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| Precious metals move down on new arrivals NEW DELHI, July 13: Both the precious metals, silver and gold, surrendered moderate ground on the bullion market today on restricted buying in the face of new stocks ...........more Jaya Govt to embark CHENNAI, July 13: A renewed growth strategy for Tamil Nadu would be implemented in the next.........more UDF’s maiden THIRUVANANTHAPURAM, July 13: The maiden budget of Kerala’s United Democratic Front......more Stuck in ranges, SINGAPORE, July 13: Asian currencies lingered within familiar ranges early Friday.....more |
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Centre to set up
bio-villages, rural bio-tech parks NEW DELHI, July 13: The Centre proposes to set up bio-villages in specific......more NTPC to foray into coal VINDYNAGAR (UP), July 13: State-owned National Thermal Power Corporation (NTPC) will foray....more India may
ask Pak DHARAMSHALA, July 13: Union Consumer Affairs and Public Distribution Minister Shanta......more Disappearance of NEW DELHI, July 13: Delhi police today claimed to have solved within a week the mystery......more |
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Jaya Govt to embark upon a renewed growth strategy CHENNAI, July 13: A renewed growth strategy for Tamil Nadu would be implemented in the next five years focussing mainly on it, biotechnology and infrastructure development, State Chief Minister J Jayalalithaa said today. In her first ever direct interaction with the industrial community after coming back to power in May, Jayalalithaa told a National Council Meeting of Confederation of Indian Industry (CII) here that the policy already set in motion also envisaged increased private participation in infrastructure development and uplift of the state’s rural economy through specific programmes. She also agreed to consider the CII’s suggestion to frame a separate policy for manufacturing industry and set up a joint taskforce with the CII for planning and guiding the state’s future economic growth. The state was well on the road to attain self-sufficiency in power, thanks to the massive investments now being made, she said and added a comprehensive programme on power reforms would be implmented in the state next year. Jayalalithaa said it was proposed to set up six biotech valleys in the state in the coming years. Also on the anvil was a genome research centre and a bio-tech park in Chennai. The Chief Minister said with a view to upgrading the state’s rural economy, a massive wasteland development programme would be implemented by the Government in a phased manner during the next five years. The state had 20 lakh hectares of wastelands and the idea was to take up four hectares each year for development, she said adding necessary land reforms would be initiated for the purpose. She said the programme envisaged converting these wastelands into horticulture farms of 200 acres to 1000 acres and welcomed substantial private participation in such ventures. Each of these farms would be self contained with necessary processing facilities and marketing and exporting provisions. She said yet another programme was aimed at empowerment of about five lakh rural women in the state in the next five years by providing entrepreneurial training and helping them to set up self-employment units. Jayalalithaa also announced the Government’s plan to set up primary health centres with at least 35 beds each in all the 385 panchayat unions in the state. The Government would welcome private participation in such venture also. (PTI) |
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UDF’s maiden budget slaps 15 pc ST levy THIRUVANANTHAPURAM, July 13: The maiden budget of Kerala’s United Democratic Front Government, presented today against the backdrop of a severe financial crisis, slapped a hefty 15 per cent additional levy on existing sales tax rate of all goods other than petroleum products and slashed the annual plan size by Rs 585 crore. Finance Minister K Sankaranarayanan, who proposed additional resource mobilisation measures to fetch Rs 456.40 crores, estimated the year-end deficit at Rs 447.91 crore taking into account a negative opening cash balance of Rs 585.37 crore against an overall deficit of Rs 140.68 crore. The budget laid stress on the role of private investment in it and biotechnologies, infrastructure development and tourism. The items to cost more as a result of the revised budgetary proposals would include liquor, branded bread and bun and silk sarees. The minister proposed legislations to lure private investment in infrastructure development and end unfair labour practices to create a labour-friendly climate. The Finance Minister indicated that certain stringent measures proposed in the recent white paper on state’s finances would be put into practice in the coming months ‘to bridge the overall deficit.’ As a boost to the IT sector, sales tax had been slashed from eight to four per cent on all goods included in the centre’s IT policy. The budget showed the public debt at a whopping Rs 2346.72 crore and revenue deficit at Rs 2365 crore. (PTI) |
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Stuck in ranges, trade cautious SINGAPORE, July 13: Asian currencies lingered within familiar ranges early Friday in what is expected to be a cautious session ahead of the weekend. Gains in US stocks will help lend some support but surprisingly high weekly unemployment data and Argentina’s financial woes will continue to cap any gains. The debt crisis in Argentina, Latin America’s third largest economy, has raised fears of emerging market contagion spreading to Asia. Those concerns have however aided the yen jpy- against the dollar as investors unwinded carry trades in which they use the low-yield yen to invest in higher-yielding emerging market assets. The yen was off its overnight 2- week high against the dollar at the start of Tokyo trade but was still around 124, far from last week’s lows around 126. With nothing major on the local events calendar, players will focus on June US retail sales and producer prices both due 1230 gmt and a consumer sentiment report from University of Michigan at 1300 gmt. Singapore dollar sgd- the sing dollar edged back to 1.8340 having hit 11-year lows of 1.8398 on thursday after the mas shifted its stance to neutral from tightening to counter the economic downturn. Dealers said local banks were offering US dollars around 1.8350, stirring speculation they were acting on behalf of the authorities. They suspected the authorities have sold around 200 million when the sing dollar spiked up on Thursday. They added players were likely to square positions ahead of the weekend but US funds were looking to buy dollars on dips from 1.8320-40. The mas said on Thursday it was ready to intervene to dampen excessive volatility but said it does not normally comment on its market operations. (REUTERS) |
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Centre to set up bio-villages, rural bio-tech parks NEW DELHI, July 13: The Centre proposes to set up bio-villages in specific locations across the country to meet the needs of the rural population through biotechnology applications. Moves were also afoot to set up rural biotechnology parks in collaboration with small entrepreneurs. Sites for the bio-villages would be identified in consultation with State Governments, which along with local Non-Governmental Organisations (NGOs) and research institutions would also implement and monitor the programme. Other major focus of the Government would on research programmes concerning technological development which were relevant to the rural population, application of proven biotechnologies, training of the target population and their scientific and technological empowerment, union minister for science and technology Dr Murli Manohar Joshi told a meeting of the parliamentary consultative committee of his ministry here yesterday. The agenda of the meeting was ‘bio-technology in the service of society’. Dr Joshi said India was able to create a strong and vibrant biotech infrastructure and technologies to enhance agricultural productivity, nutrition, health-care systems and better methods for bio-diversity and bio-resource development, utilisation and conservation. The minister said the Department of Biotechnology (DBT) under the ministry had so far transferred 31 vital technologies to the industry for commercialisation in the ninth plan, A majority of these related to health, including diagnostic kits for HIV, hepatitis, dengue, assessment of reproductive hormones, Japanese encephalitis, vaccines for leprosy, drug formulation for septic shock in burn patients, plant tissue culture protocols, formulations of biofertilisers, high-protein gene from amaranthus and bio-remediation technology for mine spoiled dumps and crude oil spillage. Dr Joshi said negotiations were under way for the transfer of three more technologies of DBT to the industry, including LDH-based elisa test for malaria, DAT for toxoplasmosis and reagents for thyroid and steroid hormones. The minister informed the committee that a new cholera vaccine was undergoing extended Phase II trials. Two hepatitis C diagnostic tests and a prototype vaccine for rotaviral diarrhoea have been validated, he said adding that special projects for the development of oral vaccines for rabies and cholera were in an advanced stage. Considerable progress has also been made under the programme to develop new generation vaccines for HIV/AIDS and tuberculosis, he said. (UNI) |
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| NTPC to foray into coal mining,
transmission & distribution VINDYNAGAR (UP), July 13: State-owned National Thermal Power Corporation (NTPC) will foray into captive coal mining while branching into transmission and distribution sectors during the next two plan periods to become a fully integrated power utility, Power Minister Suresh Prabhu said today. "Changing challenges of the liberalized environment have forced companies to look for backward and forward integration for survival. NTPC, which till now has been only a power generating company, would also foray into captive coal mining for its power plants while branching into transmission and distribution sectors to become a fully integrated power utility," Prabhu said here. Dedicating to the nation NTPC’s largest 2260 mw Vindyachal super thermal power station, he said the Navaratna company would have to chip in more than the targetted 20,000 mw generating capacity to meet the national target of 100,000 mw capacity addition by 2012. "We propose that NTPC take up the challenge of putting up 30,000 mw of generating capacity in the country during the next 10-12 years," he said adding this would require an investment of upwards of Rs 80,000 crores. The country needs about Rs 800,000 crore investment in power generation and associated transmission and distribution network to meet the ambitious target of doubling the present capacity to 200,000 mw by 2012, Prabhu said. The Centre has undetaken restructuring of the power sector with focus on investments in transmission and distribution, he said adding a one-time settlement of the over Rs 41,000 crore dues owned by State Electricity Boards (SEBs) to the national utilities has been proposed. Under the formula, Centre will waive about Rs 9,500 crore dues while 15-year bonds would be issued for the remaining amount, repayment of which would be undertaken by the respective State Governments. "The new formula is aimed at making the SEBs commercially viable entities while also helping national utilities like NTPC in recovering their past dues which is very important to meet future investment requirements," Prabhu said. With power sector reforms being supported by all political parties cutting across ideologies, Prabhu called for launching a drive to check power theft. Earlier, NTPC Chairman and Managing Director C P Jain said the Vindhyachal super thermal power station would be further expanded by 1000 mw, feasibility report of which has been sent to Central Electricity Authority (CEA) for clearance. With this addition, Vidhyachal would become Asia’s largest thermal power generating unit. Prabhu assured of clearing the expansion plans at the earliest and asked NTPC to construct the 2x500 mw additional units using the super critical technology, as being used in Sipat Super Thermal Power Station. Built at the cost of Rs 4,213.75 crore, Vindhyachal power station presently has six units of 210 mw each and two units of 500 mw each and supplies power to the Western States including Madhya Pradesh, Chhattigarh, Maharashtra, Gujarat, Goa, Daman & Diu and Dadar Nagar Haveli. The station has been rated amongst one of the best power stations in the country and recorded a PLF of more than 80 per cent during fiscal 2000-01. (PTI) |
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India may ask Pak to review ban on Indian sugar DHARAMSHALA, July 13: Union Consumer Affairs and Public Distribution Minister Shanta Kumar has said the issue of Pakistan’s ban on import of sugar from India may come up during the Agra summit between Prime Minister A B Vajpayee and President Pervez Musharraf. "I have taken up the issue with our Foreign Ministry and asked that export of surplus sugar to Pakistan, which is in the interest of both the countries, be discussed," he told newspersons at Palampur in Kangra district yesterday. Mr Kumar, who said he was in favour of Islamabad lifting the ban on Indian sugar imports, asserted Pakistan was in need of sugar, which it was selling at a rate of Rs 28-29 per kg. Asked about the high tea hosted by the Pakistan High Commission in New Delhi where the All Party Hurriyat Conference was also invited, he said the move hurt India’s sentiments. "Pakistan should have honoured the sentiments of the host country and not invited the Hurriyat Conference." Mr Kumar said NDA’s boycott of the tea party was indicative of its resentment. Whether the summit was being carried out under international pressure, Mr Kumar said no foreign power was party to it. "India and Pakistan had earlier also held summit meetings over Kashmir, so there is no question of internationalising it now," he said. Asked about peace prospects from the talks, he said, "India wants peace in the sub-continent and has shown maximum flexibility in its approach. It now depends upon the response of Pakistan towards our effort to have fruitful results," he added. (UNI) |
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Disappearance of money from safe
of Cox NEW DELHI, July 13: Delhi police today claimed to have solved within a week the mystery surrounding "disappearance" of foreign currency and Travellers Cheques (TCs) worth over Rs three crore from a leading international travel agency in Connaught Place and arrested three persons, including an employee of the company, in this connection. The currency worth 55,000 dollars and TCs were found missing from the cash chest of Cox and Kings (India) Ltd on July 9 morning and there was tampering with the safe, Deputy Commissioner of Police, New Delhi, R S Krishnia, told reporters. He said the staff told police that the cash was procured in the afternoon of July seven to cater to the need of an agent, Amit Agarwal, who needed the money for a group of about 150 persons. Agarwal had received a call on his mobile phone from one Mukesh for arranging the money, Krishnia said, adding Mukesh had used a fresh cash card in the mobile phone to make the call to Agarwal to avoid detection. During investigations, it came to be known that Mukesh was a fictitious character whose actual name was Anubhav Chaturvedi, he said. One of the phone calls made by Chaturvedi was traced to Prem Shankar Shrivastava, an employee of Cox and Kings, he said, adding his interrogation led to unravelling of the mystery and arrest of their third accomplice. Krishnia said Shrivastava, an employee of the company for five years, had masterminded the theft. He had taken the sketch of the key of the chest and made its replica which he used to take out the cash and TCs. The stolen cash and TCs were then deposited in two lockers in a bank in Alaknanda. The trio had spent only Rs three lakh on booking of a flat and rest of the stolen cash and TCs were recovered, Krishnia said. The three accused were produced in a local court which remanded them to two days’ police custody, he said, adding further investigations are on. (PTI) |
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