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Sonia to inaugurate construction work on Sethusamudram

     Dhanushkodi (Tamil Nadu): A galaxy of leaders, including Prime Minister Manmohan Singh and UPA Chairperson Sonia Gandhi, will be present here on Saturday as construction work on the ambitious Sethusamudram shipping canal kicks off. Preparations are on for the commencement of the new channel across country's sothern coast and Sri Lanka, which will dramatically shorten the sea route for freight and slash costs. One of India's showcase projects to upgrade its infrastructure to cope with rapid economic growth, the channel, 12 metres deep, 300 metres wide and almost 90 km long, will cut through a chain of small islands known as Adam's Bridge that links the tips of India and Sri Lanka. Once finished, freighters sailing from one side of India to the other will no longer have to detour south around the bottom of Sri Lanka, saving up to 400 nautical miles (730 km) and 36 hours. "We have extensively studied all the ports, and not only made study of the port, we have (made) extensive study on what sort of canal was required. So extensive study was made for the work to begin in 2005," T.R. Balu, India's road and transport minister, told reporters today after reviewing the preparations. But for environmentalists and fishermen, the project is a nightmare in the making, one that will haunt South Asia for decades. The channel has roused strong emotions among supporters and opponents alike. And the tussle is likely to worsen as digging begins.

     Sethusamudram -- literally the sea with the bridge -- was first conceived in 1860, about the same time digging started for the Suez Canal in Egypt, by a British naval officer. The canal will only be able to handle small and medium-size ships with a draft of up to 10 metres and up to 50,000 DWT (dead weight tonnage). Such vessels could carry containers, grain and other commodities, but would exclude the likes of crude tankers and aircraft carriers. One project estimate puts the number of transits in 2008, the first year of operation, at 3,055 under a moderate traffic scenario, more than doubling to 7,141 in 2025.

CBI arrests Amit Jogi after questioning (Go To Top)

     New Delhi: Amit Jogi, former Chhatisgarh Chief Minister Ajit Jogi's son has reportedly been arrested by the Central Bureau of Investigation (CBI) today in connection with the murder of NCP treasurer Ram Avtar Jaggi in 2003. Amit was questioned by the CBI today. According to media reports, the special crime unit of the agency detained Jogi following his failure to answer the questions properly about his lleged role in the murder of Jaggi. State Chief Minister Raman Singh had handed over the Jaggi murder case to the CBI after it came to power in the state. Amit's name had come up during the interrogation of the 14 accused arrested by the CBI. Some of the office bearers of the state unit of NSUI had been nabbed on charges of the murder. Jaggi was shot dead on June 4, 2003 in Chhattisgarh.

CII applauds government for FM Radio reforms (Go To Top)

     New Delhi: The Confederation of Indian Industry has applauded the Government's decision to move to a revenue sharing model for the country's FM radio sector. CII believes that this decision coupled with bidding for 330 new FM radio licences and 20 percent FDI in FM radio sector would usher in a new era for radio across the country. Appreciating the efforts of the Information and Broadcasting Minister Jaipal Reddy in bringing this much needed second phase FM radio reforms, CII said that migrating to revenue sharing model and new licences would spread FM radio growth and activate private players to invest into the sector. In the new regime the FM radio operators would have to shell out four percent percent of their revenue as annual licence fees and this decision would prevent FM radio stations from closing down. Currently, there are 21 private FM stations in 12 cities and most of them are in red in view of the high license fee. The Government's fresh radio package would energise the expansion of FM radio in the country. We appreciate the regulatory corrections which would result in more growth, more revenue, new employment across the country,'' said CII. At the same time, CII feels that news and current affairs should also be allowed in the FM Radio in the country, keeping up with the changes happening in the media sector.

     Speaking at FICCI-Frames 2005 last week, Jaipal Reddy said more than 300 private radio stations could be permitted under a more liberal policy package that the government was considering. He said the emphasis of the new package would be on growth and not revenue. The government in 2004 had requested the TRAI to recommend and assist in formulating radio policies and it had on its part floated several consultation papers. In all its recommendations, the TRAI's intention is to rationalise the license fee structure to bring about a revolution in radio broadcasting. Ambar Basu, Chief Financial Officer, Radio City, said, "There is a wonderful opportunity waiting for the industry and we are very hopeful because this time the minister has been clear about addressing issues of the industry." PwC said the radio industry was set to boom after regulatory corrections, which were expected soon. Reeling under a license fee regime, radio stations such as Radio City Lucknow, Radio Mirchi Pune and Win 94.6 Mumbai closed down in 2004 due to mounting losses. Out of the 40 cities that bid in May 2000, a total of 21 stations in 12 cities remain and all of them are in the red, according to a PricewaterhouseCoopers (PwC) study on the Indian entertainment industry. Figures released by the Telecom Regulatory Authority of India (TRAI) indicate that FM radio suffered a loss of Rs. 122 crores in 2003-04 against a loss of Rs. 118 crores in the previous year.

Gujarat flood situation still grim, over 90 deaths reported (Go To Top)

     Gandinagar/Ahmedabad: The flood situation in Gujarat continues to remain grim with the death toll mounting to over 90 so far. Torrential rains lashing Gujarat have displaced nearly 200,000 people, even as the Army, the Air Force and Rapid Action Force have joined in the relief operations. "More than 90 people have lost their lives and over two lakh people have been evacuated to safer places by the authorities", State Revenue Minister Kaushik Patel said. The state government is treating it as a 'calamity' and the state's Chief Minister Narendra Modi has appealed to Prime Minister Manmohan Singh to send powerful boats from Mumbai to help in rescue operations, official sources said. Besides the Army and the IAF, the state has also sought RAF's assistance in the rescue and relief work. The RAF is being urged to provide help in 12 villages in the Ahmedabad district where incessant rains has thrown life out of gear. Helicopters were pressed into service today to evacuate pver 300 passengers of Gandhinagar-bound Shanti Express stranded near Dakor town of Kheda district after flooding of tracks and coaches. "At least 300-400 passengers are believed to be in Shanti Express, stuck near Dakor since 11 a.m. yesterday," Western Railway Ahmedabad Division PRO K K Dubey said. "There is five feet water on the tracks and it could have entered the coaches", he said. The flood situation is also grim in Vadodara, Surat and other parts of south Gujarat. The government has announced closure of all educational institutions in the state till Monday.

Sensex soars to record 7228 before close (Go To Top)

     Mumbai: The Sensex on Friday breached all previous records and soared to an all-time high of 7228.45, before closing at a new high of 7210.77 points on the Bombay Stock Exchange (BSE) due to heavy buying by foreign funds in index heavyweights. The previous intra-day high of 7228.21 was recorded on June 27 and the all-time closing high of 7193.85 on Thursday. Drop in inflation rate by 0.23 percent to touch about two-year low of 4.10 percent for the week ended 18th June also boosted market sentiment, several brokers said.

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