 |
|
VRS, consolidation, MUMBAI, Dec 25: A large scale exodus of staff due to the Voluntary Retirement Scheme (VRS) and blurring distinction ....more Budget
to have measures NEW DELHI, Dec 25: Dogged by economic slowdown, the 2002-03 union budget will have a mix of measures to push up public and private sector ...more Indian car market - NEW DELHI, Dec 25: Dwindling sales and increasing losses acted as a speed-breaker for the domestic car ....more |
 |
PM inaugurates
video conferencing link-up for 70 UP districts NEW DELHI, Dec 25: Prime Minister Atal Bihari Vajpayee today said that there was need for more use of ....more Enron’s clout WASHINGTON, Dec 25: Before crashing into bankruptcy, Enron built its political clout on vast contribution........more China completes BEIJING, Dec 25: China has amended domestic laws, concerning the use of foreign capital and the .........more |
 |
|
|
|
Budget to have measures to push up investment NEW DELHI, Dec 25: Dogged by economic slowdown, the 2002-03 union budget will have a mix of measures to push up public and private sector investment in infrastructure areas to stimulate demand and carry forward the tax reforms. The reforms are expected to cover both direct and indirect taxes including possible rate cuts, removal of exemptions and rationalisation of export incentives as part of simplification. The budget, coming after a series of setbacks like the stock market crash, September 11 and December 13 terror attacks coupled with global recession, will give a new impetus to agriculture and thrust to investment in sectors like roads, power and civil aviation, Finance Minister Yashwant Sinha told PTI in a wide-ranging interview. During the hour-long interview, he touched upon various subjects ranging from war psychosis, economic outlook and dismantling administered price mechanism in the oil sector to reform of the power sector. "It is my feeling that in some areas private sector investment has been encouraging and forthcoming like in telecom and ports, but in other areas it has not been as much. "Therefore those are some of the areas where Government will come up with a mix of private and public sector investments and a regime which will make investment worth the while," he said. Sinha said the hope in this year’s budget that reduction of taxes would be made up by a buoyant economy was belied as it continued to be in a slowdown mode. "But one can’t hold this reason against (tax) reforms any further. In fact on the tax front we need more reforms. The setback is only temporary. "The setback that we see in terms of reduced collections against the target is a temporary setback. This should not be allowed to cloud our approach to tax reforms," he said. The minister said he had brought about stability of rate structure in direct taxes in the last few years and "we will be looking at a further simplification of direct taxes." He said if the simplification calls for any change in rates, then I am not ruling out that." On the plethora of exemptions, he said now that a certain ability has been achieved, the need for exemptions are obviated. "Therefore, I have appointed committees to look at exemptions in direct taxes. We will have to see their relevance in today’s context and I will be taking a close look at them." Referring to exemptions in indirect taxes, he said any removal would affect only the concerned sector bringing taxes on similar products to the same level. (PTI) |
|
Indian car market - a pandora of paradox NEW DELHI, Dec 25: Dwindling sales and increasing losses acted as a speed-breaker for the domestic car industry this year even as paradoxically, car makers kept rolling out new models to lure customers. Companies were also undeterred by the downslide in sales as price hikes became a norm rather than an exception in desperate efforts by producers to stay afloat. The Government also played its part in adding spice to the industry by opening the doors for import of new and second- hand cars into the Indian market. Even, excise duties were slashed which brought car prices crashing down albeit for a short period. These steps coupled with rise in consumer expectations led to the birth of a new luxury car segment in 2001. The sporadic launches of new cars made the industry more exciting and competitive and, on the flip side, left the bottomlines of some companies red as they tried to grapple with decline in sales and increasing investments. This led Maruti to explore new areas in services sector besides cutting costs to boost bottomlines. This paid off as the company posted a net profit of Rs 30 crore during April-September 2001-02 over a net loss of Rs 104 crore a year ago. It was, however, the high volume ‘B’ or the premium small car segment which ruled the roost this year like earlier years. Maruti led the spate of new car launches by recently rolling out the ‘versa’, a new Multi-Purpose- Vehicle (MPV), in an attempt to create a different segment in the crowded market. The MPV segment is becoming popular in the US and European markets and it remains to be seen how the ‘Versa’ fares in the market next year. The company at present, boasts of the maximum number of variants in the car market, especially of the ‘Maruti800’, ‘Zen’, ‘Alto’ and ‘Wagonr’. Now, it is pruning these variants to about 35 from 42 for reducing costs. Maruti, was also in the news this year due to the ongoing disinvestment programme under which the Government would divest its 50 per cent stake in the company. Maruti’s closest rival in the ‘B’ segment - South Korea’s Hyundai continued with the success of ‘Santro’ which was primarily responsible for the Chennai-based company’s record profits in the last fint by a loss of Rs 500 crore in last fiscal, largely due to dipping sales of premium small car ‘Indica’ coupled with consumer complaints about the car, Tata Engineering (TELCO) rolled out improved variants this year, including even with a petrol engine. This worked wonders as sales during the last three months moved upwards. Besides, TELCO also introduced more user-friendly versions of the multi-utility-vehicle ‘Sumo’ following the success of Toyota’s ‘Qualis’. (PTI) |
|
PM inaugurates video
conferencing link-up NEW DELHI, Dec 25: Prime Minister Atal Bihari Vajpayee today said that there was need for more use of information technology in governance to ensure better and accountable administration through quick mass contact. Inaugurating the video conferencing link up for 70 districts of Uttar Pradesh and a software technology park of India at Lucknow through video conferencing from his official residence here, Vajpayee said that "live contact" was possible through such it tools which were a boon for a transparent administration. Noting that many States have brought out administrative reforms through e-governance, Vajpayee described as a "revolutionary step" the feat achieved by Uttar Pradesh today to connect all its districts through video conferencing. Vajpayee said the park and the video conferencing link up would equip the administration better to monitor its developmental schemes and also the law and order situation in the State. Uttar Pradesh Chief Minister Rajnath Singh, responding from Lucknow, said that the networking of the 70 districts was the biggest project of its kind in the country. It was a "birthday gift" from the State to the Prime Minister, he said. Stating that Uttar Pradesh was determined to overcome the digital divide, he said that the STPI Centres at Allahabad, Agra, Varanasi, Kanpur and Meerut/Moradabad would be operational by May next year. Earlier, the Chief Minister alongwith his Cabinet colegues made use of the facility to greet the Prime Minister on his 78th birthday. Information Technology Minister Pramod Mahajan, who was present along with Vajpayee, said that the country had made rapid strides in communication and it fields in the last four years. Efforts were on to popularise it in the rural areas as well so that the common people of the country could benefit from it, he added. While it exports had rose from Rs 10,000 crore to Rs 50,000 crore, the number of telephones rose from 1.5 crore to four crore and that of mobiles from 2.5 lakh to 50 lakh, the minister said. (PTI) |
|
Enron’s clout built on campaign contributions WASHINGTON, Dec 25: Before crashing into bankruptcy, Enron built its political clout on vast contributions made to political candidates, which the energy major used at one stage over India in negotiations over Dabhol power project. Enron even threatened that the US would impose sanctions on India if the Central and State Governments did not do its bidding, media reported here. Enron built its lobbying clout on the contributions it made to political candidates, including President George W Bush and Congressional and other leaders of both Democrats and Republicans. It all began when Kenneth L Lay, Chairman and CEO of Enron, was invited during the administration of President George Bush (senior), to spend a night at the White House. The sleepover was an early coup for lay and a harbinger of things to come, ‘The Washington Post’ said. Over the following decade, Lay and Enron poured millions of dollars into US politics, cultivating unequalled access and using the entree to lobby Congress, the White House and regulatory agencies for action that was critical to the energy company’s spectacular growth, it said. (PTI) |
|
China completes amendment of WTO-related laws BEIJING, Dec 25: China has amended domestic laws, concerning the use of foreign capital and the protection of intellectual property rights, in accordance with the World Trade Organization (WTO) guidelines. "Amending of such laws is in the spirit of the WTO and represents the principles of ‘national treatment’ and ‘most-favored-nation clauses’," Deputy Director of the Commission of Legislative Affairs Zhang Chunsheng was quoted as saying today by Chinese news agency Xinhua. "In the meantime, this has adopted to the needs of the socio-economic development of China itself," Mr Zhang added. Before the "rectification", the foreign-invested enterprises were required to buy raw materials and parts in the Chinese market and their business plans had to be reported to the governmental departments. The revised trademark law has expanded the exclusive rights of trademark to individuals and improved relevant compensation measures. Equal rights of Chinese citizens with foreigners in terms of copy right protection have been recognised under the revised copy right law. "Although China has made arduous efforts in amending relevant laws, there is still a long way to go in making the administrative laws and local regulations in line with the WTO rules," Mr Zhang said. (UNI) |
|
|
|
|