The international crude oil price for Indian Basket as computed/published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas decreases to US$ 103.47/barrel (bbl) on 30.05.2012. This was lower than US$ 105.84 /bbl, on the previous trading day’s figures of 29.05.2012.
The summarized Index of Eight Core Industries with 2004-05 base is given at the Annexure.
The Eight core industries have a combined weight of 37.90 per cent in the Index of Industrial Production (IIP). The combined Index stood at 142.3 in April 2012 registering a growth of 2.2% compared to 4.2% registered in April 2011. During 2011-12, the cumulative growth rate of the Core industries was 4.4% as against their growth at 6.6% during 2010-11.
Following is the text of the statement made by Finance Minister, Shri Pranab Mukherjee on ‘Revision in GDP Growth for 2011-12’ and fourth quarter GDP estimates:
“The, Ministry of Statistics and Programme Implementation has released the revised estimates of national income for the financial year 2011-12 and the quarterly estimates of Gross Domestic Product (GDP) for the fourth quarter (January-March) of 2011-12.
The Secretary, Department of Biotechnology Shri M K Bhan today announced a major leap forward in the field of Biotechnology Research. Mr. Bhan informed the media persons in New Delhi that the Tomato Genome Consortium (TGC), a group of over 300 scientists from fourteen countries, has sequenced the genomes of the domesticated tomato and its wild ancestor, Solanum pimpinellifolium.
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on May 9, 2012, Government has approved 25 Proposals of Foreign Direct Investment amounting to Rs. 2973.40 crore approximately.
Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 09.05.2012
The Annual Plan for the year 2012-13 for the state of Maharashtra was finalised here today at a meeting between Deputy Chairman, Planning Commission, Mr. Montek Singh Ahluwalia and Chief Minister of Maharashtra, Mr. Prithviraj Chauhan. The plan size has been agreed at Rs. 45,000 crore.
The Ministry of Corporate Affairs has after giving due consideration decided that any Financial Institution applying for declaration as PFI shall fulfil the following criteria:-
(a) A company or corporation should be established under a special Act or the Companies Act, 1956 being a central act;
(b) Main business of the company should be industrial/infrastructural financing;
The international crude oil price for Indian Basket as computed/published today by the Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas increases to US$ 105.73/barrel (bbl) on 28.05.2012. This was higher than US$ 105.25/bbl, on the previous trading day’s figures of 25.05.2012.
The Union Minister of Commerce, Industry and Textiles Shri Anand Sharma met the Finance Minister Shri Pranab Mukherjee, here today to urge a loan restructuring for debt stressed textiles industry. Textiles Industry Associations had represented to Shri Sharma of high stress levels and industry sickness and sought his intervention for a restructuring package. Industry associations sought a 2 year moratorium on long term loans, special dispensation to be provided by Reserve Bank of India in its NPA rules working capital term loans.
Following is the text of the Prime Minister, Dr. Manmohan Singh’s address to the Think-tanks, Intellectuals and Business Community in Yangon today:
“I am extremely grateful to the Union of Myanmar Federation of Chambers of Commerce and Industry and the Myanmar Development Resource Institute for inviting me to speak to this distinguished gathering.
I bring with me good wishes and greetings from the people of India to the people of Myanmar.
The Convention between the Kingdom of Netherlands and the Republic of India for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on 30th July, 1988 (DTAC). Both India and Netherlands have concluded a Protocol to amend the Article 26 of the DTAC concerning Exchange of Information to bring it in line with the international standards.
The Australian High Commissioner to India, Mr. Peter Varghese called on the Union Minister for Steel Shri Beni Prasad Verma in New Delhi on 22nd May. During the meeting bilateral issues related to the steel business were discussed, specific issues related to SAIL and NMDC were also discussed at length.
Milestones achieved by the Department of Heavy Industries in the past one year:
• Thirty two operating Central Public Sector Enterprises under the Department of Heavy Industry have achieved an aggregate turnover of over Rs. 56007.62 crore showing a growth of 12.33%. They are likely to earn an aggregate annual profit of Rs. 7430.78 crore.
• BHEL has been ranked the 9th Most Innovative Company in the World by the renowned US business magazine Forbes.
Kamal Nath, Urban Development Minister, speaking at the India Japan Business Summit, said, “The strategic partnership between India and Japan holds tremendous potential to bring prosperity and progress to our two Nations. So significant has been the contribution of Japan in India and so deep rooted is the goodwill that our relations and engagement enjoy a national consensus.” Minister Nath added that India and Japan together can be the engines of the Asian economic community.
Union Minister of New & Renewable Energy Dr. Farooq Abdullah has called upon the industry leaders to invest in Solar Energy Projects in the country. He was addressing the first meeting of the Solar Energy Industry Advisory Council (SEIAC) in New Delhi today. Dr. Abdullah assured them of the full support of the Government in setting up solar projects based on both grid connected as well as off grid applications. At the same time, he asked industry leaders to respond favourably and positively to the incentives offered by the Government in this direction.