Daily Excelsior...Business

Post office savings bank
accounts should not
earn interest: Expert

MUMBAI, Nov 18: An expert committee headed by Reserve Bank of India (RBI) .......more

Sugar remains intact
Gold prices decline,
silver improves

NEW DELHI, Nov 18: Gold prices declined and that of silver improved, sugar remained intact, grains....more

CII studies to be
presented at Indo-EU
summit on Nov 23

NEW DELHI, Nov 18: The Confederation of Indian Industry (CII) has undertaken .....more

Do you want to: ·
Pursue your educational career in New Zealand;
·Complete top quality qualifications while enjoying a great lifestyle;....more

CII studies to be
presented at Indo-EU
summit on Nov 23

NEW DELHI, Nov 18: The Confederation of Indian Industry (CII) has undertaken three studies on bilateral trade investment flows between India and the European Union (EU) aimed at doubling the same within the next couple of years. ......more

Foreign funds net
sellers in both equity, debt

MUMBAI, Nov 18: Foreign Institutional Investors (FIIs) remained net sellers in both the equity and debt segments during the week ended 16 November with their net sales position at Rs 112 crore in equity and at Rs 83.5 crore in debt. .......more

Inflation touches
110-week low

NEW DELHI, Nov 18: A consistent fall in the primary articles prices made the inflation rate recede further for the eighth successive week to touch 110-week low of 2.40 per cent on November 3. ..........more

Post office savings bank accounts should not
earn interest: Expert

MUMBAI, Nov 18: An expert committee headed by Reserve Bank of India (RBI) Deputy Governor Dr Y V Reddy has recommended that post office savings bank accounts should not earn interest as they are similar to current accounts in a commercial bank.

The Government is currently paying an interest rate of 3.5 per cent on such accounts in order to promote rural savings.

This is a part of several recommendations made by the expert committee set up by the RBI to review the system of administered interest rates and other related issues, particularly the existing rigidities in the small saving rates and the consequent market segmentation.

The committee, comprising eleven members, was set up to study critical evaluation of issues related to small savings, which assume a significant proportion of financial savings of the country. There is a policy dilemma with regard to maximisation of receipts through small saving schemes and minimisation of debt service burden to the Union and State Governments.

In order to provide a suitable direction for policy actions, the committee felt that all small savings should inculcate the habit of thrift among people and be restricted to individuals.

It suggested that the interest rates on all small saving schemes, depending on the maturity tenure and purposes, should be benchmarked either against the current inflation rate as measured by the wholesale price index or the bank deposit rate and also the average secondary market yield on Government securities.

The committee, which also studied the role of small savings in financing the fiscal deficits of the Government, said that the share of small savings in the financing of combined Gross Fiscal Deficit (GFD) of the Union and State Governments rose from 17 per cent in 1990-91 to 20 per cent in 2000-01. The share of small savings in financing of centre’s GFD, net of states’ share of small savings, increased from 5.5 per cent to 12 per cent during the period.

The committee, which also studied various issues related to maturity mismatches, existing arrangement and future repayment obligations, suggested that the maturity mismatches arising out of the maturity structure of small savings deposits and the terms of repayment by the State Governments to National Small Saving Fund (NSSF) can be eliminated by switching over to the system of back-to-back repayments of loans by the states.

Since the setting up of the NSSF in the public account office of the centre in 1999-2000, all small saving collections are credited to this fund and withdrawals by the depositors are made from the accumulation of the fund. The balance in the fund is invested in the Union and State Government securities.

Majority of the small saving funds are provided to the State Governments by the centre as loans for a period of 20-25 years while the repayment on maturity to the small saving depositors is done by the centre for a shorter period of one to five years.

This leads to mismatches between loan repayment by the states and repayment to the investors. For instance, in 1999-2000, the total amount of loans provided to State Governments under the small savings was Rs 26,937 crore while the repayments made by the states to the Centre against such loans amounted to only Rs 2,475 crore.

The small saving collections witnessed a ballooning trend during the nineties as the gross collections grew at an average rate of around 17 per cent from Rs 18,920 crore in 1990-91 to Rs 75,542 crore in 1999-2000.

Considering the feasibility and fiscal implications of transferring the entire net proceeds of small savings to the State Governments, the committee suggested that the entire net proceeds from small savings collected after March 31, 2002, should be transferred to the State Government while the NSSF would continue as the conduit for mobilisation of small savings as well as repayment to the investors.

This suggestion was made in view of the fact that the states have limited access to the market borrowing programme and their sources of revenue are of an inelastic nature. However, this would enhance the Centre’s market borrowing programme to the extent of its annual liabilities from the fiscal year of 2002-03.

In order to mitigate the immediate resource shortfall to the centre, the committee said a transitional arrangement for compensatory additional market borrowing may be necessary.

On the other hand, as the states will get additional loans against small saving collections, they should mandatorily prepay their outstanding loans to the centre. In doing so, the states would be effectively replacing the outstanding high cost loans by low cost borrowings in the softening and stable interest rate scenario. (UNI)

Sugar remains intact
Gold prices decline, silver improves

NEW DELHI, Nov 18: Gold prices declined and that of silver improved, sugar remained intact, grains were steady while oils traded mixed at the local commodity markets during the week ended November 17, 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.

Yellow metal witnessed a surge in prices following diwali festival during midweek and a decline at fag end of the week, gold standard, ornaments and bittur closed the week with a loss of Rs 55 at Rs 4565, Rs 4415 and Rs 4555 per ten gms respectively, as compared to last week’s closing price range.

Sovereign prices, however, remained up by Rs 25 to Rs 50 at Rs 3850/3900 per gms.

Silver .999 ready and weekly delivery gained Rs 25 and Rs 15 at Rs 6995 and Rs 6995 per kg respectively on steady demand from jewellers.

Silver coins prices gained Rs 100 per 100 pieces during the festival and shed the increase thereafter remaining stangnat 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 intact at Rs 1375/1445 per quintal despite the festival demand.

As a result, spot prices for sugar M-30 and S-30 varieties also remained unchanged at Rs 1535/1560 and 1510/1525 per quintal amid comfortable stock positions as compared to last week’s price level.

Gur also remained intact at Rs 1050/1100 per quintal.

Khandsari prices, too, did not witness any change and sold at the last week’s trading level for desi at Rs 1400-1410 and bold variety at Rs 1480 per quintal during the week under review.

Desi wheat and dara prices remained intact at Rs 850/1300 and Rs 635/640 per quintal respectively following comfortable stock position.

In pulses, gram gained Rs 100 at the lwoer level and Rs 75 at the higher level to settle at Rs 2000/2225 per quintal on short supplies. 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.

In non-edible oils, rice bran gained Rs 50 at both the levels at Rs 1750/1800, acid oil was up by Rs 50 at the lower level and Rs 45 at the higher level at Rs 1550/1600 and palm fatty by Rs 70 at the lower level and Rs 50 at the higher level at Rs 1720/1750 per quintal on tight arrivals as compared to last week’s price range.

In edible oils, palmolein remained the highest gainer by Rs 150 at Rs 3150, cottonseed improved by Rs 20 at Rs 2950, mustard expeller by Rs ten at Rs 3030, soyabean by Rs 30 at Rs 2880 and sesame by Rs 70 at Rs 3000 per quintal on tight inventories while rice bran was the only loser by Rs 30 at Rs 2350 per quintal on lack of buying support from bulk buyers.

Mustard oilseed improved by Rs ten at Rs 1290/1390 and mustard oilcake gained Rs 30 to Rs 35 at Rs 640/660 per quintal on short supplies.

Vanaspati, however, did not witness any change as demand matched supplies during the week under review. (UNI)

CII studies to be presented at Indo-EU summit on Nov 23

The studies are expected to lead to at least five billion US dollar worth of investments from EU to India in the next four years time.

The study which has been done with an European consultant firm appointed under the Asia invest programme of the European Commission identifies areas which need to be addressed by both sides to increase bilateral flows in trade and investment in three sectors—IT, telecom and engineering.

The study will be formally presented to Indian Prime Minister Atal Behari Vajpayee, President of European Commission Romano Prodi and President of the Council of EU, Mr Guy Verhofstadt who is also the Prime Minister of Belgium during the forthcoming Indo-EU summit on November 23, 2001 to be held in New Delhi.

The study will also be discussed at the Indo-EU business summit on November 22, 2001.

The study has taken into account the various bottlenecks that exist on both sides that hamper bilateral trade. It also focuses on what the Indian and European Governments needs to do to boost trade. The study also has a set of recommendations for the business community.

The study on engineering sector has looked at the need to build research and design capabilities in India through joint ventures. The study focuses on the strengths that exist in India and the EU in this area and suggests ways to build synergies in this area.

The Indian industry is interested in getting eu companies invest in export oriented units in India for the european and third country markets.

The principal sub-sectors of interest to the study in engineering include automobiles (including auto components), capital goods/machinery - machine tools, industrial plants and process machinery for textiles, agriculture and food processing, earth moving and construction equipment, chemicals, cement etc. Electrical equipment, boilers, turbines, electric generators, utilities.

In the information technology sector the study sees tremendous potential for the two sides to be working together.

Some of the sectors that have been identified for joint work includes harmonising cyber laws - to facilitate growth and realize full potential of e-commerce.

To move up the value chain - India needs to work at expanding the range of it enabled services and products on offer.

Set up on-shore factories in EU, training - India could help with training for the it sector as well as the user sector, develop it applications for the backward and economically weaker sections of India,

Specific applications/ areas like tele-education, tele-medicine, work together on issues of e-governance, encourage international venture capital, ensuring free flow of knowledge workers - enter into an agreement for easing restrictions on mobility of knowledge workers, visa restrictions (visas/work permits for software professionals).

The third study on telecom also recognises India as a huge market and looks at ways and means for higher participation by the European firms.

Among the recommendations is the possibility of higher equity participation by EU firms in this sector in India and the removal of high tariffs on some products of interest to India in the EU. (UNI)

EDUCATION IN NEWZEALAND THAT WORKS

Do you want to:
·Pursue your educational career in New Zealand;
·Complete top quality qualifications while enjoying a great lifestyle;

·Acquire specialised skills and qualifications that are in great demand;

·Ensure that your studies will pave the way to international recognition and excellent employment opportunities

·Acquire invaluable hands-on in-country work experience as part of the course component

·Consult an educational consultant who understands the needs of an international student;

·Have access to dependable in-country guidance and support to help you settle into your new environment;

·Have confidence in knowing that you are not being treated as a statistic, but as a student in search of new opportunities?

THEN READ ON - INZ MANAGEMENT ENTERPRISES SHOULD BE THE NEXT PEOPLE YOU TALK TO…..

INZ Management Enterprises is based in New Delhi and offers prospective students practical courses that offer excellent employment prospects after graduation. In association with its Auckland based counterpart in New Zealand - Baroque Management (NZ) Limited - INZ prides itself in being able to assure students of end-to-end cross-border support and guidance even after leaving India. This support is essential when settling in a totally foreign environment. INZ is managed by professional staff who will provide a listening ear to hear your needs and requirements and recommend courses that will align well with your preferences and capabilities. Baroque is managed by professionals who live and work in Auckland. One director heads the sales and marketing division of an established telecom/IT company, and the other manages the consulting and research activity for a prominent Auckland tertiary institution. The Baroque team were once international students themselves and they have experienced first hand the issues faced by new students and the critical support required.

While no educational institution promises an automatic progression to a well paying job as soon as you graduate, INZ seeks to promote courses that aim at meeting current skill shortages, thus providing graduates excellent international employment opportunities. Some of these exciting courses are:

Bachelor of Wine Science - New Zealand produces one of the best wines in the world, while the wine making industry is in its development stages in India. Completing a qualification in wine making from one of the premier wine growing regions in New Zealand will put you in good stead and equip you with capabilities to establish your own wine business, or explore excellent career prospects in other wine making regions of the world, viz., France, New Zealand, UK, USA, South Africa etc. Students of this course are offered applied learning in conjunction with local industry and research facilities and includes significant work placements in local vineyards. This course is an excellent strategic fit for science students who have completed Standard 12, or higher secondary education. Enrolment is also open to science students who have finished or are finishing their three-year BSC degree.

Bachelor of Business Studies and Bachelor of Computing Systems (concurrent degrees) - This course includes majors in accounting, management, marketing and computing, coupled with either a systems development or technical computing thread. It also includes 1 ½ semesters’ work placement in local companies during the 4 ½ - 6 years it takes to complete the course. Having supplemented both business and computing skills with industry experience will position you comfortably in the job market.

Diploma in Professional Culinary Arts - This qualification incorporates four London City and Guilds qualifications. There is a growing demand for excellent cooks/chefs with local industry experience in New Zealand and Australia. This course includes work on campus restaurants and all the students are encouraged to get part-time work locally in the evenings and weekends.

Bachelor/Certificate in Contemporary New Zealand Nursing Practice - The Bachelor’s degree is catered to school leavers and graduates will be eligible for New Zealand Nursing Council registration as a Registered Comprehensive Nurse. The Certificate course is open to existing qualified nurses with substantial work experience and qualifications, which meet the criteria, set by the Nursing Council of New Zealand. This competency based integrated theory-practice programmes also include 5 weeks of practical training in the local hospitals. There is excellent scope for employment or independent practice as a registered nurse in a wide range of health care settings both in New Zealand and internationally. Continuation of study for specialist practice, management, research, education, leading to Masters or PHD degrees are all possibilities to be considered while evaluating this course.

Range of ‘3D Computer Animation’, ‘E-Commerce’, ‘Computer Graphics’ and ‘Digital Video Production’ Diploma courses - These courses are offered at the Media Design School, an industry training school specializing in training high-tech areas at the cutting edge of modern communications. It is the only institute in Australasia that has purchased Alias Wavefront-Maya programmes for 3D Computer Animation. The knowledge of this expensive industry standard is essential for entry to the exciting 3D computer animation industry. The birth of Interactive Media, usage of multimedia in advertising/movies etc has resulted in a great demand for high-calibre professionals in this area. While each course has strict eligibility requirements, there is no restriction on age.

Professional Golf Education - INZ has exclusive agency to several highly popular courses that equips golf enthusiasts to aim for the ranks of Vijay xxx, Tiger Woods, Arnold Palmer etc. A popular course is the two-year Golf diploma programme conducted by the Professional Golf Association which will prepare graduates coach, play at tournaments, pursue further study/training to be a Golf professional/tour player etc. There are also several courses that adhere to the educational curriculum and combine practical golf training as core subject components.

Higher education is a vital tool for survival in today’s world, and to study aboard is a privileged experience. Which country, which institution, which course, etc are important questions you need to answer before committing time and resources to your investment for the future. And if you have done your homework, you will know that recent changes to the NZ Immigration policy qualifies students who complete a 3-year study programme for a further 2-year work visa.

There are many educational agents in India marketing numerous educational courses to Indian students wanting to pursue studies in an international arena. INZ will not treat you like a statistic, but we aim to be your friend and advisor to ensure that you get the most out of your education.

Please feel free to call or write to us. If you are keen and focused on establishing your future career, don’t delay. The last date for submission of applications for the February 02 intake is mid December 01.

Our contact details are:

India-New Zealand Management Enterprises, 44 Shahpur Jat, New Delhi - Tel/Fax: 011 - 620 9887, Email: inz@baroque.co.nz

Baroque Management (NZ) Limited, Auckland, New Zealand

Tel: +64 21 300 875, Fax: +64 9 529 7253

Email: enquiries@baroque.co.nz