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NEW DELHI, June 21: Gold prices declined on the bullion market today on reduced offtake influenced by lower outside advices and closed with losses....more US
urges India to WASHINGTON, June 21: US today said it was important for India to move on to higher annual growth rate of eight to ten per .....more "Enron debacle would dampen flow of foreign invest into India" WASHINGTON, June 21: US today warned that the Enron debacle would dampen flow of foreign investments into India and asked New Delhi to find a ...more HCI
becomes bone NEW DELHI, June 21: Civil Aviation Ministry and Department of Disinvestment may cross swords tomorrow at the meeting of Committee....more |
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DPC rules out possibility MUMBAI, June 21: The US energy major Enron promoted Dabhol Power Company (DPC) today ruled out any possibility of an amicable settlement...more Singh
asks farmers SHAJAPUR, June 21: Madhya Pradesh Chief Minister Digvijay Singh has called upon farmers to use bio-fertilisers that helps in maintaining the fertility of the soil and was less expensive. ...more Golden
quardilateral MORADABAD, (UTTAR PRADESH), June 21: The golden quadrilateral connecting the four metros of Delhi, Mumbai, ...more Imports
of 300 items NEW DELHI, June 21: The ‘war-room’ set up to monitor imports of 300 sensitive items with lifting of Quantitative.......more |
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US urges India to move to higher annual growth rate of 8-10 pc WASHINGTON, June 21: US today said it was important for India to move on to higher annual growth rate of eight to ten per cent and felt that the forthcoming World Trade Organisation (WTO) ministerial meeting at Doha, Qatar in November, provided an opportunity to push up India’s exports by taking measures to reduce trade barriers. Addressing the US-India Business Council, US Undersecretary of State for Economic, Business and Agricultural Affairs Alan Larson urged both countries to work together to build "innovative economies" where knowledge and technology were constantly expanded to generate higher productivity. Larson emphasised that both India and the US needed high and sustained rates of economic growth in order to reach their national goals. New Delhi, he said, needed growth rates of 8 to 10 per cent annually in order to lift hundreds of millions of its citizens out of poverty and Washington needed rates of economic growth of around 4 percent annually "in order to educate our children and provide health care and income security for an ageing population." He also listed the characteristics of innovative economies as, rich human capital based on an educated work force, intellectual property rights and protection, regulatory systems that encourage competition and openness to international trade and foreign investment. Larson said India had made "significant but unsteady progress in dismantling trade protectionism during the past decade, but more needs to be done." He said the ministerial meeting of WTO in Qatar provided India an opportunity to lay a foundation for an innovative export-oriented economy, adding it would benefit it in the reduction of its own barriers and will put its economy on a more competitive, export-oriented footing. Reduced trade barriers in India and other countries around the world will stimulate a new surge of international capital investment flows, he said. In human capital, he said, India had important strengths, including a world class cadre of software engineers and an institutional support system to promote cooperation and develop information technology talent. Through the Indo-US Science and Technology Forum, both Indian and American scientists were sharing ideas on ways to strengthen their respective capacities. The current focus of the forum was on, nano-science and technology, genomics, brain research, computer modeling, education and the broad area of environment, energy and health, Larson said. "We need to continue to deepen this cooperation and each country must also take steps at home. In the us, we need to encourage more Americans to pursue advanced training in science and engineering. In India, it will be important to broaden the educational base so that more Indians are equipped with the basic skills they need to participate in a modern economy," he added. (PTI) |
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"Enron debacle would dampen flow of foreign invest into India" WASHINGTON, June 21: US today warned that the Enron debacle would dampen flow of foreign investments into India and asked New Delhi to find a prompt resolution to the issue. "While it is not my intention to make specific suggestions for resolving this dispute, I do want to underscore that it will be hard for foreign investors to look seriously at India until this dispute is resolved in a satisfactory way. "I encourage the Central Government and the Indian business community to do everything they can to bring about a prompt resolution," US Undersecretary of State for Economic, Business and Agricultural Affairs, Alan Larson said at the US-India Business Council meet yesterday. "Speaking frankly, the investment dispute between the Dabhol power company and Maharashtra State is now casting a cloud over India’s investment climate," he said. Summarizing two days of intensive discussions and debates, the Council said, "the dispute over the Dabhol power project erodes the credibility of the Indian Government, may soften India’s credit rating, and deters all other kinds of investment." "This issue needs to be resolved, and it needs to be resolved quickly," Frank Wisner, Chairman of the Council and a former ambassador to India, said. In the review of overall economic conditions, the 400 business and Government leaders attending the Council’s annual meeting, also expressed serious concern about several aspects of India’s business climate. The inadequacy of infrastructure and the fiscal deficit was singled out by many companies as the critical impediment to investment in India. The Council also pointed out that restrictions on foreign ownership in some business activities especially equity caps on foreign participation in insurance had no economic or commercial rationale and impeded competition and growth in the industry. The Council, however, welcomed the Bush administration’s efforts to reach out to India, to recognize it as a major power, and to involve it more closely in the rethinking of a range of vital issues in the fields of international security and nuclear non-proliferation. Business and Government leaders from both sides also noted several positive signals on sanctions. "We anticipate that the administration’s engagement with India will continue to deepen, and we are pleased by the prospect that President Bush may make a visit to India." Wisener said. "We find major opportunities for expanding business and increasing bilateral cooperation in several vital and dynamic areas of the knowldge-based industries, especially IT-services, biotechnology and e-entertainment," Wisner added. (PTI) |
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HCI becomes bone of contention for AI privatisation NEW DELHI, June 21: Civil Aviation Ministry and Department of Disinvestment may cross swords tomorrow at the meeting of Committee of Secretaries (CoS) on delay in sell-off of Hotel Corporation of India (HCI) as it could impact the pace of privatisation of the parent corporation Air India (AI). While the CoS is expected to discuss and approve the draft shareholder’s agreement for sale of 40 per cent equity in AI to strategic partners, the two Ministries are differing on disinvestment process of Hotel Corporation (HCI). Department of Disinvestment (DoD) is believed to have recommended that a provision be made in AI’s shareholders’ agreement to take into account the disinvestment of HCI but Civil Aviation Ministry is understood to be opposing the idea on the ground that this might not be tenable. The sale proceeds of HCI are slated to go in the coffers of loss-making AI to improve the carrier’s financial viability and hence the Government is unlikely to hive off the airline’s subsidiary for disinvestment at a later stage. Officials of either ministry declined comment saying they would rather await the outcome of the meeting of CoS. However, sources said that DoD was trying to seek clearance of AI’s shortlisted bidders from the Cabinet Committee on Security by the end of the month. Tata-Singapore International Airlies combine and Hindujas are in the fray for taking management control of the international carrier by becoming a strategic partner. (PTI) |
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DPC rules out possibility of amicable settlement with MSEB MUMBAI, June 21: The US energy major Enron promoted Dabhol Power Company (DPC) today ruled out any possibility of an amicable settlement with the Maharashtra State Electricity Board (MSEB) on the Power Purchase Agreement (PPA) in the near future. "There is no possibility of resolving the matter in the near future " DPC advocate Atul Setalwat submitted before a division bench of Bombay High Court comprising of Justice A P Shah and S A Bobde. He further argued that "even if we arrive at a short term settlement, the dispute on PPA would always hang around and there would be no end to it." Mr Setalwat was replying to queries of the judges whether there can be any amicable settlement betweeen the two parties over the PPA dispute. On June 11, the court has ordered both the parties to find an amicable settlement out of the court, looking at the huge investment of US dollar three billion by domestic and foreign institutional institutions besides consumers in the State. The bench adjourned the hearing till Tuesday. Advocate Setlawat also informed that as per the high court’s directive both the parties had a meeting on June 19, which ended without any positive conclusion. On the question of arbitration, Mr Setlawat argued that the Maharashtra Electricity Regulatory Commission (MERC) has no purview to take any stand on the Power Purchase Agreement (PPA) since the agreement was signed in 1993 and amended in 1996 before the formation of the Commission. When the bench asked advocate general Goolam Vahanvati, who is appearing on behalf of MSEB about their stand, he said "this actually deals with the affidavit" and sought time for going through the affidavit. Advocate General Vahanvati proposed to involve the Central Government to resolve the dispute. It may be recalled that MSEB has filed a case against DPC in the MERC, which was heard on May 29. The MERC had asked the DPC to give their submission by June 14 last and restrained them from activating the escrow account and pursuing the case in the international court of arbitration. Later, the DPC challeged the MERC ad-interim order in the Bombay High Court saying that MERC does not have the right to give any ad-interim order or any ruling over the PPA since it does not come under the jurisdiction of the regulatory body. (UNI) |
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Singh asks farmers to use bio-fertilisers SHAJAPUR, June 21: Madhya Pradesh Chief Minister Digvijay Singh has called upon farmers to use bio-fertilisers that helps in maintaining the fertility of the soil and was less expensive. He was addressing a workshop on the use of bio-fertilizers, at Semti Ashram here yesterday. Singh also inaugurated a bio-gas plant set up at Semni Hatkeshwar Gaushala at the cost of Rs 1.25 lakh. The bio-gas plant which has capacity of 85 square metre would produce one tonne fertilizer every day and generate electricity which could be used to run a generator for at least 12 hours. (PTI) |
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Golden quardilateral to be completed ahead of schedule MORADABAD, (UTTAR PRADESH), June 21: The golden quadrilateral connecting the four metros of Delhi, Mumbai, Chennai and Kolkata would be completed in 2003 ahead of schedule, according to Union Minister of State for Road Transport and Highways B C Khanduri. "The Government has taken up unprecedented programmes that would help in completely redefining highways in the country," he said here yesterday after inaugurating the first phase of the Moradabad by-pass. The North-South (NS) corridor connecting Srinagar to Kanyakumari and the East-West (WE) corridor connecting Silchar and Porbandar is underway and would be completed by 2006, the Minister said. The major ports in the country would be connected for the speedy progress of business. The national highways connecting these ports were being upgraded. "Markets and opportunities will get connected on a gigantic scale with these projects", Mr Khanduri said. The golden quadrilateral, North-South and East-West corridors are projects of the national highways authority of India being implemented under the National Highways Development Project (NHDP). "Of the 5834 km in the godern quadrilateral, 1408 km is under implementation and contracts given for 3797 km. In the NS-EW corridor, a stretch of 272 km is under implementation and contracts given for 403 km," the Minister said. The NHAI has also been giving assistance amounting to Rs 2500 crore for improvement of the state roads. Under the Prime Minister’s Gramin Sadhavana Yojana, assistance to the tune of five crore is given for the development of village roads. The Moradabad by-pass is constructed to link up with NH 24 so that the traffic jams and resultant delays in the city could be avoided. The first phase of the by-pass, intersecting at Sambhal-Chandausi, a length of eight km, was completed ahead of schedule. The total 1804 km project is expected to be completed by October this year. The Moradabad toll road company, a special purpose firm, was entrusted with the completion of the porject. The total cost of the project is expected to be about Rs 103.5 crore and is financed on a 70:30 debt ratio. NHAI holds 85 per cent of the equity and the remaining 15 per cent is held by the Uttar Pradesh State Bridge Corporation. (UNI) |
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Imports of 300 items dip by 11 pc NEW DELHI, June 21: The ‘war-room’ set up to monitor imports of 300 sensitive items with lifting of Quantitative Restrictions (QRs), has found 11 per cent dip in their imports during April-May mainly due to a fall of 28 per cent in imports from China. An official release quoting the provisional estimates said imports of these 300 items during the two months had dropped to Rs 1411 crore as against Rs 1589 crore in the corresponding period last year. The data reveals that while imports from Egypt, Ethipoia, Indonesia, Malaysia, Myanmar, Nepal, Phillipines, Tanzania and Vietnam increased, there was a marked decrease in imports from China which was feared to be dumping some of these items. Imports of dry fruit from Pakistan have gone up from Rs 1.67 crore to Rs 3.38 crore, it said. Meanwhile, at the micro level, imports indicate increase in respect of tea, coffee, spices, cotton silk, marble and granite, it said, adding that all other items had shown a decline in imports.(PTI) |
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