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Maharashtra Govt flayed MUMBAI, Jan 10: Union Information Technology Minister Pramod Mahajan today criticised the State Governments for increasing the sales tax on ....more
‘India will resist any
NEW DELHI, Jan 10: India will resist any attempt by industrialised ....more Melstar to raise Rs 20.68 cr for its expansion plans NEW DELHI, Jan 10: Melstar Information Technologies Limited ....more |
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Fiat Uno sales register MUMBAI, Jan 10: Fiat Uno sales registered 263.2 per cent........more Delphi eyeing NEW DELHI, Jan 10: The US-based Delphi Automotive Systems (DAS) is ....more Climate change LONDON, Jan 10: As the world’s weather grows warmer and deadlier, .....more New round of WTO negotiations only a
NEW DELHI, Jan 10: A new round of WTO trade negotiations is inevitable despite....more
Healthy India with With the advent of the new millennium and rising....more |
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Maharashtra Govt flayed for increasing sales tax on items related to IT industry MUMBAI, Jan 10: Union Information Technology Minister Pramod Mahajan today criticised the State Governments for increasing the sales tax on items related to IT industry and said such retrograde steps would hamper the growth of the industry. "This is clearly a roadblock in name of rationalisation of sales tax," said Mr Mahajan while talking to reporters after inaugurating an international seminar on venture capital "India-Silicon Valley partnership’- 2000" here today. The Union Minister said that he has called a meeting of state IT ministers this month at Delhi to discuss the tax and infrastructure related problems at the state level and would try to prevail over the states to put minimum level of sales tax on it items. "It is nobody’s case that IT industry should not be taxed, but it should be at minimum level," he observed. It may be mentioned that almost all State Governments are suffering from severe financial crunch and in the name of rationalisation of sales tax regime in the country as suggested by the Jyoti Basu Committee. These Governments increased the sales tax at the maximum level of 8 to 12 per cent on each and every item including essential commodities. In Maharashtra and Karnataka, sales tax on IT items has been hiked from 2 per cent to 8 per cent. The seminar was organised jointly by the Sidbi Venture Capital Limited and the Asia Pacific Research Centre of Stanford University of the USA to foster partnership between the Silicon Valley and the Software and IT sector in India. An agreement will also be signed on January 13 between India and Stanford University to strengthen the parternship in IT sector. Emphasising the need for an uniform IT policy at the state levels, Mr Mahajan said that local authorities like State Governments and the private entrepreneurs along with Centre should work together for effective implementation of the recommendations of the IT task force set up by Prime Minister Atal Behari Vajpayee. The task force which submitted three different reports on various segments of the IT related industry including software, hardware, taxation policy and marketing, would be assisting the Government to implement majority of the recommendations by the end of year 2000. Mr Mahajan informed that he had personally urged the Union Finance Minister to make major policy announcement towards implementation of second and third reports of the IT task force. This involves fiscal duty structure and financing of the IT industry in order to reach the ambitious target of 50 billion US dollar exports by the year 2008. As per the IT task force estimates, the IT industry must have a turnover of 100 billion US dollar in the next seven years to hit the export target of US dollar 50 billion, employing over 2.5 million skilled persons. Welcoming some State Governments’ decisions to introduce compulsory computer courses at school levels, Mr Mahajan said that local authorities should play a major role in promotion of IT in every aspect of people’s life. "We need new ways to popularise the IT concepts among the people particularly through internet services. There are 30 million homes in India having cable TV network as against 20 million telephone homes and there is a gap of 10 million homes for telephone connectivity for which the cable industry must work", he opined. Mr Mahajan said that the national venture capital fund with an equity of Rs 100 crore, so far attracted 43 applications for financing projects worth Rs 143 crore. (UNI) |
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‘India
will resist any attempt to bamboozle NEW DELHI, Jan 10: India will resist any attempt by industrialised countries to bamboozle developing countries on World Trade Organisation (WTO) issues, Commerce and Industry Minister Murasoli Maran warned today. Asserting that WTO process needs to be reformed, Maran told the CII partnership summit here that it was time ‘fear, anxiety and insecurity’ of the developing nations were appropriately addressed. It was in this context India has been advocating that WTO be given a much narrower, trade-oriented remit WTO should be confined to trade issues - and trade issues only, the minister said. Attacking the developed countries for their ‘sudden proposal’ to link labour and environmental standards to the WTO ministerial negotiations at Seattle, Maran said developing countries should be given enough time to prepare themselves for fully integrating into the global economy. If developing countries are to be part of the world economy, we should be given enough opportunity to prepare for it, he said. Stating that the WTO should not be a ‘world government’, the Industry Minister said though special and preferential treatment was proposed to the developing nations in the General Agreement on Trade and Tariff (GAAT) it was not to be seen in the current world trade structure. The Industry Minister said globalisation had become a necessary evil and developing countries could not live any longer in isolation. The world is fast marching ahead and we need to ensure that the system of trade is fair and just, Maran said. Referring to the attempts of developed countries including the United States to link non-trade issues to WTO negotiations, he said non-trade issues can be properly addressed by the appropriate international institutions - more competent and better equipped than WTO. Maran said by bringing non-trade issues like core labour standards and environment Seattle has failed and WTO process had become an object of strong criticism both in the developing and developed world. We saw the world upside down at Seattle - while developing countries were pleading for freer trade, many of the developed countries were seeking trojan horses to hide their protectionist intentions, he said. Stating that India should achieve a Gross Domestic Product (GDP) growth rate of 7-8 per cent if it was to make a dent on absolute poverty, Maran said the country needed to urgently launch a new wave of reforms with a proper sequencing, deeper in content, wider in scope and more vigorous in implementation. We have to launch the next wave of reforms immediately. The reason for emphasising urgency is the unique state of our demographic transition, he said adding India would have the once-in-a-lifetime chance of having a population structure where the share of working population will be the youngest and largest in the next couple of decades. (PTI) |
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Melstar to raise Rs 20.68 cr for its expansion plans NEW DELHI, Jan 10: Melstar Information Technologies Limited which recently transformed into a software company is entering the capital market with a public issue of over 31 lakh equity shares of Rs 10 each at a premium of Rs 62 per share aggregating Rs 20.68 crore. The software business, started in 1993, accounts for 99 per cent of its revenues since 1998. Melstar plans to add two development centres in Mumbai besides repaying its entire debts to Punjab National Bank through fresh capital raised in the public issue. Also, the company would upgrade its existing hardware, software and other infrastructural facilities. Talking to reporters here today, Chairman Sushil Bansal said Melstar would increasingly focus on E-commerce technologies and web-enabled applications. "We expect to earn about 90 per cent of our revenues from about 15 per cent now through these two sectors in the next two years". The company expects to reach Rs 32.65 crore turnover and Rs 5.4 crore in net profits for the fiscal ending March 31, 2000. Post-issue, the promoters’ share will dip to 36 per cent. Usha Martin will have 20 per cent, foreign financial institutions 4.5 per cent, employees 1.2 per cent, public 25 per cent and the rest with others. Melstar already has four development centres, one each dedicated to computer major IBM and software giant Informix. The other two centres house client server application, E-commerce and the object technology development. The company has long term renewable contracts with IBM and Informix. Melstar already has a 100 per cent subsidiary in the US while it has entered into a joint venture partnership in Britain with ITC Consulting of Switzerland and Summit Group of the USA. The IPO opens through January 17-22. The offer is lead managed by ICICI Securities and Finance Company Limited and Kotak Mahindra Capital Company. (UNI) |
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Fiat Uno sales register 263.3 p growth in Dec MUMBAI, Jan 10: Fiat Uno sales registered 263.2 per cent growth in December over the same period last year with sales of 1,275 units. Fiat sold 330 units of mid-size saloon, the Fiat Siena, too, logging a total sales of 1,605 vehicles this December and 357.3 per cent growth over the same period last year, when only sales were of the Uno (Siena sales commenced from August 1999). Total Jan-Dec 1998 sales were 7,147 units (with a single model portfolio) while calendar year sales for 1999 have been 19,803 (16,161 Unos and 3,642 Sienas), an impressive 177.1 per cent growth in sales. Uno recorded sales growth of 126.1 per cent of the previous year (the first of its sales) and continues to do well, while the Siena, only recently introduced in May, has secured itself a steady and sure position, despite the sudden arrival of a plethora of new entrants in the same segment. (UNI) |
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Delphi eyeing acquisitions in India NEW DELHI, Jan 10: The US-based Delphi Automotive Systems (DAS) is planning to acquire Indian automotive component manufacturers as part of its future growth strategy for the country. "Our global growth strategy involves acquisition and we are looking for opportunities in India. There is nothing specific at present and we have not initiated talks with any indian companies as yet," Mr Louis R Merz, Director Global Sales and Marketing of DAS told newspersons here today. The strategy is aimed at gaining access to new customers, technology and new markets. Speaking on the occasion, Mr Hari Radheshwar, Director Asia Pacific aftermarket operations of DAS, said, under the India growth strategy, the company is planning to utilise locally and regionally produced components. "We also intend to partner with India’s leading auto parts distributor and leverage expertise in distribution, logistics and retail business." Delphi is the second global auto component manufacturer after Visteon automotive systems to look at acquisitions in India. Visteon had last year announced that it has initiated talks with a few Indian companies in this regard. Visteon had said that it would rely on acquisitions and other strategic partnerships with local manufacturers to build up a customer base. Delphi had commenced operations in India in 1995 and has set up four manufacturing facilities in the country. Every operation is a wholly-owned subsidiary. Initially, the Foreign Investment Promotion Board (FIPB) had given the company clearance to invest 67 million dollars in India and this was subsequently increased to 107 million dollars. (UNI) |
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Climate change spells doom for oil LONDON, Jan 10: As the world’s weather grows warmer and deadlier, uneasy public opinion is starting to see climate change as the ugly legacy of the oil era. So says oilman-turned-environmentalist Jeremy Leggett, who argues that oil companies are sowing the seeds of their own demise if they continue to dismiss the fight against global warming. "We are seeing the first faint signals of how bad it can get," Mr Leggett told Reuters, referring to the mudslides that killed as many as 30,000 in Venezuela and storms that battered france last month. In a book called "the carbon war" he says a growing chorus of concern, reaching into financial sectors like insurance, points the finger at big oil’s inability to embrace clean energy. Unrepentant firms might eventually face disinvestment and punitive class action lawsuits in a parallel with the US tobacco industry’s troubles with sick smoker damages, he says. "An approaching apocalypse is building," writes the former oil industry lecturer and consultant. "As we approach the end of the hydrocarbon century, the oil companies shuffle for position, patently uncertain of the way forward as their world changes around them as never before." Mr Leggett spent the 1990s as technical adviser to the greenpeace environmental group at talks that led to the 1997 Kyoto Pact limiting emissions of heat-trapping greenhouse gases. The book, a racily-written diary of those years, portrays what he calls crass disinformation put out by oil lobby spin-doctors to undermine evidence of human-induced climate change. He acknowledges ruefully the skill of oil lobbyists and lawyers in brushing aside scientific complexities to present powerful soundbites attractive to conservative columnists. He saw oilmen work closely with opec states like Saudi Arabia and Kuwait to delay or skew debate at key gatherings. The oil lobby mostly succeeded in veiling from public view worst case scenarios in which human-induced climate warming could trigger natural mechanisms spewing uncontrollable amounts of methane greenhouse gases from ocean floors, Mr Leggett writes. Such a catastrophe would require drastic steps. "Things that would seem laughable today, like jail sentences for burning coal and oil, might become commonplace," he writes. "But it might be too late. No matter how deep the cuts in human emissions, they might be cancelled out by the natural emissions...We had enforced by raising the planet’s thermostat." Mr Leggett went on the offensive for greenpeace by enlisting insurance company support against what he calls the carbon club. "The consequence of being held liable for some of the damage from climate change could be devastating for the carbon-fuel industry," argues Mr Leggett ally Mark Mansley. They discovered that the world’s hottest year, 1998, coincided with the costliest year for insured losses from weather-related catastrophes. The storms, floods, droughts and fires around the world in 1998 exceeded all weather related losses of the 1980s. Mr Leggett’s gambit led to robust exchanges such as one between insurer James Anderson and oil consultant J R Spradley. "You know the insurance industry could begin to disinvest in oil and coal," he quotes Anderson of Lloyd’s as saying. "That’s your choice," he quotes spradley as replying, with spradley adding in reference to big oil firms: "But I’m telling you, you’re not going to bully the seven sisters." Mr Leggett found some oilmen to be frank in private. He quotes then opec official Sadallah Al-Fathi as saying at a 1992 meeting: "You ask me why we are here? I’ll tell you. We don’t want this convention. There’s nothing in it for us." Global warming is a critical issue for the oil industry because fossil fuels — coal, oil and natural gas — account for about 80 per cent of man-made carbon dioxide emissions. Many scientists believe the gases are contributing to a gradual warming of the earth’s atmosphere. Most US oil firms oppose Kyoto’s mandatory cuts in emissions — although some seem to be taking heed of the environmental case. "We’ve embarked on the beginning of the last days of the age of oil," Atlantic Richfield Chief Executive Mike Bowlin said last year to a chorus of environmental approval. Mr Leggett says Bowlin’s comments indicate disarray in the US oil lobby and a tentative acceptance by some that renewables will one day replace oil as the dominant source of energy. That message has not been lost on Europeans BP Amoco and Royal Dutch/shell, who have both set up solar units to grab what they see as a lucrative opportunity. Other oil, gas and coal firms could delay the adoption of renewable energy industries, but eventually conservative firms will have to heed opposition to carbon fuels, Mr Leggett says. "They have already lost the pivotal battle in the carbon war. The solar revolution is coming. It is now inevitable," Leggett writes. "The only question left unanswered is, will it come in time?" (REUTERS) |
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New round of WTO negotiations only a matter of time NEW DELHI, Jan 10: A new round of WTO trade negotiations is inevitable despite the failure of Seattle ministerial conference in bridging the differences among member countries, a top WTO official said today. We will launch a new round. The only question is when? when? when Governments have the political will power and when the costs of not engaging get too high, WTO Director General Mike Moore said today. Moore, who is here for consultations with Indian Government for resuming talks to set the agenda for a new round, said he was disappointed that WTO members failed to agree on an agreement for launching a new round. In Geneva and in Seattle, we have worked for a year and more to prepare the ground for new negotiations. Unfortunately, we were not able to bridge all our differences, he said, adding a new round was supported by a large number of WTO members. Moore said trade continued to be the core competence of WTO but warned that trade could not exist in vacuum. In this context, he pointed out that the WTO had constituted a committee for examining the relationship between trade and environment. Addressing the partnership summit organised by CII, he stressed that the activities of WTO were necessarily decided by the 135-members who form part of it. (PTI) |
Healthy India with With the advent of the new millennium and rising health consciousness among the people, life in the millennium is bound to leap in to a faster track. As a result of this, there will be a lot of stress, which may lead to physical and mental breakdowns. This is where the importance of health consciousness becomes highlighted. And - this is where NOVA dairy products - a healthy & nutritious way of life comes into the picture and become an immensely popular household name in the country. Driven by popular demand and to facilitate the launch of Commercial production its new plant in M.P., the company proposes to launch "Health Products" compaign in the form of a millennium draw called "Nova Millennium Lucky Draw". The objective of the exercise is to further strengthen the brand image of NOVA, the largest manufacturer of dairy products in India in the private sector, which started under the banner of Sterling Agro Industries Ltd. in the year 1992 with a turnover of Rs 18 crores. The company has flourished under the able leadership of Mr Kuldeep Saiuja (Managing Director) and Mr Laxmi Narain (Director-Marketing) with 30 years of experience and experties in the field of dairy products. Due to their visionary skills the turnover touched Rs 84 crores in 1997-98 and further leaped to Rs 123 crores in 1998-99. In first six months of the current year, the turnover has already crossed a whopping Rs 100 crores. The company expects to touch Rs 250 crores as this financial year draws to a close. Initially, NOVA dairy products were launched in Haryana. The demand soon rose to a new high, making the network spread from Kashmir to Kanyakumari. The network currently include over 300 distributors and result in the spread of NOVA dairy products over more than 12 lakhs families all over the country. All this has been possible because the natural, pure and healthy dairy products are being manufactured at the high-tech plant under stringent hygienic conditions, without even the slightest manual touch. All the products are special grade "Agmark" The prices are extremely competitive as well. And in view of the overwhelming demand the operation of India's first private sector most sophisticated plant for dairy products commenced its production at Malanpur (M.P.). This new plant will serve a larger consumer base, which could not be covered by the current production at Kundli (Haryana). Moreover many more new products have been introduced such as Butter and Dairy based instant foods like Gulab Jamun powder, Khoya, Cheese, Rasgulla Powder to add to the earlier products like Pure Ghee, Skimmed Milk Powder, Whole Milk Powder, Dairy Whitener, thus forming a whole range of household dairy products manufactured under one roof. Thus, for wide awareness and closes participation of the consumers & specially for those who missed the Diwali Dhamaka, NOVA, by its popular demand is poised to launch "Nova Millennium Lucky Draw" with Bumper Prize of Rs 11 Lakhs in cash, First Prize 1 kg. Gold, 2nd Prize Maruti Car & many other attractive prizes. Nova dairy products are confident of an overwhelming response of the draw, thus making its objective "Healthy India with Revolutionary Dairy Product", a dream comes true. |
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