Russia has expressed its readiness to build nuclear reactors at Haripur in West Bengal. While Russia is building two reactors at Koodankulam in Tamil Nadu and tying up the loose ends to put up at least four more units of 1,000 MW each at the same site, space limitation has stopped the Central government from allocating land for another nuclear park in West Bengal. the Trinamool Congress is against the move to acquire land for nuclear reactors powered by Russian technology and has resolved to launch an agitation in case the Centre begins the process.
NHRC PULLS UP MANIPUR FOR NOT REPORTING 111 ENCOUNTERS The National Human Rights Commission has sought an explanation from the Manipur Chief Secretary as to why reports of 111 cases, which were reported as police encounter cases, were not forwarded to the Commission.
The NHRC, in an order, stated that the Commission had not been receiving any report from the Manipur government. OIL EXPLORATION PACT SIGNED WITH HUNGARY India and Hungary signed an agreement for oil and gas exploration and decided to strengthen cooperation in the information technology (IT) sector. Both countries also agreed to work for increasing the level of trade to $1 billion by 2012. An agreement to this effect was reached during the current visit of the Union Commerce and Industry Minister, Anand Sharma, to Hungary. Prime Minister of Hungary Gordon Bajnai. An agreement for oil exploration was signed between MOL, the official Hungarian Oil Company, and Oil and Natural Gas Corporation (ONGC) in which MOL will be a 35 per cent partner. It was also agreed that the two countries would strengthen cooperation in the IT sector. The India-Hungary S&T fund of 2 million euro annually for the promotion of joint research projects will soon be made operational and bilateral S&T projects would be selected for funding.
BANKS TO LEND AT BASE RATE Commercial banks will be made to extend loans at base rates from next fiscal year, which is expected to benefit consumers and borrowers. According to Reserve Bank of India, the apex bank is keen on ensuring that banks provide loans on a base rate from April onwards and not on the basis of current benchmark prime lending rate (BPLR) as the latter was not considered a transparent system. Under the BPLR arrangement, banks used their negotiating power for extending loans and based on that the rates for lending were decided which meant that for different consumers banks charged different interest rates. RBI INTRODUCES NEW CATEGORY OF NBFCS The Reserve Bank of India (RBI) issued a notification introducing a new category of Non-Banking Finance Companies (NBFCs) as "Infrastructure Finance Companies (IFCs)". The existing categories of NBFCs are Asset Finance Companies (AFCs), Loan Companies (LCs) and Investment Companies (ICs). Further with a view to encouraging larger flow of funds to infrastructure, the exposure of a bank to infrastructure finance companies has been enhanced up to 20 per cent of its capital funds. The IFCs should deploy a minimum of 75 per cent of itstotal assets in infrastructure loans. Net owned funds of Rs. 300 crore or above with a minimum credit rating ‘A’ or equivalent of Crisil, Fitch, CARE, ICRA or equivalent rating by any other accrediting rating agencies could enter infrastructure financing. KOREAN STEEL MAJOR POSCO CHECKS OUT WEST BENGAL Korean steel major Posco has begun checking out West Bengal, raising hopes of the State hosting an investment by Korea’s biggest steel company whose plans to set up a 12 million tonne plant in Orissa is in a limbo.
Posco India sees the Indian market as one with huge potential as much for the growing market for steel (mainly for infrastructural projects) as also for the country’s mineral resources. However, its Rs. 52,000-crore project, seen as the single largest dose of foreign direct investment, faced resistance from landlosers making Posco’s plan go haywire. U.K. INVESTOR PULLS OUT OF VEDANTA In a blow to mining firm Vedanta, a fourth European investor has sold its multi-million pound stake in the company, citing "serious concerns about its *Vedanta’s+ approach to human rights and the environment." The company has been slammed for its plan to mine the Niyamgiri Hills of Orissa, home to the Kondh tribals, many of whom have opposed the plan.
Vedanta has been criticised by human rights and activist groups, including Survival International and Amnesty International, due to their operations in Niyamgiri Hills in Orissa, India that are said to threaten the lives of the Dongria Kondh that populate this region. The Niyamgiri hills are also claimed to be an important wildlife habitat in Eastern Ghats of India as per a report by the Wildlife Institute of India as well as independent reports/studies carried out by civil society groups. Vedanta Alumnium, the Indian subsidiary of U.K.-listed Vedanta Resources. The Arab League has 22 members, including Jordan, Lebanon, Saudi Arabia, Kuwait, Oman, Palestine, Qatar and Algeria.
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