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Apple growers NEW DELHI, Oct 1: Apple growers of Himachal Pradesh are up in arms against the capital’s commission agents who they claim are charging more .....more BEL
declares NEW DELHI, Oct 1: Vharat Electronics Limited (BEL), a premier defence public sector undertaking , has declared an all time high dividend of 50 per .....more Om
Kotak Mahindra relaunches insurance NEW DELHI, Oct 1: Om Kotak Mahindra has relaunched its Kotak Insurance Bond (KIB) plan after realigning interest rates in tune with the . .....more |
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Naik says he is not against disinvestment in oil PSUs NEW DELHI, Oct 1: Petroleum Minister Ram Naik today said he was not against disinvestment of Government equity in oil PSUs but felt strategic .....more Export
growth loses NEW DELHI, Oct 1: Failing to maintain the July momentum, India’s export rose by 6.55 per cent in August even as it showed a growth of 13.37 per .....more Haryana
Govt to make CHANDIGARH, Oct 1: The Haryana Government has decided to make entry free for the visitors to various zoos and national park in the State during the wildlife protection week, which commenced today. .......more |
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IMF, Argentina make progress but politics key ......... Comfortable petro stocks amid US- Iraq war fear ........ Centre likely to introduce GMP norms for diagnostic sector ........ |
Apple growers come together to fight fleecing by agents NEW DELHI, Oct 1: Apple growers of Himachal Pradesh are up in arms against the capital’s commission agents who they claim are charging more than their due from them for many years now. According to the orchardists, the commission agents are allowed a six per cent commission on the total sale by the Apple Produce Marketing Committee (APMC) which was set up to monitor the functioning of these agents and make laws accordingly. However, Himachal orchardists claim that they are being made to pay eight per cent commission by the agents. Besides, the farmers say other overhead expenses like post and telegraph charges, Security Advanced Amount (SAA) and demand draft charges to the extent of 0.3 per cent are being deducted from their total sale. The security advance amount is being charged from the grower even when one has not taken any advance from the commission agents, the contend. However, now they feel that in the absence of an organisation, like a cooperative, they have not been able to put forth their views and are left at the mercy of the commission agents. The growers have, therefore, finally decided to unite under the banner of the State Kisan Sabha. Led by Rakesh Singha, former MLA from Shimla and member of the Communist Party of India (Marxist), a delegation of the growers, who had come to Delhi for selling their produce, met APMC chairman Rajendar Sharma to apprise him of the situation where the growers were being fleeced by the commission agents. Sanjay Dhani, an orchardist from Kothkai in Shimla district, said "commission is usually taken from the buyer not the seller. But in our case, the seller is being made to pay. Who knows, the commission agents may be charging a commission from the buyer as well?" "Actually the agent is charging only six per cent, but they have devised ways and means to fleece the growers,"said Mr Singha. "Firstly, the growers are not aware of it, for many among them are illiterate. And those who are, are also fooled by the agents, who explain it differently to different people. And while the influential and the big growers do manage to take back their two per cent from the agents, it’s the smaller farmers who suffer the most," he added. "For some, it is described as a security deposit against an advance that some growers may have taken in times of distress and for some it is a service tax," the former mla pointed out. "In the first two cases, Mr Singha said, "even if one accepts their claim, they cannot continue to charge it year after year. A farmer who has been transporting his produce to a particular agent for several years should not be charged that extra two per cent termed as security. Yet, this has continued,"he added. "Besides, sometimes the commission agents, as part of business promotional practice give an advance to the grower before the produce actually comes to him. Now if he was to charge for that it would be nothing less than loot," Mr Singha added. However, APMC Chairman Mr Sharma denied these charges as "unfair and frivolous". "How is it possible that a wholesaler can charge commission over and above his due. I have not come across a single case like this," he said. On being asked whether an agent was charging commission both from the seller (grower) and later from the buyer, he said,"this was not the case." "The agent is rendering the grower a service by helping him in selling his produce and is charging for that. While in selling it off he charges nothing at all," he clarified. (UNI) |
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BEL declares all time high dividend NEW DELHI, Oct 1: Vharat Electronics Limited (BEL), a premier defence public sector undertaking , has declared an all time high dividend of 50 per cent for the fiscal year 2001-02. This was approved by the annual general meeting of the company held at Bangalore yesterday, an official release here said. The dividend paid during the fiscal year 2000-01 was 40 per cent. BEL is one of the select public sector undertakings which has been declaring dividend consistently. BEL, the first defence mini ratna, reached its highest ever turnover of Rs 1942 crores in 2001-02, with an after tax profit of Rs 200 crore. The previous year’s turnover was Rs 1715 crores with a profit of Rs 155 crore. (UNI) |
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Om Kotak Mahindra relaunches insurance bond NEW DELHI, Oct 1: Om Kotak Mahindra has relaunched its Kotak Insurance Bond (KIB) plan after realigning interest rates in tune with the current market scenario. The returns have been aligned to keep abreast with changing market interest rates, which have been decreased by about one per cent since the time of the introduction of the plan in March 2002. However, the plan still offers a competitive yield as compared to similar products in the market today, a company release said. Mr Treman Ahluwalia, chief marketing officer of Om Kotak Mahindra Iife Insurance, confirmed that all policyholders would receive returns as per the interest rates applicable at the time of purchase. Kotak Insurance Bond is an investment-cum-life insurance product providing the twin benefits of fixed returns at the end of the term while covering life at the same time. This is a single premium plan which acts like a fixed deposit that grows money on maturity. In its new form, returns can be as high as 7.33 per cent and are guaranteed. The bond is now being introduced with a 15-year term, in addition to the seven and ten-year periods available earlier. (UNI) |
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Naik says he is not against disinvestment in oil PSUs NEW DELHI, Oct 1: Petroleum Minister Ram Naik today said he was not against disinvestment of Government equity in oil PSUs but felt strategic sale was not the most appropriate way. "I am not against disinvestment. We (Ministers in Government) are very much for disinvestment, but the desirability of strategic route in disinvestment is being discussed," Naik told PTI here. The Cabinet Committee on Disinvestment (CCD) had last month postponed decision on privatisation of state-run refiners Bharat Petroleum and Hindustan Petroleum following sharp differences among Ministers on the route to be followed. Naik said Government should get out of oil PSUs, other than where a decision has been taken to keep majority control, but strategic sale was not desirable. "We feel that shares should go to people at large instead of being sold to one group," he said revealing his mind on the question of sale of Government equity in BPCL and HPCL through public offer. Asked if public offer would not deprive the Government of control premium it gets through the strategic route, Naik said "Government is not in the business of making profits or losses. Moreover, the cash investment in BPCL and HPCL has been less than Rs 43 crore way back in 1974 and today the two companies are worth Rs 20,000 crore each." Government has not provided any budgetary support to the two PSUs, he said, adding the public offer can fetch good returns considering the high desirability of oil PSUs in the stock markets. Dismissing suggestions that he has been identified as the leader of "anti-disinvestment" lobby, Naik pointed out that Oil Ministry has given Rs 7,217 crore out of the Rs 9070 crore disinvestment proceeds garnered by Government since 1998. "When we have contributed nearly 80 per cent of the total disinvestment proceeds of the Government, how can we be anti-disinvestment," he asked. Naik proposed minority stake sale in Oil and Natural Gas Corporation, Indian Oil and Gas Authority of india Ltd, where Government has decided to maintain majority control, to meet the Rs 12,000 crore disinvestment target set for the current fiscal. PSUs under Petroleum Ministry, according to Naik, could give Government Rs 7640 crore this fiscal as disinvestment proceeds. "While sale of 10 per cent equity each in ONGC and IOC and 5 per cent in GAIL could give Government Rs 6,500 crore at current prices, strategic sale in Engineers India Ltd and Balmer Lawrie would fetch Rs 1140 crore," he said. Naik’s suggestions assume importance in the wake of Disinvestment Minister Arun Shourie’s remarks that it would be difficult to meet the divestment target for the year in view of the deferment of the decision to privatise HPCL and BPCL. Naik said his opposition to outright sale in BPCL and HPCL was also linked to the issue of completion of ongoing refinery expansion project of the two companies which the strategic partner may not undertake. HPCL and BPCL have spent almost Rs 500 crore on their 9 million tonnes Bhatinda and 6 million tonnes Bina Refineries. Privatise companies may not be inclined to complete the Rs 6354 crore Bina and Rs 9806 crore Bhatinda Refinery.(PTI) |
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Export growth loses momentum up 6.55 per cent in August NEW DELHI, Oct 1: Failing to maintain the July momentum, India’s export rose by 6.55 per cent in August even as it showed a growth of 13.37 per cent in the first five months of the current financial year. Exports during August, 2002 were valued at 3885.61 million dollar, showing an increase of 6.55 per cent over 3646.85 million dollar in the same month last year. However, export growth during July this year was a robust 17.47 per cent. Analysts attribute this slowdown in August to declining consumer spending in the US. Exports during April-August, 2002-2003, were valued at 19766.26 million dollar, an increase of 13.37 per cent over 17435.88 million dollar in the comparable period last year. Imports during the first five months of the fiscal 2002 amounted to 22468.68 million dollar, representing an increase of 1.76 per cent over the level of 22080.33 million dollar in April-August period last year. Official figures put the oil imports during the five months at 6873.03 million dollar, showing a growth of 5.29 per cent over 6527.86 million dollar in the corresponding period of last year. Non-oil imports were barely 0.28 per cent higher in five months as compared to the same period last year. Imports during August, 2002 were valued at 4627.83 million dollar registering an increase of 5.48 per cent over the 4372.33 million in August, 2001. The country’s trade deficit for April- August, 2002-03, is estimated at 2702.42 million dollar which is lower than 4644.45 million dollar in the same period last year.(UNI) |
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Haryana Govt to make entry fee CHANDIGARH, Oct 1: The Haryana Government has decided to make entry free for the visitors to various zoos and national park in the State during the wildlife protection week, which commenced today. It has also been decided to screen pictures based on forests, wildlife and environment during the week so as to create an awakening among the people about the ignificance of maintaining ecological balance. A State level function would also be organised on October four at forest complex, Pinjore which would be presided over by the Chief Minister Om Prakash Chautala. In a message issued here today, the Chief Minister urged the people to protect wildlife as the existence of humanity in a harmonious atmosphere was largely depended upon ecological balance. He said as a number of world animals and birds had already become extinct, any further damage to their species would disturb the ecological balance. Mr Chautala said although several law have been enacted and being implemented to protect wildlife yet it was necessary to educate the people about the significance of protection of wildlife. He sought the cooperation of the people in protection of wildlife and hoped that the activities being undertaken during the wildlife protection week would prove a step forward in making the people conscious of the significance of wildlife. (UNI) |
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IMF, Argentina make progress but politics key WASHINGTON, Oct 1: The International Monetary Fund said talks with Argentina over restarting desperately needed aid were "constructive" but made clear the troubled nation needed to deliver political results before cash would be forthcoming. The IMF comments came after an intense day of discussion in Washington aimed at resolving nine months of failed talks that have left the Latin American nation on the brink of defaulting on its multilateral debts. The lender said negotiations had focused on broaching differences to put a new deal in place "as soon as feasible." But pointedly, the IMF said, "the Argentine authorities recognize the need to secure the necessary domestic consensus for the program." For months, the IMF has been telling Buenos Aires that reaching a political consensus for a new economic plan was pivotal before aid could be restarted. The IMF cut off aid last December after a series of broken promises. Since then, Argentina has defaulted on its debts, devalued its peso currency and suffered an economic collapse twice as severe as the US great depression of the 1930s. The Government of President Eduardo Duhalde so far has been unable to deliver politically as reforms have been stalled in Congress and efforts to resolve a deep banking crisis have been thwarted by court rulings that declared Government actions unconstitutional. "We have had intensive and constructive meetings with the Argentine authorities over the last few days in Washington," the IMF said in a statement yesterday. "These meetings focused on resolving outstanding issues and putting in place a fund-supported program as soon as feasible." Sources inside the IMF told media that political considerations were now the main sticking point in reaching a deal. The IMF wants the Government there to deliver on reforms —for example by passing a law that would end court rulings that have chipped away at a banking freeze — so that it can be sure any cash sent to Buenos Aires will not be wasted. "We need them to close the loopholes in the legal system" related to the banking freeze, one IMF source said. "It’s a question now of their political ability to deliver." That ability to deliver is one of the toughest hurdles facing Duhalde’s administration, which has suffered from single-digit approval ratings in polls. The Washington-based IMF cautioned that talks would continue in the coming days to ensure that any new deal would be based on a solid monetary anchor, a workable budgetary plan including at the provincial levels and would include a strategy to resolve problems in the banking sector. Earlier on Monday, Argentine Economy Minister Roberto Lavagna told media that talks in recent days were, "good, but we need to continue working all week." Last Saturday, Duhalde said he hoped to avoid defaulting on debts with the IMF, World Bank and others. "The situation will not reach extremes and we will reach an agreement," Duhalde said in his weekly radio address. But Argentina’s caretaker President said foreign reserves would not be used to pay multilateral debts. Argentina owes the World Bank 250 million in guaranteed loans by mid-October and an additional 900 million that could be delayed 30 days. In December, the Government froze savings accounts, triggering deadly riots that led to the ouster of the president. One in five workers have since lost their jobs and half of the population lives in poverty. Many analysts said without an IMF deal soon Argentina could default on its multilateral debts next month. Failure to pay would cut off Argentina’s last venue for credit and land it in league with global financial pariahs such as Iraq, Afghanistan and Sudan. Argentine officials are unwilling to use the 9.5 billion in foreign reserves to pay about 2.2 billion due to multilaterals this year, preferring to save the money to ward off any run on its beleaguered peso. (AGENCIES) |
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Comfortable petro stocks amid US- Iraq war fear NEW DELHI, Oct 1: Indian Oil Corporation, the country’s largest refiner and crude importer, today assured that there will not be any shortage of petroleum products in the country in the wake of heightened tension in the Middle East as the storage capacity of crude oil at its installations was full. "All the storage tanks were filled with crude and we expect that there will be sufficient stocks to meet the demand for more than 45 days," IOC Chairman M S Ramachandran told newspersons here at its annual conference. The decision to fill up the entire storage capacity was taken after the Government’s direction to oil companies to increase their level of inventories to meet any contingencies amid fear of a war between the US and Iraq. "While I can not give you the exact figure, the IOC has sufficient stocks to meet the demand for atleast 30 days," Mr Ramachandran said. Further, if the entire crude in the pipeline was also pumped out for refining, the IOC can run their refineries for another 25-30 days, a senior IOC official said. Mr Ramachandran said that the IOC has also recently formulated a unique method of hedging its purchases through crude import linked with the product route. This would enable the IOC not to lose any amount despite wide price movements (UNI) Centre likely to introduce GMP norms for diagnostic sector NEW DELHI, Oct 1: The Centre is likely to introduce a fresh set of Good Manufacturing Practices (GMP) norms for medical devices and diagnostic equipment manufacturing in the country. The Government is exploring the possibilities of coming out with new rules that can control and monitor the manufacturing standards of medical devices manufactured and marketed in the country. Recently, the Central Drug Standard Control Organisation (CDSCO) organised a national workshop to gather suggestions from the medical devices manufacturing industry on how to lay down GMP norms for diagnostic devices and inspection of their manufacturing units. About 80 drugs control and CDSCO officials and officers from Government testing laboratories of 11 states participated in the workshop. The participants were of the view that the office of Drug Controller General of India (DCGI) should prepare a comprehensive list of all medical devices and diagnostic equipment available in the country. Later, the DCGI can seek the help of the Bureau of Indian Standards (BIS) to come out with standards and specifications for each of these products, they added. It will help the authorities have a candid idea of the current status of Indian medical equipment manufacturing sector. The participants informed that there are more than 5,000 medical devices, including various kinds of diagnostic kits available in international market. India’s production in this segment is confined to 1,000 odd products, almost all devices are available in the local market. While there are four categories of medical devices according to the internationally accepted norms, India has no clear distinction in this regard. India should also categorise its medical equipment manufacturing sector, based on the risk factor associated with each product, they said, pointing out that many of the high-cost drug filled devices are being imported at present without any check or licenses. The participants said proper regulation and standards will help the growth of domestic industry. "It will also lead to the reduction in prices as in the case of many other drugs," they added. Some of the cardiac stents are known to cost more than a lakh rupees for a single set. There are many devices that are going to remain inside the body for years together. Experts pointed out that orthopedic devices are often planted inside the body for very long period. As on date, there are no restrictions or monitoring on the quality of these devices. The workshop highlighted the need for proper testing facilities and recognised national standards for diagnostic products and medical devices. They said unless such systems are in place, there is no point in bringing in the GMP guidelines for the sector as no authority will be competent enough to inspect the facilities and identify the ills. "These are some of the major problems that are hindering the growth of medical device manufacturing sector of the country," they added. (UNI) Jaya requests PM to hike bonus on paddy to Rs 40 CHENNAI, Oct 1: Tamil Nadu Chief Minister Jayalalithaa has requested the Prime Minister to increase the bonus of Rs 20 per quintal for paddy above the Minimum Support Price (MSP) to Rs 40, considering the widespread drought situation in the country. In a letter to Atal Bihari Vajpayee, the Chief Minister also referred to various racommendations of the Commission for Agricultural Costs and Prices (CACP) including roll back of fertiliser prices and writing off one year’s interest dues on loans of farmers and sought serious consideration of these, These issues may be gone into in detail and a suitable package of relief announced for farmers in the current context of widespread drought in the country, she suggested. "The best way to provide some genuine income support to farmers is to give some form of bonus along with the MSP. In Tamil Nadu, we have been giving a bonus of Rs 40 per quintal over the MSP in the last agricultural season", she said pointing out her Government’s decision to switch over to `decentralised procurement scheme’. "Now that you have announced a bonus of Rs 20 per quintal, the reduction to the farmer for paddy will be Rs 20", she said and appealed to Vajpayee to increase it to Rs 40 per quintal. She also appealed to the Centre to allow procurement of ‘Kuruvai’ (short term) paddy with 25 per cent moisture content as against the Central Government’s norm of 18 per cent. (PTI) Agrawal elected as SOPA chairman INDORE, Oct 1: Rajesh Agrawal has been unanimously elected as chairman of the Soyabean Processors Association of India (SOPA), the apex orgnisation of the country’s soya processors, representing the Rs 6000-crore industry. Mr Agrawal was elected for a two-year tenure at the 22nd annual general body meeting of the SOPA here yesterday. SOPA has more than 550 members all over the country, official sources said. After assuming charge, Mr Agrawal assured to work hard towards the objective of more Soya yield per hectare and to achieve the target of self-sufficiency in edible oils. Increasing domestic consumption of soyabean would be another thrust area, he added. Outgoing SOPA chairman O P Goyal urged the centre to include soyabean, soya oil and soya meals in the zero per cent tax list under the Value Added Tax (VAT) regime to be effective from April next year. (UNI) |
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