The Tribune, Chandigarh, India

	LN Mittal visits Bathinda refinery Steel tycoon and Chairman of ArcelorMittal inaugurates various units in the Rs 18,000 crore refinery Rajay Deep Tribune News Service Bathinda, February 5 Steel tycoon LN Mittal accompanied by his wife and senior officials of the Hindustan-Mittal Energy Ltd (HMEL) visited the Rs 18,000-crore Guru Gobind Singh Refinery, today. Mittal inaugurated various units in the plant and expressed satisfaction over the pace of construction work. Though their visit was kept a secret, highly-placed sources in the refinery said the Mittal couple drove to the refinery and spent about four hours at the facility. Chairman and Managing Director of Hindustan Petroleum Corporation Ltd (HPCL) Arun Balakrishnan also accompanied the Mittals. After planting some saplings, the Mittal couple pressed the start button of the Nitrogen compression unit. Then they visited the CDU-VDU unit¸ where they inaugurated the crude pre-flash unit. The dignitaries also inspected the FCC unit, main control room and a state-of-the-art laboratory. It was a surprise for all, when visiting one unit after the other, LN Mittal had interacted with the workers and enquired about their health and safety. Later, Mittal accompanied by Arun Balakrishnan, held a closed-door meeting with the board of directors and other senior officials of the refinery. According to reports, refinery officials told Mittal that about 95 per cent of the total construction work of the 9 million metric tonne per annum capacity refinery, with a captive power plant of 165 Mw had been completed. The refinery would be ready for trial run at the scheduled time, said officials. Mittal hailed the efforts of the staff in the refinery, saying that it was due to their joint efforts that the dream was about to come true. In a recent statement, officials had announced that the trial run of the refinery would take place around March 31, and it would start running at its full capacity by September, 2011.
	Agriculture growth target for 12th Plan at 4 per cent New Delhi, February 5 The Planning Commission today said the annual agriculture growth target for the 12th Five Year Plan (2012-17) would be set at 4 per cent as it was in the previous two plans. The Planning Commission deputy chairman Montek Singh Ahluwalia also said, "During the current five year plan (2007-12) we are likely to achieve average farm growth of about 3.5 per cent, which would be little lower than targeted 4 per cent." Ahluwalia who was conferred a doctorate degree of science by Indian Council of Agriculture Research (ICAR) here, stressed on the need for more investment in agriculture research. “The investment in farm research should be 2 per cent of agriculture gross domestic product (GDP) which ranges from 0.5-0.6 per cent at present,” he said. Ahluwalia also expressed concerns over relatively lower agriculture yields in India compared to the developed world. He pointed out that production could be increased only by reducing knowledge deficit. The government expects the agriculture sector growth output during 2010-11 at over 6 per cent, which is the highest in the Eleventh Plan. The farm growth is significant in the back drop of high food prices in the country. The performance of the farm sector was dismal in the previous fiscal as the growth was just 0.2 per cent against the annual average target of 4 per cent in the 11th Plan (2007-12), on account of widespread drought. In the first year of the 11th Plan, the farm growth was recorded at 4.7 per cent, which slowed down to 1.6 per cent in 2008-09. Besides, the annual average farm growth during the 10th Plan (2002-07) also missed the 4 per cent target, and grew instead at the rate of 2.13 per cent. The deceleration in agriculture growth, which began in the Ninth Plan (1997-02) period, has become a major area of concern as half of country's population derives greater part of their income from agriculture. The annual average farm growth which was 4.72 per cent in 8th Plan (1992-97), slowed down to 2.44 in 9th Plan and further to 2.13 per cent in 10th Plan period.
	Business jet Falcon to feature at Aero India New Delhi, February 5 Eyeing the growing private air charter market in India, Dassault aviation would showcase its long range business jet 'Falcon' at the upcoming Aero India show in Bangalore. Claiming 60 per cent share in the Indian aviation market in the long range/large cabin aircraft category, Dassault Falcon is consolidating its position with increased local customer support and parts services in the country, a company spokesperson said. Dassault Falcon is the part of French aircraft manufacturing company Dassault Aviation and deals with the Falcon business jet segment of the parent enterprise. “We have been encouraged about the potential for long term growth in the business aviation in India. Business jets are now seen in the region as a powerful tool to enable quick and convenient access to customers within the country and worldwide,” John Rosanvallon, president and CEO of Dassault Aviation said. Presently, more than 20 Falcons are operating in the country from Delhi, Mumbai, Bangalore and Hyderabad. Another 15 aircraft are scheduled for delivery to Indian customers within the next two years. Almost half of the order for the new aircraft are for the Falcon 7X aircraft which is the first business jet with fully-digital flight control systems. The company has now based a customer service manager and opened a new spares distribution center in Mumbai. On potential of the company in the Indian market, Rosanvallon said, “I have no doubt...that we will maintain good market share.” — PTI
	Investors looking beyond Egypt London, February 5 Financial market wobbles caused by turmoil in West Asia have done little to stop investors positioning themselves for a further rally in stocks and other riskier assets as economic growth accelerates around the world. In fact, rising oil and food prices — the former exacerbated by the unrest in Egypt and Tunisia — are reminding investors of growing inflation risks, which also reinforce the case to buy equities, commodities and other risky assets rather than bonds and money market instruments. World stocks measured by MSCI erased early losses last week to hit 29-month highs. The benchmark index has risen 3.4 per cent since the start of the year and is on track to post its biggest weekly gain in two months. Risk aversion also proved temporary. The VIX index -- Wall Street's fear gauge -- fell below 17 perc ent on Thursday having briefly jumped above 20 late last week. "Rising energy and food prices have pushed up global inflation in recent months. Since global economic growth has simultaneously picked up, there is a growing risk that this price increase is not just a temporary phenomenon," said Philipp Baertschi, chairman of the investment committee at Sarasin. "The economic environment for risky assets should remain positive in the months ahead. We are therefore sticking to our slight overweighting of equities. We aim to use any corrections to build up risky assets further." He said a 5-10 per cent correction in stocks was now overdue given the virtual non-stop rally since September 2010, adding that Sarasin favours energy and technology sectors. — Reuters
	Investor Guidance Gratuity up to Rs 10 lakh exempt from tax by AN Shanbhag Q: I retired from Punjab State Electricity Board on 29-02-2008. I received Rs 3.5 lakh as Gratuity. As a result of Pay revision with effect from 1-06-2006. My pension was revised and I was paid an additional gratuity of Rs 93,526 in December 2010. Is the gratuity amount thus received now taxable with reference to Notification 43/2010 dated 11-6-2010. (regarding revision of gratuity from Rs 3.5 lakh to Rs 10 lakh.) — MS Aulakh A: We do not know whether Punjab State Electricity Board belongs to the State Government and/or are covered by Payment of Gratuity Act, 1972. The following is the comprehensive information related with taxability of gratuity. 1. Any death-cum-retirement gratuity received under the pension rules (or any similar scheme) by employees of central or state government, any local authority or defence and civil services is wholly exempt u/s 10(10i). 2. Gratuity received under the Payment of Gratuity Act, 1972 is exempt u/s 10(10ii) up to a limit of gratuity paid at the rate of 15 days (last drawn) salary per year of completed service or part thereof in excess of 6 months or Rs 10 lakh (raised from Rs 3.50 lakh). 3. U/s 10(10iii) in the case of employees of other statutory corporations and employees in the private sector to whom the Payment of Gratuity Act is not applicable, gratuity received by an employee on his retirement or on his becoming incapacitated prior to such retirement or on termination of his employment, or any gratuity received by his widow (but not a widower??), children or dependants on his death, the exempt amount would be the least of the following : * The actual amount of gratuity. * Half month’s salary for number of years of service calculated on the basis of average salary for the last 10 months. * Rs 10 lakh This limit was Rs 3.5 lakh prior to Notification 43/2010 dt 11.6.10. This raised limit is applicable to the employees who retire or become incapacitated prior to such retirement or die or whose employment is terminated on or after 24.5.10. Salary includes DA if the terms of employment so provides but excludes all other allowances, bonuses, commissions and perks. The payment of gratuity, while the employee is still in service, does not qualify for any exemption. Gratuity received from a previous employer will be pooled with gratuity received from the present employer for computation of the exempt limit. Employment relieving period Q: I have joined a private pharmaceutical company as Assistant Manager. My appointment letter states that I have to give a notice period of 3 months before leaving the company failing which I have to reimburse / refund an amount equal to my 3 months salary. The company on its part, shall give me only one-month notice before relieving me. Can any company bind you for 3 months like this? And can the company sue me and recover dues if I leave before 3 months. I am much worried because I have seen companies recovering the stipulated amount. Are there any provisions in Indian Constitution or Contract Act which can get me out of this liability? — Deepak Mittal A: You have signed a contract with the company and as such agreed with the conditions of the contract. If you were not happy with the conditions laid out, you should not have signed the letter. Signing the letter indicates your acceptance of the terms as laid out in the employment contract. You are not in a position to get out of this. The company may not sue you, but recover the amount from the various amounts payable to you. One additional point we would like to bring to your notice. The amount recovered by the company will be treated as your personal expenses and cannot be deducted from the salary you have received or is receivable for tax purpose. OCI card Q: I was born in India and migrated along with my wife - born in Manchester, England , about 36 years ago. We both wish to apply for OCI card. We have been married for 46 years. Is my wife (who is not an Indian) eligible to apply? — MV Sharma A: Yes, she is eligible, by virtue of having married a person of Indian origin. The spouse of a person of Indian origin is deemed to be of Indian origin in the eyes of the law. The authors may be contacted at wonderlandconsultants@yahoo.com
	Aviation Notes Safety norms being ignored at Delhi, Kochi Airports by KR Wadhwaney While renovating, upgrading and constructing new airports in the country, authorities have been blatantly unconcerned about essential safety norms and security. Several shortcomings and loopholes have been detected at Delhi and Kochi. Body scanners at the Indira Gandhi International Airport (IGIA), New Delhi have been found to be defective and sub-standard. They failed to detect 100 grams of RDX hidden in double-triple plastic bags. The machines failed to detect sophisticated assault weapons. The Intelligence Bureau (IB), the Bureau of Aviation Security (BAS) and the Central Industrial Security Force (CISF), recently, inspected the machines in the presence of officials of the manufacturers and found them to be defective. Violations about the height of Shiva Muratia, which stands in path of a new third Runway has been discussed. When it was installed in late 1960s, there was no third runway and the height of the statue was given as252.1 m while it is actually 263.5 m. The temple trust has denied that statue exceeds permissible height and it has also raised vital questions as to why the Airports Authority of India (AAI) agreed for construction of new runway on the location. Meanwhile, a fresh notice has been issued to temple authorities. The northern access road to the IGIA runs through the airside . Instances have occurred when people have climbed the boundary . It is a positive security hazard. As complaints against violations are rising and security authorities are up in arms, the Delhi International Airport Limited (DIAL) has decided to install CCTV cameras . Why cannot a permanent solution be found so that security and safety are not compromised? There have also been serious lapses at the Kochi Airport. A case has been registered under aircraft safety rules.