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ASSOCHAM for putting economy on path of fast track growth NEW DELHI, Nov 17: Mr K P Singh, president, the Associated...more THALMAESSING (GERMANY), Nov 17: What do British chips or U.S. French fries ..more CITU oppose 2nd generation reforms JAIPUR, Nov 17: Centre of Indian Trade Unions (CITU) along with four....more Declare Punjab a revenue deficit state: Congress CHANDIGARH, Nov 17: The Punjab Congress today submitted a...more Passi elected new NEW DELHI, Nov 17: Mr Ravi K. Passi has been unanimously elected as ....more |
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Public spending has to NEW DELHI, Nov 17: Painting a rosy picture of an economic rebound,...more
NEW DELHI, Nov 17: Petroleum Minister Ram Naik today stoutly defended the....more Excelsior Correspondent Jammu, Nov 17 : Mr I S Malhi, Financial Commissioner, Agriculture Production and Rural Development Department desired that...more Silver zooms up by MUMBAI, Nov 17: Silver prices zoomed up by Rs 130 per kilo on the bullion market here today due to the smart rise in ....more |
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ASSOCHAM for putting economy on path of fast track growth NEW DELHI, Nov 17: Mr K P Singh, president, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) today called upon all industry chambers to forge a consensus amongst themselves on the implementation of strategy for putting the economy firmly on the path of fast track growth. Addressing the Managing Committee meeting of the PHD Chamber of Commerce and Industry, the ASSOCHAM chief said: "Having successfully created a broad political consensus on the agenda for economic and social development, it becomes our bounden duty to come together and speak in one voice on steps to get the second generation reforms going." Mr Singh said fortunately the Government and political parties see the business chambers as an equal partner in the development process, and therefore "let us delve deeper and come out with practical suggestions to help achieve a sustained growth of GDP of 8 to 10 per cent during the next five years, consistent with equity and social justice." Apart from pushing through the important bills in Parliament, there will have to be a systematic re-assessment and restructuring of public expenditure by the Central and State Governments, with the very specific objective of enhancing the efficiency of such expenditure, little or no attention has been paid to revenue expenditure the proposed expenditure commission, Mr Singh said, must be given statutory powers to recast public-especially revenue- expenditure. While the Government and the Central Bank must be fully aware of all downside risks of full capital account convertibility, and must at all times of prepared to intervene in the market to prevent a difficult situation from getting out of hand, there is no reason why Indian nationals should be denied the economic benefits of convertibility. Bold but carefully calibrated initiatives can enhance confidence in the Indian economy and augment foreign exchange inflows. The reform of the financial sector is another area of urgent concern, the ASSOCHAM chief said. Not only is this needed to improve the profile of banking and financial institutions, but it will also be warranted by the rapid changes taking place in the international financial architecture. New fiscal and financial disciplines will be imposed by the external world if we do not adopt such disciplines on our own. Another important item on the new reform agenda is governance and, in particular, corporate governance. While all institutions are in need of reform- the Government, the police, the judiciary, the media, the medical and legal professions, and so on, the corporate sector must set an example by reforming itself even as it demands reform of all these. Shareholders, investors, customers and all citizens deserve empowerment. This implies strenthening competition and regulating non-competitive behaviour, inducing greater transparency and professionalism in corporate governance. Finally, the most important arena for second generation reforms will have to be State Governments. State-level subjects like municipal administration, urban development, public transport, hospital administration, environment, drinking water supply, drainage and sanitation and such like are crying for attention. Economic reform in the 1990s has focussed largely on macroeconomic policy and sectoral reform in industry and finance. The ASSOCHAM chief said initiation of strategic components of building an infrastructure for the next century such as major highway projects, port modernisation, Tourism Development will have to be taken up to trigger growth in various sectors and regions. The infrastructure sector must remain the focus of policy attention for the second generation reforms. To work towards an 8 per cent plus rate of economic growth several things have to happen on the infrastructure front. These include the financial closure of the several projects that are in the pipeline. Projects in the power sector have largely been delayed on account of the political flux and slackness in reforming the power sector. New projects must strike ground, particularly in roads, ports, railways, civil aviation and so on. Mr Singh said priority will have to be given to public enterprise reform. Privatisation of non-strategic enterprises, particularly in tourism, consumer durbales nd non-durables. Large public enterprises like Air India, Indian Airlines, BHEL, Hindustan Shipyard, Mazagaon Docks and other such establishments should be encouraged to enter into "strategic" collaboration with global corporations to enhance their technical and service capabilities. The export sector, the chamber president said, is another priority area where urgent policy attention is required. Unless India can sustain double-digit export growth over the next decade it will not be possible to ensure the stability and sustainability of the Balance of Payments and the openness of the Indian economy. Closing doors and imposing trade, foreign exchange and capital controls is not a realistic or desirable option. Rather, the economy must be prepared to move to full capital account convertibility. It is ironic that capital controls on the external account are only for Indian nationals while convertibility exists for foreigners and Non-Resident Indians. (UNI) |
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THALMAESSING (GERMANY), Nov 17: What do British chips or U.S. French fries have in common with "bio" diesel fuel? the answer might not be obvious to people who would sooner "chew it over." But South German businessman Willi Lesch has no hesitation in coming up with the right answer: their fat. Snack bars use hundreds of thousands of kilograms of vegetable oil and fat a year to fry those tasty little fingers of potato. Once the French fries are sold, Lesch’s job begins. At his works in Northern Bavaria the ex-farmer processes 40,000 kg of stale fat a week from the German States of Bavaria, Baden-Wuerttemberg, Thuringia, Saxony and Hesse. Ninety per cent of the used oil and fat collected, for the most part, from approximately 20,000 restaurants and snack bars is converted into diesel oil for use as motor fuel. The remainder is used to manufacture cosmetics such as skin cream and lipstick, plus fertiliser and biogas. Mr Lesch’s competitors are based mainly in Belgium and the Netherlands, and they regularly bring the trade into disrepute, he says. "The poor disposal techniques used by many operators have led to an enormous price decline," he says. And many bio diesel manufacturers are said to be highly sceptical and reserved about buying stale fat. Yet business is brisk. Mr Lesch and his staff of 20 gross an annual turnover of between four and five million marks (2.15 and 2.7 million dollars). When he set up in business in 1992, he processed about 400kg of fat a week. Today he handles 100 times as much. "We collect free of charge," he explains. Others usually charge 30 pfennigs (16 US cents) or more per kg. The consequences can be alarming. "When waste disposal becomes too expensive," he says, "fat tends to be dumped illegally, and entire fat mountains have taken shape as a result." In order not to be associated with Dioxin scandals like the recent one in Belgium, where animal feed was found to contain the toxin, Mr Lesch has developed complex disposal procedures and machinery. "After processing, the drums no longer come into contact with the oil," he says. "So no Dioxins from the paint can find their way into the liquid," says Mr Lesch, 53. Lesch and his staff drive the greasy oil and fat in 200- to 800-litre drums by truck to his factory in Thalmaessing, about 50 km south of Nuremberg. The contents of 100 drums are then poured into a vat and heated. There are regular upsets when oil is stolen and sold to manufacturers in other countries. "But they are usually harmless," he says. "They vanish as quickly as they appear." A much more serious problem is that the regulations keep changing, it seems. "There are no uniform European Union rules, so some suppliers have no difficulty in adding sump oil to the stale fat," Mr Lesch says. And that ruins the prices. All told, though, he takes a positive view of the "greasy" future. As recycling produces no residual waste whatever, the trade in stale fat is likely to continue in the years ahead. (DPA) |
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CITU oppose 2nd generation reforms JAIPUR, Nov 17: Centre of Indian Trade Unions (CITU) along with four leading unions has opposed the Vajpayee Government’s second generation reforms, specially opening up of banking and insurance sectors, and plans a nationwide protest, a senior Trade Union leader has said. There has been systematic efforts to rob the labour force of their justified rights and promote big industrial houses and multinationals which should be fought tooth and nail, a resolution adopted at the two-day meeting of CITU’s national executives which concluded here yesterday stated. The resolution has maintained serious reservation on issues of Insurance Regulation Bill, the move to privatise public sector banks and other undertakings. CITU general secretary M K Pandhe told reporters that his organisation will join hands with four other labour unions-Bhartiya Mazdoor Sangh (BMS), Indian National Trade Union Congress (INTUC), Hind Mazdoor Panchayat (HMP) and All India Trade Union Congress (AITUC) to strengthen bargaining power of labour force in the country and fight for their cause. CITU would observe nation wide protest day on November 29 against anti-people policies of the Government, Pandhe added. (PTI) |
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Declare Punjab a revenue deficit state: Congress CHANDIGARH, Nov 17: The Punjab Congress today submitted a memorandum to the Eleventh Finance Commission, demanding that the state be declared a "revenue deficit state" as it was under a debt of Rs 19,800 crore, bearing a deficit of Rs 2,000 crore. The memorandum was submitted by party’s state unit chief Amarinder Singh who earlier at a press conference charged that the Akali-BJP Government had failed in the state’s financial management. Mr Amarinder Singh said the party had also demanded the tactical, progressive and forward looking devolution of funds for the state to create a balanced and strong federal financial set up. Waiving of special tern loan of Rs 3,772 crore granted to Punjab was also demanded by the Congress through the memorandum which also stated that taxes and duties under Articles 268 and 269 should be levied and collected by states only. The state Congress chief said that genuine problems of Punjab like debt trap in agriculture, border area problems, water logging, very high expenditure on law and order and higher level of investment due to large scheduled caste population should be given due weightage while deciding the quantum of grant to the state under Article 275. Mr Amarinder Singh alleged that the financial situation had worsened to the extent that the Akali-BJP Government was collecting huge funds from wherever possible to pay salaries to State Government employees. The state party chief ruled out any possibility of an all-party meet to discuss the prevailing financial crisis in the state. "This will not yield result as several ruling politicians were involved in financial irregularities," he said. He condemned the recent hike in bus fares in the state from 36 paise per km to 39 paise per km. "The hike in transport fares was kept secret, catching the common man by surprise," he charged. Responding to a question, he denied Akali Dal allegations that Akali Dal MLA Ravi Inder Singh was hand in glove with the Congress. Mr Ravi Inder Singh was served a show-cause notice for alleged anti-party activities by the Dal yesterday. He said it was surprising that whenever there was a rift among Akalis they blamed one another of conspiring with the Congress against the ruling Akali Dal. (UNI) |
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Passi elected new chairman of EPCH NEW DELHI, Nov 17: Mr Ravi K. Passi has been unanimously elected as new chairman of Export Promotion Council for Handicrafts (EPCH), an apex body to promote export of handicrafts sponsored by Ministry of Textiles. Mr Passi succeeds Mr K. L. Katyal. Mr Passi on being elected as the new president of EPCH expressed hope that the handicraft export industry presently employing lakhs of skilled workers from rural India is all set to exceed export target for handicraft for the year 1999-2000 for Rs 6050 crore. (UNI) |
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Public spending has to be checked, Sinha warns NEW DELHI, Nov 17: Painting a rosy picture of an economic rebound, Finance Minister Yashwant Sinha today forecast an over 6.5 per cent growth this fiscal but warned public spending needed to be checked to control the burgeoning fiscal deficit. "Economy is on the rebound. All important indices are doing well .. But despite years of economic reforms, unfortunately we have not been able to get the better of the fiscal situation," Sinha said at the economic editors conference here. Elaborating on the difficult fiscal situation, Sinha said there was however no cause for "panic" as "there is nothing extraordinary this year. Serious steps needed to be taken to rein in fiscal deficit in medium term, a problem which is two decades old." "I am saying this to take away the impression that there is a crisis. The determination of the Government is to keep expenditure under control and it has been steeled after it came back to power," he said. Explaining the need to curb non plan expenditure, Sinha said the interest burden alone accounted for Rs 90,000 crore, defence outlay additional Rs 46,000 crore, Rs 10,000 crore each on grants to states and pensions, Rs 6,000 crore for central police and Rs 4,000 crore on food subsidy. Expenditure on all these heads could only go up in the coming year, Sinha said adding unless "we cut non plan expenditure we would only be eating into our resources for development." (PTI) |
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NEW DELHI, Nov 17: Petroleum Minister Ram Naik today stoutly defended the disinvestment of Gas Authority of India (GAIL) earlier this month and said upto 12 per cent Government equity in Indian Oil Corporation (IOC) would be divested in the same transparent manner during January-March 2000. Other than some political criticism, no allegation of any scam has been made against us in overseas disinvestment of 135 million GAIL shares on November 4, Naik said and asserted that there was no hanky panky in this issue and we will go by the same approach in our next disinvestment in IOC. Indian Oil Corporation would hit both the domestic and overseas market to offload upto 12 per cent of Government equity in the corporation subject to market conditions, he said at the Economic Editors Conference here. We are planning to go for disinvesting about 10 to 12 per cent of Government equity in IOC during the last quarter of the current fiscal in both the domestic as well as the international market, Naik said. IOC chairman and managing director M A Pathan indicated that he would prefer financial institutions and individuals picking up equity in the company rather than the corporate entities and the corporation had already conveyed its feelings to the Government. (PTI) |
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Excelsior Correspondent Jammu, Nov 17 : Mr I S Malhi, Financial Commissioner, Agriculture Production and Rural Development Department desired that the New Primary Agriculture Credit Societies should be organised in each village in the rural area under the recently notified Co-operative Societies Act whereunder the Government shall have least interference in these societies. Appreciating the role of the PACs in disbursement of rural credit particularly to the farmers, he observed that the existing PACs seems to have out lived their utility due to heavy default to the banks making it impossible for channelizing the credit through these. Mr Malhi was reviewing the working of the Jammu Central Co-operative Bank Limited over a period of past three years with the Managing Director of the bank, Secretary, Rural Development and Registrar Co-operative Societies. In a statement, Mr Malhi appreciated the role played by the Jammu Central Co-operative Bank which accounts for 67% of deposits and 55% of loans outstanding with all the Central Co-operative Banks in the State. He particularly expressed satisfaction for the encouraging trend in disbursement of loans which has registered growth rate of 53% during 1998-99 as against the State average of 25%. However, he expressed concern that the farm sector loans have virtually remained stagnant and a major quantum jump have been seen only in the non farm sector particularly to the Transport Industry. He stressed the need for the bank officials to find out new channels for dispensation of credit in the rural areas in view of the weak primary health of the PACs as he felt that Commercial Banks are still shy and incapable of having a reach as much as the Co-operative Credit Institutions can have. Mr Malhi felt that the bank should not hesitate in undertaking direct loaning even if it means increase in the Cost of Management because denying credit particularly in view of non availability of infrastructural facilities goes against the interests of the rural economy. He wanted the bank to improve its performance in issue of Kissan Credit Cards, which he felt are idly placed for disbursing crop loan. He directed the Registrar Co-operative Societies to look into some of the chronic problems being faced by the bank like that of recovery from JAKFED Societies (Under Liquidation), disposal of arbitration cases, recognising of Co-operative Banks for receiving Government and Semi Government institutional deposits and steps to work out an action plan for revival of the existing PACs. He felt that inspite of the fact that the over all recoveries of the bank have substantially improved over a period of two years, still it has not reached a level to meet NABARD's eligibility criteria. Hence he directed the bank officials as well as the officials of the Co-operative Department to initiate a co-ordinated approach and achieve a level of at least 60% of demand before end of June 2000. Silver zooms up by Rs 130 a kg MUMBAI, Nov 17: Silver prices zoomed up by Rs 130 per kilo on the bullion market here today due to the smart rise in New York prices along with poor supply. Gold also showed sharp rally on firm Hong Kong advices. Ready silver (.999 fi eness) opened firm at Rs 8110 and shot up further to end at Rs 8125, showing a steep hike of Rs 130 over the last close of Rs 7995. Raw silver (.916 fineness) and tenderable silver also rose by a similar margin to close at Rs 7985 and Rs 8130 respectively as against the previous day’s close of Rs 7855 and Rs 8000. Standard gold also opened higher at Rs 4620 and hardened further to end at Rs 4630, revealing a smart rise of Rs 30 over yesterday’s close of Rs 4600. 22-carat gold was nominally quoted higher at Rs 4280 from the last close of Rs 4255 and ten-tola gold bar (.999 purity) rallied by Rs 400 to Rs 54,300 from Rs 5,900. (PTI) |
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