Deora wants excise on diesel cut by Re1
New Delhi: Petroleum Minister Murli Deora said he has written to the prime minister seeking a one rupee cut in the excise duty imposed on diesel. Petroleum Secretary M S Srinivasan said high global crude oil prices had seen duty from diesel sales rise to 22 per cent of the country's total excise revenues, from 16 per cent.

If the proposed duty cut is agreed, a litre of diesel in Delhi will cost Rs30.11 compared to the current Rs31.25, said an Indian Oil Corp. official. The current excise duty on diesel is 8.16 per cent plus a specific rate of Rs3.32 a litre.
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India-Italy should forge close ties: Prodi
Kolkata: Italian prime minister Romano Prodi has urged Indian businessmen to forge close business links with Italy. He also announced Italy's decision to focus on India as a bridge to Asia.

Prodi who is leading a 400-plus business delegation-- the largest ever to India spoke at the Italia-India 2007 business forum organised by Ficci and said: "While Italy is looking at India to act as a bridge to Asia, Indian businessmen will also be welcomed in the Italian market. We will support Indian businessmen keen to come to Italy."

Prodi added that the European market is estimated to get bigger than the US market in a few years."

There are a few steps that need to taken by both sides to facilitate stronger ties between the two countries. Bureaucratic delays and red tapism is one. The other is easing of financial sector norms in India other Italian officials said.
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