Overcoming challenges

Having a dream is what keeps you alive. Overcoming the challenges make life worth living. - Mary Tyler Moore Another Independence Day has come and gone. The Prime Minister has promised that the Government will work hard for India's rapid economic growth and for shielding the country from the effects of the global economic slowdown. Blaming lack of political consensus for the logjam in many issues the PM says the time has now come to view the issues which affect our development process as matters of national security. The opposition has termed the PM’s speech as lackluster and uninspiring. After a break, the Indian indices are expected to open slightly higher. The main US indices were mixed. Retail results from US will be on investors' radar later today. Asian stocks are in the green. The support came after Chinese Premier Wen Jiabao said easing inflation may give hopes of adjustments in monetary policy. Oil for September delivery rose 90 cents to $94.33 a barrel. Investors will keenly await the outcome of the Sebi meet today which will consider a host of issues including new rules to protect investors’ interest including a provision for a ‘safety net’ guarantee for IPO investors. Introduction of e-IPOs is also on the agenda. Attention will also be focused on three CAG reports which will be tabled in Parliament. These include thecoal block report, the Delhi airport and the special purposes vehicles for ultra mega power projects, according to reports. Among other news in the media: Reliance Industries has proposed to drill the first exploration in almost five years in the flagging gas fields at its own cost. (BL). Reliance Industries is in talks with BP to buy its petrochemicals plant in Malaysia as it seeks to replicate its domestic success in building fully integrated operations in all its businesses. (ET) The Department of Telecommunications has sought fresh legal opinion on whether it can ask Airtel, Vodafone and Idea Cellular to stop offering 3G roaming services beyond their licence areas under roaming pacts. (BS) Wholesale price index (WPI)-based inflation eased to a 32-month low. WPI reading fell to 6.87% from 7.25% in June. (BS) Prime Minister Manmohan Singh projected India’s economic growth in the current fiscal to be a little higher than 6.5% achieved a year ago amid many global agencies projecting a bearish outlook. (BL) Severe sluggishness in demand led to India’s merchandise exports falling 14.8% to US$22.4bn in July, compared with US$26.3bn in the corresponding period last year. This was the steepest fall in exports in 35 months. (BS) Indirect tax collections rose 23% to ~Rs398bn in July, against ~Rs323bn in the corresponding month last year. (BS)