SPV to implement fast breeder prototype

BANGALORE, Jan 4: A Special Purpose Vehicle (SPV) would be set up to implement the 500 megawatt prototype fast breeder reactor project, according to Department of Atomic Energy Secretary Anil Kakodkar. Speaking at the 90th Indian Science Congress here yesterday, he said the project would go into commercial mode from the initial stage itself with expertise from the Nuclear Power Corporation (NPC).

Stating that the stage was well set to start construction of the reactor, he said the SPV would be launched with major equity participation by the Government and a "small" stake for the NPC. The country had potential to generate 3.5 lakh mw power through fast-breeder reactors, he added.

A 300 mw advanced heavy water reactor was under development and construction could begin in the next two years, Dr Kakodkar said.

He said the country was in the process of developing Accelerator Driven Sytems (ADS) with thorium and had launched a programme to build facilities and develop technologies through universities and labs. "There is a fair bit of certainty that technology will reach industrial level soon," he observed.

Union Power Secretary R V Shahi said "some sort of arrangement may have to be structured to enable private participation in nuclear power."

Coal and lignite would retain their dominant status as energy sources during the next ten years despite environmental ramifications, he added. (UNI)

Thorium based nuclear reactor designed
by Indian scientists

BANGALORE, Jan 4: Indian atomic scientists have designed a novel 300 mw nuclear reactor that will allow the country to utilise its thorium reserves earlier than expected, Chairman of the Atomic Energy Commission Anil Kakodkar said today.

Construction of the Advanced Heavy Water Reactor (AHWR) with new safety features will begin in two years, he told the ongoing 90th session of the Indian Science Congress.

"With this, we will start unleashing the huge potential of thorium," he said. The safety features of AHWR will be such it could function for as long as three days without operator’s intervention.

The AHWR design is currently going through regulatory review process, he said.

Kakodkar said India’s first 500 mw fast breeder reactor is going through inter-ministerial review. Though it is a prototype, the idea is to put it in the commercial mode from the beginning, he said.

Kakodkar said the Atomic Energy Department has also launched a national programme on Accelerator Driven Systems (ADS) that can help burn thorium to produce nuclear power.

He said ADS will help further advance introduction of thorium in the Indian nuclear energy scene. (PTI)

India’s foreign exchange reserves cross USD 70 bn

MUMBAI, Jan 4: After recording a massive jump of over US dollar one billion in the previous week, India’s foreign exchange reserves crossed a record high level of USD 70 billion in the week ended December 27.

Fresh inflows, export remittances and revaluation of the euro vis-a-vis the US dollar led to a rise of USD 783 million at USD 70,291 in the country’s foreign exchange reserves for the period under review.

In the 52 weeks period ended December 27, 2002, the total reserves grew by USD 22.24 billion.

According to Reserve Bank of India’s weekly statistical supplement here today the foreign currency assets reached USD 66,981 million, up by USD 783 million.

In the previous week ended December 20, the foreign exchange reserves of the country rose sharply by USD 1,073 million to reach USD 69,508 million. They had increased by usd 896 million, USD 828 million, USD 817 million and USD 755 million during the week ended June 28, December six, July 19 and November eight respectively.

Gold and special drawing rights remained unchanged at USD 3,303 million and USD seven million respectively.

Loans and advances to Central Government showed nil balance while that to State Governments decreased by Rs 2,492 crore to Rs 5,399 crore. (PTI)

Farm trade: Poor nations held ransom by rich countries

NEW DELHI, Jan 4: For every dollar received in aid, the poor countries lose two dollars to rich nations due to distorted global trade in agriculture.

The developed countries have heavily subsidised their farming sector and created unnecessary trade barriers in the name of sanitary and phytosanitary measures, says Oxfam, an international organisation working in field of social sector and trade.

"The rich countries tell the developing countries to reduce the subsidies. But they, themselves, are spending one million dollars a day for subsidising their own agriculture sector. Rich countries dump subsidised products in the developing countries, driving down the price of local produce with devastating effects on the local economy. This asymmetry should be changed. The developed countries should stop the huge subsidies to their agriculture sector," says Oxfam’s report called "rigged rules and double standards."

When exporting to rich countries, producers in poor countries pay tariff that are four times higher than those paid by producers in other rich countries. Africa has lost 50 pence for every pound received in aid because of the falling prices it gets for its commodities.

The Oxfam has also called upon the institutions like the World Trade Organisation (WTO), International Monetary Fund (IMF), World Bank and multinational companies to change the unfair rules of the game so that global trade can alleviate poverty and address the needs of development.

The Oxfam co-ordinator in India, KD Raju, said that his organisation was launching the ‘make trade fair campaign’ world-wide to sensitise the people in both developed and developing countries about the need to change the rules of world trade.

The rich countries are imposing new barriers under the shadow of wto sanitary and phytosanitary agreement, which permits standards for their products. "The high standards fixed by the US and the EU are unacceptable to the developing world. This can be considered only as a part of the hidden agenda to deny the market access to the developing countries," the report said.

Giving an example of coffee, the report says its prices have fallen by 70 per cent since 1997, costing poor countries eight billion dollars. Poor countries produce most of the coffee, chocolate, cotton and copper that the rich world consumes - but the rich world sets the prices. "Low prices results in huge profits for big companies that sell them to consumers, but leaves millions of producers barely able to survive."

The report alleges that powerful multinationals employ millions of workers, either directly or through sub-contractors, on low wages and in often hazardous conditions that violate basic labour rights. Owing to the MNCs money power and influence, national governments were unlikely to take any action under any laws against those giants, it added.

The report said that through the WTO, the powerful corporations of the rich world, implemented strict patent protection affecting the poor world in the areas of products like seeds, medicines, industrial technologies. Vital drugs are priced out of reach of poor people and as a result 14 million people die each year from curable diseases. Many of these lives could be saved if cheap drugs were available.

One billion people live in poverty in the world and if each of Africa, East Asia, South Asia and Latin America increase their share of exports by just one per cent, they can lift 128 million people out of poverty. In Africa alone this one per cent increase in share of global exports would generate 70 billion dollars earning, which is five times the aid the continent gets.

More than 40 per cent of the world population live in low income countries and yet these countries account just three per cent of world trade. (UNI)

Abolish MAT: PHD chamber

NEW DELHI, Jan 4: PHD Chamber of Commerce and Industry (PHDCCI) has urged the Finance Ministry to do away with Minimum Alternate Tax (MAT), which has cut into corporate savings forcing companies to postpone their investment plans for modernisation and expansion.

In its pre-budget memorandum, the chamber said MAT had also affected the profitability of exporting companies. It was now a matter of fact that MAT had caused "serious repercussions" to companies operating at low level of profitability particularly when the interest rates on commercial borrowings were high.

The Government should spare from mat the companies which were not distributing dividend but were utilising their resources and savings for growth and corresponding contribution to the Gross Domestic Product (GDP), employment and indirect taxes.

The Chamber suggested that profits derived by an industrial undertaking from the generation or distribution of electricity be excluded from the computation of "book profit" as defined under Section 115JB of the Income Tax Act.

It has been suggested that as per the explanations given under Section 115JB, the amount of loss brought forward or unabsorbed depreciation, whichever was less as per books of accounts should be reduced from net profit as shown in the profit and loss account for the calculation of book profits.

In order to take care of the anomaly in this section, PHDCCI has suggested that a provision be introduced to set off losses against the future profits and not against the past profits on which tax had already been paid.

With the introduction of Section 115JB in the Income Tax Act 1961 in April 2001 by the Finance Act 2000 the erstwhile benefit of tax credit available under section 115JAA has been withdrawn.

PHDCCI has appealed for restoration of this benefit as was available earlier in the provision of Section 115JAA (3) of the Act.

The shome committee has also recommended that MAT should be allowed to be carried forward for set off against future tax liability in excess of the MAT as provided in Section 115JAA. (UNI)

ISRO plans to develop agriculture satellites

BANGALORE, Jan 4: The Indian Space Research Organisation is planning to develop a series of high bandwidth agriculture satellites for thematic applications as part of its mission to develop frontier space technologies with societal relevance, ISRO Chairman Dr K Kasturirangan said here today.

The satellites planned would have high bandwidths with 55mb capability and are being planned specifically to track and monitor agricultural resources and development on the land, he said.

The mission also includes a series of satellites for ocean and atmospheric studies, he said in his address at the one-day space summit as part of the 90th Indian Science Congress.

Presently, the Indian Remote Sensing (IRS) satellites have already helped scientists and agriculturists to maintain a database of the variety of crops and vegetation that grows in different parts of the country.

However, the planned series of agriculture-specific satellites would also help scientists analyse the data and formulate policies for the future.

Referring to the future of India’s space programme, he said the lunar mission was planned for 2007 and by 2015 the Indian space scientists planned to be actively involved in space observation.

He said space transportation would see a change in the future from the present multi stage to orbit to the single stage launchers by year 2050.

Polaris chief calls on Sinha

NEW DELHI, Jan 4: Polaris chief Arun Jain, freed by Indonesian authorities after a week-long detention in that country over alleged charges of deception and fraud, met External Affairs Minister Yashwant Sinha and thanked him for the efforts made by the Government in securing his release.

"It was a courtesy call by Jain", Sinha told reporters when details were sought. Jain called on Sinha yesterday.

Sinha had spoken to his Indonesian counterpart pressing for the immediate release of Jain who alongwith another colleague Rajiv Malhotra was held last month following a complaint lodged by bank Arth Graha with whom their company had a million-dollar contract.

New Delhi had held that such action was not warranted in a commercial dispute. The Indian Embassy in Jakarta gave requisite guarantee to the Indonesian authorities that the two executives would make themselves available whenever required in connection with the case.

The minister said Indian Envoys in Washington, Beijing, Moscow, Islamabad, Colombo, Dhaka and some other places provided vital inputs in dealing with the issue. (PTI)

2 Sun Pharma docs held for death of youth after drug test

VADODARA, Jan 4: The controversial drug test by the Sun Pharma Advanced Research Centre (SPARC), a leading Vadodara-based pharmaceutical company, has taken a new turn with the Bharuch police arresting two SPARC researchers in connection with the death of an unemployed 22-year-old tribal youth Dharmesh Vasava who volunteered for the clinical trial.

The researchers Dr Jayshree Rao and Dr Bhavesh Patel who carried out the "bioequivalence" tests and took blood samples from the subject for research on a widely used anti-psychotic drug ‘Citalopram’, were arrested on thursday after a four-month-long investigation by the police.

Bharuch "A" division police station which registered an FIR filed by Narendrasinh Banjara, another subject of the drug tests, booked both the doctors under Sections 304(A), 337, 338 and 114 of the Indian Penal Code for their alleged negligence resulting in the death of Vasava.

Vasava was allegedly lured by the pharmaceutical company’s agents to go for the test at a premium of Rs 3,000 in August last year. A few days after he was discharged from the SPARC’s clinic here, the youth developed swelling in his arms. Despite all possible medical care, he breathed his last at the Shiv Critical Care Unit here the same month creating a hue and cry in the medical circles.

While the Sun Pharma authorities claimed that they had not done anything illegal and had followed all norms for the tests, police investigation indicated that the death was caused due to the doctors’ negligence.

A special medical team headed by the Deputy Drug Controller of India which visited Vadodara to examine the Vasava case, had reportedly given a clean chit to the company saying that it was not due to adverse reaction of the drug but on account of infection contracted during administration of the medicine and drawing of blood samples.

Though the two researchers were booked in the bailable offence, a bharuch court yesterday remanded them to the judicial custody after rejecting their bail pleas. (UNI)

NABARD sanctions funds for rural infrastructure schemes

SHIMLA, Jan 4: The National Bank for Agriculture and Rural Development (NABARD) has sanctioned an amount of more than Rs 33.35 crore to Himachal Pradesh for 18 rural roads, three bridges and 18 minor irrigation schemes under the Rural Infrastructure Development Fund (RIDF).

This has raised cumulative sanction to the State Government to Rs 749.57 crroe since inception of the fund in 1995-96 against which an amount of Rs 445.73 crore has been disbursed to the state, an official spokesman said.

These road and bridge projects will provide new improved connectivity to 174 villages and lead to enhance agriculture production and income due to better use of inputs, saving in wastage and better marketing facilities.

The spokesman said irrigation projects would provide assured irrigation to 1345 hectares area in different parts of the state. Assured irrigation will lead to increase in productivity and diversification of crops from traidtional crops to irrigated crops,thereby increasing the income of farmers.

NABARD has already sanctioned projects for diversified purposes like road bridge, irrigation, drinking water supply, watershed development construction of primary schools and information technology to the State Government under various branches of the RIDF.

The spokesman said the bank was further committed to rural prosperity of Himachal Pradesh through continued assistance to the Government for creation of necessary and needful infrastructure in different sectors having bearing on rural economy. (UNI)

BMA to honour IMF Executive Director Dr Y V Reddy

MUMBAI, Jan 4: The Bombay Nanagement Association (BMA) will honour International Monetary Fund (IMF) Executive Director Dr Y V Reddy for his outstanding contribution to the financial sector in India at its ninth annual financial services convention to be held here on January 17 and 18.

The Deputy Governor of the Reserve Bank of India (RBI) Dr Rakesh Mohan will hand over the award to Dr Reddy, according to a BMA release.

The convention will discuss various issues including the revival of the capital market, mutual funds retail investors’ dilemma and risk management derivatives.

The convention is being jointly organised by the BAM and the Association of Leasing and Financial Services (ALFS), Association of Merchant Bankers of India (AMBI), Association of Mutual Fund in India (AMFI), the Institute of Chartered Financial Analysts of India (ICFAI) and in association with Indian Merchants’ Chambers (IMC), it said. (UNI)

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