No mid-term review of Railway fare

PATNA, Oct 22: Railway Minister Nitish Kumar today ruled out mid-term review of passenger fare in the wake of recent hike in the prices of diesel.

"There is no chance of reviewing the fare structure at this stage," Kumar told reporters.

The hike of prices of petrol and diesel is linked with international market and the Railway is prepared to meet such ups and downs without transferring any burden to passengers, he said.

Around Rs 4,000 crore was normally spent in a year by the railways on purchase of diesel. (PTI)

FDI proposals worth Rs 95 cr cleared

NEW DELHI, Oct 22: The proposals of consumer giants Hitachi and Samsung Electronics to enhance equity in their Indian venture were among the 70 FDI proposals worth Rs 95 crore cleared by Government today.

Japan-based Hitachi Ltd’s Rs 20 crore proposal involves increasing its equity in the joint venture with the Indian partner Amtrex Appliances Ltd to upto 74 per cent while the Korea-based Samsung got clearance for enhancing its equity in its India arm to 100 per cent.

Samsung’s proposal will lead to an FDI inflow of Rs 15.68 crore, an official release said here.

Canada-based NSI Global Inc’s proposal to increase its equity in its Indian arm to 49 per cent will result in Rs 22.27 crore inflow.

The major investment proposals cleared by the Government on the recommendation of the foreign investment promotion board involve sectors such as consumer goods manufacturing, automobile components, engineering accessories, tourism and software.

As many as 21 proposals including that of Honda Motor Co Ltd and M/S Reuters Singapore Pte Ltd related to amendment in the existing foreign currency approval vis-a-vis their Indian joint venture were cleared and did not involve any fresh inflow. (PTI)

Dilip Kumar inaugurates 448th branch of J&K Bank

Excelsior Correspondent

MUMBAI, Oct 22: Cine star Dilip Kumar today inaugurated 448th branch of the Jammu and Kashmir Bank Limited at Bandra, Mumbai at a grand function. The function was presided over by the Bank’s Chairman M Y Khan.

Bandra branch is fully computerised and equipped with the all the latest facilities like ATM, Tele-Banking and Any Where Banking and is expected to give world-class service to its customers.

Speaking on the occasion Khan, chairman of the Bank outlined the progress made by the Bank during the last couple of years. The Bank has achieved business growth of Rs 19300 crores as at the end of March 2002. During the last six months the Bank earned net profit of 147 crores therefore registering growth of 35.5 percent over the profit of corresponding period of the last fiscal.

Khan further revealed that the Bank is vigorously pursuing the plan of modernisation of all its operations. 261 branches and offices have been already computerised. During this financial year Bank has already drawn its plan for computerised of 180 branches and offices.

The Bank has already started sale of life insurance products of Metlife Insurance Co of India and non life products of Bajaj Allinz Insurance Co Limited.

A new dimension for the retired

NEW DELHI, Oct 22: Life expectancy on the upswing and the number of older people increasing at a phenomenal rate has added a whole new dimension to geriatric care in the country.

Much like the Western countries, the concept of ‘retirement villages’ is fast becoming a profitable proposition, thanks to the rising acceptance of nuclear families in a country initially known for joint structures.

Mumbai-based Royal Palms Lifecare Pvt Ltd, a real estate company, has leaped into what they call "the emerging market" with an investment plan of Rs 200 crore.

Royal Palms Lifecare Chairman Amir Nensey told UNI that he expected the concept, though new to India, would be widely accepted, given today’s fast-paced lifestyle where people found very little time to attend to their own families, leave alone the aged.

"What we will be offering is something where the older generation find a place much in tune with their requirements and needs, in the company of people the same age, also being in touch with their loves ones" he said.

According to statistics provided by the Helpage India, the number of people above the age of 60 — which they classify as being aged — is expected to rise to a whopping 177 million by 2025 from 77 million recorded in 2001.

However, along with the rising statistics which it credits to advancements in medical/health technologies, gradual fall in mortality rate and better nutrition, it also throws a note of caution.

"While the numbers have gone up, quality of life has gone down. Industrialisation, migration, urbanisation and Westernisation have severely affected value systems. The erstwhile joint family, the natural support system, has crumbled. The fast-changing pace of life has added to the woes of the older person," the NGO warned.

Mr Nensey said here is where they play a role — though certainly, it comes for a price. Royal Palms Lifecare has planned retirement villages that would soon come up on the outskirts of Mumbai, Delhi and Bangalore.

"The entry into these villages, which offer a high-value living system, carries a minimum criteria — the person should be over the age of 50," Mr Nensey said.

He said the complexes, all of which were located within a "green environment" where facilities such as meditation room, 24-hour medical facility, library and in-house ambulance would be provided, offered three types of houses — studio, two- and three-room bedroom apartments.

"The prices range from Rs 15 lakh for the entry-level studio apartment to over Rs 30 lakh for the three-bedorooms," he said, adding that though meant for the aged, the retirement villages were situated in complexes where facilities for all ages were present.

"Like our complex at Gurgaon, situated within the 260-acre Karma lakelands, this will have State and Central Government promoted modern industrial township to host national and international corporate entities like Videocon, Motorola, Denso of Japan, among others.

"The clean and green surroundings of the Karma lakelands eco-resort being developed in phases will have a 9-hole executive golf course, a 7-star hotel, clubs, SPA, a polo field, equestrian centre, a large developed lake, residential villas and condominiums," he said.

He said the Royal Palms estate in Mumbai, spread over a 240-acre area has an international 18-hole championship golf course, apart from planned projects such as luxury serviced apartments, emerald club, designer homes, 3, 5 and 7-star hotels, IT park, shopping village, among other things.

"Within this, the retirement village will occupy around five acres of land," he added.

Mr Nensey said similar recreational facilities would also be available around the Bangalore retirement village, "and all this would help the aged people stay close to facilities meant for all ages, even while providing a separate peaceful hub."

He said Royal Palms estate planned to roll out a total of 750 units by the end of next year. "All these will have special facilities helpful to the aged like non-slippery floors, handrails in corridors, extra lighting in each room, daily bus trips to the city for shopping, regular picnics and excurions." (UNI)

Jaswant Singh lays the roadmap for budget

NEW DELHI, Oct 22: Finance Minister Jaswant Singh today virtually laid the roadmap for the next budget saying he would give topmost priority to economic reforms including tax in a bid to push up growth and contain fiscal deficit.

"Revival of capital market by removing weaknesses, containing fiscal deficit, revival of manufacturing sector, tax reforms and pushing capital investment in agriculture would get topmost priority," Singh said asserting reforms would be given new thrust through continuity in policy.

"We are very clear in our mind, we must enhance production, increase GDP, put more money in citizens’ pockets and housewives’ purse," he said adding "none of this was possible without reforms."

"Reforms is synonymous with growth. There is no ambiguity in this. Growth through reforms is Government’s priority," Singh told Doordarshan when asked what would be his priority in the remaining two years of the NDA Government. Unlike in the past, Singh said the budget-making would be transparent including taxation proposals, barring a few of them, and the recommendations of task forces on direct and indirect taxes would be put on internet to elicit views from public and experts.

The task forces headed by his Advisor Vijay Kelkar would submit its first report on indirect taxes by this week, he said.

"There will be greater transparency, absolutely," he said adding "I don’t think tax proposals excepting 10 to 15 items need to have exaggerated secrecy. Let the citizens have sense of participation as all are contributing to the exchequer."

"I will lay the proposals in the next session of Parliament and once it is laid, public can have access to it," he added.

Asked if the 8 per cent growth target in tenth plan was achievable, Singh said "it is realistic" and the country cannot afford to have a lesser growth.

"We should not question the target and do what is required (to achieve it)," he said asking "can India have afford to have lesser growth."

Singh, who took over from Yashwant Sinha about four months ago, said there would be continuity in policy pusued by the Government.

"Policies are not individual. Policies are institutional. What has changed is incumbant in office. I am for continuity but growth with continuity," he said adding "wherever required, change tact but not policy."

Singh said he would strive to bring in the "colour of pragmatism" into decision making and facilitate interaction between his ministry and public "friction-free".

On the achievements of NDA Government in the last three years, Singh said "the gains in three years are quite significant. It is an error to minimise achievements."

He reeled out statistics to say exports have bounced back to double digit growth, industrial production was up signalling economic recovery, inflation was low at 2-3 per cent and foreign exchange reserves have doubled in three years from 32 billion dolars to 64 billion dollars.

Admitting that the drought situation was serious especially in Karnataka and Rajasthan, Singh said Government was committed to everything possible to mitigate the hardship of the affected people. (PTI)

Dubai companies keen to invest in Kerala IT city

DUBAI, Oct 22: Two Abu Dhabi-based business houses have evinced interest in investing in the proposed Information Technology city in Kochi, visiting Kerala Industry Minister P K Kunhalikutty has said.

He said Kerala, passing through a major financial crisis and attracted one of the lowest Foreign Direct Investments in India, was trying an image makeover by hosting the global investor meet in January 2003.

Since the last decade, the FDI flow was an abysmal Rs 250 crore, mainly in the IT sector, despite having a sizeable population working abroad.

"We want to change the scenario. So we have drawn up a new policy framework to attract investment. We expect or are at least targeting Rs 50,000 crore in the next five years," said Kunhalikutty, who is also Kerala’s it minister.

"We have great expectations from Gulf countries due to the large number of people from our State, the proximity and traditional relations," he said, Gulf news reported today.

The low FDI in the past has been mainly due to a "poor perception" of Kerala as an investment destination. A team of high-level officials is on a tour of the Middle East to promote the upcoming investor-meet.

Pricewaterhousecoopers, the global accounting major, has been engaged to assist the State Government in this endeavour.

John Mathai, Principal Secretary (Industries), Government of Kerala, said two Arab groups had expressed interest in the it city project at Kochi, which would be like the Dubai internet city, spread over 200 acres.

"We are encouraging investors in this project but a lot more has to be finalised, he added. (UNI)

LG launches cheapest MNC PC in India

NEW DELHI, Oct 22: Korean electronics and telecommunications major LG today launched a range of personal computers loaded with the latest linux operating system and is aimed at capturing the unbranded PC market share and also take on the branded player with its price proposition.

Priced at Rs 33,900 and Rs 36,500, the two models having linux platforms is the cheapest among MNC products and "can be tailored to your specific hardware and software needs.

It has the ability to connect several different types of machines into a coherent whole,"Deputy General Manager, Sales and Marketing, LG electronics India Pvt Ltd R Manikandan said at the launch here.

Although giving the consumer an option to use Linux or Microsoft, Mr Manikandan said the Linux is fast catching up globally and LG is the pioneer in introducing the platform in India. The Linux OS is not only relatively stable and bug free but also add to lowering the price point of the product, Mr Manikandan added.

The PCs come with a one year warranty and an 100 hour free internet time.

Apart from the regular distribution channels of the LG, the LG PCs can be ordered through its website www. lgezbuy.com

LG’s share of the market at present in India in the monitors and optical storage device (OSD) segment is 34 per cent and 51 per cent, respectively.

The company is expecting a turnover of over Rs 500 crore this year from the IT peripheral business division. (UNI)

MTNL to come up with a ‘different’ tariff plan

NEW DELHI, Oct 22: Mahanagar Telephone Nigam Limited (MTNL) that operates its moblile services in New Delhi and Mumbai today said it would soon come ut with a "different" tariff plan that would be a "surprise" to its customners.

Chairman and Managing Director, MTNL, Narendra Sharma said "we may give surprise soon to our susbcribers.

Mr Sharma, who gave their dividend cheque to Communication and IT Minister Pramod Mahajan said cellular tariffs were determined by the market with cost of line being just one of the factors in fixing them.

It is not only the cost of line which determines the cellular tariff. This is just one of the factors. It is market which determines them, Mr Sharma said.

He did not comment when asked whether MTNL would come out with a similar aggressive tariff package like BSNL, announced recently. He said that the markets of Delhi and Mumbai were different from other circles and accordingly the requirements of operators, market and subscribers were different from the rest of the country. MTNL has declared a dividend of 45 per cent at Rs 284 crores for the last financial year. (UNI)

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