Bicycle industry seeks import duty cut on steel
Ludhiana: The bicycle industry wants reduction of import duty in the forthcoming budget on various grades of steel such as scrap and primary steel, which ranges between 5 and 12.5 per cent to zero per cent in order for the industry to be able to compete at domestic and global level.

In 2003-04, the country's bicycle production stood at 1.20 crore, which is likely to fall to less than one crore bicycles by the end of this fiscal just because of rising input cost. In addition to it, the export of bicycles, which stood at Rs950 crore in 2003-04 is expected to come down to Rs 700 crore by the fiscal end, an industry analyst said.

An industry spokesperson said Indian bicycle makers suffered on the price front against China and pointed out that the bicycle steel tube, which is available in China at Rs22,500 per tonne, could be procured at Rs36,000 per tonne in India. Similarly, CRC sheet and MS round in China are cheaper by Rs14000 and Rs8000 per tonne as against in India.

The industry has further demanded that steel producers should be barred from fixing the prices on the basis of import parity rate as this practice also contributes in spiralling input cost.
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Now 'intelligent' airport terminals
New Delhi: Civil Aviation Ministry officials have said new terminals coming up at major airports across the country would be 'intelligent' and IT-enabled.

According to AAI chief K Ramalingam major Indian airports in future would have 'intelligent terminals' fitted with sensors to operate various facilities--from lighting and air-conditioning to an IT-enabled building management system. High-tech equipment would be deployed for the security and air traffic control (ATC) systems covering a wide range of activities--from access control to perimeter security.

The Communication, Navigation, Surveillance and Air Traffic Management (CNS-ATM) system would be modernised and linked to the satellite-based system called GAGAN, in collaboration with the Indian Space Research Organisation.

A VSAT network would cover the eight major airports in the country and even the baggage X-Ray and screening mechanisms would be upgraded considerably.
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Direct tax collections rise 39.5 pc
New Delhi: The Centre's net direct tax collections grew 39.5 per cent in the period April 1-February 15, which is more than double the budgeted collection growth rate of little over 19 per cent for the current fiscal.

Official sources said that net direct tax collections stood at Rs1,61,777 crore as on February 15, representing a 39.5 per cent growth over of Rs1,15,788 crore in the same period in the previous year.

With the all important final advance tax instalment of March 15 yet to come and a host of demand notices already raised, the revenue department is well on course to not only achieve the budget estimates of Rs2,10,684 crore but also comfortably surpass it.
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India: no more a country of savers
Chennai: Ninety six per cent of Indian households said they feel they cannot survive for more than a year on their current savings in case of the loss of a major source of household income, according to a new survey conducted by Max New York Life Insurance Company Ltd and the National Council of Applied Economic Research (NCAER).

The survey found that while 81 percent households save, they do not invest wisely and while as many as 54 percent are confident about their current and future financial stability, only one fourth of Indian households own a life insurance policy.

Even in 2007, only 51 percent of Indian households deposited their savings in banks, while 36 percent simply kept them at home.

The 'India Financial Protection Survey' also found that only 14 percent of the life insurance policy owners were women. The key findings from a sample of over 63,000 Indian households across rural and urban India indicated that there was little or no awareness about the need for financial protection.

But NCAER, noted: 'The results broadly confirm the fact that Indian households are in the habit of saving and that they are fundamentally optimistic about their financial future.'

The survey also found that while life insurance is a protection tool, it is largely used as a tax and saving tool in India. Experts said there is a need to reorient the consumer about the benefits of life insurance for both financial protection and long-term wealth creation.
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SP withdraws support to UPA govt
Lucknow: The Samajwadi Party in power in Uttar Pradesh has withdrawn support to the Congress-led UPA government at the Centre in the wake of Congress' efforts to impose President's rule in Uttar Pradesh.

The decision was announced at a meeting of senior party leaders and workers in the state capital.
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