New York: While lecturing at the Pravasi Bharatiya Divas, a yearly event organised by the Ministry of Overseas Indian Affairs to bring the Indian Diaspora together, Kamal Nath, minister for commerce and industry said, “The Indian IT business has been pampered for a long time. There is a disconnection between the IT sector and the rest of India.”

While responding a question asked by a delegate at the meeting on how the Indian IT businesses will expand post 2009 when the tax benefits the industry presently enjoys are inhibited.

Mumbai: In order to promote its subsisting refineries, Indian Oil Corp. Ltd (IOC) has decided to invest Rs 43,250 crore by 2011-12.

The India’s biggest public sector oil marketer will utilize funds primarily to increase annual refining capacity to around 80 million tonnes by the next five years.

IOC will also establish refineries and petrochemical plants, and explore for acquirements out of the country in the next five years.

As the demand for coal increases in the country, Coal India Ltd is looking at importing coal to cater the domestic market. As per the industry resources, the rise in demand is due mainly due to coking coal. The country is falling short by 4-5% of the actual demand of coal.

Coal India is looking at Thai, Australian and Indonesian coal fields for importing non-coking coal. Steel companies import coal on their own.

Reliance Industries has reported discovery of Oil in a new block in the Krishna Godavari (KG) basin. As per the earlier report which came on Friday, Reliance found oil resources in D4 block, also called KG-DWN-98/1.

Reliance Industries informed that the newly found oil reserve had an initial flow rate (IFR) of 596 barrels per day. Reliance had also found oil in Cauvery basin with IFR of 1000 barrels per day in July this year.

Kolkata: An IIFT functionary said that exporters will be hurt with the continuing rupee appreciation as against the USD dollar as they could soak up the exchange shock only upto Rs 42 per dollar.

Indian Institute of Foreign Trade director K T Chacko, said, “To our understanding exporters can absorb exchange shock upto Rs 42 for a dollar while now has breached the Rs 40 mark.”