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  01 MAIN
   
   
  02 TRADE & ECONOMY
   
   
  03 INVESTMENT UPDATE
   
   
  04 NEWSMAKERS
   
   
  05 INFOTECH
   
   
  06 CULTURE
   
   
  07 TRAVEL
   
   
  08 CALENDAR
   

   
  HIGHLIGHTS
   
 

Australia participates in ‘Global Steel 2006’
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  Yoga Ayurveda
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  Jammu and Kashmir
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  Visit of Minister of State for Petroleum and Natural Gas to Australia
 
 
  The Honourable Minister of State for Petroleum and Natural Gas of India Mr. Dinsha J. Patel led a delegation to Australia for the VIth Round of New Exploration Licensing Policy (NELP-VI) and 3rd Round of Coal Bed Methane (CBM-III) Roadshows in Brisbane and Perth respectively.

The Roadshows were aimed at promoting investor interest in the petroleum and coal sectors through bids for exploration blocks for oil and coal bed methane in India.
     
 
   
  Forex reserves to touch US$160 billion
India's foreign exchange reserves are set to touch the US$160 billion mark in 2005-06. At this level, the reserves are significantly higher than the country's external debt, which, at the end of December 2005, was to the tune of $119.2 billion. The reserves are also enough to finance imports for 14 months. The rise in foreign exchange reserves in the five weeks ended March 24 was $7.41 billion, taking the total reserves to $148.66 billion.
 
         


"Considering the fact that foreign exchange reserves have risen by an average of $1.48 billion over the last few weeks, the reserves have
  

certainly touched the magic figure of $150 billion on March 31," said a foreign exchange expert.

The spurt in remittances from overseas Indians could be possibly due to ploughing back of a part of the redemption proceeds of the India Millennium Deposits (IMDs), the RBI said.

nvestment bank JP Morgan, in a report, said the improvement in the current account deficit in the third quarter of 2005-06 was unlikely to be sustained because of a strong
domestic demand and rising global

  crude oil prices, both of which would increase the merchandise trade deficit.

JP Morgan has maintained that the current account deficit for the full year 2005-06 will worsen to $22.6 billion (or 2.9 per cent of the GDP and widen to $30.4 billion (3.6 per cent of GDP) in 2006-07.

The current account deficit during April-December 2005 at $13.47 billion was 1.72 per cent of the GDP. India now has the sixth largest foreign exchange reserves in the world.
         
     
  Visit of Chhattisgarh Legislative Assembly delegation
A delegation from Chhattisgarh Legislative Assembly led by Hon’ble Speaker Mr. P.P. Pandey visited Australia from 24 April-1 May, 2006 on a Study tour. The delegation had useful interactions with the Assembly of Australian Capital Territory in Canberra and with the Parliaments of Victoria and New South Wales in Melbourne and Sydney respectively. The visit contributed to the efforts to strengthen exchanges and mutual understanding between the legislatures of our two countries.		  
     
  Visit of State Public Service Commission Chairpersons
A delegation of Chairpersons of four State Public Service Commissions, including Ms. Yasmin Ahmed (Tamilnadu), Mr. V.N. Deshmukh (Maharashtra), Dr. H.N. Krishna (Karnataka) and Mr. K.M. Chadha (Nagaland) visited Australia from 18-28 April. The delegation interacted with their federal and state counterparts in Canberra, Melbourne and Sydney. The visit was aimed at studying developments taking place in modalities of recruitment and promotions, and improvements in administrative practices.		  
     


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