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20 per cent FDI in FM radio cleared
New Delhi: The Government today said that foreign
investment, including foreign direct investment, non-resident
Indians (NRI) and persons of Indian origin (PIO) investments
and portfolio investments of up to 20 per cent equity
has been cleared in FM radio business.
Till
now, FDI in radio business was not permitted and only
foreign investment up to 20 per cent was permitted under
the portfolio investment schemes under Foreign Exchange
Management (transfer or issue of security by a person
resident outside India) Regulations, 2000.
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Model
concession agreement by next month: Baalu
New
Delhi: The Government on Thursday approved private
sector participation in 17 projects in the port sector
with an investment amounting to Rs6130 crore.
The
minister for shipping, road transport and highways, T
R Baalu, told the Economic Editors' Conference here that
the Model Concession Agreement (MCA) would be set up within
a month. "The Ministry is also considering another
21 projects involving Rs4,517 crore for the private sector
during the Tenth Plan," said Baalu.
The
minister said that a total of 41 projects were envisaged
for private sector participation in 10th Plan.
Baalu said the ministry proposed to invest a total of
Rs1 lakh crore towards development of ports and shipping,
with 60 per cent investments coming from the open market
and the remaining to be met through budgetary allocations.
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India
upbeat on exports
New
Delhi: Exports from India have grown by 22 percent
in the fist seven months of the year and the government
hopes to attain US$100bn mark by the end of the financial
year.
Should
the country reach the US$100bn mark it will achieve a
share of one per cent of global trade by 2007 from 0.67
per cent at the end of the last financial year.
The
government has set a target of US$92bn for exports in
the financial year, which ends on March 31, 2006.
Kamal
Nath, union minister for industry, said exports were driving
the Indian economy which, according to central bank forecasts,
will grow 7.0-7.5 per cent this year. He also said that
24 per cent growth in exports last year indirectly created
1 million jobs.
Nath
also said that rising imports driven by domestic demand
had led to a revival of manufacturing. Manufacturing,
which represented about 18 per cent of India's gross domestic
product, expanded 12 per cent in the first six months
of 2005/06, according to Nath.
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Petroleum
regulatory board to be set up by mid 2006
New
Delhi: The Petroleum ministry may finally table the
Petroleum and Natural Gas Regulatory Board Bill in the
winter session of parliament, according to Petroleum secretary
S C Tripathi.
The
petroleum ministry is also finalising the pipeline policy
and would approach the Cabinet with the same by next month,
he said. Tripathi added that the policy is non-discriminatory
and would create a level-playing field. The policy will
also have provisions to ensure that the pipeline operator
has an assured market and a tie-up with the source of
gas supply, he said.
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Airports
to be decongested
New
Delhi: The plan to decongest Delhi airport has begun,
according to Union civil aviation minister Praful Patel,
and includes measures like incorporating a better version
of the instrument-aided landing system (ILS) and adding
more personnel. Apart from this, the cross runway at Mumbai
airport was being operationalised to ensure landings and
take-offs in rapid succession.
Union
Civil Aviation Minister Praful Patel said the coming winter
would be better for pilots since the CAT III B ILS would
be in place by November end. He said the directorate general
of civil aviation was examining how to make it mandatory
for all airlines to get their pilots trained in using
this state-of-the-art system.
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India
receives the highest remittances
New
Delhi: India now figures among the top three countries
worldwide to receive the maximum amount of remittances
followed by China and Mexico.
According
to the World Bank Global Economic Prospects report for
2006, India received record inflows of US$21.7bn while
China received US$ 21.3bn and Mexico US$18.1bn in 2004.
The
report said remittances sent from developing countries
- the 'South-South flows' - represent 30-45 per cent of
total remittances. It forecasts that South Asia will be
receiving some US$32bn in remittances this year or a 67
per cent increase from 2001.
Remittances
recorded worldwide in 2005 are estimated to exceed US$232bn.
Of this, developing countries are expected to receive
US$167bn, more than twice the level of development aid
from all sources, the report added.
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Govt.
revises edible oil tariff values
New
Delhi: The Government on Wednesday reduced the tariff
value for imported edible oils. The tariff on crude soybean
oil was brought down by three dollars a tonne while the
tariff for RBD palmolein came down by four dollars.
The
downward revision of tariff for edible oil imports was
in the range of US$3-4 per tonne, except for palmolein
(others) category, on which the tariff was raised by US$3
per tonne to US$446 a tonne.
With
the tariff reduction the new tariff rate for crude palm
oil would be down by US$1 per tonne to US$433 while RBD
palm oil has been brought down by US$4 per tonne to US$435.
Palm
oil (other) came down to US$434 from US$437 while crude
palmolein tariff rate has been brought down to US$440
from US$443.
The
previous revision was effected on October 31, 2005.
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