Saturday, December 31, 2011

New Year Wishes

Prosperous New Year 2012

As the year comes to an end , and a new year begins, it reminds us of the flow that keep us going, be it highway or midway, easy or difficult, good or bad, essence lies in moving ahead with prosperity and peace.

On this happy occasion the entire team of ITCSA

 wishes you a Happy & Prosperous New Year 2012 

Sunday, December 25, 2011

Merry Christmas

Christmas is a state of mind when you cherish peace and goodwill.
The real spirit of Christmas is to have mercy, love and faith

                               Merry Christmas

Sunday, December 18, 2011

vocabulary GENIUS

 The person who made this sentence must be a vocabulary GENIUS.
 An Engaging  Read Indeed .......

"I do not know where family doctors acquired illegibly perplexing
 handwriting; nevertheless, extraordinary pharmaceutical
 intellectuality counterbalancing indecipherability,
 transcendentalizes intercommunication's incomprehensibleness ".

  This is a sentence where the first word is one letter long, the second is
 word of two letters; the third word is three letters long ............
 the 8th word is 8 letters long and so on ... the 20th word is 20
 letters long !!


Saturday, December 3, 2011

India goes to WTO against US dubbing export schemes as subsidies

INDIA has moved the World Trade Organisation (WTO) over a recent US decision to categorise 50-odd export promotion schemes as subsidies. Washingtons decision will come into effect from next year on all Indian exports as notified by the United States to WTO, government sources said today. "Before that," informed a commerce ministry official, "the government has sought consultations with the US under the framework of trade diplomacy of WTO. Therein, we would discuss the issues for clarification," he told Business Standard. Americans move, he said, was "absurd". For, it has dubbed every export scheme as subsidy. "This can attract double duty -- of anti-dumping (AD) as well as CVD (countervailing duty)," he pointed out. Another official explained that such a move could have a "devastating impact" on the Indian trade with the US. The recessionary trend in Europe has already pulled exports down. US is an important trade partner of India. So, even if the government extends market-focused schemes for Indian exporters to tap new markets in Africa and Asia. India is the 12th largest goodstrading partner of the US. The goods trade was worth $48.8 billion (two ways) last year. Americas goods-trade deficit with India was $10.3 billion in 2010, with goods exports at $19.2 billion and goods imports at $29.5 billion. In 2009, the trade in services with India (exports and imports) totalled $22.3 billion. Officials say the problem lies with the US governments "extremely broad" definition of CVD. It includes all export incentives given by the central or any state governments under any scheme, the Special Economic Zones Act and any rule on procurement from public sector units or loans from public sector banks. For negotiations, the government is banking heavily on the judgement of the WTO Appellate Body (WAB) issued early this year. It favoured China in a case where the US had imposed CVD on certain exports to that East Asian nation, on the ground that direct loans from state-owned commercial banks and organisations implied controlled pricing. The WAB judgement stated that a government control on pricing could be assumed only if the entity was vested with necessary governmental authority; it isnt sufficient to be merely owned or controlled by government. Similarly, the US had aggressively used CVD on Indian steel some time ago. In addition to the AD, a 21.95 per cent CVD was put on Essar Steels products since 2008. Then, in January this year, after a review of US steel imports from India, a whopping 586.43 per cent CVD was put on exports of Tata Steel. In this case, commerce ministry officials argued that NMDC was an independent entity, where the government had no role in fixing the price. The imposition of CVD and AD would "substantially accelerate" the costs for the American importer of Indian goods in his country, the ministry official said. -