INDIA INTELLIGENCE REPORT

 

Business & Economy

Traders' strike against VAT:
Shops closed across India

What is India News Service, Thursday, 31 March 2005, 1400 hrs IST

The three-day nationwide traders\92 strike against the introduction of a comprehensive value added tax (VAT) regime began on Thursday. The Confederation of All-India Traders (Cait) and the Bharat Udyog Vyapar Mandal (BUVM), the two major traders\92 bodies\92 spearheading the agitation, claimed that strike was total all across the country.

Reports reaching from other parts of the country, however, said the bandh call evoked mixed response with retailers carrying on with their usual business even though wholesale business was affected.

In Delhi, Punjab and certain other northern states petrol pumps were closed as dealers were protesting the proposed diesel price hike as a consequence of VAT.

The Cait, however, claimed that more than four crore traders across the country observed the strike.

Traders in some states like Tripura and Karnataka will go on strike tomorrow while there will be no agitation in Tamil Nadu, Haryana and Meghalaya.

Secretary General of CAIT Praveen Khandelwal said the decision of the empowered committee to introduce VAT from April 1 is an \93error of judgement\94 as there will be unhealthy competition in those states who have implemented VAT and those who have not.

Pak eases visa rules for Indian traders: Pakistan has agreed to grant two-year multiple entry visas to the Indian businessmen and will soon announce the decision after the finalisation of certain modalities by the industry chambers of both countries, said former Pakistan Prime Minister, Chaudhry Shujaat Hussain.

Aiyar suggests pipeline through populated areas of Pakistan: Petroleum Minister Mani Shankar Aiyar has suggested routing the $4.16-bn Iran-India gas pipeline through thickly populated areas of Pakistan to minimise the risk of a terrorist attack.

Infosys receives certification in aerospace systems:
Leading consulting and IT services provider Infosys Technologies received the AS/EN 9100 certification for its work in designing and developing a complex aero structure.

Chandigarh, Amritsar airports to be upgraded
: After clearing way for the modernisation of Delhi and Mumbai airports, the government has given the go-ahead to the upgradation of 30 non-metro airports, including Chandigarh airport and Amritsar international airport, at an estimated cost of Rs 5,000 crore in the next three years.

Air Deccan, Kingfisher not to poach on each other: Air Deccan, the country\92s first low-cost airline, and the new Kingfisher Airlines \97 which is yet to commence its commercial operations \97 have entered into a \93non-poaching alliance\94 pact under which neither of the airlines will recruit the employees of the other.

M&M sells 15.88% in Ford: Mahindra and Mahindra Ltd (M&M) has sold its 15.88 per cent stake in Ford India Pvt Ltd.

Ranbaxy restrained from selling blood pressure drug in US
: Ranbaxy Laboratories Ltd got a major jolt as a US court has restrained its subsidiary Ranbaxy Pharmaceuticals Inc from selling the generic version of Pfizer Inc\92s accupril blood pressure drug in the US market.

IIMs shun business school surveys: Smaller IIMs are questioning the methodology of surveys that rank business schools.

Tatas may set up car unit in Punjab: The Tatas are contemplating to set up a car manufacturing unit in Punjab, the State Finance and Planning Minister, Mr Surinder Singla, told the Punjab Vidhan Sabha today.

IA launches Delhi-KL link
: Fares on the South-East Asian sector are set to decline, what with more direct connections and choice of airlines being available to Indian tourists. Indeed, increased air travel options are expected to win over any reservations that tourists may have about visiting those destinations, earthquakes or tsunamis notwithstanding.

Drilling begins in Sunderbans after 15 years: Amid great excitement and expectations, drilling in Bengal offshore in search of oil and gas there -has begun after a gap of around 15 years.

IMF urges India to speed up reforms: The International Monetary Fund has asked India to speed up reforms, including removal of trade barriers, liberalisation of FDI regime and easing of labour laws, to attain over 6-6.5 per cent GDP.


Business papers 


Business Standard

Economic Times
Business Line
Financial Express