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‘WTO a death warrant NEW DELHI, May 21: Punjab Chief Minister Prakash Singh Badal today described the WTO as........more
NEW DELHI, May 21: Gold prices shot up to touch the year’s highest level on the bullion market....more India to become third NEW YORK, May 21: India and China will become major players in the world economic arena in the ....more |
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Bajaj Caliber test campaign concludes Excelsior Correspondent JAMMU, May 21: Bajaj Caliber test ride campaign organised by M/S Jammu Motors Private Limited concluded here on Saturday.....more IT recession: World bodies KOZHIKODE, May 21: With his earlier predictions of a glut in the IT market proving.......more Decentralisation of NEW DELHI, May 21: Several states, including some ruled by BJP allies....more Himachal to bring NEW DELHI, May 21: Himachal Pradesh Chief Minister Prem Kumar Dhumal said today his.....more Leading Indian ISLAMABAD, May 21: A 37-member high-powered Indian business delegation will......more |
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NEW DELHI, May 21: Gold prices shot up to touch the year’s highest level on the bullion market today by climbing further Rs.30 at Rs.4680 per ten gram on brisk buying influenced by a firm trend in the international markets. Trading sentiment boosted following reports of a second big rise in gold prices in a row on the international markets. In other Asian markets, gold registered a hefty rise of more than 10 US dollar at 298.50 US dollar an ounce which was an addition to a jump of 13 US dollar on Saturday. Marketmen said a steep rise in New York (NY) gold prices in late trading on Friday was forwarded by Asian bullion merchants this morning and caused another big rise, adding there was strong buying by commodity funds in New York amidst speculations of possible end to overseas Central Bank gold auctions. The Bank of England reduced the size of the auction to 20 metric tonne from the previous sales of 25 tonne each which also created tight stocks positions. Silver also joined the bullish trend and recorded handsome gains on local stockists’ buying. Standard gold and ornaments rose further by Rs.30 each at Rs.4680 and Rs.4530 per ten gram respectively. Sovereign was traded at the previous level of Rs.3900 per piece of eight gram. Silver ready spurted by Rs.65 at Rs.7530 per kilo while weekly-based delivery by Rs.70 at Rs.7540 per kilo on local buying. However, its coins held unchanged at Rs.11,000/11,200 per 100 pieces. The following were today’s quotations: Silver ready 7530 and delivery 7540. Silver coins buyer 11,000 and seller 11,200 standard gold 4680, ornaments 4530 and sovereign 3900. (PTI) |
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India to become third largest economy: Expert NEW YORK, May 21: India and China will become major players in the world economic arena in the next 25 years, surging ahead of the the industrial US and European powers, a global financial expert has said. If the present economic trend continues, China will overtake the United States in the global output with India becoming the third largest economy in the world ahead of Japan and Germany, said Shahid Javed Burki, a former World Bank expert. In 2025, "China’s and India’s share in global output will be about equal to the present share of US and Europe. The main significance of this development is that these two Asian economies would have climbed to the top of the league, displacing a number of European countries," he said. "The size of the Indian economy at 12 trillion dollars will be nearly forty per cent larger than that of the US economy in 2000. Japan and Germany will fourth and fifth place while Brazil and Mexico would have overtaken France and UK to be in sixth and seventh places," he said in his address at the United Nations. Also, at the 2000 prices, the value of global output would have increased from forty trillion dollars to ninety-five trillion dollars by 2025. By then China with output of 25 trillion dollars, which would be three times the current US economy will account for 26 per cent of global product while share of America will remain at the same level of 21 per cent. India, presently with less than six per cent of the global product, would see its share more than double to 13 per cent, he said. (PTI) |
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NEW DELHI, May 21: Government today cleared 47 Foreign Direct Investment (FDI) proposals worth Rs 6,020 crore, including Reliance Petroleum’s Rs 5,000 crore Global Depository Receipt (GDR) issue for setting up petroleum refinery project. Among the other major proposals cleared by the Ministry of Commerce and Industry is the Rs 823 crore HDFC Bank Ltd’s ADR/GDR issue for expansion of its banking operations. It major Moschip Semiconductor Technology’s Rs 30.8 crore proposal for manufacturing computer chips and semi-conductors has been approved. Besides, Rediff Communications has been allowed ADR linked stock option involving no fresh FDI. Government also cleared Rs 46 crore worth FDI proposal for 20 per cent equity stake in Mahindra Realty and Infrastructure Developers Ltd (MRIDL) for infrastructure projects like roads, highways, bridges, airports, rail, bus and truck terminals. Besides, Malaysian company General Labels & Labeling (M) SDN BHD has been allowed to set up a wholly-owned venture for manufacturing pre-printed paper and film-based self-adhesive and security labels. ABB Holdings (South Asia) has been given the go-ahead to increase its equity stake in the investment holding company to 100 per cent from 51 per cent now; this involves FDI worth Rs 4.13 crore. Sona Investment Ltd has been allowed to bring in almost Rs 19 crore FDI for investment in shares/securities of auto components manufacturing bodies corporate. Also, Madura Coats has been allowed to increase equity via buyback to 74 per cent from the present 51.64 per cent involving no fresh FDI inflow. (PTI) |
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Bajaj Caliber test campaign concludes Excelsior Correspondent JAMMU, May 21: Bajaj Caliber test ride campaign organised by M/S Jammu Motors Private Limited concluded here on Saturday. During this successful campaign about 250 people had the test ride of Bajaj Caliber. At the conclusion of the campaign, a lucky draw was held in the presence of customers and others. Several gifts were distributed among lucky winners. The main prize of a gold chain was won by Mr Sanjeev Nagpal of Sanjay Nagar, Jammu. It was handed over to the winner by Mr Atul Chibber, Manager Sales Jammu Motors (P) Ltd in the showroom premises today. Mr Atul also handed over a bike (Bajaj Boxer) to Mr Sonaullah Khan of Tumina village in Handwara of district Kupwara, which was won by Mr Khan in Sony TV’s famous game show " Chappar Phar Ke". |
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Decentralisation of foodgrain
procurement NEW DELHI, May 21: Several states, including some ruled by BJP allies, today rejected Centre’s proposal for decentralising foodgrain procurement, storage and distribution terming it as "impracticable" and "flawed". At the Chief Ministers’ conference on WTO agreement on agriculture and food management here, states like West Bengal, Karnataka and Orissa felt that the move should be deferred till creation of infrastructural facilities by them, while others including Kerala, Andhra Pradesh and Punjab rejected it outright. Punjab Chief Minister Prakash Singh Badal described the proposal for decentralised procurement as "impracticable and inadvisable" saying the State Governments may not have enough financial resources to procure, store and handle huge quantities of foodgrains. Strongly favouring continuance of procurement by the Food Corporation of India (FCI), Badal, whose Akali Dal is a constituent of the BJP-led NDA, said the present system was functioning smoothly and has been responsible for steering the country out of food scarcity. Chief Minister of Orissa Naveen Patnaik who is heading the BJD-BJP Government in the state, felt constrained in switching over to decentralised procurement for lack of funds and technical manpower. "FCI should continue the operations till state agencies become capable of handling decentralised procurement",he said. Terming the decentralisation plan as "flawed", Andhra Pradesh Chief Minister Chandrababu Naidu said since the minimum support price is decided by the Centre, responsibility for procurement should also rest with it. Naidu said instead of introducing decentralised procurement, the Government should take necessary steps to make the operations of FCI more efficient. However, the proposal was backed by Congress Government of Madhya Pradesh with Chief Minister Digvijay Singh agreeing to it in principle but sought a subsidy package to meet the requirements of states before operationalising the scheme. Karnataka Chief Minister S M Krishna strongly opposed decentralisation saying the states had neither the resources nor the infrastructure to carry out the operations. He said the proposal should be deferred till necessary facilities for procurement and storage are created in the states. Expressing similar views, Kerala Chief Minister A K Antony said the move was "tantamount to abdication by the Union Government of its obligations under the present public distribution system". He said by proposing direct movement of foodgrains from surplus to deficit states, the Centre was trying to shift its own responsibility. West Bengal Finance Minister Asim Dasgupta said no decision should be taken at the conference on withdrawal by the Centre from the centralised management of PDS till the high level committee on long-term grain policy submitted its final report. (PTI) |
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Himachal to bring 2000 hectares under organic tea NEW DELHI, May 21: Himachal Pradesh Chief Minister Prem Kumar Dhumal said today his Government has formulated an ambitious plan to bring an additional 2000 hectare area under organic tea by inviting private investment of Rs 130 crore through corporate plantations in Chamba. Land will be given on long term lease and lease rent will be fixed keeping in view the rates prevailing in similarly situated areas of West Bengal and Assam which will also help to improve local environment and promote tea tourism of the state, the Chief Minister said. He was speaking at the Chief Ministers conference on WTO agreement on agriculture and food management. Himachal has been declared an agriculture export zone on EXIM policy of the Centre and a target of 10 lakh tonnes of off-seasonal vegetable production has been fixed by 2007. (PTI) |
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Leading Indian entrepreneurs in Pakistan to discuss trade ISLAMABAD, May 21: A 37-member high-powered Indian business delegation will hold talks with their Pakistani business leaders to improve bilateral trade ties, reduction of third country route and seeking the Most Favoured Nation (MFN) status for India here tomorrow. The delegation led by Federation of Indian Chamber of Commerce and Industry (FICCI) President Chirayu R Amin, will also participate in the second meeting of the India-Pakistan Chambers of Commerce and Industry (IPCCI) to be followed by the executive committee meeting of the SAARC Chamber of Commerce and Industry (SCCI) on Wednesday. Pakistan’s Commerce Minister will inaugurate the meeting, which is expected to be attended by eminent economists of the region. The FICCI delegation comprised leading business houses including drugs and pharmaceuticals, engineering industry, transport equipment, auto components, tea and coffee, textiles machinery, chemicals, tyres and plastics. According to FICCI Secretary General Amit Mitra the official trade with Pakistan is about Rs 700 crore. Out of this, the exports are of the order of Rs 400 crore thereby indicating a positive trade balance in favour of India. At present, the trade relations with Pakistan are marred by the existence of a restrictive list of more than 600 items which alone are permissible by the Pakistan Government to be exported from India, he said. This is because Pakistan despite its commitment under the WTO has refused to grant the MFN status to India. India has, however, since long granted the same to Pakistan. Limiting trade to a restrictive list of imports has greatly hampered bilateral trade which is reflected in the low levels of official trade and a high-level unofficial trade through third country route. The agriculture industry has one of the highest economic multiplier effects among the various industries even ahead of telecom and power. Liberalised India-Pakistan trade in the agro sector would generate around 2.7 lakh jobs in India and 1.7 lakh jobs in Pakistan, Mr Mitra said. The India-Pakistan informal trade has two components. One, illegal trade transacted through the land borders, secondly circular or informal trade which is carried out through third countries and re-exported from there to Pakistan, using Middle East or Hong Kong as alternate routes via Turkmenistan via road for unofficial trade. The unofficial trade is estimated to be around one billion US dollars which is five times of the official trade (200 million dollars) between the two countries. Mr Mitra said Islamabad loses an estimated 500 million dollar annually in custom duties to smugglers. While there is no restriction on import of goods from Pakistan to India, the high tariff rates in general and other fiscal measures are deterrent to facilitate regular interaction. Voluminous commodities and merchandise between the two sides are an indication of the mutually profitable economic opportunities and reflect the desire of either countries to trade with each other, he added. Indian smuggled trade exports to Pakistan are industrial machinery, cement, tyres, chemicals and tea. The FICCI Secretary General stressed that to improve bilateral trade ties, it is imperative to have in place proper trade infrastructure while there is no road route between India and Pakistan which shall be least time consuming and most cost effective between the two countries. The rail route is highly irregular suffering from shortage of wagons and complete lack of coordination between the two rail authorities, he said and added that the shipping route is highly expensive and uneconomical for high bulk low value trade items. Citing example of tyres, Mr Mitra said that the size of the tyres market in Pakistan is about one million annually and production facilities exist only for two lakh tyres of which half is taken by the Government sector. Therefore, Indian truck tyres are popular products from Pakistan. Though the items have been placed on the open import list, the high duty structure of 46.6 per cent would make Indian tyres going officially costlier in Pakistan than Indian tyres imported through the Turkmanistan route, he added. A large number of products which have potential for India’s exports to Pakistan. But did not enter India’s export basket include agricultural, textile machinery, automotive parts, cement, diesel engines, electric and engineering items, ferro alloys, drugs and pharmaceuticals, two wheelers, cars and zinc alloys. Similarly, there are several products which have potential for entering India’s import basket from Pakistan include refined sugar, woven fabrics, bovine leather, hazel mill and looped pile fabric, Mr Mitra said. (UNI) |
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