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Govt launches BSNL NEW DELHI, Oct 1: Government today launched Bharat Sanchar Nigam Limited (BSNL) to.....more SSI has an output growth NEW DELHI, Oct 1: The new industrial policy has provided the much needed competitive stimulus .....more Hinduja’s to approach MUMBAI, Oct 1: The Hinduja group has firmed up plans to approach the insurance regulator before......more Inflation rate falls NEW DELHI, Oct 1: The annual inflation rate further declined by 0.16 percentage point to ...more |
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Two more JK Banks begin 7-day working Excelsior Correspondent JAMMU, Oct. 1: Jammu and Kashmir Bank Ltd. has launched seven days working at two of its branches at Link Road and Rehari with this, the total ........more Majid condemns hike in petroleum products price Excelsior Correspondent JAMMU, Oct. 1: Mr Abdul Majid Khan, president , All J&K Low Paid Employees Federation has condemned the Central Government's..........more SBI Akhnoor organizes literacy camp Excelsior Correspondent JAMMU, Oct 1: To highlight the importance of being literate a literacy camp was organized by State Bank of India (SBI).......more Bhalla lambasts Govt for hiking prices of petroleum products Excelsior Correspondent JAMMU, Oct 1: Lambasting the Government for unprecedented hike in petroleum products, the senior Congress leader,.......more |
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Govt launches BSNL to corporatise DTS NEW DELHI, Oct 1: Government today launched Bharat Sanchar Nigam Limited (BSNL) to corporatise the Department of Telecom Services with Communication Minister Ram Vilas Paswan saying that the new entity would have all investment and operation freedom given to Navratna PSUs. By transferring assets worth Rs 63,000 crore (book value) the Government created the largest Indian telecom outfit of the size of a fortune 500 company and the new company would be empowered to venture any areas of communication including basic, cellular and internet. Launching the Corporation at a simple function, Paswan said with DTS showing a profit of over Rs 7,500 crore last year, the new Corporation would be given total functional autonomy and "Navratna powers for making investment decisions." Assuring the employees of full security in the process of change, he said "I will continue the dialogue with employees’ representatives over the next few days and all the pending issues will be sorted out... We will form a sub-committee to look into all these issues." Describing the incorporation of BSNL, which would have about four lakh employees, as a historic step Paswan said this would play a crucial role in fulfilling the target of providing telephone on demand by 2002 and providing new connections of 17 crore by 2010. Paswan said BSNL would be provided level playing field vis-a-vis private operators and it would operate on commercial basis, adding that consumers would be ultimate beneficiary as BSNL would be competing with other players. Starting with an equity of Rs 5,000 crore, BSNL would have a loan liability of Rs 5,000 crore and would take all the responsibility of providing rural communication entrusted to erstwhile DTS. Government had announced a roadmap for corporatisation of Department of Telecom Services early this year and thereafter appointed A F Ferguson as a consultant to help the Government to work out the modalities. However, the process was not that easy. Three major federations claiming support of over three lakh employees went on a nation-wide strike for three days early this month demanding settlement of various labour issues. The strike was called off after the Government agreed to pay pension from the Consolidated Fund of India. On its side, Government had offered Group C and D employees, who opt for BSNL from October one, a lumpsum of Rs 1000 per month, which is adjustable against the salary later. A cut off date for exercising the option of absorption would be given to Group B employees too. Government has also worked out a package of measures so that the viability of BSNL was not impaired because of implementation of any socially desirable uneconomic activity such as rural telephony. (PTI) |
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SSI has an output growth rate of 13.4 pc: CII NEW DELHI, Oct 1: The new industrial policy has provided the much needed competitive stimulus for accelerated growth in the infrastructure sector and helped the six infrastructure industries, comprising electricity, coal, finished steel, petroleum refinery products, crude petroleum and cement record an overall growth of 7.3 per cent in 1999-2000, as against 2.5 per cent in 1998-1999. According to the data collected by CII in its statistical yearbook for 2000, the small scale industry, with 3.1 million registered units has an output growth rate of 13.4 per cent. The growth rate of exports in SSI is 11.4 per cent and offers employment to more than 17 million people, according to the CII yearbook. The share of SSI sector in total exports is over 30 per cent, and its share in the total manufacturing sector’s exports stands around 40 per cent. While reporting data on transportation, it stated that in the year 2000-2001, the passenger traffic originating is expected to reach 4800 million from 4469 million last year in railways. The Indian Railways is the largest rail network in Asia and second largest in the world with 81510 km of total running track. In order to bring in more efficiency in the port operations, all port facilities are now open to private sector. The CII yearbook noted that privatisation of container trade on a large scale is on the card in Mumbai, Cochin, Madras and Vishakapatnam. While presenting the trends in foreign trade, the CII yearbook revealed that India’s exports in 1999-2000 registered a modest growth of 11.6 per cent amounting to 37,538 million dollars as against 33,641 million dollars in 1998/99. Imports in 1999-2000 increased by 10.2 per cent to touch 46,154 million dollars. As per the according to the yearbook, during 1999-2000, India’s exports to us (the largest importer from India) increased by 22.1 per cent in 1999/2000 and its percentage share in the total exports from India witnessed an increase from 21.7 per cent in 1999/99 to 22.7 per cent in 1999-2000. Hong Kong’s and UAE’s imports from India increased by 39.7 per cent and 18.4 per cent respectively in 1999-2000. In view of this report, the new industrial policy announced in 1991 brought a dramatic change in the foreign currency reserves of the Government of India were 22.4 billion dollars at the end of march 1997 and 35.06 billion dollars at the end of March 2000. Indian joint ventures abroad have been recognised by the government as an important instrument for promoting exports, trade expansion and economic cooperation as per the CII yearbook 2000. Indian Joint Ventures (JV) are dispersed over 90 countries and more than 80 per cent of these (830 out of 1021 JVs) are concentrated in 22 countries. The US, UK, UAE, Singapore and South East Asia account for the majority of Indian joint ventures, CII reports. The CII yearbook delves into Foreign Direct Investments coming into India by compiling extensive data and information in time series. The total amount of Foreign Direct Investment approvals which amounted to Rs 54,891 crore in 1997 have gone up to touch Rs 28,366 crore in 1999. Handbook reports that over 80 per cent of the FDI approvals are in priority areas like power, oil, refineries, electronic and electrical equipment, chemicals, food processing industries and telecommunications. Evidently, the CII compendium includes exhaustive data and information on the performance of the different sectors of the Indian industry. It provides a comprehensive outlook of the Indian industry at a glance and is a ready reference guide for the economic indicators of the Indian economy. (UNI) |
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Hinduja’s to approach IRDA
in 6 mths time for MUMBAI, Oct 1: The Hinduja group has firmed up plans to approach the insurance regulator before the end of this fiscal for permission to enter both life as well as non-life segments via joint ventures with foreign partners. The group was putting in place an elaborate business and organisation plan to support its foray into the two segments, according to company sources. An application seeking entry into the life insurance business is likely to be made towards the end of this calendar year as the group was at an advanced stage of negotiations with a foreign insurance major for forming a joint venture company. It was holding exploratory talks with a couple of foreign insurance firms for setting up the joint venture for starting non-life insurance business, sources said, adding it would take about five to six months for a clear picture to emerge in this regard before a formal application could be made to the Insurance Regulatory and Development Authority (IRDA). In both the ventures, the Hinduja group would have a 74 per cent stake while the balance would vest with the foreign partner, sources pointed out. The group’s hire-purchase and leasing firm Ashok Leyland Finance Ltd, which has a wide network of offices and regional tie-ups for commercial vehicle finance across the country, would hold a majority stake in both the insurance ventures on its behalf. (PTI) |
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Inflation rate falls further to 5.56 pc NEW DELHI, Oct 1: The annual inflation rate further declined by 0.16 percentage point to 5.56 per cent in the week ended September 16, despite rise in prices of primary articles and manufactured products. The point-to-point inflation rate based on the Wholesale Price Index (WPI) for all commodities (base: 1993-94 = 100) was 5.72 per cent in the previous week and 3.48 per cent a year ago. The WPI was, however, up marginally by 0.1 per cent to 153.7 (provisional) as against 153.5 in the previous week. The final WPI for the week ended July 22 stood at 153.2 as compared to provisional figure of 152.7. The inflation rate based on the final index was 6.61 as against the provisional rate of 6.26 per cent during July 22. The point-to-point inflation rate based on Consumer Price Index for Industrial Workers (base: 1982 = 100) fell sharply by almost one per cent to 3.99 per cent in the month of August as against 4.95 per cent in July 2000. The WPI inched up due to a 0.1 per cent rise in indices of both primary articles and manufactured products. The price index of fuel, power, light and lubricants remained unchanged for the third consecutive week. Primary articles group index rose to 162.4 during the week from 162.3 in the previous week and 161.7 a year ago, on account of 0.4 per cent rise in food articles and 0.1 per cent increase in mineral prices. The food articles index stood at 170.4 as compared to 169.8 in the previous week due to higher prices of barley (four per cent), fruits and vegetables, eggs, poultry chicken (three per cent each), jowar and ragi (two per cent each), gram, masur and mutton (one per cent each). However, prices declined for bajra (seven per cent), moong (three per cent), fish-marine (two per cent) wheat, maize, arhar, urad and fish-inland (one per cent each). The index for minerals group went up to 115.9 as against 115.8 in the previous week, due to a sharp 14 per cent rise in the price in gypsum. The non-food articles index delined by 0.7 per cent to 145.9 from the previous week’s figure of 147. The decline in non-food articles was on account of cheaper sunflower, rape and mustard seeds (six per cent each), raw silk and linseed (four per cent each), castor seed and fodder three per cent each), groundnut seed, cotton seed, gingelly seed and raw tobacco (one per cent each). Price of kardi seed, however, went up by one per cent. Fuel, power, light and lubricants group index remained unchanged at 198.3 as in the previous week but was higher than the last year’s level of 157.5. (PTI) |
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Two more JK Banks begin 7-day working Excelsior Correspondent JAMMU, Oct. 1: Jammu and Kashmir Bank Ltd. has launched seven days working at two of its branches at Link Road and Rehari with this, the total number of branches observing working of 7 days a week in Jammu city has gone upto three with the Trikuta Nagar branch already functioning seven days a week. Inaugural function was held at both the branches D V Gupta, General Manager Jammu and Kashmir Bank and S A Khan, Dy. General Manager formally inaugurated the 7 days working at these branches P K Bhat, DGM (Law) was also present on the occasion. Speaking on the occasion, Mr Gupta informed that with the observance of 7 days working a week, Bank's customers will get better personalized services and the working class of Society which otherwise get a scant time being busy around the week, will be beneficial with the observance of Sunday as a working day at these branches. The business community, being free on Sunday, will also be getting enough time to call at the bank for their business transactions. The business hours at the these branches will be from 10.00 a.m. to 4.00 p.m. The Jammu and Kashmir Bank Ltd. is the only bank in Jammu city, which has now three branches working around the week. D.V. Gupta further stated that J&K Bank is now one of the fastest growing and leading bank amongst the commercial banks in India and is embarking upon an ambitious programme of computerization and adoption of Information Technology developing new products in retail banking to meet the customers expectations. He disclosed that till date 179 branches have been computerized covering 74 per cent of the total business and now their interconnectivity is in progress. It was planned that the total number of computerized branches shall be taken to 200 by the end of the financial year and even new branches shall be computerized. He highlighted that tele banking facilities have been made available at five computerized branches of the Bank in Srinagar City, two branches in Jammu city and one branch at Bangalore. He informed that customer advisory forum have been constituted at the branches which will receive suggestions from the customers and also to redress their grievances. S A Khan, Dr. General Manager, J&K Bank while speaking on the occasion informed the audience about various steps taken by the bank to improve customer service. It was with this idea that 7 days banking schedule has been introduced in these two branches of the bank. |
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Majid condemns hike in petroleum products price Excelsior Correspondent JAMMU, Oct. 1: Mr Abdul Majid Khan, president , All J&K Low Paid Employees Federation has condemned the Central Government's announcement of heavily hiking the prices of petrolum products like K.oil LP Gas, Diesel and petrol. He said due to this unprecedented hike the cost of living will become much costlier and working classes as well as the poorer sections of the society be hitted hard. Mr Khan made a strong plea to the State Govt to release DA instalments and also pay third instalment of Pay Revision arrears immediately in cash. He said that the callous attitude adopted by the State Government is causing severe hardships to the employees. Mr Abdul Majid Khan further said that to focus the priority attention of the State Government towards employees common as well as sectional demands, the Federation has decided to observed Demands Day on October 10 by organising mass dharnas and demonstrations in Jammu city and at district Headquarters all over the State. The federation chief called upon the employees to participate in the proposed dharnas enmass. |
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SBI Akhnoor organizes literacy camp Excelsior Correspondent JAMMU, Oct 1: To highlight the importance of being literate a literacy camp was organized by State Bank of India (SBI) Akhnoor at Sungal village of the Tehsil from September 21 to September 27. As per a release, the people who participated in the camp were educated about the benefits of being literate. Speaking on the occasion, Branch Manager of SBI Akhnoor said education will help the illiterate people in opening of Bank accounts by putting their signatures instead of thumb impressions and also they can read out the terms and conditions of opening of accounts. Literacy will also help them in improving the living standards and educating their wards, he said. On the occasion the stationery items were distributed among the participants. |
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Bhalla lambasts Govt for hiking prices of petroleum products Excelsior Correspondent JAMMU, Oct 1: Lambasting the Government for unprecedented hike in petroleum products, the senior Congress leader, Mr Raman Bhalla today alleged that during the last two years of BJP led coalition rule the prices per cooking gas cylinder increased by over 100 rupees and that of petrol diesel and Kerosene by 50 percent. Addressing a public meeting at Hajipuri, Patel Nagar in Gandhinagar Assembly segment today he warned that Congress will launch agitation against the unprecedented price hike. Mr Bhalla accused BJP led Government at Centre and NC Government of the State for their total failure in bettering the lot of the people and alleged that the nexus between the two parties has strengthened the communal forces in the State. He asked the masses to judge the performance of both Central and State governments which have totally failed in fulfilling their poll promises."It is time for the people to strengthened the Congress and dislodge the both governments from power," he said. The Congress leader ridiculed the BJP led Government for endangering security risk in J&K saying that militancy has spread its tentacles to peaceful areas during BJP and NC rule only. He said even the Central Government has failed to supply the funds and material for fencing of International Border in Jammu. He said Jammu received a raw deal through the successive governments during last 50 years and the present NC representatives from the region have also betrayed the people. Those who addressed the meeting include Messrs J C Katoch, Vidya Sagar, A D Sharma, lokesh Sharma, Manoj Sharma, Jagjit Singh, Sanjeev Bagal, Chuni Lal Khajuria, Goverdhan Dasss, Amrish Sharma, pawan Sharma, Balbir Singh Manga, Balwant Kumar, Baloo, Rinku, Kuldeep Raj Bittoo, Rajinder Mann, Ashok Kumar, Dr Vijay, Rahjan Bhasin and Ch. Billa. |
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