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Rajasthan’s two JAIPUR, June 22: The Government would merge two Public Sector Undertakings - Rajasthan State Mineral Development Corporation (RSMDC) Ltd and Rajasthan State Mines and Mineral Ltd (RSMML) - to ensure their ...more PHDCCI
hails UP’s NEW DELHI, June 22: PHD Chamber of Commerce and Industry today hailed the new industrial policy of Uttar Pradesh. ....more OPEC
output increases NICOSIA, June 22: OPEC oil production increased for the third successive month in May on the back of higher venezuelan output and a resumption of ....more RBI
to remain close CHANDIGARH, June 22: The offices of the Reserve Bank of India (RBI) wil remain closed on June 29,2002 for public transactions on account of yearly closing of its. .......more |
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Foreign exchange MUMBAI, June 22: Fresh inflows have further pushed up India’s foreign exchange reserves by US dollar 204 million at USD 56,524 million during the week ended June 14. The rise was solely due to the foreign currency assets, which increased by USD 204 million at USD 53,266 million in the reporting week, according to Reserve Bank of India’s weekly statistical supplement issued here today. . . ....more JAIPUR, June 22: In a bid to improve infrastructural facilities for exports, Rajasthan Government is exploring possibilities of setting up Special Economic Zones (SEZ) in different parts of the state. Officials of Rajasthan State ...more MSEB
staff urged to NAGPUR, June 22: Maharashtra State Electricity Board (MSEB) member (Technical) Prabhakar Kukde has urged its staff to work harder for making each sub-division a profit centre and asked them to increase efforts to steer out MSEB from the losses. ....more |
Rajasthan’s two public-sector mining companies to merge JAIPUR, June 22: The Government would merge two Public Sector Undertakings - Rajasthan State Mineral Development Corporation (RSMDC) Ltd and Rajasthan State Mines and Mineral Ltd (RSMML) - to ensure their economic viability in the era of liberalisation. A public notification for merging RSMDC into RSMML has already been published early this week on which objections have been invited as per legal requirements, an official spokesman said here today. The centre, after considering the objections, was likely to issue a gazette notification for the merger in September this year, he said. The Rajasthan Government decided in February last year to merge the two Public Sector Undertakings functioning in the mining sector, doing the same job. An advisory firm, hired to suggest unified organisational structure and future business plan, has already given its report which is being considered by the State Government. Similarly the issues of seniority of officers and employee of the two corporations after their merger have also been sorted out by a committee consisting of two retired IAS officers, spokesman added. (PTI) |
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PHDCCI hails UP’s new industrial policy NEW DELHI, June 22: PHD Chamber of Commerce and Industry today hailed the new industrial policy of Uttar Pradesh. It would give the right signals to prospective investors and help attract investment in the state, PHDCCI President Arun Kapur said in a statement. The policy put emphasis on development of eastern up, he said and added "it will help bring equitable growth among all regions of the state". Welcoming the announcement of developing special economic zones, Kapur said "the provision of relaxations for industrial units coming up in special economic zones will spur rapid progress in the state". Relaxation in labour laws and environment protection rules would help industrial units, he added. On Taj Special Economic Zone between Noida and Agra, UP Committee Chairman Lalit Khaitan said setting up of this zone would open up opportunities for economic activity in the region. Establishment of this zone would also have a multiplier effect on the hinterland resulting in large scale investment, job opportunities and raise revenues for the state, he added. The development of this zone should be led by private sector with Government acting as facilitator and regulator, Khaitan added. He weclomed the policy provision to give permission for setting up of captive power plants and to take power distribution to private promoters. (PTI) |
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OPEC output increases for third month in a row in May: MEES NICOSIA, June 22: OPEC oil production increased for the third successive month in May on the back of higher venezuelan output and a resumption of Iraqi crude exports, the Middle East Economic Survey (MEES) exports in its Monday edition. Total production by the 10 states, excluding Iraq, rose by 762,000 Barrels Per Day (BPD) to 24.94 million BPD in May compared 24.178 million BPD in April. All countries bar Indonesia exceeded their quotas. Venezuela was the worse offender with production in May surging 256,000 barrels on the month to 2.75 million BPD, compared to its quota of 2.497 million BPD. Algeria’s production increased a further 10,000 BPD to 860,000 BPD, compared to its quota of 693,000 BPD. The industry newsletter said its sources put Iranian production in May at 3.35 million BPD, compared to 3.33 million in April and a quota of 3.186 million BPD. Iraq’s production, which falls outside the quota and is regulated under a United Nations programme, remained "extremely low" at 1.76 million BPD because of the "protracted conflict between Iraq and the UN Sanctions Committee over surcharges and retroactive pricing," MEES said. (AFP) |
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RBI to remain close on June 29 CHANDIGARH, June 22: The offices of the Reserve Bank of India (RBI) wil remain closed on June 29,2002 for public transactions on account of yearly closing of its accounts. This was disclosed here today by RBI Regional Director Madan Lal. (PTI) |
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Foreign exchange reserves rise by USD 204 million MUMBAI, June 22: Fresh inflows have further pushed up India’s foreign exchange reserves by US dollar 204 million at USD 56,524 million during the week ended June 14. The rise was solely due to the foreign currency assets, which increased by USD 204 million at USD 53,266 million in the reporting week, according to Reserve Bank of India’s weekly statistical supplement issued here today. In the previous week, country’s foreign exchange reserves swelled to USD 56,320 million, registering a rise of USD 172 million. Gold and special drawing rights remained unchanged at USD 3,249 million and USD nine million respectively for the week ended June 14, RBI said. Loans and advances to Central Government increased by Rs Rs 2,375 crore at Rs 9,495 crore while that to state Governments rose by Rs 209 crore at Rs 4,191 crore, it added. (PTI) |
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JAIPUR, June 22: In a bid to improve infrastructural facilities for exports, Rajasthan Government is exploring possibilities of setting up Special Economic Zones (SEZ) in different parts of the state. Officials of Rajasthan State Industrial Development and Investment Corporation (RIICO) would visit Mumbai next week to discuss the issue with their counterparts in santacruze electronics exports processing zone, an official spokesman said here today. The first SEZ would be set up in Jaipur for gems and jewellery trade followed by SEZ for handicrafts and garments in Jodhpur and Neemrana, the spokesman said. The proposed SEZs would be given the status of ‘public utility’ like that of export promotion industrial parks (equip) and the units located in the zone would not have to present documents separately to customs officials for imports and exports. For the economic activities, the SEZ would be considered as a ‘foreign territory’, he said. The State Government and RIICO will jointly set up the SEZs where the units would get cent per cent exemption in income tax for the first five years and 50 per cent in the next two years, the spokesman added. (PTI) |
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MSEB staff urged to steer board out of red NAGPUR, June 22: Maharashtra State Electricity Board (MSEB) member (Technical) Prabhakar Kukde has urged its staff to work harder for making each sub-division a profit centre and asked them to increase efforts to steer out MSEB from the losses. The MSEB has launched ‘area in-charge’ scheme, thereby holding the staff there accountable and if it gets successful, mseb will not only wipe out losses but earn profit, Kukde said at a two-day workshop of trainee engineers of Vidarbha and Marathwada Sub-Divisions here yesterday, a MSEB release said today. Kukde asked the field persons to adopt a consumer-friendly attitude that will earn a goodwill for MSEB and exhorted them to provide best of services to electricity consumers, the release added. (PTI) |
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M&M interested in acquiring stake in Punjab Tractors NEW DELHI, June 21: India’s largest tractor maker Mahindra and Mahindra (M&M) has expressed interest in acquiring a stake in Punjab tractors and said it would submit an expression of interest to Punjab State Industrial Development Corporation in this regard. "We will be taking a close look at it (acquiring stake). We are interested in the acquisition of the same, and will submit an EOI as and when required," M&M Vice-Chairman and Managing Director Anand Mahindra told PTI. Mahindra said since M&M was the market leader in the tractor segment, the company would take a closer look at the price at which the controlling stake in Punjab tractors would be acquired. PSIDC intends to offload 23.49 per cent in the company. It is learnt that along with Punjab Tractors, PSIDC plans to offload its stake in Punjab Alkalies as well. However, Punjab Tractors informed in a recent statement to the Bombay Stock Exchange that it was unaware of any actions or decision making regarding disinvestment in the company. (PTI) |
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