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Indian Grand Prix would boost motorsports: Mallya
With Formula One Supremo Bernie Ecclestone giving a categorical assurance that the Indian Grand Prix is very much on, Force India Chairman Vijay Mallya today said the 2011 race would be a huge boost both for motorsports and the outfit he owns.

Assocham calls for consolidation of banks
Industry body Assocham today called for consolidation in the Indian banking sector without any delay to enhance global competitiveness, despite dithering of RBI on the issues.

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Ian Lancaster new CEO of Reliance MF's Malaysian arm
Anil Ambani group firm Reliance Capital Asset Management today announced appointment of Ian Lancaster as the CEO of its Malaysian subsidiary, which has been set up to tap the fast-growing market for products complying with Islamic law.
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Govt to impose hefty penalty on extra tobacco cultivation

The government will impose a hefty penalty of 15 per cent of sale proceeds if farmers produce more export quality tobacco than the quota allotted to them by the Tobacco Board for the current year. - Chennai scientist develops drought resistant plant nutrients - "TN losing Rs 1,440 cr due to free power supply to farmers" - Punjab to launch IPM technology in basmati growing area - Need to enhance investment in agri-sector: Pawar - Food insecurity and hunger still a big problem: Report - Bingo: More for less The penalty was 5 per cent in 2008-09 season. But farmers exceeded the quota by about 18 per cent, tempted by almost 100 per cent increase in prices of the flue-cured variety (FCV) of tobacco, grown largely in Andhra Pradesh and Karnataka. "The penalty has been increased to discourage farmers from cultivating surplus FCV tobacco," Tobacco Board Chairman J Suresh Babu told PTI. India, a signatory to the World Health Organisation- sponsored Framework Convention on Tobacco Control, is under international pressure to bring down tobacco cultivation, he said. "Now, the planting of 2009-10 season (October-January) has begun in Andhra Pradesh. I hope growers will not violate the quota of 170 million kg fixed for the state," Babu said. Last year, the two states cultivated an excess tobacco of 48 million kg. The average price of tobacco, in 2008-09 season, almost doubled to Rs 84 a kg in Andhra Pradesh, while in Karnataka rates rose to Rs 109 a kg from Rs 59 a kg in 2007-08 season. India, a major tobacco exporter, earned $308 million (around Rs 1,440 crore) from overseas shipments of the commodity in the April-August period of 2009-10. In 2008-09 season, FCV tobacco production stood at 318 million kg, compared to the quota of 270 million kg, according to the official data. The Board, which regulates production and sale of FCV tobacco, has set the crop size for 2009-10 season at 270 million kg. The quota for Andhra Pradesh would be 170 million kg, while for Karnataka 100 million kg.


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