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US to court
India as NEW YORK, Jan 17: Despite nuclear tensions and diplomatic false starts that have dogged Indo-US ties in recent years, the Clinton administration .....more Global players set up SEOUL, Jan 17: The world’s six leading semicon firms today announced a revolutionary alliance to develop new microchip technology for multiple ....more AGARTALA, Jan 17: Three Tripura MPs in separate letters to the Union Government have urged it to continue various incentives, announced earlier...more Steelbird foraying into biking accessories NEW DELHI, Jan 17: Delhi-based helmet manufacturer Steelbird Hi-Tech India Limited (SHTI) today announced its foray into biking accessories, ......more |
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Britain looks for further NEW DELHI, Jan 17: Britain today sought greater....more NCAER for reduction of NEW DELHI, Jan 17: The National Council for Applied Economic Research....more ICRA assigns LA (SO) NEW DELHI, Jan 17: ICRA Limited has assigned an LA (SO) P rating to the Rs 23.15...more 30,000 km of emission NEW DELHI, Jan 17: Bi-wheeler manufacturers today submitted to the Delhi Government an emission warranty of 30,000 km onevery two stroke vehicle ....more |
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US to court India as ally for new trade talks NEW YORK, Jan 17: Despite nuclear tensions and diplomatic false starts that have dogged Indo-US ties in recent years, the Clinton administration plans to court India as an ally in trying to restart global trade talks that collapsed in Seattle last month, the New York Times has said. The US is hoping, the paper said in an article yesterday on eve of US Treasury Laurence Summers’ trip to India, that closer cooperation between the two nations might help defuse disputes between rich and poor countries that undermined the Seattle meeting. Few expect US and India to forge a close friendship overnight, it said but quoted officials as expressing hope that high-level visits can send a message that the North-south rift was confined to Seattle and do not reflect a breakdown in the trade talks. Summers’ brief includes holding talks with Indian leaders on a range of economic and financial issues, including the best way to restore confidence in the WTO that came a cloud after several thousand labour and green activists took to the streets in Seattle protesting wto inaction on these issues. US President Bill Clinton also proposes to visit India some time in March. It will be the first time a sitting American President has visited India since Jimmy Carter made the trip in 1979. After Seattle, there’s definitely an economic challenge in managing the integration between industrial and developing countries, the paper quoted summers as saying before leaving for India. (PTI) |
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Global players set up alliance in microchip dev SEOUL, Jan 17: The world’s six leading semicon firms today announced a revolutionary alliance to develop new microchip technology for multiple cost-effective computing platforms of the future. The firms which agreed on the landmark tie-up include US-based Micron Technology Inc and Intel Corp, Infinion Technologies of Germany, Japan’s NEC Corp, South Korea’s Samsung Electronics Co and Hyundai Electronics Industries Co. The six firms said in a joint statement they would cooperatively develop a high-performance advanced dram (dynamic random access memory) technology targeted for potential applications in 2003 and beyond. The tie up will be the first involving the world’s biggest semiconductor firms, sparking fears that the project could corner the global market between the six which control some 80 per cent of the world semiconductor business. But the six companies welcomed participation by other firms, saying any interested participants could join the project aimed at sharing the burden of developing new chips. Advanced dram technology will be industry developed. Interested companies can access design information and will be able to provide input in development process by entering into a participant’s agreement during development process. Specifications will be provided to participants for review and feedback, they said. Under the terms of the agreement, the developers will work together and with industry participants to develop the architecture, electrical and physical design, and related infrastructure for advanced dram technology. (AFP) |
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AGARTALA, Jan 17: Three Tripura MPs in separate letters to the Union Government have urged it to continue various incentives, announced earlier to boost the setting up of industries in the seven North Eastern States. The MPs — Mr Samar Chowdhury, Mr Bajuban Reang and Mr Khagen Das — in their letters to Prime Minister Atal Bihari Vajpayee, the Finance Minister and the Union Commerce and Industry Minister requested them to ensure that the incentives for industries not be withdrawn considering the backwardness of the land-locked region. They said the Union Finance Ministry had withdrawn the cent percent central excise duty exemption in respect of certain items vide their December 31 notification. This action had been taken arbitrarily and was detrimental to the industrial development efforts in the region. Various industries had already come in following the announcement of the exemptions and taken sheds in the industrial growth centre. Further, the Finance Ministry had proposed phasing out of sales tax-based incentives with effect from January 1, 2000. These incentives needed to be continued for some more time for backward states like Tripura, the MPs pointed out. (UNI) |
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Steelbird foraying into biking accessories NEW DELHI, Jan 17: Delhi-based helmet manufacturer Steelbird Hi-Tech India Limited (SHTI) today announced its foray into biking accessories, including neck protectors, riding boots, jackets and gloves. The company has, for the purpose, earmarked an investment of Rs ten crore over the next two years, SHTI Managing Director Rajeev Kapur told newspersons here at the ongoing Auto Expo 2000. "This is as part of our strategy to be associated with two-wheelers in the complete sense. We are investing in the machinery for the purpose and would be introducing neck protectors, pants, jackets, jerseys, rider boots, gloves and stretch belts over the next few months," Mr Kapur added. However, the company has no plans to foray into lower priced helmets. "We are presently producing quality helmets under a tie-up with Bieffe of the United States and there are no plans to target the lower end segment of the market at the expense of quality." SHTI has an installed capacity of 1,000 helmets a day at its Mayapuri plant in Delhi, which is being expanded to meet the growing need in the Indian and export markets. It has already exported 50,000 units to the US in 1999 and is looking at a repeat order this year. Besides, nine lakh helmet buckles were also shipped last year. Mr Kapur further announced SHTI’s foray into carbon fiber and cavler fiber helmets. Priced in the Rs 1,200 range, the helmets would be exact replicas of racing helmets worn at grand prix. It would boast of features like replacable interiors, anti-fog, anti-glare, anti-scratch and polycarbonate visor and goggles. (UNI) |
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Britain looks for further co-operation with India NEW DELHI, Jan 17: Britain today sought greater alliances and trade opportunities in the Indian power, energy, insurance, aviation, information and technology, defence, banking and finance sectors. This view was expressed by a high-level Indo-British trade and investment mission which is here on a week-long visit to explore new opportunities for the British entrepreneurs and to expose their business community to the changed economic scenario in India. The mission was likely to have meetings with Finance Minister Yashwant Sinha, Power Minister P R Kumaramanagalam, Minister for Disinvestment Arun Jaitley and Maharashtra Chief Minister Vilasrao Deshmukh. Besides, the mission was also likely to hold dialogue with officials in various ministries and departments. The leaders of the mission also held a meeting with Congress leader Jairam Ramesh. Addressing a press conference here, mission co-leaders Nicholas Fenn and Jeremy Hanley said that the mission is in India at a time when the economic environment in India and Britain was very suitable for getting into new agreements in the field. They said the Indo-British Partnership (IBP), which began and flourished under the premiership of Mr P V Narasimha Rao and Mr John Major should assume new dimension as the temporary economic turbulence appeared to be in vain. "We should now move ahead," they said. The mission would be helpful in fully strengthening the age-old trade ties between the two great nations, the co-leaders hoped. British High Commissioner Rob Young, who was also present at the conference, said the framework for an added co-operation between the two countries in the area had been created when Mr Fenn was serving as the High Commissioner in India and now it was time to capitalise on it. Mr Young said the bilateral dialogue between the political and business leaders of the two countries was going well and this presents an opportunity to revive and develop the partnership. Asked how different was the trade and investment mission from the Indo-British Partnership initiative which has been dumped, Mr Fenn said to start with it was an initiative which has to be developed with the passage of time. With what hope had the mission come to India, Mr Hanley, former Minister of State for External Affairs, said, "we are here to make friends for forging new partnerships in future and learning from each other. The delegates could understand the changed scenario better and can convince the leaders back home about the areas in which further co-operation can be achieved. Mr Young said the recent visit of Mr Sinha was a positive move towards creating possibilities of further co-operation between the two countries in the economic field. The leaders of the mission pointed out that the meetings they had till now revealed, as far as the economic policies were concerned, that there appeared to be no difference in the view point of the opposing political parties. "The economic interest of the country has been kept at a higher pedestal than the political interest and this was a great thing," they observed. The mission is in the capital for a couple of days before visiting Mumbai where they would meet various business leaders to forge alliances. They would also visit Chennai, Hyderabad and Ahmedabad.(UNI) |
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NCAER for reduction of excise duty on automotive components NEW DELHI, Jan 17: The National Council for Applied Economic Research (NCAER) has called for changes in the law and reduction of excise duty on automotive components to discourage manufacturers of duplicate vehicle parts, who enjoy overwhelming presence in the market. According to a field study on 29 nodal points across the country by NCAER, the duplicate parts accounted for 37.6 per cent of the Rs 3,878 crore market of 12 important components during 1998-99 with Original Equipment (OE) components enjoying slightly better share at 39.9 per cent. Local brands, which were sold under brand names other than OE have a share of 22.5 per cent. The 12 components studied by NCAER include gaskets, filters, gears, clutches, piston, piston rings and rear view mirror. The Council is report on spurious automotive components was released today by Hero Honda Motors Chairman and Managing Director Brijmohan Lall. Among the reasons behind overwhelming spurious auto component market, the report cites short supply of OE components in the replacement market, competitive pressure in the trade and high profit margin and price differential between different types of components available in the replacement market, customers ignorance and scrap availability. A majority of spurious parts manufacturers prefer reconditioning and re-packing of used components because of the requirement of low level of investment and technology. The trade in duplicates is conducted through the types of traders who stock spurious goods and wait for the shortages of oe parts to occur in the market. The whole operation is very well knit. For instance, while manufacturing and retailing of fake filters takes place at Kashmiri Gate in Delhi, printing is done at Vishwas Nagar and Shahdara. The ultimate link in the chain of spurious activity is the mechanic. He gets away with placing a fake component because the customer is unaware. The report says the manufacture and trade of duplicates have not been yet been made a cognizable offence despite a large number of legislative measures introduced in the country’s judicial system for protecting the interests of consumers, industry and trade. The law does not ensure deterrent punishment in the form of the minimum prescribed penalty and the tenure of imprisonment. Besides, central excise duty on automotive components is levied at 16 per cent ad valorem. Reduction of excise duty would have direct impact on the cost of the components. Though the gap between prices of OE components and spurious ones is too large to be bridged by reduction of the excise duty, such a fiscal measure would help in curbing the spread of spurious components in the country. Though various manufacturers still continue to toy with the idea of making the packaging fool proof against spurious activity, the trade sources are of the view that thanks to "ingenuousness" of printers at Vishwas Nagar and Shahdra in the national capital, nothing is fool proof. Some of the reputed companies like Mico, Shriram and Rane have organised market raids repeatedly and have met with the results not commensurating with their efforts. The time, money and procedures involved in raids are so cumbersome and dilatory that it is very difficult to conduct successful raid. Even if the raid succeeds, the court takes a lenient view and the culprits get acquitted with just a normal fine. This is due to not recognising the crime within the provision of cognizable offence, the report laments. The report puts components market at Rs 12,680 crore during 1998-99. Of this, engine parts had 33 per cent share, drive transmission and steeruing parts 20 per cent, suspensions and braking parts 17 parts and the rest enjoyed by electrical parts, equipment and others. (UNI) |
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ICRA assigns LA (SO) P rating to SCSL NEW DELHI, Jan 17: ICRA Limited has assigned an LA (SO) P rating to the Rs 23.15 crore long term non-convertible debenture programme of Sanjana Cryogenic Storages Ltd (SCSL). The rating denotes adequate sagety. Risk factors are more variable and greater in periods of economic stress. The protective factors are average and any adverse change in circumstances as may be visualised, amy alter the fundamental strength and affect the timely payment of principal and interest as per terms. The letter ‘P’ indicates that the debt instrument is being issued to raise resources by a new company for financing a new project. SCSL, a company promoted by the RA Goenka group with interests in the business of chemicals, steel rolling, computer stationery, paper products, distribution, commodity trading, exports and imports, is presently setting up a 10,000 mt capacity liquid ammonial storage tank on a Build-Own-Operate-Transfer (BOOT) basis to feed ammonia to the dap plant being set up by Indo Gulf Corporation Ltd. (IGCL) at Dahej in Gujarat. The EPC contract for the project has been awarded to Toyo Enineeing India Ltd (TIL). The project is due to be completed by August 2000, an ICRA release said. (UNI) |
30,000 km of emission warranty guaranteed on 2-stroke bi-wheelers NEW DELHI, Jan 17: Bi-wheeler manufacturers today submitted to the Delhi Government an emission warranty of 30,000 km onevery two stroke vehicle being sold in the capital. A detailed letter in connection with the "warranty principle" was presented to Delhi Chief Minister Sheila Dikshit earlier in the day by members from the industry and automobile sector. While announcing the "path-breaking decision taken by the automobile industry, Mr Deepak Singhania, Managing Director, LML Limited said, "deliberations on this were being worked out for the past one month" "on this issue, we had talks with the Delhi Pollution Control, TATA Energy Research Institute, Centre for Science and Research and Members of the Industry and the Government," Mr Singhania added. Mr Singhania said "the only other country that offers an emission warranty is Taiwan." Instead of blaming the vehicle manufacturers for the pollution menace, "the Government has to attend to the problem seriously by devising a process for it," he said. Besides, he said, every player in the industry — the consumer, the Government and fuel manufacturers — must play a responsible role towards eradicating pollution. "Meanwhile, we also have to remove the suplhur and benzene content from petrol, taking it to 0.5 per cent from the present 0.25 per cent," the LML MD pointed out. Mr Singhania said the Catalytic Convertors (CC) in a two stroke vehicle too should be tested every three years and a fitness certificate for the vehicle should be furnished. "Durability of a vehicle should not be read in the context of durability of the vehicle but of the convertor initself...And why the convertors only, even components of a vehicle should be subject to testing." The emission warranty has been initiated with Delhi as of now and would be introduced in other states gradually, Mr Venu Srinivasan, Managing Director, TVS Suzuki, said. (UNI) |
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