Business

New Delhi, August 31: The country managed a reasonable economic growth of 6.1 percent during the first quarter of the current fiscal despite the global financial crisis impacting manufacturing and certain services like hotels.

The Gross Domestic Product (GDP) growth rate during April-June 2009 at 6.1 percent was higher than 5.8 percent in the previous quarter, though it witnessed a decline when compared to 7.8 percent economic expansion recorded during the corresponding period of the last fiscal.

New Delhi, August 31: Tax concessions to exporters announced in the new Foreign Trade Policy will cost the exchequer an extra Rs 2,200 crore.

“Our analysis (of FTP’s implications on indirect taxes) is Rs 2,200 crore for (this fiscal),” Central Board of Excise and Customs (CBEC) Chairman V Sridhar told reporters on the sidelines of a CII function.

The new Foreign Trade Policy announced a slew of tax concessions to boost exports, which have been on the downslide since October 2008.

New Delhi, August 31: With food price inflation in double digits, the Reserve Bank is faced with the daunting task of keeping inflation in check, the bank Deputy Governor K C Chakrabarty on Monday said.

Concerned over the rising food prices he said, “The food price inflation is already around 10 percent. Our key challenge is how to keep the inflationary pressure low.”

Speaking at an event of the Institute of Banking, he dwelt on a range of issues from drought to interest rates to government borrowings and said the country would continue to grow at 6 percent-plus.

Tokyo, August 31: Japanese industrial production rose a stronger-than-expected seasonally adjusted 1.9 percent in July from the previous month, up for the fifth straight month, on robust output in the auto and steel industries, Tokyo said on Monday.

The index of output at mines and factories stood at 82.4 against the base of 100 for 2005, the Ministry of Economy, Trade and Industry said in a preliminary report.

The ministry maintained its basic assessment of the country’s industrial output, saying, “Developments for a recovery can be seen.”

Washington, August 31: Weathering the worst ever financial storm in nearly 80 years, the US economy in September, will not only be in recession for 22 consecutive months but the month also marks the first anniversary of Lehman Brothers’ failure.

Unlike last September, this time around, the financial conditions have improved and the pace of GDP contraction is slowing down.

A slew of unprecedented measures including mammoth stimulus packages and near-zero interest rate seem to have helped in bringing the nation’s economy on stabilisation path.

Chandigarh, August 31: State-owned Haryana Power Generation Corporation Ltd (HPGCL) has decided to set up a new super critical thermal power plant of 660 Mega Watt capacity at Yamuna Nagar.

The project will be part of HPGCL’s effort to scale up total power generation capacity to over 6,000 MW in the next four years and would involve capital outlay of Rs 2,700 crore.

Ahmedabad, August 31: Gujarat Co-operative Milk Marketing Federation (GCMMF) marketing its products under the brand Amul, will hike the milk prices for second time this year by Rs 1 per litre in the city from tomorrow, a senior federation official said today.

Milk prices in New Delhi and other parts of Gujarat are expected to be hiked within a week’s time, he said.

Mumbai, August 31: The Government is committed to financial sector innovations and reforms, a senior Government official said.

“The Government is working with regulatory agencies to bring about financial sector innovations and reforms,” Finance Secretary, Ashok Chawla, said at the launch function of interest rate futures at the National Stock Exchange, today.

Chawla said that growth in the Indian economy was returning.

“Surely, there are signs the economy is moving back to a higher growth path. The move to a higher growth trajectory is well on course,” Chawla said.

Mumbai, August 31: The GDP growth is expected to be at 6.5 per cent or above this fiscal, a senior government official said today.

“We expect the (GDP) growth rate to be 6.5 per cent or above. Growth in the economy was very encouraging and it is expected to improve further going forward,” Finance Secretary, Ashok Chawla, told reporters on the sidelines of a function here.

On the back of a good performance in the manufacturing and service sectors growth can be maintained, he said.

Thane, August 31: Nearly 170 galas (workshops or work spaces that double as industrial spaces) in Dharavi will be relocating to Pimplas village in Bhiwandi with a view to develop the flourishing leather goods industry, industry sources said.

In wake of the proposed redevelopment plan for Asia’s largest slum, a section of the industries will soon shift to Pimplas and start operations from next year, they said.

Ninnad R Jaywant, a member of the Leather Crafters Association, said that the new setup will be known as the Bhiwandi Leather Cluster.

Patna, August 31: The Bihar government has written to Union Finance minister Pranab Mukherjee seeking extension of interest subsidy for three years on short term crop loans in 26 drought hit districts.

Deputy Chief Minister Sushil Kumar Modi, who wrote to Mukherjee said the state government’s decision to stay the recovery of farm loans in 26 drought hit districts would cost heavily as banks have made it clear that they were unable to extend the interest subsidy for three years given the existing banking rules.

New Delhi, August 30: A huge monkey off Force India’s back, team chairman Vijay Mallya today said the Formula One outfit has actually delivered on its promise of a podium finish one year before the 2010 deadline it had set.

“If you remember, we had promised to be among points in 2009 and be on the podium in 2010. So we have actually delivered on our podium promise in advance,” Mallya told from Spa-Francorchamps, Belgium after Giancarlo Fisichella drove a fairytale race to finish second in the Belgian Grand Prix to score the team’s first points.

Patna, August 30: Sugarcane production and its acreage in Bihar may decline in the current sugarcane season, a Sugarcane department official said.

“It is estimated that sugarcane production in the current season may decline to 1,38,05930 tonne from last year’s 1,59,50388 ton,” State’s Sugarcane Commissioner Jai Mangal Singh told PTI.

Similarly, sugarcane cultivation area could also witness a decline of nearly 2,000 hectares of land in comparison to last year, Singh said.

New Delhi, August 30: Anil Ambani group firm RNRL today said RIL’s communication to the government is a conclusive evidence that there were no takers for the gas at high prices offered by it.

Commenting on RIL’s letter, an RNRL spokesperson said, “RIL’s letter conclusively demonstrates that customers are not willing to buy gas at these high prices”.

Chennai, August 30: One of the “favoured investment destinations” in the country, Tamil Nadu had attracted Rs 30,512 crore worth industrial investment in 2008-09, bettering the target of Rs 30,000 crore, Deputy Chief Minister M K Stalin said here today.

Dedicating the Cheyyar Special Economic Zone, located inside the Cheyyar SIPCOT Industrial Park near here, he said this was possible due to 19 additional industrial investments in the year. The state had so far attracted Rs 37,595 crore of investment since the DMK government came to power in May 2006, he claimed.

New Delhi, August 30: India’s healthcare industry registered 42.44 percent growth in net profit during April-June, according to the Associated Chambers of Commerce and Industry (Assocham).

“When the whole world was reeling under global slowdown, the domestic healthcare sector registered healthy growth during the first quarter of the current fiscal,” the chamber said in a study “Financial Health of the Indian Healthcare Industry”.

Mumbai, August 30: The Pulses Importers Association ask the government to allow private companies to import pulses as well as give a subsidy to importers to keep a check on prices which have shot up recently.

The rising pulses price have already created panic-like situation in the country, as pulses prices have gone beyond the reach of a commonman.

“The better way to keep a check on prices will be to let private companies import and government can give subsidy to importers to keep a check on prices,” the Pulses Importers Association’s President, K C Bhartiya said in a statement here.

New Delhi, August 30: With the stage set for a mini-ministerial meeting of the World Trade Organisation (WTO) here this week, a leading industry lobby in India has urged the member countries to prepare an action plan for the early conclusion of the Doha Round trade talks.

If the world leaders reach a consensus on the Doha Round, it will boost global exports by $185 billion, the Federation of Indian Chambers of Commerce and Industry (FICCI) said in a report.

Mumbai, August 30: The restatement of fraud-hit Satyam Computer’s accounts is likely to be completed by end-December, a top official said.

“It is a difficult task — over eight years of accounts have to be looked at. However, we are hopeful of completing the accounts restatement by end-this year,” Satyam’s Government-appointed Director, C Achuthan, told.

Patna, August 30: After having fruitful talks with Bihar Chief Minister Nitish Kumar, Microsoft chief Bill Gates’ The Bill and Melinda Gates Foundation has deputed a taskforce, led by its countryhead Ashok Alexander, to explore the areas of cooperation in the health sector in Bihar.

The eight-member taskforce visited several flood-hit areas in Bihar before meeting Kumar at a high-level meeting here yesterday, state Health department’s Principal Secretary C K mishra said today.

Mumbai, August 30: BSE-listed global visual entertainment services major, Prime Focus, has restructured its leading businesses into three verticals with a CEO in charge of each to drive its future growth.

“We built our business from scratch and now that we have achieved a certain scale, we have set up these three verticals to focus on specific businesses to rapidly grow them,” Prime Focus’ Founder and Managing Director, Namit Malhotra, told.

New Delhi, August 30: Pulses traders are complaining of harassment by authorities briefed to crack down on hoarders and warned that they might stop importing the commodity compounding its shortage in the market.

“We have been informed by our members about serious harassment of importers in and around port areas, resulting in panic sales,” Pulses Importers Association President K C Bhartiya said in a statement.

Bangalore, August 30: In a lucrative offer for jeans lovers in India, the US jeans product Levi Strauss has started selling jeans or denim on credit.

Levi Strauss has offered the shoppers to own a jeans or denim on credit. One can buy a 30 –dollar pair in three dollars.

Even as the idea of selling any product deferred payment has its roots to washing machines or car, Levi Strauss has opted on the concept to cash in on the interest of jeans lovers in India.

The offer of jeans on installment has been offered by Levi Strauss in association with ICICI bank in the IT hub Bangalore.

Rajahmundry, August 30: ONGC’s Rajahmundry Asset today distributed Rs 3.35 lakh for development activities in Krishna district as part of its corporate social responsibility activities at its installation, Group Gathering Station in Lingala here.

On the occasion, ONGC executive director-Asset Manager, Rajahmundry A A Khan said the company had plans to conduct health camps by specialists and introduce mobile hospital for the senior citizens.

—Agencies

Kolkata, August 30: With prices of essential commodities beginning to spiral out of common people’s reach, West Bengal government today said it will sell sugar, pulses and mustard oil at subsidised rates through public distribution system from September One.

Finance Minister Asim Dasgupta, after a meeting with Food and Supply Minister Paresh Adhikari and his officials said that both APL and BPL card-holders would get the benefit of this special offer during the Durga puja and Eid-ul-Fitre.