MANGALA OIL FIELD MARKS ‘BEGINNING OF A NEW ERA’: MANMOHAN SINGH

 Prime Minister Manmohan Singh dedicates the Mangala Oil Field to the nation at Barmer, Rajasthan, The Great Indian Desert, once discarded as wasteland until foreign tourists discovered its sand dunes by moonlight, achieved another economic milestone for the State of Rajasthan and the whole country when Prime Minister Manmohan Singh dedicated to the nation the Mangala oil field , marking the start of commercial production of oil from the area.  Dr. Singh, who termed the occasion as the "beginning of a new era" for the desert State, said the success of the joint venture of Cairn Energy and the Oil and Natural Gas Corporation Limited (ONGC) was a signal to the world community to invest in India.  Mangala is the largest of 25 discoveries made by Cairn in the Barmer Basin. Discovered in January 2004, it is said to be the largest onshore discovery in the country over two decades. The Mangala, Bhagyam, and Aisharya fields together have a recoverable oil reserve of one billion barrels. RBI GOVERNOR D. SUBBARAO ON THE GLOBAL ECONOMIC CRISIS Macro imbalances and policy conflicts among root causes
The four key aspects of the crisis articulated by the RBI Governor are  Macro imbalances,  Conflicts between monetary and fiscal policies,  Inflation targeting and  The interplay of the real and financial sectors. WORLD TRADE REPORT 2009 The World Trade Organization released its World Trade Report 2009 recently in Singapore.
The WTO which had earlier predicted a 9 per cent decline in global merchandise trade this year now says that the decline will be 10 per cent. The downward revision is due to the fact that trade growth will be ‘strongly negative’ this year. OVL EXITS IRAN OIL FIELD ONGC Videsh Ltd and its partners Indian Oil Corporation and Oil India Ltd have dropped plans to develop an oil field in Iran after the discovery was found to be commercially unfeasible.
The joint venture of OVL, Indian Oil Corp and Oil India (OIL) had in 2006 made an oil discovery in the Farsi offshore block which was, in the initial estimates, thought to contain one billion barrels of reserves.
"The oil discovery has been found to be commercially unviable primarily due to high
The discovery, which was subsequently named Farzad-B gas field, has inplace reserves of up to 21.68 trillion cubic feet (Tcf), of which recoverable reserves may be 12.8 Tcf.
GOVT TO SET STANDARDS FOR SPECIALISED TEXTILES The government is considering setting up a regulatory framework to promote specialised textiles which are used in various sectors like healthcare, defence and agriculture technology.
While emphasising on the need for standards and specification for special textiles, the ministry would work with other ministries including defence, consumer affairs, environment and health.
On protective textiles, its market size is likely to touch Rs 2,000 crore by 2012-13 from Rs 1,260 in 2007-08. This variant is mainly used by the defence sector.
The government has set up four centres of excellence (CoEs) for Meditech, Agrotech, Geotech and Protech segments of technical textile, which would provide facilities for testing, human resource development and research and development.
"The activities of the CoEs will be synergised with the laboratories of Defence Research and Development Organisation and Director General Quality Assurance to set standards for defence procurement and fulfil the defence and para military forces requirement," At present, 60-65% of the domestic consumption of protective textile is met though imports. there is an urgent need to develop standards, procedures and manufacturing capacities of international standards for protective textiles to compete globally.
NADAR BAGS UK TRADE & INVESTMENT AWARD  Shiv Nadar, chairman, HCL Technologies, won the Business Person of the Year award in this year’s UK Trade & Investment India Business Awards.  Nadar was recognised for HCL’s pioneering investment in the UK, and for his focus and direction in establishing HCL as a leader in the ICT industry in India.  UK Trade & Investment India Business Awards recognises Indian corporate leaders at the forefront of India-UK business partnerships, mainly in the area of Indian FDI in the UK, collaborations, entrepreneurship and innovation. CAG: OIL CONTRACTORS TO FURNISH ACCOUNTS  Enabling provision for CAG audit in future production sharing contracts  The Union Petroleum and Natural Gas Ministry assured the Comptroller and Auditor General (CAG) that it would ensure that unfettered access was provided to accounts of private oil and gas contractors. Exports decline for the tenth consecutive month  Depressed overseas demand cited as the main reason  Declining trend to continue: FIEO 
The continued recession and economic slowdown in the U.S. and Europe continued to have a negative impact on exports which continued the downhill journey for the tenth consecutive month dipping by 28.4 per cent in July.
However, the only good news among this gloom was that in July imports too fell by 37.1 per cent, narrowing the trade deficit to $5.99 billion from $12.15 billion a year ago. Steep drop in oil imports sulphur content in the oil,"