he Centre has approved a proposal to set up a Petroleum, Chemical and Petrochemical Investment Region or PCPIR in Cuddalore and Nagapattinam districts of Tamil Nadu. The proposal had come from the government of Tamil Nadu. 

Chemicals and Fertilizers Minister Srikant Jena said this in a written reply in the Lok Sabha today. He said the Centre will give 2643 crore rupees for the project which envisages the construction of desalination and effluent treatment plants as also rail infrastructure.

In reply to another question, Mr. Jena informed the House that the Centre has also approved proposals for setting up similar Petroleum, Chemical and Petrochemical Investment Regions or PCPIRs in the Visakhapatnam-Kakinada region in Andhra Pradesh, Paradip in Odisha and at Dahej in Gujarat.

 India's oil import bill in terms of value increased from 409,077 crore rupees in 2009-10 to 726,386 crore rupees in 2011-12.

This increase was due to the rise in the prices of crude oil and petroleum products in the international market, depreciation of the rupee and increase in domestic consumption of petroleum products from nearly 138 million metric tonnes in 2009-10 to 148 million metric tonnes in 2011-12. This was stated by Petroleum Minister Jaipal Reddy in the Lok Sabha today.
　
In a written reply, he said consumption and exports of value-added products during 2011-12 contributed to the higher level of the country's GDP. The increase in refining capacity has reduced India's import dependency on petroleum products.

The country exported petroleum products worth two lakh eighty-four thousand and six hundred forty-three crore rupees during 2011-12, the Minister said.

Praguay today invited Indian bussinessmen to invest in that country. Addressing a bussiness meet in New Delhi today the visiting Praguay President Mr. Fernando Lugo Mendez said that a huge untapped market exists in the Latin American region for both the countries to benifit from. He invited the bussiness to invest in the field of Agriculture, agri-product, energy, pharmaceuticals, mines, minerals, tourism and information technology. The visiting dignatory asserted that his country offers a young workforce and economic stability with low fiscal load on the government.


AIR correspondent reports that the bilateral trade between the two countries stands at 152 million US Dollars and Indian companies have a very thin presence in that country. With 6 million population, the country has a GDP of 23.9 per cent . It has the 5th reserve of Petrol world wide.

he Punjab Government has decided to abolish octroi on Petrol and Diesel in the state. This decision was taken in a cabinet meeting under the chairmanship of Punjab Chief Minister, Parkash Singh Badal at Chandigarh last evening. A spokesman of the state government said that the decisoin will provide relief to the people.

At present one percent octroi was charged on petrol and two percent on diesel. The spokesman also said that Octroi was also adversely affecting the sale of products in the urban areas, which are adjacent to the other states. Cabinet also gave nod to amend municipal acts in this regard and to issue ordinance.
OCTORI: local tax collected on various articles brought into a district for consumption.

Many welfare schemes, unemployment allowance and housing scheme for urban poor people were announced in the Rajasthan budget .Chief Minister Ashok Gehlot on Monday presented the budget for year 2012-13 in the state Assembly. VAT on Petrol ,and cars below 10 lakh Rs has been reduced by 2%. VAT on 2 wheelers has also been reduced from 8 to 4%.VAT on Tobacco products and Pan Masala has been increased 40% to 50%.In an another important announcement Mr Gehlot proposed constitution of Vidhan Parishad in the state.8650 Cr Rs fiscal deficit has shown in the budget. AIR correspondent reports, emphasis on energy, youth and social sector has given in the budget. The Chief Minister announced to provide 44000 laptops to meritorious students and 500 Rs unemployment allowance to economically backward graduates. 6 New universities will also be established in the state. A special task force to prevent female foeticide and a police battalion to check illegal mining has proposed in the budget. Nearly 80 thousand posts will be created mainly in Police, Health and Education departments.16 mega highways, 1860 Megawatt increase in power production and introduction of Chief Minister Rural employment scheme are the other highlights of the CMs budget speech.

Goa Chief Minister Mr. Manohar Parriker who also holds the finance portfolio on Monday presented state's budget for the 2012-13.The Budget is estimated to be to the tune of 9549 crore rupees. It was 8022 crores in the last fiscal, showing an increase of 19%.

Abolition of VAT on petrol price, monthly dearness allowance of 1,000 rupees to housewives, completion of six lane Zuari bridge within three years, so also construction of additional six bridges, stipend of 3000 rupees to unemployed,an assistance of one lakh rupees to a marrying girl under Laadli Laxmi scheme, special voluntary retirement scheme for those who have completed 15 years of service with full pension,Increase in pension in Dayanand Social Security Scheme from 1000 to 2000 rupees, Housing scheme for accredited journalists are some of the highlights of the budget.