 |
|
| Soz calls
for placing of orders to joinery mills Excelsior Correspondent NEW DELHI, Oct 31: Former Union Minister Prof Saifuddin Soz, MP, has called upon the State Government Departments as also the Union Ministries for placement of orders for the products of the two Joinery Mills at Pampore in Kashmir and Bari Brahmana in Jammu...more Daewoo continues to NEW
DELHI, Oct 31: Riding
on a major price correction early this year on the Cielo
and the growing-up expectations on Matiz, Daewoo Motor
India Limited (DMIL) has reduced its losses during the
first half of the current fiscal by over 11 per cent.
....more LUCKNOW,
Oct 31: The
Uttar Pradesh Government has started preparations for the
budget for 1999-2000 and all the departments have been
directed to send their proposals to the Finance
Department by November 5......more NEW DELHI, Oct 31: Maintaining its double digit run for the fifth consecutive month, the inflation rate based on Consumer Price Index for Industrial Workers (1982) touched an all time high of 16.34 per cent in September. It stood at 15.04 per cent in the previous month.....more |
 |
PM constitutes
task force on infrastructure NEW DELHI, Oct 31: Prime Minister Atal Bihari
Vajpayee today NEW
DELHI,Oct 31: The
indian Railway Finance Corporation (IRFC) has created a
record of sorts in the corporate world by paying a total
dividend of Rs 236.64 crore for the last eight years to
the Ministry of Railways as against its paid up capital
of Rs 232 crore.......more NEW
DELHI, Oct 31: The
Centre of Indian Trade Unions (CITU) today criticised the
Atal Behari Vajpayee Government’s decision to shut
down eight central public sector units saying the move
would throw many workers and officers out of jobs and
provide more space to multi-national companies.........more NEW DELHI, Oct 31 : Foreign Investment Promotion Board (FIPB) today cleared proposals.....more |
| Daewoo continues
to reel in the red, reduces losses NEW DELHI, Oct 31: Riding on a major price correction early this year on the Cielo and the growing-up expectations on Matiz, Daewoo Motor India Limited (DMIL) has reduced its losses during the first half of the current fiscal by over 11 per cent. The company closed the six-month period ended September 30, 1998 with a net loss of Rs 8.05 crore as against the previous year’s Rs 9.06 crore, DMIL managing director S.G. Awasthi said in a statement issued here today. Gross sales in the April to September period stood at Rs 72.80 crore, down 36.5 per cent from the previous year’s Rs 114.71 crore. Net sales were Rs 54.75 crore as against the previous year’s Rs 89.86 crore. The company has already invested about Rs 3,600 crore upto September 30, 1998 as against the total project cost of Rs 3474.52 crore as given in the letter of offer dated January six, 1997. The company now plans to introduce its second offering in the Indian market — the small car ‘Matiz’ — in November. (UNI) |
 |
| UP starts work
for next budget LUCKNOW, Oct 31: The Uttar Pradesh Government has started preparations for the budget for 1999-2000 and all the departments have been directed to send their proposals to the Finance Department by November 5. According to an official release issued here today, the Finance Department would itself review the annual budget in a month and then directly allocate the money in the fully-prepared schemes. The money would be allocated after direct examination of those schemes under which allocation has to be made, the release said. Earlier the departments had to send a separate proposal for allocation of money under different heads, it said. For this purpose, the department, for the first time has adopted a procedure that all the smaller schemes will be compiled at the same place and money will be allocated to those schemes which were fully ready for implementation, the release said. The examination of proposals of annual budget will not only lay stress on time limitation but also on transparency, it added.(PTI) |
|
| Inflation rate
rises NEW DELHI, Oct 31: Maintaining its double digit run for the fifth consecutive month, the inflation rate based on Consumer Price Index for Industrial Workers (1982) touched an all time high of 16.34 per cent in September. It stood at 15.04 per cent in the previous month. It has, thus, surpassed the old record of May 1992 when it stood at 14.71 per cent. In July this year, it witness a sharp rise of 2.41 per cent to touch six year high of 14.80 per cent. It had crossed the double-digit barrier after a gap of 13 months in May (1998) when it rose by 2.32 per cent to touch 10.51 per cent from 8.19 per cent in April. In the following month, it went up sharply again to 12.39 per cent. After showing uptrends in January this year, it declined during the next three months. Consumer Price Index for Industrial Workers (1982) made a moderate increase of seven points to 420 in September from 413 in August, according to labour bureau, Shimla. In July, the CPI-IW saw its sharpest jump in six years when it climbed up 12 points to 411 from 399 in June. It had gone up by 10 points to 399 in June from 389 in May. The considerable hike in prices of essential commodities was the main reason for this sudden acceleration in the inflation rate during the last four months (June-September). Continuing its decline for the sixth successive month, the purchasing power of rupee fell by 0.40 paise to 23.81 paise in September from 24.21 paise in August. The purchasing power of rupee has been going down since April this year. The prices of essential commodities had sky-rocketed more than four-folds. A consumer who paid just one rupee for a commodity in 1982 had to shell out more than four times for the same item today. The purchasing power of rupee has been a bit wayward since the beginning of this year. It fell by 0.84 paise in January to 26.04 paise from 26.88 paise in December (1997). But it improved its bearings during the next two months when it touched 26.18 and 26.32 paise (February-March) before going down for the next consecutive six months. (UNI) |
|
| Dupont among Rs 225 cr worth proposals
cleared by FIPB NEW DELHI, Oct 31 : Foreign Investment Promotion Board (FIPB) today cleared proposals worth over 225 crore including one by French multinational Dupont to bring in Rs 100 crore in their Indian subsidiary. A proposal by EI Dupont to bring in Rs 100 crore for its wholly-owned subsidiary manufacturing nylon industrial yarn and tyre cord was given the go ahead by the board, FIPB sources said here. The infusion of Rs 100 crore would increase the Indian subsidiary’s existing equity capital of 35 million U.S. dollars. The Board also permitted takeover of Indal Electronics by Austria technologies system Technik AG which would acquire 100 per cent equity at a total investment of Rs 54 crore in the Nandangur, Karnataka based company. Indal electronics, which has interests in development of software for telecom, instrumentation, computers and automation, will have a software export worth nine million US dollars annually as per the proposal. Other proposals cleared in electronics include those of Benley Nevada for manufacturing and assembly of electronic software and hardware, optimum networks, fischer system and geo logic under software technology park scheme and Minicom for manufacture of personal computers and peripherals. (PTI) |
|
| PM constitutes task force on
infrastructure NEW DELHI, Oct 31: Prime Minister Atal Bihari Vajpayee today constituted a task force on infrastructure to attract investments in specific projects of national and regional importance and ensure their timely completion. To be headed by Deputy Chairman of Planning Commission Jaswant Singh, the task force would initially deal with the projects announced by Prime Minister on October 24 — six lane expressway of 7,000 Km length along North-South and East-west corridors, four laning of national highways and five world class international airports. The task force would comprise surface Transport Minister M Thambi Durai, Civil Aviation Minister Ananth Kumar, Infrastructure Development Finance Corporaton (IDFV) Chairman Deepak Parekh, Secretaries of Surface Transport and Civil Aviation Ministries, and Anand Mahindra, Managing Director of Mahindra Ford, as members. N K Singh, Secretary to PM, will be member Secretary of the task force, an official press release said. It also said more members would be inducted in the task force if need be, specially when new projects in different sectors are taken up. The terms of reference of the task force would be to determine the routes for the expressways and national highway and establish technical parameters. It would also identify and recommend locations for airports along with establishing benchmarks and criteria for airports. The task force would recommend criteria for competitive bidding and selection of engineering procurement and construction KEPCL contractors. Other terms of reference include recommendation of financing options for the express way, highways and airports along with measures necessary for timely completion of projects including governmental clearances. The task force would also oversee and monitor timely implementation of the projects. In addition to it, the task force may be assigned other tasks as may be found necessary from time to time. The task force would be serviced by IDFC in cooperation with the Planning Commission. The Ministries of Surface Transport and Civil Aviation, would render necessary assistance to the task force. (PTI) NEW DELHI,Oct 31: The indian Railway Finance Corporation (IRFC) has created a record of sorts in the corporate world by paying a total dividend of Rs 236.64 crore for the last eight years to the Ministry of Railways as against its paid up capital of Rs 232 crore. The total dividend had been paid for 1990-98. In 1997-98, the IRFC paid Rs 46.40 crore by way of dividend. An official release said here today.(UNI) |
|
| CITU flays closure of 8 public sectors
units NEW DELHI, Oct 31: The Centre of Indian Trade Unions (CITU) today criticised the Atal Behari Vajpayee Government’s decision to shut down eight central public sector units saying the move would throw many workers and officers out of jobs and provide more space to multi-national companies. Describing the move as "disgusting", the CITU full secretariat meeting noted that the "retrograde" step would cause a disaster in the economy and in the lives of the common people. CITU general secretary M K Pandhe said in a statement said the sinister move would only provide relief to big business houses and cause hardships to the commons, who was "already reeling due to price rise, and industrial sickness." He demanded that sufficient funds be alloted to revive these industries by ensuring technological upgradation, providing working capital and revising existing tax and customs duty structures. The Cabinet at a meeting here yesterday had decided to close the MAMC, TAFCO, Cycles Corporation, National Bycles Corporation, National Instrumentation, BOGL, Wieghbird Ltd, and RIC. (UNI) |
|
| Soz calls for placing of orders
to joinery mills Excelsior Correspondent NEW DELHI, Oct 31: Former Union Minister Prof Saifuddin Soz, MP, has called upon the State Government Departments as also the Union Ministries for placement of orders for the products of the two Joinery Mills at Pampore in Kashmir and Bari Brahmana in Jammu. In a statement to the press Prof Soz said he had taken up the matter for placement of orders to these two mills with the Ministries of Defence, Urban development and Delhi Development Authority. He said while the Defence Minister Mr George Fernandes has informed him that his Ministry was considering to place orders with these Mills for their products, the Lt Governor of Delhi Mr Vijai Kapoor has informed Mr Soz that the DDA has issued instructions to the construction agencies for placing orders with these two mills for supply of machine made panels, door shutters and widow shutters and the like. These two mills have since been taken on the select list for the supply of their products. Prof Soz said the Ministry of Urban development was also considering his proposal and that he was also exploring possibilities of obtaining orders for these two mills from other Union Ministries. Prof Soz said these two Joinery Mills have the capacity to manufacture over 50,000 shutters and 30,000 other furniture components and in the absence of the orders from various Government Departments, much of the capacity remains underworked. He said it was last year that the School Department in Kashmir placed orders with these Joinery Mills worth Rs 1 crore. He said if the other departments follow suit, these two mills will work to capacity and generate lot of health for the economy of J&K State. Prof Soz said at present both the Mills were providing employment to 10,000 and from that angle also, promotion of these two mills is of greater significance. Prof Soz has assured Mr A A Zargar, Chairman, J&K Industrial Development Corporation that he will support all the proposals with the Central Government for obtaining orders for supply of shutters and furniture components etc. |
|
constituted a task force on infrastructure
to attract investments in specific projects of national
and regional importance and ensure their timely
completion......