INDIA INTELLIGENCE REPORT

 

Business & Economy

Canada views India as big
power, keen on trade 

What is India News Service, Wednesday, 19 January 2005, 2000 hrs IST

Visiting Canadian Prime Minister Paul Martin on Wednesday told his counterpart Mr Manmohan Singh that he foresaw the emergence of India, China and Brazil as the world\92s new big powers within a decade or so and showed keenness on rapid growth in bilateral relations with India from a long-term perspective. 

Though not a single agreement was formally signed during this visit, South Block mandarins looked upon Mr Martin\92s visit as very crucial and highly successful in which the two countries took a host of top-level decisions. The two countries agreed to: 

Develop a tsunami early warning system for the countries of the Indian Ocean in collaboration with like-minded nations. However, India again made it clear that it was fully capable of dealing with the tsunami challenge with its own resources. 

Encourage a CEOs roundtable on trade and investment promotion and giving serious consideration to a partnership in environmental technologies. 

Have big-time cooperation in the fields of information technology, bio-technology and nano-technology. 

The idea behind having CEOs roundtable is to encourage corporate and business sectors of the two countries to have increased and more frequent interaction, South Block sources said. These issues are no longer dealt with at a government-to-government level, rather the governments perform the role of enabling agents, sources explained.

New drawback rates announced: The Finance Ministry revised all industry drawback rates factoring in the education cess.

100 per cent FDI in oil exploration sector offered:
India today invited foreign companies to invest up to 100 per cent in the oil exploration sector while assuring bidding of 20 new oil fields in a completely free, transparent and business-friendly environment. 

R&D weighs down Ranbaxy: Top drug manufacturer Ranbaxy Laboratories lost steam in the last quarter of 2004 over margin pressure in key markets and rising research and development costs, but is still gearing up for an expected gold rush in new product development and international generics market.

Anil scores a point on AoA: Throwing the ball back in the court of Reliance Industries, Anil Ambani-controlled Reliance Energy today succeeded in amending Articles of Association on the appointment of directors after the parent company, chaired by elder brother Mukesh gave up its resistance.

U.S. closely watching free textile trade regime:
The U.S. is keeping a close watch on the operation of the quota-free international textile trade regime, which came into being on January 1. 

'Brand summit can help understand consumer dynamics':
'Connecting with the consumer in the changing brandscape" will be the theme of Brand Summit 2005 being organised here on February 17-18 by the Confederation of Indian Industry (CII).

NRIs keen to invest in Punjab:
The Punjab government has received good response from non-resident Indian Punjabis over investing in the state at the recently concluded Pravasi Bharatiya Divas, according to sources here.

Registration for domain name gains momentum:
With just three days left for the close of `free' registration for the `.in' domain name, 890
applications have been received so far, said official sources here today. 
 
Virgin daily flight to London: Premier British carrier Virgin Atlantic today announced it would launch daily services between Delhi and
London from February 1 and proposed to introduce new flights from Mumbai from March 27.

Advisory panel on energy set up:
The government has set up an advisory committee headed by Mr V. Krishnamurthy that will submit a report
within two months on the restructuring of oil companies to meet the challenges in the energy sector. 

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