The Hindu Business Line : IIFT to set up branch in Kolkata

Making the announcement at an interactive session organised by the Indian Chamber of Commerce (ICC) here today, the Union Commerce Minister, Mr Kamal Nath, said it would come up in a seven-acre piece of land, at an initial cost of Rs 10 crore (funds already apportioned).

He said talks have been concluded with the State Chief Minister, Mr Buddhadeb Bhattacharjee, and "once land is made available to us, we will start construction".

Pointing out that the campus will also have residential accommodation, the Minister said the plan was to make the Kolkata branch functional immediately on rented premises.

He also announced that the draft of the new duty neutralisation scheme, in place of the Duty Entitlement Pass Book Scheme (DEPB), which has already been put on the Commerce Ministry's Web site, would become operational by January 1.

Developed nations should cut agri subsidy: Commenting on the WTO issue of cut in agricultural subsidies by developed countries, both export subsidy and domestic support to the farm sector, Mr Kamal Nath said India has made it amply clear that domestic support to farm sector must go if the US wants greater market access in developing countries.

EU, he pointed out, was likely to make a fresh offer soon on the likely cuts. US, the Minister pointed out, offers a subsidy of 47 per cent on cotton. He called for a level and fair field in the multi-lateral trading system under WTO.

Suggesting that India, seen as the fastest growing open market economy in the world today, should engage more vigorously with the global economy, the Minister said Regional Trading Arrangements (RTAs) have to be seen as a very important component of this economic engagement.

Expressing hope that the SAARC Free Trade Area (SAFTA) agreement to come into existence from January 1, 2006, Mr Umang Kanoria, President, ICC, said it would be important that exporters and business organisations in the Eastern and North Eastern regions, like the ICC, are closely involved in the Commerce Ministry's promotions and deliberations on these FTAs and RTAs, so that the direct stakeholders can benefit from the process. Commenting on the synergies between the north eastern States, eastern region and the neighbouring countries of Bangladesh, Bhutan, Nepal, Myanmar, Laos, Cambodia and Thailand, Mr Kanoria said the region was a huge reservoir of energy resources and minerals, and offered immense bio-diversity and tourism resources.

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