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Major News and Events of 02 November 2012

What Happened on 02 November 2012


Rs.1,600 crore lost annually to foreign ports

India loses Rs.1,600 crore annually to foreign ports due to its inability to handle larger ships as per a top port official, Luxman Radhakrishnan, chairman of Mumbai's Jawaharlal Nehru Port Trust (JNPT). He also requested the government to dredge all port in the country to a minimum depth of 14 meters and the hub ports to 17 meters depth. He expressed concern that there was lack of funds from the government for dredging projects. The public private participation (PPP) model could be adopted for dredging. He also had suggestions for containerization of cargo as the containers yield better handling with no or less damage and ensure optimum storage capacity utilization. Local ports with greater depths also need to be developed.

Oil companies can decide on raising LPG subsidy cap: Moily

Oil Minister M. Veerappa Moily stated oil companies can take the decision whether to raise the LPG subsidy cap. This was a day after the government rolled back the hike in prices of non-subsidized LPG cylinders. The oil companies can think whether they will raise the LPG subsidy cap as this did not fall under the purview of the ministry. This remark is being perceived as Congress’ earnest effort to not let the hike or subsidy put any impact on the recent elections in Gujarat and Himachal Pradesh where it has BJP in a close race. Last month, the government had announced hike in diesel prices and imposed a cap on the subsidy on cooking gas for individual households to six cylinders a year.

India welcomes US joining the Indian Ocean Group

India on Friday stressed for more robust "cooperative regionalism" among countries which share the Indian Ocean, which is a new playground for maritime competition, and welcomed inclusion of the US as a sixth dialogue partner of the 20-member regional organization. The Union of Comoros joined as the 20th member of the Indian Ocean Rim Association for Regional Cooperation (IOR-ARC). US' inclusion as a dialogue partner will provide much impetus to the 15-year-old organization which was established in 1997 to strengthen greater maritime cooperation. Other dialogue partners are China, Japan, Egypt, France and Britain in the regional body.