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slowdown by raising GBS in first year of 10th plan’ NEW DELHI, Nov 4: In a move to reverse the economic slowdown, the Planning Commission has......more ‘States should share NEW DELHI, Nov 4: The PHD Chamber of Commerce and Industry (PHDCCI) has suggested greater ......more FIIs net buyers in MUMBAI, Nov 4: After remaining net sellers in equities for the month of September, the Foreign......more Inflation at year’s NEW DELHI, Nov 4: Overcoming a sharp rise in the price of vegetables and marginal increase for wheat, inflation plummeted to a historic low of the year at....more |
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‘New power
initiatives needed to build investor confidence’ NEW DELHI, Nov 4: The Associated Chambers of Commerce and Industry of India (ASSOCHAM)......more Grains, oils trade mixed NEW DELHI, Nov 4: Bullion prices remained divergent as gold firmed up and silver moved south...... more Third
round of trade KATHMANDU, Nov 4: The third round of inter-Governmental trade talks between.....more Microtek's
grand entry Excelsior Correspondent NEWLHI, Nov 4: Microtek International Limited, the leading IT Peripherals company.........more |
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‘States
should share in country’s foreign NEW DELHI, Nov 4: The PHD Chamber of Commerce and Industry (PHDCCI) has suggested greater synergy between the Central and State Governments in boosting India’s export drive if the country has to achieve the export target of 100 billion us dollars in the near future. The Chamber s task force on the role of states in exports has made a number of suggestions to bring about greater involvement of State Governments in the country’s export efforts. It proposes that as an incentive, the Central Government should distribute a portion of the foreign exchange earned from exports among states on the basis of the value of exports emanating from respective states. It slso suggests that states should be involved in the formulation of the export-import policy to provide them a stake in the export business. The task force said the provision of Rs 100 crore under the export import policy last year for the development of export related infrastructure was inadequate and needed to be substantially enhanced. The minimum land requirement for setting up Special Economic Zones (SEZ) should be reduced from 1,000 hectare to enable states to take advantage of the scheme. The task force has emphasised setting up of an SEZ in the Northern region, which suffers from a locational disadvantage, being removed from ports and raw material sources. On their part, the State Governments should formulate a separate export policy providing incentives to the state exporting units. They could accord special recognition and concessions to units exporting more than 50 per cent of their production. It recommends that export products be exempt from local taxes and levies to maintain a high level of production and labour laws be made more flexible for exporting units. A single nodal authority should be constituted by the State Governments to coordinate export promotion efforts at the state level and overcome the problem of multiplicity of agencies. State Governments should identify thrust areas and sectors for exports and frame appropriate policies to encourage production. (UNI) |
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FIIs net buyers in equities at Rs 715.7 crore in October MUMBAI, Nov 4: After remaining net sellers in equities for the month of September, the Foreign Institutional Investors (FIIs) turned net buyers to the tune of Rs 715.7 crore (US dollar 150.2 million) in October. The Mutual Funds (MFs) bought equities worth Rs 751.43 crore while offloading to the extent of Rs 1,425.84 crore, thus netting sales of Rs 674.41 crore in the reporting month, according to the data available with Securities and Exchange Board of India (SEBI) here. On the debt front, FIIs and MFs remained net buyers at Rs 168.7 crore (USD 35.4 mn) and Rs 977.16 crore respectively, it added. The foreign funds were net buyers in equities for 15 days with the highest being on October 11 at Rs 132.3 crore (USD 27.8 million) followed by Rs 94.2 crore (USD 19.8 mn) on October eight. FIIs abstained from any activity in debt for 10 trading days in the reporting month. They netted sales of Rs 57.5 crore (USD 12.1 mn) on October 23, the highest in the month. For the trading week ended November two, FIIs were net sellers in equities at Rs 99.7 crore (USD 20.9 mn). In debt instruments, the foreign funds netted purchases worth Rs 224.2 crore (USD 47 million). Mutual funds were net buyers, both in equities and debt on November one, at Rs 1.98 crore and Rs 48.05 crore respectively, SEBI added. (PTI) |
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Inflation at year’s low of 2.72 percent NEW DELHI, Nov 4: Overcoming a sharp rise in the price of vegetables and marginal increase for wheat, inflation plummeted to a historic low of the year at 2.72 per cent in the week ended October 20 compared to a whopping 7.32 per cent in the comparable period in the previous year. The week also saw another straight fall of 0.32 per cent in point-to-point inflation from the previous week’s level of 3.04 per cent mainly due to a drastic fall in the price of non-food articles including raw cotton and copra. The rate of change of price for commodities with 1993-94 as the basis had been falling for the last five weeks despite uncertainties in the international economic front due to the ongoing attacks in Afghanistan. Wholesale Price Index (WPI), like in the previous week, remained unchanged at 162.6 and the index was 158.3 in the previous year. The final WPI was marginally lower at 161.6 for the week ended august 25 as against the provisional level of 161.8, while the final inflation rate during the period was 0.13 per cent lower at 5.14 per cent as compared to a provisional mark of 5.27 per cent. The all india consumer price index for industrial workers (base: 1982 = 100) fell by 0.46 per cent to 4.73 per cent in september on account of fall in the price of rice, vegetables and fruits, and groundnut. Primary articles’ became cheaper and manufactured items became costlier, while fuel products continued to remain firm at the previous week’s level during the period under review. The index for primary articles’ group fell by 0.1 per cent to 171.3 from 171.5 even as there was 0.2 per cent hike in the price of food articles. The index was 164.6 in the previous year. Food articles’ group increased by 0.2 per cent to 180.2 from 179.8 due to higher prices for wheat, gram, masur and fruits and vegetables (one per cent each), while there was fall in the price of barley (five per cent), bajra (four per cent), maize (two per cent) and jowar and mutton (one per cent each). The index for non-food articles’ group, however, fell by over one per cent to 153 from 154.8 on account of cheaper raw cotton (four per cent), groundnut seed and copra (two per cent each) and raw silk (one per cent), even as there was five per cent hike in the price of coir fibre and four per cent in niger seed. Fuel, power, light and lubricants’ group index remained firm at the previous week’s level of 230.5 and the index was 219.9 in the previous year. The index for manufactured products’ group was up by 0.1 per cent to 144.5 from 144.4 even as food products became cheaper during the period. The index was 142.3 a year ago. (PTI) |
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‘New power initiatives
needed to build NEW DELHI, Nov 4: The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has called for immediate confidence building measures to attract private developers for power generation through clarity in benchmarks for power tariffs, inter-state wheeling and third party sale of power as well as exports, and early decision on the optimal fuel mix. The Chamber, in a statement said, even though the Government’s generation targets have been missed in the past, it is possible to add over 25,000 megawatts through private sector participation in the 10th and 11th plans respectively. Assocham has suggested that if private generation is to fill the gap in demand and supply of power, several power initiatives will have to be undertaken. These initiatives should include allowing direct sale to consumers by generators, which would act as a spur for investors in generation, as their receivables get tied up assured payment security mechanism timely payment for returns/dues, where the investor can concentrate on generation and does not have to worry about the creditworthiness of its buyer guaranteed offtake by government transparency of sercs on merit order dispatch priority rationalize the excessive subsidization, provide 100 per cent tax benefits to debt investments in power projects insurance companies should provide guarantee covers for speedy closure of power projects, and areas of conflict between the centre and states need to be resolved and clarifications provided. The chamber also pointed out that basic policy changes needed to boost generation and increase the supply of power are de-licensing of generation, clear and transparent rules regarding location, fuel and other matters relating to technical standards, direct sale of power by generators to be allowed, free captive power generation and suitable amendments needed to facilitate the sale and purchase of captive power for the grid. Further, in order to restore investors confidence and promote FDI in the power sector, the centre should consider providing guarantees till the time the SEBs become creditworthy and eliminate existing unused counter-guarantees and free up capacity for new projects in the generation and T D Sector, insurance companies should be asked to provide guarantee covers for speedy closure of power projects and there should be sanctity of contracts. The contracts once signed should be binding on both the investor and Government, and cannot be negotiated and re-negotiated at one party s whims. Also, transparency in PPAs must be ensured, keeping in view the interests of various stakeholder involved, transparency in bidding process has to be brought in, and allocation of projects through the MoU route for all sectors on the basis of financial strength, technical expertise, the promoters need for bulk energy and their experience and record in project management should be followed. (UNI) |
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Grains, oils trade mixed NEW DELHI, Nov 4: Bullion prices remained divergent as gold firmed up and silver moved southward while sugar remained stagnant, grains and oils traded mixed at the local commodity markets during the week ended November three, 2001. Gold and silver prices mostly traded in a narrow range because of lack of active demand following a lull in the wedding season for about a month and international quotations also mostly moved in the same direction during the period. Gold standard, ornaments and bittur improved by Rs 60 at Rs 4650, Rs 4500 and Rs 4640 per ten gms, respectively, as compared to last week’s closing price range. Sovereign prices remained intact at Rs 3825/3850 per gms for the same reason. Silver .999 ready and weekly delivery declined by Rs 110 and Rs 100 at Rs 7010 and Rs 7030 per kg respectively on increased overseas inflow coupled with lack of matching demand. Silver coins, however, moved up by Rs 100 at Rs 11,500 for buyers and Rs 11,600 for sellers per 100 pieces during the week under review. Sugar mill delivery prices did not witness any change and remained static at Rs 1385/1400 per quintal despite the festival season. As a result, spot prices for sugar M-30 and S-30 varieties also remained unchanged at Rs 1535/1565 and Rs 1520/1535 per quintal respectively amid comfortable stock positions as compared to last week’s price level. Gur prices also remained the same for similar reasons. Khandsari, however, started entering the market and desi was quoted at Rs 1400-1410 and bold variety at Rs 1480 per quintal during the week under review. Desi wheat prices moved up by Rs 50 at the higher level at Rs 850/1300 per quintal on tight supplies while dara slipped by Rs 5 to Rs 10 at Rs 625/630 per quintal on lack of buying support from stockists, as compared to last week’s price range. In pulses, gram declined by Rs ten to Rs 60 at Rs 2050/2165, moong by Rs 100 and arhar by Rs 50 at higher levels at Rs 1700/2150 and Rs 1450/1550 per quintal respectively on increased arrivals coupled with lack of matching demand. Prices of other pulses, however, did not witness any change as demand matched supplies. Rice and coarse grains prices, however, did not witness any change due to comfortable stock position during the week under review. Barring a few fluctuations, there was hardly any change in prices of non-edible oils at the end of the week. In edible oils, groundnut and palmolein moved up by Rs 50 each at Rs 3500 and Rs 2850 respectively, soyabean by Rs 90 at Rs 2720, sesame by Rs 20 at Rs 2900 while cottonseed and mustard expeller improved by Rs 30 each at Rs 2950 and Rs 3030 per quintal on short supplies as compared to last week’s closing price range. Mustard oilseed, however, lost Rs 40 at Rs 1280/1380 per quintal on mounting stock position. Vanaspati and oilcakes prices, however, did not witness any change following comfortable stock inventories during the week under review. (UNI) |
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Third round of trade talks conclude KATHMANDU, Nov 4: The third round of inter-Governmental trade talks between Nepalese and Indian officials concluded here today with an agreement to speed up the process of consultations to finalise the trade treaty. With no decision on the treaty being taken, the officials have said they would meet on November 15 in New Delhi. "We have agreed to speed up the process of consultations and finalise the trade treaty soon," Mr Purushottam Ojha, leader of the Nepalese delegation, told mediapersons after the talks. The officials said next week’s meeting will be followed by the Commerce Secretary-level meeting later this month which is expected to give a final touches to the treaty, for renewal. "We are equally worried about the expiry of the trade treaty so we will meet soon to finalise the trade treaty," he said. The date of the next meeting has not been finalised. The trade treaty will expire on December 5, 2001. About India’s concern on export surge of Nepalese products, he said,"there is no question of discussing any specific issue but on the modalities that how Nepal can benefit from the treaty." "We are moving ahead to successfully resolving the problems by narrowing down the issues put forward by the two sides," Mr Ojha said. One Indian negotiator said, Nepal was expected to agree to some value addition for its products to protect the Indian industries. "Exact figures will be discussed later," he said. Earlier the leader of the Indian delegation S Ramasundaram had said. "The spirit of the 1996 trade treaty between Nepal and India would not be changed." Mr Ramasundaram said, "I hope the trade related problems between the two countries would be solved through mutual understanding." Mr Ojha said, "we are hopeful that the treaty will be renewed in time." India has expressed its concern on the increase of export of acrylic yarn, zinc oxide, vegetable ghee, copper twines and steel pipe, stating that the export surge of these items has badly affected the Indian industries. Though the treaty has a provision of automatic renewal for another five years, India has formally presented the proposal to review the treaty. The provision of automatic renewal has no meaning after India presented the proposal to make the changes in the treaty. Nepalese officials want the treaty to renew as it says the treaty has benefited both the sides to increase trade and investment. The second round of Secretary-level talks between the Nepalese and Indian officials were held in New Delhi on October 18 and 19. India has formally sought the revision in certain provisions in the treaty which was signed in 1991 and later renewed in 1996. The nine-member Nepalese delegation was led by Purushottam Ojha, Joint Secretary at the Ministry of Industry, Commerce and Supplies and the eight-member Indian delegation was led by S Ramasundaram, Joint Secretary of the Commerce Ministry. (UNI) |
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Microtek's grand entry
in the inverter market Excelsior Correspondent NEWLHI, Nov 4: Microtek International Limited, the leading IT Peripherals company is extending its power products division with the launch of its "ecopower" series of power inverters which are targeted at the home & office segments. The company is initially launching two models, Model 650VA & Model 1250VA. These products have been designed and developed by Microtek's highly professional and experienced R&D team, in technical association with Motorola approved design house in Taiwan. Microtek's R&D team is drawn from the cream of India's IT professionals, consisting of 12 undergraduates and 3 Post Graduates from IIT Delhi and Engineering Colleges of International repute. The R&D team is headed by Mr Mukesh Gupta, Director-Power Products, who has 16 years of immense experience in the field of power electronics & inverter industry. A unique feature of these inverters is that they offer, for the first time in India, a trapezodial waveform output on battery mode, which almost eliminates the risk of over heating and shortened life of the equipment connected to it, unlike other inverters where this problem is quite frequent. The specially designed constant voltage/constant wattage charger using pulse techniques increases the battery life by one and a half times compared to the conventional inverters. Another very user friendly feature of these inverters is that the user does not have to top up the battery water at short intervals. The company is also developing high-end inverters for future launch. With the introduction of these highly reliable, super performing and aesthetically designed inverters, Microtek has introduced another high reliability product, which provides continuous & clean power. Enquiries for distributorship/dealership are also being solicited from parties having past experience in similar field. |
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