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Ajit favours NEW DELHI, Dec 20: Union Agriculture Minister Ajit Singh today described the proposed Income Support Scheme (ISS) for farmers as an ‘academic ....more Any where, any time’ banking by UWB NASIK, Dec 20: The United Western Bank Ltd has decided to start ‘any where, any time’ banking services, including installing of Automatic Teller ....more Somany
elected NEW DELHI, Dec 20: Mr R K Somany, Chairman and Managing Director of Hindustan Sanitaryware and Industries Ltd, has been elected as alternate ....more Stone
exports JODHPUR, Dec 20: India’s exports of various varieties of stones, including granite and marble, showed overall improvement during the year 2000-2001 over the previous year, All India Granite and Other Stones Association ..more |
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FDI remains elusive for NEW DELHI, Dec 20: The ten billion dollar foreign investment target remained elusive as India could attract less than half the amount in the year .......more Sixth node of Swiss MUMBAI, Dec 20: Switzerland has launched the sixth node of the Swiss business network in Mumbai to promote bilateral trade and enable swiss .......more Japan cuts 2002/03 budget despite economic slump TOKYO, Dec 20: Japan’s cabinet today approved a smaller budget for fiscal 2002/03 despite an economic recession, saying it helps to rein in the ...more Indian
nuclear power MUMBAI, Dec 20: Signing of an inter-Governmental Memorandum of Understanding for constructing two nuclear .......more |
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Any where, any time’ banking by UWB NASIK, Dec 20: The United Western Bank Ltd has decided to start ‘any where, any time’ banking services, including installing of Automatic Teller Machines (ATMs) in some of its important branches in view to provide better banking service for its consumers. The new scheme will presently be effected for 122 branches out of the total 227 branches, UWB’s Zonal Manager D R Deshpande told newspersons here yesterday. The UWB is also observing a ‘saving drive’ till January 15, he said adding, the bank has also started some new schemes for investors. The new schemes include ‘Gulmohor re-investment’, ‘Dhandhara’ and ‘Dhan-Akshay’ and a special scheme ‘Sanman’ for senior citizen which gives them one per cent more interest, Deshpande said. About the present low interest rates in the banks, Deshpande said these (low interest rates) surely created problems to all banking sectors. He feared that the rates may further reduce even as he hoped that they will not be reduced below seven per cent. (PTI) |
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Somany elected ASSOCHAM’s alternate chief NEW DELHI, Dec 20: Mr R K Somany, Chairman and Managing Director of Hindustan Sanitaryware and Industries Ltd, has been elected as alternate President of the Associated Chambers of Commerce and Industry (ASSOCHAM). Mr Somany is currently Chairman of Northern Regional Committee and member of the executive committee of Employers’ Federation of India, a press note by ASSOCHAM said. He is the past president of PHDCCI, Immediate Past Chairman of the Indian Council of Ceramic Tiles and Sanitaryware, member of the Executive Committee of Employees’ State Insurance Corporation, member, CII Expert Committees on Economic Affairs, Consumer Affairs and Environment and Member of the General Council of V V Giri National Labour Institute. (UNI) |
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Stone exports increase 38 pc in 2000-01 JODHPUR, Dec 20: India’s exports of various varieties of stones, including granite and marble, showed overall improvement during the year 2000-2001 over the previous year, All India Granite and Other Stones Association (AIGSA) said today. Exports of stones rose to Rs 2,216 crore in 2000-2001 from Rs 1,540 crore in 1999-2000, registering an increase of 38 per cent, Vijai Poddar, President, AIGSA, was quoted as saying in a release here. India, he said, was the biggest exporter of raw granite (14.37 lakh tonnes). However it stood fifth in export of finished granite products (3.66 lakh tonnes). The country exported 5900 tonns of marble last year. However Poddar regretted that despite one of the major producer of granite and marble, the Jodhpur region in Rajasthan was getting scant attention and the stone industries there were feeling let down by the State Goverment. A little help from the State Government can boost exports of stones to new heights, he added. (PTI) |
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FDI remains elusive for India as China rules the roost NEW DELHI, Dec 20: The ten billion dollar foreign investment target remained elusive as India could attract less than half the amount in the year 2001 unlike China, which continues to rule the roost as major FDI destination in Asia. But the silverlining is that FDI flow recorded a 39 per cent increase this year despite global recession and economic slowdown in the country. After a decade of economic reforms and liberalisation, India has failed to attract FDI like other East Asian countries particularly China. It has remained stagnant at around 3-4 billion dollars per annum, miniscule when compared to China which attracted over 44 billion dollars in 2000-01. Tax haven Mauritius continues to account for the largest amount of FDI flows into India, followed by a distant second countries like USA, Japan, Singapore and Germany. Recent announcements by the Government of its intention to allow FDI in real estate and aviation might improve the flow in the coming year but multiple rules and poor infrastructure, specially power and roads, continue to be stumbling blocks. A recent study conducted by United Nations Trade and Development Organisation (UNCTAD) along with leading consultant Andersen said that as per available trends China would continue to be the most preferred destination for FDI in Asia over the next three years. The results of the study were based on a survey of over 126 transnational companies. While over 27 per cent gave top billing to China, a mere nine per cent regarded India to be an ideal place to invest. International Monetary Fund (IMF), however, seems to believe in India’s hidden potential when in a recent presentation made to the Government it said India could easily replicate China’s success since it has many similar attributes such as a large diaspora and domestic market. Enron’s Dabhol Power Project in Maharashtra and non-clearance of Coca Cola’s proposal to postpone its Initial Public Offering (IPO) are cited by analysts as some of the dampners to increasing flow of FDI into the country. The recent terrorist attack on the Parliament has also sent wrong signals to foreign investors, the analysts said. Characteristically, Indian politicians would like to pass the blame for Dabhol fiasco on each other, but the fact remains that Enron’s project is being quoted abroad as an example of why one should not invest in India. In case of Coca Cola, Government has been accused of not deciding it on merit and adopting an inflexible approach. The Commerce Ministry, in an internal presentation made to Planning Commission prior to September 11 incidents in the US, had said that achieving an annual target of 4.5 billion dollars appears both "realistic and achievable" as most independent studies on prominent FDI destinations rank India among the top contenders, both in the short term as well as the long term. In its core strategy, the ministry has suggested using privatisation as a major vehicle to attract FDI. However, with proceeds from privatisation at less than Rs 1500 crore for the fiscal so far, this is unlikely to be a potent weapon to attract FDI. (PTI) |
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Sixth node of Swiss
business network MUMBAI, Dec 20: Switzerland has launched the sixth node of the Swiss business network in Mumbai to promote bilateral trade and enable swiss firms gain an entry into the Indian market and joint ventures with Indian companies. Speaking at the launch function here last night, Ambassador of Switzerland in India, Dr Walter Gyger, said the objectives of setting up the business hub in the commercial capital of India were to help Indian companies to source Swiss products and technology, assist Indian investors to open business offices in Switzerland and guide Indian exporters in the Swiss market. The hub will also enable Swiss and liechtensionh small and medium enterprenuers to gain instant and updated first hand knowledge of their target market. Dr Gyger said a swiss food packing company ‘Pucher’ was in talks for a joint venture with a Chennai-based company but declined to identify the latter as discussions were at an initial stage. Divulge name of Indian partners because it is at an initial stage. Presently, Swiss exports to India stand at 656 million swiss francs while exports from India to swiss stand about 601 million Swiss Francs, Dr Gyger said. (UNI) |
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Japan cuts 2002/03 budget despite economic slump TOKYO, Dec 20: Japan’s cabinet today approved a smaller budget for fiscal 2002/03 despite an economic recession, saying it helps to rein in the nation’s huge public debt and yet provides spending where it counts. Finance Minister Masajuro Shiokawa said throwing money at inefficient projects was not the way to get the economy moving. Asked whether a decline in general spending would hamper economic recovery, he told a news conference: "What the public wants is effective spending. I hope allocating spending to what the public needs will have a positive effect on the economy." Growth data earlier this month showed the economy had shrunk for the second consecutive quarter in the July-September quarter, confirming the nation was in recession. The draft budget for fiscal 2002/03 starting April one totals 81.23 trillion yen (633.6 billion dollars), down 1.7 per cent from the initial budget in the current fiscal year. Two supplementary budgets, the second of which has yet to be approved by Parliament, have since added to this year’s total. Economics Minister Heizo Takenaka said a cut in spending would do little harm to the economy, which would be helped by the boost from the second extra budget, and said it was only a "slight decrease" considering the deflationary environment. Consumer prices have been falling in Japan for two years. The Ministry of Finance (MoF) will hold discussions with other ministries on its budget before final Government approval, expected on December 24, for what Prime Minister Junichiro Koizumi has dubbed the budget "to resolutely carry out reform". Discretionary spending — the core portion for policy-related spending — is set to fall for the first time in four years to 47.54 trillion yen, down 2.3 per cent from the initial budget in the previous year. Public works spending will fall by ten per cent and one trillion yen in outlays for money-guzzling state corporations will be slashed. Social security costs will also be capped and foreign aid programmes trimmed. The cabinet also approved the second supplementary budget, totaling 2.5 trillion yen in Government outlays, for the current fiscal year. It will be submitted to Parliament in the session that starts on January 21. The initial budget for fiscal 2002/03 will keep Koizumi’s promise to rein in new debt by issuing exactly 30 trillion yen — the ceiling imposed by Koizumi — in Government bonds. Analysts say that the MoF has used accounting tricks such as delaying repayments to lower the amount of debt service and keep Koizumi’s debt cap. Even so, Japan’s debt burden is not getting any lighter. Outstanding long-term Government debt will total around 693 trillion yen, hitting 139.6 per cent of Gross Domestic Product (GDP) by the end of March 2003 — the highest for any major industrial nation. "It is true there may not have been much progress, but our will to actively rein in debt is there," Shiokawa said. "We should not resort easily to issuing Government bonds." Due to a hefty increase in the volume of maturing bonds that will be rolled over, the MoF said it would issue a record 104.8 trillion yen in Government bonds to the market in the next fiscal year. Tax revenues are expected to drop to 46.82 trillion yen, the lowest level since fiscal 1987/88, due to the slumping economy. Initial projections for the current year were for 50.7 trillion yen and the projected 2002/03 amount is down 7.7 per cent on that. The MoF will raise over four trillion yen in non-tax revenue, of which roughly half will come from profits from the MoF’s special foreign exchange account, which has piled up dollar assets from yen-selling, dollar-buying currency intervention. The Fiscal Investment and Loan Programme (FILP), which uses funds from postal savings and other public financial activities, is projected to fall by a record 17.7 per cent to 26.792 trillion yen, reflecting the Government’s drive to cut back on funding for wasteful state corporations. (AGENCIES) |
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Indian nuclear power sector enters a new era of multi nuclear techs MUMBAI, Dec 20: Signing of an inter-Governmental Memorandum of Understanding for constructing two nuclear power plants of thousand megawatt capacity each in Kudankulam with Russia and procurement of critical components from a private indian company for the country’s first prototype fast breeder reactor (500mwe) coming up in Kalpakkam have kicked off an era of multiple technologies for the Indian N-power industry. The contract agreement (working document for construction) signed this month for implementation of the same by both Russian and Indian nuclear industries has further boosted the programme in bringing a new technology (Pressurised light Water Reactor-PWR) to the country and also enhancing nuclear power share substantially. The Department of Atomic Energy (DAE) also began the process of looking into ways of making amendments in the Atomic Energy Act 1962 in order to have private participation in in the future N-power programme. The performance of N-power programme was matched by high performance heavy water board and nuclear fuel complex by exceeding target production. The current year also witnessed Nuclear Power Corporation of India’s (NPCIL) annual power generation capacity from all its 14 reactors under commercial operation reaching a new high with an impressive average capacity factor of 82 per cent and thus yielding a gross profit of a little more than Rs 1000 crore. New capacity addition has been accelerated with its eight new plants at different locations at various stages of construction. Thus, against 80 megawatt capacity addition per year in the past, attempts are being made by NPCIL to have 600 to 700 mw capacity addition per year (which amounts to multiplication of power by six to seven times) in 10th and 11th plan in order to reach its goal 10,000 mw by year 2011. The industry which had faced financial crunch in 1990s also initiated this year several cost cutting measures (reduced capital cost of Tarapur units 3 and 4 by 25 per cent and similarly for Kaiga 3 and 4) and saving measures to improve the internal resources and strengthening their financial position. The average capacity factor has reached up to 82 per cent during 2000-2001 from 60 per cent in 1995 and the maximum capacity during the month was upto 102 per cent, and further improvement in performance is being worked out. The year also witnessed a focussed strategy of evolving commercial culture in the Government owned NPCIL through which the capital cost of the forthcoming two units of 540 megawatts each in Tarapur has been reduced by 9.9 per cent which is quite a substantial saving to build up the corporation’s internal resources, he said. (PTI) |
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