Tuesday, September 4, 2007
CBDT Urges Targets Can Be Exceeded
New Delhi: The first quarter gross domestic product (GDP) growth of 9.3 per cent this fiscal portends well for the Income-Tax Department, which is confident of not only attaining budget estimates on direct taxes for 2007-08, but also exceeding it. For fiscal 2007-08, the Centre has budgeted direct tax collection at Rs 2,67,490 crore. This represents a 27 per cent rise over the budget estimate of Rs 2,10,419 crore set for 2006-07. The actual direct tax collections in 2006-07 were Rs 2,29,181 crore. In the current fiscal, the Centre''s net direct tax collections till August 15 grew 44.39 per cent to Rs 59,210 crore, significantly higher than Rs 41,006 crore registered during the same period last year.
Rupee Ends 40.90 Against Dollar
Mumbai: The rupee slightly weakened against the greenback on Sept 3, on dollar demand from banks. The home currency opened at 40.90 and reached an intra-day low of 40.94. It then gained to 40.84 but ended the day at 40.89/90, against the previous close at 40.88. In the forward premia market, the six-month closed at 1.18 per cent (1.10 per cent) and the 12 month ended at 1.30 per cent (1.20 per cent).
Growth Forecast Intact: Korea
A senior Bank of Korea official said on Monday that its full-year economic growth target of 4.5 per cent remains intact, even as the central bank revised second-quarter figures higher.Ahn Kil-hyo, head of the National Income Statistics Team of the bank''s Economic Statistics Department said he also expects private consumption to rise gradually in coming months.
Capital spending, however, may shrink in the second half of the year after a robust first six months of the year, he said.
Ahn said the country''s exports will continue to drive the economy in the second half of the year, though the outlook for domestic consumption appears ''positive'' in light of recent strong industrial output data.
Earlier on Monday, the central bank revised second-quarter growth figures upward to 1.8 per cent from the previous quarter. In late July, the bank''s preliminary estimate showed an expansion of 1.7 per cent over the previous quarter.
From the same period the year before, gross domestic product expanded five per cent, the bank said, compared with its July estimate of 4.9 per cent. South Korea''s economy grew five per cent in 2006.
Capital spending, however, may shrink in the second half of the year after a robust first six months of the year, he said.
Ahn said the country''s exports will continue to drive the economy in the second half of the year, though the outlook for domestic consumption appears ''positive'' in light of recent strong industrial output data.
Earlier on Monday, the central bank revised second-quarter growth figures upward to 1.8 per cent from the previous quarter. In late July, the bank''s preliminary estimate showed an expansion of 1.7 per cent over the previous quarter.
From the same period the year before, gross domestic product expanded five per cent, the bank said, compared with its July estimate of 4.9 per cent. South Korea''s economy grew five per cent in 2006.
Monday, September 3, 2007
Retired Seamen Seek Hike In Pension
New Delhi: The Retired Indian Seamen''s Association has appealed to the Centre to consider its long-pending demand of increasing the monthly pension granted to the retired Indian seafarers from Rs. 200 to Rs. 3,000.
The Association with a membership of about 22,000 retired seamen all over the country expressed concern over the continued neglect of their grievances at a time when even contract labourers were enjoying the benefit of Provident Fund, gratuity and medical facilities.
Association president Y. Arunachalam and other office-bearers told reporters here on Friday that the Association had made a representation to the Minister for Shipping and Surface Transport to consider the demand to enhance the monthly pension to Rs. 3,000. Other suggestions include setting up of a welfare fund for retired seamen to provide services like disability help line services, care services for the disabled and chronically sick retired seamen.Mr. Arunachalam wanted the government to have a realistic look into the grievances of seafarers as a whole, which includes marine engineers and navigating officers. He requested the Ministry to form a committee to look into the implementation of the suggestions given by the Association.
He said even the Khalasis, at the lowest rungs of the Port Trust, are enjoying better after service/retirement benefits, while we, the specialised trade, who meet exigencies out at sea are deprived of the same benefits.
The Association with a membership of about 22,000 retired seamen all over the country expressed concern over the continued neglect of their grievances at a time when even contract labourers were enjoying the benefit of Provident Fund, gratuity and medical facilities.
Association president Y. Arunachalam and other office-bearers told reporters here on Friday that the Association had made a representation to the Minister for Shipping and Surface Transport to consider the demand to enhance the monthly pension to Rs. 3,000. Other suggestions include setting up of a welfare fund for retired seamen to provide services like disability help line services, care services for the disabled and chronically sick retired seamen.Mr. Arunachalam wanted the government to have a realistic look into the grievances of seafarers as a whole, which includes marine engineers and navigating officers. He requested the Ministry to form a committee to look into the implementation of the suggestions given by the Association.
He said even the Khalasis, at the lowest rungs of the Port Trust, are enjoying better after service/retirement benefits, while we, the specialised trade, who meet exigencies out at sea are deprived of the same benefits.
Bangladesh Trade Delegation In WB
Kolkata: A team from the ministry of commerce of Bangladesh said it was West Bengal and India on a mission to understand the details of how the private sector can increase the overall trade scenario in the country, and public-private-partnership models. The Bangladesh government felt that the private sector was the engine of growth to promote trade. The team visited Delhi earlier in the tour, and met the faculty of the Indian Institute of Foreign Trade, and the members of India Trade Promotion Organisation (ITPO), Federation of Indian Chamber of Commerce & Industries(FICCI), Confederation of Indian Industries(CII) to know the Indian model of entrepreneurship development. The ministry of commerce was in the process of implementing the Bangladesh Trade Support Programme, and exploring the possibilities of foreign investment.
Currently, India''s export to Bangladesh was $1627.48 millions, and imports at $216.06 millions. The balance of trade was tilted in favour of India. The volume of trade amongst members of trade blocks like the European Union(EU) or North American Free Trade Agreement(NAFTA) was more than 50 per cent but the volume of trade amongst the member countries of SAARC was less than 5 per cent of the total trade of the countries. Issues and hurdles blocking trade between SAARC countries had to be sorted out through bilateral and multi-lateral meetings. Bangladesh was interested to increase items in the Free Trade Agreement with India.
Currently, India''s export to Bangladesh was $1627.48 millions, and imports at $216.06 millions. The balance of trade was tilted in favour of India. The volume of trade amongst members of trade blocks like the European Union(EU) or North American Free Trade Agreement(NAFTA) was more than 50 per cent but the volume of trade amongst the member countries of SAARC was less than 5 per cent of the total trade of the countries. Issues and hurdles blocking trade between SAARC countries had to be sorted out through bilateral and multi-lateral meetings. Bangladesh was interested to increase items in the Free Trade Agreement with India.
AP Govt To Extend Rs 1 Lakh Cr To SHGs
Hyderabad: The Andhra Pradesh government is beginning an initiative to create economic self sufficiency for women in the state, under which it is aiming to extend loans to the extent of Rs 1 lakh crore to one crore women through self-help groups. Chief minister YS Rajasekhara Reddy on Sept 2, addressed the officials of the department of rural development to chalk out a blueprint that would facilitate a minimum loan of Rs 1 lakh at an interest of Rs 0.25 for every eligible women in the state. Stating that the interest on a Rs 1 lakh loan works out to only Rs 3,000 per year via this scheme, as against Rs 36,000 in the case of loans taken from money lenders, the chief minister said that the Rs 0.25 interest scheme will curb the irregularities of money lenders and microfiance organisation in the rural areas of Andhra Pradesh.
CII Organizes Biz Delegation To Taiwan
New Delhi: The Confederation of Indian Industry is organising a business delegation to Taiwan from September 2 - 4, under the leadership of Mr Gopal Srinivasan, Director, TVS Electronics Limited. The 10-member business delegation will cast India as an attractive investment destination and will explore potential to tap one of the largest growing economies in Asia. The delegation includes Government officials and industry members. The delegation represents sectors such as electronics, telecommunication, semiconductors, IT, R&D and leather among others. India''s strength can compliment Taiwan''s hardware expertise and the two countries together can become a reckonable force in the international markets.
North East Attracts Thai Investors
Kolkata: Taking the nod from Thai Commerce Minister Mr Krirk Krai Jirapaet''s recent call to escort in closer business alliance between the North East and Thailand, the Department of North Eastern Region (DONER) under the Government of India has planned a huge four-day road show in Bangkok from October 1. Labelled the North East Indian Investment Opportunities Week in Thailand, the event will be headed by a North East Investment Opportunity Day in New York on September 26 to put North East India on the world investment map. The three areas of cooperation selected for discussions at the Bangkok meet are infrastructure development, (particularly roads and power), tourism, and agri-food processing and horticulture-based industries. As a first step, the air-linking of Bangkok with Guwahati and an increase in intra-regional flights is hoped to figure prominently at the various sessions.
Mr Mani Shankar Aiyar, Union Minister of Doner, said the final plan of the 2020 Vision Document by an expert group of NIPFP was hoped to be ready soon, and will be placed before the NEC Plenary session in New Delhi in November this year. The Investment Week programme in Bangkok would be attended by all the eight chief ministers of NE states, plus two Union ministers and members of industry associations, trade bodies and other stakeholders including Central agencies.
Mr Mani Shankar Aiyar, Union Minister of Doner, said the final plan of the 2020 Vision Document by an expert group of NIPFP was hoped to be ready soon, and will be placed before the NEC Plenary session in New Delhi in November this year. The Investment Week programme in Bangkok would be attended by all the eight chief ministers of NE states, plus two Union ministers and members of industry associations, trade bodies and other stakeholders including Central agencies.
INSAT-4CR Successfully Placed In Orbit
After testing the nerves of the Indian space research fraternity, the Geosynchronous Satellite Launch Vehicle (GSLV)-F04 successfully lifted off at 6.20 pm on Sunday and placed INSAT- 4CR satellite on its Geosynchronous Transfer Orbit (GTO).
The launch from Sathish Dhawan Space Centre (SDSC) at Sriharikota, a repeat using an identical satellite that was lost in the F02 fiasco last year, was not without high drama. Slated for 4.21 pm, the launch was postponed when the countdown entered the last 15 seconds as the ready signal for the cryogenic stage was not given from the ground station. The launch was put off till 5.20 and later scheduled for 6.20 pm.
The Liquid Apogee Motor mounted on the satellite would fire and place it on the Geosynchronous Orbit (GSO) in the next few days. Though the vehicle cruised on the precisely charted trajectory, the flight path was not smooth for Indian Space Research Organisation (ISRO) chairman G Madhavan Nair and his team.
The burden of the failure of GSLV F02 that resulted in the loss of INSAT 4C on July 10 last year, coupled with inclement weather conditions, made the lift off difficult for the scientists in the first attempt.
When the signals stopped on the screen, all our hearts stopped beating. But later, we had a nice take off - luminous and majestic, Nair said at a postlaunch media conference at Sriharikota.
The overall cost of the launch is around Rs 400 crore, including Rs 150 crore for the satellite and Rs 160 crore for the launch vehicle. The communication satellite would help the Direct-To-Home sector by providing Ku-Band transponders. This is the third in the INSAT 4 satellite series, and the first to be launched from Indian soil, with the previous two being launched through the European Ariane Launch Vehicle in 2005 and 2006.
Madhavan Nair said ISRO was planning two more launches of Indian workhorse vehicle Polar Satellite Launch Vehicle (PSLV) and another GSLV mission by the beginning of next year.
The launch from Sathish Dhawan Space Centre (SDSC) at Sriharikota, a repeat using an identical satellite that was lost in the F02 fiasco last year, was not without high drama. Slated for 4.21 pm, the launch was postponed when the countdown entered the last 15 seconds as the ready signal for the cryogenic stage was not given from the ground station. The launch was put off till 5.20 and later scheduled for 6.20 pm.
The Liquid Apogee Motor mounted on the satellite would fire and place it on the Geosynchronous Orbit (GSO) in the next few days. Though the vehicle cruised on the precisely charted trajectory, the flight path was not smooth for Indian Space Research Organisation (ISRO) chairman G Madhavan Nair and his team.
The burden of the failure of GSLV F02 that resulted in the loss of INSAT 4C on July 10 last year, coupled with inclement weather conditions, made the lift off difficult for the scientists in the first attempt.
When the signals stopped on the screen, all our hearts stopped beating. But later, we had a nice take off - luminous and majestic, Nair said at a postlaunch media conference at Sriharikota.
The overall cost of the launch is around Rs 400 crore, including Rs 150 crore for the satellite and Rs 160 crore for the launch vehicle. The communication satellite would help the Direct-To-Home sector by providing Ku-Band transponders. This is the third in the INSAT 4 satellite series, and the first to be launched from Indian soil, with the previous two being launched through the European Ariane Launch Vehicle in 2005 and 2006.
Madhavan Nair said ISRO was planning two more launches of Indian workhorse vehicle Polar Satellite Launch Vehicle (PSLV) and another GSLV mission by the beginning of next year.
Subscribe to:
Posts (Atom)
