NMCC: Rupee appreciation impacting the SME segment in manufacturing
New Delhi: The National Manufacturing Competitive Council (NMCC) has expressed concerns over the impact of appreciating rupee on the manufacturing sector, especially small and medium enterprises (SMEs).

"The rupee has appreciated by around 10 per cent in past 12 months, which is hurting the manufacturing sector, especially the SMEs. This is a cause of concern," Dr V. Krishnamurthy, chairman of the National Manufacturing Competitiveness Council, told reporters on the sidelines of a press conference here on Tuesday.

He added that though the Government was looking into the issue, the SME sector needed to be provided with quick relief, as it represented close to 65 per cent of the manufacturing sector.
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Brazil, China, India playing crucial role in world trade talks: Lamy
Mumbai: Emerging economies Brazil , China and India are playing a "central role" in completing the Doha Round of world trade talks as finding an acceptable conclusion is "crucial" for both developed and developing countries alike, WTO director-general Pascal Lamy said in Beijing.

"Dealing with domestic concerns is at the top of the list for most political leaders, particularly dealing with the adjustment costs of trade expansion," Lamy told the 10th International Meeting of the Economic and Social Councils and Similar Institutions.

"Countries such as Brazil, China and India have championed the Doha Development Agenda as the signature theme of this Round, and they are playing a central role in deciding how it will be concluded," he said.

The political leaders of these countries understand well the role that opening up their economies to global competition is playing in fuelling their own economic success, he said noting, "the millions being lifted out of poverty in China and India are a living testimony of that."
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India is fastest-growing trade partner for Australia
Mumbai: India is now Australia's fastest-growing trade partner even as the country and Europe are the main trade destinations for Australian exporters, media reports said.

From a low base five years ago, India is now Australia 's fastest-growing trade partner, it said. Exports to India have grown at an annual rate of 27 per cent over the past five years.

India 's consolidation of trade ties with Australia and the re-emergence of Europe as a major trading partner are both featured in the latest DHL Export Barometer released, The Age newspaper said.

The Barometer, a measure of trade expectations, shows that 56 per cent exporters foresee an increase of orders from India next year, while 65 per cent of exporters predict an increase from Europe.
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IFC asks government to clear Cairn's oil evacuation plans in Rajasthan
Mumbai: The International Finance Corp (IFC), which is a creditor to Cairn India, has asked the Indian government to take "appropriate steps" for approving a pipeline for the offtake of Cairn's Rajasthan crude oil when production begins in early 2009.

"This project is very important for India and (it is) in everybody's interest to get it (production) going as quickly as possible and look forward to seeing that happen. It is important the central government takes appropriate action," IFC CEO and executive vice president Lars Thunell said.

IFC, the private lending arm of the World Bank, has loaned $150 million to Cairn India for developing the oil fields in Rajasthan and invested another $21 million to pick seven million equity shares in the company on promise to begin delivering the first oil in 2009.

For crude oil production to start in March/April 2009, a pipeline transporting the oil to refiners in Gujarat must have been approved two months ago. Setting up a mini-refinery will take at least 48 months from the date of all approvals.

Cairn says it remains committed to producing first oil in first half of 2009 and quickly ramping up output to plateau of 150,000 barrels per day.
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Government to offer 80 oil blocks for exploration under NELP-VII in August
Mumbai: India is planning to offer 80 oil and gas blocks in the seventh round of auction under the New Exploration Licensing Policy (NELP) in mid-August.

"We are still finalising the number of on-land and offshore blocks. Most likely, it is going to be 50:50," VK Sibal, director-general of hydrocarbons said, adding that the blocks would mostly be off the western coast.

The proposed auction would be the largest single round under the NELP, which was launched in 1999. The ministry has so far awarded 162 oil and gas blocks in the previous six rounds.

Under NELP-VI, in February, the ministry awarded 52 blocks, of which 21 deep-water blocks were allotted to state-run Oil and Natural Gas Corporation (ONGC). The government is expected to collect nearly $12 billion from blocks auctioned under NELP-VI.

India, Asia's third-largest oil consumer, imports 70 percent of its crude. It is keen to tap any remaining domestic reservoirs to help offset its dependence on imports.
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