February exports up eight per cent at $6.7 billion
New Delhi: India's exports grew by eight per cent in February over the same period last year, with exports during the month standing at $6.7 billion, as compared to $6.2 billion in the same month last year. This is as per the latest data released by the government.

The trade deficit in the first 11 months of the current fiscal grew 73 per cent to $23.83 billion from $13.72 billion in the corresponding period in 2003-04.

Exports during April-February rose by 27.03 per cent to $69.7 billion compared to $54.94 billion in the same period in the previous fiscal. Imports in February went up by 38.64 per cent to $9.34 billion from $6.73 billion in the corresponding month last year.

During the 11-month period, imports rose by 36.33 per cent to $93.628 billion compared to $68.675 billion in April-February of 2003-04. Trade deficit in February stood at $2.63 billion compared to $524 million in the same month last year.

Oil imports also increased by 44.45 per cent to $26.65 billion in April-Feb period against $18.45 billion in the corresponding period a year ago.
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Govt. mulling foreign institutional investment in print media
New Delhi: The Government is considering allowing investment by Foreign Institutional Investors (FIIs) in the print media within the 26 per cent ceiling allowed for Foreign Direct Investment, it has stated in the Rajya Sabha.

Replying to supplementaries during Question Hour, Information and Broadcasting Minister Jaipal Reddy told BJP leader Murli Manohar Joshi that "representation has been received that FIIs be permitted, subject to ceiling of 26 per cent, and this is still under consideration".

Reddy said that since the RBI and the Securities and Exchange Board of India strictly monitor FII flows, this route will enable control by the authorities unlike in the case of FDI. He said that through the FII route, investors would not be able to exercise the same control as through FDI route.
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Courts to be fully computerised over next four years
New Delhi: The Government is looking to fully computerise every court in the country over the next four years. The Union Law and Justice Minister, H.R. Bhardwaj has said that the Law Ministry was looking at spending Rs300 crore to Rs400 crore every year towaqrds this purpose.

The minister also inaugurated the orientation and training programme for newly appointed members of the Income Tax Appellate Tribunal (ITAT). The Tribunal has 22 new members. While 16 are Accountant Members, 6 had been appointed as Judicial Members. The ITAT has in all 63 Benches, with each Bench comprising one Judicial Member and one Accountant Member.

The ITAT, which was established in 1941, disposes appeals relating to direct taxes at the second-appellate stage. Its orders are final so far as facts are concerned. An appeal is provided against its orders to the High Court only on substantial question of law and thereafter to the Supreme Court.

As on March 1, about 1,38,739 cases were pending before the Tribunal.
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Belgium keen to diversify bilateral ties
New Delhi: The Crown Prince of Belgium, Prince Philippe, has acknowledged the contribution made by the Indian community in Belgium, and Antwerp in particular. "So we count on them also to help us strengthen out ties with India, as we explore new avenues of cooperation," he said.

Stating that diamond was the main trading activity between the two countries, the visiting prince has said that it was now time to look at newer areas such as port services, logistics, environmental technology, power generation, engineering, the chemical sector and information technology, to name a few, informed a statement.

The prince also said that, "India is a key partner for us, both bilaterally and as a power in the region." He was addressing industry leaders at a meeting organised by the Confederation of Indian Industry (CII), here on Monday.

Speaking on the occasion, the Minister of Commerce and Industry, Kamal Nath, said that India greatly supported and welcomed certain specifications for the benefit of the least developed countries. However, he expressed his concern on "an attempt to try and segregate and diversify countries into large developing countries and smaller developing countries."

Voicing concern at the increasing difficulty in accessing the EU market, Mr Kamal Nath said, "while the Indian economy has liberalised and markets opened up offering new vistas to the global trade and industry, reciprocal benefits have not flowed from the developed world."

The mounting stringency of standards, their non-harmonisation, cumbersome and complex rules, according to the Minister, are being perceived as serious barriers to enhanced economic cooperation. On the occasion, five MoUs were signed to take forward and cement the existing ties between India and Belgium.
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Limited autonomy for Oil PSUs to fix prices
New Delhi: The Minister for Petroleum and Natural Gas, Mani Shankar Aiyar, has said that the Government would like to give public sector oil firms limited autonomy to fix petrol and diesel prices within a narrow price band, once international prices stabilise.

International oil prices, he said, were expected to stabilise by April-May once the US administration puts in place policies to curb runaway fiscal and budgetary deficit. Aiyar said, "as soon as signs of stabilising international markets are seen, we should be able to put together a domestic pricing policy".

The Minister pointed out that the change in excise duties had put a heavy burden on the oil companies. Not passing on the incidence of increased excise duty would result in approximately Rs264 crore of losses to them every fortnight, he added.
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