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fastest eco growth rates expected to be in Southeast Asia UNITED NATIONS, Apr 22: The world’s fastest economic growth rates are expected to be in........more
IT stocks continue to NEW DELHI, Apr 22: Despite bouncing back by Nasdaq, IT stocks continued to tumble at the....more NEW DELHI, Apr 22 : The Cabinet Committee on Disinvestment (CCD) today decided to meet...more |
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Foreign currency
reserves up by USD 164 million MUMBAI, Apr 22 : Foreign currency reserves of the country increased by USD 164 million to USD 38,341 million in the week ending April 14, 2000, compared to the previous week. The growth in reserves was mainly on account of foreign currency assets going up by USD 160 million to USD 35,359 million during the week, according to Reserve Bank of India’s Weekly Statistical Supplement here today..........more NEW DELHI, Apr 22: The Cabinet Committee on Economic Affairs (CCEA) today approved a.....more Outlay for development of NEW DELHI, Apr 22: The Government today sanctioned an outlay of Rs 142.48 crore for the ...........more |
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World’s fastest eco growth rates
expected UNITED NATIONS, Apr 22: The world’s fastest economic growth rates are expected to be in South and Southeast Asia which will collectively reach about 6.2 percent each in 2000 and 2001 compared with 5.8 percent in 1999, according to latest figures released here. The most vibrant growth will be in South Korea (8.2 and 7.3 percent in 2000 and 2001 respectively), followed by China (7.5 and 7.6 percent), Malaysia (7.2 and 6.9 percent) and India (6.5 and 6.8 percent). In a report titled ‘global economic outlook’, the UN says that most crisis-affected East Asian countries have been recovering at a robust pace since 1999, with South Korea leading the group with a record 10.7 percent growth in 1999. The financial crisis of mid-1997 virtually destroyed the economies of Thailand, Indonesia, South Korea and the Philippines. As a result, the International Monetary Fund (IMF) had to bail out South Korea with 58 billion dollars in financial assistance, Indonesia with 43 billion dollars, Thailand with 17.2 billion dollars and the Philippines with about 1.0 billion dollars. But virtually all of these economies have gradually recovered from the devastation. ‘Strengthening domestic demand and the foundations for sustainable export growth are expected to continue to lead the expansion in East and South Asia,’ the report said. In contrast to the projected 6.2 percent growth in South and Southeast Asia, African economies are expected to grow by 4.4 percent and 4.5 percent in 2000 and 2001 respectively while the economies of Latin America and the Caribbean will grow by about 3.7 and 4.2 percent. The collective economic growth in the world’s industrial nations, however, is expected to reach only about 3.0 percent each in 2000 and 2001. The strongest growth will be in the United States - at 4.2 percent in 2000 and 3.7 percent in 2001 compared with Japan’s 0.9 percent and 1.9 percent. The UN study, released Thursday, says the economic performance of the United States over the past few years has been ‘unprecedented’ in recent history. By March 2000, the current upswing set a record for the longest period of continued economic expansion - 108 months in a row. ‘It is not only the length but also the strength of the current expansion in the US with low inflation and low unemployment that has been surprising - indeed puzzling - economists and policy makers,’ the report said. An important feature of the US economy has been a rise in the trend of productivity growth since the mid-1990s. In 1999, labour productivity rose over three percent compared with the average of just half that magnitude over the past two decades. Meanwhile, the information technology revolution has been accompanied with capital deepening and improved labour quality, according to the report. These have recently been seen as the main causes for the higher productivity growth. In contrast, the Japanese economy remains sluggish, as the large scale Government stimulus spending in the past several years has thus far failed to put consumption and investment on a self-sustained path. After a very tepid recovery of 0.3 percent in 1999, Gross Domestic Product (GDP) is expected to expand only by 0.9 percent in 2000 and by 1.9 percent in 2001. The report, however, points out that the economic outlook for most developing economies has become more optimistic. Progress in domestic reforms, though varying from country to country, and the improved international environment, such as the strengthening of commodity prices and stabilised global financial markets, have been instrumental in changing the foundations of growth, according to the report. Recovering from two years of slowdown, GDP growth for developing nations as a whole is expected to be 5.2 percent in 2000 and 5.5 percent in 2001. The report also points out that a ‘strong rebound’ is expected in Latin America and the Caribbean. After a stagnation in 1999, gdp is expected to register 3.7 percent growth in 2000 and a further acceleration to 4.2 percent in 2001. With improved external financing conditions for Latin America, investment is expected to lead growth. However, high levels of unemployment and tight credit in several economies may limit the feasible pace of growth in domestic demand, according to the report. In the case of ‘economies in transition’, the study says that recent developments in the baltic region, Central and Eastern Europe and the commonwealth of independent states, have also been positive. Growth is expected to reach three percent in 2000 and 3.4 percent in 2001, up from 2.9 percent in 1999. The Russian economy, on the other hand, is projected to stagnate at 2.5 percent in both 2000 and 2001. (IPS) |
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IT stocks continue to tumble at local bourse NEW DELHI, Apr 22: Despite bouncing back by Nasdaq, IT stocks continued to tumble at the local bourse, though investors made a beeline to infosys technologies and wipro at the fag end of the last week. Nasdaq bounced back 217.87 and 254.41 points, registering record rise, on the first two days after it crashed by 617.78 points on the last day of the previous week. The technology driven index however fell the next two days by 87.16 and 62.53 points. The Delhi Stock Exchange index (base 1983) plunged by 43.26 points at 940.27 during the four - day week against the previous close of 983.53. The local bourse was closed on April 21 on account of Good Friday. The index plummeted by 49.19 points on the opening day of the week with investors offloading stocks following Nasdaq crash on friday. The index at the local bourse could manage only marginal gain the next day and inched down on Wednesday. However, FIIs returned to the market in the fag end of the last session. They confined their purchases to infosys technologies, reliance industries and wipro, resulting into a 17.30 point rise in the index. Reliance Industries Limited was a notable exception as investors rushed to that counter following announcement of a 41 per cent rise in net profit by the company during the last fiscal. The scrip maintained a rising spree almost thoroughout the week. It went up by Rs 30.75 at Rs 337.25. Almost all other notable scrips went down. Prominent among them was infosys technologies, which plunged by Rs 1668.95 at Rs 7,600.05. SSI plummeted by Rs 908.20 at Rs 3000. Wipro shed Rs 885 at Rs 4050, while Satyam Computer settled at Rs 790, down Rs 3310. Zee Telefilms closed the week at Rs 718.20, losing Rs 289.80. Global Telesystems dropped Rs 522.20 at Rs 1319.50 and dsq software lost Rs 463.15 at Rs 1106.45. HFCL declined by Rs 191.75 at Rs 921.75, while Hindustan Lever moved down by Rs 104 at Rs 2486. (UNI) |
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NEW DELHI, Apr 22 : The Cabinet Committee on Disinvestment (CCD) today decided to meet again in mid-may to finalise its decisions on various proposals including selling of Government equity in Air India, Indian Oil Corporation and Pawan Hans Helicopters Limited. During this period, Disinvestment Minister Arun Jaitley will meet ministers Public Sector Units (PSUs) under whose ministries were being divested, to finalise the modalities of these proposals, Parliamentary Affairs Minister Pramod Mahajan told reporters here after meetings of the Cabinet Committees on Disinvestment and Economic Affairs, chaired by Prime Minister Atal Bihari Vajpayee. While there was complete consensus on the need to pursue the Government’s disinvestment policy, it was decided that the Committee (On Disinvestment) will meet again after May 15. The Disinvestment Minister during this period will hold rounds of discussion with nodal ministers to finalise the modalities of the disinvestment proposals, Mahajan said. Replying to questions on what the modalities meant, he said, in some cases you may say 51 per cent of stakes will be disinvested, while in some others it may be 20 per cent .... So these issues will have to be finalised between the nodal ministries and the disinvestment ministry, he said. Disinvestment is the real process to make Public Sector Units (PSUs) stronger, to see that it survives and employees continue to work ..... Under no circumstances will the Vajpayee Government see that the employees’ strength goes down, Mahajan said. Asked whether there would be retrenchment in PSUs, he said, It has to be employee-friendly. Official sources said about eight proposals were taken up at the CCD meeting which included Air India, Pawan Hans Helicopters Limited, Indian Oil Corporation, Kudremukh Iron Ore Project and National Mineral Development Corporation. (PTI) |
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Foreign currency reserves up by USD 164 million MUMBAI, Apr 22 : Foreign currency reserves of the country increased by USD 164 million to USD 38,341 million in the week ending April 14, 2000, compared to the previous week. The growth in reserves was mainly on account of foreign currency assets going up by USD 160 million to USD 35,359 million during the week, according to Reserve Bank of India’s Weekly Statistical Supplement here today. Special Drawing Rights (SDRS) during the last week went up by USD four million to USD eight million, it said adding, gold reserves of the country remained static at USD 2,974 million. Loans and advances of RBI to Central Government during the week ending April 14 stood at Rs 10,592 crore, down by Rs 2,286 crore, however, that to State Governments went up Rs 84 crore to Rs 6,538 crore over the previous week, it said. Aggregate deposits of scheduled commercial banks in the fortnight ending April 14 stood at Rs 28,582 crore while bank credit was Rs 14,588 crore. (PTI) |
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NEW DELHI, Apr 22: The Cabinet Committee on Economic Affairs (CCEA) today approved a proposal of the ONGC in principle to carry out exploration in deepwater areas granted to it on nomination in alliance with exploration and production companies of repute, having deep water exploration and production experience. Parliamentary Affairs Minister Pramod Mahajan told reporters, after the CCEA meeting that this would be a one-time exception limited to six blocks. These blocks are three in the Krishna-Godavari basin, two in the Kerala-Konkan basin and one in the Kutch basin in Gujarat. Permission to the ONGC to select alliance partners by inviting offers from short listed companies will be approved by an empowered committee of secretaries constituted to consider proposals under the New Exploration Licensing Policy (NELP). The Minister said the decision is expected to accelerate exploration efforts in the deep water areas and reserve accretion in the country. (UNI) |
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Outlay for development of spices at Rs 142.48 crore NEW DELHI, Apr 22: The Government today sanctioned an outlay of Rs 142.48 crore for the centrally-sponsored integrated programme for development of spices during the ninth five-year plan. This will improve quality of spices produced in the country and make them more competitive in international markets besides generating adequate exportable surplus, said Parliamentary Affairs Minister Pramod Mahajan. The production of spices is expected to reach a level of 45 lakh tonnes per year by the end of ninth five-year plan with an average annual growth rate of ten per cent, he said while addressing a press conference here after a meeting of the Cabinet Committee on Economic Affairs. At present, India is the largest producer and consumer of spices in the world with production totalling 27.4 lakh from an area of 24 lakh hectares. Important spices produced in the country are black pepper, ginger, turmeric, garlic, chillies, coriander, cumin, fennel, fenugreek, celery, clove, cassia, nutmeg, mace, cardamon, saffron, vanilla and herbal spices. The export of spices during 1998-99 was 2.10 lakh tonnes valued at Rs 1,650 crore. Pepper is a leader in export earnings with 38 per cent share followed by oil and oleoresins 18 per cent, chillies 13 per cent and turmeric 6.4 per cent. Today’s initiative by the Government will extend cultivation of spices to non-traditional areas, particularly in Northeastern region and Andaman and Nicobar islands. It will also increase the income level of small and marginal farmers engaged in spices, generate employment opportunities in the rural sector, encourage women in cultivation and community processing of spices besides increasing production and productivity of various spice crops. The thrust areas identified under the spice development scheme are production and distribution of quality planting material, areas expansion, integrated pest and disease management, setting up laboratories for large-scale production of bio-control agents, transfer of technology through farmers’ participatory demonstration, distribution of minkits containing seeds and planting material of improved varieties and inputs, upgradation of technical know-how through trainings, seminars and media support, maintenance of demonstration-cum-progeny gardens in Northeastern states, establishment of pest and disease forecasting units, technology development and application and promotion of information technology in spices. (UNI) |
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