|
|
| Bank of Punjab to provide latest banking facilities to customers Excelsior Correspondent JAMMU, Aug 28: India’s leading private sector bank—Bank of Punjab Limited, will provide latest facilities to the customers in general....more MIG
upgradation NASIK, Aug 28: The first indigenously upgraded MIG-21- 93, built at Hindustan Aernoautics Limited.....more Orissa
not to handover BHUBANESWAR, Aug 28: The Orissa Cabinet has decided not to handover the surplus....more |
 |
RBI action against NEW DELHI, Aug 28: The Government said today reserve bank has taken action against 17 major Non-Banking Finance Companies (NBFCs) including....more Gold
continues NEW DELHI, Aug 28: Gold prices continued its downward journey on the bullion market today on.....more RBI
concerned over MUMBAI, Aug 28: Reserve Bank of India today expressed concern over deceleration of economic activity for the second year in succession even as it was confident.....more |
 |
|
|
|
|
MIG upgradation successful: HAL NASIK, Aug 28: The first indigenously upgraded MIG-21- 93, built at Hindustan Aernoautics Limited (HAL), Nasik, carried out a successful taxing run at Ojhar airport, 21 kms from here, yesterday. HAL Chairman C G Krishnadas Nair told reporters after the successful test run that accuracy in attacking the "set-target" and sophisticated machinery were the highlights of this upgraded aircraft. With this, HAL appears to be on the verge of carrying out "test flight" of this upgraded MIG. The first two prototypes of this upgraded combat aircraft assembled at Mikoyan plant in Russia have already been successfully test flown. Sixteen such aircraft of the Indian Air Force would be upgraded at HAL (Nasik Division) within a four-year-span, Nair said after inaugurating "Pragati", an Aerospace Museum at the HAL township to mark the 60th anniversary of the organisation. The manufacturing process of Russian-origin Sukhoi-30 fighter aircraft will begin at HAL’s Nasik plant by this year end and first Sukhoi-30 will hit the sky by 2004, he said. Nasik’s (Ojhar-MIG) Su-30 fighter craft manufacturing project will be commissioned in association with HAL’s Lucknow, Hyderabad, Koraput, Kanpur and Kuruva divisions while spares for it would be made availalble from private sector for a total of 140 aircrafts, he added.(PTI) |
|
Orissa not to handover ore mines lease to pvt company BHUBANESWAR, Aug 28: The Orissa Cabinet has decided not to handover the surplus chrome ore mines lease in the Sukinda Valley to any private company. The Cabinet which met here yesterday resolved to reserve the 436.295 hectares of chrome ore mines in favour of the State Government undertaking Orissa Mining Corporation (OMC). Official sources said TISCO was granted 1161 hectares of chrome ore mines lease in the Valley in 1961. But later, on the basis of Supreme Court’s verdict, the State Government withdrew 855 hectares of the mines in 1997 and distributed 419 hectares in favour of four private companies. The State Government kept the remaining 436.295 hectares under its disposal and constituted a committee, chaired by former Steel and Mines Secretary H S Chahar, to find out ways for the distribution of the surplus mines. The Chahar Committee suggested that 436.295 hectares of the mines be distributed among private companies. But the cabinet rejected the Chahar Committee recommendation and reserved the surplus chrome ore mines with the OMC. The cabinet also decided to cancel 84.84 hectares of the lease sanctioned in favour of the Bharat Ferro Alloys Limited and handover the lease to the Mining Corporation. The State Government would apprise the Centre of the cabinet’s decision in this regard, the sources added. As per the cabinet decision, the private companies operating in the state without the chrome ore lease would apply to the OMC for supply of chrome ores. State Chief Secretary D P Bagchi said a master plan would be soon prepared for the development of the mines in the state. The OMC has 5,900 hectares of the lease under its control and now with the addition of 436.295 hectares of chrome ore mines its total possession went upto 6336.295 hectares. The Cabinet also decided to introduce voluntary separation scheme for the employees of the sick State Public Sector Undertakings. As per the scheme, the employees would be paid 21 days salary for each year of service. The State Government, would also pay the employees their arrears and other dues in installments. The State Government also approved several changes in the proposed voluntary retirement schemes as per the recommendation of a committee constituted for the purpose. It was also decided in the cabinet that the non-regular employees, who had served more than seven years of service in the sick PSUs, would also receive a special package of 15 days of pay for each year of service. (UNI) |
|
RBI action against 17 major defaulting NBFCs NEW DELHI, Aug 28: The Government said today reserve bank has taken action against 17 major Non-Banking Finance Companies (NBFCs) including Sanchayani, Lloyds Finance, Kuber Mutual, Kirloskar Investment, Ceat Financial and DCM Financial Services, for not repaying depositors’ money in time. "RBI has taken action against 17 major defaulting NBFCs in the form of rejection of applications for certificate of registration, issuing prohibitory orders, institution of criminal complaints, winding up petition, etc." Minister of State for Finance Balasaheb Vikhe Patil said in a written reply to Rajya Sabha. Of the defaulting NBFCs, Sanchayani Savings & Investment had a deposit base of Rs 599.72 crore till March 2001 while Lloyds had Rs 279.65 crore in deposit, Kuber Mutual Benefit Rs 192.79 crore, Ceat Rs.34 crore, Kirloskar Investment Rs 98 crore, Incan Mutual Rs 66.58 crore, DCM Financial Rs 62.85 crore and Rapti Nidhi Rs 62.66 crore. Other defaulting NBFCs are prudential capital & markets, fidelity finance, Krishi Export Commercial Corporation, Vijaya Commercial Credit, Vijaya Leasing, Samrudhi Savings and Investment, Janapriya Finance, IFB Finance and Alpic Finance. Of the 50 major NBFCs having deposits over Rs 20 crore, Patil said 27 companies are functioning normally while six companies are facing certain temporary liquidity problems but are not defaulting in peerless general finance, with a deposits of Rs 7,922.25 crore, Maharashtra Apex Corporation (Rs 153 crore), ICDS Ltd (Rs 136.31 crore), Motor General Finance (Rs 103.55 crore), Manipal Finance (Rs 35.75 crore) and MGF (Rs 32.25 crore) were facing temporary liquidity problems. (PTI) |
|
Gold continues downward journey on overseas note NEW DELHI, Aug 28: Gold prices continued its downward journey on the bullion market today on sustained selling by local stockists influenced by a weak trend in international markets and declined further with hefty losses. Silver, on the other hand, recovered smartly on industrial units buying and notched up fresh ground. Marketmen said gold continued to decline on lack of any support in the face of bearish trend in overseas markets, sending weak signals to domestic markets here. They said a firm U.S. dollar normally places downward pressure on dollar denominated yellow metal by encouraging producers to increase forward sales and retail consumers to restrict purchases. Standard gold and ornaments tumbled by Rs.50 each at Rs.4400 and Rs.4250 per ten gram respectively while sovereign had unchanged at Rs.3700 per piece of eight gram. Silver ready was up by Rs.25 at Rs.6990 per kilo and weekly-based delivery by Rs.20 at Rs.6995 per kilo. Silver coins were unaltered at Rs.10,900/11,000 per 100 pieces. The following were today’s quotations: Silver ready 6990 and delivery 6995. Silver coins buyer 10,900 and delivery 11,00 standard gold 4400, ornaments 4250 and sovereign 3700. (PTI) |
|
RBI concerned over deceleration of economic activity MUMBAI, Aug 28: Reserve Bank of India today expressed concern over deceleration of economic activity for the second year in succession even as it was confident that Gross Domestic Product (GDP) was unlikely to be seriously affected by world developments as in other countries. The recent growth experience has undoubtedly revealed some areas of concern, which could impede the path to sustained higher growth in the medium term, RBI said in its annual report for 2000-01 released here today. The apex bank said ‘while there is still considerable uncertainty, it is widely expected that the world GDP growth will be substantially lower in 2001 as compared to 4.8 per cent in the previous year, due to US economic slowdown’. A favourable factor this year is that international inflationary environment is reasonably benign. Low inflationary expectations have facilitated substantial reduction in international interest rates in order to revive economic activity in major industrial countries. India cannot but reckon the impact of these global developments, though for several reasons, including its relatively small share of trade, ‘GDP growth is unlikely to be as seriously affected by these developments as in many other countries’, the apex bank said. RBI said while merchandise export growth may moderate, software exports with more diversified destinations and private remittances may still be maintained. The apex bank said growth prospects for this fiscal would also depend to a certain extent on global developments and bottoming out of the current slowdown in world output, trade and international capital flows. A GDP growth rate of 6-6.5 per cent for 2001-02 was projected on certain favourable assumptions regarding the state of monsoon and possibility of industrial recovery in the second half of the year. On the whole, monsoon conditions so far, have turned out to be favourable. However, industrial outlook continues to be uncertain and a cause for considerable concern, it said. The realisation of the growth rate projected in April 2001 is dependent on a sharp reversal in current industrial trends during the post-monsoon period, the apex bank added. RBI said the current account was expected to be well below two per cent of GDP even if non-oil imports show considerable increase in the event of a pick-up in economic activity. A critical consideration in the economic growth would be the performance of the services sector and a return to average growth rate of 8.4 per cent achieved in the 1990s. The apex bank said recent slowdown in economic activity seems to reflect a combination of cyclical and structural factors with different weights assignable to either, depending on changing conditions in the growth process. The general deficiency in aggregate demand, and in particular, faltering pace of investment demand, relatively low requirements of bank credit, slowdown in currency expansion, decline in import demand and some evidence of high carrying costs of inventories being incurred by industries are indicators of cyclical influences on the growth process, it said. On the other hand, growing evidence on the gaps in agricultural development and the absolute deficiencies in physical and social infrastructure, which are already operating as a drag on the speed and quality of growth, are being identified as structural impediments, RBI said. In recent period, these have necessiated a assessment of the potential output growth path of the economy generated from robust optimism in wake of high growth phase during the mid-1990s, it added. In respect of agriculture, the apex bank said, increase in variability of production, falling capital formation and loss of pace in technological upgradation seem to be indicative of long term deceleration in agricultural development. (PTI) |
|
|
|
|
