India celebrates silver jubilee of `83 triumph

Cricket-crazy India yesterday celebrated 25 years of the greatest triumph it has achieved so far in the sport by reliving the historic 1983 World Cup glory.

National dailies and television channels here paid glowing tributes to `Kapil`s Devils`, going down memory lane to recreate the moments leading up to the victory that changed the cricketing landscape of the country.

In fact, a documentary reviving the memories, complete with interviews of the victorious team members, was released today to mark the occassion.

The men who made it happen, however, are not here. Kapil Dev and his teammates are in London, where 25 years ago they went as no-hopers but came back heroes.

They are set to be felicitated all over again at Lord`s and will also celebrate their achievement at a dinner hosted by Sunil Gavaskar, an integral part of the 1983 World Cup team.

BCCI President Sharad Pawar will be their to honour the team all over again.

They have already been felicitated by the Indian Board, which gave away Rs 25 lakh to each member of the triumphant squad.

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Although Kapil`s alignment with the rebel Indian Cricket League (ICL) has made him a pariah for the Board, the differences were firmly put on the backburner when the Board honoured the legendary all-rounder for achieving a feat that no other Indian captain has managed to emulate.

Before the BCCI felicitation, the team came together to play a round of golf and take a walk down memory lane.

And the stories they revealed ranged from having to wash their own laundry during the tournament to save money to reminding a British journalist of his promise to eat his words for saying that a weak team like India should not have been allowed to play in the World Cup in his preview.

That sports writer washed down his words quite literally with a glass of wine and cricket took its first step towards becoming a religion in India.

India ranked 74 on corruption index among 180 nations

New York, June 26: India has been ranked a lowly 74, two steps down since last year, among 180 countries of the world on the worldwide Corruption Perceptions Index (CPI), prepared by independent international agency Transparency International.

However, corruption is much higher in Pakistan which occupies 140th place, a little below Iran, Libya and Nepal which are ranked 133, 134 and 135 respectively.

Meanwhile, China which was ranked a joint 72 with India in 2007, slided a step down to occupy a place above its neighbour this year.

Among other Asian countries, Russia is placed still lower on 145, while Sri Lanka occupies the 96th position and Maldives is ranked 90.

The least corrupt country in the region is the nascent democracy Bhutan, which has been placed at the 41st spot by the Non-Government Organisation Tracking Prevalence of Corruption Worldwide.

Denmark, Finland, New Zealand, Singapore and Sweden corner the top five spots retaining positions as the least corrupt nations of the world, while bottom of table is occupied by Myanmar and Somalia.

The United States also retains its position and is ranked 20th, just below Germany, Ireland, Japan and France. Besides, Britain occupies the 13th spot and is just ahead of Hong Kong.

Gulf to earn $1.3 trillion from oil in two years: Report

Kuwait City, June 21: The oil-rich Gulf Cooperation Council (GCC) states are projected to earn close to USD 1.3 trillion in oil revenue in 2008 and 2009, a Kuwaiti economic report said on Saturday.

The six-nation alliance -- Bahrain, Kuwait, Oman, Qatar, United Arab Emirates and Saudi Arabia -- earned USD 364 billion from oil in 2007, the Al-Shall Economic Consultants said in its weekly report.

The GCC oil revenues are projected to reach 636 billion dollars in 2008 and USD 657 billion in 2009, Al-Shall said.

Oil powerhouse Saudi Arabia`s earnings in the two years will be just under USD 700 billion. The kingdom posted USD 194 billion in oil revenues in 2007.

The six states, which boast just less than half of the world`s crude proven reserves, produce around 16 million barrels per day, or just under one-fifth of the world`s consumption.

Petrol and Diesel price may be reduced

Petrol and diesel prices will be reduced by about Re 1 per litre and 50 paise, respectively, if states agree to forego incremental sales tax revenues they stand to earn on this week's fuel price hike.

States like Andhra Pradesh, Kerala, Karnataka, Punjab and Uttar Pradesh stand to gain over a rupee in sales tax on every litre of petrol sold and over Rs 0.50 on diesel after this week's Rs 5 and Rs 3 hike in the two auto fuel prices.

Petroleum Minister Murli Deroa on Thursday wrote to chief ministers of 30 states and union territories asking them to ''at least forego the incremental tax'' revenues so as to ease the burden of spike in international oil prices on common consumers.

''It is the duty of both Central and State Governments to provide maximum relief to the consumers... (while) the Central Government is contributing over Rs 120,000 crore, it is also expected that the state governments will not lag behind in helping the consumers in sharing their burden,'' he wrote.

Centre has cut customs and excise duties on crude oil and products to protect consumers. Foregoing the incremental sales tax revenues will not in any way impact the state earnings.

Andhra Pradesh, which has the highest sales tax of 33 and 22.25 per cent on petrol and diesel, is earning Rs 1.38 and Rs 0.59 a litre extra. In Mumbai that has a sales tax of 30.64 and 28 per cent, incremental revenue will be Rs 1.17 and Rs 0.75 respectively.

Akali Dal-BJP ruled Punjab levies a 31.68 per cent sales tax on petrol and will earn Rs 1.16 per litre more sales tax.

So far, West Bengal, Bihar and Tamil Nadu have cut sales tax on the two fuel to minimise the June 4 hike.

Oil and Gas price hipe

In 1999, the price of oil hovered around $16 a barrel. By 2008, it had crossed the $100 a barrel mark. The reasons for the surge ranged from the relentless growth of the economies of China and India to widespread instability in oil-producing regions, including Iraq and Nigeria's delta region. Triple-digit oil prices have redrawn the economic and political map of the world, challenging some old notions of power. Oil-rich nations are enjoying historic gains and opportunities, while major importers — including China and India, home to a third of the world's population — confront rising economic and social costs.

Managing this new order is fast becoming a central problem of global politics. Countries that need oil are clawing at each other to lock up scarce supplies, and are willing to deal with any government, no matter how unsavory, to do it.

In many poor nations with oil, the proceeds are being lost to corruption, depriving these countries of their best hope for development. And oil is fueling gargantuan investment funds run by foreign governments, which some in the West see as a new threat.

Countries like Russia, Venezuela and Iran are flush with rising oil revenues, a change reflected in newly aggressive foreign policies. But some unexpected countries are reaping benefits, as well as costs, from higher prices. Consider Germany. Although it imports virtually all its oil, it has prospered from extensive trade with a booming Russia and the Middle East. German exports to Russia grew 128 percent from 2001 to 2006.

In the United States, as already high gas prices rose even higher in the spring of 2008, the issue cropped up in the presidential campaign, with Senators John McCain and Hillary Clinton calling for a federal gas tax holiday during the peak summer driving months. And driving habits began to change, as sales of small cars jumped and mass transit systems across the country reported a sharp increase in riders.