07.10.2006

FDI tangos with economic boom
Inflows increase 92% to $2.9 bn in April-July

The government estimates an inflow of $12 bn this fiscal, which is 50% more than the previous year’s inflow.

According to RBI data, India has received a cumulative inflow of $50.1 bn FDI since 1991 to June 2006.

“It is the child of avarice, the brother of iniquity and the father of mischief” said George Washington about gambling.

Congress wants the bad debts of co-op banks wiped out
It wants the centre to clear the burden of non-performing assets (NPAs) of the cooperative banks, pegged at about Rs. 8,000 cr to unclog the cooperative credit lines for agricultural loans.

The NPAs of commercial banks stand at Rs. 30,000 cr.

Family jeweler may lose sheen as branded jewellery catches on
The family jeweler segment currently controls 97% of India’s fragmented jewellery retail market.

The size of the jewellery market is being estimated at $15 bn and it is growing at 10% to 12%.

Indian jewellery industry too is booming and has the potential to touch $31 bn by 2015.

The market for diamond jewellery is being estimated at $1.5 bn and growing at the rate of 18% to 20%.

India is the third largest market of jewellery in the world after the US and China.

E-commerce in India is expected to reach around $500 mln by this fiscal end.

Pilot shortage
India has a shortfall of 619 pilots at present.

Presently 450 foreign pilots are working in India.

Aviation Turbine Fuel (ATF) market
RIL plans to set up 25 ATF stations.

The size of the ATF market in India is about 3 mln tonnes per annum and is one of the fastest growing markets in the world with growth rates of 14-15% year on year.

Banks seek RBI nod for long term bonds
Banks are battling a liquidity crunch and an asset liability mismatch in their books.

They want the RBI to relax the norms to help lend and borrow more in their inter-bank money market.

Over the years banks have increased their lending to mortgages and infrastructure loans. As the average tenure of these loans is more than 10 years, there are no long-term liabilities to take care of these long-term assets. Hence the demand from banks for relaxation of norms.

Solar radiation equals roughly 10,000 times our current energy needs.

Govt’s dope to stop PDS kerosene diversion
Fuel dealers across the country have been asked to dope kerosene with an imported marker to detect its adulteration in diesel and petrol.

New system to check adulteration worth Rs. 4,000 cr.

System will help under-privileged sections of society to get their due quantity of kerosene.

About 38.6% of PDs kerosene is diverted – 18.1% for non-household use, 17.9% for black marketing and 2.6% is used up by non-card (PDS) holders.

LPG subsidy burden on govt. is around Rs. 11,000 cr and that of kerosene is Rs. 15,000 cr.

Suggestion to introduce IT systems to monitor movement of trucks carrying kerosene as well as fuel tankers.