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Reforms haven’t BHOPAL, Dec 19: Economic reforms undertaken in the 1990s have not benefited the poor as.....more ‘Indian computer CALCUTTA, Dec 19: At a time when India is being projected as...more Improvement in AHMEDABAD, Dec 19: Union Minister of State for Finance V Dhananjaya Kumar....more HAL production set to BANGALORE, Dec 19: The Rs 2,048 crore public sector Hindustan Aeronautics...more |
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ABN Personnel Network to help job seekers in J&K Excelsior Correspondent JAMMU, Dec 19: To cater to the needs of corporate world and helps the job seekers to get opportunities, the ABN ...more Raise premium for motor NEW DELHI, Dec 19: A hike in the premium for motor vehicle .....more Japanese firms to TOKYO, Dec 19: Japan’s Electric Power Development Co and Marubeni Corp......more Indian textile policy NEW DELHI, Dec 19: India’s textile industry is poised.....more |
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Reforms haven’t benefited poor,
BHOPAL, Dec 19: Economic reforms undertaken in the 1990s have not benefited the poor as much as they should have, but they must be persisted with, according to Planning Commission member Montek Singh Ahluwalia. Delivering a lecture on "implementing economic reforms" here yesterday, ahluwalia, who was the Finance Secretary when the economic reforms were unleashed early this decade, acknowledged the reforms had by and large benefited those belonging to the rich and middle classes. He said despite pronouncements by various finance ministers that something would be done to bring down the fiscal deficit, it continues to be out of control. Ahluwalia said there were many good features of economic reforms, the chief among them being that the growth rate had gone up to 6.5 per cent in the 1990s which was above the rate of 5.8 per cent in the 1980s, and way above 3.5 per cent in at least two decades after independence. The Planning Commission member made a forceful plea for not providing free services to various classes of society, such as free electricity to farmers in some states. He said right now State Electricity Boards (SEBs) were in the red to the tune of Rs 12,000 crore in the country and added this figure could be brought down if supply of free power to farmers was stopped. He said it was a wrong notion to think that a lot of subsidies had been scrapped and added, in fact, there were still many subsidies which needed to be scrapped or at least cut down. Ahluwalia said one problem with the reforms was that they had been confined only to the Centre and had not percolated to the level of State Governments. Because of this lack of economic reforms in the states, setting up industries at the local level still involved a number of hassles that needed to be eliminated, he said. The Planning Commission member said although the growth rate had reached 6.5 per cent in the 1990s, it was not enough and added it must reach something between seven and eight per cent in the next 10 years. Ahluwalia said this was because the world had changed and things were no longer the same as before which meant that business was being conducted under new rules. He said four important things had taken place in the 1990s and added they must be considered important as the backdrop to economic reforms. Those were the collapse of the Soviet Union which changed a bi-polar world into a uni-polar one, economic reforms in all countries, globalisation leading to interdependence and information technology under which telecom was linked to computing. Ahluwalia said the revolutionary changes in information technology had changed dramatically the manner in which businesses could be set up and operated in the long run all over the world. (PTI) |
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‘Indian computer science R&D yet to show results’ CALCUTTA, Dec 19: At a time when India is being projected as an information technology superpower, the country’s computer science research and development remains plagued by lack of quality research and not-so-focussed funding patterns, experts say. Leading researchers and key decision makers from academia, research labs and industry attending the sixth international conference on high performance computing here feel that despite possessing world-class talent, Indian CS R&D is yet to have commensurate impact in any domain. Our R&D had produced exemplary results by building digital computers at Indian Statistical Institute and TATA Institute of Fundamental Research way back in the ’60s. But it stopped there with no follow up, says Director of Pune-based Centre for Development of Advanced Computing (C-DAC) Dr R K Arora. Though there were further inputs in 70s and 80s as the country developed a complex but operational data handling system for Indian defence and its rail network, which is one of the largest in the world, with the passage of over three decades the world scenario has galloped far ahead, he said. We need to identify areas where India can aquire leadership position like computer software, Arora said, adding this needed a liberal Government R&D support and venture capital for entrepreneurs. (PTI) |
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Improvement in collection of direct taxes in Gujarat AHMEDABAD, Dec 19: Union Minister of State for Finance V Dhananjaya Kumar has said that the collection of direct taxes in Gujarat had seen remarkable improvement in the recent past. Addressing mediapersons here yesterday, he said that the net direct tax collection in the 1992-93 fiscal was to the tune of Rs 826 crore which increased to Rs 1,969 crore in 1998-99. In this fiscal, a collection of Rs 1,052 crore had been made upto November. The minister said that there was a tax base of 1.4 million assessees in 1998-99 in Gujarat. The growth rate of new assessees stood at 41.32 per cent compared to the corresponding period in the previous fiscal. The Income Tax (IT) Department in the state had received 1.9 million applications until November for allotment of permanent account numbers. The same had been allotted to 1.7 million applicants. In the current financial year, 275 warrants had been executed and searches had led to seizure of assets worth Rs 14.31 crore. To a query, Mr Kumar said that the IT Department in Gujarat had created a website containing tips for individuals and corporate assessees. The taxpayer could send his grievance to the site. (UNI) |
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HAL production set to commence in 2 months BANGALORE, Dec 19: The Rs 2,048 crore public sector Hindustan Aeronautics Limited (HAL) is set to cross a major milestone early next year with the expected commencement of series production of 300 top-notch Advanced Light Helicopters (ALHs) at an estimated cost of about Rs 6,000 crore. "ALH is getting certified by January-February, then we are starting the series production," HAL Chairman Dr C G Krishnadas Nair told PTI here. "Already, there is a letter of intent for 300 numbers. They have to be converted (by the Union Government) into purchase orders," he said. According to HAL, headquartered here, the 14-seater ALH is the result of long and comprehensive indigenous research, with a totally futuristic concept, integrating novel and advanced features on a single platform with diverse applications and is crafted to meet international requirements. The four prototypes of ALH, which has Army, Navy, Air Force and civil roles, had logged in over 1,000 hours of flying, Nair said adding that the production of 300 ALHs was likely to be spread over 15 years. In response to questions, Nair said the basic helicopter would cost around Rs 20 crore but compared to international price, "it is very cheap". Nair said HAL was looking out for partners for overseas production and marketing. "We have had some discussion with some people but we have to first sell in India". Asked whether HAL had any plans for licenced production of Russian-made Sukhoi-30s, Nair said "it is too early to comment. But if more Sukhoi-30s are required for Indian Air Force, HAL is definitely looking for licenced production." On future plans, he said the boeing company had placed an additional 4.5 million dollar production order with HAL. "We are negotiating another eight million dollar deal with boeing for producing a different item and it will be finalised soon". Nair said that HAL was in discussion with airbus industrie for doubling the door production for the latter and the agreement would be made before March. Asked about upgradation of a fleet of MI-17 helicopters with the Indian Air Force, in collaboration with a Kazakhstan aircraft manufacturer, he said: ‘If MI-17S are going to be considered in India, there is an opportunity for HAL and for them to work together. This is a serious opportunity". According to him, a new project on Intermediate Jet Trainer (IJT) in which would replace "Kiran", the basic jet trainer used for pilot training as well as for weapon training — has already started and initial testing is going on. "It is progressing very fast," he added. HAL made a record sale of Rs 2,048 crore in 1998-99 and earned a profit of Rs 198 crore. Nair said the company hoped to achieve a 15 per cent growth this fiscal. (PTI) |
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ABN Personnel Network to help job seekers in J&K Excelsior Correspondent JAMMU, Dec 19: To cater to the needs of corporate world and helps the job seekers to get opportunities, the ABN Personnel Network will launched its ‘mediatory’ services in the state of Jammu and Kashmir by tomorrow. After successfully running its services in the state of Punjab and Delhi, the ABN extended its network to the state by opening its office at Gandhi Nagar, here. Talking to newsmen here today, Mr Anil Gupta, business partner of ABN Personnel Network said that ABN primarily assists the unemployed qualified freshers as well as experienced people to get the suitable job opportunities in Jammu, Punjab, Delhi and surroundings like Ghaziabad, Faridabad, Gurgaon and many more industrially places in Northern part of the country. The Network will also assist the Corporate companies of J&K region to get senior people from outside the state. Moreover, they will also maintains a methodical records of all level job seekers through computers, he added. In order to fulfill their motto of right manpower and also to provide quality services to the employers, ABN used to shortlist the candidates after screening in preliminary interviews at their own. Only shortlisted candidates are forwarded to the employers as per the specific requirement. It saved the valuable time and botheration of conducting preliminary interviews, explained Mr Anil Gupta. In the first phase, ABN has opened its extension counter at Udhampur for documentation of job seekers. For documentation, the ABN will charge no fee, but in case of providing an suitable job to the candidate, the company will charge 50 per cent of the gross salary from the candidate and an equal amount from the employer as per the agreement already reached between the three, he further said. But, in cases of Fourth class, Widow and handicapped job seekers, ABN does not charge any service fee, disclosed Mr Gupta. |
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Raise premium for motor vehicles insurance: CAG NEW DELHI, Dec 19: A hike in the premium for motor vehicle insurance as become necessary to prevent heavy losses being suffered by the four subsidiaries of the General Insurance Corporation (GIC) of India, according to the latest report of the Comptroller and Auditor General (CAG) of India. The GIC subsidiaries suffered an algregate loss of Rs 1,144 crore in three years (1995-98) in motor insurance and other miscellaneous insurance settlements due to collection of premium substantiatly lower than the claims paid out, the CAG report says. The subsidiaries are National Insurance Company Limited, Calcutta, the New India Assurance Company Limited, Mumbai, the Oriental Insurance Company Limited, New Delhi and United India Insurance Company Limited, Chennai. The total premium covered only 78 per cent of the expenses and claims that had to the settled in 1997-98, the report says. "Therefore, a strong case exists for increasing the premium amount to cover up the claims and other expenses so as to generate a reasonable profit from motor vehicle insurance." Also, there has been no revision of premium rate since 1989 in case of motor vehicle insurance. This is true of certain miscellaneous insurance, according to the report. During the three years, the GIC and its subsidiaries put together hame incurred losses in their insurance related transactions. However, the operating losses have been more than off set by interest, dividend income from investment and rent income. Fire, marine and theft insurances business have been generating profits (Rs 760 crore), while theft insurance yielded a profit of Rs 72.74 crore in three years as a result of a three-fold increase in the volume of business, from Rs 22 crore to Rs 60.2 crore. (UNI) |
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Japanese firms to join $ 700-mln power project in India TOKYO, Dec 19: Japan’s Electric Power Development Co and Marubeni Corp will join a 700-million-dollar project to build a coal-fired power plant in India, a report said today. Construction of the 520,000-kilowatt power plant will begin next February in Andhra Pradesh, followed by the wholesale of electricity there from 2003, Nihon Keizai Shimbun said. For the project, the two Japanese firms will set up a new venture, BPL power projects, jointly with Indian electrical machinery maker BPL Ltd. Of total capital of 210 million dollars, BPL group companies will have a 63 per cent stake, with Marubeni holding 26 per cent and electric power 11 per cent, it said. Immediate confirmation of the report was not available from the Japanese companies. (AFP) |
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Indian textile policy poised tantalisingly NEW DELHI, Dec 19: India’s textile industry is poised tantalisingly between a bleak past shrouded by sickness coupled with protectionist measures by Europe and US and a challenging future dictated by WTO rules as it enters the new millennium. The sector, contributing five per cent of GDP and employing largest manpower next only to agriculture, reacted reluctantly to modernisation programmes even as the Government took initiatives to integrate with international market to face the challenges after phasing out of quotas in 2004. Textile shipments continued their dismal performance by recording 2.5 per cent growth in the first half of fiscal 1999-2000 despite a recovery in India’s overall exports propelled by resurgence in East Asian markets. The segment, which is a significant forex earner accounting for one third of total exports, had slumped in the previous two years posting 4.2 per cent growth in 1997-98 and 1.5 per cent in 1998-99 after witnessing a high of 15.4 per cent in period between 1992-93 and 1996-97. The Government launched the ambitious Rs 25,000 crore technology upgradation fund from April one offering an interest subsidy of five per cent on loans for improving productivity and quality of textiles. But the Rs 600 crore cotton technology mission to improve the quality of the key raw material, which is in offing for a long time, is yet to fructify though Textile Minister Kashiram Rana had said it would be placed before cabinet soon. Obsolete technology, increased cost of inputs, non-availability of timely credit, mismanagement and recessionary trends continued to plague the industry as more units became sick in the year. As on September 30, 1999, 331 mills employing more than three lakh workers were closed of which Tamil Nadu topped the list with 80 followed by Gujarat (75) and Maharastra (33). A total of 108 units have been referred to the Board for Industrial and Financial Reconstruction. No rehabilitation package for the 119 state-owned National Textile Mills (NTC) seems in sight even though the Government promised a revised turnaround strategy for viable units in the beginning of the year. Out of this, production activity had stopped in 35 units while 84 are either partially or fully operational. The high-level committee on new textile policy headed by former Textile Secretary S R Sathyam submitted its recommendations without any fanfare as the Election Commission used the rod of its model code of conduct to ban any publicity to the report. The report, having far reaching recommendations on turning around the Moribund sector, is yet to be made public even though the Election Commission diktat had elapsed and four months gone by since its was submitted on August three. (PTI) |
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