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Core rate of inflation NEW DELHI, Jan 15: Reserve Bank of India Governor Bimal Jalan today said the core rate of inflation at 3-4 ....more Railways’ earnings NEW DELHI, Jan 15: The cumulative approximate earnings of the Railways registered an increase.....more Setting up of oil
refinery BHUBANESWAR, Jan 15: In the continuing stand-off between the Orissa Government and the Indian Oil .....more
Naidu for robust income HYDERABAD, Jan 15: Union Minister for Rural Development M Venakaiah Naidu today stressed the ....more |
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Low prices
prompt SINGAPORE, Jan 15: South Korea is receiving feed wheat shipments from India for the first time in more than three years as trade houses, which have signed deals to supply optional origin shipments, are finding Indian offers competitive. South Korea has already signed contracts to import 200,000 tonnes of optional origin wheat in the past few weeks from grain trade houses at prices ranging between 114.30 to 116.25 dollars a tonne CF, mostly for arrival in March and April.......more Centre to set up 12 hydro RATNAGIRI (MAHARASHTRA), Jan 15: The Centre will set up 12 hydro projects with a total power generation capacity of 4500 mw in three coastal districts in Konkan region of the state, Union Power Minister Suresh Prabhu said.....more CEA accords clearence NEW DELHI, Jan 15: The Central Electricity Authority (CEA) has accorded the techno-economic clearence to the 220 kilo volt (kv) transmission works in Haryana to be executed by the Haryana Vidyut Prasaran Nigam Limited (HVPNL) at an estimated cost of Rs 292 crores. ......more OPEC expected to go NICOSIA, Jan 15: The Organisation of Petroleum Exporting Countries is widely expected to endorse planned production cuts of 1.5 million barrels per day when OPEC Oil Ministers meet in Vienna Wednesday.....more |
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Core rate of inflation at 3-4 pc comfortable: RBI NEW DELHI, Jan 15: Reserve Bank of India Governor Bimal Jalan today said the core rate of inflation at 3-4 per cent was "comfortable". Speaking to reporters on the sidelines of the Bank Economists’ Conference, organised by the Oriental Bank of Commerce, Dr Jalan said the interest rate environment was "positive". Dr Jalan was replying to question that whether interest rates would be cut further. (UNI) |
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Railways’ earnings register increase of 7.42 pc NEW DELHI, Jan 15: The cumulative approximate earnings of the Railways registered an increase of 7.42 per cent from April to December last year compared to the corresponding period the previous finance year on official release said. The Railways’ earnings were about Rs 25821 crore for the report period which was about Rs 24038 crore for the same period the previous year. But, the earnings are 1.59 per cent less than the budgeted projection. This was Rs 26239.65 crore. The shortfall in budgeted projection occurred mainly due to poor performance in goods traffic. Earnings from that front was Rs 17185.84 crore, about Rs 139 crore less than projected. However, it was up by 6.48 per cent compared to the previous year. There was a marked improvement in earnings through passenger traffic three per cent above the budget projection the figure being Rs 7692.15 crore. But earnings from other coaching showed a decline of 4.59 per cent than he previous year. Sundry earnings went up by 10.26 per cent compared to the previous year, but was a staggering 53.09 per cent less than the budget projection, the release said. (UNI) |
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Setting up of oil
refinery BHUBANESWAR, Jan 15: In the continuing stand-off between the Orissa Government and the Indian Oil Corporation (IOC) over the setting up of the Rs 8,312 crore oil refinery at Paradip, the State Government today flatly rejected the revised demands of IOC for tax concessions. As per the decision taken at the Empowered Committee (EC) of the Finance Ministers of all states in November 1999 to follow an uniform slab rate of sales tax on 198 items, the Orissa Government could not unilaterally grant any concessions on sales tax to any industry, the Finance Minister, Ramkrushna Patnaik told reporters here. The Centre had decided to cut down plan assistance to the states who did not adhere to EC’s decisions, he said. Patnaik said IOC also did not satisfy the conditions for availing further tax concessions beyond what had been agreed to by the Orissa Government. While describing as "threatening" the recent statement of the IOC Chairman, M A Pathan, to put on hold work on the nine million tonne refinery unless the State Government extended a 11-year Orissa Sales Tax (OST) exemption, the Finance Minister questioned his locus standi to talk about policy matters of the Government. At the same time, Patnaik said, the State Chief Secretary and the Principal Secretary, Finance Department, would have a dialogue with the IOC chief and officers of the finance and petroleum ministries at Delhi on Wednesday next. If necessary, he would take up the matter with the Prime Minister, Atal Behari Vajpayee, who laid the foundation stone of the proposed refinery in August last and the Union Petroleum Minister, Ram Naik, he said. Stating that IOC first demanded tax holiday for 11 years and later asked for concessions for 17 years, Patnaik said if the Government agreed to that, the state exchequer on a conservative estimate would lose about Rs 13,500 crore by way of Orissa Sales Tax (OST) based on their present assumption that they would market 70 per cent of the petroleum products in the state. With the grant of OST concessions to IOC, other petroleum companies would wither away from the market and the present base of sales tax on petroleum products would be totally wiped out. Besides, it would be a constitutional discrimination against other petroleum companies, he said. If the State Government agreed to all the demands of IOC, it would lose over Rs 20,000 crore, Patnaik said, adding that it was for the people to consider justification of losing this money to get a Rs 8,312 crore project. Replying to a question, he said prior to the laying of the foundation stone of the project by the Prime Minister, no written Memorandum of Understanding or agreement had been signed between the Orissa Government and the IOC about the tax concessions to be offered by the former. The Finance Minister claimed that during the discussions with the representatives of IOC, the State Government had agreed to exempt Central Sales Tax (CST) on finished products and entry tax on project materials during the project period and entry tax on raw materials for 17 years and also exemption of tax on works contract, the total concessions amounting to over Rs 1,378 crore. Besides, the Government had also agreed to concessional rate on water tax and exemption of duty on electricity and royalty on sand, he said. (PTI) |
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Naidu for robust income redistribution mechanism HYDERABAD, Jan 15: Union Minister for Rural Development M Venakaiah Naidu today stressed the need for a robust global income redistribution mechanism as part of the globalisation and said the better-off nations should take this responsibility in the interest of whole humanity. Inaugurating the ‘first regional training programme on policy and institutional reforms for sustainable rural development in South Asia’ here, he said the time has come to introduce radical development reforms which besides economic should encompass administrative and judicial reforms. The most important component of these reforms was to fix transparent accountability at all levels and increase people’s involvement in monitoring the functioning of all agencies, Naidu said. The minister said there was a need to broaden and further accelerate the economic reforms so that ‘our economy becomes sufficiently productive to meet the growing demands of our population’. Representatives of various countries including Nepal, Bangladesh, UK, Australia, Sri Lanka and Netherlands are participating in the five-day training programme jointly organised by the World Bank Institute (WBI) and National Institute of Rural Development (NIRD). (PTI) |
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Low prices prompt Indian sales to Korea SINGAPORE, Jan 15: South Korea is receiving feed wheat shipments from India for the first time in more than three years as trade houses, which have signed deals to supply optional origin shipments, are finding Indian offers competitive. South Korea has already signed contracts to import 200,000 tonnes of optional origin wheat in the past few weeks from grain trade houses at prices ranging between 114.30 to 116.25 dollars a tonne CF, mostly for arrival in March and April. "The only country which has the cargoes to supply at these prices now is India," a Singapore grains trader told Reuters. "It is very obvious that grain trade houses will be supplying Indian wheat for feed to South Korea." Another Singapore grains trader said: "I don’t see any big shipments of feed wheat to South Korea of any origin other than Indian origin." Most optional origin deals allow buyer and seller to agree price and shipment period in advance while leaving the source to be finalised during physical delivery. Trade sources say South Korea last imported wheat for feed from India in 1997, when local firms shipped in less than 200,000 tonnes of the grain. While India has stepped up wheat exports to cut its bulging grain stocks and make way for the new crop in the granaries, prices offered by the other two possible suppliers — Australia and China — were not very competitive, traders said. "South Korea is not very much interested in Chinese feed wheat. Australian feed wheat prices are working out to be relatively higher. Therefore, the only other option is India," said one trader. Increasing sales of Indian feed wheat are expected to reduce the market share of Eastern Europe, a traditional South Korean feed wheat supplier. Ukraine has been a major supplier of feed wheat to South Korea in the past three years, Seoul traders said. Regional grain traders said 50,000 tonnes of Indian wheat were now being loaded at ports for shipment. South Korea was also negotiating for more feed wheat contracts. "Local buyer groups (in South Korea) will likely seek more feed wheat with shipment for may onwards," said a feed trader in Seoul. "They are aiming for wheat of Indian origin now because of attractive prices coupled with good quality." South Korea imported about one million tonnes of feed wheat last year, trade sources say. "I am optimistic about a few more deals of feed wheat sales in the next one or two weeks," said one Singapore grains trader. "Current Indian prices suit all — the exporter, the trader and even the buyer." Although trade houses expect a 10 percent fall in India’s domestic wheat output, that is not going to affect the country’s export plans. Indian exporters have already contracted to export nearly 1.5 million tonnes of wheat. Alternative to corn Grain traders in Seoul said Korean buyers were stepping up feed wheat purchases as an alternative to corn for animal feed amid uncertainty about China’s corn availability for shipment from March onwards and firmer US corn prices. "Nobody knows what amount of corn will be available out of China for exports this year. South Korean buyers are therefore trying hard to cover their needs as early as possible with feed wheat," said one trader. A Seoul-based trader said that while the South Korean deals were finalised in recent weeks, Indian feed wheat contracts were relatively cheaper, compared with 120 a tonne for eastern European feed wheat and about 122 a tonne for US corn. (REUTERS) |
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Centre to set up 12 hydro power projects in Konkan RATNAGIRI (MAHARASHTRA), Jan 15: The Centre will set up 12 hydro projects with a total power generation capacity of 4500 mw in three coastal districts in Konkan region of the state, Union Power Minister Suresh Prabhu said. He told mediapersons here yesterday that the entire cost on these proposed projects would be borne by the Centre while their implementation would be the responsibility of National Hydroelectric Power Corporation (NHPC) after necessary clearances were obtained from departments concerned and handing over of these (project) areas to the Centre by the State Government. Earlier, he undertook an aerial survey of prospective locations in Sindhudurg, Ratanagiri and Raigad districts. In some cases, clearance is needed from Forests, Environment and Wildlife Departments which would be obtained soon, the minister said. "We have also written to Maharashtra Chief Minister Vilasrao Deshmukh requesting him for an early shifting of these projects to the Centre," Mr Prabhu said. The Centre decided to promote these hydro power projects as rapid growth in information technology sector and digitilisation has increased demand for more power, Mr Prabhu said adding that hydro electricity was far cheaper than that produced through other methods. Three big projects are among the 12 proposed projects, namely 2000 mw power project at Shemi (Amboli) and 925 mw at Hiwale in Sindhudurg district and 1200 mw Phase II at Marleshwar in Ratnigiri district. The remaining nine will be set up at Bav-Phase I and II ( 55 mw), Karbhatle (10 mw), Nagasari (20 mw), Jawa (20 mw), Marleshwar Phase I (27 mw) and Deoli (26 mw) in Ratnagiri district, Tilarkhadi (60 mw) in Sindhudurg district and Kumbe (10 mw) and Kal (15 mw) in Raigad district. Mr Prabhu said power generated from these projects would be utilised in various parts of Maharashtra and neighbouring states. (UNI) |
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CEA accords clearence to transmission work in Haryana NEW DELHI, Jan 15: The Central Electricity Authority (CEA) has accorded the techno-economic clearence to the 220 kilo volt (kv) transmission works in Haryana to be executed by the Haryana Vidyut Prasaran Nigam Limited (HVPNL) at an estimated cost of Rs 292 crores. The project would cover addition of 702 circuit kilo meters (kms) of 220 kv transmission lines, establishment of 7 number of 220 kv substation with 1000 mva transformers capacity in the state. The execution of these transmission works in Haryana would enable HVPNL to cater to the growing power demand of state and strengthen the transmission system to evacuate additional generation expected in the state and the central sector. The implementation of these works would also enhance the quality and reliability of the power supply in the state, CEA said in a statement here today. (UNI) |
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OPEC expected to go ahead with output cuts NICOSIA, Jan 15: The Organisation of Petroleum Exporting Countries is widely expected to endorse planned production cuts of 1.5 million barrels per day when OPEC Oil Ministers meet in Vienna Wednesday. OPEC members want to stabilise market prices at about 25 dollars to 27 dollars a barrel, based on their budgeted oil revenues for the year 2001. However, the anticipation of forthcoming cuts alone has boosted international prices for benchmark crude oil nearer to the 30-dollars a barrel level, a price deemed as hurting the United States economy and drastic output cuts would harm consumers even more. OPEC’s adamant stance is also the focus of what seems to be a futile attempt by US Energy Secretary Bill Richardson who is touring Gulf states to persuade oil producers to announce smaller cuts in Vienna. Richardson held talks yesterday with Kuwaiti Oil Minister Sheikh Saud Nasser Al-Sabah in a bid to lobby for a protracted, or more conservative output cut. He had similar talks with oil ministers in Qatar and the United Arab Emirates. However, Kuwait along with Qatar were among OPEC members that have been urging deep output cuts - up to two million barrels per day - to maintain high prices. The Middle East economic survey reported Monday that the planned cuts represent some 5.6 per cent off last November’s ceiling of 26.7 million barrels a day and that Saudi Aramco has already taken steps to reduce its February production by around 500,000 barrels per day. The cyprus-based weekly report said this is in proportion of Saudi Arabia’s share of the OPEC ceiling for the whole of 2000 and that Saudi Aramco has already informed its customers accordingly. The OPEC decision to cut production, endorsed by the Gulf Cooperation Council Summit in Manama on December 31, has been taken in the light of serious concern about a glut on markets as winter ends, as well as the slowdown in the US economy with its impact on oil demand, the MEES report added. The point was driven home very clearly during December and earlier this month when prices fell by around ten dollars a barrel even though Iraqi oil supplies were disrupted and winter weather had already set in. OPEC officials were quoted by the MEES report as saying that if there were to be no serious production cuts beginning in February, there would be a counter-seasonal stock-build in the first quarter followed by a larger stock-build in the second quarter, leading to a serious decline in prices. The wild card, as far as the Vienna ministerial meeting is concerned, is the disruption of Iraqi oil supplies, now in its sixth week. A senior OPEC delegate told MEES: "We recognise that there is a shortfall of iraqi oil exports. If OPEC sees there is a real shortage in the market, then it will act immediately. Otherwise the OPEC ten will continue to act on their own." (DPA) |
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