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| J&K Industry sore over Omar's leaving C&I ministry Excelsior Correspondent Srinagar, July 24: While the people by and large have welcomed Mr. Omar Abdullah’s shifting to prestigious Ministry............more Tarapore
highlights NEW DELHI, July 25: Former Deputy Governor of the Reserve Bank of India and head of the probe committee on UTI, S S Tarapore, today warned...........more India
has 5 years LONDON, July 25: India has a five year advantage over China in Information Technology due to its high quality of software input and training ....more IOC
to invest BANGALORE, July 25: Indian Oil Corporation Ltd, a fortune 500 company, would invest Rs 36,000 crore during the 10th plan beginning next year, its chairman, M A Pathan, said today. ......more |
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Ministry issues no NEW DELHI, July 25: Ministry of Human Resource Development has not issued any directions asking State Governments to use only iodised salt in .......more ISRO
scientists BANGALORE, July 25: Indian Space Research Organisation scientists have developed a new software which will automatically monitor and control satellites in orbit, an ISRO official said........more NEW DELHI, July 25: Gold prices fell back on the bullion market today on lack of buying support in view of new stocks arrival and surrendered fresh ground.......more Dhumal hopes SHIMLA, July 25: Himachal Pradesh Chief Minister Prem Kumar Dhumal today expressed the hope that generation of additional 10,000 mw electricity by 2010 the State would be able to wipe off its loan liability and become self-reliant......more |
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Tarapore highlights dangers of ill-prepared privatisation NEW DELHI, July 25: Former Deputy Governor of the Reserve Bank of India and head of the probe committee on UTI, S S Tarapore, today warned against ill-prepared privatisation of banks and called for strengthening supervisory mechanisms over stock exchanges, mutual funds and banks. "India is a country strong on regulation and weak on supervision," Mr Tarapore said at a seminar organised to discuss the World Bank research report ‘finance for growth: Policy choices in a volatile world’. Mr Tarapore, in a startling revelation, also stated how the World Bank had put pressure on India to privatise six banks while negotiating a financial sector adjustment loan in 1992. As India did not oblige, the talks broke down, the financial expert said. In this context, he said India did well not to carry on the negotiations as "abrupt and premature privatisation" can be dangerous after a lengthy period of state ownership. He, however, did not identify the banks which were sought to be privatised. World Bank Development Research Group lead economist Patrick Honohan presented the main findings of the report at the meet in which Mr Tarapore was the principal discussant. The seminar was organised by the Indian Council of Research in International Economic Relations (ICRIER) and the World Bank and was chaired by Dr Ischer Judge Ahluwalia, Director of the Institute. Mr Tarapore said it was essential to prepare public sector banks for sale and to address weaknesses in the overall incentive environment. In early 1992, India and the World Bank were undertaking "serious negotiations" for a financial sector adjustment loan. "The World Bank suddenly hardened its position by demanding, as a pre-requisitie, the privatisation of a number of public sector banks and abolition of Statutory Liquidity Ratio (SLR)," Mr Tarapore said, adding that the Narasimham Committee had already recommended a reduction in the public sector ownership of banks and the authorities were well on the way to introducing prudential norms and also gradually reducing the SLR from 38.5 per cent to 25 per cent. "There was an explosive breakdown of the negotiations and the damage was so irreparable that the loan negotiations could not be revived despite sincere and persevering attempts from both sides. Had the Indian authorities been a little more forthcoming in their intentions and the World Bank a little more deft in pushing their matrix, the loan could have easily fructified," he said. "This a a lesson for the international lending institutions on what not to do in financial sector negotiations," he said, in an obvious reference to the World Bank’s insistence on the privatisation of banks. Mr Tarapore warned of the dangers of a sudden abolition of liability control in banks without safeguards on the asset side. The report highlights how bureaucrats generally are bad bankers. Also, it draws on research and uses it to develop an integrated view of how the financial sector policy can be used in the new century to foster growth and bring about poverty reduction. (UNI) |
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India has 5 years advantage over China in IT: Murthy LONDON, July 25: India has a five year advantage over China in Information Technology due to its high quality of software input and training methodology, an internationally renowned it expert has said. "India still has five years advantage over China because of its quality input and built in training methodology," N R Narayana Murthy, chairman and chief executive of Infosys Technologies Ltd said here yesterday. "Indian companies have provided very high quality of software and out of 30 odd companies known for quality, 27 are from India," Murthy said at a day-long seminar organised by the Confederation of British Industries (CBI) here. Speaking on the subject "the Indian IT model - how good is today’s economic climate", Murthy said while there would be challenges, the country should draw up a strategy to establish its niche in the market. "There is considerable opportunity for customerisation and opportunity for Indian model which is sound," he said. Murthy said India has maintained an appreciable 35 per cent growth rate in it and he envisaged a bright future for the sector. Nareshwar Dayal, High Commissioner for India, spoke of the growing Indo-British bilateral relations and said "we are looking forward eagerly to the visit of British Prime Minister Tony Blair to India," Referring to a series of ministerial visits, Dayal said Patricia Hewitt, British Trade and Industry Secretary would visit India in the third week of September. The High Commissioner said India has emerged as the 8th largest investor in the UK. Referring to the British expertise in improving the condition of river thames, which was once known as the "great stink", Dayal said now "you find Salmon (fish) in the river. India could benefit from such expertise." Sir David John, chairman of the British oxygen group said India and Britain could forge many more partnerships beneficial to both countries. Sanjiv Goenka, president, Confederation of Indian Industries (CII) said there was tremendous scope for joint partnership between India and Britain in many areas including development of airports, road and infrastructure. He said the success in it was not only a success of technology but was also a response to a challenge. Ashok Soota, vice president of CII and chairman Mindtree Consulting Pvt Ltd, said though Dotcom companies had burst internet has come to stay and "it is going to influence many areas of our life." John Higgins, director general, Computer Software Services Association said the UK it market was worth 20 billion pound and it was growing at the rate of seven per cent. He also emphasised the need for greater investment in software development in the country. (PTI) |
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IOC to invest Rs 36,000 cr during 10th plan BANGALORE, July 25: Indian Oil Corporation Ltd, a fortune 500 company, would invest Rs 36,000 crore during the 10th plan beginning next year, its chairman, M A Pathan, said today. Pathan told reporters here Rs 21,000 crore would be invested in its core sector (like refining, marketing and pipelines, among others), Rs 5,000 crore for diversification and Rs 10,000 crore under ‘non-plan’. He said the company would touch a sales turnover of Rs 1.3 lakh crore in 2001-02, from Rs 1,13,327.27 crore registered in the last fiscal. Pathan said his company has expressed interest in acquisition of IBP and is currently going through the process of due diligence, adding, it will participate in the bid process for IBP. ‘We are aggressively looking at it (IBP)’. Regarding haldia petrochemicals, he said the IOC has studied all aspects and have initiated a dialogue with equity owners of Haldia. On picking up IPCL stake, Pathan said his company has gone through the process of due diligence based on Government’s offer on Vadodara plant of IPCL, but IOC and IPCL could not agree on the price and the matter has been referred to secretary, coordination, in the Cabinet Secretariat. ‘We will hear from them (Secretariat) shortly’, said Pathan, who earlier inaugurated ‘Indianoil Bhavan’, Karnataka state office complex, which has been built at a cost of Rs 4.86 crore. (PTI) |
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Ministry issues no directions on iodised salt NEW DELHI, July 25: Ministry of Human Resource Development has not issued any directions asking State Governments to use only iodised salt in supplementary feeding programmes for children and women, Lok Sabha was informed today. As a spate of supplementaries were raised during question hour on a query relating to non-iodised salt, a tinge of humour was provided by Speaker G M C Balayogi who remarked "there is more salt in the House today." To a question whether there was danger to health due to consumption of non-iodised salt, Health Minister C P Thakur said there was no adverse impact on health due to this. The Centre is also undertaking a special drive of information, education and communication in respect of the harmful effects on account of insufficient intake of iodine, he said. (PTI) |
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ISRO scientists develop new satellite monitoring software BANGALORE, July 25: Indian Space Research Organisation scientists have developed a new software which will automatically monitor and control satellites in orbit, an ISRO official said today. The software was recently uploaded on to the experimental satellite GSAT-1, launched by India’s first geostationary satellite launch vehicle, the GSLV-D1, Geosat programme director Dr V R Katti told PTI. Scientists started work on developing the software after the GSAT-1 satellite failed to reach its designated geosynchronous orbit shortly after it was launched on April 18 this year. Due to the orbital shortfall, ISRO’s Master Control Facility (MCR) at Hassan was able to gain control of the satellite only when it came in its sight every 15 days in a month. MCF continuously monitors operational Indian satellites throughout their ‘service lives.’ The new software, called Autonomous Control Mode (ACM), automatically and remotely controls the satellite during its orbits. Katti said the software would be uploaded in a phased manner on to many other Indian satellites already in operation, and could be in complete operation in another three years. "The advantage of this software is that it will relieve many mcf scientists, where a considerable proportion of staff presently involved in satellite monitoring operations could be moved to other productive operation," Katti said. He expressed ignorance about India being the first country to develop such a sophisticated software, but said that since GSAT could not reach its designated orbit, the development of the software was a blessing. He explained that GSAT’s present orbit duration was 23 hours and 10 minutes, while it should have been 23 hours and 56 minutes to achieve a near geosynchronous orbit. The shortfall — which resulted from the satellite boosters running out of fuel during the orbit-raising operations — meant that MCF scientists could only gain control of the satellite every 15 days instead of everyday. However, Katti said though the software enabled continuous monitoring of the satellite, the intended communication payload experiments could be carried only when it came into MFC’s sights. (PTI) |
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NEW DELHI, July 25: Gold prices fell back on the bullion market today on lack of buying support in view of new stocks arrival and surrendered fresh ground. On the other hand, silver also joined the weak trend on reduced offtake following off marriage and festival season. Marketmen said activity was restricted and new stocks arrival in gold mainly influenced the trading sentiment. They said absence of any worthwhile report from main Asian bullion trading centre in Hong Kong was another reason for a fresh fall in gold prices. Trading in Hong Kong was negligible as typhoon yutu rolled through Hong Kong keeping many traders in the region at home for most of the day. Standard gold and ornaments dropped by Rs.20 each at Rs.4390 and Rs.4240 per ten gram respectively. Sovereign held unchanged at Rs.3700 per piece of eight gram. Silver ready was down by Rs.10 at Rs.7065 per kilo and weekly while weekly-based silver was unchanged at Rs.7100 per kilo in restricted trading activity. Silver coins continued to be asked at previous levels of Rs.10,900/11,000 per 100 pieces. Following were today’s quotations: Silver ready 7065 and delivery 7100. Silver coins buyer 10,900 and seller 11,000 standard gold 4390, ornaments 4240 and sovereign 3700. (PTI) |
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Dhumal hopes HP will become self-reliant by 2010 SHIMLA, July 25: Himachal Pradesh Chief Minister Prem Kumar Dhumal today expressed the hope that generation of additional 10,000 mw electricity by 2010 the State would be able to wipe off its loan liability and become self-reliant. Talking to newsmen after presiding over a "Kisan Pass Book" distribution function at the civil secretariat here, he said although the previous Congress Government had raised loans to the tune of Rs 3318 crore at exhorbitant rate of interest during its four years term, it had "failed" to create assets in the State. The present Government had to pay interest of about Rs 1090 crore last year on the loans raised by the Congress Government, he added. Denying the opposition Congress charge of financial mismanagement in the State, the Chief Minister said the Government had already presented a white paper on the financial position of the State since the last 20 years so that people could know the facts. If the Government felt the need for issuing another chargesheet, it would not hesitate to do so, holadded. He said the State was dependent on financial help from the Central Government and added that Prime Minister Atal Bihari Vajpayee had agreed to protect the plan size of the State. He said the annual plan size of the state for the current financial year had been approved for Rs 1720 crore as against Rs 1008 crore during the year 1997-98 when the Congress was in power. Prof Dhumal said that Congress leaders talk irresponsibly when they criticised his Government that interests of the State were sold by it in the power sector. He said from the 86 mw Malana Hydel Project, which was completed in a record time of less than three years in the private sector, the State would get Rs 40 crore annually. He said that interests of the State had been fully protected in the project as in other projects. The Chief Minister said Information Technology and bio-technology were two other areas which had been given special attention as these sectors would be good sources of income and create employment opportunities for the people. In reply to a question, Prof Dhumal said the Government had no proposal yet to sell the State’s share in the 1500 mw Nathpa Jhakri Power project in the State. He, however, said "when the proposal comes, we will consider it if found favourable". He said user charges imposed in hospitals were applicable only to those who could pay, saying IRDP families had been exempted from paying the charges. (UNI) |
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