The Mint Report for 6 October 2011

The Mint Report for 6 October 2011

Apple’s former CEO, Steve Jobs is no more. On Wednesday, the 56 year old magician of silicon finally lost his battle with cancer, but not before wowing the world with some of the most breath taking products that technology has created. Hailed as the creative visionary par excellence, he changed the way the world listened to music, communicated on the phone and before all that, used the computer. The Mac came first, then the iPod, the iPhone and more recently the iPad. All along, Jobs continuously introduced products that were high on technology and simplicity. At his brief stint at Pixar he showed us what the marriage of animation and technology could do. A great entrepreneur, Jobs will be remembered for turning Apple into one of the world’s most valuable companies. News of his death came a day after Apple unveiled its latest iPhone.

Loading video ...

The Department of Industrial Policy and Promotion has raised serious doubts on RBI’s anti inflationary measures. According to DIPP, hiking interest 12 times in 18 months is a wrong step to control inflation. In a letter written to governor, Subbarao, DIPP has said that two thirds of inflation is due to commodities, caused by supply side issues and global problems. Any further rate hike will only complicate this problem and RBI should look at curbing speculative demand by increasing risk weight age. DIPP complies and releases the WPI data, which has been signaling slow growth, thus raising this concern.

The Law Ministry has given a green signal to the DoT to issue show cause notices to Idea Cellular and Spice. The two companies will be charged on violations in rollout obligations. In the case of Idea, the show cause notice is issued to the Punjab license, For Spice, it is for the Haryana and the Maharashtra license. Idea Cellular already has an ongoing tussle with the DoT.

To tackle the growing wastage of processed food and vegetables, the Ministry of Food Processing is demanding more money from the government. Submitting a written proposal, the ministry has asked for a near four-fold hike in their 12th Five-Year Plan. The Ministry has sought an allocation of 15,000 crore from the Planning Commission. They want to run different progressive schemes in the 12th Five-Year plan. The current allocation is 4,000 crores. The latest figure shows a wastage of 44,000 crore.