Monday, November 9, 2009

Free trade pact likely to boost Indo-Gulf trade

NEW DELHI, Nov 9 (IANS): The free trade agreement that India and Gulf countries hope to sign will give Indian firms greater access to the $1-trillion market in the Middle East, apart from a cost-competitive route to western economies like the US, a senior executive of Bahrain's Economic Development Board has said.

“The six GCC (Gulf Cooperation Council) countries are a $1-trillion market. This region is going to contribute sizeably to global economic growth,” said the board's chief operating officer Kamal Ahmed here Monday.

“Bahrain is located at the heart of the Gulf, and is connected to two big economic zones, Saudi Arabia and Oman,” Ahmed said at the World Economic Forum's (WEF's) India Economic Summit being held in the national capital.

As per the Associated Chambers of Commerce and Industry of India (Assocham), India has seen a four-fold increase in trade with GCC countries over the last five years.

With negotiations over the GCC Free Trade Agreement to be concluded soon, trade volume could increase to over $40 billion by 2010.

Bahrain is seeking to attract Indian companies from sectors that will provide high value services like information and communications technology and financial services, apart seeking to improve its non-oil trade with India.

It is also stepping up efforts to attract more professional talent.

“In the past five years, we issued about 500,000 work permits to overseas professionals. Of course this included workers also,” Ahmed said.

“Though this number may drop, we will still continue to look for overseas talent.”

Besides attending the WEF summit, Ahmed is also chairing a road show that he will be taking to Mumbai, Hyderabad and Chennai, besides Delhi, and which will showcase the benefits of establishing a base in Bahrain for Indian companies.

Cabinet Ministers spent Rs 300-cr on travels

NEW DELHI, Nov 9 (PTI) : Cabinet Ministers in the first term of the UPA government have spent more than Rs 300 crore on their foreign and domestic travels in the last three years.

The data provided by the Cabinet Secretariat shows more than Rs 137 crore were spent by ministers of cabinet rank on the foreign travels between fiscal 2006-07 and 2008-09 with highest in the year 2007-08 when more than Rs 115 crore were spent by them on such travels.

Surprisingly, the expenses incurred on the domestic travels of cabinet ministers during the period were more than the amount spent on their visits abroad.

There were about 30 ministers of the cabinet rank during the first term of the UPA government.

The records show that during the three-year period, the ministers spent more than Rs 163 crore on their travels within the country.

The expenditure incurred by them during 2008-09 was Rs 94.4 crore, which was 38 per cent more than the cumulative expenditure incurred on domestictravels in the previous two years.

The details were given in an RTI reply to activist S C Agrawal by the Cabinet Secretariat. The reply also states that Ministers of State in the Union Cabinet had spent about Rs 21 crore on their travels abroad during the period, while Rs 27 crore were spent on their domestic visits.

About Rs 127 crore were spent by the central ministers in 2008-09, Rs 138.7 crore in 2007-08 and about Rs 82.3 crore during 2006-07 on their visits abroad as well as within the country.

The reply from the Cabinet Secretariat did not give any further breakup of expenses in different heads as they are held by the Drawing and Disbursing Officers (DDO) of different ministries.

“This office does not have any record of any individual Minister as all the expenditure is booked under one respective head of account of all theministers . As per existing rules of Receipts and Payments Rules the details of each and every payment to the individual concerned by the DDO of that Ministry,” J L Khurana, Senior Accounts Officer at Ministry of Personnel, Public Grievances and Pension said.