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Guru committee pegs NEW DELHI, June 29: S L Guru Expert Committee on ‘strengthening and developing of agricultural marketing’ has recommended a complete revamp of the present marketing structure which, it said, would require funds of over Rs 2.6 lakh crore. The revamping would include repeal of the . ...more Highlights of Kerala Governor’s address THIRUVANANTHAPURAM, June 29: Highlights of the Governor’s address: — 2500 additional engineering seats to be created with 14 private colleges to start functioning . ....more Kerala
Govt plans THIRUVANANTHAPURAM, June 29: The Kerala Government was planning to privatise state public sector units that imposed unsustainable burden on the state exchequer, Kerala Governor S S Kang said today. ...more |
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GDP growth dips NEW DELHI, June 29: India’s Gross Domestic Product (GDP) growth slumped to 5.2 per cent during 2000-01 as against 6.4 per cent in the ...more Precious
metals NEW DELHI, June 29: Both the precious metals, silver and gold, declined on the bullion market today on stockists offering in the absence of any worthwhile buying support. ....more Orissa
seeks Central BHUBANESWAR, June 29: Orissa Chief Minister Naveen Patnaik today said his state would not be able to cope with its serious fiscal crisis unless the Centre came forward with substantial financial support. "There is no alternative to restructuring the existing debt stock except by way of the Central Government...more |
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Highlights of Kerala Governor’s address THIRUVANANTHAPURAM, June 29: Highlights of the Governor’s address: — 2500 additional engineering seats to be created with 14 private colleges to start functioning —Tax reforms and widening of tax base —Centre of excellence in IT to be set up —PSU to be restructured and traditional sectors to be revitalised. —A standing committee of experts to study impact of WTO on farm front —Creation of departments khorticulture and land resources —Debt relief to farmers through legislative measures —Welfarenon-resident Keralites to be stepped up —3.75 lakh new power connections to be given — A high speed east-west motorway —Abolition of experts committees in local bodies —Creation of special industrial zones —Formulation of old-age policy —Environment policy to be announced shortly —PDS to be strengthened and subsidy to continue —District disaster management plans to be formulated — Indian Institute of Diabetes to be set up —Medical College Hospitals to be converted into referral hospitals. —Health card system for patients suffering from serious diseases. —Pay clinics in district hospitals and medical colleges —A self-financing hospitality institute to train tourism personnel —Infrastructure development on Build Operate Transfer (BOT) basis. (PTI) |
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Kerala Govt plans to privatise PSUs THIRUVANANTHAPURAM, June 29: The Kerala Government was planning to privatise state public sector units that imposed unsustainable burden on the state exchequer, Kerala Governor S S Kang said today. The Governor in his address to the Assembly said the Government proposed to have an entirely new approach to industrial growth in the state based on the industrial policy issued in 1991. Help of expert agencies would be used to revitalise public sector undertakings and suitable strategies would be adopted to enable psus to compete and survive in the open market. Objective of inviting private investment was to allow infusion of funds, technology and professionalism in PSUs, Kang said. IT, biotechnology and food processing industry would be given special thrust with emphasis to attract foreign and domestic investment. The Government proposed to develop "special industrial zones" for industries where entrepreneurs would be given all incentives and help for setting up industries. For equipping the small scale sectors to compete with the foreign produce, strategies like cluster based development, which have been initiated for rubber based industry in Kochi and Kottayam districts would be extended to other sectors also. With the goal of converting Kerala into a major it destination of the country, Kochi would be developmed as the it capital of Kerala. To generate trained it professionals, centres of excellence in IT sector with private sector participation would be set up. Kang said special schemes to reorganise and revitalise the traditional industries like handlooms, cahsew, beedi and fishing which sustains lakhs of families would be introduced. An integrated fisheries development project would be implemented for traditional fishermen with the help of NCDC funding. New fish landing centres would be constructed at seven places and fishermen’s welfare fund would revitalized and its resources augmented to ensure better flow of assistance to the fishermen community. A new act for regulating and promoting inland fisheries in the state would be introduced, he said. Government plans to develop tourism with active private participation and focus would be on improving infrastructure in tourism destinations. The Government also propose to bring in a regulatory mechanism to relate the development of tourist destinations in the state to their "carrying capacity". Development of backwater tourism, development of vagamon in Pathanamthitta district as a new hill station, development of international standard golf courses at kochi would be taken by the Government on a war footing. (PTI) |
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GDP growth dips to 5.2 pc in 2000-01 NEW DELHI, June 29: India’s Gross Domestic Product (GDP) growth slumped to 5.2 per cent during 2000-01 as against 6.4 per cent in the previous year mainly due to dismal performance of manufacturing, construction and some of the services sectors. Figures released by Central Statistical Organisation (CSO) reveal that GDP at factor costs and constant (1993-94) prices stood at Rs 12,11,747 crore during the last fiscal as against quick estimates of Rs 11,51,991 crore for 1999-2000. GDP growth for the last fiscal was earlier estimated at 6.0 per cent at Rs 12,21,174 crore. The GDP growth at current prices, however, grew to 10.7 per cent during 2000-01 as compared 10.5 per cent in the previous year. The GDP growth, which was above six per cent in the first two quarters of 2000-01, declined to 5.0 per cent in the third quarter and further fell to 3.8 per cent in the last quarter due to a sharp fall in the growth rates in agriculture, manufacturing, mining, construction and some major services sectors. Even at current prices, the GDP dipped to 9.6 per cent during the last quarter of 2000-01 as against 10.6 per cent in the third quarter of the same year. The dismal GDP growth figures for the entire year was on account of fall in growth rates in agriculture, manufacturing, electricity, construction and the services sector. The ‘agriculture, forestry and fishing’ sector grew by a meagre 0.2 per cent last year as against 0.7 per cent in 1999-2000. The growth in ‘manufacturing’ sector fell to 5.6 per cent from 6.8 per cent while that in ‘construction’ dipped to 5.5 per cent from 8.1 per cent in the previous year. Electricity, gas and water supply also posted a lower 4.7 per cent growth compared to 5.2 per cent in the previous year. Growth rate in services sectors also slumped last fiscal. ‘financing, insurance, real estate and business services’ sector posted a 9.1 per cent growth which is one per cent lower than the previous year’s figure. ‘Trade, hotels, transport and communication’ sector grew by 6.9 per cent in 2000-01 as against 8.0 per cent in the previous year while the growth rate in ‘community, social and personal services’ sector went down to 7.8 per cent from 11.8 per cent in 1999-2000. (PTI) |
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Precious metals decline for want of support NEW DELHI, June 29: Both the precious metals, silver and gold, declined on the bullion market today on stockists offering in the absence of any worthwhile buying support. Marketmen said a weak trend in overseas markets influenced the trading activity in domestic markets. They said a similar trend in upcountry markets in the absence of any market moving news was another dampening factor. Standard gold and ornaments lost Rs.10 each at Rs.4420 and Rs.4270 per ten gram respectively. Sovereign, on the other hand, held unchanged at Rs.3725 per piece of eight gram. Silver ready was lower by Rs.5 at Rs.7195 per kilo and weekly delivery by a same margin at Rs.7210 per kilo. 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 7195 and delivery 7210. Silver coins buyer 10,900 and seller 11,000 standard gold 4420, ornaments 4270 and sovereign 3725. (PTI) |
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Orissa seeks Central support to cope with fiscal crisis BHUBANESWAR, June 29: Orissa Chief Minister Naveen Patnaik today said his state would not be able to cope with its serious fiscal crisis unless the Centre came forward with substantial financial support. "There is no alternative to restructuring the existing debt stock except by way of the Central Government writing it off as a medium-term measure," Patnaik said while inaugurating a two-day workshop on fiscal and governance reforms here. Unless substantial Central support was received it would not be possible for the Government to make a dent on the social and infrastructure development of the state, he said. Giving a graphic picture of Orissa’s deteriorating fiscal situation, he said financial position was so precarious that the state had to borrow Rs. 424 crore to get funds for a Rs 100 crore development project. Stressing the need for structural adjustments and reforms, the Chief Minister said due to various structural deficiencies in state economy, it had not been possible to arrange the required resources to take up development activities on a large scale. As a result, Orissa failed to reduce the gap in the per capita income of the country and the state which was as high as Rs. 1126 in 1997-98 at 1980-81 prices, he said. The two-day workshop had been convened by the state Government to seek views of eminent people in its search for solutions to its fiscal problems. Patnaik said Orissa’s financial situation had become more precarious because of undue estimation of its resource requirements by the Eleventh Finance Commission (WFC) and non-revision of royalty on coal. Since the EFC had linked general debt relief, release of 15 per cent of the recommended revenue deficit grant and the equivalent amount of incentive fund to fiscal performance of the state Government, fiscal reforms had become an urgent component of overall economic reforms, he said. The Chief Minister suggested drastic reduction in non-productive expenditure, restricting borrowed resources only for infrastructure development, plugging leakages in tax and non-tax revenue and tapping the untapped resources. Certain other measures including large-scale decentralisation of power structures, withdrawal of Government from grassroots level functioning, changes in the system of revenue collection, planning at grassroots level and transparency of administration should also be adopted, he said. Patnaik said restructuring of Orissa’s public finances required the collective action of all layers of Government-Central, state and local. In addition critical intervention by World Bank to one time injection of funds would be needed as in the case of Uttar Pradesh, he said. However, Patnaik said the state Government alone could not bring about a change in the existing situation and the inadequate delivery system. There had to be a definite commitment of all political parties and agents of civil society to carry through the programme.(PTI) |
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