|
|
FM agrees to provide VIJAYAWADA, Oct 3: Union Finance Minister Yashwant Sinha has agreed in principle to provide one time financial assistance to the cooperative.....more FDI in India, S-Asia NEW DELHI, Oct 3: The extent of Foreign Direct Investment (FDI) in South Asia, including India, will .....more MUL suspends 9 NEW DELHI, Oct 3: Maruti Udyog (MUL) management has suspended nine employees on the charge of misconduct even as.....more DCI is gearing up to VISAKHAPATNAM, Oct 3: The Public Sector Category-1 Mini-Rathna-Dredging......more |
 |
Review
process of BANGALORE, Oct 3: The Swadeshi Jagaran Manch (SJM) today demanded the Centre to dispassionately review the process of liberalisation as it had.........more
NEW DELHI, Oct 3: India and Russia today signed nine agreements to enhance their bilateral ties in various fields. ..........more Review norms for NEW DELHI, Oct 3: The Confederation of Indian Industry (CII) has urged the Government to review .......more CII identifies areas for co-op between India-Russia NEW DELHI, Oct 3: Information technology, biotechnology and pharmaceuticals.......more |
 |
|
FM
agrees to provide financial assistance to VIJAYAWADA, Oct 3: Union Finance Minister Yashwant Sinha has agreed in principle to provide one time financial assistance to the cooperative banks to wipe out their non-performing assets to the tune of 18 per cent as extended to commercial banks, before implementing prudential norms. Disclosing this at a press conference here today, Mr T D Janardhan Rao, who was re-elected president of the National Cooperative Agriculture and Rural Development Banks Federation (NCARDBF), said the committee, constituted under the chairmanship of Reserve Bank of India Deputy Director Jagadeesh Kapoor to work out the modalities, had concurred with the NCARDBF’s view that the NPAs of the cooperative banks were the result of loans given to Government-sponsored schemes at Government-regulated interest rates. Stating that the committee had recommended to the centre to provide financial assistance over a period of six to seven years, he said the Centre, which had provided a one-time assistance of Rs 22,000 crore to commercial banks, should provide at least Rs 7500 crore to cooperative banks in one or two years since any further delay in extending the assistance would ruin the cooperative sector, with 146 of the 368 banks already sick. A NCARDBF delegation would leave for New Delhi later this month to call on Union Minister of State for Finance Balasaheb Vikhe Patil to press the demand, Mr Rao said. (UNI) |
|
FDI in India, S-Asia hinges on reform, stability: UNCTAD NEW DELHI, Oct 3: The extent of Foreign Direct Investment (FDI) in South Asia, including India, will depend on the pace of reforms and regional stability, the United Nations Conference on Trade and Development (UNCTAD) said today. Despite a lower FDI inflow in South Asia and India in particular during 1999, UNCTAD said "in the longer term, the subregion has great FDI potential." However, FDI would depend very much on the pace of liberalisation and economic reforms as well as domestic and regional stability, the world investment report 2000 titled ‘cross-border mergers and acquisitions and development’ released by UNCTAD said. FDI in South Asia dipped 13 per cent to 3.2 billion dollars, mainly due to fall in capital flow to India, the single largest recipient, to 2.2 billion dollars in 1999 as compared to 2.6 billion dollars in 1998. Bangladesh attracted FDI worth 150 million dollars last year as against 308 million dollars in the previous year while it remained constant at 0.5 billion dollars in Pakistan. "Investment prospects in developing asia are bright, given the quality of underlying economic determinants of FDI, recovery of the region from financial crisis and ongoing liberalisation and restructuring efforts," the report said. Stating that FDI by transnational companies in developing asian nations rose to 106 billion dollars in 1999 as against 97 billion dollars in the previous year, UNCTAD said the total FDI by MNCs may cross one trillion dollar in 2000 compared to 865 billion dollars last year. India along with Russian federation, Slovenia, Thailand and Cambodia substantially revised their FDI regimes to make them more attractive, the world investment report noted. Most new measures by developing nations reduced sectoral restrictions to foreign entry, earlier closed to FDI including those in insurance, telecom and energy sectors, it said. As a result of these changes, the inward FDI to India as a percentage of its GDP rose to 3.4 in 1998 as compared to 0.5 per cent in 1990, while outward flow of capital was only 0.2 per cent in 1998. "Changes in Government policies on FDI during 1999 confirm and strengthen the trend towards liberalisation, protection. UNCTAD said. Along with a more open FDI policy, the report said "there was a noticeable trend in developing and transition economies towards greater consumer and environmental protection and disclosure of financial informations." The UNCTAD report also said that the regulatory changes in developing nations including India was on strengthening competition laws and corporate governance. (PTI) |
|
MUL suspends 9 agitating
employees; NEW DELHI, Oct 3: Maruti Udyog (MUL) management has suspended nine employees on the charge of misconduct even as the Employees Union today announced intensification of its agitation to press for implementation of improved incentives and a pension scheme. Maruti Udyog Employees Union (MUEU) general secretary Mathew Abraham today began a fast-unto-death and employees struck work for four hours, Union spokesperson and treasurer G K Walia told PTI. Meanwhile, the Union joint secretary Madan Lal Sharma said in a letter addressed to Maruti Managing Director Jagdish Khattar, "instead of inviting the Union for a meaningful discussion, the management victimised nine members of our Union by suspending them from the services of MUL." When contacted, MUL MD declined to discuss the issue saying he was busy in a meeting while its spokesman did not confirm or deny the developments despite several attempts. Walia said the employees were on a ‘tool down’ strike today for two hours each in the two shifts adding "the tool down strike will be continued if there is no positive response from the MUL management." Abraham said "we are waiting for the response of the management. If their attitude is positive, we will also respond positively. If it is negative, our response will also be the same." (PTI) |
|
DCI is gearing up to globalise operations VISAKHAPATNAM, Oct 3: The Public Sector Category-1 Mini-Rathna-Dredging Corporation of India (DCI) here is gearing up to globalise its operations by wriggling out of the control regime through capacity building and restructured competitive windows. While trying to acquire two more state-of-the-art high capacity (7400 cubic metres) trailer suction hopper dredgers through IHC Holland, the DCI is now engaged in assessing its own track record and capacities to meet the global bids within two years with international gaints. "Apart from cost reduction of operations and rationalisation of manpower, this exercise required corporate restructuring and upgradation of information technology skills", said Chairman-cum-Managing Director of the Corporation C S Sastry. He told a press conference here today that DCI had been studying the draft report of the German-based KPMG consultants on various aspects of restructuring and a final decision would be taken after studying the final recommendations by the year end. Mr Sastry said the DCI, though differed with the foreign consultants on various technical aspects relating to the competence of the corporation to meet global demands, had not yet arrived at any concrete decision and corporate restructuring plans. On the other hand, the DHV consultants, who studied the DCI operations at Calcutta, said the corporation had the equipments to operate anywhere. The final recommendations of the German consultant, which would be ready by November, would be studied with respect to micro-level management of the Corporation along with human resources development and information technology related strategies for adoption, he said. Under the control regime, the DCI is now operating its dredging units utilising 70 per cent of its capacity at the 12 water Indian ports while the remaining was being met by foreign dredgers through open competition. The protection umbrella would be completely withdrawn within two years under the globalisation policy of the Centre. As part of its exercise to build information technology tools for meeting global standards in dredging, the DCI had planned to integrate the operations of all IKTS vessels and corporate offices by launching Wide Area Network (WAN). The DCI had entrusted the task with the public sector Computer Maintainance Centre (CMC). Replacing the old generation AVM-5220 mainframe computer system with the state-of-the-art 2-netinfinity-2000 system, besides networking all offices and dredgers were underway. Replacement of old dredgers and strengthening the existing fleet of vessels under the 9th plan proposals with an outlay of Rs 830 crore were awaiting the approval of the centre. Meanwhile, simultaneous efforts were underway to obtain the coveted ISO-9002 certification by improving its corporate management skills even as it had operationalised its plan to achieve Rs 330 crore turnover target for 2000-2001. The company had already achieved Rs.150 crore turnover between April and August this year. The DCI, officials said, had earned the highest ever Rs.33183 lakh income during 1999-2000 as against Rs.24,902 lakhs in the previous year. Its operational income was Rs.29325 lakhs as against Rs.22187 lakhs in the previous year while its net profit after tax touched Rs.7404 lakhs as against Rs.4159 lakhs in the previous year. It had declared dividend of 50 per cent on paid-up share capital amouting to Rs.1400 lakhs. The DCI had 583 lakh cubic metres dredging capacity and 96.62 per cent of it was utilised for various contracts, including Haldia, Paradip, and Chennai, besides Indian Navy and new Mangalore ports. (UNI) |
|
Review process of liberalisation, demands SJM BANGALORE, Oct 3: The Swadeshi Jagaran Manch (SJM) today demanded the Centre to dispassionately review the process of liberalisation as it had increased the divide between the rich and the poor. Manch All India organiser P Muralidhara Rao told newsmen here that the World Bank report had clearly proved that the liberalisation had not helped the third world countries, including India. The percentage of those living below the poverty line had risen to 39 per cent from 35 per cent in the country. The review should be carried out before the proposed second generation of reforms. The review should, inter alia, cover the jobs created and foreign investment in India after the liberalisation was ushered in nearly a decade ago. He said the National Assembly of the Manch, scheduled to be held in Bhopal from November 16 to 19, would chalk out programmes on the next course of action. They proposed to undertake mass awakening programmes on the ill effects of liberalisation. Welcoming the Centre’s decision to lift ban on use of common salt, he said the Manch would be writing to the State Governments not to make use of iodised salt mandatory. If the decision was forced to please the lobbies, the Manch would launch an agitation, he warned. To a question, he said the decision of the Centre on World Trade Organisation was in tune with its demands. However, the organisation differed with the Bharatiya Janata Party-led National Democratic Alliance Government on some issues. (UNI) |
|
|
NEW DELHI, Oct 3: India and Russia today signed nine agreements to enhance their bilateral ties in various fields. Russian Deputy Prime Minister Ilya Klebanov and Minister of Science and Technology Murli Manohar Joshi initialed the agreement on integrated long-term programme of cooperation in science and technology. Klebanov signed another inter-Governmental agreement in the field of agriculture with Agriculture Minister Nitish Kumar. Seven other agreements signed were: Cooperation in postal communications, treaty on mutual legal assistance in civil and commercial matters, cooperation between Ministries of Law, Justice and Company Affairs, cooperation in cultural, scientific and educational fields for the period 2000-02, mutual protection of confidential materials, protocol on cooperation between Metals and Minerals Trading Corporation (MMTC) and Gokharan of Russia in the field of processing and trade of rough natural diamonds and precious metals and agreement on joint oil and gas exploration in one block of eastern coast in India. (PTI) |
|
Review norms for providing tax holidays: CII NEW DELHI, Oct 3: The Confederation of Indian Industry (CII) has urged the Government to review the norms for providing tax holidays to units being set up in Free Trade Zones (FTZs). According to CII, Section 10A of the Income Tax Act provides a ten-year tax holiday to industrial undertakings in FTZs under the condition that they export at least 75 per cent of their turnover. In addition to this, a new subsection 9 was inserted by the Finance Act 2000 stating that if there was any change in the beneficial ownership of a company by more than 51 per cent the company would be deprived of this deduction. CII said that in this age of mergers and acquisitions, this provision will lead to undue hardship for the exporting community especially in the case of the software industry, where M and A activity is extremely common. This provision is not in tune with the overall policy of the Government to promote corporate restructuring. It said and added that this provision would discourage such activity. The provision would have a severe impact on genuine M and A activity in the country. The provision would also restrict export growth and the country would therefore lose precious foreign exchange. CII has suggested that this new provision should be deleted with retrospective effect from 1st April ,2000. (UNI) |
|
CII identifies areas for co-op between India-Russia NEW DELHI, Oct 3: Information technology, biotechnology and pharmaceuticals have been identified by the Confederation of Indian Industry (CII), among other sectors, as potential areas for bilateral cooperation between India and Russia. This has been highlighted in a publication titled "India-Russia: The road ahead" which has been prepared by CII the occasion of the visit of Russian President Viadimir Putin. According to CII, a synergy needed to be evolved between the two countries in sectors such as IT. According to CII, India’s vast pool of trained, technical manpower as well as its exposure to western markets could be leveraged against Russian strength in hardware design and advanced computing to become a formidable force in the IT sector. In addition to this, India could also help offer its expertise in IT training and education to Russia to help upgrade their skills. Both countries, CII observed, have a vast wealth of biotech resources which could be commercialised for marketing in each other’s countries as well as in third country markets. India’s highly skilled scientists and Russia’s strong R and D base could be combined to help bring about this synergy. In the case of the pharmaceuticals sector, CII has pointed out India exports a large quantity of pharmaceuticals products to Russia. CII feels that cooperation in this sector go much farther than mere trade. While certain Indian companies like Dr Reddy’s Laboratories, have made their foray into Russia by acquiring pharma companies inthe country, more concerted efforts need to be taken to form JVs with Russian companies. Russia’s research facilities taken in tandem with India’s financial strength and marketing expertise in other countries throw up immense possibilities for future growth. In addition to this, other sectors which hold immense potential include financial services, where Indian and Russian firms could collaborate and help strengthen the financial sector in each other’s countries. With the telecom sector in Russia expanding at a very rapid pace, CII believes that there is enormous scope for Indian companies to enter the Russian market to provide technical support or even invest in this sector. According to CII, Russia’s strength in capital goods could hold it in good stead in the Indian market place especially in sectors such as power generation. On the trade front, CII believes that a target of five billion dollars by the year 2005 could be possible provided the two countries diversify their trade basket. CII has pointed out that the trade basket between the two countries continues to remainstatic and therefore does not reflect the dynamic nature of both economies. (UNI) |
|
