Economy

Asks ministry to keep interests of farmers in mind during negotiations
In the context of ongoing discussions between India and the European Union (EU) countries for a proposed Free TradeAgreement (FTA), the country's largest milk cooperative Gujarat Co-operative Milk Marketing Federation (GCMMF), which owns and markets Amul brand of milk and milk products, has written to commerce minister Anand Sharma to keep the interests of farmers in mind during negotiations.

India’s largest car manufacturer, Maruti Suzuki India (MSI) urged the government on Thursday to keep the automobile sector out of the purview of the proposed Free Trade Agreement (FTA) between India and European Union (EU). Maruti said that the India-EU FTA could have a negative impact on creation of employment in the country.

Making a strong case for relaxation of labour laws, World Bank chief economist Kaushik Basu, who till recently was chief economic adviser of the India's Ministry of Finance, said that rigid regulations were hurting India's growth.
"India's labour market is over regulated. India's rigid labour laws are hurting India's growth. Flexible labour laws will help both organised and unorganised sector," Basu said at an World Bank event .


He said there was a need for flexibility in labour market even as the regulatory framework exists.

The Children Investment Managagement Fund (TCI), a UK-based hedge fund, has finally gone to court against Coal India. TCI said it has filed a writ petition in the Delhi High Court seeking to quash the coal ministry’s order on lowering FSA coal prices. FSA coal is coal which is supplied to power producers under Fuel Supply Agreements (FSAs).

US President Barack Obama will not concede industries of the 21st century to China, India or Europe, a top presidential aide has said as he defended the administration's loan guarantee programme.

"This President will not concede the industries of the 21st century to China, India, Europe and elsewhere," the White House press secretary, Jay Carney, told reporters travelling with Obama to Ohio.

Faster land procurement and increase in coal production will help India achieve the 88,000 MW capacity addition target in the next five years, Power Minister Sushilkumar Shinde said on Tuesday.

"With the target of about 88,000 MW, which includes 5,300 MW from the nuclear power proposed during the current plan period (2012-17). We will have to address the issue of fuel availability and equally important is the issue of finding adequate land for setting up new power stations," Shinde said at a meeting of power ministers of the states with the Planning Commission.

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India topped the table of the countries resorting to anti-dumping investigations between July and December 2008, while Brazil, China and Argentina were other major users of the WTO-compliant trade remedy to protect their domestic industries against cheap imports. Of the total 120 new anti-dumping investigations in the second-half of calendar 2008, India accounted for 42 cases, a report on the trade policy reviews by the World Trade Organisation has said.