The India-Australia Coal and Mining Forum, was held in New Delhi on February 1 and 2, 2006. Participants in the two-day forum included senior level government and corporate representatives working in energy and resources from India and Australia, including India’s Minister of State (Coal and Mines), Dr. Dasari Narayan Rao, and Australia’s Parliamentary Secretary for Industry, Tourism and Resources, Mr Bob Baldwin MP, who led a 77-member delegation.

The India-Australia Coal and Mining Forum is a joint initiative by the Indian and Australian governments. The Forum aims to enhance the collaborative relationship between Australia and India to stimulate increased information exchange and joint projects, provide an opportunity for industry to showcase expertise and capabilities and bring Australian and Indian industry, research institutions and governments together.

The Forum focused on topics of shared interest including investment, regulation, sustainable mining, mining technology services and equipment, coal blending and washing facilities, clean coal technologies, coal mine methane, technical cooperation, skills development and education.

Following the Forum, the Indian Government, Austrade and Invest Australia are planning several events including site visits, investing in Australia Seminars and participation in the India Mining Summit.

The countries have also agreed to sign two MoUs in the field of mining, informed Parliamentary secretary to the Australian minister for industry Bob Baldwin, during the Indo-Australia coal and mining forum.
Mr Baldwin, said the first MoU would be signed between Minerals Council of Australia and the Federation of Indian Mineral Industries. The MoU envisages facilitating information exchange on trade and investment, safety and health and sustainable development.

The second MoU would be signed between Australian firm Csiro and Singareni Collieries Company Limited (SCCL) to prommote research and development projects, consultancy services and technology transfer required to successfully introduce modern longwall faces at the three SCCL mines, Mr Baldwin said.

He also said that both the countries were progressing in the creation of educational skills and a pilot project between the Curtin University in Western Australia, the Indian School of Mines (ISM) at Dhanbad and IITs in Roorkee, Kanpur and Kharagpur.

Prime Minister Singh, confident of Economic growth

Prime Minister Manmohan Singh addressing the press in Delhi seemed most confident about the economy's robust performance and suggested that good GDP growth can take care of the growing financial burden to fund a large number of social and physical infrastructure projects. "We have had growth at 7 per cent plus in the last three years and there is every reason to believe we can do 8per cent plus on a sustained basis. The world had also begun to recognise this fact," he added.
The PM emphasised that the inherent strength of the Indian economy was also reflected in the big increase in the savings rate, which has gone up to 29 per cent of the GDP now. Another 3-4 per cent increase in the savings rate could easily add one percentage point to the GDP growth on a sustained basis. The larger point the PM sought to emphasise was with 8per cent plus sustained GDP growth, the tax base could widen,

without a need to hike the rates. Thebetter tax GDP ratio, would finance the various new social expenditure needs.

India's GDP booms at 7.5 per cent in 2004-05

The economic growth for 2004-05 was revised upwards to 7.5 per cent as against the earlier estimate of 6.9 per cent. The quick estimate of Central Statistical Organisation released in New Delhi said the revision was necessary due to the change in base year to 1999-2000 from 1993-94. The GDP growth rate of 7.5 per cent during 2004-05 was, however, lower than 8.5 per cent growth registered in 2003-04, the quick estimates said.

POSTIVE FROWTH TRENDS: FICCI SURVEY

According to a Ficci survey on service sector growth trends as many as 18 service sector segments of the Indian economy are projected to clock "excellent growth" levels of 20-60 per cent in 2005-06 over the previous year. Seventeen segments