INDIAN NEWSPAPER HIGHLIGHTS - AUG 30, 2008.

NEW DELHI, Aug 30 Asia Pulse - Highlights of today's newspapers:

THE ECONOMIC TIMES

- Even as analysts talk about India continuing to be the second-fastest-growing economy, the Reserve Bank of India (RBI) has sought to inject some caution. The central bank has said the resilience of India and other emerging markets cannot be guaranteed and has warned about moderation in growth. In its annual report for 2007-08, the central bank also pointed out that there's uncertainty on how long the divergence between growth of advanced and emerging economies will continue. The annual report said outlook on capital flows to the emerging markets remains uncertain. On one hand, a massive injection of liquidity by central banks of developed economies has lead to large capital inflows to emerging markets. On the other hand, a change in global sentiments or monetary policy actions. While emerging markets have remained resilient so far, there is uncertainty as to how long and to what extent the divergence of growth performance between advanced economies and emerging economy will persist in the future, said the report.

- Reliance Industries (RIL) has received permission from the upstream regulator, the Directorate General of Hydrocarbon (DGH) nod to transfer an 80% stake in the D-6 assets in the Krishna Godavari (KG) basin to four unlisted subsidiaries. RIL has sought government's approval to transfer 80% of D-6 block to four unlisted subsidiaries. The DGH has said that the RIL proposal was in line with provisions of the production sharing contract (PSC).

THE FINANCIAL EXPRESS

- One of the leading providers of micro-controller and analong semiconductors, Microchip Technology Inc., on Friday announced that it would invest USD 65 million in India over the next five years. The investment was expected to create 300 new jobs at its wholly-owned facility, the India Development Centre located at Whitefield on the city outskirts, Microchip Technology Executive Vice-President Ganesh Moorthy told reporters in Bangalore after the formal inauguration of the Centre.

- Irked by constant intimidation of its workforce by agitating Trinamool Congress workers, Tata Motors has evacuated its manpower from Singur. None of the 600-800 engineers, executives and technocrats came to work since last night after the management decided to pull out the workforce, including about 500 construction workers, sources close to Tata Motors said. Asked if it was a precursor to pull out the project to manufacture the world's cheapest car 'Nano' from the state, the sources said currently, the thinking is not on that line, as safety of workers has taken the precedence because of prevailing tension.