The tourism industry is likely to suffer major losses in the coming times, following the recent terror attack in Mumbai. Tourism sector is already facing the heat of the global slowdown, causing 20 per cent drop in the business. Many foreign countries such as US, France and Australia are advising their citizens to refrain from traveling to India till the recovery of normalcy. Their warning becomes more important when the terrorists in India are targeting the foreign nationals.

The fiscal deficit of the government has increased to Rs 1,17,070 crore till October 2008. Its revenue is decreasing while spending is continuously increasing, causing heavy burden on the state exchequer. The fiscal deficit amounts to 88% of the targeted deficit estimated in the budget.

The Telecom Regulatory Authority of Indian is in favor of market-based determination of prices of 2G licenses. The statement from the regulatory body came after the criticism of the union minister for Communication and IT, Mr A. Raja, on the issue of allotting spectrum without auction.

The chairman of TRAI, Nripendra Mishra said that the license should be allotted on the basis of the prevailing market prices. There is a need to develop a mechanism to capture the market prices for the license, for the maximum earning of state exchequer and bring more transparency in the system. He disclosed that the government had not asked for its views on spectrum allocation.

Terror stricken Mumbai would take more time to resume normal air services. The air services are expected to be further hit in the coming days, following the impact of the terrorist attack on the financial and entertainment capital of the nation. Leading international carriers halted air services after the attack and marginally resume on Friday. The Mumbai airport witnessed 13 cancellations by the carriers like GoAir, Indigo and Kingfisher.

Bharat Sanchar Nigam Ltd (BSNL) has announced the launch of BlackBerry services by next month. BSNL Director (Finance) S D Saxena, speaking on the sidelines of a CII conference said, "We are well on track to launch our BlackBerry services by next month."

In view of the terror attacks in Mumbai, India's Champions League cricket tournament has been postponed. Teams from Australia, South Africa, England and Pakistan, along with the hosts India, were to take part in the inaugural edition of the showbiz event from

December 3-10. Bangalore, Chennai and Mumbai were the three venues. Lalit Modi, chairman of the Champions League board stated, "We couldn't get a third venue to replace Mumbai at such short notice." The teams were to stay at the Taj Mahal Palace hotel, one of the chief targets of Wednesday's attack.