Business & Economy

Manmohan envisages Asian
answer to European Union

What is India News Service, Wednesday, 20 October 2004, 2000 hrs IST

Prime Minister Manmohan Singh on Wednesday raised the vision of an Asian Economic Community encompassing ASEAN, China, Japan, Korea and India.

Describing it as an "arc of advantage" exceeding the European Union in income and NAFTA (North Atlantic Free Trade Agreement) in terms of trade. he said the country could absorb foreign investments of as much as $150 billion in the infrastructure sector over the next ten years. 

Addressing the third ASEAN-India Business Summit, he sought to enhance the existing India-ASEAN relationship to the higher level of an Asian Economic Community which would release enormous energies. "One cannot but be captivated at the vision of an integrated market, spanning the distance from the Himalayas to the Pacific Ocean, linked by efficient road, rail, air and shipping services", he said.


Framework to attract $150 b FDI soon: Unfazed by the criticism of the Left over the FDI, Prime Minister Manmohan Singh today said the government would set up the required regulatory framework to attract the FDI to the tune of $150 billion in telecom, airports, railways and power sectors over next 10 years

Bharti unveils `instant e-mail mobile': Bharti Tele-Ventures Ltd. (BTVL) on Tuesday launched India's first `instant e-mail mobile' by introducing BlackBerry's handheld devices that promise always-on connectivity besides working as a personal digital assistant.

After Cabinet approval, Left okays FDI hike in aviation: The Left parties have no objection to the cabinet decision on raising FDI cap to 49 per cent in domestic private airlines, CPI (M) Politburo member Sitaram Yechury told reporters in New Delhi.

Star launches Hindi channel: Star India has announced the launch of Star One, a new Hindi entertainment channel, targeted at the urban, upwardly mobile Hindi speaking audience. 

IOC to set up LNG terminal at Ennore: Indian Oil Corporation, the country's largest refiner, will set up a liquefied natural gas import terminal at Ennore.

Crisil buys Irevna for Rs 43 cr: Rating agency Crisil Ltd has acquired the Chennai-based research firm Irevna for an initial cash payment of about Rs 43 crore. 

IGI airport beer bar plans grounded: Plans of setting up a beer bar at the Indira Gandhi International (IGI) Airport seem to have run into rough weather at least for the time being. 

Citigroup buys ABN AMRO's select services: Citigroup today acquired ABN AMRO's direct custody, securities clearing and fund services businesses in select European and Asian markets, including India. 

SPIC's strategy to get back to health: The struggling Southern Petrochemical Industries Corporation (SPIC) is betting on a four-pronged approach to get back to health first and grow robustly thereafter. 


Overall:

PM shared Asian dream: Manmohan Singh said Asia could have an exciting answer to the European Union.

Government drew up costs of reviving Dabhol: The power plant has been lying idle for three years.

Star announced a Hindi channel: It said the premium channel, aimed at the upwardly mobile, would begin telecast on November 1.