@PharmaBiz: The Indian Health Ministry is making a strong move by forwarding proposals to be included in the Union Budget. It has addressed a proposal to increase the budget allocated for requisite manpower and infrastructure. The Health Ministry has also forwarded its request for setting up of medical device testing laboratories each worth INR 400 mn in order to strengthen regulatory framework for medical devices sector.

It has also made plea for exemption of customs duty of life-saving medical devices and consumables used with devices in special life-saving treatment procedures. A waiver in the customs has also been requested for radiopharmaceuticals used in diagnostic imaging and scanning. Added to these, on behalf of the industry, the Health Ministry has sought for rationalisation of duty exemptions to bring in clarity, as different medical devices have different level of exemptions under various entries in different notifications. Lastly, it has also suggested reduction in excise duty from current 10% to nil on locally purchased input for the manufacture of medical equipment, spares and accessories.

@PharmaBiz: Mumbai based OmniActive Health Technologies has recently made an approximate investment of INR 74.05 mn to set up a R&D centre in Prince Edward Island (PEI) in Canada. It happens to be the first Indian company to have done so. It aims to conduct research in terms of biochemical pathways to produce anti-ageing, womens’ health or mens’ health products.

OmniActive chose PEI for its lucrative business offer that includes highly competitive business cost for investor companies, a positive tax environment, labour rebates, easy transition in terms of superior infrastructure and excellent business environment for a strong food-agriculture sector. PEI also has a pool of skilled and educated labour force, strategic infrastructure and provides convenient access to major markets for business purpose.

@Business Standard: Leading steelmakers are foraying into acquisition of foreign coal assets in order to avoid dependence on foreign mining majors for coking coal imports. Annual imports of coking coal are around 30 mn tons. Since most of the steel production is blast furnace based, imports is expected to rise to 65 mn tons by 2014-2015. Australia accounts for 85% of the coking coal imports to India. Price of coking coal imports is pegged at INR 11,602.1 Indian firms have realized the risk of depending on one primary source for coking coal. Jindal Steel and Power Limited have obtained mining rights in Mozambique. Company has a 10 mn ton coal mining project in Mozambique that is expected to start production this year. International Coal Ventures Limited also plans to acquire coal assets by the end of this year in Austalia, US or Mozambique.

@Outlook India: India will commission a new Uranium mine and processing plant in Jharkhand. The Mouldih mine in Jharkhand is expected to produce 500 tons of uranium ore per day. The uranium ore will be processed in the Turamdih mill which can process 3000 tons of ore per day. The processing capacity of the Turamdih mill will be increased to 4500 tons per day. The mine is yet to receive regulatory clearance.

India currently operates 20 nuclear power plants with an electricity generation capacity of 4780 MW. The Uranium Corporation of India Limited has operational mines at Bagjata, Jaduguda, Bhatin, Narwapahar, Turamdih and Banduhurang. UCIL also has two processing plants at Jaduguda and Turamdih.

@Forbes: New York based Fast Company that is recognised as the world’s progressive business media brand recently launched an editorial issue The World’s 50 Most Innovative Companies. The list included companies from varied genres like technology, internet, higher education, healthcare and fast food chains. Apart from big names that made to the list, Bangalore based Narayana Hrudayalaya Hospital featured among the top 50 innovative companies.

Narayana Hrudayalaya featured in the list for its endeavour to bring low-cost, high-quality healthcare to more than a billion impoverished people in Southern India through its relentless focus on cutting costs and improving efficiencies.