged as the top winner of NELP-VI with 25 blocks, including 12 deep-sea blocks, while Reliance Industries will get seven deep-sea blocks, officials said.

Santos will get two deep-sea blocks. Of the six shallow water blocks on offer, ONGC and its partners will walk away with three blocks, while Focus-Newbury, Petronas and Petrogas will get one each.

ONGC and its partner are set to get 10 onland blocks while OIL and partners have been recommended for seven blocks. Essar, GSPC and Adani will get two each and Naftogaz-RNRL one.

Although ECS approved the award of blocks, it is not yet clear whether the government will ask these firms to change the government's share.
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Non-tariff barriers will improve Indo-Russian trade
New Delhi: A report on `deepening India-Russia trade relations' released by industry association CII ahead of Russian President Vladimir Putin's India visit later this month, has pointed out that the proposed comprehensive economic cooperation agreement (CECA) between the two countries will work only if a viable and shorter route for trade is worked out soon.

"The greatest hindrance to trade between India and Russia is the lack of trade routes and the North-South Corridor needs greater attention from both countries the report said.

The agreement on India-Russia transport corridor may help in reducing transport costs, the study added pointing out that the present route, which passes through the Suez Canal and enters into the Russian port of St. Petersburg via Kotka (Finland) and Rotterdam (Netherlands), is long and time consuming. The new route would comprise of sea and land links across India, Iran and Russia and will shorten travel time by as much as ten days. The new route could extend from Mumbai- Bandar Abbas (Iran)-Astrakhan (Russia), the study suggested.

India-Russia trade grew by 41 percent at $ 2.76 billion in 2005-06, over the previous year. The two countries have set a target of touching $ 10 billion by 2010.
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Nashik emerging as big IT destination
Pune: Nashik with its good human resource pool and low real estate cost is emerging as an IT destination with the opening of its first IT Park.

Kiran Karnik, president of Nasscom at the launch of the IT Park, said that as Bangalore, Mumbai and Pune are reaching saturation levels, BPOs were looking to move to new destinations and cities such as Nashik, Bhubaneswar and Mangalore should aggressively market themselves. "Initially only back-office jobs will move to these cities but there was scope to move up the value chain in a few years time." He said Nashik needed an international airport and good connectivity to Mumbai through superfast trains that will take only two hours to reach Mumbai.

Vascon Engineers has set up V-Tech IT Park, the first private IT park of Nashik in association with Nashik's Sanklecha Constructions, R Vasudevan, chairman, Vascon Engineers said. Nashik offered the advantage of low manpower cost and lower real estate costs and at the same time.
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