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ASSOCHAM recommends 3-pronged strategy to reverse downtrend NEW DELHI, Dec 17: The Associated Chambers of Commerce and Industry of India has recommended a three-pronged strategy....more 8
pc economic growth COIMBATORE, Dec 17: A sustained eight per cent economic growth in the coming 15 to 20 years was the only way to abolish poverty and....more Discrimination
against NEW DELHI, Dec 17: A parliamentary committee has pulled up the Government for discrimination against smaller Central Public Sector ....more Export growth to contract further, says expert study NEW DELHI, Dec 17: NEW DELHI, Dec 17: India’s export growth will continue to contract at an annualised rate of up to three per cent in the dollar value during the second half of the fiscal....more |
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Fiat India operations Excelsior Correspondent JAMMU, Dec 17: Fiat India launched its hatchback ‘Palio’ Car in India, ending September 2001 and in less than two and half.........more Fertiliser
industry cry NEW DELHI, Dec 17: Failure to unveil the long promised fertiliser policy forced Government to take ad hoc measures to contain burgeoning subsidies .......more Growth of hotel industry depends on Country’s economic well-being KOLKATA, Dec 17: Economic well-being of the country and increased travelling tendency would ultimately lead to the growth....more Oppn
to divestment NEW DELHI, Dec 17: Opposition parties would continue to resist disinvestment of PSUs as a matter of ‘habit’ despite the ........more |
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pc economic growth only way to abolish COIMBATORE, Dec 17: A sustained eight per cent economic growth in the coming 15 to 20 years was the only way to abolish poverty and unemployment from India, former Union Finance Minister P Chidambaram said today. Delivering a lecture on ‘10 years of economic reforms’ at Avinashilingam Deemed University here, Chidambaram said the economic growth was a precondition to achieve this goal and ‘we must have an average eight per cent annual growth’. However, this goal of removing poverty and unemployment could not be achieved by ‘incompetent, ageing, tired and dispirited leadership, but fulfilled only by younger generation,’ he said Life expectancy, gender equality, infant mortality, child education and school drop outs were the major indicators of poverty, Chidambaram said, adding unfortunately there were signs of abject poverty even now, after 50 years of independence. The period between 1994 and 1997 could be termed as golden period of economic growth at 7.5 per cent, Chidambaram said, adding that the Government then challenged every assumption, like creation of private wealth, ideological orthodox and export pessimism prevailed in the country. (PTI) |
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Discrimination against smaller CPSUs should stop: Committee NEW DELHI, Dec 17: A parliamentary committee has pulled up the Government for discrimination against smaller Central Public Sector Undertakings (CPSUs) by preferring to extend support to the bigger ones and leaving the former to fend for themselves. "Government’s decision to recover overdues of cpsus payable by the State Electricity Boards (SEBs) through adjustment of release of the central plan assistance has been taken to help the big companies in power, coal, railway and atomic energy sectors while the relatively small cpsus have been left to fend for themselves," the report observed. The report of standing committee on industry, headed by Ramdas Agarwal, which was tabled in Parliament, says non-payment of dues by the SEBs to such small CPSUs "is a deadly blow to the latter in the liberalised era where Government patronage to Government companies has been brought down". "Thus there is an element of discrimination in the decision," the report said while recommending changes in this regard. The committee also calls for greater Government facilities to CPSUs other than power, coal, railway and atomic energy. "In the circumstances the committee recommends that Government should not only recover the overdues of CPSUs payable by sebs but also recover dues of other State Government agencies. It also recommends that Government should give this facility to other CPSUs other than power, coal, railway and atomic energy sector," the report said. The committee noted the Finance Ministry had informed that in accordance with the cabinet decision, they were recovering the overdues of cpsus payable by SEBs through adjustment in release of the central plan assistance meant for financing state plans and transferring the amount so recovered to CPSUs. To improve the performance of the Public Sector Undertakings, the committee said it desired that the companies take more efforts in cost cutting, upgradation of technology, manpower reduction and business organisation. In this direction, the committee has asked the department of public enterprises to monitor and ensure implementation of purchase preference policy. "The committee is of the firm view that the public sector enterprises are not following the directions and the department of heavy industries should on its part ensure that the direction of the Government is complied with." While deposing, the department of heavy industry said it had requested the concerned PSUs like rites and nuclear power corporation to follow the Government’s purchase preference policy in "letter and spirit" so that the central PSUs are not deprived of intended benefits of this policy. (PTI) |
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Export growth to contract further, says expert study NEW DELHI, Dec 17: India’s export growth will continue to contract at an annualised rate of up to three per cent in the dollar value during the second half of the fiscal 2001-2002, an ICRA study has said. "Economic recovery in the western world is only expected well into the next calendar year. Even if software earnings were to expand at about 20-25 per cent in dollar terms, the declining trend at the net level in miscellaneous general services may not be reversed", the ‘money and finance’ study done by the country’s leading rating agency said. The terrorist incidents since early september and the perceived uncertainty in South Asia have adversely impacted in-bound tourist traffic. "A worsening of the net travel earnings may be thus expected through the rest of the current fiscal. On balance, the net balance on invisible earnings is expected to be only marginally higher than in the last year". The study expected a current account deficit for 2001-2002 in the region of 3 billion dollar, that is about 0.6 per cent of the gross domestic product. Quoting the official figures for the first six months of 2001-2002, the study said that merchandise exports declined in dollar terms by about two per cent. In the April-July period, in rupee terms, exports increased by Rs 2219 crore or 3.6 per cent. "During the same period, the rupee depreciated by about 6 per cent, so this small increment in rupee terms actually amounted to a contraction when measured in dollars", it said. The notable features, as pointed out by the study, in the export performance in the first four months of 2001-2002 are: - Agricultural product exports bolstered by a sharp increase in wheat and sugar exports, offset a large contraction in the value of traditional exports of basmati and non-basmati rice, cashew nut, oil meal, guargum meal and ground-nut. A number of newer export items, such as processed vegetables, spirits and beverages, poultry, molasses, dairy products have shown smart growth. - Almost all components of leather and manufactures, have experienced smart growth in 2001-2002. The finished leather export grew by 62 per cent and leather garments were up 14 per cent. - Gems and jewellery contracted by 3 per cent in rupee terms which means by about 9 per cent in dollar terms. This has come on the top of a contraction in dollar terms in 2000-2001. - Handicrafts (excluding handmade carpets) were down 24 per cent in 2001-2002, after having contracted in dollar terms in 2000-2001. - Export of electronic goods grew by 77 per cent which came on top of a 62 per cent increase in 2000-2001. (UNI) |
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Fiat India operations on top gears Excelsior Correspondent JAMMU, Dec 17: Fiat India launched its hatchback ‘Palio’ Car in India, ending September 2001 and in less than two and half months the company has already sold 6,000 Palios and has an order list for another 5,500 Palio cars. According to a press release, despite of the prevailing sluggish market conditions, since the launch of the Palios, Fiat has improved its market share. The company strategically priced the 1.2 and 1.6 Palio between Rs 3.49 lakh and Rs 4.98 lakh to attract a wide range of customers. Interestingly the customers profile shows a large number of existing segment buyers. The recent announcement of Fiat SPA restructuring plan to cut 6,000 jobs across its sectors will not effect Fiat Auto’s Indian Operations. According to a company spokesperson, the Indian Plant will continue to function normally as its latest product in India Polio has been well accepted in the market and doing very well. At the time of Palio launch the company had achieved 75 percent. It has now reached 78 percent and by the beginning of January 2002 should achieve 85 percent localisation. Presently Fiat India manufactures 150 cars per day and is ready to ramp up production to meet with any kind of demand from the market. For 2002 the company wants to sell 50,000 cars. The company has increased its dealerships from 51 to 60 and by next year would have 75 dealers operating across the country. Besides the Fiat has 100 service points which will be increased to 150 by next year end. The Fiat India operations is working in Top Gear the official confirmed. |
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Fertiliser industry cry
foul over measures NEW DELHI, Dec 17: Failure to unveil the long promised fertiliser policy forced Government to take ad hoc measures to contain burgeoning subsidies of about Rs 14,000 crore even as producers warned that arbitrary and retrograde steps had pushed the Rs 35,000 crore industry into crisis as was evident from closure of a few units. While Government pinned its hope on a near seven per cent agriculture growth during the current fiscal, the all important agro nutrient industry forecast a slide of at least eight lakh tonnes of urea production due to cut in retention price support during the outgoing year. Amid this uncertainty, Government failed to make much headway in the proposed privatisation of three PSUs including the profit-making national fertilisers, with Fertiliser Association of India (FAI), apex body of manufacturers, warning that there would be no takers at this juncture. Lack of coordination between the Government and the industry was amply demonstrated when the distressed FAI Chairman complained that Fertiliser Ministry was not even in seeking its views on formulation of the policy, likely to be announced within a month. Pressured by severe financial constraints of the Government and mounting subsidies, Fertiliser Minister S S Dhindsa told PTI that "time has come for introspection and tightening of belt. Continuation of the Retention Price (RPs) and concession schemes can become counter-productive to higher achievement." (PTI) |
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Growth of hotel industry depends on Country’s economic well-being KOLKATA, Dec 17: Economic well-being of the country and increased travelling tendency would ultimately lead to the growth in the hotel and catering industry, according to immediate past president of FICCI ladies organisation Renuka Shah. Speaking on the occasion of the two-day workshop on food service enterpreneurship and management, Ms Shah said the seminar would facilitate the new enterprenuers in the field to gain knowledge about the different aspects of starting a new catering and hotel business. The experts and professionals from the field would provide the aspirants the required knowledge about starting the business and mobilising funds for conducting the business, she said adding that the practising professionals would also be informed about the various facets of managing the business of catering and hotel business. Speaking about the success factor for the hotel and catering business, she said the key factor to sucess for any hotel operation lies not in its ambience and facilities only, but on the warmth of the services provided consistently. The workshop would faclitate the new entrants in the field to come in direct with the industry experts enabling them to acquire the required help for starting their ventures, she hoped. (UNI) |
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Oppn to divestment may continue despite SC verdict: Shourie NEW DELHI, Dec 17: Opposition parties would continue to resist disinvestment of PSUs as a matter of ‘habit’ despite the landmark judgement of the Supreme Court on BALCO, but the Government would forge ahead with its policies, Disinvestment Minister Arun Shourie has said. "People who are in habit of just opposing anything will continue to shout... It is the responsibility of the Government to determine what is right for the country," Shourie told PTI in an interview. Asked if he expected resistance to continue after the apex court judgement upholding BALCO privatisation, he said "for Indian opposition now it is just a habit. Even on terrorism we can’t speak in one voice. The tendency is to find faults with whoever is in office... On Kargil it was the same thing... So poor disinvestment is such a small marble." Nevertheless, Shourie excuded the confidence in pursuing the disinvestment policy with a vigour saying that the judgement would make it more difficult for those who were using courts to stall economic reforms. At the same time, Shourie took exception to instances of bureaucratic opposition saying "the system has become so diffused that anybody writing a letter can stop anything at any stage... And one of the duties of ministers and senior civil servants today is to break that presumption of other that they can stop things because they think nobody has courage to overrule them on file." Dubbing the judgement as ‘significant’ as its effect was far beyond disinvestment, Shourie said "its real significance is that it should be seen as a major step in reversing the so called progressive judgement of 1970, 80 and early 90s of the Supreme Court. "It is to be seen as a result of deep thinking and reflection of court itself on the consequences of progressive judgements which the court has handed out in the past. And for that reason all of us have to be thankful both to the Supreme Court and to the people who took the case (BALCO) to court and enabled us to argue this point," the minister added. Recently there was a judgement on contract labour and earlier there was one on no-work no pay, he said, adding the apex court in this case had decided on the ambit of workers’ rights making it clear this included the right to agitate about their own conditions and service. "But they do not have right to choose their own employer. The principles of natural justice do not come into play in regard to policy decision. This applies to judicial or quasi judicial matters," Shourie said, adding workers’ approval was not needed for buying or selling shares of companies. (PTI) |
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