Worker output up: ILO

New Delhi, Sept. 2: Productivity levels in south Asia have risen around 50 per cent in the past decade and the share of working poverty has “decreased tremendously”, the International Labour Office (ILO) said today. The ILO report showed a rapid increase in productivity, measured as output per person employed, in south Asia, to $7,998 in 2006 from $5,418 in 1996. However, workers in the region still produce only one-eighth of what a worker in a developed economy does.

Fuel blending

New Delhi, Sept. 2: The government is likely to make blending 5 per cent ethanol with petrol mandatory from the next sugar season, starting October 2007. “A group of ministers on sugar has recommended compulsory blending of petrol with 5 per cent ethanol, while 10 per cent will be optional,” a senior government official said.

Double tax

New Delhi, Sept. 2: The income tax department has sought a ruling from the Supreme Court on a high court decision that dividend income was non-taxable if it came from an entity in a country that has a double taxation avoidance agreement with India.

Mining policy

Mumbai, Sept. 2: The new mining policy is expected to help foreign and domestic firms invest in the exploration and mining of gold and diamonds, while cutting down the country’s over-dependence on imports.

Reliance coin

New Delhi, Sept. 2: Reliance Money will launch low-end variants of gold coins to cash in on the festive season. “We plan to launch gold coins of 0.5 gm, 1 gm and 2 gm before Diwali to meet the demand from lower-income segments,” said CEO Sudip Bandyopadhyay.

IMF boss

Paris, Sept. 2: France’s Dominique Strauss-Kahn, a former economy minister, is a favourite in the two-horse race to become the next leader of the International Monetary Fund (IMF) as the deadline for nominations expired this weekend.

Asean trade

New Delhi, Sept. 2: The Asean, with which India is negotiating a free trade agreement, has emerged as a leading destination for India’s exports, which recorded a growth of 257 per cent in the region in 2000-2006, an analysis by Assocham showed.