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Koreas
agree to set SEOUL, Sept 30: North and South Korea today agreed to set up a joint committee.....more
Silver nosedives on NEW DELHI, Sept 30: In an otherwise weak bullion market today, silver prices.....more Germany to resume development aid to India NEW DELHI, Sept 30: Germany will soon resume development aid to ......more
Planning Commission raps NEW DELHI, Sept 30: Planning Commission today rapped the Centre for deterioration....more |
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Performance
of targetted NEW DELHI, Sept 30: Planning Commission today criticised the Government for the dismal performance of the targetted Public Distribution System saying not only did it have minimal impact on the poor but there were diversions of subsidised foodstocks worth thousands of crores of rupees from the system........more Industrial production NEW DELHI, Sept 30: Planning Commission today warned that industrial production would fall short of the target dueing the 9th plan..........more
International oil price
hike NEW DELHI, Sept 30: Finance Minister Yashwant Sinha today said the hike in international oil prices will not have any adverse impact on the GDP growth rate during the current fiscal though it could marginally push up the inflation rate. "I do not think the hike in international oil prices would affect the growth prospects in the country", he told PTI while refusing........more |
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Koreas
agree to set up joint body for SEOUL, Sept 30: North and South Korea today agreed to set up a joint committee to push forward economic cooperation and trade between the two rivals, a joint statement said. "The two sides will discuss the establishment and operation of a Joint Committee for Economic Cooperation," the statement said after a ministerial-level meeting in the Southern island of Cheju. The statement wrapped up three days of talks between South Korean Unification Minister Park Jae-Kyu and his North Korean counter part Jon Kum-Jin. Major projects between the two countries include the construction of a railway and an expressway across the heavily-fortified border and joint anti-flood work on the Imjin river near the border. (AFP) |
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Silver nosedives on stockists selling NEW DELHI, Sept 30: In an otherwise weak bullion market today, silver prices nosedived on heavy selling by stockists and closed with notable losses. Gold also rolled down on new stocks arrival and shed moderate ground. Marketmen said a steep fall in gold prices in the international markets mainly influenced the trading sentiment in Asian markets. They said there was limited buying for a short period of festival and marriage season. Volume of business was good. Silver .999 (ready) nosedived by Rs.140 at Rs.7830 per kilo and weekly delivery by Rs.65 at Rs.7900 per kilo. Silver coins, on the other hand, remained unchanged in small tradings at Rs.11,100/11,200 per 100 pieces. Standard gold and ornaments lost Rs.20 each at Rs.4530 and Rs.4380 per ten gram respectively. Sovereign also shed Rs.25 at Rs.3825 per piece of eight gram. The following were today’s quotations: Silver .999 (ready 7830 and delivery 7900. Silver coins buyer 11,100 and seller 11,200. Standard gold 4530, ornaments 4380 and sovereign 3825. (PTI) |
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Germany to resume development aid to India NEW DELHI, Sept 30: Germany will soon resume development aid to India, suspended in the wake of the Pokhran nuclear tests in May 1998, visiting German Foreign Minister Seschka Fischer announced here today. "We will definitely resume development aid soon," Fischer told reporters after wide-ranging discussions with External Affairs Minister Jaswant Singh covering bilateral, regional and international issues including non-proliferation and economic cooperation. Senior External Affairs Ministry officials said while there had been media reports of Germany considering re-starting the development assistance, this was the first official word from a senior minister on it. Specifically asked when the German Government would resume aid, he said "I can’t give you a specific date. It depends on budgetary and other procedures." He said Germany’s readiness to re-open development assistance was part of the ongoing process of improving ties with India. Fischer also met Prime Minister’s Principal Secretary Brajesh Mishra during his stay here. Asked how Germany viewed India’s concerns over Pakistan-sponsored cross-border terrorism in Jammu and Kashmir and other parts, Fischer said "terrorism is unacceptable". Terming the Lahore peace initiative by Prime Minister Atal Behari Vajpayee as a "very courageous step", he said Germany fully supports a peaceful solution to bilateral problems between India and Pakistan. (PTI) |
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Planning Commission raps
Centre for deterioating NEW DELHI, Sept 30: Planning Commission today rapped the Centre for deterioration of the fiscal position due to serious slippages in tax revenues and said the economic growth target for the plan period was unlikely to be met owing to massive shortfall in public savings and investment. The Commission, which met here under the chairmanship of Prime Minister Atal Behari Vajpayee to approve the mid-term review of the ninth five year plan, warned that "due to serious slippages in public investment in physcial and social infrastructure, the pipeline investment for the tenth plan will be low." At the same time the mid-term review lauded the private sector saying it exceeded the investment target by over 3 per cent, according to highlights of the review released by pant here. Stating that GDP growth rate during the first three years of the plan was estimated to be 6.2 per cent per annum on an average as against a target of 6.5 per cent, it said that investment in agriculture, mining and financial services have missed the target by 20 per cent. Warning that targets of both public investment and saving were unlikely to attain targets set in the plan, it said "the deterioration of the fiscal position is primarily due to serious slippages in the tax revenues, particularly at the centre. The tax GDP ratio of the centre was expected to be 10.4 per cent of GDP in 1999-2000, but the realised ratio is only about 8.7 per cent." Commenting on the health of the economy, investment levels and shortfalls in revenue, the review warned this might weaken the possibility of significant acceleration in the growth rate during the tenth plan period. It regretted that that central budget support to the plan could not be at the targeted level and said it might be just about 87 per cent of the targeted Rs 374,000 crore as against 93 per cent realisation during the eighth plan. Following a dismal economic performance during the first two years, the Government had revised downwards the growth target from 7 per cent to 6.5 per cent on an annualised GDP growth of seven per cent during the last three years of the plan period (1997-2002). "External finance is expected to remain comfortable, with a mild acceleration in foreign direct investment and significantly higher inflow of foreign portfolio investment," it added. Stating that both domestic savings and investment had fallen short of targets by over five per cent, the review said "the entire shortfalls are in the public sector, where public sell 70 per cent and public investment a shortfall of 23 per cent." On the positive side, the review said that registered manufacturing, construction and other services (including software) have exceeded their investment targets. While warning that the investment targets in agriculture and allied activities, mining and quarrying and electricity are unlikely to be met in the last two years of the plan, the review said that "all other sectors are likely to meet the targets according to current trends." Summing up the total performance, the review said that total public investment as a result would be about 81 per cent of the plan targets as against 85.4 per cent realisation in the eight plan period. (PTI) |
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Performance of targetted PDS dismal: Plan Panel NEW DELHI, Sept 30: Planning Commission today criticised the Government for the dismal performance of the targetted Public Distribution System saying not only did it have minimal impact on the poor but there were diversions of subsidised foodstocks worth thousands of crores of rupees from the system. "Despite the hefty increase in the annual food subsidy from Rs 2,450 crore in 1990-91 to Rs 9,200 crore in 1999-2000 the TPDS system does not seem to be working in the poorest north and north-eastern states," the Commission said in the mid-term review of the ninth plan released by the Deputy Chariman K C Pant here. It warned that as much as 36 per cent of wheat was being diverted from the allocated quotas of states in addition to 23 per cent in case of sugar and 31 per cent in case of rice. The Commission pointed out that though the allocation of poorer states such as UP, Bihar and Assam had been doubled as a result of shifting to TPDS, poor off-take by the states and even poorer actual lifting by the families below the poverty line had led to the scheme having minimal impact on the nutritional levels in these states. The Commission also voiced serious concern over the reduction in food consumption levels in the country which had declined in the last ten years. "In spite of foodgrain production going up from 175 million tonnes to 206 million tonnes in the 90’s, the growth rate in availibility of foodgrains per capita has come down to a negative 0.28 per cent as compared to growth rate in per capita availibility of 1.20 per cent per annum during the 1980’s," the Commission said. (PTI) |
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Industrial production to fall short of target during 9th plan NEW DELHI, Sept 30: Planning Commission today warned that industrial production would fall short of the target dueing the 9th plan. "Industrial sector would need to grow at around 10 per cent to make up for the shortfall in the remaining period of the ninth plan to achieve the target," the mid-term review of the plan said. However, this does not seem to be happening, at least this year, with the industry recording a modest 5.4 per cent growth in the first four months of the current fiscal. The full commission, which met under the chairmanship of Prime Minister Atal Behari Vajpayee, said the Government should expedite the process of disinvestment, closure of unviable public sector units and revamping of Board for Industrial and Financial Reconstruction (BIFR) to unshackle the domestic industry. Calling for a review of the feedstock and pricing policy for fertilisers, the Commission said concerted efforts should be made at national and international levels to face challenge and reap the benefits of WTO commitments. The Commission also expressed concern about high cost of finance and investment and inadequate infrastructure and investment in the country. (PTI) |
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International oil price hike not to affect GDP: Sinha NEW DELHI, Sept 30: Finance Minister Yashwant Sinha today said the hike in international oil prices will not have any adverse impact on the GDP growth rate during the current fiscal though it could marginally push up the inflation rate. "I do not think the hike in international oil prices would affect the growth prospects in the country", he told PTI while refusing to hazard any guess on the percentage of growth rate during the current financial year. Sinha said inflation rate could go up marginally for a short while as a result of the hike in domestic oil prices. The Finance Minister said he did not agree with the views of an apex trade body that the GDP growth rate this year could be around 5.5 per cent. To a query whether the revenue collections target for the current year could be missed due to reduction in the excise and customs duty of oil, Sinha said the Government was hopeful of meeting the budgetary targets. He, however, said the reduction in duties could mar the prospects of a quantum increase in revenue collections in excess of the budgetary target. The economic growth slid to 5.8 per cent during April-June this year compared to 6.9 per cent in the first quarter of the previous financial year. Gross domestic product at constant price was estimated at Rs 2,86,524 crore during the quarter as against Rs 2,70,732 crore in the corresponding period of 1999-2000. (PTI) |
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