Business & Economy

PM promises more tax reforms

What is India News Service, Wednesday, 10 November 2004, 2000 hrs IST

Prime Minister Manmohan Singh has assured multinational corporations that an independent petroleum regulatory authority would be set up to provide a level playing field to them in the oil sector. He also promised wide tax reforms in next year's budget.

At an interaction with Chief Executive Officers of European and Indian corporates last night, Mr Manmohan Singh also made it clear that India would adhere to all commitments already made at the World Trade Organisation, including one on trade related intellectual property rights (TRIPs), on which a legislation would be brought before Parliament soon.

\93I recognise that whoever comes to invest in India is entitled to expect a level-playing field. The government is, in fact, in the process of doing that.

Bimal Jalan likely to be Finance Minister: Prime Minister Manmohan Singh is expected to reshuffle his Council of Ministers before November 28 when he is to leave for Laos to attend the tenth ASEAN Summit.

Punjab cotton growers seek ban on imports: A large number of farmers from Punjab today held a protest rally at Jantar Mantar here demanding a ban on cotton imports that had severely hit cotton prices in the domestic market.

Henkel SPIC-Henkel India merger swap at 1:1: Henkel SPIC India Limited (HSIL) will be merged with Henkel India Limited (formerly Calcutta Chemical Company Ltd.) at a stock swap ratio of 1:1.

Lloyds to ship 1,000 more jobs to India: British bank Lloyds TSB Group said it would transfer about 1,000 jobs from UK to India by this year-end, taking the total headcount in the country to 2,500. 

Ranbaxy scouting for talent in the US: Indian pharmaceutical major Ranbaxy Laboratories is scouting for scientists in the U.S. to expand its research and development facilities in India.

Virus threat makes Indian IT firms edgy: Even though computer viruses continue to be the single largest source of breach, non-virus information security breaches have shown an alarming rise among Indian corporates, a CII-Pricewaterhouse Coopers survey has shown.

Himalaya Drug forays into baby care: Herbal healthcare major Himalaya Drug Company today announced the launch of a baby care range consisting of seven products.

M&M enters into $10-m pact with Chinese firm: In its first joint venture for tractors abroad, Mahindra & Mahindra (M&M) has entered into a memorandum of understanding with Jiangling Motor Company Group (JMCG) of China to acquire the latter\92s tractor manufacturing assets.

Shell to begin LNG imports in India by early 2005: Shell said its Gujarat LNG terminal would be ready by year-end and it would also start retailing petrol and diesel by the month after. 

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