Daily Excelsior...Business

Banks not in hurry to
cut lending rate,
say bankers

MUMBAI, Oct 24: Though the decks seem to have been cleared for a cut in Prime Lending Rate (PLR) by commercial banks with the revision in the ......more

Farmers are not willing
to destroy GM cotton crop

NEW DELHI, Oct 24: Gujarat farmers are not willing to destroy the Genetically Modified (GM) cotton crop as directed by the Central.....more

India to emerge as
third largest economy
by 2025

LONDON, Oct 24: India will emerge as the third largest economy in the world after US and China by 2025, Indian High Commissioner to Britain.....more

Poorer countries
say WTO must focus
on development

GENEVA, Oct 24: More than 130 developing countries voiced support for the World Trade. ....more

Harbans Singh inaugurates Dewsoft’s centre in Jammu

Excelsior Correspondent

JAMMU, Oct 24: Minister of Employment, Labour and Sport, Mr Harbans Singh today inaugurated Jammu centre of the Dewsoft Information Technology Institute near Shiv Mandir, Gandhi Nagar.........more

ICICI and ICICI bank
meet to consider
merger plan tomorrow

MUMBAI, Oct 24: Country’s premier financial institution ICICI Ltd and leading private sector bank, ICICI bank, will meet here tomorrow, to consider a proposal of merger. The board of directors of ICICI is scheduled to meet tomorrow to consider the audited financial results for the year ended September 30, 2001. The board ...more

India weaves 2001: An unique exposition

NEW DELHI, Oct 24: Stalls showcasing a fascinating range of weaves, stiches, prints and dyes from nearly 145 handloom corporations, cooperatives and primary societies spread all over the country ....more

Banks not in hurry to cut lending rate, say bankers

MUMBAI, Oct 24: Though the decks seem to have been cleared for a cut in Prime Lending Rate (PLR) by commercial banks with the revision in the bank rate and the Cash Reserve Ratio (CRR) downwards, bankers are ruling out an immediate revision in their lending rate.

The Reserve Bank of India (RBI) in the mid-term review of credit policy has effected a half percent cut in bank rate and two per cent cut in CRR in phases, thereby injecting an additional liquidity of around Rs 8000 crore in the system. However, unless banks’ deposit rates are revised downward, any reduction in lending rates will have bearing on the profitability margins of banks, said Corporation Bank Chairman K Cherian Varghese.

Talking to media on the sidelines of press conference to announce the quarterly result of the bank here yesterday, Mr Varghese said that it seemed difficult for now to cut down the PLR without a downward revision in the deposit rates. "Unless the deposites rates are brought down, the possiblity of a cut in PLR is remote," he said.

He claimed that the current PLR of corporation bank is the lowest at 11.5 percent and an immediate revision of rate cut is also ruled out.

According to Mr Varghese even without reduction in the PLR the banks can make funds available at sub-PLR rates as RBI has issued guidelines in this regard providing freedom to banks to offer credit at sub-PLR rate.

Corporation bank has already offered loans worth about Rs 900 crore at sub-PLR rate during the first half of the year ending September 30, 2001, he said.

Zarir Cama, Chief Executive Officer of Hongkong and Shanghai Banking Corporation (HSBC) also shares the same viewpoint and told that the possibility of an immediate review of interest rate structure by the bank was miniscule. "We are in no rush to go for a PLR cut," Mr Cama said and added that unless some signs of better credit offtake emerge, there is less possibility of any cut in PLR.

However, any final decision on the issue would require a review of the current market situation, he added. Mr Cama has complimented the RBI Governor for a forward looking policy, which according to him is mainly aimed at structural reforms in the banking sector. (UNI)

Farmers are not willing to destroy GM cotton crop

NEW DELHI, Oct 24: Gujarat farmers are not willing to destroy the Genetically Modified (GM) cotton crop as directed by the Central Environment and Forest Ministry (EF) and insist that they would consider the proposal only after the Government announces the quantum of compensation for the crop loss.

While the farmers are planning to hold a rally opposing the destruction of the GM cotton on October 30, the Genetic Engineering Approval Committee (GEAC) of the EF Ministry which ordered the destruction of transgenic cotton, is again meeting on October 31 here to review the implementation of its Fiat.

State Government officials visiting the GM cotton fields in Gandhinagar area are telling the farmers that they have to ‘uproot and destroy `the transgenic crop but the growers’ stock reply is -`what is their fault .. Whether ef had issued any public notice asking the people not to grow transgenic seeds.’

The farmers have grown Navbharat-151 trangenic seeds sold to them as ‘hybrid seeds’ by an Ahmedabad-based company.

The Genetic Engineering Approval Committee (GEAP), an apex body of the Environment Ministry last week, ordered the destruction of the GM cotton grown in cotton belt of Mehasanam, Amerli, Rajkot and Bharuch districts. The order came after a central team examined the samples from six farms in the area and found the crop tested postive for the genetically engineered cry 1 a gene.

GEAC Chairman A M Gokhale insisted that since cultivation of GM seeds is not allowed and they are still under examination for their possible adverse impact, the GM crop illegally grown from transgenic seeds "has to be destroyed under Section 15 of the Environment Act."

The apex body directed the Gujrat State Co-ordination Committee on biotechnology to destroy the gm cotton grown at six identified locations.

On the other hand, Cotton Growers’ Organisation, Gujarat State Cooperative Cotton Federation (GUJCOT) Managing Director N M Sharma told UNI,"it is totally unjustified that farmers who have got good cotton production after two year gap due to drought be asked to destroy their crop."

The farmers are agitated as follwing the Central Government fiat hordes of state agricultural officials are visiting the cotton fields with a message that the crop has to be destroyed... Without no talk about the compensation for the crop loss.

Interestingly, some farmers had already harvested the ‘first picking’ of the cotton and second (last in most of cases) picking will be over in next three-four weeks.

Now the restive growers are rallying around the farm leaders and Mr Sharad Joshi, a known campaigner of GM crops, has jumped into the fray and announced to join a rally to be organised by the Gujarat farmers on October 30 to oppose the destruction of GM cotton.

Different figures for acreage under GM crop are being given from 2000 acres to 10,000 acres and similarly sale of seed packets of about 450 GM each are being given from 1200 to 13000.

Indian Seeds Act which is being amended by Parliament as consequent of new seed policy is riddled with loopholes and can not check the sale of seeds packaged under label as truthfully labeled seeds.

The green lobby have become asking the Government to fix responsibility of the company for supplying the ‘forbidden’ seeds to innocent farmers.

"Only an American seed multinational has patent of BT gene cotton and it should be held accountable how it got marketed in India," said Vandana Shiva of Research Foundation for Science, technology and ecology. Dr Suman Sahia from gene campaign and Mr Devinder Sharma, president of Forum of Biotechnology and Food Security said the erring company should be asked to conmpensate the farmers saying that cultivation of transgenic crop was bitter rebuf of Indian laws and the regulatory authority on biotechnological matters. (UNI)

India to emerge as third largest economy by 2025

LONDON, Oct 24: India will emerge as the third largest economy in the world after US and China by 2025, Indian High Commissioner to Britain, Nareshwar Dayal, said citing the marked growth of IT sector in the country which has added significanlty to its productivity.

"The sustained growth of the Indian economy, averaging six per cent in the last decade is the proof that it has not only added to the its productivity but has today become a key driver of growth," he said inaugurating the first India-Europe IT summit here yesterday.

Dayal said "India is poised to emerge as the third largest economy in the world after US and China by 2025."

The one-day summit was organised by software company NASSCOM in association with The Financial Times, Europe.

Dayal said the Indian IT sector has shown remarkable growth with software exports reaching 6.2 billion dollar in the year 2000-01 and currently growing at the rate of 50 per cent per annum.

Referring to the fast changing nature of IT sector and the IT skills shortage in the UK and Europe at large, he said India is emerging as the preferred global hub for software development.

Sir Rob Young, British High Commissioner to India, referred to the excellent relations between India and UK, and the immense possibilities for Indian IT companies in UK and from UK into Europe.

Phiroz Vandrevala, Chairman of the NASSCOM, outlined the strength of the Indian IT in areas like call centres, back offices, engineering and design. (PTI)

Poorer countries say WTO must focus on development

GENEVA, Oct 24: More than 130 developing countries voiced support for the World Trade Organisation but said it must put helping poor nations at the Centre of its work.

In a statement aimed at next month’s WTO ministerial conference in Qatar, the signatories, which included China, also called on the European Union and the United States yesterday to stop subsidising their farmers and urged industrialised countries to open up their textile markets.

At the same time, they suggested that a new round of global trade liberalisation negotiations — championed by the big powers as a way out of the current economic downturn — was not necessary and that the WTO already had enough on its agenda.

"We recognise the crucial importance of the rules-based multilateral trading system and of the transparent decision-making process in the wto for managing globalisation and reducing the scope for unilateral actions," they said.

But addressing the problems they faced "should receive primacy in all future work programmes in the WTO since the key to sustained global economic growth lies in unlocking the potential growth of developing countries".

The six-page document from the so-called group of 77 and china — which includes all emerging economies and poor countries in the United Nations — was presented at a news conference two weeks before the Qatar meeting.

The thrust of its message was summed up by China’s Ambassador Sha Zukang, whose country is set to be formally approved for admission to the WTO in Qatar after over 15 years of tough negotiations.

"All the members of the group of 77 want to be rich. We don’t want to be poor all the time," said Sha.

"Globalisation has not brought benefits to all. Some get more, some get less. Some are even losing out. What we want is for everyone to be winners."

The document was issued as diplomats at the 142-nation wto were struggling to agree on a declaration to be issued by the ministers at their November 9-13 gathering.

Trade officials and some diplomats insist that good progress is being made on finalising the document.

But the G-77 statement said developing countries — which make up two thirds of the WTO membership and any one of whom can block any decision, including the launch of a round of global trade talks — were "deeply disappointed" at how their problems had been treated so far.

There had been no meaningful progress in resolving problems they were having with putting into effect accords signed at the end of the 1986-93 uruguay round, the statement said.

And those accords, the statement declared, "have not resulted as promised in greater market access to the developed countries’ markets for the exports of developing and least developed countries."

Their goods, it said, faced a wide range of non-tariff barriers, many of them arbitrary and complex and used to protect domestic producers from cheaper foreign competition.

Presenting the declaration, Cuba’s WTO Ambassador Jorge Mora Godoy, who chairs the G-77 group in geneva, said it offered a way for the WTO membership to tackle global economic problems.

"Launching a round will not necessarily help US with our concerns unless all our interests are incorporated," he added.

And Dominican Republic Envoy Federico Cuello Camilo, one of the most vociferous proponents of poorer countries’ views at the WTO, said the document set out a positive agenda for the way ahead for the trade body.

"From now on, no-one can say the developing countries are a barrier to increasing world trade or the tools of the (anti-WTO) Non-Governmental Organisations who are protesting everywhere," he declared. (REUTERS)

Harbans Singh inaugurates Dewsoft’s centre in Jammu

Excelsior Correspondent

JAMMU, Oct 24: Minister of Employment, Labour and Sport, Mr Harbans Singh today inaugurated Jammu centre of the Dewsoft Information Technology Institute near Shiv Mandir, Gandhi Nagar.

Mr Rishi Sehdev, Director Dewsoft Overseas Private Limited presided over the function in which prominent citizens of the City of Temples were present. M/s Ace Technologies is franchisee of the Dewsoft Information Technology Institute.

While speaking on the occasion, Mr Harbans Singh appreciated management of M/s Dewsoft Overseas Private Limited for opening a centre here. He hoped that Dewsoft Information Technology Institute will provide quality education to the youth of the Jammu. He appealed to the local youth to avail this opportunity.

Minister of Employment, Labour and Sport said that present age is age of computer and information technology and people should go for modern education. Mr Harbans Singh assured the management of M/s Dewsoft Information Technology Institute of every possible help.

Mr Manav Gupta, director of the Dewsoft Information Technology Institute, informed that Institute is the largest portal providing education on on-line. He said that Dewsoft Information Technology Institute in Jammu will provide supplement to the on-line education. He further said that on-line education will be provided at institute.

The Jammu centre of Dewsoft Information Technology Institute will provide courses from a week’s time to 3 years. Students of this Institute will be provided internet facility with Rs 10 per hour while the same facility will be provided to outsiders at the rate of Rs 20 per hour.

Mr Manav Gupta said that Jammu centre is the 4th centre of the Dewsoft Overseas Private Limited in all over the country. Dewsoft’s centres are already functioning in New Delhi, Amritsar and Jallandhar. He said that Dewsoft Overseas Private Limited is a Indo-US company which started its operation in India on October 24, 2000.

ICICI and ICICI bank meet to consider merger plan tomorrow

MUMBAI, Oct 24: Country’s premier financial institution ICICI Ltd and leading private sector bank, ICICI bank, will meet here tomorrow, to consider a proposal of merger.

The board of directors of ICICI is scheduled to meet tomorrow to consider the audited financial results for the year ended September 30, 2001. The board will also consider a proposal for the merger of ICICI Ltd and two of its wholly-owned subsidiaries, ICICI Personal Financial Services Ltd and ICICI Capital Services Ltd, with ICICI Bank Ltd at the same meeting, ICICI announced here today.

The board will consider the share exchange ratio based on the recommendations to be made by J M Morgan Stanlay, the investment banker appointed by ICICI and Deloitte, Haskins and Sells, the accounting firm appointed jointly by ICICI and ICICI Bank, ICICI stated in a release.

ICICI further informed that if approved by the respective boards, the proposal would be submitted to the Reserve Bank of India (RBI) for its consideration and approval, and shall be subject to various other approvals, including the approval of the shareholders of ICICI and ICICI Bank, the High Courts of Mumbai and Gujarat, and the Union Government as may be required.

Meanwhile, the shares of ICICI rose more than 4.30 per cent at the Bombay Stock Exchange to close at Rs 58.05, while shares of ICICI Bank flared up by over 3 per cent at Rs 98.10.(UNI)

India weaves 2001: An unique exposition

‘India weaves’ organised by the Association of Corporations and Apex Societies of Handlooms (ACASH) over the past one decade has not only provided numerous weavers from across the country a marketing platform but also the Delhites with best handloom products.

From sarees of Kutch to the Pashmina Shawls of Kashmir, the exposition showcases exclusive collection of handloom products under one umbrella.

Almost all the states in India have been represented in the fair with the maximum number of participants being from Jammu and Kashmir, known worldwide for its handloom products.

Despite the political situation prevailing in the country, people have been thronging the fair since it began last week.

Munawar handicrafts of Kashmir, which has been participating in ‘India weaves’ for the first time is overwhelmed by the public response it has received in the last few days.

Speaking to UNI, Mushtaq Mir, owner of munawar handicrafts said, "our business in the last few days has touched one lakh and we expect more in the coming days."

Praising ACASH, he said,"by selecting us to participate in this fair it has provided us with the much needed exposure and a wide range of clients."

Coming from a state which has witnessed militancy over the past one decade, for most of 21 participants from Jammu and Kashmir, ‘India weaves’ has provided them the opportunity to do business in handloom, which forms the integral part of their econmy.

Handloom, the second largest economic activity in India, has been receiving regular assistance from acash, which has appointed by the Office of Development Commissioner for Handlooms, Ministry of Textiles.

It has been providing marketing support to the handloom sector by organising regular exhibitions and expositions.

Talking to newspersons here yesterday, Mr J M Gupta, Secretary, ACASH, said, "we are expecting an increase of 10 to 15 per cent in our business compared to last year."

Explaining the reasons for the success of the fair, he said, "it’s being held during navratri and is open till 11 ‘O’ clock in the night for the convenience of the customers."

Moreover, the products are reasonably priced, he added.

Delhi Haat, the venue of the fair has also the advantage of being centrally located. Various cultural programmes are also being held as an added attraction for the shoppers. (UNI)