Business & Economy

Exports cross $ 40 billion
between April-October

What is India News Service, Thursday, 18 November 2004, 2200 hrs IST

India's exports remained buoyant and crossed the $40 billion mark in the first seven months of the current fiscal. Releasing the data for April-October 2004-05, the Union Commerce Minister, Kamal Nath, said there was an across the board increase in exports to all of the major trade destinations. 

The overall growth rate remains at a high 23.73 per cent though export growth during October was only 9.49 per cent as against the annual target of 16 per cent. 

Addressing the Economic Editors' Conference, he said exports were expected to cross the $70 billion mark in 2004-05 in case the 16 per cent target was achieved. This is also expected to help exports reach a level of $150 billion in 2009-10. 

Scope for enhancing trade with EU: Visualising scope for further enhancement of trade between EU countries and India as a new strategic partner, the European Business Group today underlined the need for the Indian Government to take steps to remove hurdles.

States told to cut ST on petro products: Finance Minister P Chidambaram backed Petroleum Minister Mani Shankar Aiyar's view that State Governments should lend a helping hand in controlling inflation by lowering sales tax on petroleum products.

Mukesh Ambani admits to differences with Anil: The rumours about the Ambani brothers splitting up got a new lease of life when Reliance Group Chairman Mukesh Ambani admitted to having differences with his brother Anil over 'ownership issues.' 
He, however, said that the differences "are in the private domain."

On forex for infrastructure, FM will consult Manmohan: Finance Minister P Chidambaram will take up with Prime Minister Manmohan Singh the issue of utilising foreign exchange reserves for funding infrastructure development, a proposal emanating from the Planning Commission.
 
Four bank merger proposals at FinMin desk: Three-four proposals for merging banks had come up before the Finance Ministry, but "till the marriage between mature partners -- each with many children" actually came about, it was difficult to say if a process would go through. 

IA, A-I to see triple-digit growth, says Praful Patel: The civil aviation ministry has set itself a deadline of March 31 next year for wrapping up the joint venture agreements on upgrading Mumbai and Delhi airports, even as it sees the national carriers poised for a triple-digit growth over the next three years.

Ranbaxy to put allied business on the block: Ranbaxy Laboratories Ltd plans to put on the block its non-core businesses including animal healthcare, diagnostics and fine chemicals. The three allied businesses contribute roughly Rs 125 crore to the drug major\92s total turnover.
 
Govt to allow maximum 50% margin on drugs: Talking tough to the drug manufacturers on the rising prices of medicines, the government on Wednesday said a maximum of 50 per cent margin would be allowed on non-scheduled drugs and suggested an intensive monitoring system to control prices.

Ordinance on amending Securitisation Act: Acting on the Supreme Court judgement in the case of Mardia Chemicals Ltd. and Others Vs Union of India and Others, the government has promulgated an Ordinance to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, an official press release stated on Wednesday. 

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