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Economy
& Business
Trade
policy will boost exports to
300 billion
What
is India News Service, September 01, 2004, 2000 hrs IST
Aimed at doubling
India's share to $300 billion in global trade or 1.5 per cent
over the next five years, the Government announced a comprehensive
foreign trade policy focusing on employment-generation,
agriculture and services exports.
The President of the federation, Rafeeque Ahmed, welcomed the increase in the duty-free entitlement to 5 per cent from 3 per cent for garments and handicrafts. Introduction of a duty-free entitlement scheme for fruits, vegetables, flowers, minor forest produce would help these sectors become competitive. Transferability of the duty-free licence would enable small exporters to avail themselves of the benefits of the scheme.
Sail
to have IISCO under its wings: In a major decision in conformity with the Common Minimum Programme (CMP), Steel Minister Ram Vilas Paswan announced the merger of the Indian Iron and Steel Company Limited (IISCO) with Steel Authority of India Limited (Sail).
Outside expert will head Board of Trade: The Board of Trade (BoT), the highest forum for trade policy interface between the government, traders and industry, will be revamped and headed by an eminent person or expert on trade policy and not the commerce minister as has been the practice so far.
Apex
chambers hail policy: The apex trade and industry bodies have
generally welcomed the foreign trade policy announced by the Union
Commerce and Industry Minister, Kamal Nath, as "comprehensive,
challenging and forward looking.''
Italians explore trade possibility:
Trade and industrial delegates from Italy headed by Mr Tortell Paolo, who were in the city, interacted with officers of the Punjab Government and representatives of the CII and PHD Chamber of Commerce and Industry.
Apple unveils thinnest iMac:
Apple Computer has unveiled its new iMac desktop computer design, which integrates all disk drives and processors into a flat display less than two inches (five
centimetres) thick.
Industry
welcomes measures: The foreign trade policy 2004-05 announced
seems to have hit many right buttons for Indian industry.
BSNL and MTNL losing subscribers daily: At a time when India is witnessing exponential growth in the telecom sector, the government-owned telecom operators, BSNL and MTNL, are losing over 10,000 subscribers.
Turbo-powered
petrol Skoda rolls out: Skoda Auto India, a fully owned
subsidiary of Skoda Auto a.s., Czech Republic (Volkswagon Group)
will launch a new model of the Skoda Octavia on a completely new
platform-A5 within this year.
Boeing lobbies for rebid:
The Ministry of Civil Aviation has given Boeing a fresh lease of life to launch a fresh offensive against Airbus in an effort to grab a sizeable chunk of the $4 billion purchase orders.
IT
spending has improved firms\92 output: Nasscom: A survey across different sectors of the industry conducted by Nasscom has revealed that use of IT has improved the productivity of the organisations despite domestic IT spending accounting for less than one per cent of the annual turnover of the companies.
BPCL
set to seal Sri Lankan deal: Bharat Petroleum Corporation Ltd (BPCL) is in the final stage of negotiations for acquiring Sri Lankan Government stake in the state-run Ceylon Petroleum Corporation (Ceypetco).
BSNL invites bids for CDMA sets: The state-owned Bharat Sanchar Nigam Ltd has invited bids from leading global manufacturers to set up production facilities for CDMA mobile and fixed wireless phones.
Airtel lowers postpaid rates:
Following a slash in tariff rates for pre-paid users, Airtel announced lower tariffs for its post-paid
customers.
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New
India Assurance net up 130%: The country's largest non-life
player New India Assurance Company Ltd has pegged its growth target
at 12 per cent this fiscal with a premium income of Rs 4,550 crore.
Government\92s assurance on vanishing companies: The Centre today assured small investors that their interests would be protected with the initiation of a drive against vanishing companies and their promoters.
Rs 1-lakh car is still a pipedream: The Indian car buyer's dream of owning a Rs 1-lakh
mini car has just hit a breaker.
Farmers get no direct benefits to reap: The farmer certainly can't garner any direct benefit from UPA government's farm-fresh foreign trade policy.
Crude
prices drop sharply: Oil prices dropped sharply to about $42 a
barrel on Monday despite attacks on Iraq's oil pipelines.
Sensex
up 20pts; Bhel rises 2.5%:Select blue chip counters ended with
smart gains aiding the Sensex to extend its gains for the second
straight session
Overall:
Trade policy will boost India's global shares:
The
Government announced a comprehensive foreign trade policy aimed at
doubling India's share to $300 billion in global trade over the next
five years.
Industry welcomes
measures: The foreign trade policy 2004-05 announced seems to
have hit many right buttons for Indian industry.
Sail to
have IISCO under its wings: Steel Minister Ram Vilas Paswan announced the merger of the Indian Iron and Steel Company Limited (IISCO) with Steel Authority of India Limited (Sail).
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