Oil sector largest merchandise exporter: Deora
Kochi: The oil industry is currently the country's largest merchandise exporter with exports of over $17.5 billion over the last year, union minister for petroleum and natural gas, Murli Deora has said. These figure are only expected to go up during the 11th plan period.

Deora was speaking at the foundation stone laying ceremony, for the phase II part of the capacity expansion-cum-modernisation project of BPCL's Kochi refinery.

Deora said the oil industry has been working to improve the oil security of the nation and refinery expansions were among the main strategies, he said. Another measure was to introduce bio-fuels, particularly ethanol-blended petrol (EBP), across the country, he said.

"We have already notified, effective from November 2006, that the whole country except a few identified areas will be covered under the 5 per cent EBP programme with the aim of enhancing energy security," he said.

The oil companies will introduce EBP in a few days time, Deora said.

Deora pointed out that the government and the oil companies were together sharing 87 per cent of the burden of under-recoveries caused by high oil prices this year.

After expansion, Kochi refinery will supply green fuels conforming to euro three and euro four specifications. The refinery is being expanded to 9.5 mmtpa from the existing 7.5 mmtpa at a cost of Rs2500 crore.

In addition, the refinery is also implementing a 'single point-mooring project,' which will enable import of crude through very large crude carriers. This project will be commissioned over the next three months, at an estimated cost of over Rs800 crore.
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Entertainment & Media to be Rs1 lakh-cr business in India by 2011: PwC study
New Delhi: The country will emerge as the fastest growing market in the global entertainment and media (E&M) space over the next five years, with a size of over Rs1,00,000 crore by 2011, a PricewaterhouseCoopers (PwC)study says.

Over the same period, the global E&M industry will grow at a compound annual rate of 6.4%, to $2 trillion, global consultancy firm PricewaterhouseCoopers said in its study.

While identifying Asia-Pacific as the fastest-growing region, PwC said the rapid growth in this region would be led by India and China.

"India will be the fastest growing (country) over the next five years at 18.5% CAGR while China will continue to record double-digit annual gains that will average 16.8% CAGR," it said.

The global outlook projects Indian E&M industry revenue at Rs1,20,871 crore in 2011, against Rs51,715 crore in 2006, according to the study. Internet advertising is expected to emerge as the fastest growing segment over the next five years, driven by the growing number of Internet users, PwC analysts said.

The average spending in Asia Pacific would be at 9.6%, the fastest for any region, moving up to $470 billion in 2011 from $297 billion in 2006.

The report also points out that the US, the largest market in the world, would grow at the slowest pace.
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FICCI study says cluster-based approach best for SMEs
New Delhi: Indian small and medium enterprises (SMEs) are poised for a never-before experienced growth, and a cluster-based approach is likely to be the best solution which would them to upgrade their quality, says a study by industry chamber FICCI.

Such a cluster-based development approach would push SME's towards a higher growth trajectory, says the study conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI).

According to the study, SMEs have not been able to achieve desirable results due to lack of an institutional synergy, scarcity of committed NGOs and industry associations and lack of good consultants and service providers.

According to FICCI, Indian SMEs can compete with international standards if certain technological issues can be addressed such as arranging consultancy services on a continuous basis and provision of financial and other inputs to bridge the gap.

'The high cost of funding is a major constraint for SMEs and inhibits them to make investments for technology upgradation. Therefore, the government needs to make available low-cost funds for effecting modernisation of clusters,' FICCI said.
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