1. Weekly news update
Submitted by
Ankush Gupta

2. Food Inflation declined
– Food Inflation declined for the fourth week in a
row to a one year low but government remain
concerned over the pace of the decline.
– The food inflation declined to 12.3% but it has
increased when compared to previous year figures
which was 12.59% a year ago

3. IOC plans to raise petrol prices
– India’s biggest fuel retailer IOC is considering
raising petrol prices by 35 paise per litre this week
as the crude oil prices have gone up.
– If government increases the prices this will be the
third hike in petrol prices since government freed
its pricing on June 26
– IOC decision is expected to be followed by other
state run fuel retailers- Bharat Petroleum Corp and
Hindustan Petroleum Corp

4. US criticizes Indian FDI norms
– US commerce secretary Garry Locke has criticized
India’s complicated FDI rules and non-tariff trade
restrictions
– Mr. Locke is in favors that the Import Licences,
Standards & Certifications and Local content
requirements are some barriers that foreign
businesses face in India
– However Anand Sharma is in favor that Indian
government had worked much on increasing
transparency, lowering cost with a single FDI
Policy

5. Mining-hit to get compensation early
– Government plans to ask mining companies to
start paying compensation to project affected
people from the day a mining block is allocated
– As per plans once the project starts making
profits. The displaced families will be provided an
annuity income from the net income.
– The proposal will insure income support till the
time the venture starts to make profits but
mining companies will be allowed to claim
these as expenditure

6. Orissa to move SC
– Orissa government is likely to challenge the Union
ministry of environment & forest’s decision to
deny permission to state owned Orissa Mining
Corporation (OMC) to mine bauxite in the
Nyamgiri hills
– OMC had entered into a JV with Vedanta
Aluminum for mining to deed VAL’s refinery at
Nyamgiri. State government had committed to
supply 150 million tons of bauxite to VAL.

7. New coal mining norms to end ‘No Go’
Zones
– Government is formulating a new strategy to
allocate coal mines setting aside the controversial
move by the environment ministry to categorize
coal-bearing areas in the country as “Go” and
“No-Go” areas for miners.
– This move will prevent confusion over mining
rights given to Power, Steel and Cement sector
companies over coal blocks allocated between
1994 and 2008

8. Thanks