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IT Bill to be reality by NEW DELHI, Feb 15: The Government will give all possible sops to Information Technology in the forthcoming......more BJP prescribes agri NEW DELHI, Feb 15: BJP today asked the Government to bring big farmers under the tax net......more
Lanka announces implementation
of free COLOMBO, Feb 15: In a move aimed at providing considerable benefits to the country’s economy, Sri Lanka.....more Need to improvise existing range of products: IGEP NEW DELHI, Feb 15: The Indian handicrafts exporters need to follow patterns in the global......more |
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Heptulla warns of backlash against globalisation BANGKOK, Feb 15: Rajya Sabha Deputy Chairperson Najma Heptulla today warned of a ‘backlash against globalisation’ if problems of developing countries were ignored and criticised the industrialised nations’ efforts to restrict market access by linking trade......more Chernobyl nuke accident a blessing in disguise: Expert NEW DELHI, Feb 15: The Chernobyl nuclear accident in 1984 turned out to be a blessing in disguise, according to a Russian...more IT Deptt to mop up Rs 58,500 cr by March 31 NEW DELHI, Feb 15: The Income Tax Department has targetted to mop up Rs 58,500 crore as revenue from around the country.....more DMRI signs pacts with HETL, FTL, CBCPL NEW DELHI, Feb 15: The Defence Metallurgical Research Laboratory (DMRL), Hyderabad, signed agreements with Hindustan.....more |
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IT Bill to be reality by May 2000: Mahajan NEW DELHI, Feb 15: The Government will give all possible sops to Information Technology in the forthcoming 2000-01 budget but the sector should not solely rely on concessions for growth, Minister for Information Technology Pramod Mahajan said today. "We will try to give maximum concessions feasible to the it sector...If any country has zero per cent tax, can its business grow the fastest? ", Mr Mahajan said. Barely a fortnight before the Union Budget is to be presented, the Minister said "tax concessions are secondary" for a sector’s growth. But sound business plans which can attract buyers can overcome hurdles and the industry can grow, he added. Almost in the same breath, Mr Mahajan said, "we want to be a responsible and responsive Government. We will try our level best to implement the demands". Inaugurating an international conclave on ‘E-commerce’, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here, Mr Mahajan assured that the Information Technology Bill will become a reality by May 2000 after a few minor amendments. The parliamentary select committee headed by a Telegu Desam Party (TDP) member is already halfway through the bill. "I am 200 per cent sure that the bill will be a reality before summer 2000." He said it is not important on how fast the purchase order is placed but how quickly is the delivery of goods made. "Otherwise, there will be a gap between communication of commerce and its realisation". (UNI) |
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BJP prescribes agri tax, higher defence outlay for budget NEW DELHI, Feb 15: BJP today asked the Government to bring big farmers under the tax net, exclude higher income group from the Public Distribution System, hike defence outlay and cut establishment costs in the Union Budget for 2000-01. Expressing grave concern over fiscal deterioration both at the Centre and in States, party vice president Jana Krishnamurthy said ... Unless the Government goes in for harsh decisions, it will be most difficult to retrieve the economy from the present mess. In this backdrop if Finance Minister Yashwant Sinha takes harsh decisions in the interest of Indian economy, the BJP will fully back him, Krishnamurty, who is tipped to be the next party president, told PTI. Stating that BJP has given its views on budget to Sinha during his pre-budget consultations in the recent weeks, Krishnamurthy said Government should drastically cut its own expenditure to set the example when it was asking the people to tighten their belt to overcome the financial difficulties. He emphasised that Government should not fall prey to ‘populist measures’ and should explore the possibilities of taxing big farmers going in for cash crops and said that it could curtail the fiscal deficit by limiting the PDS benefits to only those who were really poor and needy. Time has come for the Government to ponder whether subsidy system should be confined to those who are in dire need. Those who can afford to buy in the open market should do so thereby helping the Government to reduce the fiscal deficit, he added. Asked if the party would support decisions like hiking the price of kerosene, cooking gas and diesel to cut the whopping subsidies, Krishnamurthy said Government need not consult the party with regard to matters which are the exclusive purview of the cabinet. With regard to general policies the Government and the party do have mutual consultations. On the reaction of allies to such harsh decisions as had happened in the past, he said Government had learnt from its past experience. We trust our allies. We are sure they will have an overall view of the Indian economic conditions and the need for meeting this challenge. We will not be having any problems with our allies on the budget. Krishnamurthy, however, cautioned the Government to take the allies into confidence before taking any such decisions saying the mind of allies also must be prepared. They should be convinced of the steps needed to be taken. He said that Finance Minister should take the caution to appear to be caring. Any tax proposal should be a sugar coated pill. They (people) should be made to understand that whatever they are losing, they will gain in some other way. The BJP leader, however, apprehended some resistance from the opposition parties to budget proposals and said any tax proposal was bound to be resisted initially and this would be exploited by critics of the Government and the opposition. Krishnamurthy asked the Government to make adequate allocation for defence saying security needs of the country required top priority in the wake of Kargil war and cross-border terrorism aided by Pakistan’s proxy-war strategy. Our stand is no Government, much more so our Government, should grudge allotment of sufficient funds to improve research and development and for acquisition of modern armaments, he said and regretted that 75-80 per cent of defence allocation was being consumed by maintenance and pensions. He stressed on greater accountability for the Government saying we have made it clear that whatever is announced in the budget should be implemented. Explaining why BJP-led Government could not pay due attention to many areas of the economy in the last two years, Krishnamurthy said it was due to the cumulative effect of party’s preoccupation with survival of its Government, populist measures by State Governments and belief among the bureaucracy that the Government might not last. Now the Government is here for five years. States have also realised that their economies might collapse if they do not pay heed to fiscal discipline. Krishnamurthy said the budget should address the basic concerns of the commonman like unemployment, poverty alleviation, primary education and health, besides rural infrastructure. He asked the Government to involve the panchayats and gram sabhas for effective implementation of various schemes. (PTI) |
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Lanka announces
implementation of COLOMBO, Feb 15: In a move aimed at providing considerable benefits to the country’s economy, Sri Lanka has with immediate effect announced implementation of the much-talked Indo-Sri Lanka free trade agreement after including all agricultural products, fisheries and livestock products among the 1200 items on its negative list. But India is yet to announce the items on its negative list and also other items on which customs tariff will be removed. Indian High Commission officials said here today that the Government would announce all lists (negative and concessional duty lists) on February 29 during the course of the budget presentation. President Chandrika Kumaratunga, who is also the Finance Minister, while presenting this year’s budget in Parliament yesterday, said the agreement would provide considerable benefits to the Sri Lankan economy. The inflow of Indian raw materials on duty-free basis would assist Sri Lankan industries to reduce cost and increase profitability. Preferential access to Sri Lankan exports, including tea and garments in the Indian market, would enable Sri Lanka to attract foreign investments, increase economic activities and generate employment. Under the agreement, India will offer zero duty on 1000 items. For the remaining items (about 3500) other than those in the negative list (434 items which India has not announced so far), 50 per cent duty concessions upon entering into the agreement and 100 per cent concession before the end of the third year will be available. However, textile items would be given 25 per cent duty concessions throughout. A limited market access of eight million pieces of garments will be made available for Sri Lankan exports at 50 per cent of the prevailing duty rates. India will also provide market access of 15 million kg of tea at 50 per cent of the existing duty rate. In response, Sri Lanka will offer zero duty on about 300 items, essentially raw materials for industries and 50 per cent margin of preference for about 900 items. These items will be made duty free within the next three years. After reaching a consensus on the lists on February two in New Delhi, both countries had agreed to publish the list of items within 30 days. (UNI) |
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Need to improvise existing range of products: IGEP NEW DELHI, Feb 15: The Indian handicrafts exporters need to follow patterns in the global market and continuously innovate and improvise on their existing range of products to retain their strong presence in the German and other European market. According to Dr D Kebschull, Director, Indo German Export Promotion Project (IGEP) USA and Germany are major source of Indian handicraft products and demand for these products including brassware, furniture, glassware, wrought iron, espn and paper mache is on the increase for last couple of years. India has a strong presence in the German market but the neighbouring South East Asian countries in the recent past have been making good foothold. For consolidation of its market share, Indian handicraft exporters have to work on new designs, work on delivery schedules and packaging of products. They have to ensure that their products are on display from the mouth of September in Germany as the major factor governing the demand of gift items in German, USA and rest of Europe is X-mas time. (UNI) |
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Heptulla warns of backlash against globalisation BANGKOK, Feb 15: Rajya Sabha Deputy Chairperson Najma Heptulla today warned of a ‘backlash against globalisation’ if problems of developing countries were ignored and criticised the industrialised nations’ efforts to restrict market access by linking trade to labour standards and environment. After Seattle and Davos the message from Bangkok is clear. We have to guard ourselves from any backlash against globalisation, she said addressing the UNCTAD plenary on behalf of parliamentarians. Heptulla, who is the president of inter-parliamentary union, cautioned that under no circumstances should we allow improvements in labour and environment standards as well as human rights to penalise developing countries and restrict their access to markets. Stressing the need for greater transparency, Heptulla said there are too many hidden agenda in international relations and multilateral organisations are seen as remote and distant bureaucracies from periphery. Most of the problems with regard to trade liberalisation have arisen as a result of the relative rush to make developing countries adjust to new norms and adjust new rules, she said adding we have to be more flexible. The issue of agricultural trade is specially vital in this regard. Farmers in our countries need to see in practical ways that trade liberalisation can benefit and that it will not lead to their displacement. We have to ensure that in trade and in finance there are no conditionalities which will contribute to increasing protectionism, she said adding it is also important that corporate practices do not hinder trade. It was clear that there was a great deal of apprehension among developing countries, she said adding these apprehensions must be addressed by the economically developed countries. Confidence-building must be initiated by them. There is a great concern about what is going on in the world of finance for the poorer countries. They are concerned with urgent issues like external debt problem, maintaining flows of Official Development Assistance (ODA) and obtaining access to greater multilateral financial resources on a concessionary basis, she said. (PTI) |
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Chernobyl nuke accident a blessing in disguise: Expert NEW DELHI, Feb 15: The Chernobyl nuclear accident in 1984 turned out to be a blessing in disguise, according to a Russian nuclear safety expert who says the nuclear safety regulatory agency obtained more powers only after the accident occurred, and plant operators became less complacent. After the accident at Chernobyl, we got more powers. Powers to use sanctions, Says Yuri Vishnevsky, chairman of the Federal Nuclear and Radiation Safety Authority of Russia (RF Gosatomnadzar). The accident also brought about important changes and more awareness in the minds of those who operated the reactors, Vishnevsky told Atomic Energy Regulatory Board (AERB) secretary K S Parthasarathy in an interview which was published in an AERB report. Before the accident, the management had the same attitude towards a nuclear power reactor and a conventional thermal power station. The only difference was that they knew that one was a nuclear boiler and the other a conventional boiler. But after the Chernobyl accident, they started respecting the process of nuclear reactions. The comments assume significance in the light of apprehensions cast by some scientists on the light water (VVER) reactors being set up at Kudankulam in Tamil Nadu with Russian collaboration. The VVER design is different from the reactor used at Chernobyl. Russian experts had assigned the German firm Siemens to independently review the safety of vver design. (PTI) |
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IT Deptt to mop up Rs 58,500 cr by March 31 NEW DELHI, Feb 15: The Income Tax Department has targetted to mop up Rs 58,500 crore as revenue from around the country by March 31, 2000, as part of its drive to widen and deepen the tax base through its one-of-six scheme. Delhi alone would account for Rs 10,600 crore during the fiscal, Chief Commissioner of Income Tax Raj Narain told UNI here today. This year’s all India collection would be 27 per cent higher than the previous year’s Rs 46,000 crore, while Delhi collections would be up 22.5 per cent from Rs 8,650 crore a year ago, Mr Narain said. "We have initiated major steps to widen and deepen the tax base. We have a tax base of a mere 1.8 per cent of the total population of 100 crore. We have got a large middle class which should have paid the taxes but are not actually doing so. In order to cover them, we decided to introduce this one-of-six scheme." Under the scheme, any person fulfilling any of the six criteria — occupying immovable property, subscribing to a telephone connection, owning a motor vehicle, incurring expense on foreign travel, holding a credit card and having membership of a club —should file income tax returns. "The scheme requires a person to file returns even if his income is below the taxable levels," Mr Narain added. The department has fixed February 29 as the last date for filing returns, failing which a person would be liable for penalty under Section 271 (F) and interest under Sections 214 and 215 of the IT Act. However, there are no plans to widen the scheme beyond the ‘one-of-six’ frame. "We had expanded it last year from two-of-four to one-of-six and we feel with this, we can cover the entire population." As a step towards facilitating filing of returns, the Department has also initiated an education drive under which Income Tax Commissioners visit localities and help assessees with the process. "We want to take the fear of tax-men out of the minds of general public. Besides, we have to educate them about the benefits of payiong taxes," Mr Narain said adding the department has already covered Lodhi Colony, Sarojini Nagar, Ina Market and Uttam Nagar in Delhi under this exercise. The department has also launched a website —http://incometaxdelhi.Nic.In — which contains all the necessary forms and details for filing returns. "We want to make the whole process as user-friendly as possible." (UNI) |
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DMRI signs pacts with HETL, FTL, CBCPL NEW DELHI, Feb 15: The Defence Metallurgical Research Laboratory (DMRL), Hyderabad, signed agreements with Hindustan Everest Tools Ltd, New Delhi, Fluidtherm Technology (P) Ltd, Chennai and Boron Carbide (India) Pvt, Ltd, Mumbai. The three agreements signed at DMRL, Hyderabad on 8th February 2000 pertain to commercial exploitation of two important technologies developed by DMRL - a ‘copper titanium’ alloy for use in non-sparking tools and ‘boropack-a’, a boronising compound. The copper titanium alloy, which will replace costly imported copper beryllium alloy (which is also less environmentally-friendly than copper titanium) for making non-sparking tools. Copper titanium has been commissioned to Hindustan Everest Tools Ltd who are engaged in manufacturing and export of high quality hand tools. The company was given the compound and the technology for using this compound. In the case of "boropack-a", an effective boronising mixture consisting of boron carbide, silicon carbide and potassium fluoborate, the technology for producing the mixture was transferred to Fluidtherm Technology (P) Ltd, Chennai and Boron Carbide (India) Pvt Ltd, Mumbai. Both these technologies have earlier been used in a number of applications in the defence sector. (UNI) |
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