The Hindu Business Line : Friday, February 23, 2007

Unveil your dream budget
Business Line invites you to tell the Finance Minister your budget expectations. Send in your budget wish list to wishlist2007@thehindu.co.in and explain why you want them included. Attach your digital photograph, which may get published. Do include your brief profile.

INDUSTRY & ECONOMY

POLLUTION
Municipality must adhere to norms before opening dumping yard, says HC
The Madras High Court has directed the Bhavani Municipality in Erode District not to use the dumping yard proposed to be located on 10.44 acres amid farming lands in Punnam village, for which `no objection' certificate had been obtained from the ... More

EMPLOYMENT
Rotary Club job fair
Rotary Clubs of Calcutta and Rotary Club of Calcutta Renaissance will be holding the sixth job fair in eastern India following the success of the previous five fairs. These fairs provide a platform for industry to meet and pick ... More

CLIMATE & WEATHER
Drought may hit cardamom crop
Output to fall further by 5-10% More

NRIS
Sahara India to offer services to NRIs
Eyeing revenue of $160 million in three years, Sahara India Pariwar announced its foray into the global services market with various offerings for non-resident Indians. ``There would be four major verticals — health, utility services, ... More

BUDGET
CURTAIN RAISER
Budget session, a testing time for UPA
The Budget session of Parliament, beginning today (Friday), comes at a trying time for the Congress-led United Progressive Alliance Government, which is three-fifth through its term. Though the Samajwadi Party, with some 40 Lok Sabha members, ... More

It's high time individual taxpayers got relief
The aggregate limit for sections 80C, 80CC and 80CCC remains unchanged at Rs 1 lakh. Considering that individuals have to save and invest higher amounts to be able to maintain their post-retirement security, this limit should be doubled to Rs 2 lakh. More

Urgent surgery required in the employee medical treatment tax regime
The income-tax law should give up its fixation about hospitalisation expenses and its paranoia of chemists' bills and private clinics. More

Extend IT sector `benefits' to manufacturing too
The Government also needs to ensure correction of certain inverted duty structure anomalies where duty on raw materials is higher than on finished products. MR RAVI UPPAL, VICE-CHAIRMAN & MANAGING DIRECTOR, ABB INDIA, HEAD - SOUTH ASIA-PACIFIC REGION. More

Increase tuition fees limit
The Finance Minister should raise the limit of Rs 1 lakh to Rs 1.5 lakh for exemption under Section 80C of Income Tax Act. Now the bank deposits above five years are eligible. Decrease this to three years. Introduce 5 per cent tax slab from Rs ... More

Garment sector wants duty cuts
The garment industry is hoping that both excise and import duties will see a sharp trim in the Budget this year. Mr Rajendra Hinduja, Director, Gokaldas Exports, said the industry has approached the Finance Ministry with its demand to ... More

Important Bills to be passed in Budget session
Some changes appear imminent with UP polls announcement More

`UP elections will not have impact'
The announcement of the election schedule for Uttar Pradesh will not affect the presentation of the Union Budget, Election Commission officials have said. The Election Commission has announced a seven-phase election process that would see ... More

At the margin of economic boom
There is a growing chorus against the viability of Indian agriculture. A checklist of concerns and a wish-list for Budget 2007... More

COURTS/LEGAL ISSUES
Pakistan ends Zina
The changes to the Zina Ordinance are a welcome step for Pakistani women who have been victims of the draconian law. More

ECONOMY
The price and politics of the Budget
The Budget will have to be non-inflationary in its overall impact. It has to address urgent economic and social priorities without triggering new pressures on the price front. More

Chidambaram hints at fresh steps on farm futures trading
The Finance Minister, Mr P. Chidambaram, hinted on Thursday that the Government may take fresh steps on the issue of futures trading on farm commodities based on the recommendations on this matter by the concerned administrative ... More

New players, competition keep consumer goods prices under check
Price hikes may not be across the board this year More

`Targeted subsidies to poor can check inflation better'
In the Indian context it is unclear whether targeted subsidies to the least well-off will work effectively both because of the inefficiencies in delivery as well as the large consolidated fiscal deficit. More

Agri-commodity futures facing political heat
The policymakers failed to think through issues logically and perhaps were carried away by internal and external pressure to open up markets, without paying attention to structural issues of the country's farm sector More

EXCISE AND CUSTOMS
Extra duty on gold could help raise Rs 700 cr
In the forthcoming Union Budget, additional duty on gold could be a source of much-needed revenue. An increase in Customs duty of Rs 100 per 10 g on gold imports can potentially generate over Rs 700 crore in revenue for the exchequer. The ... More

Plea to remove excise duty on malted barley
The All India Breweries' Association (AIBA) has asked the Finance Ministry to remove excise duty on malted barley, the raw material for beer. The AIBA Director, Mr Sundeep Kumar, told Business Line that the association has submitted a ... More

Revised sanction for marine vessels buy
The Cabinet Committee on Economic Affairs (CCEA) on Thursday gave its revised sanction for the acquisition of 109 marine vessels for the Customs department at a cost of Rs 358.19 crore. The procurement is likely to be completed ... More

FOREIGN TRADE
Industrial tariffs: India assails proposals from some developed countries
India today voiced serious concerns over proposals flowing from a few developed countries in recent months on industrial tariff reductions, which not only "blatantly flout the less than full reciprocity mandate but seem to be looking at effacing ... More

PSU
Govt proposes deferred payment of Keltron dues
6% simple interest offered on Rs 50 crore More

Rs 14 cr for revival of PSUs
The Kerala Government has announced working capital assistance of Rs 13.85 crore for revival of loss-making public sector undertakings in the State. The companies given the assistance are: Autokast (Rs 1.50 crore), Traco Cable ... More

GRSE to expand
Rear-Admiral Mr T.S. Ganeshan (Retd), Chairman and Managing Director of the Kolkata-based Garden Reach Shipbuilders & Engineers Ltd (GRSE), has presented a cheque for Rs 10 crore as interim dividend for the current year (2006-07) More

PETROLEUM
Shifting crude output may create price risk
Views on fundamentals of oil market upbeat More

ONGC contests decision on KG gas discovery
Writes to Oil Ministry, DGH that discovery cannot be disregarded More

Right way to introduce fuel economy standards
"Tougher average fuel economy standards are essential for significantly increasing new vehicle efficiency across the fleet. Current fuel economy standards should be averaged for each category and set. ... More

PHARMACEUTICALS
`Peptide-based drug development offers growth'
Increasing role in treating cancer, diabetes, auto-immune diseases More

POWER
Load shedding unlikely in Kerala this summer
More

TAXATION
Cabinet clears CST phase-out proposal
Paves way for significant tax reform measure More

Service tax in e-system
Central Board of Excise and Customs has decided to include service tax in Electronic Accounting System in Excise and Service Tax (EASIEST), from March 1. EASIEST is operational as a pilot in Chennai since 2005 and has now been extended to ... More

Coonoor tea auctions called off on VAT issue
The auctions of the Coonoor Tea Trade Association (CTTA) scheduled for Thursday did not take place following a disagreement among the sellers, buyers and brokers over the conduct of the auctions under VAT. While some produces insisted that the ... More

Tax avoidance treaty with Myanmar
The Union Cabinet on Thursday gave its nod for signing a double taxation avoidance agreement (DTAA) with Myanmar. The Parliamentary Affairs Minister, Mr Priyaranjan Dasmunshi, said this agreement would stimulate the flow of ... More

SSI
European private equity firms to back development, growth potential cos
Target small & medium size companies to pick stake More

UTI Bank, IFC arm join hands for SME financing
The International Finance Commission's South Asia Enterprise Development Facility (SEDF) will support UTI Bank in expanding its operations to the North-East. The main objective of this partnership is to improve access to finance for micro, ... More

SME cluster launched in Vijayawada
Move to promote Krishna district as industrial hub More

RADIO/TV
Star India's new President
Star India has appointed Mr Vijay Singh as its new President for Strategy and Corporate Development. Mr Singh will be responsible for the broadcaster's business and take an active role in the company's other ventures also. Mr ... More

EDUCATION
Approval for setting up IIM in Shillong
The Union Cabinet on Thursday approved a proposal to set up an Indian Institute of Management (IIM), named after former Prime Minister Rajiv Gandhi, in Shillong at a cost of Rs 120.67 crore to be provided over a period of five years. Briefing ... More

Syndicate Bank training institute ties up with CMC
Syndicate Institute of Bank Management (SIBM), Manipal — the training institute of Syndicate Bank — recently entered into a tie-up with CMC Ltd with the aim of making SIBM a centre of excellence of global standards and to provide ... More

Manipal University focusing on R&D
Manipal University aims at being listed among the top 100 universities of the world, hold 20 patents and have three Nobel Laureates on its faculty by 2016, according to Dr H.S. Ballal, Pro Chancellor of the varsity. "The lack of research and ... More

Opens coffee varsity in Bangalore
As part of its initiative to create awareness of coffee culture, illycafe announced the launch of its University of Coffee in Bangalore on Thursday. The opening of the Indian campus - Universita del Caffe — is part of the company's ... More

Massachusetts-Amherst varsity MBA in India
A MBA degree from the University of Massachusetts-Amherst can now be had in India. American Higher Education India, which started offering education programmes from the US varsities last year, has roped in the university to offer its management ... More

Scottish colleges mission exploring tie-ups
An 18-member Scottish Colleges Mission, headed by Mr Roy Cross, Director of the British Council in Scotland, is currently in the city to explore education tie-ups. The mission includes representatives from 13 top Scottish colleges and education ... More

REAL ESTATE & CONSTRUCTION
Developers carving a new `asset' class for super-rich
Mantri sees takers for 1,000 high-end apartments in a year More

LEATHER
International leather goods fair begins today
CLE proposes leather goods, footwear park in Bengal More

INDUSTRY ASSOCIATIONS
Traders' body against entry of MNCs in retail
In the wake of the Wal-Mart Vice-Chairman, Mr Mike Duke's, India visit, the Confederation of All India Traders (CAIT), on Thursday, criticised the Union Government for its continued attempts in facilitating the entry of multinational companies ... More

TEXTILE MACHINERY
Visitors to ITMA fair can order passes online
The international textile machinery exhibition being held this time in Munich, Germany, between September 13 and 20, will allow visitors to order their entry badges online. This means the visitor can save up to 45 per cent of the entry ... More

MINERALS
Mineral policy referred to GoM
The Union Cabinet on Thursday referred the proposed National Mineral Policy 2007 to a Group of Ministers (GoM) to examine in details the concerns of all stakeholders and come back to the Cabinet with their considered opinion. The entire exercise ... More

DISINVESTMENT
Govt invites bids for its residual Maruti stake
The Government will be accepting bids in March for its residual stake in Maruti Udyog Ltd. The stake is valued at approximately Rs 2,610 crore. Mutual funds, State-run financial institutions and banks must submit initial offers for the 10.27 per ... More

FOREIGN DIRECT INVESTMENT
FDI in Sun Direct TV, Salim group allowed
The Cabinet Committee on Economic Affairs (CCEA) today permitted Sun Direct TV to issue equity shares accounting for 20 per cent of its paid up capital to Mauritius-based South Asia Entertainment Holdings Ltd involving foreign direct investment ... More

IPR
Mashelkar stands by expert group suggestions on patent law
Takes responsibility for `technical' mistakes More

RURAL DEVELOPMENT
Microfinance sector Bill approved
The Union Cabinet on Thursday gave its nod for enactment of legislation for the development and regulation of the microfinance sector. For this purpose, the Government plans to introduce the Micro Financial Sector (Development ... More

Cost raised for rural jobs Act
The Union Cabinet on Thursday gave its approval for enhancing the management cost for the implementation of the National Rural Employment Guarantee Act (NREGA) from the existing two per cent to four per cent of the total cost. ... More

INDUSTRIAL POLICY
Maharashtra to focus on four key sectors of growth
Draft policies within four months More

EXPORTS & IMPORTS
More measures sought to curb arecanut import
The notification issued by the Director General of Foreign Trade (DGFT) on Wednesday allowing only one port in the country - New Mangalore Port - to import arecanut will help the sector monitoring imports of the commodity and its movement ... More

Handicraft exports up 14.57% in April-Jan
EPCH now plans to increase its focus on southern and eastern India. More

VENTURE CAPITAL
Evolvence India to invest $10 m in Bangalore co
The contract research scene in the pharma space continues to lure private equity investment and the latest entrant is Evolvence India Life Sciences Fund (EILSF). The fund will invest $10 million in a Bangalore-based contract research ... More

STANDARDS & BENCHMARKS
Jeerat substation gets ISO certification
Earlier this week, the Jeerat 400 KV sub-station of the West Bengal State Electricity Board was awarded the ISO 9001-2000 Certificate by the international organisation Kevilated Veritus Quality Assurance of Norway. Mr M.K. De, ... More

ECONOMIC OFFENCES
`No nationwide raids on stockbrokers'
The Income-Tax Department on Thursday conducted "localised" searches in Pune, Mumbai and Kochi and maintained that there was not an "iota of truth" in claims that nationwide searches were being conducted on stockbrokers and other stock market ... More