1) PMO forecasts growth 6.25% with positive biased towards 6.75% for FY09
The economic outlook released for FY 20009 by the prime minister’s office projects India to achieve one of the highest growth rates at 6.25 per cent with positive biased towards 6.75 per cent, which stands testimony to the fact that the Indian economy has weathered the global financial storm well.
While industry and the services will register strong growth, due to 22.7 per cent deficiency in the SW monsoon agricultural output will be negative, which will further fuel inflation expectations. Not only the rising prices of fuel in the international markets is a worry, but the PMO predicts that any further negative shock to the global financial system can threaten growth in Indian economy.
The PMO projections with projected consolidated fiscal deficit of 10.09 per cent in 2009/10 (8.6 per cent in 2008/09) and higher revenue and primary deficit to persist makes an exigent case to return to fiscal consolidation.
(Courtesy: PMO release)
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2) MSTC pays dividend of Rs. 15.31 crore to Government
MSTC Limited presented a dividend cheque of Rs 15.31 crore to the government for the year 2008-09 on Wednesday. The cheque was handed over by the Chairman and Managing Director of the company S K Tripathy to the Minister for Steel Virbhadra Singh. Minister of State for Steel A Sai Prathap and the Steel Secretary P KRastogi were present on the occasion. Receiving the cheque, Virbhadra Singh complimented MSTC for its performance and expressed the hope that it will continue to do well in the future. Formerly known as Metal Scrap Trading Corporation Limited, MSTC Limited is a Mini Ratna Public Sector Undertaking under the Ministry of Steel. It earned a net profit of Rs 85.05 crore on a turnover of Rs 6933 crore.
(Courtesy: Ministry of Steel release)
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3) To mobilise FDI in textiles sector, Dayanidhi Maran leads trade delegation to Europe
Indian textiles economy, which is US$62 billion (Rs 283,966 crore) is expected to reach US$110 billion (Rs 503,380 crore) by 2015 comprising US$65 billion (Rs 274,800 crore) domestic and US$ 45 billion (Rs 206,000 crore) export.
Indian Textiles and Apparel market is currently valued at US$ 40 billion (Rs. 183,200 crore) and is growing @ 14%, and most of the top global apparel retailers have their scouring network in India, which include JC Penney, Nautica, Dockers, Bed Bath & Beyond, Target, Kohl’s, Liz, CK, Sprit, M&S, GAP, United Colors of Benetton, Mango, Zara and Dillard’s.
The Indian textiles industry will require an additional investment of US$ 24 billion (Rs. 110, 000 crore) by 2015 to maintain a high growth rate of 8 per cent. This may include domestic investment of US$ 18 billion (Rs 82,550 crore) and Foreign Direct Investment of US$ 6 billion (Rs 27,490 crore). Hence, there is an urgent need to attract and sustain FDI in textiles sector if India has to achieve the goals of employment generation, technology up gradation, creation of brand India and attain 4 per cent share in global trade in textiles and clothing..
Recognising the importance of foreign investment in textiles sector, the Ministry of Textiles had earlier commissioned a survey to identify countries with potential for investment in India. This study had identified companies in Germany, Switzerland with expertise and potential for investing in Textiles machinery and high-end fabric, and Turkey, Italy and France with potential for investing in garmenting and apparels.
Thiru. Dayanidhi Maran, Minister of Textiles will be leading a high level trade delegation in phase-1 to Switzerland, Italy and Turkey from October 26, 2009 to November 03, 2009, to attract foreign investment in the Indian Textiles Sector. The areas identified are, establishment of Green Field Units in textiles machinery, fabric manufacturing, garmenting, manmade fibre and yarn, and bringing investments in technical textiles and clothing brands to Indian domestic market.
In the Phase-2, the trade delegation will visit Frankfurt, Germany and Paris, France from November 23-26, 2009 with a view to attract investment in technical textiles. It may be recalled that the Government has allowed 100 per cent FDI in textiles sector.
(Courtesy: Ministry of Textiles release)
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4) National Seeds Corporation presents dividend cheque of Rs. 1.85 crore
The National Seeds Corporation (NSC) presented a cheque of Rs 1.85 crore as dividend for the year 2008-09 to Sharad Pawar, Minister for Agriculture, Consumer Affairs, Food and Public Distribution here on Wednesday. The cheque was presented by the Chairman and Managing Director of the NSC, S K Roongta.The NSC has made an impressive growth during 2008-09 and surpassing all its previous physical and financial results it achieved an all time record turnover of Rs 292.42 crore as against Rs 227.38 crore during 2007-08, thus recording a growth of more than 29 per cent. Under the physical parameters the quantity of seeds produced increased from 8.6 lakh quintals during 2007-08 to 10.18 lakh quintals during 2008-09, a growth of 18 per cent. The quantity of seeds sold also increased from 8.15 lakh quintals to 9.96 lakh quintals, registering a growth of 22 per cent during the same period.
(Courtesy: Ministry of Agriculture release)
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5a) Three pronged approach towards modernisation process of the IAF: P V Naik
The Indian Air Force Commanders’ Conference began at the Air Headquarters (Vayu Bhavan), in New Delhi on Wednesday. The Conference is attended by the top brass of the Indian Air Force comprising Air Officers Commanding-in-Chief of IAF Commands and the Principal Staff Officers of Air Headquarters.
In the inaugural address of the Chief of the Air Staff, Air Chief Marshal P V Naik,brought forth his vision of the Indian Air Force in view of the enhanced capabilities being acquired and a three pronged approach towards the modernisation process of the IAF, which include preserving, maintaining, upgrading and improving the current assets, efficient net centricity and capable spectrum of information, cyberspace and air space.
He emphasized that the IAF besides continuing to air maintain troops and delivering more than 37,000 tons annually should continue to sharpen its core competencies to interface with the other services to generate the requisite capabilities.
5(b) Blood donation camp- organised by the Territorial Army
On the occasion of its Diamond Jubilee Celebration, The Territorial Army organised a Blood Donate Camp on 21 Oct 2009 with effect from 0900 hours onwards at 105 Infantry Battalion (TA) RAJ RIF in Delhi Cantt. The camp was graced by Sudarshan Agarwal, Ex Governor Uttarakhand and Sikkim, Major General (Retd) KVS Lalotra, AVSM, YSM, SM formal Additional Director General of the Territorial Army and Brigadier HK Singh, Officiating Additional Director General of the Territorial Army.
5(c) Satopanth expedition by GOC KHARGA Corps
The Kharga Corps has achieved milestone by successfully summiting the Mount Satopanth and conducting Trekking expedition across Lalanti Pass in Garhwal Himalayas at 7075 m. First team of six members had reached and hoisted the National, Army and Garhwali flag atop of the Mount Satopanth. The team also brought back 300 kgs of non-biodegradable waste left behind by other mountaineers and trekkers.
(Courtesy: Ministry of Defence release)
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(6) CWG’s accommodation development put in top gear
Kumari Selja, Union Tourism and Housing & Urban Poverty Alleviation Minister held the second meeting to review the progress of creation of additional accommodation for Commonwealth Games – 2010 on Wednesday, which was attended by representatives of Govt. of Delhi, Uttar Pradesh, Haryana, Ministry of Youth Affairs and Sports, Urban Development, Railways, DDA, NDMC, MCD, Delhi Police, DIAL, ITDC, IHM (Pusa), and Secretary Tourism Sujit Banerjee.
The Tourism Minister was informed in the meeting that as per the latest review, several units in likely category have been converted into definite category. There are 10,268 ‘definite’ rooms and 1757 rooms were available under the ‘likely’ category. Out of these 5645 rooms have been completed and rest are in progress. In the last review meeting held in the first of week of September only 4238 rooms were completed and now 1407 additional hotel rooms have been completed. This comes to 55 percent of the total hotel rooms in the definite category.
During the meeting the Govt. of Delhi was advised to do aggressive marketing for Bed & Breakfast Scheme to meet the targets for the Commonwealth Games. Presently there are 1,534 ‘Bed & Breakfast’ (B&B) Units available in the Delhi NCR. The Govt. of Delhi has been asked to work towards reaching the target of 3000.
The Minister said there is a requirement of additional 30,000 hotel rooms in Delhi NCR for the CWG 2010 and all hotel projects coming up for the Games should be ready and completed by 30th June 2010, to make Common Wealth Games 2010 a grand success.
(Courtesy: Ministry of Tourism release)
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7) NALCO pays Rs. 84.22 crore dividend to Government
National Aluminium Company Limited, (NALCO) has paid a dividend of Rs 84.22 crore to the Government of India for the year 2008-09. The cheque was presented to the Union Minister for Mines and Development of North Eastern Region, B K Handique by the CMD of NALCO, A K Srivastava, here on Wednesday. The Secretary, Ministry of Mines, Shantha Sheela Nair was also present on the occasion. NALCO, a Navrathna public sector undertaking of Ministry of Mines, has paid 50 per cent dividend for the year 2008-09. Of the total 50 per cent dividend, interim at 35 per cent was paid earlier in February, 2009 and the balance final dividend at 15 per cent has been paid this month. Together, the dividend pay-out works out to Rs 322.15 crore out of which the Government share is Rs 280.74 crore. The Government of India holds 87.15 per cent equity in the Company. The balance amount of Rs 41.41 crore is disbursed to other shareholders of the Company like banks, financial institutions and individual shareholders. NALCO’s profits for the 2008-09 took a knock with the near collapse of metal prices after the global melt down. The profits reduced to Rs. 1,272 Crore from Rs. 1,632 crore earned in the previous year. The volumes of production and sale of its products remained almost at the same level as of previous year. The Company has ambitious plans of growth in aluminium sector and for diversification in other metal and power sector. Some of these growth projects are planned abroad.
(Courtesy: Ministry of Mines release)
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8) India and China sign MOU to jointly address climate change
A Memorandum of Agreement on Cooperation on Addressing Climate Change between the Republic of China and the Government of the Republic of India has been signedhere today by the Minister of State for Environment and Forests Shri Jairam Ramesh and Mr. XIE Zhenhua, Vice Chairman, Minister, National Development and Reform Commission, China. This Agreement would strengthen the cooperative activities between China and India on mitigation, programmes, projects, technology development and demonstration relating to greenhouse gas emission reduction including energy conservation efficiency, renewable energies, clean coal, methane recovery and utilization, afforestation and sustainable management of forests and ecosystems, transportation and sustainable habitat.
As part of the agreement the two sides have agreed to establish the India-China Partnership on Combating Climate Change to strengthen their bilateral dialogue and practical cooperation on climate change, to establish an India- China Working Group on Climate Change (Working Group), among other numerous joint initiatives.
(Courtesy: Ministry of Environment and Forest release)
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