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Sunil Jain: Continuing to dial disasters
The decade began with the government doing the right thing and auctioning mobile phone licences, but ended with the scandal over its decision to start playing favourites and handing over licences to a chosen few firms at a price that was Rs 50,000 crore less than the market one. The decade began with the government privatising the Delhi Vidyut Board (DVB) in the midst of a huge scandal, since it offered several thousand crore of concessions to two firms, and ended with another scandal over how the winning bidders for the Bangalore airport awarded the major part of the contracts to themselves — and passed on the increased costs to the flying public.

India, Russia reach agreement on Gorskhkov, to ink nuke deal
India and Russia have reached a broad agreement to break the logjam over the protracted price renegotiation over Admiral Gorshkov aircraft carrier and the two sides are expected to sign a landmark civil nuclear pact during summit talks between Prime Minister Manmohan Singh and President Dmitry Medvedev tomorrow.

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Akash Prakash: The Rise of ETFs
Akash Prakash / New Delhi January 22, 2010, 0:03 IST
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Bring petrol, diesel under uniform VAT: Assocham

The government should bring petrol and diesel under a uniform VAT structure of 8 per cent as the variation in state tax was putting additional burden of taxation, industry body Assocham today said. - FinMin against issuing bonds to oil marketing companies - Assocham suggests setting up coal trading - IndianOil"s revenue may slip by Rs 28,000cr - Share of oil in india"s exports dips - Essar to invest $400 mn in Kenyan refinery - IOC suffers loss of Rs 94 cr a day on fuel sale States sales tax on petrol varies from 33 per cent in Andhra Pradesh to 18.9 per cent in Manipur and on diesel from 34 per cent in Mumbai to 8.3 per cent in Tripura, the chamber said adding that entry tax/octroi is also levied on movements of crude in many states. "The element of taxation on petrol and diesel is to the extent of about 140 per cent and therefore, at least there should be a uniform VAT of 8 per cent...Diesel and petrol so that oil companies are given some respite from higher crude oil prices internationally and aam adami (common men) is also not subjected to unnecessary burdens," it said. The chamber also said that government-owned oil companies should also be encouraged for export of petroleum products like private sector so that firms like Indian Oil Corporation, BPCL, HPCL also avail export duty benefits.


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