|
|
AEPC blasts Govt for NEW DELHI, Sept 17: The Apparel Export Promotion Council (AEPC) has criticised the Government’s recent decision to allow export quota under the New Investors Entitlement (NIE) category for......more IMF to tighten WASHINGTON, Sept 17: The International Monetary Fund (IMF) has decided to tighten the screws on long-term lending, shortening duration of loan....more Inflation dips after NEW DELHI, Sept 17: After a brief two week rising spell, the inflation rate witnessed a moderate 0.30 per cent decline to touch 5.64 per cent on September two. It was 5.94 per cent the week before. However, this trend is.....more India to raise issue of high crude prices with OPEC NEW DELHI, Sept 17: India would raise the issue of high crude prices with Organisation of Petroleum Exporting Countries (OPEC) when Petroleum ...more |
 |
PM seeks NRI help WASHINGTON, Sept 17: Prime Minister Atal Behari Vajpayee has asked NRI entrepreneurs in the .......more Excelsior Correspondent JAMMU, Sept 17: Punjab National Bank, Gandhi Nagar started seven days working from today. As per a release, a colourful ......more Excelsior Correspondent JAMMU, Sept 17: The Minister for Works, Mr Ali Mohammad Sagar during his extensive tour in and around Jammu city today inspected the pace of progress. .....more Chamera power project exceeds generation target CHAMBA (HP), Sept 17: The Chamera hydro-power project in Himachal Pradesh has generated over 1235 million.....more |
 |
|
|
AEPC
blasts Govt for allowing NIE export NEW DELHI, Sept 17: The Apparel Export Promotion Council (AEPC) has criticised the Government’s recent decision to allow export quota under the New Investors Entitlement (NIE) category for textile mills in a bid to attract fresh investments in the garments sector. The Government’s move has resulted in export quota for sensitive categories getting blocked, jacking up the premium to exhorbitant levels. "The change in nie policy has hit garment exports very badly," said AEPC Chairman Raju Goenka. "It will be difficult to woo the customers back to their original suppliers in India." Mr Goenka has now urged Textiles Minister Kashiram Rana to reconsider the decision. As per the NIE policy, exporters were supposed to utilise 50 per cent of quota by July 25. But next day, the Textiles Ministry allowed NIE holders to surrender the unutilised quantity and carry it forward to next year. Export quota for nearly 70 lakh pieces was surrendered. The AEPC says such surrenders should be treated as lapsed. Otherwise, it will create pressure on garment exports and inflate quota premiums next year as well. Ironically, the AEPC operates under sponsorship of the Textiles Ministry. It has 27,432 members with 40 top garment exporters forming an executive committee. Besides, four Government nominees are on the board: Joint Secretary at the Textiles Ministry, the Textiles Commissioner, Director General of the National Institute of Fashion Technology and the AEPC Director General. Meanwhile, president of the Garment Exporters Association (GEA) Rakesh Vaid said the amendment in NIE policy could effect garment exports worth Rs 3,000 crore. He said the valuable NIE quota will go to certain units which do not have any garment manufacturing machinery and are termed stand alone units. The Government’s move will result in third party shipments and eventually blunt the 10 per cent export target, Mr Vaid said. Nearly 70 per cent of Indian garment exports totalling 5.2 billion dollars last year were under the Multi-Fibre Agreement (MFA) quota regime. The distribution of annual level is: 75 per cent under the Past Performance Entitlement (PPE) system, 10 per cent under the New Investors Entitlement (NIE) system, 10 per cent under the First-Cum-First-Serve (FCFS) system and five per cent under the Non-Quota Entitlement (NQE) system. Mr Amit Goyal, president of the Mumbai-based Confederation of Indian Apparel Exporters (CIAE), said there is absolutely no justification in giving the NIE quota to stand alone units. If the trend continues, the Government may be forced to allot quota for thread and button manufacturers besides accessory suppliers who are directly involved in helping make a garment complete. "If these units are so interested in new investment and technology, then they can avail benefit under the Technology Upgradation Fund (TUF) scheme,’’ he said. Echoing similar sentiments, president of the Apparel Exporters and Manufacturers Association (AEMA) Vinod Chopra said the Textiles Ministry must consult industry representatives before taking a major decision. "Government policies should be aimed at strengthening the garment exports industry so that it can compete vigorously in the post-MFA era when all quotas will vanish worldwide after December 31, 2004," he said. (UNI) |
|
IMF to tighten loan terms, raise interest rates WASHINGTON, Sept 17: The International Monetary Fund (IMF) has decided to tighten the screws on long-term lending, shortening duration of loan terms and levying higher interest. The reversal of the policy is viewed as an attempt to mollify Washington, as it comes a month after the board rejected the US proposal to reconsider loan terms, delivering a rare rebuff to the largest shareholding Government, a Washington Post report said. The financial body is "bowing to pressure from the United States to limit its longterm lending," the post said quoting the (US) Treasury Department. The decision, which comes ahead of the annual meetings of the IMF in Prague next week, "wins a change proposed about a year ago," US Treasury Secretary Lawrence Summers said. Summers said IMF will reduce the length of time granted to a country for repayment of loan under the core lending fund to a period of 2.25 years to four years, down from the present 3.25 years to five years. It will also cut lending under the extended fund facility from 10 years to seven years, and limit the use of medium-term lending arrangements to the poorest countries, while charging higher interest rates for larger and longer-term borrowers. The IMF did not release the exact amendments made in its lending policy, but said in a brief statement that the move represented "an important step forward." It, however, said that extremely poor countries, especially African nations, will be not be brought under the new policy terms. (PTI) |
|
Inflation dips after a two week rise NEW DELHI, Sept 17: After a brief two week rising spell, the inflation rate witnessed a moderate 0.30 per cent decline to touch 5.64 per cent on September two. It was 5.94 per cent the week before. However, this trend is temporary. With global oil prices witnessing a sharp increase, the Government has no other alternative but to raise the petroleum prices to bridge the oil pool deficit. This would result in the inflation touching the seven to eight per cent mark in coming months. The recent recent drop in the inflation rate was despite the rise in the Wholesale Price Index as well as in the prices of primary articles and manufactured products such as raw silk, solvent extracted groundnut oil, other boards, newspaper, PVC resins, railway sleepers, aluminium ingots, ACSR conductors, enamelled and copper wires. The inflation rate had been hovering below the six per cent mark for three successive weeks since August 19. However, it was a slightly above three per cent at 3.12 per cent during the corresponding week last year. The National Council of Applied Economic Research (NCAER) has warned against the rise in domestic petro-products prices. It said this hike would give a fillip to inflationary tendencies. Another reason for the possible increase in the inflation rate is the instable rupee, economists say. Continuing its rising trends for the fourth successive week, the wholesale price index for all commodities (base1993-94) saw a minuscule 0.1 per cent rise to 153.5 on september two from 153.4 in the previous week. The final Wholesale Price Index for all commodities (base 1993-94) stood at at 152.9 on July eight as against the provisional index of 152.2. The inflation rate calculated on final index worked out to 6.40 per cent in contrast to 5.92 per cent based on provisional index. The inflation rate based on Consumer Price Index for Industrial Workers, which gives the real picture of retail prices, fell by 0.29 percent to 4.95 per cent in July from 5.24 per cent in the previous month. With barley, fruits and vegetables becoming costlier by one per cent each, the index for food articles, under the primary articles group, increased by 0.1 per cent to 169.9 from 169.8. But the prices maize fell by three per cent, fish(inland) by two per cent, jowar, bajra and fish(marine) by one per cent each. The index for non-food articles rose by 0.1 per cent to 147.9 from 147.8 because raw silk prices zoomed by 14 per cent, raw skins by three per cent, fodder by two per cent, raw cotton one per cent. But raw rubber became cheaper by two per cent, cotton seed and gingelly seed by one per cent each. As rice bran oil became cheaper by eight per cent, coconut oil and sunflower oil by two per cent each, ghee, atta, rapeseed oil and mustardseed oil, groundnut oil and cotton seed oil by one per cent each, the index for food products, under the manufactured products group, declined by 0.1 per cent to 146.9 from 147.1. But solvent extracted groundnut oil became dearer by three per cent, unrefined oil by two per cent and gur by one per cent. The index for paper and paper products rose by 0.7 per cent to 163.8 from 162.7 due to other boards (all kinds) became dearer by six per cent, newspaper by three per cent and map litho paper by one per cent. With expoxy resins becoming cheaper by whopping 20 per cent, cine colour positive by 11 per cent, acid(all kinds)and endosulfan by one per cent each, the index for chemicals and chemical products dropped by 0.3 per cent to 161.7 from 162.2. But the prices of PVC resins became dearer by five per cent and purified terepthalic acid by two per cent. A hefty five per cent hike in railway sleepers prices jacked up the index for non-metallic minerals products by 0.2 per cent to 128.8 from 128.6. The index for basic metals, alloys and metal products rose by 0.3 per cent to 139.7 from 139.3 because aluminium ingots became dearer by four per cent, zinc and lead ingots by three per cent each, zinc and ingot by one per cent. Due to steep 10 per cent rise in prices ACSR conductors and eight per cent hike in prices of enamelled copper wires and one per cent increase in prices of power driven pumps and electrical generators, the index for machinery and machine tools went up by 0.3 per cent to 119.7 from 119.4. The index for fuel, power, light and lubricants remained unchanged at its previous week’s level of 198.3. Other indices that remained static were minerals, beverages, tobacco and tobacco products, textiles, wood and wood products, leather and leather products, rubber and plastic products and transport equipment and parts. (UNI) |
|
PM seeks NRI help in expanding Indian IT sector WASHINGTON, Sept 17: Prime Minister Atal Behari Vajpayee has asked NRI entrepreneurs in the United States to help expand India’s information technology sector to world class standards. "Our dream is to create world class conditions and facilities in India, so that talented Indians can achieve the same success while living and working in India as they do when they come to the United States," Vajpayee told the enterpreneurs who called on him at the Blair House, the Presidential guest house, where he is staying. The Prime Minister said Bangalore was already being described as the Silicon Valley of the east. "We want many Bangalores to bloom in India," he said, adding that "indeed, many centres of IT are coming up very fast." Vajpayee pointed out that his Government had taken many initiatives to promote IT and telecom in India and assured the entrepreneurs that Government "would assist you in every possible way in your patriotic desire to contribute to India’s rapid and all-round development." He said that NRI IT professionals have helped change the image of India in the American mind. They have also inspird tens of thousands of young Indians to achieve similar successes. (PTI) |
|
|
Excelsior Correspondent JAMMU, Sept 17: Punjab National Bank, Gandhi Nagar started seven days working from today. As per a release, a colourful function was held in the premises of the bank to mark the starting of seven days working. The function was inaugurated by Mr S K Mohla officiating SRM, J&K Region and was attended by large number of customers and functional managers of Regional Office, Jammu and District Coordinator PNB Mr D V Arora. Addressing the customers, Mr C K Sharma, Senior Manager, PNB Gandhi Nagar informed that Bank will fulfill all banking needs of its customers including the opening of new accounts and work up to 4 pm. He further informed that the Bank is working upto 4 pm on all week days except saturday when it is working up to 1 pm. Mr S K Mohla asked the customers of Jammu to avail the facility of seven days working at its branches at Jain Bazar and Shalimar Road, Jammu. Also very shortly telebanking facility will start at Branch Office, Gandhi Nagar as well ATMs will be installed at PNB Gandhi Nagar, Jammu. |
|
|
Excelsior Correspondent JAMMU, Sept 17: The Minister for Works, Mr Ali Mohammad Sagar during his extensive tour in and around Jammu city today inspected the pace of progress on various under construction projects. At Peerkhoh, Mr Sagar inspected pace of work on the tubewell project at a cost of Rs. 16.87 lakhs. Mr Sagar was told that 1200 metre long pipe will be laid. With the completion of the project, he was told that drinking water supply to the areas of Wazarat road, Shaheedi Chowk and Mohalla Dalpatian will improve further. At the Sitlee Water Treatment Plant, the Minister took stock of the ongoing works. He was told that the water supply from this plant has been augumented by 30 lakh gallons. The supply of another 24 lakhs gallons of drinking water from the plant will start within a fortnight, he was informed. With this the drinking water problem of Roop Nagar, Janipur and other parts of greater Jammu will ease to a great extent. The Minister was informed that the 10 tubewells being constructed in Muthi Phase-II, three have been completed whereas the work on the rest is going apace. Mr Sagar asked the concerned engineers that the three tubewells already completed should be fully commissioned by December end this year. With regard to the rest of the tubewells, the Minister instructed them that these should be completed and commissioned by the close of the current financial year. With the commissioning of these tubewells Roopnagar will get another eight lakh gallons of water whereas Janipur area will get another 16 lakh gallons of water. He was informed that in all 27 tubewells are proposed to be constructed so that the drinking water supply to greater Jammu is assured. He was further told that laying of pipes in Janipur and Roopnagar areas has already been completed. Mr Sagar reiterated the Government's commitment to solve the problem of drinking water supply in Jammu completely within the shortest possible time. For this purpose water of Chenab will also be tapped. The Minister was visited the District Courts Complex in Janipur. The construction of blocks for the lower courts was going apace there. He was told that of the estimated cost of Rs. 7.88 crore, over Rs 4.54 crore have been spent so far. He asked the engineers to ensure its completion by November this year. Construction work of the complex has been entrusted to the JKPCC. The Minister asked the JKPCC authorities to ensure that the residential school for blinds at Roopnagar is completed by the end of November this year so that it is inaugurated on the birth-day of Sher-i-Kashmir Sheikh Mohammad Abdullah. He also visited the Board of School Education complex and inspected the pace of work on the construction of phase one of Rs. 27 lakh examination hall. He was told the about 80 per cent work has been completed. He also inspected the work on the widening of road from Bikram Chowk to Dr Ambedkar Chowk via MAM college. Estimated to cost Rs. 343 crore, Rs. 2.45 crore have been spent till last financial year on this 1.7 km long road. Mr Sagar also visited the Sidhra by-pass and found the erosions in the culverts and wall abetments. He ordered on the spot suspension of the concerned AEE for not being available on the spot. Mr Sagar also inspected the pace of work on 4-lane 299-metre long second bridge over river Tawi. He was informed by the JKPCC engineers that delays in the completion of the bridge was because the issue of cement for use in the bridge was sub-judice and as such the corporation was unable to procure the cement required for the bridge. Besides, he was told that because of rains the rise in water level in Tawi was another major hurdle. Expressing dissatisfaction with the pace of work, the Minister asked the executing agency to complete the work on the bridge at the earliest. Mr Sagar refuted the allegations of some vested interests that Jammu division was discriminated against in the development process. Quoting the facts and figures, he said that at present 139 development schemes at an estimated cost of Rs. 130 crore were under execution in the division. Besides, 147 schemes valuing Rs. 50 crore are in the pipeline. He said the people will observe themselves that before completion of the first term of the present Government the development scenario of Jammu will have completely changed. During the tour the Minister, was accompanied by senior engineers of various disciplines. |
|
Chamera power project exceeds generation target CHAMBA (HP), Sept 17: The Chamera hydro-power project in Himachal Pradesh has generated over 1235 million units of electricity so far in the current financial year against the target of 891 million units in the entire fiscal. This is the first time that the 540-mw project (Stage-I) here has set a record in power generation since its commissioning in 1994, S K Dodeja, Executive Director, Region-II, of the National Hydroelectric Power Corporation (NHPC) said here today. Dodeja said the restoration of the 400-kv class single phase transformer on the project had been successfully accomplished within a record period of 60 days. (PTI) |
|
India to raise issue of high crude prices with OPEC NEW DELHI, Sept 17: India would raise the issue of high crude prices with Organisation of Petroleum Exporting Countries (OPEC) when Petroleum Minister Ram Naik meets OPEC secretary general R Lukman at hydrocarbon meet in Indonesia next week. Naik would hold discussions with Lukman on the highly volatile crude oil prices in the international market, an official release said here today. The Minister who leaves tonight would be meeting top Indonesian leaders including the President to discuss joint exploitation in the field of hydrocarbon, it said. Indonesia has large natural gas reserves. India with its enormous energy needs was looking at natural gas as fuel. The estimated gap between demand and supply of natural gas was expected to touch 250 mmscmd by second decade of current century, the release said. (PTI) |
|
