Dairy industry seeks protection
The indian dairy industry has called for continuous price monitoring of dairy products at both the international as well asnational levels in order to curb dumping. The industry feels that unlike in the domestic dairy sector, overseas, particularly in the south Asian region like Thailand, Mauritius, Bangladesh, Sri Lanka and Nepal, the import duties on milk products need to be reviewed as well as quality standards strictly implemented.

TN forms development councils
The Tamil Nadu government today constituted two high-level councils, both under the chairmanship of the chief minister, to spell out policy measures for urban and rural development. An official press release said that the councils were formed in accordance with a recommendation of the high-level committee, headed by the local administration minister and comprising legislators from all parties as members, that went into the issue of devolving more powers to local bodies in the state.

Edible oil slips
Edible oil prices slid further during the week on the Mumbai market despite the prospects of a 20-plus per cent lower kharif oilseeds crop and apromise by the government to review the import duty structure on edible oils. On the contrary, suppliers of the Malaysian palm oil seem to have been fast enough to raise their prices, partly because of the possibility of lower availability of edible oils in the country.

Tea sector wants free samples to go
The tea industry is pressing the government to expedite a report on free trade samples so that new rules are in place by the January auction, the first of the new season. Tea producers, traders, auctioneers and brokers have been in hectic parleys with the Tea Board to request the Indian Institute of Management, Calcutta, for a preliminary report by next month.

Gold poised to touch $300-mark
Gold has set up a perfect launching pad for itself, inching towards the mark ahead of the 25-tonne Bank of England's (BoE) auction on Monday. For most of the week, the yellow metal slowly but surely built up momentum, rising from $293.75 per ounce on November 19 to $299.10 per ounce in the middleof the week. A reaction saw it slip back to $296.85 per ounce on Friday (November 26, afternoon fixed), only to bounce back to $298 later in the day.

Y2K bug hits US Q3 gold demand
IT was Y2K bug, and not the millennium frenzy, that bit the otherwise gold and jewellry loving consumers of the USA, which saw the overall demand in Q399 ended October 1999 remained unchanged during this period compared to that of the same period in 1998. On the other hand, Pakistan's growth in demand for the yellow metal, at record 32.3 tonnes in third quarter, is said to have jumped 102 per cent from the depressed level of a year ago.

Saudi set to begin oil investment talks
Faced with stiff competition from regional oil rivals for foreign investment, Opec powerhouse Saudi Arabia appears closer than ever to finally starting negotiations with international firms after whetting their appetites more than one year ago. "It looks like Saudi Arabia will send the proposals back to the street very soon and thecompanies will pick and choose and bid on everything," said a Western analyst who has monitored the kingdom's oil industry for nearly 20 years.

Petrochem dept finalises Y2K strategy
The department of petrochemicals and chemicals has finalised a strategy for taking care of the `Y2K' problem for each of its public sector units as well as for the department in order to prepare itself to the complications due to the year 2000 bug fears. "We have had the presentation on the `Y2K' and have had a special team looking at the strategy" said highly placed sources in the department of petrochemicals and chemicals.

Biotech to stride ahead
Medical biotechnology includes production of vaccines, diagnostics and antibiotics by fermentation, bioactive therapeutic proteins including recombinant products, blood products and targeted drug delivery system. Among the antibiotics produced in the country, those produced by synthetic methods like chloramphenicol from benzaldehyde have not beenincluded.

Incentive scheme for cotton likely
The Ministry of textiles is mulling over the creation of a special incentive programme to improve the productivity and quality of cotton through the cotton technology mission as well as the technology upgradation fund. In the package, the Ministry is learnt to be considering a review of the excise and state duties that have put the industry under considerable pressure vis-a-vis their overseas counterparts who had considerable costs and fiscal advantages.

Handloom council moots steps
In order to boost exports in the handloom sector, it is necessary for the government of India to expedite necessary entry in the Standard Input-Output Norms (SION) to give effect to the DEPB scheme (Duty Entitlement Pass Book) from the yarn stage, said Sabitha Bhengra, executive director, Handloom Export Promotion Council (HEPC).

ICAC changes in cotton estimates
IN its latest release of November 8, the International Cotton Advisory Committee (ICAC)has made a few marginal revisions in its estimates of world cotton production and use. World cotton crop in 1999-2000 is now placed at 19.31 million tonnes as against 18.65 million tonnes in 198-99.

Country could save on crude imports
A saving of one cent a barrel on oil imports could help India save at least $3.67 million, says a study released on risk management in the petroleum sector. The highly volatile oil prices are expected to increase by $3 or more over the current level which calls for resorting to risk management at the earliest, says the study `Privatising Risk Management, Indian Petroleum Sector'.

NW monsoon vigorous in South
During the week ending November 24, the northeast monsoon was vigorous over Tamil Nadu, Pondicherry and Kerala. Rainfall also occured at many places in Rayalseema, south interior Karnataka and Lakshadweep and at a few places in coastal Andhra Pradesh.