IIP at 11pc
New Delhi: India's industrial production maintained a double-digit growth at 11 per cent in February, higher than the 8.8 per cent growth rate in the same month last year. However the figure represented a steady deceleration over the previous four months. The industrial production growth rate declined for the fourth consecutive month - from 15.82 per cent in November to 12.51 per cent in December and further to 11.43 per cent in January.

The power sector remained a laggard growing by 3.3 per cent, compared with 9.1 per cent in February 2006. The consumer durables sector also grew at the rate of only 1.1 per cent, sharply down from over 20 per cent in the same month last year.

The overall growth rate in industrial output during April-February 2006-07 was at 11.1 per cent, compared with 8.1 per cent growth rate in the same period in 2005-06.

According to the Central Statistical Organisation, which released the data, the manufacturing sector's output increased 12.3 per cent in February, compared with 9.3 per cent a year ago, while mining grew 6.3 per cent, compared with 3.8 per cent a year ago. In sharp contrast to the low growth rate of the consumer durables sector, the consumer non-durables sector registered a growth rate of 9.7 per cent in February, compared with a growth rate of 10.1 per cent in February, 2006.
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Gujarat to set up hotels on prime property
Ahmedabad: To provide a thrust to tourism promotion in Gujarat and to bring the State to the forefront of the tourism map of India, the Tourism Corporation of Gujarat Ltd (TCGL) has decided to sell off its prime properties across the State.

It has invited global expression of interest from Indian companies, overseas corporate bodies and eligible foreign companies for sale of its properties located in prime tourist locations in Gujarat, an official release said today.

TCGL has decided to sell six built-up properties and nine parcels of land in the first phase, without any responsibility on the buyer for past dues (statutory or otherwise) on these assets and without any obligation to continue the staff presently employed for managing the assets for exclusive tourism related use.

SBI Capital Markets Ltd (SBI Caps) has been appointed as an advisor to TCGL for this transaction.

The properties that would be sold include the famous Palace Beach Resort by the Arabian Sea at Chorwad near Somnath in Junagadh district, which was taken over by the TCGL and converted in to a resort. The decision to sell off properties comes after the Gujarat Government took various measures to improve the tourism industry in the State.

Recently, the State Government also announced partial relaxation of prohibition policy in the Special Economic Zones with a similar objective, keeping in mind foreign visitors.
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Govt to import 15 lakh tonne pulses
New Delhi: The government has decided to import additional 15 lakh tonne of pulses over the next 6-8 months to bring down prices.

The government is concerned that despite import of about 18 lakh tonnes of pulses in FY07, the prices have not come down to the desired level. The customs duty on import of pulses has already been reduced to zero level till August 1.

India is facing an estimated shortfall of 3.2 million tonne of pulses.
The imports will include 0.75 MMT of urad, masur, moong and toor. In addition, the government has decided to import 0.75 MMT of yellow peas (white matar) and other pulses.

The public sector agencies will also qualify for subsidy not exceeding 15 pc without benchmarking lowest level of loss.
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Nuke-headed Agni-III successfully test-fired
New Delhi: India has test-fired its first nuclear headed intermediate range ballistic missile (IRBM) - Agni 111 - capable of hitting targets in China from the Wheeler's island in Bay of Bengal off the coast of Orissa.

The 16-metre long missile weighing 48 tonne lifted off successfully from its mobile launcher system about 72 km off Balasore in Orissa.

In its maiden flight, the missile went up to a distance of 90 km, vertically crossing the atmosphere and re-entering the earth targeting the predetermined point near the Car Nicobar Island.

The indigeniously built surface-to-surface missile has a range of 3000-3500 and is capable of carrying payload upto 1.8 tonne. It has anti-ballistic and decoy features that can dodge the enemy.

Although this missile is entirely driven by an inbuilt computer and has no link with the launching station after take off, its flight was monitored from Dhamra, ITR, Balasore, Port Blair and by two naval ships in the Indian Ocean.
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