Exports rise by 15.38 pc in Mar New Delhi: Exports have risen by 15.38 pc in March this year to $12.5 billion, pushing the overall exports in 2006-07 to $124.6 billion.

Government officials said exports, which till February end stood at $109.1 billion, now stand revised as data arriving late got assimilated in the figures for the first 11 months.

In March, exports worth 12.5 billion dollars took the total to 124.6 billion dollars for the previous fiscal, growing by 23.8 per cent.

The exports fell marginally below the target of $125 billion set by the government for FY07.

For the current fiscal, the government has set an export target of $160 billion, which exporters feel would be tough as rupee continues to appreciate and the US economy faces a slowdown. Back to News Review index page  

Notified SEZs number crosses 100 New Delhi: The total number of notified special economic zones being set up has crossed the 100 mark since the freeze on SEZs was removed on April 5.

These include SEZs of Bajaj Auto, Ranbaxy, Mahindra and Wockhardt.

In the coming six months 100 more SEZs from among those who have final approvals would be notified and sources said 50 SEZs would become operational by July. At present, only 19 zones that were set up after the SEZ Act 2006 are functional.

So far, an investment of Rs13,435 crore has been made in the SEZs and 18,457 jobs created.

Sources said if all the 234 SEZs with final approval become operational by 2009, they would attract investment of Rs3,00,000 crore and create 40 lakh jobs.

Exports by units in SEZs this year are expected to touch Rs67,300 crore and could cross Rs100,000 crore by 2009. Back to News Review index page  

India, Pak coming to agreement on IPI project New Delhi: Differences between India and Pakistan are narrowing over the charges to be paid to Islamabad for passage of the Iran-India-Pakistan gas pipeline. An official said that the June-end deadline for signing of a tripartite agreement now looked achievable. Pakistan has come down from its earlier demand of 1.57 dollars per million British thermal unit to 0.70-0.75 dollars per mBtu as transportation tariff. India is willing to pay not more than 0.55 dollars per mBtu (USD 220 million annually). On transit fee, Islamabad is seeking USD 0.493 per mBtu while New Delhi has offered USD 0.20 per mBtu.

In the past differences between the two countries over the tariff India has to pay for transporting gas from Iran through the 1,035-km pipeline segment in Pakistan and the transit fee payable to Islamabad for allowing its territory to be used for the passage of the pipeline had threatened to derail the USD 7.4-billion project.

The price of gas as per the tariff proposed by India will be USD 5.68 per mBtu at Indo-Pak border. Had Pakistan's original demand been accepted, the price would have been USD 7 per mBtu. Iran wants to sell natural gas to India and Pakistan at USD 4.93 per mBtu (at USD 60 per barrel crude oil price). Back to News Review index page  

Trade deficit rises by 40 pc New Delhi: India's trade deficit has widened by 40.5 per cent in fiscal 2006-07, ending March 31, 2007, to $56.74 billion, according government data.

Economists said a strong rupee would hit exports further in the months to come. The trade deficit in March fell to $3.8 billion from $4.66 billion in February as import growth slowed. Economic growth has seen the deficit grow over the past few months. It stood at $5.78 billion in January, $5.68 billion in December 2006, and $6.20 billion in November.

Exports in March grew 8.84 per cent to $12.58 billion compared with $11.56 billion in the same month a year ago as the impact of a rising rupee hit exporters.

Imports in March rose 14.45 per cent to $16.38 billion compared with $14.31 billion in March 2006. Exports for the full year stood at $124.63 billion, up 21 percent compared with $103.06 billion in 2005-06, while imports rose 26.45 per cent at $181.37 billion compared with $143.43 billion in the year ago period.

Oil imports in 2006/07 stood at $57.27 billion, up 30.3 per cent compared with $43.95 billion in 2005/06. The country imports more than 70 percent of its oil needs and robust industrial growth has raised demands for fuel. Back to News Review index page  

Aviation turbine fuel prices rise New Delhi: Public sector oil marketing companies (OMCs) have raised the prices of Aviation Turbine Fuel (ATF) by 3.5 per cent, along with the rise in international oil prices. The rise is expected to trigger a marginal increase in airfares.

Jet fuel prices in Delhi were raised from Rs.36,149.04 per kilolitre to Rs.37,421.94 while in Mumbai the prices went up by Rs1,325.94 per kl to Rs.38,690.39 per kl. The price for foreign jets, which are not liable to payment of local sales tax, went up by 9.8 per cent to $707.12 per kl in Delhi and by $63.2 per kl to $701.36 per kl in Mumbai.

Airfares are set to go up by Rs.150, with most of the major airlines likely to hike the fuel surcharge by the same amount. Back to News Review index page