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More land to be freed up for coal mining!

More land to be freed up for coal mining!

I had been writing and discussing the INFLATED Economy since Satyam Asatyam Scam and false Recession. The Government of India proved my point as the Growth STATICS is Manipulated without any shame this time!

I had been writing that Ban on VEDANTA in Kalahandi has to do NOTHING with Environment as POSCO and Tatas have all the permission to disturb the life cycle and ecology of Orissa Coastline violating Coast Security Act. Had VEDANTA dared not to put its stake on CAIRNS and Challenge the Supremacy of Mukesh Ambani, the story could be something else as the Judiciary always favoured the Corporate Encroachment. If it is an Environmental affair, why Sonia Gandhi, the Ruling Zionist Brahaminical Dynasty head should ENDORSE the Polavaram Project endangering the Godavari People all over the Dandakaranya?


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More land to be freed up for coal mining!

Silverline of Environment Activism of the Government of India Incs led by Extra constitutional World bank IMF LPG Mafia Superslaves has been so much so hyped recently followed by Crown Prince Rahul Gandhi`s Niyamgiri Hills may NOT underline the implications.But the History of Mining in India is created with systematic Ethnic Cleansing of the Indigenous aboriginal Human scape from the very beginning and the Colonial Saga continues.

If the Aboriginal Landscape worships the Reincarnation of Hindutva Zionist AVTARS as best possible survival strategy, it may NOT save them from Eternal Disaster predestined. As for the Civilised world, specifically in the land of Brahaminical vedic Manusmriti, the Aboriginal Indigenous communities are always considered SUB Human inferior than the Pet Animals!

I had began my Profession Journalist career from Dhanbad Coal fields in Jharkhand in 1980, just after Nationalisation. Just because of my Pro activism rooted in Environmental concern of a Young man just landed from the Himalayas, I had been approached for offers of sound Position in Coal India itself as I was dealing with Mines and Mining at the time attending the classes of Indian School of Mines!

I dared to establish that the MINING is NOT safe in India and it is Public Money laundering all over dealing with each and every mine and accident.

Coal India had to declare that all Mines are Unsafe and Mining is Hazardous officially!

I may feel Proud not to be SOLD  at that sensitive juncture but witnessed quite helplessly our friends like Shibu Soren to be sold out.

Jharkhand had been a FREE for ALL land as far as Land Acquisition is concerned and my memoirs relate to the intense Mafia War of those days.

It is the same case in Chattishgargh, Orissa, Maharashtra, Madhya Pradesh, Andhra  and  elsewhere.

Minng destroyed the Aboriginal Landscape most. Even in the heart of the Haimalayas.

In Kumaun, Uttarakhand we had witnessed the destruction very closely. Our friend late Balam singh Janauti in Almora was fighting against this.

Resin cultivation was in the same nature against which we were fighting. Chandrashekhar Bhatt of Mannan in Someshwar Valley led us in seventies.

It is a countrywide phenomenon NEVER so exposed as it is always taken GRANTED that the value of life, association to nature, Faith, culture, Livelihood, land and villages of the Indigenous Aboriginal People are so meaningless that it does NOT deserve to be sustained and DEVELOPMENT should be on top priority as we know it as GROWTH Rate these days in the Free Market democracy of the Inflated corporate Economy!

I had been writing that Ban on VEDANTA in Kalahandi has to do NOTHING with Environment as POSCO and Tatas have all the permission to disturb the life cycle and Ecology of Orissa Coastline violating Coast Security Act.

Had VEDANTA dared not to put its stake on CAIRNS and Challenge the Supremacy of Mukesh Ambani, the story could be something else as the Judiciary always favoured the Corporate Encroachment.

If it is an Environmental affair at all, why Sonia Gandhi, the Ruling Zionsit Brahaminical Dynasty head should ENDORSE the Polavaram Project in Andhra back to back the famous VEDANTA BAN,endangering the Godavari People all over the Dandakaranya?

I had been writing and discussing the INFLATED Economy since Satyam Asatyam Scam and false Recession. The Goverment of India proved my point as the Growth STATCS is Manipulated without any shame this time!Facing embarrassment after throwing forward sharply different economic growth figures based on two different methodologies, the government will soon set the record straight on the pace of economic expansion.

Buoyed by the encouraging first quarter GDP numbers, Finance Minister Pranab Mukherjee today expressed confidence that the economy will grow by not less than 8.50-8.75 per cent this fiscal.

"The numbers are quite encouraging, more encouraging point is 12.4 per cent growth which has been registered in the manufacturing sector. I think the highest growth rate in the last 11 quarters. I do hope it will be possible to maintain this level of growth," Mukherjee told reporters here.

According to the official data released today, the economy grew by 8.8 per cent during the quarter to June.

However, certain sectors like financial services restrained the growth in economy, which had recorded 6 per cent growth rate in April-June 2009-10.

The show-stopper for the quarter is the manufacturing sector, which expanded by a strong 12.4 per cent in April-June, 2010, against a mere 3.8 per cent growth rate in the same period last year.

The Minister, however, said that more is required in the agriculture sector to ensure sustainable growth.

"I am happy that manufacturing sector has registered satisfactory growth level which means that there has been more employment generation and job creation."

"We shall have to reach the 4 per cent growth in agriculture to have sustainable growth. Keeping that in view, I am quite confident that whatever was projected in the Economic Survey while projecting the Budget for the year that GDP growth will not be less than 8.5 per cent to 8.75 per cent," Mukherjee said.

Agriculture and allied activities grew by 2.8 per cent, higher than 1.9 per cent in the year-ago period, but it is no where between the target of four per cent pegged by the government in the medium term.

Construction grew by 7.5 per cent compared to 4.6 per cent. Among services, financial, insurance and real estate services expanded by just 8 per cent, against a growth rate of 11.8 per cent in the year-ago quarter, while community social and personal services growth slowed down to 6.7 per cent, against 7.6 per cent a year ago.

However, trade, hotels and communication services rose by 12.2 per cent, against 5.5 per cent during April-June 2009.

According to the government data, the economy grew by 8.8 per cent in the April-June quarter based on actual expansion without accounting for taxes - a methodology known as factor cost.

At the same time, the data released by the Ministry of Statistics and Programme Implementation (Mospi) showed growth at market price, which reflects the value of the production or services that includes indirect taxes, at just 3.65 per cent.

"There were some problems in calculating GDP at market prices at constant prices, and we will come out with a corrigendum soon," an official with Ministry of Statistics and Programme Implementation (Mospi) told PTI.

Central Statistical Organisation (CSO) that releases the data is part of Mospi.

The wide difference in GDP growth numbers under the two methodologies created confusion among economists.

Experts said GDP at market price should not have been so low, since indirect taxes--excise duty--rose by two per cent this fiscal, after the government partially withdrew stimulus measures.

The mistake was in calculating a price deflator, which is used for converting nominal GDP into real GDP, explained the official.

Real GDP does not include inflation and hence considered a better indicator of an economy. Also, when economic growth rate is defined, real GDP is used, rather than nominal GDP.

India has a long history of commercial coal mining covering nearly 220 years starting from 1774 by M/s Sumner and Heatly of East India Company in the Raniganj Coalfield along the Western bank of river Damodar. However, for about a century the growth of Indian coal mining remained sluggish for want of demand but the introduction of steam locomotives in 1853 gave a fillip to it. Within a short span, production rose to an annual average of 1 million tonne (mt) and India could produce 6.12 mts. per year by 1900 and 18 mts per year by 1920. The production got a sudden boost from the First World War but went through a slump in the early thirties. The production reached a level of 29 mts. by 1942 and 30 mts. by 1946.

Economic Times reports:

The government is likely to dilute tough norms proposed by the environment ministry that would have prevented companies from mining coal in large parts of the country, and boosting the prospects of an initial public offer (IPO) from a state-owned company that has monopoly rights to mine coal for commercial use.

In what is widely seen as a climbdown by the ministry of environment and forests, the so-called 'no-go' areas—where mining would have been barred on grounds of danger to the environment—have been scaled down to just 15% of the country's proven coal reserves. Earlier, under strict norms proposed by the environment ministry, as much as 48% of areas with coal reserves would have been declared as out of bounds for mining.

People familiar with the development said the ministry, which has earned praise from environmental activists globally for its tough posture against Vedanta Resources, may have softened its stance so as not to hurt the prospects of Coal India's forthcoming IPO.

Shares of Coal India will go on sale from October 18. The IPO, the country's largest, is intended to raise about $3 billion, and any doubt over the state-owned company's ability to expand production would have hurt investor sentiment.

"There is an in-principle agreement that sparsely-forested areas should be permitted for mining, subject to companies making more investment in managing genuine environmental concerns," minister of state for coal Sriprakash Jaiswal told ET. "By our assessment, this exercise should restrict non-mineable coal areas to just 10-15%, preventing any shortfall in production," he said. Final approval for this decision is expected to come from the Prime Minister's Office, or PMO.

The climbdown by the ministry, headed by Jairam Ramesh, will also help companies such as state-owned NTPC, Anil Ambani's Reliance Power, and Tata Power to set up large power plants fired by coal.

PMO intervention led to change

These companies have the right to mine coal for so-called captive use, which means they cannot sell it in the open market. Over 200 companies, primarily power producers, have been allocated captive coal mines.

The environment and coal ministries had earlier carried out a joint due diligence on nine major coal mining areas and found that about 48% of coal-rich areas (primarily in central and eastern India) were potentially not open to mining as they were located in dense forests. But this has now been scaled back to 15%.

The change in stance came after the PMO intervened, said the people cited earlier, adding that the environment ministry has agreed to allow more land provided companies come up with assurances of "proper environment management".

A broad agreement reached by senior bureaucrats of both ministries stipulates that only areas with high forest density will be kept out of bounds. Sparsely-forested areas where coal is likely to be found will be opened up for mining on the condition that the company doing the mining plants forests in two-and-a-half times the mined area as compensation.

The PMO was brought into the issue as the policy affected large power projects, including the fast-track ultra mega power projects that are vital to meet crucial electricity generation targets.

Moreover, Coal India, the country's largest coal producer, would have had to scale down its production targets ahead of its public issue. "The new categorisation on 'go' and 'no go' areas will seriously impact our operations," Coal India chairman Partha S Bhattacharyya had told ET earlier.

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More land to be freed up for coal mining

Economic Times - ‎14 hours ago‎
NEW DELHI: The government is likely to dilute tough norms proposed by the environment ministry that would have prevented companies from mining coal in large ...

Coal India may not need anchor investors to support IPO

Economic Times - ‎Aug 31, 2010‎
NEW DELHI: State-owned Coal India may not take any anchor investor in its planned initial public offer in October because of high interest from ...

As stocks rise, Coal India plans to set up own power plant

Daily News & Analysis - Neeraj Thakur - ‎Aug 31, 2010‎
Coal India Ltd (CIL) is working out a strategy to set up its own power plant to utilise the huge stocks ...

Coal India may turn power producer as stocks pile up

Business Standard - ‎Aug 31, 2010‎
State-owned Coal India Limited (CIL) may set up power plants to use the dry fuel piling up due to limited availability of rolling stock to carry supplies to ...

Coal India says will begin giant IPO in October

AFP - ‎Aug 31, 2010‎
NEW DELHI — State-run Coal India said Tuesday its giant initial public offering, set to raise billions of dollars and possibly become India's biggest ever ...

CIL may set up power plant to utilise excess coal

Economic Times - ‎Aug 31, 2010‎
NEW DELHI: The world's largest coal producer Coal India Ltd (CIL) said it may consider setting up power plants in the country to utilise excess coal. ...

Coal India Aims to Cut Stockpile

Wall Street Journal - Rakesh Sharma, Eric Yep - ‎Aug 31, 2010‎
NEW DELHI -- Coal India Ltd. is trying to arrange more rail wagons to transport coal and reduce the state-run company's ...

Coal India May Set Up Power Plants Because of Shortfall in Rolling Stock

Bloomberg - ‎Aug 31, 2010‎
By Rakteem Katakey - Tue Aug 31 07:17:06 GMT 2010 Coal India Ltd., the world's largest producer of the fuel, said it may be forced to set up power plants to ...

Coal India to issue 6 mln T import tender: chairman

Reuters Africa - Ruchira Singh, Mayank Bhardwaj - ‎Aug 30, 2010‎
NEW DELHI Aug 31 (Reuters) - State-run Coal India Ltd is likely to issue a tender in the next three months to import 6 million tonnes of coal, ...

Coal India IPO to open on October 18

Moneycontrol.com - ‎Aug 30, 2010‎
India's largest coal producing company Coal India (CIL) will open its initial public offering (IPO) for subscription on October 18, 2010. ...
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  25. 28 Aug 2010 ... In a landmark decision, environment ministry blocked Vedanta's mining project because forest-hills it would have destroyed are intertwined ...

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  27. Environmental issues in India - Wikipedia, the free encyclopedia

  28. Brandon Carter and Kirsten Honmann, (1991–92), Valuing Environmental Costs in India: The Economy Wide Impact of Environment Degradation, World Bank, mimeo. ...

  29. en.wikipedia.org/wiki/Environmental_issues_in_India - Cached - Similar

  30. Vedanta row puts environment in India policy focus - Reuters -

  31. 25 Aug 2010 ... India's decision to reject UK-based Vedanta's plans to mine bauxite points to tighter enforcement of environment laws, a commitment to ...

  32. www.moneycontrol.com/.../vedanta-row-puts-environmentindia-policy-focus_480895.html - Cached

  33. Centre for Environment Education, CEE

  34. Centre for Environment Education, CEE was created in recognition of the importance of environmental education in India's overall environment and development ...

  35. www.ceeindia.org/ - Cached - Similar

  36. Environmental Data India Environmental Database India GIS Data ...

  37. Environmental Information Centre (EIC) India also provide environmental information on India, the environmental status India - environment clearance process ...

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2 Sep, 2010, 07.59AM IST,ET Bureau
Govt gives in to demand, corrects GDP data error

NEW DELHI: The government corrected the first-quarter economic growth rate number as measured by market transactions in less than 32 hours, as an error nearly damaged the credibility of its statistics and raised doubts about the much-touted growth story.

The Central Statistical Organisation, or CSO, nearly tripled the initially estimated growth on the demand side to 10%, from 3.7% announced on Tuesday, following a raise in private consumption, government expenses and investments.

The revision strengthens the belief that India may grow at more than 8.5% in the fiscal year.

The Economic Times pointed out on Tuesday that the robust 8.8% growth figure in the value of all goods and services produced by India, or the gross domestic product (GDP), was not corroborated by the 'demand side' of the equation, or that calculated on the basis of market transactions.

"There is always a discrepancy in the GDP at factor cost and GDP at market price estimates because of the different price deflators that are used to calculate them," said Pronab Sen, former chief statistician of India. "For GDP at factor cost, wholesale price index-based inflation is used as a price deflator while for GDP at market price, the consumer price index-based inflation is used."

Finance minister Pranab Mukherjee, who was in Mumbai, said, "The CSO corrects the figure sometimes because it is on the basis of random surveys. Therefore, there are some errors here and there."

Private consumption grew 3.8% and not 0.3% as reported earlier, the CSO said. The government expenditure figured has been raised to 14.2% from a negative 0.7% earlier. Investment, the statistics office said, grew 7.6%, instead of 3.7% as originally reported.

Government statistics released on Tuesday stunned economists since there were huge gaps between the numbers from the demand and supply side. The economy expanded 8.8% in the June quarter when measured by the supply side, and 3.37% if calculated on the demand side, above the accepted 0.5% difference. These numbers also contradicted the evidence of surging sales of automobiles and other durables.

"There has always been an issue with the expenditure-side numbers. But this time, the issue got magnified especially on the consumption side," said Abheek Barua, chief economist of HDFC Bank.

The revision may help avert some policy errors, which would have occurred if the government or central bank had taken initiatives based on the wrong numbers.

Economists still confident

"If the demand-side estimates are weak, we need to work on how to strengthen them, because those components are very important for macro policies," said Mridul Saggar, chief economist at Kotak Securities. "You could commit policy errors in case if the data are wrong, because you are essentially responding through fiscal and monetary policies on the demand side."

Although the growth numbers raised eyebrows among economists on the veracity of the data, most of them believed that the economic expansion would remain robust.

"I take it that the 8.8% growth is what happened," said Kaushik Basu, chief economic advisor in the finance ministry. "This is excellent performance by all standards even though, admittedly, it got a boost from the bast effect. The third quarter should be excellent. There will be a positive base effect and agriculture."

But economists did not see the event undermining the credibility of the organisation that is in the process of strengthening the data it puts out.

"But all said and done, the CSO has been doing this exercise for many years and a one-off event like this cannot erode its credibility," DK Joshi, chief economist at rating agency Crisil, said.

Sep, 2010, 03.17AM IST,ET Bureau

Economists question 8.8% Q1 GDP growth number


NEW DELHI: The government's claim that the Indian economy grew at its fastest pace in over two years in the April-June quarter has been questioned by economists, who said the huge gap between the different growth estimates was confusing.

The value of all goods and services produced by India, or the gross domestic product (GDP), grew 8.8% in the first quarter of the current fiscal, according to the `supply-side' growth estimate arrived from various sectors such as agriculture, industry and services. The numbers were 6% a year ago and 8.6% in the previous quarter.

But, the robust 8.8% growth figure was not corroborated by the `demand side' of the equation based on transactions in the market place. The demand number—calculated from private and government consumption, investment and net exports—showed that the economy grew as low as 3.7% during the first quarter of the current year. On an average, the divergence is well below 0.5%, though on a few occasions it has touched 2-3%.

"I think there is a methodological mess in the GDP estimates," said Mridul Saggar, chief economist at Kotak Securities.

Indirect taxes are netted out and subsidies added to the demand side of the GDP figure to arrive at the supply-side estimate. Since excise duties were rolled back and subsidies cut, the demand-side GDP growth should have been higher than the supply-side number. But, it was the reverse, as per government data.

"The divergence (of 5.1%) is at a record high and also inexplicable... Two-thirds of the demand-side GDP growth in the first quarter of this year is because of discrepancies. Excluding discrepancies, 1.4% growth was one of the lowest since start of the quarterly data in the first quarter of FY00," said Sujan Hajra and Gautam Singh of Anand Rathi Financial Services.

An official in the ministry of statistics and programme implementation, which is responsible for compiling the data, dismissed the concerns over the quality of data. "We have checked the data. There is some seasonal impact as well as some differences in import and export figures which can't be simply calculated on the basis of inflation," he said.

Another worrying sign in the government data is the dismal growth in private consumption, which rose 0.3% in the first three months of the fiscal. "It's lowest in a decade. Government consumption declined 0.6% — the first fall in 11 quarters," said Mr Hajra and Mr Singh as they maintained a growth target of 6.5% for the current fiscal.



According to Abheek Barua, chief economist at HDFC Bank, there is a "major discrepancy in the data as there is huge variance between con-sumption numbers at current and constant prices". For instance, the demand-side GDP grew at 24.8% in nominal terms or current prices, but in real terms — at constant prices net of inflation — the growth is as low as 3.7%. The difference is much more than the headline inflation number, which averaged at 11% in the first quarter this fiscal. "So, are the inflation indices missing something or are our GDP numbers wrong?" said Mr Saggar.

Farm sector grows by 2.8 pc in Apr-Jun

Agriculture and allied sectors grew by 2.8 per cent in the first quarter of 2010-11 fiscal, higher than 1.9 per cent in the same period last year.

In 2009-10 fiscal, the agriculture and allied sector had recorded the lowest growth in five years, at 0.2 per cent, due to widespread drought that affected almost half of the country. Foodgrain production had declined by 16 million tonnes to 218.2 million tonnes.

While compiling the farm GDP during the April-June quarter of this fiscal, the government has used the performance of agriculture and allied activities during the rabi season, which ended June 2010.

According to the official data, cereal production declined by 2.2 per cent to 104.07 million tonnes in the rabi season this year, against 106.45 million tonnes in the year-ago period.

Whereas pulses output showed an increase of 4.2 per cent to 10.29 million tonnes from 9.88 million tonnes in the review period.

Cotton production grew by 7.5 per cent to 23.93 million bales of 170 kg each, while sugarcane output declined by 2.6 per cent to 277 million tonnes from the year-ago period.

The government has set a target of 4 per cent agriculture growth per annum in the 11th Five-Year Plan (2007-12).

GDP data almost in line with D-Street expectations: Analysts

The economic growth rate of 8.8 per cent during the first quarter ended June is almost in line with the expectations of Dalal Street, analysts said. "The growth rate of 8.8 per cent is as per our expected line and is good.

We were expecting that the economy will expand by 8.9 per cent, but 8.8 per cent rise is almost in our line," SMC Chairman and Managing Director SC Aggarwal said. "We did well during the first quarter and our economy is on right track," Bonanza Portfolio V-P (Equity & Institutional Sales) RL Narayanan said.

Echoing the view, CNI Research CMD Kishore Ostwal said: "The number was very much in the line with Dalal Street expectation. Market did not react to the impressive growth as it was not a surprise.

" The broader market did not gave any sharp reaction to the GDP data released today and the BSE benchmark Sensex was little changed after the growth rate flashed. The 30-share barometer, which was under pressure since morning, was quoting at 17,865.05, down by 167.06 points at noon.

"Market is down, but may bounce back in the later half of the day," Ostwal added. Indian economy, the world''s second fastest growing economy, expanded by 8.8 per cent in the the quarter to June on the back of robust manufacturing growth.

Manufacturing grew by strong 12.4 per cent in April-June, 2010 against a 3.8 per cent growth rate during the same period last year. Construction grew by 7.5 per cent compared to 4.6 per cent.

FDI in retail to help unorganised sector, create jobs: Sharma

OHANNESBURG: Making a strong case for FDI in India's multi-brand retail, Indian Commerce and Industry Minister Anand Sharma has said that entry of global retail giants would help create millions of jobs and not weaken the unorganised sector as feared.

Dismissing "septics and scare mongers" who say FDI in the sector would lead to job losses, Sharma said "it (FDI) will generate millions of jobs from sorting to processing to packaging to marketing".

"I do not see a situation where the unorganised retail sector will be weakened (by allowing FDI) because they are also moving, modernising and competing," he said.

He was here to participate in the 'India Show'organised by industry body CII.

The Department of Industrial Policy and Promotion (DIPP), under Sharma's charge, had floated a discussion paper on FDI in the sector and is in the process of formulating a policy.

Scores of trader bodies, including Confederation of All India Traders, which represents the unorganised sector, have expressed concerns that millions of livelihood would be at stake if foreign investment is opened in multi-brand retail.

2 Sep, 2010, 08.01AM IST, S Sujatha,ET Bureau

Army jawans to get 2 eggs, poultries a fat biz

COIMBATORE: Jai Jawan Jai Kisan! Poultry farmers across India are seeing a golden goose, after the defence ministry said the country's 30 lakh-strong armed forces can look forward to an extra egg in their daily ration. Delighted poultry companies have already begun drawing up big expansion plans in a race to corner this Rs 250-crore opportunity as the Forces get set to consume nearly 5% of the total eggs sold daily in the country.

"The troops will now get two eggs a day irrespective of their placements, be it on field or peace locations. The ministry has allocated an additional Rs 250 crore in the annual budget for the change in diet plan," said Sitanshu Kar, spokesman in the ministry of defence.

Till now, jawans deployed above 9000 ft and those in the forward areas were getting one egg a day, while those below officer rank in peace time posting were not given eggs.

With heavy army deployment at the Pakistan border, Jammu and Kashmir and North East areas, poultry farmers in Punjab, Haryana and West Bengal are planning to swiftly increase egg production to meet this huge rise in demand. India produces around 14 crore eggs daily and consumes all but 30 lakh that are used to make egg powder.

"Farmers in our areas will get better prices," said Atul Mahajan, a big poultry farmer in Haryana's Barwala district whose farm produces 32,000 eggs daily.

Fruits quota too hiked

Currently, the region produces 1.5 crore eggs a day and supplies mainly to Delhi and neighbouring markets.

Poultry companies have also started working on how to pack eggs in liquid form, to make transportation easier in tougher terrain.

"It is definitely a big boost to the fluctuating fortunes of the layer egg industry. While the industry as a whole is expected to grow by around 7-8% every year, the egg industry's growth has been oscillating between 3% and 8% for the past few years. Now with sustained demand, we can grow organically and achieve the World Health Organisation's target of 180 eggs per capita annual consumption by 2011," said N Senthil Kumar, who heads the layer birds department at Coimbatore-based `3,200-crore Suguna Group, which produces a fifth of the chicken India eats and sells eggs under the 'Suguna' brand.

The per capita egg consumption in India is 43 eggs a year, which is much lower than the world average of 124 eggs.

India's layer bird population, or chickens bred to lay eggs, has only risen by 30% in the past decade. It has been stagnant in West Bengal, Andhra Pradesh and north India. "There has been growth only in Tamil Nadu, but it is almost saturated. This year, we expect a 15% increase in the north's layer bird population and this demand from the Army will be a big support," he added.

Nutrition-wise, adding more eggs to the army's diet will be a cost-effective way to increase protein consumption. "Compared to other protein sources, egg is very cheap and has good protein content," said R Krishnamurthi, CEO of Coimbatore-based Shanthi Fortune that has presence in Tamil Nadu, Kerala, Karnataka and West Bengal.

A Panipat-based animal science professor, ML Kansal, said an egg has higher biological value and is richer in proteins and essential amino acids, compared to a 100-ml glass of milk. His company Kansal Agro, that produces almost 2 lakh eggs daily, recently introduced herbal, odourless eggs.
31 Aug, 2010, 02.48AM IST,ET Bureau

SEZ tax sops retained till 2014, but will need to pay 20% MAT

In a partial reprieve to special economic zones (SEZs), the Direct Taxes Code Bill has proposed to retain the current tax system of exemptions for zones notified till 2012 but imposed a 20% minimum alternate tax.

"The code will grandfather the existing unavailed exemptions for units that commence operations by 2014," said Sunil Mitra, revenue secretary on Monday after the Bill was tabled in the Lok Sabha.

As per the Bill, any zone notified before March 31, 2012 and any unit that commences commercial operations by March 31, 2014 will be able to enjoy profit-linked tax exemption even as the Bill marks a shift in the criterion of corporate tax holidays.

SEZ units get 100% tax exemption on profits earned for the first five years, a 50% exemption for the next five years and another 50% exemption on re-invested profits in the following five years. SEZ developers, on the other hand, get 100% tax exemption on profits for 10 years, which they can choose in the block of the first 15 years.

The Bill has suggested a phased withdrawal of the current regime of tax exemptions that are linked to profits, and replacing it with tax sops linked to investments. The finance ministry proposes to implement the DTC by April 1 2012.
The finance ministry is hopeful that this will help offset the revenue loss of nearly `80,000 crore from tax exemptions, Mr Mitra said.

But developers and units have opposed the move, as it would make investments in such zones unattractive. For sectors such as IT, where investments made are relatively low, it would definitely lead to lower exemptions.

"The tax-free status is partly taken away by the imposition of 20% MAT on such units though the MAT will be creditable in future years," said Neeru Ahuja, partner, Deloitte Haskins & Sells.

At present, there are nearly 576 formerly approved special economic zones of which 114 are operational. They are expected to garner nearly `10 lakh crore of investments.

"It is a welcome move given the original position of the code. But the tax exemption should have been continued in perpetuity, as this will hurt the SEZ policy. The 20% MAT adds more pressure on investors and skews the picture from a cash-flow perspective," said Abhishek Goenka, partner, BMR Advisors.

Companies Bill to factor in apex court verdict on Bhopal tragedy

KOLKATA: Corporate Affairs Minister Salman Khurshid Thursday said the directive of the Supreme Court on a curative petition on the Bhopal gas tragedy will have to be "factored in" within the proposed Companies Bill.

"The curative petition filed by the CBI (Central Bureau of Investigation) is before the Supreme Court, and whatever comes from the Supreme Court has to be factored in the Bill as on criminal liability of directors we need to have guidance," he said.

"I don't know how long that will take. Since the Supreme Court is looking into the matter we will have to wait for it," Khurshid told reporters on the sidelines of the 38th National Convention of Company Secretaries here.

He said there were a few challenges that still remained unresolved in the 1984 Bhopal tragedy that left 5,295 dead and 568,292 injured following leakage of deadly methyl isocyanate gas from the Union Carbide plant on the intervening night of Dec 2-3.

To buttress his point, he said the Supreme Court had to entertain the curative petition after 26 years of the incident.

The CBI moved the curative petition Aug 2 seeking recall of the court's 1996 judgment which diluted offences against seven convicts, including Keshub Mahindra, former Union Carbide India chairman, in the Bhopal gas tragedy case from culpable homicide not amounting to murder to causing death by negligence.

All the seven were convicted by the trial court in Bhopal June 7 and subsequently awarded jail sentence of two years each. They were let off on bail soon after.

The serious charge of culpable homicide not amounting to murder carries a maximum imprisonment of up to 10 years.

In the petition, the CBI has sought restoration of charges of culpable homicide not amounting to murder against the convicts.

Regarding the Companies Bill 2009, Khurshid said it was at the stage of final drafting and after suggestions from the Standing Committee it will be produced in parliament in the winter session, "or latest by the budget session".

"There are recommendations from the Standing Committee. But that needs to be fine-tuned," he said.

India's spend on homeland security to double by 2020: Study

India's share in the global homeland security expenditure would almost double to six per cent in the next 10-years, due to high economic growth and increasing threat of terrorism in the country, a study said.

"By 2020, about 6 per cent of global procurement in the field of homeland security is expected to be emanated from India," it said.

India currently accounts for 3.6 per cent of the global homeland security expenditure, the study said.

Britain, Germany and France too would emerge as big players in global homeland security market as opposed to present situation, wherein the US continues to be a dominant player with about 34 per cent of global procurement in this field, the joint study of KPMG and Assocham said.

India offers huge potential for firms engaged in the sector due to its high GDP growth, obsolete equipment and modernisation of police and paramilitary forces, it said.

The study also said that besides India, China and Turkey are among the other countries that are expected to exhibit the fastest market growth in this sector.

'India, US need to partner to balance China in Indian Ocean'

WASHINGTON: With China increasing its military power and influence in the strategically crucial Indian Ocean, a noted American expert has urged the Obama Administration to partner India to balance and counter Beijing's increasing influence in the region.


As the Indian Ocean is becoming increasingly important to China's economic and security interests, Dean Cheng of the Heritage Foundation said that Beijing appears to be pursuing what has been widely known as a "string of pearls" strategy of cultivating India's neighbours as friendly states, both to protect its economic and security interests and to balance a "rising India".


With Chinese influence in the region growing, it is essential that the US not fall behind in the Indian Ocean, but maintain a steady presence in the region, both to signal its resolve to stay engaged and to avoid the difficulties of reentering a region, Cheng wrote.


He said for the foreseeable future, Chinese strategic planners will need to pay increasing attention to China's Indian Ocean flank.


In the short term, Beijing is concerned about its growing dependence on the sea lanes of communications for sustaining China's economic growth.


In 2010, for the first time, China imported more than 50 per cent of its oil consumption. Chinese President Hu Jintao has already raised the issue of the Malacca Strait.


"There is little question that it is a key choke-point on China's oil supply routes. Part of China's interest in developing alternative ports and pipelines, such as in Pakistan and Burma, would seem to be motivated by a desire to reduce the criticality of the Malacca Strait," he said.


"Even if China's oil lifeline did not have to transit the Strait of Malacca, it would nonetheless traverse significant portions of the Indian Ocean. The growth of the Indian navy means that Chinese economic development is potentially at the mercy of India, as well as the United States. The forging of Indian security links with Japan and the United States is therefore a source of concern," he noted.


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237 mn internet users in India by 2015: Report

BOSTON: India will see its number of internet users triple to 237 mn from the current 81 mn by 2015, according to a report.

In a study titled 'Internet's New bn', the Boston Consulting Group said Brazil, Russia, India, China and Indonesia (BRICI) will have more than 1.2 bn internet users by 2015 - well over three times the number of internet users in Japan and the US combined.
In 2009, the BRICI countries had some 610 mn Internet users.

"Internet penetration rates in the BRICI countries will experience compound annual growth of nine to 20 per cent from 2009-2015, driven predominantly by young users who will form the digital-market eco-systems that will be in place for generations to come," the management consulting firm said.

With BRICI countries constituting many of the world's most populous nations, "it may come as little surprise that their digital-consumer ranks will swell so quickly," the report added.

Describing India as a "low-maturity and high growth market", BCG said Internet penetration rate in India is expected to reach 19 per cent by 2015, up from the current seven per cent.

"There are currently about 81 mn Internet users in India--a number that will nearly triple by around 2015 to 237 mn," the report said.

India's Internet use is concentrated mainly in the larger cities, where many users are migrants from smaller towns. This group tends to have had limited exposure to the internet and therefore typically has a narrower range of online needs than more experienced users.

"Offsetting this situation is the prevalence of younger Indian users," the report said. Indian Internet users spend only half an hour online each day, on average--the lowest rate among all the BRICI countries.

This average will increase to only 0.7 hour per day by 2015, leaving India still bringing up the rear among BRICI users in terms of daily time spent online.

"However, this is a conservative projection and that there could be some major surprises depending on how quickly pricing comes down and availability increases," it added.

Among the most prominent trends is that BRICI digital consumers are far more likely to be meeting their digital needs through mobile phones than through personal computers.

With PC penetration still quite low, mobile phones are cheaper and more convenient tools for both communicating and seeking out entertainment.

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Govt wants Google, Skype to set up local servers

The government on Wednesday said BlackBerry, Google, Skype and other communications providers must set up servers in India to allow security forces to intercept Internet data.

G K Pillai, the chief bureaucrat in the Home Ministry, said "all people who operate communication services in India should have a server in India" to aid in monitoring encrypted data.

The government has already asked BlackBerry to set up a server in India to track the smartphone's secure messaging system and "we have made this clear to other companies" that they must do the same, he told a news conference.

Finnish mobile phone giant Nokia said earlier in the week it would set up a server in the country by early November to ensure that the government had access to data carried by its smartphones.

India's security forces, battling insurgencies ranging from Kashmir in the northwest to the remote northeast, are worried militants could use encrypted services to plan attacks.

Pillai's comments came two days after India gave BlackBerry's Canadian maker a two-month window to provide a solution to its security concerns to avert a shutdown of its encrypted corporate email and messenger chatting services.

Skype, the Internet phone service, and Google, which uses powerful encryption technology for its Gmail email service, are also in the government's firing line as it widens its crackdown on communications firms.

BlackBerry's reprieve came after the government said the handset's manufacturer Research in Motion, or RIM, had made proposals for giving security forces "lawful access" to messages carried on the handsets.

"Discussions with BlackBerry are still continuing. We have given them 60 days' time to find a solution" to government demands for access to messages carried by RIM handsets, Pillai said.

India's home ministry has said it is now reviewing the feasibility of RIM's monitoring proposals.

India, which has the world's fastest growing number of mobile users, is a key market for BlackBerry, which has 1.1 million customers in the country.

"All security concerns (related to BlackBerry) need to be addressed," Home Minister P Chidambaram said late Tuesday. "Our stand is firm. We look forward to getting access to the data. There is no uncertainty over it."

BlackBerry has become a global market leader in the smartphone sector thanks to its heavy data-protection and analysts say any compromise with the Indian government could damage its popularity.

RIM, which insists it has cut no special deal with India, is already facing threats to its dominance in corporate mobile email from other smartphone makers globally such as Apple and Nokia.

The Times of India reported Wednesday it was the flood of international visitors expected for the Commonwealth Games in New Delhi next month and US President Barack Obama's planned visit in November that resulted in the reprieve for BlackBerry rather than any breakthrough in talks with the company.

The blackout of BlackBerry's core features would have disrupted communications for the two events, the newspaper said, adding there would be more talks with RIM before Obama's visit.

Economy growth by around 9% in 2010-11:India Inc

Buoyed by 8.8 per cent growth of the Indian economy in the first quarter this fiscal, industry today said the GDP may expand by around 9 per cent during 2010-11, but cautioned against certain weak areas like financial services.

"Given this trend in GDP growth, we expect to close the year with an overall performance of close to 9 per cent," FICCI President Rajan Mittal said.

Assocham President Swati Piramal said, "overall GDP growth rate for the current fiscal will be between 8.6 per cent to 8.8 per cent as its growth will pick up from third quarter onwards."

Echoing the view, CII said that strong GDP growth in the first quarter of 2010-11 is encouraging and it maintains India's position as the second fastest growing economy in the world after China.

"The economy will grow at 8.5 per cent for the full year," CII Director General Chandrajit Banerjee said.

However, Mittal said that the government should put thrust on sectors like manufacturing and services.

"With the cushion of a better farm sector performance later this year, the policy thrust of the government should be to energise the manufacturing sector and prop up the financial, insurance and real estate services segment that has been lagging behind," Mittal added.

CII too said that the demand side drivers of GDP seem weak with both consumption and investment showing poor growth.

"While growth in the agriculture was strong, the growth rate in mining and construction has been modest. Growth in the services sector could have been stronger if not for the moderation in financing, real estate and business services," Banerjee said.

CII asked the government to implement measures to improve the business environment so that investment inflows continue to remain strong.

7 Aug, 2010, 09.33AM IST,ET Bureau

India to become world's fastest growing economy by 2013-15: Morgan Stanley

NEW DELHI: The two hands to produce count for more than that one mouth to feed, after all. Driven by a sterling demographic dividend, continuing structural reform and globalisation, India is poised to accelerate its growth rate to 9-9.5% over 2013-15, even as China will cool down to a more sedate 9% by 2012 and to 8% by 2015. So finds a new report by Morgan Stanley, authored by Chetan Ahya (managing director for Asia and India economist, who writes a monthly column for ET) and Tanvee Gupta.

India has one of the lowest median ages among the major economies. When an economy prospers, first its death rate and then, its birth rate falls. As this trend proceeds, there is a big bulge in the working age population while the non-working population (the young and the old) shrink as a share of the population. The lowering of the dependent (non-working) population to working age population ratio has twin effects.

One, it allows people to save a large proportion of their income, raising the country's rate of savings; two, it boosts the number of people who work and contribute to growth. Thanks to structural reform, the additional hands available for work find work. Even with stagnant per capita output, the sheer increase in the number of workers would raise GDP growth. With reform pushing up productivity per worker, GDP would rise even faster.



Globalisation gives additional job opportunities, additional capital to augment rising domestic savings and additional know-how. With this happy combination, the report expects India to become the world's fastest-growing economy. The government's chief economic advisor Kaushik Basu has been forecasting such a development as well.

"Real GDP growth in China has averaged 10% annually over the past 30 years, compared with 6.2% in India. During this period, China's GDP grew 16 times to $5 trillion whereas India's rose seven times to $1.2 trillion. China's exports (including services) surged 65 times over this period to $1,330 billion while India's exports increased 22 times to $250 billion" says the report.

China has overtaken Japan to become the world's second-largest economy. China's demographic transition pushed up its savings rate above 30% in 1985, while India's savings rate crossed that level only in 2005. India's consumption level will now come down, even as China's will rise.

Underlying the Morgan Stanley forecast is the assumption that India will significantly jack up its expenditure on infrastructure and in plant and machinery. Infrastructure expenditure has gone up from 5.4% of GDP in 2005 to 7.5% in 2009 and is poised to go up to 8% of GDP in 2010. Over 2012-17, the forecast is that India's infrastructure spend would be $1 trillion as compared with $530 million over the previous five-year period.

Another assumption is on the quantity and quality of the young people coming into the workforce. While India will be the largest contributor to the world's workforce — all of 136 million people — over the next 10 years (fully a quarter of the entire world's additional workforce), China will add just 23 million.
1 Sep, 2010, 10.47AM IST,REUTERS

Manufacturing expands for 17th successive month in August: HSBC

BANGALORE: India's manufacturing sector expanded for the 17th successive month in August, although at a slightly slower pace than in July, supported by strength in new orders. The HSBC Markit Purchasing Managers' Index, based on surveys of 500 companies in Asia's third-largest economy, fell to 57.25 in August from 57.6 in July, but remained well above the 50 mark that divides growth from contraction.

The new orders index was 61.99, down slightly from 62.82 in July. "India's economy shows no signs of cooling off. Output continues to expand at a brisk pace and new orders remain in solid expansionary territory, signalling further growth ahead," Frederic Neumann, co-head of Asian Economics Research at HSBC, said in a statement.

The economy grew in the April-June quarter 8.8 percent from a year earlier, data showed on Tuesday, its fastest pace in nearly three years.

"But growth comes at a price: inflationary pressures, already a concern, continue to simmer, with input prices rising and output price pressures only easing marginally," Neumann said.

The survey showed that output prices rose at their slowest rate in 10 months, while the input price index rose for the second consecutive month. Wholesale inflation, the most closely watched measure of price pressures, slowed in July to just under 10 percent following five months in double-digits.

The central bank has raised its key policy rates four times this year as part of efforts to tame inflation.


Mining Coal

With the advent of Independence, the country embarked upon the 5-year development plans. At the beginning of the 1st Plan, annual production went upto 33 mts. During the 1st Plan period itself, the need for increasing coal production efficiently by systematic and scientific development of the coal industry was being felt. Setting up of the National Coal Development Corporation (NCDC), a Government of India Undertaking in 1956 with the collieries owned by the railways as its nucleus was the first major step towards planned development of Indian Coal Industry. Along with the Singareni Collieries Company Ltd. (SCCL) which was already in operation since 1945 and which became a Government company under the control of Government of Andhra Pradesh in 1956, India thus had two Government coal companies in the fifties. SCCL is now a joint undertaking of Government of Andhra Pradesh and Government of India sharing its equity in 51:49 ratio.



Nationalisation of Coal Mines

Right from its genesis, the commercial coal mining in modern times in India has been dictated by the needs of the domestic consumption. On account of the growing needs of the steel industry, a thrust had to be given on systematic exploitation of coking coal reserves in Jharia Coalfield. Adequate capital investment to meet the burgeoning energy needs of the country was not forthcoming from the private coal mine owners. Unscientific mining practices adopted by some of them and poor working conditions of labour in some of the private coal mines became matters of concern for the Government. On account of these reasons, the Central Government took a decision to nationalise the private coal mines. The nationalisation was done in two phases, the first with the coking coal mines in 1971-72 and then with the non-coking coal mines in 1973. In October, 1971, the Coking Coal Mines (Emergency Provisions) Act, 1971 provided for taking over in public interest of the management of coking coal mines and coke oven plants pending nationalisation. This was followed by the Coking Coal Mines (Nationalisation) Act, 1972 under which the coking coal mines and the coke oven plants other than those with the Tata Iron & Steel Company Limited and Indian Iron & Steel Company Limited, were nationalised on 1.5.1972 and brought under the Bharat Coking Coal Limited (BCCL), a new Central Government Undertaking. Another enactment, namely the Coal Mines (Taking Over of Management) Act, 1973, extended the right of the Government of India to take over the management of the coking and non-coking coal mines in seven States including the coking coal mines taken over in 1971. This was followed by the nationalisation of all these mines on 1.5.1973 with the enactment of the Coal Mines (Nationalisation) Act, 1973 which now is the piece of Central legislation determining the eligibility of coal mining in India.
Thursday September 2, 02:42 AM Source: Indian Express Finance


SC orders IPO scam-accused to pay penalty

By fe Bureau
The Supreme Court on Wednesday allowed Dhaval Mehta, allegedly the brain behind the IPO scam of 2005-06, to deposit the Rs 1-crore penalty imposed by the market regulator within a week. Sebi had also barred him from trading in the securities market for two years.
A bench headed by Chief Justice SH Kapadia allowed Mehta to deposit the penalty amount within a week. It had issued notice to the market regulator on the issue whether Sebi has the powers to impose a penalty on an individual.
Mehta in its petition had stated that the market regulator can debar a person from trading in the securities market but had no statutory authority to impose a penalty on an individual.
How can a private individual be asked to pay as there was no statutory power or rule to do so, questioned Mehta, who claimed to be an individual and not a stock broker.
He had challenged the Securities Appellate Tribunal's verdict that upheld Sebi's disgorgement orders to bar him from trading for two years. Sebi had barred Mehta from trading after it found that he along with NBFC Ashmi Financial Consultancy had unduly enriched themselves by cornering shares in the IPOs of Suzlon Energy and IDFC through fictitious demat accounts.
Thursday September 2, 01:50 PM *


Reliance raises stake in EIH

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MUMBAI (Reuters) - Indian energy major Reliance Industries (RELIANCE.NS : 937.45 +1.25
EIH said in a filing to the Bombay Stock Exchange (^BSESN : 18238.31 +32.44
Reliance, India's top-listed conglomerate that is diversifying into new businesses, said on Monday it had bought 14.12 percent of EIH for $217.5 million.
At 1:26 p.m., Reliance shares were up 0.3 percent at 939.3 rupees in line with the Mumbai market. EIH shares were up 4.5 percent at 150.2 rupees.
(Reporting by Aniruddha Basu)
(For more business news visit Reuters India)
Thursday September 2, 02:41 AM Source: Indian Express Finance


Auto sales in top gear again

By fe Bureau
Auto sales continued to be in top gear during August on the back of easy finance and new launches. The major highlight was the country's largest car manufacturer Maruti Suzuki posting its highest monthly sales ever at over 1,00,000 units. This was the third time the company sold one-lakh plus units in a month this fiscal.
Maruti's total sales stood at 1.04 lakh units in August compared to 84,808 units in the same month last year thereby registering a growth of 23.5%. "This is the highest-ever monthly sales recorded by the company," Maruti stated. The domestic sales of the company stood at 92,674 units in August compared to 69,961 units a year back. Maruti Suzuki's A2 segment rose 26% to 65,953 units on the back of the launch of Alto K10 and five CNG variants.
Its South Korean rival Hyundai Motor India, the country's second largest passenger car manufacturer, sales increased 17% with total domestic sales at 28,601 units in August against 24,401 units in August 2009. The company's exports, however, declined over 12% to 22,035 units against 25,120 units last year.
Tata Motors (TATAMOTORS.BO : 1008.55 +1.1
The traction in the bottom half of the car market is getting intense with General Motors and Ford getting more aggressive. While the former sold a 7,941 units in the month compared to 5,939 units last year, Ford witnessed an over two-fold jump in sales to 7,925 vehicles compared to August 2009.
The two hatchbacks Beat and Figo launched by the two carmakers respectively helped them create a foothold in the market. Since its launch in March this year, Figo has got a total bookings of 34,000 in 25 weeks. The company is slated to launch eight models by 2015. Skoda Auto India rose 24% during the month selling 1,511 units. Nissan sold 1,249 units during the month.
In the two-wheeler segment, the country's largest two-wheeler maker by volumes Hero Honda sold a whopping 4.24 lakh units in August growing at 2.2% over August 2009 when the company sold 4.15 lakh units. "The domestic two-wheeler industry remains buoyant and we expect growth to maintain this trajectory in the coming months," senior vice-president (marketing & sales) Hero Honda Anil Dua said.
TVS Motors two-wheeler sales rose 32% with 1,67,109 units against 1,26,842 units recorded in August 2009. Sales of Yamaha Motors jumped 30% to 30,450 units in the month compared to 23,466 units in August 2009. The two-wheeler sales of Mahindra & Mahindra stood at 15,165 units compared to 4,005 units in August 2009. M&M's Farm Equipment Sector (FES) division grew 26% in tractor sales in August to 13,435 units.
Thursday September 2, 02:42 AM Source: Indian Express Finance


Annual sale cheers up retailers

By Shubham Batra
The trend of annual sales of large retailers, including the Future Group, Shoppers Stop and Spencer's Retail, has set in. Interestingly, these sales contribute 20-40% to the overall revenues of these companies, along with boosting the same-store sales (SSS) growth.
Future Group registered an SSS growth of 30-40% during Independence Day sales. While it recently concluded its five-day long 'Mahabachat' across its outlets (Big Bazaar and Food Bazaar), Shoppers Stop and Hypercity is continuing with their annual sales. For Shoppers Stop, the sale ends on September 5.
Reportedly, Future Group was targeting Rs 800-crore sales during the five-day promotional period. Kishore Biyani, founder & CEO, Future Group, said, "These activations and promotions give boost of almost 30-40% to the same-store-sales growth as well as the overall revenues of the retail business." Although Biyani refused to divulge the revenues earned during the five-day offer, Rakesh Biyani, CEO of the Group's retail business, said it was the largest trading week for Future Value Retail. A spokesperson confirmed that the company did a business of Rs 100 crore across its 132 Big Bazaars and 185 Food Bazaars on the Independence Day itself. For these activities to be successful, a lot depends on the negotiating power of a retailer with its suppliers.
The fortnight sale at Hypercity, headed by BS Nagesh, started from August 14. It had offered an up to 50% discount on apparels, accessories, home ware and appliances to gadgets across all its stores. However, for Shoppers Stop, which posted a better-than-expected SSS growth of 21% in the first quarter of FY11, the sale is biannual and would extend till September 5. Govind Shrikhande, managing director, Shoppers Stop, said, "We don't have a particular figure as far as expectations from these sales are concerned. Typically, these sales, along with summer and winter sales, contribute to about 20% to the overall business."
The biannual sale at Shoppers Stop is under apparel and non-apparel verticals across 80 product categories, excluding cosmetics. For Hypercity, this would be its annual sale since it is mostly into food grocery, which is not seasonal.
RPG group-led Spencer's Retail has about four to five major yearly events such as Republic Day in January, Independence Day in August, Regional new years in April, the festival time in October and New year in December. A Spencer's spokesperson said, "These annual events have always been sale boosters since all of them are major buying instances for the consumers. We induce more buying by giving offers/discounts in relevant products. The recently concluded Independence Day promo at Spencer's registered a 20% increase in footfalls."
Wednesday September 1, 06:50 PM *


INTERVIEW - JP Morgan fund keen on China, India, Indonesia

By Lee Chyen Yee
HONG KONG (Reuters) - JP Morgan Asset Management is eyeing China and India's toll road sector, and Indonesia's power and logistics industries, after investing a third of its $860 million Asia infrastructure fund, the fund's chief said.
In addition to these fast-growing economies, the Asian Infrastructure & Related Resources Opportunity Fund is looking at wind and solar energy sectors in South Korea and utilities in Thailand and the Philippines, Philip Jackson, chief of JP Morgan's Asia infrastructure investments group, said in an interview with Reuters on Wednesday.
Insider TV interview with Philip Jackson, click http://link.reuters.com/kyn68n
"The toll road sectors in China and India are developing quite rapidly. We will be prepared to look at toll roads in other countries," Jackson said, adding, "Several of our colleagues are in Indonesia at the moment, so it's definitely on our radar screen."
China, India and Indonesia, which together make up a third of the earth's population, are seeing heady economic growth, with gross domestic product growth in each country set to be 6 percent or greater this year, Indonesia and World Bank data showed.
So far, the fund has invested about 35 percent of the fund in a hospital operator in India, and cement, water and waste water treatment companies in China, said Jackson, who has 28 years of infrastructure investment and corporate finance.
India has come a long way since the 1990s, making its infrastructure projects more accessible to foreign investors, something that other emerging countries in Asia could take a page from, he said.
"We feel increasingly comfortable that that level of experience is there," he said referring to India.
"The way that it works in India is, you have a standard document and (with) each individual projects you can make changes from that standard rather than having to negotiate the full 300 pages, So it's a much more rapid process of negotiating."
Infrastructure has become a distinct asset class over the past few years, with global firms such as JP Morgan, Citigroup Inc, Macquarie Group Ltd and Morgan Stanley investing in a range of segments, from logistics to utilities.
(Additional reporting by Kei Okamura from Reuters Insider TV; Editing by Karen Foster)
(See www.reutersrealestate.com for Reuters' global service for real estate professionals)
(For more business news visit Reuters India)
Thursday September 2, 12:50 AM *


ANALYSIS - Obama struggles with urgent task of fixing economy

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By Caren Bohan
WASHINGTON (Reuters) - President Barack Obama has declared fixing the U.S. economy his "central mission" but he has few tools to bring down nearly double-digit unemployment or jump-start the faltering recovery this year.
To get a quick fix, he would need a big initiative, but the president stands almost no chance of getting Congress to pass any substantial legislation in the few weeks left before the mid-term elections -- a stretch of time he calls the campaign "silly season."
Even if he could, it would be too late to help his Democratic party before Election Day on Nov. 2.
"Between now and the time the Congress packs up for good to spend full-time on the fall campaign, the chances are between slim and none that any new significant economic legislation will pass," said William Galston, a former domestic policy adviser to President Bill Clinton and now a scholar at the Brookings Institution think-tank.
Obama returned on Sunday from a 10-day vacation in Martha's Vineyard to confront a batch of grim economic data and rising frustrations among Americans about the scarcity of jobs.
His week is jam-packed with foreign policy events, and he has scrambled to tell voters that the economy is his top concern.
Obama and his aides are discussing new measures they want to roll out quickly but the White House has suggested these will be "targeted" rather than a bold new package.
So that leaves the presidential bully pulpit as the main tool Obama must rely on to both convince voters and inspire confidence among businesses, consumers and investors.
But critics accuse him of fumbling that effort.
"This is a president who has lost control of his public message. It wanders unleashed from park to alley, stopping to sniff every cable news story along the way," Michael Gerson, a former speech writer for President George W. Bush, wrote in the Washington Post on Wednesday.
Gerson said that instead of focusing on "jobs, jobs, jobs," the White House has allowed the conversation to drift to subjects like immigration and a planned mosque near the site of the Sept. 11 attacks in New York.
BIG JOBS REPORT LOOMS
Crucial for Obama will be Friday's monthly jobs report. Private economists forecast it will show that employers slashed 100,000 jobs from their payrolls and that the unemployment rate ticked higher to 9.6 percent in August from 9.5 percent in July.
That will be only the second-to-last employment report that the public will see before the congressional elections where Democrats worry about the potential for big losses to Republicans.
There is increased focus on what Obama might do after Federal Reserve Chairman Ben Bernanke's speech last week in Jackson Hole, Wyoming. Bernanke said the Fed was ready to take further steps to help the economy but also acknowledged the options are limited with interest rates already ultra-low.
Galston said the "post-November" period could provide a chance for Democrats and Republicans to discuss steps that might get bipartisan support such as a payroll tax holiday and some tax breaks for business hiring.
But for now, the two political parties are miles apart on what should be done to help the economy, with Republicans labeling the $814 billion stimulus package of 2009 a failure and lambasting his regulatory policies while some liberal economists are urging a new round of stimulus spending.
Departing White House economist Christina Romer provided fresh fodder for the debate with a speech on Wednesday in which she launched a vigorous defense of the stimulus. She also urged Washington to find the "will and the wisdom" to take further action to reduce the unemployment rate.
Romer, who is stepping down on Friday as chairwoman of the White House Council of Economic Advisers, stopped short of calling for a second round of stimulus.
But many analysts said the remarks suggested she was sympathetic to calls for aggressive fiscal measures to bring down the jobless rate.
"I notice she's saying this on the way out the door," said Bruce Buchanan, a political scientist at the University of Texas, Austin. "You're not hearing that strong language from the president or anybody else on the White House team but I think that captures how they feel. She's performing the service of making the point."
Romer said in her speech that concern about the U.S. budget deficit -- which is projected to hit $1.5 trillion this year -- should not be an "excuse for leaving unemployed workers to suffer."
But worries over the deficit are a constraint Obama will need to manage even after the elections.
"Among moderate and independent voters, deficit consciousness has surged over the past year and a half," Galston said. "There is no chance a second large stimulus is going to be enacted -- none."
Torsten Slok, senior U.S. economist at Deutsche Bank, said a big new stimulus plan is clearly "not on the table, so we have to wait for organic demand to pick up."
"There's no doubt, from an economic point of view, that more stimulus would be helpful," he said. "But politically and from the perspective of global investors, that's a tough sell."
(Additional reporting by Steven C. Johnson in New York; Writing by Caren Bohan; Editing by Eric Walsh)
(For more news visit Reuters India)
Thursday September 2, 10:00 AM *


GE, Westinghouse to build nuclear plants in India - paper

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BANGALORE (Reuters) - General Electric and Westinghouse Electric, owned by Japan's Toshiba Corp, could spend a combined $10 billion to build two nuclear reactors in India, the Financial Express reported on Thursday.
Citing unidentified official sources, the newspaper said agreements with the two U.S.-based firms were being firmed up ahead of President Barack Obama's scheduled visit to India in November.
Earlier this week, India's parliament approved a bill to open up the country's $150 billion nuclear power market, sealing legislation crucial for the entry of U.S. firms.
The government has also identified France's Areva and Russia's Rosatom for building nuclear reactors in the country, the paper said.
(Writing by Bharghavi Nagaraju; Editing by Ranjit Gangadharan)

India Business News

India Business
*
  • Steel companies up prices on firm global market
  • - Reuters - Thu 02 Sep, 04:50 PM
  • MUMBAI (Reuters) - JSW Steel and Ispat Industries have raised prices this month citing firm global rates and rising input costs, company officials told Reuters on...
  • BSE Sensex rises 2nd day, but outlook cautious
  • - Reuters - Thu 02 Sep, 04:30 PM
  • MUMBAI (Reuters) – The BSE Sensex nudged higher for a second day on Thursday as strong U.S. manufacturing data eased some concerns about the pace of global economic recovery, but investor confidence was...
  • BSE Sensex provisionally closes up 0.1 pct
  • - Reuters - Thu 02 Sep, 04:00 PM
  • MUMBAI (Reuters) - The BSE Sensex provisionally rose 0.1 percent on Thursday, supported by gains in world equities, with financials leading the...
  • IRB Infra in pact with Indian Hotels to build hotel
  • - Reuters - Thu 02 Sep, 03:50 PM
  • MUMBAI (Reuters) - IRB Infrastructure Developers Ltd said on Thursday its unit has entered into a pact with Indian Hotels Co Ltd to construct and operate a Gateway Hotel for the latter at Kolhapur in...
  • China, India urge stability of major currencies
  • - Reuters - Thu 02 Sep, 03:10 PM
  • BEIJING (Reuters) - Maintaining the relative stability of major reserve currencies and ensuring fiscal sustainability are important in order to achieve strong and balanced global growth, China and India said on...
  • JSW Steel raises prices by 3-4 pct
  • - Reuters - Thu 02 Sep, 03:00 PM
  • MUMBAI (Reuters) - JSW Steel Ltd, India's No. 3 producer, has raised prices by 3-4 percent on higher international prices and input cost, effective Sept. 1, a senior official told Reuters on...


EARLIER HEADLINES


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Financial Express News

Financial Express News
  • Lean local trade, exports hit pepper mkt
  • - Financial Express - Mon 16 Aug, 04:57 PM
  • Pepper market in India is going through a bearish phase with the decline in domestic trade and export volumes. Traders are expecting very little trade in the near-term and are hopeful that the market will rebound only with the festival demand...
  • Inflation still high: Montek
  • - Financial Express - Mon 16 Aug, 04:57 PM
  • The benchmark inflation is still high and is not acceptable, Montek Singh Ahluwalia, the deputy chairman of the Planning Commission, said on Monday.
  • Earlier, the wholesale price index, India's main inflation gauge, rose an annual 9.97...
  • Inflation to ease further: Pranab
  • - Financial Express - Mon 16 Aug, 04:57 PM
  • The wholesale price inflation would ease further after the June-September monsoon rains, Finance Minister Pranab Mukherjee said on Monday.
  • "Inflation fall is due to base effect. Inflation could have been higher but for RBI's steps,"...
  • Govt fixes ethanol price for fuel blending at Rs 27/ltr
  • - Financial Express - Mon 16 Aug, 04:57 PM
  • The government raised the price of ethanol for blending with fuel at Rs 27 per litre from existing Rs 21.50 per litre.
  • "The Cabinet Committee on Economic Affairs has approved the hike in price of ethanol to Rs 27 per litre from existing...
  • Inflation slips to single digit at 9.97 pct
  • - Financial Express - Mon 16 Aug, 04:57 PM
  • Wholesale price-based inflation fell to single digit at 9.97 per cent in July, owing to decline in prices of certain food and non-food items.
  • The inflation was at 10.55 per cent in June, while for April it was revised upwards to 11.14 per...
  • SBI raises PLR by 50 bps
  • - Financial Express - Mon 16 Aug, 04:57 PM
  • State Bank of India , the country's largest state-run lender, said on Monday it had raised its benchmark prime lending rate by 50 basis points to 12.25 per cent effective...


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industan Times News

Hindustan Times News
  • Beauty, for men
  • - HT - Mon 23 Aug, 10:22 AM
  • Fair...
  • Curated consumption
  • - HT - Mon 23 Aug, 10:22 AM
  • New Delhi, Aug. 22 -- There's a lot of talk about the recent ambush advertising by Hindustan Unilever's soap and shampoo brand Dove, and how it pulled a cheeky number on Procter & Gamble's shampoo brand Pantene. Honestly, I can't recollect...
  • PwC upbeat on media, entertainment growth
  • - HT - Mon 23 Aug, 10:22 AM
  • Mumbai, Aug. 22 -- Price water house Coopers is upbeat in its growth predictions for the Indian media and entertainment industry in 2010, after 2009 saw it limping at a growth rate of a mere 2.2 per cent. According to the PwC report, Indian...
  • 'We have technology to tame rivers'
  • - HT - Mon 23 Aug, 10:22 AM
  • India, Aug. 22 -- As the chairman of Bhakra Beas Management Board (BBMB), A.B. Agrawal talked to Hindustan Times about his plans to develop a consensus amongst northern states for new capacity addition. Some excerpts: After building world-class...
  • Nokia dials India with dual-SIM phones
  • - HT - Mon 23 Aug, 09:32 AM
  • Kolkata, Aug. 22 -- Nokia is ready with its dual SIM phones for India. The Finnish giant is preparing to launch its C1 and C2 models of entry-level dual SIM phones in two-three months. Both models would be launched simultaneously in India,...
  • Stepping on minefields
  • - HT - Sun 22 Aug, 09:57 AM
  • India, Aug. 21 -- Vedanta Chairman Anil Agarwal is known as a man of few words and more action. He has been relentless in the expansion of his various group companies that mostly deal in copper, zinc, aluminium and iron ore with operations in...

Indian Express News

Indian Express News
  • SC notice to oil ministry, IGL on PNGRB petition
  • - Indian Express - Thu 02 Sep, 02:44 AM
  • The Supreme Court on Tuesday sought reply from Indraprastha Gas Ltd, the petroleum ministry and others on a PNGRB plea seeking permission to issue licences for retailing CNG and piped gas in view of the government notifying regulations that give...
  • 3G winners plan to seek capex status for spectrum cost
  • - Indian Express - Thu 02 Sep, 02:44 AM
  • Winners of 3G wireless spectrum are planning to approach the Union finance ministry with a unique proposal: Allow us to treat the spectrum cost as capital expenditure spread across 20 years. The licence period for 3G spectrum is 20 years. Treating...
  • Bhartia moots oil & gas model to allot mines
  • - Indian Express - Thu 02 Sep, 02:44 AM
  • Large mining projects can be salvaged from potential political controversies if the government adopts the model used in oil and gas sector for exploration of other minerals too, the Confederation of Indian Industry president Hari Bhartia has said....
  • 'Customs tax mop-up for 3 Mumbai zones at 79.5%'
  • - Indian Express - Thu 02 Sep, 02:44 AM
  • Customs revenue collection in three Mumbai Zones for April to July period registered a 79.5% average growth compared with the collection during the corresponding period last fiscal, finance minister Pranab Mukherjee said on Wednesday. There has been...
  • Govt makes telcos fall in line on 3-G charges, cos ready to roll out services
  • - Indian Express - Thu 02 Sep, 02:44 AM
  • The government seems to have had its way with the 3-G spectrum-winning telecom operators, who have agreed to pay higher charges for using the radio waves as part of the amended licence rules. The operators, including Bharti Airtel, Vodafone and Idea...
  • No uncertainty over govt stand on BlackBerry: PC
  • - Indian Express - Thu 02 Sep, 02:44 AM
  • Home minister P Chidambaram on Wednesday said government s stand on Blackberry mobile phone maker Research In Motion (RIM) providing access to data is firm and there is no uncertainty over the issue. Chidambaram also made it clear that security of...


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Economy News

Economy
*
  • BSE Sensex seen up; cement cos, Tata Motors eyed
  • - Reuters - Thu 02 Sep, 09:00 AM
  • MUMBAI (Reuters) - The BSE Sensex is set to rise at open on Thursday in line with Asian markets that climbed after strong U.S. manufacturing data soothed worries about the global...
  • GLOBAL ECONOMY - Factories busier in China and US, Europe slows
  • - Reuters - Thu 02 Sep, 06:50 AM
  • LONDON/BEIJING (Reuters) - Manufacturing output in China, the United States and Russia accelerated in August, but European factory activity expanded more...
  • India factory PMI slips; growth still strong
  • - Indian Express - Thu 02 Sep, 02:40 AM
  • India s manufacturing sector expanded for the 17th successive month in August, although at a slightly slower pace than in July, supported by strength in new orders. The HSBC Markit Purchasing Managers Index, based on surveys of 500 companies in Asia...
  • Asia automakers post robust August sales, demand may slip
  • - Reuters - Wed 01 Sep, 03:00 PM
  • SEOUL/BEIJING (Reuters) - Asian auto sales rose strongly in August, benefiting from government moves to encourage purchases of new and cleaner vehicles, though an uncertain U.S. economy and slowing growth in China look set to curb...
  • Exports surge by 13.2 per cent in June
  • - Indian Express - Wed 01 Sep, 01:52 PM
  • India s exports rose for the ninth straight month in July, growing an annual 13.2 per cent to $16.24 billion, government data on Wednesday showed. Imports for the month rose 34.3 per cent to $29.17 billion, widening the country s trade...
  • Manufacturing soars for 17th successive month
  • - Indian Express - Wed 01 Sep, 01:51 PM
  • India s manufacturing sector expanded for the 17th successive month in August, although at a slightly slower pace than in July, supported by strength in new orders. The HSBC Markit Purchasing Managers Index , based on surveys of 500 companies in...


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1 Sep, 2010, 09.25AM IST, Peerzada Abrar,ET Bureau

BrahMos aims to create $13 billion order book

BANGALORE: Brahmos, the missile joint venture between India and Russia, is inviting a lot of global attention, particularly from South America, Middle East, Asia Pacific and African regions, a senior defence official told ET. With this newfangled demand BrahMos aims at creating an order book of $13 billion for the indigenously-built Brah-Mos.


Although there are over 60,000 cruise missiles worldwide, most of them are pretty archaic, having been developed in the 1970s. This explains the reason for the spurt in demand for the new BrahMos fleet, say defence officials.The supersonic cruise missile system has also caught the attention of many countries such as Brazil, South Africa and Chile because it has been developed at a low-cost budget of $300 million.


Named after India's Brahmaputra river and Russia's Moskva river, the Brahmos missile can travel at nearly three times the speed of sound and hit targets up to 300 km away. It can be launched from submarines, ships, aircraft or land. "It is the best missile — simple but universal. We are working along with the state-owned Defence Research and Development Organisation (DRDO) labs and PSUs such as DRDL and BEML. Private players such as Larsen & Toubro, Godrej are also collaborating for the project Alexander B Maksichev, deputy general director at NPO Mashinostroyenia and managing director at Brah-Mos Aerospace, told ET. "BrahMos is moving in a new direction with airborne missile version," he added.


"The negotiations and ground work to export these missiles to other countries have started. The export of BrahMos will start once the requirements of Indian defence are met", said a senior defence official speaking on condition of anonymity. On its part, India has already placed $3 billion of missile orders including ground systems and receivers with BrahMos for next 7-8 years.


The missiles will also be exported to the Russian military, which has shown interest in the new air-borne version, the defence official said. "The air-launched version includes a missile which can be dropped from a fighter jet. It can then find the target on its own with the help of a computer", the defence official said.


The success of the BrahMos model comes at a time when India is considering deploying its nuclear-capable ballistic missiles in the North East, close to its border with China in an apparent attempt to enhance its military preparedness. The move comes close after the release of a report by Pentagon, which suggested that China has moved its new advanced long-range CSS-5 missiles close to its border with India and developed contingency plans to shift airborne forces to the region.


BrahMos is capable of carrying conventional as well as nuclear warheads, with a payload of 200-300 kg. The test of the air-launched version of Brah-Mos supersonic cruise missile is expected to take place in 2012, said Dr Apathukatha Sivathanu Pillai chief executive, BrahMos Aerospace, during the Bangalore Space Expo 2010. He said the Indian Air Force has chosen the Su-30MKI fighter aircraft as a launch platform for the BrahMos missile. The IAF has also placed orders for land-to-land attack missiles.


Meanwhile, the Indian Army, which has given orders for long target missiles, is also procuring block-two BrahMos missiles for precise and controlled attacks on small targets. This will prevent the surrounding infrastructure from being destroyed. "BrahMos is a landmark project because it was started from scratch in India. We have been developing ballistic missiles. But it is a good learning process for Indian scientists to design and develop the cruise missile technology", said Ajey Lele from the Institute for Defence Studies and Analyses (IDSA), a Delhi-based think-tank.


Going forward , a hypersonic version of the missile — BrahMos-II is presently under development. The missile can touch speeds ranging from five to seven times that of sound, making it the fastest cruise missile in the world. Brahmos-II is expected to be ready by 2013-14 and will arm the Project 15B destroyers of the Indian Navy.

*
*




*Banks, relax - until the next crisis
Experts say it would be unwise to get too tough with banks as there is still uncertainty about the recovery.



Of taxes and avoidance
DTC Bill tabled in Lok Sabha is notable for its anti-avoidance provisions, and both for individual and corporate taxes.
Radical Islam & politics to blame
Some Kashmiris have asked legitimate questions. But, are they willing to look within too?

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Editorial

Brand Equity holds up a mirror
Kudos to Nokia, for coming out number one in ET Brand Equity's survey of the most trusted brands for the third time running.
An Alpine haven disappears
India has done well to rework its tax treaty with Switzerland to obtain information on Indians hiding their money in Swiss accounts.
The cost of cricket
How much does a no-ball cost? Time was when one could answer that question in purely cricketing terms.
more »

Columnists

T T Ram Mohan
Banks, relax - until the next crisis
Experts say it would be unwise to get too tough with banks as there is still uncertainty about the recovery.
Jaideep Mishra
Of taxes and avoidance
DTC Bill tabled in Lok Sabha is notable for its anti-avoidance provisions, and both for individual and corporate taxes.
Swaminathan S Anklesaria Aiyar
Let's not confuse entitlements with rights
Politicians and activists constantly propose new rights — the right to work, to education , and now to food. The word "rights" is being twisted to mean entitlements, and there is a big difference.

Other Columnists



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Et Debates

Is it right to incorporate rates in DTC?
* Challenge is to make the rates stable
Incorporation of tax rates in the Direct Taxes Code, instead of keeping rates in a separate schedule, is a move that will lend stability to the tax regime.


* Goodbye to annual Finance Act rigmarole
It is better to introduce the tax rates in the Code, so that to change the tax rates, an amendment Bill will have to be introduced in Parliament.




Comments & Analysis

Slower three quarters ahead
Decelerating manufacturing and exports are likely to drag down 2010-11 growth to 8.2%
Rethink snooping app on BlackBerry
The key concern for businesses is the possibility of misuse of the access, given the high levels of corruption in governance.
Government machinery catching up with changes, snail-mail way
Even as the entire government machinery is gearing itself to the new age and catching up with the private sector in the way it functions, some departments have still a long way to go.

http://economictimes.indiatimes.com/Opinion/opinionshome/897228639.cms

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Business

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Sensex up modestly...broader market outperforms

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Sunil Mittal's son joins company

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PTI, 02 September, 2010 First generation telecom entrepreneur Sunil Mittal is carving out a place for the Generation Next, by employing his son in a group company that is responsible for Bharti Airtel's international business.
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Govt to allot 2.5 MT foodgrains for BPL families

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Pawar presents sugar decontrol plan to Manmohan

The Hindu - ‎3 hours ago‎
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Greenspan sees 25-33% chance of another US recession

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The chances of the US economy slipping into another recession are close to 25-33 per cent, a noted American economist said. "I see a third to fourth of a chance of a double dip (in the US economy)," noted American economist and former Chairman of the ...
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AAUM of Mutual Fund Industry Increases in August '10

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Hero Honda launches new variant of Super Splendor

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Adani Power shares fall 3.5% after Gujarat regulator ruling

Business Standard - ‎43 minutes ago‎
PTI / Mumbai September 02, 2010, 19:49 IST Shares of Adani Power tumbled 3 per cent on the BSE, after a ruling by Gujarat electricity regulator asked it to honour a supply agreement.
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Cement stocks shine, Jaiprakash Associates up over 4 per cent

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MUMBAI: Cement stocks today sparkled amid a flat market, led by a rally in Jaiprakash Associates, which rose over 4 per cent, the maximum gain among the Sensex companies.
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S Raman assumes charge as Canara Bank CMD

Business Standard - ‎57 minutes ago‎
PTI / Bangalore September 02, 2010, 19:32 IST Canara Bank has said that S Raman has assumed charge as its Chairman & Managing Director.
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Reuters

Govt firm on access to BlackBerry data: Chidambaram

Times of India - ‎16 hours ago‎
NEW DELHI: Amid apprehension whether the solution provided by BlackBerry makers Research In Motion (RIM) will actually serve the purpose of real-time interception of its messenger and enterprise services in India, home minister P Chidambaram said the ...
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Moneycontrol.com

Wipro Chairman Son Named Chief Strategy Officer

Wall Street Journal - Dhanya Ann Thoppil - ‎7 hours ago‎
BANGALORE -- India's Wipro Ltd. named Rishad Premji, the older of the two scions of the company's billionaire founder and chairman, Azim Premji, as chief strategy officer of the information technology business.
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MediaMughals

Reliance Broadcast to raise Rs400 crore through equity sale

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Business Standard

TCS UK arm likely to breakeven in FY11: Phiroz Vandrewala

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Rupee higher on stocks, dollar; US data eyed

Economic Times - ‎2 hours ago‎
MUMBAI: The rupee rose on Thursday aided by the dollar losses against major currencies and other Asian units ahead of the European Central Bank's policy decision due at 1145 GMT and the US non-farm payroll data due on Friday.
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SME Times

India may miss $12 bn exports target this year

Economic Times - ‎3 hours ago‎
NEW DELHI: Apparel exporters are apprehensive about achieving the target of USD 12 billion for 2010-11, as overseas shipments declined for three months in a row, with little signs of improvement in the coming months.
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Reuters India

Reforms needed to erase sugar output swings - millers

Reuters India - Ratnajyoti Dutta, Mayank Bhardwaj - ‎1 hour ago‎
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Indian Express

Analysis: BRICs - victims of success with global investors?

Reuters - Sujata Rao, Stephen Nisbet - ‎4 hours ago‎
LONDON (Reuters) - Shares of companies from the world's biggest developing economies are increasingly featuring in global fund portfolios, a possible reason why BRIC markets are underperforming in 2010 compared to emerging market peers.
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Moneycontrol.com

Government corrects GDP error

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Business Standard

Nakoda to start wind power project in MP by March 2011

Business Standard - ‎2 hours ago‎
PTI / Mumbai September 02, 2010, 18:07 IST Leading polyester filament yarn company Nakoda today said it will start a wind power project in Madhya Pradesh by March next year.
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Korean civil society members visits Posco''s project area

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Centre widens ambit of panel looking into Posco project

Economic Times - ‎Aug 30, 2010‎
... of the implementation of the Forest Rights Act in the area chosen for the proposed integrated steel plant of Posco-India Private Limited in the state. ...
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1000-acre land acquired for Posco project: Orissa govt

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However, no land has so far been handed over to Posco- India, which plans to set up a 12 mtpa greenfield steel mill near Paradip at an investment of Rs ...
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Orissa to approach apex court over granting of mining rights to Posco

Daily News & Analysis - ‎Aug 21, 2010‎
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State to move SC on Posco PL case

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Orissa govt asked to stop land acquisition

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Orissa seeks Posco clarification to renew MoU

Financial Express - ‎Aug 17, 2010‎
Bhubaneswar: It's been 50 days that the Orissa government MoU with Posco India has lapsed, and government sources told FE it has sought clarification on 11 ...
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Hurdles before India's biggest FDI project

Times of India - Sandeep Mishra - ‎Aug 21, 2010‎
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Central team to Proposed Site of POSCO

Press Information Bureau (press release) - ‎Aug 9, 2010‎
... ha. forest land required for establishment of an Integrated Steel Plant and Captive Port by POSCO-India Pvt. Ltd. in Jagatsinghpur district of Orissa. ...
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Vedanta taps Gujarat for bauxite supply to its Orissa refinery

Economic Times - ‎6 hours ago‎
BHUBNESWAR: Anil Agarwal-led Vedanta Resources has begun talks with the Gujarat government to ensure long-term supply of bauxite for its refinery in ...
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BJD to counter Rahul's Vedanta rally

Hindustan Times - ‎39 minutes ago‎
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Workers run riot on Vedanta premises

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Our consent must for Cairn-Vedanta deal: ONGC

Oneindia - ‎Aug 31, 2010‎
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Another reason for applying Vedanta norm to Polavaram

Business Standard - Joe C Mathew - ‎Aug 31, 2010‎
A 15-year agreement between India and Britain that assures equitable treatment to cross-border investors from both countries may technically permit Vedanta ...
The POSCO posse Indian Express
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TYO:5412Email this story
TopNews New Zealand

ONGC can decide on bidding for Cairn India by Oct

Economic Times - ‎Sep 1, 2010‎
Vedanta is paying USD 8.48 billion to buy Edinburgh-based Cairn Energy's 40 to 51 per cent stake in Cairn India, which has 10 oil assets in the country ...
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Vedanta and its fallout

Hindu Business Line - Rasheeda Bhagat - ‎Aug 30, 2010‎
The denial of permission by the Environment Ministry to Vedanta Resources' bauxite mining project in Lanjigarh in Orissa's Kalahandi region, ...
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No corp gov concerns on Vedanta Orissa mining project: Khurshid

Economic Times - ‎Aug 27, 2010‎
NEW DELHI: Corporate Affairs Minister Salman Khurshid on Friday said corporate governance issues were not responsible for Vedanta Resources' proposed $1.7 ...
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Rediff

Hint of more mining vetoes

Calcutta Telegraph - Jayanta Basu - ‎17 hours ago‎
1: The veto on Vedanta's bauxite-mining project in Orissa is not a "one-off thing" and industries violating environmental norms might face similar action ...
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35 held for ransacking Vedanta office in Orissa

Sify - ‎21 hours ago‎
At least 35 people were arrested Wednesday for ransacking the office of Vedanta Aluminium Limited in Orissa's Kalahandi district, police said. ...
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  1. Mukesh Ambani - Wikipedia, the free encyclopedia

  2. Mukesh Ambani (born on 19 April 1957) is an Indian business magnate and the chairman and managing director of Reliance Industries, the largest private ...

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  3. More land to be freed up for coal mining‎ - 15 hours ago

  4. These companies have the right to mine coal for so-called captive use, ... in central and eastern India) were potentially not open to mining as they were ...

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