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INDIA INTELLIGENCE REPORT
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Focus
CAG Reports Irregularities It was not clear if the CAG
meant to make these observations as a post-project assessment
for improvement or whether it was pointing out a deliberate
break in process. The previous Government's coalition, the
National Democratic Alliance (NDA), was quick to field its
former Federal Minister for Disinvestment Arun Shourie to
rebut the report. Shourie pointed out many anamolies in the
CAG report and also pointed out inconsistencies in the way the
CAG dealt with various projects. Some papers also pointed out
editorially that while the Communists were quick to heap blame
on the NDA based on the CAG report, it virtually ignores
numerous CAG citations in States where they have ruled for
long periods of time-- West Bengal and Kerala. Some columnists
also point out that the Communists blame others easilt but
have run both these States to bankruptcy.
Make water harvesting mandatory: Kalam
President ABJ Abdul Kalam on Wednesday called for
making water harvesting mandatory for all buildings.
Recommending a seven-point action plan for water, he
said recycling of water should be compulsory
particularly in hotels and industries where large amou
* * *
NCDEX launches initiative to support tribal farmers
In a unique project that seeks to empower
tribal growers of agricultural crops, the National
Commodities and Derivatives Exchange (NCDEX) has shown
how dissemination of correct market prices can convert
growers into smart traders. * * *
Opinions/Editorials
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Referenced
Articles
RBI working group calls for Warehouse Receipts Act
THE Reserve Bank of India's Working Group on Warehouse
Receipts and Commodity Futures has recommended that a
Warehouse Receipt Act be passed to make the instrument
negotiable. * * *
States given bigger role in SEZ bill The Rajya
Sabha today approved the special economic zone (SEZ) bill
after the CPM forced changes in two clauses to allow state
governments a bigger say in the setting up of the zones and
removing the Centre’s power to change labour laws through a
mere not * * * Business
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Banks write off Rs 47,767 cr in 5 years If there’s
a bad loan — which is irrecoverable — simply write off that
asset. The banking sector seems to be following this modus
operandi in a bid to clean up their account books and also get
tax breaks in the process. * * *
India’s rating falls in world competitiveness India
has dropped to 39th rank this year from 34th position last
year in the world competitiveness ratings. The IMD World
Competitiveness Year Book, 2005 made public on Wednesday says
India continues to be dogged by problems on several fronts.
* * * Corporate
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Bajaj Hindusthan raises $100 m Bajaj Hindusthan Ltd
said on Wednesday it has raised $100 million through the issue
of global depository receipts (GDRs) and foreign currency
convertible bonds (FCCBs) and will be listed on the Luxembourg
Stock Exchange. * * *
Orchid to double tie-ups in Europe, US Orchid
Chemicals and Pharmaceuticals aims to double the number of
drugs for which it has a marketing tie-up for the European and
North American markets to 70 in the next two years. * * *
Reliance Energy arm to pick up stake in Gini & Jony
THE investment arm of Reliance Energy plans to acquire 25
per cent equity stake in kidswear firm Gini & Jony. * * *
Usha Martin eyes acquisitions in US USHA Martin
Ltd, which has operations in Dubai, Thailand and the UK, is
now looking at a couple of opportunities for acquisition in
the US. * * * Summary
Cabinet clears Bill to
amend labour laws to simplify recordkeeping by companies The President Abul Kalam has recommended a seven point
action plan that would require all states to harvest water |