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Tax collections up by 38.3%
The collection of direct taxes in the country shot up by 38.3 percent during April-August 2008 and reached the mark of $19 billion as opposed to $13.74 billion for the same period in 2007. Collections of corporate taxes and personal income taxes, including Securities Transaction Tax (STT) and Fringe Benefit Tax (FBT), also grew by 43.49 percent and 31.79 percent respectively during the first five months of financial year 2009.
Other taxes such as STT and FBT have also kept pace with the strong momentum and registered 15.10 percent and 31.85 percent growth, respectively to attain $614.42 million and $301.18 million during the period. According to market analysts, the robust tax kitty will enable the government to adhere to the targeted budget deficit and maintain the fiscal deficit at 2.5 percent during the financial year 2008-09.
India sets up nano tech mission
India has set up a $250 million mission to help scientists do research in nano-technology and innovate new products in fields like healthcare, textiles and drug development, an official said on September 5.
"We have set up a mission to boost nanotechnology in the country. The fund will be utilised over a period of five years," Science Secretary T. Ramasami said on the sidelines of an event on nano-technology at the Federation of Indian Chambers of Commerce and Industry. Under the mission, the government would provide Rs. 5 million as grant for the start-up of nano research projects.
"This would encourage research efforts and commercialisation of technologies. A suitable candidate can avail monetary support up to Rs.15 million," Ramasami said.
Ramasami said the mission was a brainchild of C.N.R. Rao, Chairman, Science Advisory Council to Prime Minister Dr. Manmohan Singh.
SEZ exports to grow four fold
Exports from special economic zones (SEZs) have registered a growth of 192 percent between 2005-06 and 2007-08, and are likely to record a phenomenal 451 percent rise by 2008-09, according to assessment by an industry lobby released on September 4.
The study by the Associated Chambers of Commerce and Industry of India (Assocham) cited official data to say that after the SEZ Act came into being in 2005-06, exports from these zones rose from Rs. 228.4 billion to Rs. 666.38 billion in 2007-08, marking a 192 percent growth.
"In 2007-08, the total exports of India as per official figures between April-December are estimated at Rs. 4,785 billion, thus their contributions to the total domestic exports have gone up from 5 percent in 2005-06 to 13.93 percent in first nine months of 2007-08," the Assocham report said.
"By 2011-12, we expect SEZ exports going up to over Rs. 5,159 billion," it added.
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| India Digest Archive |
World recognises India’s nuclear status |
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The 45-nation Nuclear Suppliers Group (NSG) on September 6 took the historic decision to lift a global ban on nuclear trade with India that ended 34 years of New Delhi’s isolation and set the stage for sealing its landmark nuclear deal with the United States.
Prime Minister Dr. Manmohan Singh and U.S. President George W. Bush are expected to sign the 123 bilateral civil nuclear cooperation pact in Washington towards the end of the month.
The news of the NSG waiver triggered waves of jubilation in the country with Dr. Singh praising this "forward looking and momentous decision" and the U.S. hailing the waiver as "a triumphant day for India" and an important step towards strengthening global non-proliferation.
Following is the statement made by the Prime Minister on the final outcome of the meeting of the NSG:
"We welcome the decision earlier today of the Nuclear Suppliers Group to adjust its guidelines to enable full civil nuclear cooperation with India. This is a forward-looking and momentous decision. It marks the end of India’s decades long isolation from the nuclear mainstream and of the technology denial regime. It is a recognition of India’s impeccable non-proliferation credentials and its status as a state with advanced nuclear technology. It will give an impetus to India’s pursuit of environmentally sustainable economic growth.
I thank the United States and other member countries of the Nuclear Suppliers Group for the role they have played in ensuring this outcome. The opening of full civil nuclear cooperation between India and the international community will be good for India and for the world. We look forward to establishing a mutually beneficial partnership with friendly countries in an area which is important for both global energy security as well as to meet the challenge of climate change."
For External Affairs Minister Pranab Mukherjee, whose statement on September 5 reiterating India’s commitment to voluntary moratorium on testing and universal nuclear disarmament played a key role in persuading sceptics to back the nuclear deal, it was a moment to smile.
The following is the statement by the External Affairs Minister:
"I am happy to inform you that the NSG have adopted a statement on civil nuclear cooperation which will enable India to
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resume full civil nuclear cooperation with the international community to meet its energy and developmental requirements. We welcome this decision and thank the
British Foreign Secretary
welcomes NSG waiver
British Foreign Secretary David Miliband has welcomed the conclusion  of the agreement between the Nuclear Suppliers Group and India on September 6 in Vienna. Following is the statement issued by the Secretary.
"It is very welcome that the Nuclear Suppliers Group has reached agreement on civil nuclear cooperation with India. The U.K. has supported the U.S-India Civil Nuclear Initiative from the beginning. We believe it will make a significant contribution to energy and climate security, as well as developmental and economic objectives, for India and the international community. India’s clear commitment to a voluntary unilateral moratorium on nuclear testing is also important. The result represents a gain for the non-proliferation regime by bringing India further into the broader non-proliferation framework, a framework the U.K. firmly supports."
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Members of the NSG. You will appreciate that this also constitutes a major landmark in our quest for energy security.
The process, which has culminated in the NSG adopting a clean waiver, commenced three years ago with the initiative of Prime Minister Manmohan Singh and U.S. President George Bush through the July 18, 2005 joint statement. The IAEA adopted an India Specific Safeguards Agreement on August 1, 2008. For this, our deepest appreciation and thanks are due to the Director General of the IAEA, Dr. Mohammed El Baradei, and all the members of the IAEA.
This decision will open a new chapter in India’s cooperation with other countries in peaceful uses of nuclear energy. We look forward to working with our international partners in realising the full potential of mutually beneficial cooperation that this decision entails. It is a development of major significance to global energy security and would also be a contribution to meeting the challenges of climate change.
The journey has not only been long but required several steps to be taken sequentially including intense bilateral negotiations with the members of IAEA and NSG. I am happy to inform you that the final outcome fully meets our expectations and is consistent with our Government’s policy and the national consensus on disarmament and non-proliferation. The NSG waiver is a unique development that has been achieved in accordance with commitments given to Parliament and the people of India, and is consistent with India’s national interest. I would like to take the opportunity to place on record our Government’s deep appreciation in particular for the untiring efforts of the United States, France, United Kingdom and Russia throughout this process, and also the support received from the present and previous Chairs of the NSG — Germany, South Africa and Brazil.
I would like to thank in particular President Bush and Secretary of State Condoleeza Rice for their personal commitment and contribution to this process.
My personal appreciation also for the untiring efforts of our negotiators and for all my colleagues in the Cabinet as well as in the Department of Atomic Energy and the Ministry of External Affairs who made this possible.
This landmark achievement is the direct outcome of the vision, personal commitment and guidance provided by Prime Minister Manmohan Singh."
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C O N T E N T S
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