Current Affairs Business and Economy Updates : November 7-12, 2009

November 9, 2009: Mittal, ONGC will wind up 4 year Joint Venture
ONGC and Mittal had in July 2005 joined hands to form two joint ventures. These JVs were ONGC Mittal Energy Ltd (OMEL) for exploration blocks and ONGC Mittal Energy Services Ltd (OMESL) for trading and shipping of hydrocarbons. The JOV has failed now. In both OMEL and OMESL, ONGC held 49.98 per cent stake while the Mittal-owned Mittal Investment Sarl had 48.02 per cent. ONGC and Mittal have decided to wind up the firm now as per the report published in newspapers.

November 09, 2009: Employee Provident Fund Organisation (EPFO)’s proposal to Labour Ministry
The Employee Provident Fund Organisation (EPFO) has sent a proposal to the labour ministry which aims to increase the salary limit for paying employee provident fund (EPF) to Rs 10,000. Presently this amount is Rs 6,500. The reason is that millions of workers have been left excluded in the EFPO under the EPF & MP Act, 1952 because in the current norms of EPF & MP Act, 1952, companies are covered with minimum of 20 employees. EFPO has thus proposed to raise the salary amount to Rs. 10000 and decrease the minimum number of employees to 10. Prof Falguni Gupta of IIT Kanpur is involved in this project.

November 10, 2009: World Travel Award to Incredible India campaign
The Incredible India campaign has won the World Travel Award 2009 for being the best campaign of the year. This award was presented to India’s Tourism Minister Kumari Selja in London by reigning Miss World, Ksenia Kukhinova of Russia. Besides India also received the Asian Guild Award for promoting the Incredible India campaign. A fellowship was also bestowed on Jagdish Chander, director, India Tourist Office for his ‘hard work to carry out the conviction of Incredible India Campaign in the UK.

Incredible India was conceived in the year 2002. (please click here to read about latest Updates on India’s Tourism Development and Other Awards received by Incredible India Recently)

November 10, 2009: License Regime in Haryana for Cable TV Operations
Government of Haryana has notified the Haryana Municipal (Laying of Communication cables and Erection of Dish Antenna) Amendment Bye-laws, 2009, will mean no cable operator will be able to provide services without a mandatory licence obtained through an open auction in every town, city or municipal area. This may adversly affect the cable TV service providers and Multi Service Operators (MSOs).

November 11, 2009 : Huge Loss by Air India
Air India has suffered a net loss of Rs 5,548 crore (Rs 55.48 billion) in 2008-09, and its total revenue declined by around Rs 2,000 crore (Rs 20 billion) compared to the previous fiscal. The airline had suffered a loss of Rs 7,200 crore in 2007-08. Restructuring and turnaround plans and government assistance to the ailing national carrier by way of equity infusion and soft loan are under consideration.

November 11, 2009 : New Swine Flu Drug Launched by Cipla
Cipla Ltd has announced the launch of “Antiflu” to treat H1N1 swine flu virus. It is a Oseltamivir brand. This is the only flu medicine from India to be prequalified by World Health Organisation. Roche, the Swiss pharmaceuticals group makes Tamiflu. The launch of Antiflu comes in wake of WHO declaring flu as pandemic and its possible strike in winter season. Antiflu would be sold under Schedule X category (Restricted) in India.
Influenza kills about 2.5-5 lakh people every year worldwide according to WHO

What is Scedule X ?
Medicines in India are regulated by CDSCO – Central Drugs Standard Control Organization Under Ministry of Health and Family Welfare. Headed by Directorate General of Health Services CDSCO regulates the Pharmaceutical Products through DCGI – Drugs Controller General of India at Chair.
Under Retail and Distribution:- Drugs classified under 5 heads
1. Schedule X drugs – Narcotics
2. Schedule H and L – Injectables, Antibiotics, Antibacterials
3. Schedule C and C1- Biological Products-example Serums and Vaccines

Under Manufacturing Practice
1. Schedule N
List of the equipment for the efficient running of manufacturing wing, Qualified personnel
2. Schedule M

November 11, 2009: Indirect tax collection drops 21.6%
India’s indirect tax collections (of 7 months) have shrunk by over 21 per cent from the last Fiscal year. The first 7 months of last year the tax collected was 1.61 lakh crore and this year it is 1.26 Lakh Crore. None of the three components of Indirect tax excise, customs and service tax could post positive results. Maximum drop was in customs 31.8 %. The heavy burden on exchequer due to the fiscal stimulus will be phased out from the year 2010.

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    TNKKX for useful information Sir……….