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| Centre sanctions
Rs 242.76 lakh for Arunachal’s silk industry ITANAGAR, July 4: The Union Rural Development Ministry has sanctioned a project worth Rs...more Grasim Cement MUMBAI, July 4: Aditya Birla Group’s flagship company Grasim has reported a 13.20 per cent rise ....more Bharat diamond bourse to be operational in early 2004 MUMBAI, July 4: After weathering several prolonged setbacks, the much awaited Bharat Diamond ....more Govt clears 42 NEW DELHI, July 4: Government today cleared 42 Foreign Direct Investment proposals......more |
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Equity
funds’ 1-year returns zoom in June MUMBAI, July 4: The average one-year returns from open-ended equity diversified funds zoomed in .....more Fernandes, Joshi NEW DELHI, Jul 4: Harping on a mix of socialistic and "swadeshi" policies, Union Ministers George .......more CCD to complete sale NEW DELHI, July 4: The Cabinet Committee on Disinvestment (CCD) is meeting here tomorrow to....more Indians contribution LONDON, July 4: Foreign-born population including Non-Resident Indians in Britain make a net annual contribution of more than 2.5 billion pounds to the British economy, London-based....more |
Centre sanctions Rs 242.76 lakh
for ITANAGAR, July 4: The Union Rural Development Ministry has sanctioned a project worth Rs 242.76 lakh to Arunachal Pradesh under special Swarojgar Gramin Sambridhi Yojana (SGSY) for the development of silk industry. The project, which would be implemented by the State Textile and Handicrafts Department, would cover West Kameng, Papum Pare, Lower Subansiri and East Siang districts, according to an official release here today. Eri silk is a type of silk spun from cocoons of Eri Silkworms which live off castor leaves. It is the only completely domesticated non-mulberry variety. The project envisaged for sustainable development of the state’s eri silk industry by assisting 300 individual beneficiaries for establishing spinning and weaving units and eight self-help groups for setting up community spinning-cum-weaving centres. The objective would be towards qualitative and productivity improvement, besides establishing necessary marketing linkages and human resource development. The beneficiaries of the project were the rural poor, identified as Below Poverty Line families, who would be provided with the spinning and weaving equipment, besides one month’s working capital. The spinning machines have already been purchased by the Textile and Handicrafts Department and are ready for distribution to the selected beneficiaries on sanction of their proposals by the banks. The target for West Kameng district was 70 individual beneficiaries and two self-help groups, out of which 35 individuals and one self-help group have already been selected in the first phase from Jerigaon and Dirang areas, the release stated. The State Government is giving special emphasis on the development of silk production and has set up three sericulture farms in West Kameng district, one each at Dirang, Jerigaon and Khoina. During 2000-2001, the Textile and Handicrafts Department has distributed 500 keseru plants each to ten prospective eri farmers of Jerigaon and Khoina areas under the sericulture augmentation programme of the Central Silk Board. The Department has also assisted four farmers of Dirang and Jerigaon areas to construct rearing houses at an estimate of Rs 25 thousand to rear eri and mulberry silk worms. (UNI) |
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Grasim Cement production up 13 percent MUMBAI, July 4: Aditya Birla Group’s flagship company Grasim has reported a 13.20 per cent rise in its cement production at 30.59 lakh mt for the first quarter of this fiscal against 27.02 lakh mt in April-June 2001. During this period, cement dispatches including that from Shri Digvijay Cement Company moved up by 12.15 per cent at 30.38 lakh mt as against 27.15 lakh mt in the corresponding period of 2000-2001. Cement production and dispatches for the month of June 2002 alone stood at 9.93 lakh mt and 9.97 lakh mt, accounting for a growth of 5.32 per cent and 5.44 per cent respectively over June 2001. In addition, clinker exports for the period April-June ’02 rose to 409.44 per cent at 89,000 mt as against 18,000 mt during April-June ’01. Cement exports for the period April-June’02 rose to 42.76 per cent at 21,400 mt as against 18,000 mt during April-June’01. Industry analysts said that cement industry is likely to perform well in terms of demand in the current fiscal just as it did last year. Cement production and consumption is likely to soar by over 11 per cent as against a compounded growth rate of 8 per cent during the last decade. Cement industry had crossed a landmark production of 100 million tonne during 2001-02 and closed at 102.4 million tonne, registering a growth of 9.6 per cent as compared to a negative growth of 0.6 per cent in the previous year. Though India is the second largest cement producer after China, with its installed capacity reaching 135 million tonne in March 2002, its per capita consumption hovers around 100 kgs. Some of the developing countries are even having per capita consumption in excess of 500 kgs. However, the low per capita consumption in India presented an opportunity for the sustained growth of cement industry in future. (UNI) |
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Bharat diamond bourse to be operational in early 2004 MUMBAI, July 4: After weathering several prolonged setbacks, the much awaited Bharat Diamond Bourse (BDB), intended to be a well equipped platform for promoting diamond and diamond jewellery export from the country, would finally become functional in twenty months’ time. The Rs 950 crore facility coming up in the fast developing Bandra Kurla Complex in North-West Mumbai, would provide a centralised area of operation for the diamond industry with all the export facilitating supports when it becomes operational in early 2004, BDB president Anup V Mehta told UNI. All the glitches that dogged the construction earlier had been ironed out and a systematic approach had been adopted to expedite the project, he assured. Mehta said Rs 600 crore had already been spent on creating the bourse. The 18 lakh sq feet complex would house facilities such as telecommunication network, sophisticated security systems, strong rooms, lockers and customs clearance facilities, he said. Besides, the complex would house a recreation centre also. BDB, a non-profit making body was registered in August 1984 to provide all the infrastructural facilities for export promotion in this sector. However, the project of setting up the facility achieved little progress until recently due to lack of coordination and undue delays under the previous committee. Mr Mehta, who heads the present committee conceded that there had been several lacunae in the previous approach and they have been rectified now. "We are now taking all measures to ensure that work schedule is strictly maintained. We are working towards giving positions to members by March 2003 so that they can start their operations by early 2004", he added. The biggest mistake that the 1992 committee made was distributing work to super a contractors at a very high cost. It was compounded by the total lack of coordination. Now, the project is progressing swiftly with medium-level contractors as they put in their best efforts to earn repute. Mr Mehta said the present committee directly involves in the construction work and procure materials such as cement, steel, tiles, electrical equipment and plumbing materials for the contractors in order to ensure the most economic procurement. It also helps to save the contractor’s margin. As far as possible, materials lying on the site are being utilised, he added. For the purchase of new materials, no cheque is issued without a voucher and internal audit report. Previously, there were 25 different contractors who had not completed their allotted work, but were asking for more money. Most of those cases have been negotiated and settled, according to him. Currently, a supervisory staff of reliable engineers has been appointed at a minimal cost, to protect BDB’s interests. Existing bourse staff has been shifted from the premises at diamond plaza near Opera House in the city to tower ‘A’ of the new premises at the Bandra-Kurla complex, so as to save on office rental as well as give on-site assistance to the project. The project is entirely funded by its 2,400 strong members. Default in payment by members is just one percent, Mr Mehta said. The diamond industry in the country has been growing at an average rate of 30 per cent over the last five years and this trend is likely to continue. (UNI) |
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Govt clears 42 FDI proposals worth Rs 218 cr NEW DELHI, July 4: Government today cleared 42 Foreign Direct Investment proposals worth Rs 218 crore including a Rs 102 crore proposal pertaining to the issue of 20 million warrents on preference basis in Mumbai-based Silverline Technologies Ltd. The proposals were cleared by Commerce and Industry Minister Murasoli Maran on the basis of recommendations made by the Foreign Investment Promotion Board, an official release said here. A Rs 50 crore proposal of Mauritius based company Rama Mines for picking up 100 per cent equity in Mumbai-based Wasper Trading Ltd for mining exploration was also cleared. Another proposal approved was that of French compny Aldes Aeraulique’s Rs 25 crore for picking up 100 per cent equity in its Indian arm, (PTI) |
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Equity funds’ 1-year returns zoom in June MUMBAI, July 4: The average one-year returns from open-ended equity diversified funds zoomed in June after a decline in May on the back of a recovery in equity market, according to a study by credit rating agency CRISIL. The average return for the one year ended June 2002 for the 35 open-ended equity funds ranked by CRISIL recovered by 9.68 percentage points to 17.82 per cent from 8.14 per cent of the period ended May 2002. The Bombay Stock Exchange (BSE) sensex point-to-point return for the same period was minus 4.70 percent, while the broader bse 200 index have a positive 10.91 per cent return over the period. CRISIL said, led by the recovery in equity markets, the general equity scheme returns have bounced back on the rolling one-year period to June 30, 2002. It said the income and gilt schemes’ average one-year return for the year to June 2002 continues to slide. The rating agency said in the general equity category, pioneer ITI prima fund continues to be at the top of the table in CRISIL’s risk adjusted returns rankings for the one year period to June 2002. Zurich India equity fund as moved up by one notch to the second rank, wile alliance equity fund, which was at the 4th rank for the period May 2002, has also moved up by one notch to third rank. CRISIL said gilt schemes’ average return has been declining for the past few months. The average return for the sample of 17 gilt funds for the year to May 2002 was 16.59 percent. The returns have declined to 14.44 per cent for the year to June 2002. On the risk adjusted return rank, Gilt Savings Fund continued to be at the top of the table. The DSP Merrill Lynch Government securities fund-plan B has also maintained its second rank. Prudential ICICI Gilt - treasury has moved up by one notch to the third rank displacing alliance govt securities long term plan. In technology sector funds category, there is a scuffle in the top tree ranks. The alliance new millennium as moved up by a notch to the first rank for the year to June 2002. Kotak Mahindra K-Tec fund has moved up by tree notches to the second rank wile the UTI growth sectors fund-software has moved down two notches to the third rank. The average return for the 11 schemes in the CRISIL ranking universe has moved up by 6.66 per cent to 13.38 per cent for the year to June 2002 over the same period to May 2002. (UNI) |
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Fernandes, Joshi for focussing on SSI, self reliance NEW DELHI, Jul 4: Harping on a mix of socialistic and "swadeshi" policies, Union Ministers George Fernandes and Murli Manohar Joshi today favoured focussing on Small Scale Industries (SSI) and self-reliance to strengthen the country’s economy and generate employment. "We should think before disinvesting PSUs. I don’t say it should not be done, but we should see its pros and cons before taking a decision," the Defence Minister told reporters on sidelines of a national conference on employment generation organised by `Lok Manch’, a non-party forum. Fernandes said disinvestment need not mean progress and several countries across the world are regulating it. To a question if he was going anti-reforms, he said "there is no such thing". He, however, declined to comment if he had expressed reservations when the Cabinet decided on VSNL’s disinvestment. "What happens in the Cabinet is not spoken publicly." On downsizing, he said, it should be seen in which sector it was being carried out and if it was affecting employment opportunities, then it was wrong. Fernandes demanded that the report of the second National Commission on Labour, submitted to Prime Minister Atal Bihari Vajpayee on June 29, should be made public. "I have not seen the report myself," he said. In his hour-long inaugural address, Fernandes spoke of strengthening SSI and focussing on ‘Swadeshi’ goods. Human Resource Development Minister Murli Manohar Joshi said growth without employment is "cancerous". Referring to the Montek Singh Ahluwalia report on employment generation, Fernandes said since the recommendations did not suggest any concrete measures to create more jobs, the Planning Commission was requested to set up another committee to go into the matter. He said a new committee, headed by Planning Commission member S P Gupta, was then set up and it gave its report to the Government suggesting various steps to increase employment and fulfil Prime Minister Atal Bihari Vajpayee’s promise to create 10 crore jobs in the next ten years. Fernandes said the report should be implemented and people’s involvement mobilised to strengthen "Lok Shakti" and regulate "Raj Shakti". He said while the private sector employed 86 lakh workers, the public sector gave jobs to 1.93 crore people. In the unorganised sector 1.85 lakh persons were employed. The Defence Minister said that at present 4.12 crore skilled and literate people were enrolled in the Employment Exchange, against 3.68 crore registered in 1994-95. Referring to SSI sector, he said the number of sick SSI units had come down to nearly 2.5 lakh from about 3.42 lakh last year. However, it was the big industrial houses that were responsible for not repaying over Rs. 21,000 crore Government money, he said adding that the SSI units owed only Rs.4,500 crore. "We have to devise ways to get the money from the big industrial houses and utilise it for employment generation," he said. (PTI) |
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CCD to complete sale of
Kanishka, NEW DELHI, July 4: The Cabinet Committee on Disinvestment (CCD) is meeting here tomorrow to finalise the sale of India Tourism Development Corporation (ITDC) Hotels, including Hotel Kanishka and Ashok Yatri Niwas located in the prime area of capital. The CCD will also complete the disinvestment process of other ITDC properties including Ashok Khajurao, Ashok Varanasi and a semi-finished hotel in Chandigarh. The selloff of the Nepa Ltd and Manganese Ore (India) Ltd is also on the cards, official sources said here. The CCD meeting was earlier scheduled for July two but was postponed because of the cabinet reshuffle. The Nepa Ltd has already wiped out its net worth piling up losses exceeding Rs 124 crore. The Government will disinvest 51.98 per cent of its total equity of 96.3 per cent in the newsprint manufacturer. MOIL is a profit making joint venture between the centre holding 51 per cent stake and the Madhya Pradesh and Maharashtra Governments. (UNI) |
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Indians contribution to IT industry hailed by Lord Paul LONDON, July 4: Foreign-born population including Non-Resident Indians in Britain make a net annual contribution of more than 2.5 billion pounds to the British economy, London-based NRI industrialist Lord Swaraj Paul has said. He also hailed the contribution that the Indian community has made to the Information Technology (IT) industry all over the world. "Being originally from India, let me also cite the contribution that the Indian community has made to the IT industry all over the world — from Silicon Valley and the rest of the USA, throughout Europe and Asia — the enormous input by the indian community is acknowledged by all," Lord Paul, Ambassador for Overseas British Business told a dinner meeting organised by the Belgian Luxembourg Chamber of Commerce here last night. Speaking on the subject "the EU and EU reforms" lord paul, co-chairman of the India-UK round table, also focused on the need for economic reform in Europe, and — particularly from the business viewpoint — the importance of a well functioning single market. "I believe, as does the UK Government, that the UK — geographically, historically and economically — is part of Europe. "But, we are practical Europeans. We are pro-Europe, and pro-reform in Europe," he said. Referring to the issue of immigration and asylum seekers, Lord Paul admitted that a certain number of immigrants were needed because of Europe’s own declining population. "But we must ensure there is a sensible, fair, and common, immigration policy". At the European Council in seville last month it was agreed that Europe should work together on a common agenda with four main aims — to better protect genuine refugees from tyranny; To reduce the burden of illegal immigration; To use immigration in a managed way to fill the gaps in the respective labour markets; To fight racism and xenophobia. Lord Paul expressed his confidence that the UK, Belgian and Luxembourg Governments would play a leading role in ensuring that economic reform in the EU was delivered. "The pressure must come from the Governments and, importantly, from the business community as well," he said, adding business should and must ensure that it has a strong voice and play its part in influencing the European economic agenda. (PTI) |
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Maharashtra Govt scouts for strategic partner for JV MUMBAI, July 4: The Maharashtra Government will shortly finalise strategic foreign partner to set up a joint venture company for the development of a Special Economic Zone (SEZ) in Navi Mumbai. The other partners of the proposed JV that will develop a SEZ for the IT industry near the Jawaharlal Nehru Port Trust (JNPT) over 43 sq km are Maharashtra Industrial Development Corporation (MIDC) and City Industrial Development Corporation (CIDCO). MIDC CEO Azeez M Khan told UNI that the Government will float a Special Purpose Vehicle (SPV) for attracting FDI in the project. "MIDC will today discuss the structure of this SPV with the State Chief Secretary and then it will be referred to the cabinet for its approval", Mr Khan said. The setting up of the JV company is the latest step by the government to promote the IT industry in the state through a comprehensive strategy. "For this industry, an environment for synergy and linkages with the customers in IT-enabled sectors such as financial, media, telecom and entertainment is as vital as brain and connectivity. The state’s policy is to facilitate such an ambiance for the IT sector", he added. The EXIM policy provides for wide ranging fiscal and non-fiscal incentives for firms in SEZs such as duty free inputs and 100 per cent fdi through automatic route. Besides, these firms do not require any import license. The Government is also planning to enhance the scope and provide further linkages to the ‘knowledge corridor,’ connecting Mumbai, Navi Mumbai and Pune. Earlier, addressing a conference on ‘powering Indian hardware and networking towards USD 62 billion’, Mr Khan said MIDC had appointed a special planning authority for the corridor last week. The authority would chalk out the broad road map for various projects, associated with the corridor, in consultation with the industry and consultants while the projects will be mostly led by the private players, he later explained. When asked about the targetted domestic private investment and FDI, set by MIDC, in the IT sector, he said no such target has been set. The state has been consistently maintaining an edge over other states in private investment and FDI. Maharashtra has attracted the largest private investment since 1991 which has gone up in the last three years. On the FDI front also, the state has a lot to its credit, he said. The state it policy, formulated in 1998, provides for octroi refund, capital subsidy for small units in developing areas, a minimum of four per cent sales tax on 150 IT products and provision for captive power generation, Mr Khan said during his presentation. (UNI) Govt to bring out legislation for SSI sector NEW DELHI, July 4: Government proposes to bring in a comprehensive legislation for the Small Scale Industries (SSI) sector to address many of its concerns including credit, labour, delayed payment as well as mandatory purchase preference, Minister of State for SSI Vasundhara Raje said today. "Through this legislation, we are pushing at certain boundaries in an endeavour to enlarge the space for SSIs. Be it credit, labour, delayed payments or mandatory purchase preference, we are looking at changes in every respect," she said while addressing the 47th meeting of the National SSI Board here. A draft of the legislation had been attempted by the Administrative Staff College of India, Hyderabad, Raje said adding inputs by all concerned stakeholders including State Governments and SSI associations would be invited before the draft is finalised. Raje also announced the launch of the third All India Census of Small Scale Industries which would be conducted this year after a gap of over a decade. The third census, apart from covering registered units would for the first time cover unregistered units through a sample survey, she said adding that the census would also study the extent of sickness. "For this purpose, we have decided to adopt the revised definition of sickness announced by the RBI in January this year which is based on the Kolhi committee recommendations," she added. (PTI) |
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