Bhubaneswar, Jan. 20 (NNN): India once again successfully test fired Akash, the medium range surface-to-air missile.

According to defence sources, the indigenously built missile was fired from a mobile launcher at 12.25 pm from the interim test range near Balasore in Orissa.

The sources said the 650-kg sleek missile, with a range of 25 km and capability to carry a 50 kg payload, is one of the five missiles, under various stages of development by Defence Research and Development Organisation (DRDO). The missile is expected to be ready for induction into the defence forces by end of the current year.

Courtesy: www.indolink.com

MUMBAI: THE Reserve Bank of India (RBI) has hiked the repatriation limit for non-resident Indians (NRIs) and persons of Indian origin (PIOs) from their NRO accounts by over four times, from the present $230,000 per year to $1m a year.

While the decision to hike the repatriation limit has been taken on the strength of an extremely comfortable foreign exchange reserves position of over $70bn, it comes at a time when NRIs, rather than take money out of the country, are remitting money into India to take advantage of huge interest rate differentials. During April-August, '02, NRI deposits were at $1.4bn, higher by 51% over the previous corresponding period's $941m.

RBI has said the existing prohibition regarding repatriation of assets to a citizen of Pakistan, Bangladesh, Sri Lanka, China, Afghanistan, Iran, Nepal and Bhutan shall continue.

While the overall cap for overseas investments by mutual funds has been raised from $500m to $1bn, it has now been decided to permit mutual funds to also invest in the equity of overseas companies that have a shareholding of at least 10% in an Indian company listed on a recognised stock exchange in India.

Resident individuals have been permitted to invest in overseas companies that have a shareholding of at least 10% in Indian companies, without any limit. Corporates too can invest in such companies provided their investments do not exceed 25% of their net worth.

Courtesy: Times News Network, January 16, 2003

New Delhi, January 13: Focusing on women and child development projects, the government on January 13 entered into a Programme of Cooperation with the UNICEF (United Nations Children's Emergency Fund) for the next five years with an outlay of $ 400 million, the highest amount ever sanctioned by the international body to any country.

The agreement covers programmes for reduction in child and maternal mortality rates, special care for girls and women, reduction in child malnutrition, enhancing protection against child labour and sexual abuse and protecting children and adolescents from HIV, Human Resource Development Minister Murli Manohar Joshi told reporters on January 13.

The Department of Women and Child Development, under whose aegis the programmes will be implemented, has also initiated action with state governments and child-related ministries to finalise a National Plan of Action aimed at children's survival and growth.

The Government of India is going to offer dual citizenship to Indians of some countries. Prime Minister Atal Bihari Vajpayee today assured that the legislative arrangements for this would be put in place during the Budget session of Parliament.

Speaking at the Pravasi Bharatiya Diwas, the first meeting in India of non-resident Indians, the prime minister said a compulsory insurance scheme for Indian workers migrating to the Persian Gulf region would also be unveiled shortly.

Parliament was already considering a Bill to establish a welfare fund for overseas Indian workers, he said, adding the government planned to reserve a proportion of seats in academic institutions to meet the educational needs of children of NRIs in the Persian Gulf.

This need not be propaganda, he said, but should project India in a different light - for instance, he suggested, the performance of the Indian economy had belied all pessimism. Whether it was the rate of growth at a time when all developed economies were slowing down, or it was the fact that Indian foreign exchange reserves had touched an all-time high when just 10 years ago, India had had to pledge its gold, the Indian economy had shown promise, he pointed out.

Courtesy: www.businessstandard.con, January 10, 2003

ALLAHABAD. Uttar Pradesh has become the first state in the country to fully implement the Cow Slaughter (Prevention) Act, state Cow Protection Commission Chairman Radhey Shyam Gupta said on Sunday.

The decision to fully implement the Act was taken keeping in view the socio-economic value of the "sacred animal", he told reporters here.

Stating that the Commission would emphasise on optimum utilisation of cow as economic unit, Gupta said cooperative societies have been set up for marketing of cow dung. The societies would also sell verm-composed fertilizer by processing cow dung, he said adding three special schools would opened in Varanasi, Mathura and Kanpur for imparting marketing training for the members of the cooperative societies.

Besides, 51 cow sheds would be opened in the state for marketing cow milk, he said, adding the state government has already sanctioned Rs one crore for the purpose.

Courtesy: Press Trust of India

WASHINGTON, January 9. Republican Joe Wilson and Democrat Joseph Crowley have been elected the new co-chairmen of the India Caucus, the influential club on Capitol Hill with more than 130 Congressmen as its members. They will be replacing Ed Royce and Jim McDermott respectively.

The "Congressional Caucus on India and Indian Americans", as it is formally known, has played a key role in Indo-US relations attaining their present stature. Some of its members, notably former co-chairs Frank Pallone and Gary Ackerman, have vigorously projected issues of concern to India in the House of Representatives.

Wilson, a newcomer who entered the House in December 2001, said he looks forward to working with co-chairman Crowley in the bipartisan efforts to reach out to the Indian American community. For the US, India is not only the world's largest democracy but also a country, which is "rapidly becoming a reliable ally in South Asia".

Crowley is a New Yorker representing Queens, which has a sizeable Indian population among others. Jackson Heights (generally referred to as New York's 'Little India') is a part of his electoral district.

Courtesy: www.hindustantimes.com

Mauritian Prime Minister Anerood Jugnauth, former Commonwealth secretary-general Sridath Ramphal, British MP Navneet Dholakia and McKinsey partner Rajat Gupta are among those to be honoured by Prime Minister Atal Bihari Vajpayee at a convention of non-resident Indians and persons of Indian origin in New Delhi on January 9.

The Pravasi Bharatiya Samman jury, headed by Vice-President Bhairon Singh Shekhawat, had taken a decision to this effect, Secretary in the external affairs ministry J C Sharma said.

Other PIOs who will be honoured are Ujjal Dosanjh, former premier of British Columbia (Canada), D Samy Vellu, a Malaysian minister, Professor Fatima Mir, well-known freedom fighter from South Africa, Manubhai Chanderia, businessman and philanthropist from Kenya, Hari Lila, businessman from Hong Kong and Kanakbhai Khemji, a businessman in Oman.

Courtesy: www.indiaabroad.com

NEW DELHI: About Rs 170,000 crore is likely to be invested in oil and gas sector in India during the 10th Five-Year Plan period with a view to attaining energy security, Petroleum Minister Ram Naik said on Wednesday.

"Public sector oil companies are likely to invest over Rs 100,000 crore during the 10th Five-Year Plan period (2002-07) while another Rs 60-70,000 crore is likely to come from private sector," he said at the inauguration of Petrotech exhibition here.

India's oil and gas sector is fast emerging as a new destination of oil and gas business, he said, adding in sustaining an eight per cent economic growth rate, the role of petroleum fuels was pivotal.

In the 70 exploration blocks awarded under the New Exploration Licensing Policy (NELP) in the past three year, a cumulative investment of $4.3 billion (Rs 14,500 crore) in three exploration phases is expected, he said. More oil and gas blocks would be offered under the fourth round of NELP in April, he added.

Courtesy: PTI, January 08, 2003

NEW DELHI: Buttressing the farmer-friendly image it built by waiving Rs 2,000 crore interest on kharif loans recently, the NDA government is now planning to double the coverage of families under the Antyodaya Anna Yojana (AAY) from the current 15% to 30% of the total number of families below poverty line (BPL).

A Cabinet note is expected to be circulated by the food ministry next week. Sources said that this would mean re-writing of the ceiling of 15.33% set under the AAY scheme when it was launched in 2000.

Up to March 2000, the number of BPL families totalled 6.52 crore. Doubling the AAY coverage would mean about 2.20 crore families (instead of the earlier one crore) will receive highly subsidised foodgrain. The total annual requirement of foodgrain to cover the additional one crore is estimated at 45 lakh tonne, at the rate of Rs 2/ per kg for wheat and Rs 3/ per kg for rice. Under the scheme, each family receives 35 kg foodgrain per month. The expansion would mean that in all, about 10% of the population may soon be covered.

Courtesy: TIMES NEWS NETWORK, January 06, 2003

After much procrastination, the Centre on Saturday set up the Nuclear Command and announced an eight-point Nuclear Doctrine, which reiterated its commitment to 'no first strike'. The government also said that India will not launch a nuclear attack against a non-nuclear state. But it reserved the right to launch nuclear weapons against nations that carry out chemical or biological warfare against India or its forces.

The command will, as of now, report to the chairman of the chiefs of staff committee, which comprises of all the three service heads. Sources said Air Marshal Teja Mohan Asthana, till last week the air officer commanding of the Southern Air Command, will be the first chief of the Strategic Forces Command. "We were waiting for the CCS announcement setting up the Strategic Forces Command. Asthana's name will be forwarded for a formal approval," an air force officer told rediff.com.

The CCS said the Nuclear Command Authority will comprise a political council chaired by the prime minister and an executive council headed by the national security advisor. The doctrine envisages building a credible minimum deterrent for maintaining a 'second strike capability', which will be 'massive' and designed to induce 'unacceptable damage' on the enemy.

India reiterated its commitment to control export of nuclear and missile-related material and technology, and pledged to participate in negotiations of the Fissile Material Control Treaty.

The CCS meeting, attended by Prime Minister Atal Bihari Vajpayee, his deputy Lal Kishenchand Advani, Defence Minister George Fernandes and Foreign Minister Jaswant Singh, had the three service chiefs in attendance.

India's nuclear weapon systems, primarily land-based missiles and precision-guided aircraft launches, are currently with the army and the air force.

Courtesy: www.rediff.com, January 5, 2003

MUMBAI: The Union government has decided to grant 100% assistance for the Textile Centres Infrastructure Development (TCID) scheme.

The decision will benefit around 24 textile development centres spread across the country. According to an order issued by the ministry of textiles to all the state governments last week, the TCID has been launched for "plugging critical infrastructure gaps" in traditional textile and apparel clusters.

The Central assistance under the scheme was earlier restricted to 50% of the project to a maximum of Rs 20 crore for each area. But under the revised scheme, the Central assistance would be available to the extent of 100% of the project's critical components. The scheme shall cover investments, including exigencies or emergencies, that are not part of the annual scheme proposals. Under the scheme, funds would be handed over to Central or state governments, PSUs or recognised industrial associations.

NEW DELHI: Moving in line with the global trend of bilateral trade pacts, India has initiated talks with South Africa for a full-fledged free trade agreement.

If it materialises, this will be India's first effective trade pact, exchanging duty-free access with another World Trade Organisation (WTO) member.The commerce department, however, is moving cautiously. The South African government has been informed that India would first like to experiment with a preferential trade agreement (PTA) for one year, before taking a final decision on the free-trade pact.

India did not have any trade with South Africa till the country continued with its apartheid policy. However, goods from India were reaching the African nation through other routes due to the presence of a large ethnic Indian community in South Africa.

Once official trade relations were established, exports and imports started growing but the current level is far below potential. According to commerce department data, bilateral trade between the two countries is around Rs 8,500 crore. Officials feel there is tremendous scope for improvement, despite the distance between the two countries, once free-trade comes into play.

Courtesy: TIMES NEWS NETWORK, January 02, 2003