 |
|
| AI losses Rs
340.72 cr during 1998-99 NEW DELHI, Dec 8: Air India’s budgeted loss during 1998-99 is estimated to be Rs 340.72 crore, the Rajya Sabha was told today. ..more Honda name to be struck off NEW
DELHI, Dec 8: Honda
Motor Company Limited (HMC) of Japan is working towards
striking off its name from Kinetic Honda scooters
pursuant to the Japanese auto .....more NEW
DELHI, Dec 8:
Government will fix a date in a day or two for
introducing the controversial Insurance Regulatory
Authority (IRA) Bill in Parliament after consultations
....more NEW DELHI, Dec 8: Government today ruled out any softening’ of interest rates with inflation rates surging forward unabatedly since the beginning of this financial year, ..........more |
 |
India lags
behind in fruit exports NEW DELHI, Dec 8: India is the largest
producer of fruits and yet accounts for only two per cent
of the global fruit exports — the paradox reflects
the bottlenecks that Indian fruit industry is facing
today, according to experts. .....more BANGALORE,
Dec 8:
All major and medium irrigation projects in Karnataka
will be completed by the turn of the century and......more |
 |
AI losses Rs 340.72 cr during 1998-99 NEW DELHI, Dec 8: Air India’s budgeted loss during 1998-99 is estimated to be Rs 340.72 crore, the Rajya Sabha was told today. Civil Aviation Minister Ananth Kumar told the upper house in a written reply that the cummulative loss of Air India upto March 31 was Rs 749.79 crore. The losses were due to increase in expenditure on account of interest and depreciation on new aircraft, reduction in yield due to increased competition, cost of operations and increase in wage bill. In reply to another question, Mr Ananth Kumar said Air India has not taken a final decision to introduce the Voluntary Retirement Scheme. Indian Airlines: The minister denied that Indian Airlines yield per kilometer was 50 per cent higher than many international airlines. He said Indian Airlines carried 8.4 million passengers during 1997-98 as compared to 8.2 million in 1996-97. Capacity utilisation came down marginally which was due to additional capacity induction by private airlines. Raytheon: The entire airport surveillance radar system installed by Raytheon at Mumbai and Delhi meet all the requirements of air traffic control as confirmed during the factory test site and flight checks. Pawan hans: Mr Ananth Kumar said his ministry had recommended a disinvestment of 40 per cent Government stake in pawan hans in pursuance of Government policy. (UNI) |
|
Honda name to be struck off from Kinetic-Honda scooters NEW DELHI, Dec 8: Honda Motor Company Limited (HMC) of Japan is working towards striking off its name from Kinetic Honda scooters pursuant to the Japanese auto major’s decision to pull out of its joint venture with the Pune-based Kinetic Engineering Limited. Besides, Honda is also looking at the feasibility of setting up a separate Assembly unit for its scooters in India, HMC Deputy General Manager Koji Wanaka told here. On the company’s decision to remove its name off the scooters being manufactured in India, Mr Wanaka said, "though the time frame for the same is yet to finalised, the company has decided that since there is no financial participation from Honda in the venture, it would be marketed as a local brand, sans the Honda name." however, the Japanese major would continue to give technical assistance to the project. "We had started the scooter venture and spent a of money and time in ensuring that it was a success. Since it is our baby, Honda will continue to give technical assistance to firodias. A new technical collaboration agreement in this regard is yet to be signed." Mr T Fujisaki, another Honda representative and President of Hondasiel Cars India Limited also aired similar views saying that Kinetic Engineering will be allowed to retain and use the Honda name on its scooters till final procedures for taking off the name is finished. "The time frame has not been finalised but eventually the Honda name has to be taken off." On the plans to set up a separate scooter assembly Unit in India, Mr Wanaka said, "the possibility is always there." "We would not deny anything for the future. The possibility is always there...We are an entrepreneur, we have to expand. But for the time being, our priority is to give technical assistance to the Kinetic scooter project," he added. On Honda Siel Cars’ plans to roll out new models, Mr Fujisaki said the company was still assessing the feasibility with several models and a final decision on the same is yet to be taken. The company had earlier this year stated that it was mulling the launch of a new model in the small car segment to mark the 50th anniversary of Honda Motor Company Limited of Japan. Though the new model has not been finalised as yet, the company is actively pursuing the option of foraying into other segments of the industry. Meanwhile, company sources pointed out that a final decision on the new model is expected by January 1999. "We have already initiated a feasibility study to finalise the segment in which the new model will be rolled out. We are looking at all segments, which includes a small car," the sources added. The company has already launched two special versions of its Honda city. The company has recorded a 30.5 per cent surge in sales during November to touch 723 units over 554 the previous month. With this, the cumulative sales achieved during the current fiscal touched 6,367 units. The company has as yet sold 7,707 city cars since its launch in January this year. This sales performance has been achieved through the 17 Honda Exclusive Authorised Dealers (HEAD) spanning 15 cities. The network is scheduled to expand to 17 cities during the current financial year. The sales performance of Honda City during 1998-99 and particularly in November 1998 is far more credible in view of the prevailing market and demand conditions especially in the premium car segment. The mid-size and luxury segments has been showing a negative growth trend in 1998-99 over the previous financial year. During the first three months of its launch, HSCI sold 111, 369 and 860 units respectively. HSCI is a joint venture between Honda Motor Company of Japan and Siel Limited, India. (UNI) |
|
IRA Bill to be introduced after talks with parties NEW DELHI, Dec 8: Government will fix a date in a day or two for introducing the controversial Insurance Regulatory Authority (IRA) Bill in Parliament after consultations with the leaders of different political parties, Parliamentary Affairs Minister Madan Lal Khurana said today. Khurana told reporters here after a meeting of BJP Parliamentary party that there was a consensus at the meeting that the Bill be introduced in Parliament after taking into confidence the leaders of different political parties. The meeting, presided over by Prime Minister Atal Bihari Vajpayee, was attended among others by Home Minister L K Advani and Finance Minister Yashwant Sinha. Addressing the members Sinha said foreign investment would flow to India after the bill was enacted. Foreign investors, he said, saw the bill as a test case. Describing the country’s economic situation as "critical", Sinha said India needed 25 billion dollars each year over the next ten years for infrastructure development and this could be done only with foreign investments. Explaining the IRA Bill, Sinha said it provided for safeguards and the Indian companies’ dividends would not be allowed to be repatriated. Recalling that these safeguards were not there in the bill which the congress government had prepared, Sinha assured that this would also not affect workers. Khurana said the BJP would initiate moves to hold talks with leaders of other political parties and try to convince them about the necessity of the IRA Bill. Home Minister said the country needed money for developing infrastructure but this could not be met by internal resources and foreign investment was badly needed. The IRA Bill was "justified" and it should be considered and adopted by Parliament, he said. Keeping in the view the country’s situation, Advani said the economic policy should be "pragmatic." Prime Minister Atal Bihari Vajpayee gave an account of his two-day visit to Jammu and Kashmir, saying the situation there was fast returning to normal and that the government’s Kashmir policy was "correct" and enjoyed the support of the people. Vajpayee said he found the morale of jawans as well as people in the state very high. Infiltration from across the border had stopped and efforts were on to round up militants in the Valley, the Prime Minister said. (PTI) |
|
Govt rules out softening of interest rates NEW DELHI, Dec 8: Government today ruled out any softening’ of interest rates with inflation rates surging forward unabatedly since the beginning of this financial year, official sources said. Inflation rate has to be reined if interest rates are to soften, sources said here, adding without economic over fiscal deficit targets are bound to go haywire putting further pressure on prices. There are indications fiscal deficit would shoot up to seven per cent of the Gross Domestic Product as against the targetted 5.6 per cent of GDP, sources said indicating in such a scenario there is no way interest rate would come down. The sources said bank rates are lower this year as compared to last year despite the fact that the rate of inflaton was around half of what it was this year. Inflation rate was a mere 4.3 per cent in September 1997 as compared to over eight per cent in September this year. Wage hikes to Government employees including teachers, defence and postal personnel, massive shortfalls in revenue and disinvestment targets would widen the fiscal deficit by 1.5 to two per cent, the sources added. (PTI) |
|
India lags behind in fruit exports NEW DELHI, Dec 8: India is the largest producer of fruits and yet accounts for only two per cent of the global fruit exports — the paradox reflects the bottlenecks that Indian fruit industry is facing today, according to experts. Though many Indian fruits have competitive advantages in world trade, high post-harvest losses, high lending rates, poor infrastructure and high freight fares are stifling the growth of an organised horticulture industry and fruit exports in India, an Indian expert points out. The country has the potential to be a major player in global trade and it is time to seize the emerging opportunities, head of the Bangalore-based Indo-American hybrid seed comapny said in his inaugural address at a national symposium on production of fruits, here today. The two-day symposium is being organised by the horticulture division of the Indian Agriculture Research Institute (IARI). There is a gap between the potential and actual yields, he said. Indian horticulture experts have to contend with high interest rates of 16-17 per cent, while their counterparts abroad, including in Asian countries such as Thailand and Sri Lanka, have interest rates as low as 4-6 per cent. High freight and tarnsportation charges, poor infrastructure, low- quality storage, refrigeration and grading facilities are other major barriers. (PTI) |
|
Irrigation projects to be completed by turn of century BANGALORE, Dec 8: All major and medium irrigation projects in Karnataka will be completed by the turn of the century and there is no paucity of funds for this purpose, Major and Medium Irrigation Minister Nagegowda has said. He said Rs 2100 crore would be spent on various projects including the upper Krishna Project. Works to the extent of more than Rs 1000 crore had already been executed, he added. The Government has spent Rs 200 crore on the Cauvery river projects which cover Varuna, Yagachi, Visweswaraya canal, Tumkur branch upto 184th km, Iggalur and Manchanabele. Seventy per cent of works of these projects had been completed and the Government would earmark another Rs 100 crore for their completion. He said the Government had spent Rs 620 crore for the upper Krishna Project, aiming to bring four lakh hectares under irrigation. Malaprabha, Ghataprabha, lower Mulla and Amarja projects would also be completed. He said the Government would spend more than Rs 1000 crore in the next three months and fifty per cent of the rehabilitation work in all project areas was completed. (UNI) |
|
Sinha urged to take hasty decision on clouser of PSUs NEW DELHI, Dec 8: Ms Mamata Banerjee (Trinamool Congress) today urged Finance Minister Yashwant Sinha in the Lok Sabha not to take a hasty decision regarding closure of public sector units in West Bengal, Uttar Pradesh and some other parts of the country. Making a submission during zero hour she said the measure would give rise to unemployment and was thus anti-people. She, instead, wanted the Government to divert the funds meant for Vhe voluntary Retirement Scheme (VRS) for the revival of these units. Ms Banerjee also gave a list of the PSUs which were being closed. She called upon Parliamentry Affairs Minister Madan Lal Khurana, who was in the house, to convey her feelings to the Finance Minister. (UNI) |
|