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| High quality service crucial in insurance sector: Mohile Excelsior Correspondent JAMMU, Nov 11: The J&K Chapter of Institute of Insurance Surveyors organised a one-day seminar on : .......more Banarasi saree industry MUBARAKPUR(UP), Nov 11: The world famous Banarasi saree industry of this town situated in Eastern Uttar Pradesh, has received a serious jolt due.......more LIC not averse to CHENNAI, Nov 11: The Life Insurance Corporation (LIC) would not be averse to go in for a strategic ...more WB Govt to set up jewellery, CALCUTTA, Nov 11: To promote West Bengal as one of the most attractive destinations for entre.......more |
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India’s telecom market PARIS, Nov 11: India’s telecom market offers immense potential for French companies and the proposed convergence law to regulate the sector would be a big boost to foreign investment in this crucial.......more NEW DELHI, Nov 11: The recent hike in petroleum prices would adversely affect......more UP working in LUCKNOW, Nov 11: World Bank President James D Wolfensohon has appreciated the economic.......more |
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High quality service crucial in insurance sector: Mohile Excelsior Correspondent JAMMU, Nov 11: The J&K Chapter of Institute of Insurance Surveyors organised a one-day seminar on : Customer Service and Role of Surveyors in the Privatised Insurance sector" here today. Mr S D Mohile, Member, Insurance Regulatory and Development Authority, underscored the need for providing customer service of high quality in this competitive sector especially after decision for privatisation. There must be fast, fair and transparent service not only in delivery of policy but early settlement of the assessment cases. Mr Mohile, who is former Chairman, Custom and Excise Board stated that there is vast untapped potential in the insurance sector and called for more competence and professionalism for meeting the growing demands of the public. He said the role of surveyors is crucial and asked them to work with professional skill, integrity and dedication for customers’ satisfaction. Quality service will be beneficial for the insured, insurers and overall economy, he said and added with its opening up to private sector the responsibility of surveyors has further gone up. About the Insurance Regulatory and Development Authority, he said its task is one of facilitater and also ensure that whereas genuine claims are settled promptly, the mechanism of insurance is not used for making false or exaggerated claims. The Minister for Law, Mr P L Handoo, who was chief guest, expressed the hope that the deliberations of the seminar would lead to concrete recommendations for improvements in insurance sector. This sector has to have more transparency, fairness and professionalism in view of new economic policy of privatisation and globalisation, he added. The Minister released the souvenir issued by the State Institute of Insurance Surveyors and Adjusters. Mr M J Dhruva, national president of IISA, gave a discourse on the topic of quality service to the customers and also on the topic: varying market value of motor vehicles across the country. Mr Ravi Dhar, chairman, J&K chapter of IISA, disclosed that the branch set up in 1996 is making rapid progress and the members are being kept abreast of developments in the insurance sector. He also spoke about the varying values of vehicles in the country and its implications in Jammu and Kashmir. Mr Bhanu N Mehta, general secretary of IISA, also underlined the need for upgrading service and winning the confidence of the customers. Various speakers took part in the deliberation and underlined importance of speedy and fair disposal of assessment cases and transparency in the functioning to bring pride to the survey profession. A number of representatives from insurance industry, commerce, customers and also prominent citizens were present. Mr M K Arora presented vote of thanks. |
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Banarasi saree industry receives serious jolt MUBARAKPUR(UP), Nov 11: The world famous Banarasi saree industry of this town situated in Eastern Uttar Pradesh, has received a serious jolt due to a spate in violent incidents here during the past 18 months. The town, situated 17 km from Azamgarh district headquarters, lost its tranquillity on April 27, 1999 when a dispute over the procession of ‘Taziya’ between Shias and Sunnis took the form of riots. Later, in January last, four people were killed in another dispute between the two sects here. However, the clashes on Sunday last took the worst proportions claiming as many as 11 lives. Conducting saree business of around Rs two crore per day, Mubarakpur has been under curfew for the part six pays yesterday. The handlooms are closed and right from big traders to poor labourers are nonplussed about their future. Handloom happens to be the only source of livelihood for the town with a population of around one lakh. Incidentally, both Hindus and Muslims are attached with this profession. Sixty per cent population of the town comprises Sunni Muslims out of which 45 per cent are of Barelavi Khayalat group and 15 per cent are Devbandi Muslims. While Shia Muslims comprised only seven per cent, the Hindus comprised 18 per cent of the population. Traders from various parts of the country come here to purchase sarees however, even the flow of these traders has received a setback due to the tense situation prevailing here for the past several months. It is noteworthy that people of Mubarakpur with their hard work and sincerity have contributed to the prosperity of the saree industry here. They do not even knock the doors of any bank or financial institution for help. District Magistrate Ravindra Nath Tripathi said that banks in the area tried providing loans to small and big traders of the town but they received a lacklustre response from them. But the district officials fail to state the reason why the tension prevailing in the town for the past one and a half years could not be defused. Uttar Pradesh Minister of State for Home Rangnath Mishra feels the Sunday clashes were the result of a pre-planned conspiracy. Even the administration and local residents seem to agree with Mr Mishra. The District Magistrate and Senior Superintendent of Police underlined the need for a special vigilance agency here which could help provide an effective check on the criminal activities ensuring peace in the town. (UNI) |
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LIC not averse to make a foray into general insurance CHENNAI, Nov 11: The Life Insurance Corporation (LIC) would not be averse to go in for a strategic alliance in future to make a foray into the general insurance business, a top executive of the LIC said today. ‘As of now, we concentrate only on our core business of life insurance. Depending on the need, there will be no difficulty in going for a strategic alliance for an entry into the general insurance’, LIC Chairman, G N Bajpai, told a press conference here. Bajpai said the LIC was planning to start an offshore office in Mauritius to cover South and Central African States. ‘We are also proposing to start a joint venture in Nepal for life insurance business, details of which were yet to be firmed up. The JV company will start functioning before the end of the current financial year’, he said. On the performance of the LIC, he said it had already covered 23 per cent of the ‘insurable’ population in the country, or 11.50 crore policy holders. The Chairman said LIC was planning to notch up a total income of Rs 52,796 crore, including premia collection of Rs 34,100 crore during the current year. Till October this year, it had invested Rs 20,000 crore in Central and State Government securities, social sector and corporate sector projects, he added. (PTI) |
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WB Govt to set up jewellery, toy manufacturing parks CALCUTTA, Nov 11: To promote West Bengal as one of the most attractive destinations for entrepreneurship, the State Government is setting up a jewellery export park and a toy manufacturing park in the city by next year at a cost of over Rs 30 crore. Announcing this while addressing the 113th annual general meeting of the Bengal National Chamber of Commerce and Industry (BNCCI) here today, West Bengal Chief Minister Buddhadeb Bhattacherjee said keeping in mind the huge export potential of gems and jewellery along with leather, Information Technology, food processing and hosiery industries from the eastern region, the ruling Left Front had decided to establish a state of the art ‘Jewellery Export Park’ on a five acre prime land at Bidhan Nagar. The project had been earmarked to accomodate more than 100 units with about 20,000 workforce to help increase the volume of export of all types of gems and jewellery by at least three times, from the present Rs 330 crore, in five years time, he said adding that preliminary work for the project had already begun. About the proposed toy park, also to be set up in the Salt Lake industrial zone in the north eastern suburbs of the city, Mr Bhattacharjee said it would come up on a three acre of land at an estimated cost of Rs 6.7 crores by end of 2001 to allow both national and international toy manufacturers of repute to establish their own units to capture the three billion dollar toy market. Among others former Chief Minister Jyoti Basu, West Bengal Commerce and Industries Minister Bangsogopal Chowdhury, State Chief Secretary Manish Gupta, captains of several Indian industries and both the incoming and outgoing presidents of BNCCI- Mr S K Bagla and Mr B N Kumar - were present on the occasion. (UNI) |
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India’s telecom market
offers big potential PARIS, Nov 11: India’s telecom market offers immense potential for French companies and the proposed convergence law to regulate the sector would be a big boost to foreign investment in this crucial sector, Union Communications Minister Ram Vilas Paswan has said. There is a great potential of harnessing the complementary strengths of both sides to mutual advantage, Paswan said addressing a group of senior executives of French communication industries here last evening. The minister said keeping in view the rapid convergence of telecom, computers, television and electronics, a new comprehensive statute would soon replace the Indian Telegraph Act of 1885. It will reduce complications for foreign companies facilitating investment, Paswan said. Noting that France is yet to fully exploit the investment opportunities in the Indian telecommunications sector, Paswan said current French investment in Indian telecom sector is less than two per cent of the total inflow of about 1 billion dollars, since India opened up its economy in 1991. Paswan, here on a three-day visit, is leading an eight-member delegation of officials and representatives of telecom industries. He would also visit Sweden and Finland to hold talks with multinational telecom companies on investment opportunities in India as part of his three-nation trip. Describing the response from the French side as very positive Paswan said French companies applauded India’s efforts in liberalising its telecom sector saying, India has the most open and competitive policy in the world. During his visit Paswan held detailed talks with senior officials from French telecom giants like Alcatel and France telecom. The delegation also visited the headquarters of Eutelsat, one of the world’s biggest satellite operators, and held talks with the company’s top executives. Some 25 of the world’s leading telecom companies, including giants like deutsche telecom, Alcatel, Vivendi and Thomson-CSF, participated in the one-day conference on investment opportunities in Indian telecom sector. Highlighting the major points of new telecom policy, announced last year, Dhanendra Kumar, Additional Secretary, Department of Telecommunications, said introduction of revenue sharing in place of the old fixed licence fee, and legal changes would surely benefit french investors. Paswan, on his part, pointed out that under the new satellite communication policy, companies with FDI equity up to 74 per cent can own and operate satellites. The leasing of transponders on the INSAT satellites to non-Government users has also been permitted. The Indian telecom network, eighth largest in the world, has 28 million telephone connections and 2.6 million cellular phones. India needs about 70 billion dollars of investment to boost the tele-density from the present level of 3 per hundred to 15 per hundred by 2010. (PTI) |
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NEW DELHI, Nov 11: The recent hike in petroleum prices would adversely affect income growth in the manufacturing and services sector, according to a report prepared by the National Council of Applied Economic Research (NCAER). The report pointed out that the growth of the industrial sector so far in 2000-2001 had failed to gain momentum compared to the growth recorded in the previous fiscal. It says that eight per cent lower monsoon on the long-term average would aggravate the matter. The report said eventually, it may depress further the growth of industrial sector in the country. The report mentions that increase in the oil price has raised production costs and consequently end-product cost in different segments of the economy. As a sequel to higher energy price, productivity and income in different segments of the economy may get depressed, depending on the intensity of use of petroleum products in the production process. The direct impact of oil price hike would be more on industries depending upon the intensity of use of hydrocarbon products. The sensitivity of different segments of the industry is seen in the intensity of use of petroleum products in the production process. Transport services other than rail like iron ore, fertilizer, other minerals and electricity would have to bear 4-8 per cent increase in total expenses due to 40 per cent hike in the pol products, the report added. (UNI) |
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UP working in right direction for development LUCKNOW, Nov 11: World Bank President James D Wolfensohon has appreciated the economic reforms programmes of the Uttar Pradesh Government and said that these programmes were progressing in the right direction. He said that the World Bank would participate in UP’s development the bank wanted that the people of the state were provided ample opportunities to enhance their capabilities. Mr Wolfensohn, expressed his views after witnessing the presentation regarding the reforms programmes by the State Government here yesterday. Chief Minister Rajnath Singh along with his cabinet colleagues and senior officials were present on the occasion. The WB President said that a large portion of the state’s population lived below the poverty line and it was the duty of the bank to extend all cooperation because it aimed at poverty eradication across the world. Lauding the introduction of transparency in governance through e-governance and e-commerce, Mr Wolfensohn said that poverty could be eliminated if the human resource was provided enough opportunities for development. He said rampant growth in the population could only be controlled by educating the masses about its conquences. Chief Minister Rajnath Singh welcoming the WB President in the state hoped that the bank would extend its full support in fighting the problems faced by the State Government. Mr Wolfensohn, reached here yesterday for his two days visit to the state and was schedule to leave for New Delhi later today. (UNI) |
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Mitsubishi to sell Aristech chemical to Sunoco TOKYO, Nov 10: Japan’s leading trading house Mitsubishi Corporation said today it has signed an agreement to sell its U.S subsidiary Aristech Chemican Corporation to U.S. oil refiner Sunoco incorporated for 695 million dollars. Mitsubishi said it will incur a parent-only loss of 38 billion yen (355 million dollars) on the sale, or a group loss of 32 billion yen. The Japanese trading house said it decided to sell Aristech, which it bought in 1990, because the U.S firm’s business had deteriorated due to surging oil prices. Mitsubishi also said the deal is part of its ongoing policy to increase the quality of assets by selling less profitable businesses. The sale of Aristech to Sunoco is expected to be completed sometime between late December and January 2001, it added. The deal will not affect Mitsubishi’s earnings forecast, the company said. On October 27, Mitsubishi said it expects 115 billion yen in group net profit based on U.S. accounting standards and 100 billion yen based on Japanese standards for the current business year ending March 31, 2001. (DPA) |
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