The Confederation of Indian Industry (CII) said a holistic reform of the power sector is imperative to put the power sector on a strong growth path. The problems in the power sector are multifarious, relating to fuel shortages, lack of adequate finance, poor financial health of distribution utilities, absence of cost-reflective tariffs and peaking power shortages. In addition, land acquisition and environmental clearances too discourage investments.

CII calls for holistic reform in power sector 

Business Standard

A team of National Human Rights Commission (NHRC) led by its member Satyabrata Pal visited the Posco affected areas under Dhinkia, Nuagaon and Gadkujanga panchayats near Paradip on Tuesday to take stock of alleged cases of human rights violations at the site of the company's green field steel project.

NHRC team takes stock of human rights violations at Posco site

The finance ministry has formed a committee to review the scheme for electronic refund of service tax paid on taxable services used for export of goods. This follows a two percentage points increase in service tax and introduction of a &lsquo;negative list&rsquo; for taxation in the sector.

Panel to review service tax refund for exports

The National Bank for Agriculture and Rural Development (Nabard) on Tuesday said the financial support extended by it in Tamil Nadu and Puducherry witnessed a growth of 47 per cent to Rs 6,318.27 crore in 2011-12 from Rs 4,288 crore in 2010-11.
Lalitha Venkatesan, chief general manager, said the bank had sanctioned Rs 1,339.15 crore to Tamil Nadu and Rs 139.88 crore to Puducherry under its Rural Infrastructure Development Fund (RIDF) for creating infrastructure facilities such as irrigation

Nabard support to TN, Puducherry up 47%

Former telecom secretary D S Mathur on Tuesday told the court that the letters sent by Prime Minister Manmohan Singh on November 2, 2007, to then telecom minister, A Raja, were not processed in any of the Department of Telecommunications (DoT) files. He also said he was not aware of the letter written later by Raja to the prime minister on December 26, 2007, as it was also not processed in any file of DoT.

'PM's letters to Raja on 2G not processed in DoT files'

After an upgrade by Moody&rsquo;s Investors Services, India on Tuesday sought higher ratings by Standard &amp; Poor&rsquo;s (S&amp;P), even as the rating agency asked the finance ministry about the rationale behind its optimism that economic growth would rise to 7.6 per cent this financial year, against 6.9 in 2011-12. It also asked the ministry about its plans to rein fiscal deficit.

S&P seeks logic behind growth optimism

After much dithering, the government released the revised consolidated foreign direct investment (FDI) policy on Tuesday, relaxing norms of investment by foreign institutional investors (FIIs) in commodity exchanges. Now, FIIs will not require government approval to invest in these exchanges. The cap on FII investment, however, remains at 23 per cent.

FII norms for commexes relaxed

The US has said the Siachen issue is to be primarily resolved through dialogue between India and Pakistan, but Washington was willing to help the two neighbours it whatever way it could, state department has said. &quot;We have made clear to both India and Pakistan that we are prepared to be supportive in any way that might be helpful, but that primarily we see this being settled by dialogue between them,&quot; state department spokesperson Victoria Nuland said.

Siachen issue to be resolves by dialogue: US

International Finance Corporation (IFC), a member of the World Bank Group, will invest $26.5 million in a supply chain company and a fund which focus on small and medium enterprises in low-income Indian states. The investment companies include Pragati India Fund and Snowman Logistics. Pragati India Fund is an investment vehicle focuses on small and medium enterprises in low-income Indian states.

IFC to invest $26.5 mn in Pragati India Fund 

A large number of public sector employees surveyed in India feel their employers expect them to be available at all times, according to the Randstad Workmonitor Survey 2012 &ndash; Wave 1. The survey found that a majority of employees (72 per cent) working in the government sector felt that their employers expect them to be available at all hours. This is far higher than the sentiment felt by those who work in private organisations (59 per cent).

PSUs worse than pvt firms expect employees to be available 24X7, shows survey

Team Anna has raised the bogey of corruption in the ongoing defence controversy in the country. Anna Hazare and activists of India Against Corruption have written to Prime Minister Manmohan Singh on Tuesday asking questions about the &nbsp;alleged shortage of arms and weapons in the Army and the theory of an attempted coup.

Defence row: Team Anna writes to PM 

Southern Petrochemicals Industries Corporation Ltd (SPIC) has decided to discontinue the operations of its pharmaceutical formulations manufacturing unit in Tamil Nadu. In a filing with the National Stock Exchange, the company on Tuesday said &quot;it has been decided to discontinue the operations of the formulations unit of the pharma division of the company, situated at Maraimalai Nagar, Tamil Nadu&quot;.

SPIC to discontinue pharma unit operations 

Umesh Revankar has taken over as managing director of Shriram Transport Finance Co Ltd, the company informed the National Stock Exchange on Tuesday. The post was earlier held by R Sridhar, who had been with the company since 1985 and has risen through the ranks.

Shriram Transport Finance gets new MD

West Bengal chief minister Mamata Banerjee was visibly pleased with the largesse extended by the Planning Commission. The state had sought Rs 24,800 crore for the current financial year and instead received Rs 25,910 crore. This is 16 per cent rise in plan outlay for the state over last year. Banerjee was here in the capital on Tuesday to meet the Planning Commission Deputy Chairman Montek Singh Ahluwalia. Banerjee later said, &ldquo;We are really grateful to the Planning Commission. The plan outlay has been increased by 16 per cent. We discussed about the road infrastructure, education, minorities, industry and agriculture also.

Mamata pleased at Plan panel`s largesse

Uttar Pradesh state power utility, UP Power Corporation (UPPCL), is looking at cutting its losses by Rs 4,300 crore in the current financial year. It has been incurring huge losses over the years, which has been around Rs 6,500 crore annually. Chairman and Managing Director Avnish Awasthi said the company would cut losses by Rs 4,300 crore this year by higher revenue generation, checking power pilferage, deftness in purchase of power and judicious management of power demand.

UP Power Corp to cut losses by Rs 4,300 cr

Bangalore-based Sobha posted a 50 per cent increase in its total sales for 2011-12 at Rs 1,700 crore against Rs 1,130 crore in 2010-11, a company release said on Tuesday. The average realisations also increased by 27 per cent from Rs 4,082 per sq ft in 2010-11 to Rs s 5,181 sq ft in 2011-12, which was aided by high value launch in national capital region.

Sobha posts 50% rise in total sales

Hybrid e-retailing start-up edabba.com on Tuesday said it has secured first-round funding of $1mn from a consortium of Incubators. Unlike conventional e-retailers, edabba.com has evolved a unique model that focuses on making e-commerce inclusive by setting up physical contact points in &lsquo;trusted&rsquo; established local stores in B&amp;C category towns.

edabba secures $1-mn funding

The deadline for placing an official bid for the Swedish auto manufacturer, Saab Automobile, drew to a close today even as trustees said the company's debt position was more than a third of its asset value.

BS Reporter