The Mint Report for 03 March 2010

The Mint Report for 03 March 2010

The government has indicated it does not plan to rollback the hike in fuel prices. Several allies of the Congress party including the DMK indicated on Wednesday that they had no intention of withdrawing support from the UPA government over the issue. Earlier in the day finance minister Pranab Mukherjee held meetings with both members of the Congress party and its allies to explain the reasons for the fuel price hike. India subsidizes fuels like petrol and diesel when they’re sold on the retail market in order to control inflation.

The government may have declared the next 10 years India’s decade of innovation, but a new survey indicates it’s only falling behind. Accoring to the Global Innovation Index, India has fallen 13 places to number 56 out of 130 countries. India’s rank stood at 43 in last year’s index, though that survey only included 107 nations. Major reasons cited for India’s poor showing include lack of political stability, lower broadband penetration and poor infrastructure.

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India’s service’s industry grew at their fastest pace in more than a year in February. The Purchasing Managers’ Index for services rose 60.9 last month from 59 in January. Any number above 50 in the index indicates a gain.

Ranbaxy says it will not be able to launch a generic drug on time because it hasn’t got approval from American regulators. The drug, which is a generic version of urinary drug Flomax, was to be launched in the U-S this month and was expected to produce $93 million in sales during an exclusive 180-day marketing period.

Markets rose for a third straight trading day on Wednesday. The Sensex went up 227 points to end at 17,000 and the Nifty gained 71 points to close at 5,088.

The Mint Report, DMK, Fuel Prices, Rollback, Innovation Index, The Purchasing Managers’ Index, Ranbaxy , Pharma, Sensex.