Darjeeling tea market under threat from Kenya: New Delhi must initiate action against Kenya and Sri Lanka for threatening its tea market by selling tea under the Darjeeling label, said a patent expert. Given India's leading position in textiles, methods to protect names of special silk and cotton fabrics like Coimbatore cotton should also be devised, said convenor of Gene Campaign Suman Sahai a non-governmental organisation (NGO). India could have drafted a strong product patent bill by now had it responded to the warning two years back by gene campaign that basmati rice was under attack from the Americans.Consultants for Power Trading Corp: Cooper & Lybrand, UK, and Infrastructure Leasing and Financial Services are being considered for appointment as consultants by the government for setting up of the proposed Power Trading Corporation.
Railways' freight earnings increase: The Railways earned Rs 16410.82 crore by handling 351.92 million tonnes of freight during the first 10 monthsof the current financial year against Rs 13,674.36 crore during the corresponding period last year.
Japanese investors reluctant: Japanese institutional investors are reluctant to invest in Indian portfolios as they are not convinced about the stability of the rupee, outgoing ambassador of Japan to India S Tanino stated in New Delhi.
"Scrap minimum alternative tax': The Indian Merchants' Chamber (IMC) has urged the union finance minister P Chidambaram to withdraw minimum alternative tax (MAT) on book profit. It is a retrograde step and should be withdrawn, IMC said in its pre-budget memorandum to the finance minister.
Assocham suggestion on tax deduction: The Associated Chambers of Commerce and Industry of India has emphasised the need for allowing a straight deduction from taxable income of savings up to Rs 1 lakh in specified assets. In a representation to the finance Ministry it has suggested that incentives for savings must be given in the form of deduction from taxable incomeas was the practice under section 80C earlier.
OPEC lobbies for meeting to halt crude price slide: The secretary-general of the Organisation of Petroleum Exporting Countries is contacting the 11 member countries to organise a special meeting to discuss measures to halt the decline in crude prices. Jakarta wants the meeting to discuss the impact of the UN accord allowing sanctions-hit Iraq to more than double its oil export to buy food and medicines.
Malaysia lifts foreign ownership ceiling: The Malaysian cabinet has approved the plan to lift the ceiling on foreign ownership of local telecommunications companies from 30 per cent to 49 per cent but the effective date will be announced only after the foreign investment committee approves it, according to the sources.
Crop weather watch group's warning: The crop weather watch group of the Union agriculture ministry has cautioned the government that if adequate steps were not taken to control the incidence of pests and disease onstanding crops, the prospects of a good rabi harvest would be dampened.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
