Cotton is fast becoming a political issue in poll-bound Gujarat. The Gujarat Pradesh Congress Party on Monday  stated it was due to its initiatives with the Centre that the Cotton Corporation of India (CCI) has fixed the procurement rate for cotton at Rs 880 per 20 kg in Gujarat. Congress leaders had some time back met Prime Minister Manmohan Singh highlighting the plight of cotton farmers. Attacking the Narendra Modi-led BJP government for doing little, the party has demanded a special financial package for cotton growers.

An election issue in poll-bound Gujarat

Business Standard

A group of ministers on Monday decided to continue with the ban on cotton exports, even as the prohibition on outbound shipments had led to intense political pressure on the government.

Ban on cotton exports to stay for a while: GoM

A day after New Delhi and Islamabad discussed the issue of easing visa rules for businessmen from the two countries, a senior Pakistani diplomat on Monday exuded confidence that a new agreement on the issue would be signed between the two countries soon. He added Pakistan was exploring the possibilities of importing auto fuel and power from India, and the talks for this were underway.

India-Pakistan business visa pact likely soon

Taken aback by the revelations made by chief of Army staff (COAS) General V K Singh, in his confidential letter to Prime Minister Manmohan Singh, on the lack of critical weapons for the Army, Parliament&rsquo;s standing committee on defence has summoned all the three service chiefs &mdash; Army, Navy and Air Force &mdash; on April 20 to discuss the state of preparedness of the armed forces.

House panel summons chiefs of Army, Navy and Air Force 

Admitting there were challenges in implementation of the Goods &amp; Services Tax (GST), the finance ministry has formed a study group to examine the possibility of a common tax code for central excise and service tax. Currently, excise and service tax are governed by separate Acts.

Study group for common excise, service tax code 

Sivapada Swain, former Director General of Income Tax (exemption) with the Government of India has been sworn in as the new member of the Orissa Electricity Regulatory Commission(OERC) under section 82(5) of the Electricity Act, 2003. A 1976 batch IRS officer, Swain had held several key positions in both the Union and state government and made special contribution in the field of administration, assessments and investigations in the Income Tax department. Swain , as a Director of Finance of Orissa Power Grid Corporation, was connected with the first power purchase agreement signed with Gridco. SP Nanda, Chairman, OERC administered the oath of office and secrecy to Swain as the new member of the quasi judicial body. BK Mishra, member, OERC and G Mathvathanan, Secretary to the state energy department were also present at the oath taking ceremony.

OERC gets new member

Chennai-based pharmaceutical company Orchid Chemicals and Pharmaceuticals Ltd (OCPL), is planning to invest Rs 150 crore in the current financial year, mainly into capacity building including in niche product segments.

Orchid Chemicals plans Rs 150-cr investment 

Independent Financial Advisors have come together to form a pan India body called Foundation of Independent Financial Advisors (FIFA). FIFA has been incorporated as a Section 25 (not-for-profit) company. Dhruv Mehta, Chairman of the Foundation said the foundation will function as a knowledge sharing platform for IFAs.

Financial advisors form national body

Prakash Karat was elected general secretary of the Communist Party of India (Marxist) on the last day of the party Congress at Kozhikode on Monday. This was the third time since 2005 that Karat has been elected to the post.

Prakash Karat re-elected CPI (M) general secretary

Companies in Asia are concentrating on retaining talent and upgrading skills, according to a survey by BTI Consultants, the executive search division for Kelly Services India. &quot;In the current global scenario, business leaders across are bounded with uncertainties and concerns ranging from economic conditions to staffing problems and government regulations,&quot; said James Agrawal, Consulting Director &amp; Head, BTI Consultants India.

Asian biz needs skilled employees, says survey

If healthcare services in India has to be made ubiquitous, rise in public expenditure as well as specific taxes should be taken up by the government, said Dileep Mavalankar, faculty member of Indian Institute of Management, Ahmedabad.

'Public expenditure on health should be raised'

National Aluminium Company Ltd (Nalco) has raised concern over provision for utilisation of 26 per cent profit earned by mining companies for affected people envisaged in the Mines &amp; Minerals (Development &amp; Regulation) Bill.

Nalco pleads mechanism for use of periphery fund

Breaking the trend of a dollar selling spree since September 2011, the Reserve Bank of India bought dollars worth $1.11 billion in February. It also sold $1.44 billion in the spot market in the same month to stem the slide in value of the rupee.

RBI buys dollars worth $1.11 bn in February

The government may ask public sector banks and insurance companies to relocate or close loss-making branches as part of rationalisation.

Branches of loss-making PSU banks may be closed

Indian companies filed for external commercial borrowings (ECBs) worth $2.6 billion (Rs 13,300 crore) in February for funding capital expenditure, acquisitions abroad and to repay old loans.

India Inc raised $2.6 bn via ECBs in February

More pain of job loss awaits employees of Dhanlaxmi Bank. As the Kerala-based private bank moves ahead with business consolidation and rationalisation, more heads are expected to roll.

Dhanlaxmi Bank set to cut more jobs

Loop Telecom is planning to shut down operations in all the circles where licences were cancelled by the Supreme Court in February. The company operates in 21 circles. Mumbai will be in exception, which has a separate licence.

Loop Telecom to shut operations outside Mumbai

Banks are expected to report higher cost of funds for the fourth quarter of 2011-12, on account of tight liquidity conditions and slowdown in deposit accretion. Rising non-performing assets may also have an impact on net interest margins, say analysts.

High NPAs, cost of funds to weigh on bank margins in Q4

Hyderabad-based MAA Television Network Ltd and Sony Pictures Television have entered into a strategic alliance to give a growth thrust to MAA TV and its network of Telugu television channels.

Sony Pictures to pick up 30% stake in MAA TV

Permanent workers at a Nokia Siemens factory near here are on an indefinite strike from on Monday afternoon. They are protesting against a management decision to dismiss 52 employees on April 4 without any notice and proper reason.

Nokia Siemens factory staff goes on strike

Bharat Petroleum Corporation Ltd (BPCL) has appointed a three-member committee to present a preliminary report, within three days, on the cause of Saturday&rsquo;s fire at its Numaligarh Refinery Ltd (NRL) in Assam. The committee will comprise two company executives from Mumbai and one from Numaligarh.

BS Reporter