India, Thailand sign extradition treaty
In a “major boost” to bilateral security cooperation, India and Thailand Thursday signed the much awaited extradition treaty after 20 years of intense negotiations, with New Delhi eyeing to bring back a key aide of underworld don Dawood Ibrahim.
The two countries also firmed up a pact to effectively deal with money laundering, terror financing and ratified a treaty on the Transfer of Sentenced Persons, enabling both sides to swap prisoners after they have served a portion of their prison terms.
The two sides signed seven agreements, including cooperation in space technology and education after wide ranging talks between Prime Minister Manmohan Singh and his Thai counterpart Yingluck Shinawatra.
An MoU between India’s Financial Intelligence Unit and Thailand’s Anti Money Laundering Organisation on cooperation in the exchange of intelligence related to money laundering and terrorism financing was also signed.
(Sources: Economic Times, Indiatimes, Times of India, Business Standard, Zeenews)
Bangkok is world's top air travel spot
Bangkok has edged out London as the world's most popular air travel destination, becoming the first Asian city to earn the distinction, according to a ranking by the MasterCard Index of Global Destination Cities.
The Thai capital headed the 2013 list based on total projected visits by foreigners, followed by London, Paris, Singapore and New York. Istanbul and Dubai showed the strongest expected growth in the number of visitors.
The ranking was based on a city's expected international air travel arrivals and the amount of money spent in the city by those arrivals.
(Sources: Business Standard, Reuters India, Business Times)
India’s GDP growth hits decade-low of 5% in 2012-13
India’s economy grew 5% in 2012-13, its lowest rate in a decade and in line with an official estimate, government data showed on Friday.
Gross domestic product (GDP) grew at 4.8% in the quarter ending 31 March, the date showed, in line with a poll of analysts by Reuters.
The manufacturing sector grew an annual 2.6% during the quarter, while farm output rose just 1.4%, the data showed.
(Sources: Economic Times, Indiatimes, Deccan Chronicle, Livemint, Times of India)
US slaps 5.91% import duty on Indian shrimp
The US Department of Commerce (DoC) has imposed a 5.91 per cent countervailing duty (CVD) on Indian shrimp. On Wednesday, DoC released the preliminary duty rates of CVD to seven exporting countries. The final rates will be released in August.
According to Ravi Reddy, president, Seafood Exporters Association of India, this would badly affect not only the export sector, but also the producers. As the export cost increases, the industry will go for price reduction at the producers' level. So this will seriously affect the fishing sector, especially the aquaculture sector. Due to various reasons, catches from the sea had slowed down during the last five to six months, so cost of procurement of raw material has increased heavily, he added.
Shrimp is one of the largest export items from India, accounting for 50 per cent of the total value realisation. It accounts for 22 per cent of the total volume of exports. India gets 17.94 per cent of the total export revenue from the US market alone. Almost 65 per cent of India's export to the US is shrimp.
(Sources: Smart Investors, Rediff News, Shrimp News, Business Standard)
Gujarat's wind power capacity grows highest in 4 years
Gujarat has registered highest growth in wind power generation during past four years. Installed wind power generation capacities in the state has increased by 36 per cent during 2011-12 to 2,966 megawatt (Mw), making the state second only to Tamil Nadu in India's wind energy sector.
As per the Indian Wind Energy Association (IWEA) data, growth in wind power generation capacity has been highest since 2008-09. The state has outperformed the national average growth of 22 per cent for the wind power generation capacities.
Notably, Gujarat's share in India's total wind generation has increased from around 15 per cent in 2011 to 17 per cent in 2012. India's total installed wind power capacities stand at 17,365 Mw for 2011-12.
(Sources: Economic Times, Indiatimes, Business Standard, Smart Investors)
Cairn India seeks right of first refusal over Rajasthan block
Cairn India, the company which gave the nation its biggest oil discovery in more than two decades, has asked the Oil Ministry for rights to explore for unconventional shale gas in its prolific Rajasthan block.
Oil Ministry's draft policy for exploration of shale gas provides for giving operators of block awarded under New Exploration Policy (NELP) since 2000, the first right of refusal for exploiting the unconventional resource. It however does not confer the same rights to operators of pre-NELP blocks like Rajasthan.
(Sources: Economic Times, Indiatimes, Business Standard, Livemint)
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