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World Bank announces WASHINGTON, Dec 1: The World Bank has approved a 120 million dollar loan to support the development of India’s Small and Medium Enterprises .........more US
5.5 bln FDI in IT NEW DELHI, Dec 1: Foreign Direct Investment (FDI) of about 5.5 billion US dollars was approved by the Government......more Hero
Honda’s sales up NEW DELHI, Dec 1: Two-wheeler major Hero Honda today said it registered .....more Reliance
to set up KOLKATA, Dec 1: Reliance industries chairman Mukesh Ambani today announced the setting up of a solution development........more |
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Maruti’s November NEW DELHI, Dec 1: Leading car maker Maruti Udyog Ltd today said its year-on-year November sales rose 7.8 per cent to 42,842 units from 39,745 .......more NDA
stages walkout NEW DELHI, Dec 1: The opposition National Democratic Alliance (NDA) staged a token walkout from the Lok Sabha on the maiden day of the winter .......more Exports
drive up Hyundai SEOUL, Dec 1: Hyundai Motor Co., South Korea’s top auto maker, registered a....more Scope
expects more KOLKATA, Dec 1: Standing conference on public enterprises(scope) Director General S M Dewan today said they were expecting top Public ,........more |
World Bank announces $120 million loan for Indian SMEs WASHINGTON, Dec 1: The World Bank has approved a 120 million dollar loan to support the development of India’s Small and Medium Enterprises (SMEs) sector. The loan to Small Industries Development Bank of India is aimed at improving smes access to finance and business development services, thereby fostering their growth, competitiveness and employment creation. The small and medium enterprise financing and development project, supported by this loan, is designed to achieve this objective through a multi-pronged approach. "Small and medium enterprises are potentially a key engine of economic growth, job creation and greater prosperity in India," said Priya Basu, senior economist at the bank. "But SMEs in India have been unable to achieve the competitiveness that would allow them to drive manufacturing sector and overall economic growth, employment and poverty reduction. In large part, this is because of the problems that SMEs face in accessing adequate financing and business development services," she said. "Bankers are reluctant to lend to SMEs because of the high transactions costs and perceived risks of SME lending in the face of insufficient credit information, inadequate credit appraisal and risk management skills, poor repayment records and low market credibility of SMEs," she said. "Through its various components that focus on both financing issues and business development support for SMEs, we hope the project will demonstrate that it is possible for banks to scale-up lending to smes in a profitable manner without compromising on loan quality," she added. (PTI) |
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US 5.5 bln FDI in IT hardware and software sector during 1991-2003 NEW DELHI, Dec 1: Foreign Direct Investment (FDI) of about 5.5 billion US dollars was approved by the Government during 1991 to 2003 in the IT hardware and software sector, Minister of State for Communications and Information Technology Dr Shakeel Ahmed informed the Lok Sabha today. Replying to a question, he said the Government granted appropriate approvals for FDI by the foreign companies to establish commercial presence in India through the automatic route and Foreign Investment Promotion Board (FIPB). In reply to another question regarding discontinuation of coin box facility, Dr Ahmed said no such notification had been issued by Telecom Regulatory Authority of India (TRAI). However, as per present policy coin box to mobile connectivity was permissible only in places that had point of inteconnect with cellular network and were also long distance charging centres. This policy was for both rural and urban areas, he added. Regarding arrears of telephone dues payable by the Union Government and different State Governments to MTNL and BSNL by the end of September this year, the minister said information was being collected and would be laid on the table of the House. On the allotment of mobile PCOs to the handicapped, Dr Ahmed said MTNL had framed a policy for allotment of mobile PCO to handicapped persons in Delhi and Mumbai however, there was no such policy in BSNL for rest of the country. Regarding telephone exchanges and post offices in Jalpaiguri district in West Bengal, Dr Ahmed said there were 58 telephone exchanges, two head post offices, 57 sub post offices, 16 extra department sub post offices and 226 Extra Departmental Branch Offices (EDBO) opened in Jalpaiguri district in West Bengal. There was no proposal to open any new telephone exchanges, post offices, sub post offices in 2004-05 in this district, he added. (UNI) |
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Hero Honda’s sales up 15 pc in November NEW DELHI, Dec 1: Two-wheeler major Hero Honda today said it registered record sales in November 2004 with 235,836 motorcycles, up 15 per cent from an annual high fo 204,533 motorcycles sold in the same month last year. Its cumulative sales grew 29 per cent to 1,705,230 units in April-November 2004 from 1,317,248 motorcycles sold in the corresponding period a year ago. (UNI) |
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Reliance to set up solution development centre in Kolkata KOLKATA, Dec 1: Reliance industries chairman Mukesh Ambani today announced the setting up of a solution development and service centre here employing about 2500 people within the next three years. Speaking at infocom 2004, the largest gathering of IT experts and related companies in India, Mr Ambani also announced his plan to establish a communication technology training institute in the name of his father late Dhirubhai Ambani in the city soon. This would help to train emerging IT professionals in large numbers catering to their increasing demand not only from India but all over the world, he said. Hailing the tremendous growth West Bengal has been witnessing for the past several years in terms of IT and communication technology, Mr Ambani said that Reliance infocom, of which he is also the chairman and managing Director, has so far invested Rs 1000 crore in West Bengal. "Kolkata is now known to be one of the most dynamic it hubs in the country, making it very attractive for all the it companies to come and join hands with the State Government and explore the opportunities." He said that infocom has also played a great role in uniting the billion dollar IT industry under one roof and help in making India the most desired destination for the sector. Coming back to the role of Reliance infocom, which is currently spearheading a revolution in communication technology, Mr Ambani said that in less than 30 months of its existance, it had spread its network to 1100 cities and towns and planned to connect about 5,000 towns within the next couple of years besides reaching 100,000 villages at the same time. "So far we are catering to about 40 million subscribers," Mr Ambani said adding that recently they have acquired a majority stake in the world ‘s leading telecom company to provide IT and communication services to 75 per cent population of the world through underground and digital cable network. Fondly referring to the role of his father late Dhirubhai Ambani in bringing about a revolution in communication technology, Mr Ambani said Reliance infocom was leaving no stone unturned to realise his unfinished dream. He also congratulated IT Minister Manabendra Mukherjee for playing a pivotal role in deveoping the IT industry in West Bengal, making it as one of most attractive destination in the country within a short span. Earlier, addressing the gathering of the captains of India’s IT and ITEs industry, NASSCOM chairman Jerry Rao and president Kiran Karnik also announced plans to set up a NASSCOM training centre in Siliguri in north Bengal taking full advantage of the strategic location as the gateway to the east and the north east and said they were also exploring similar opportunities in Kolkata and Bhubaneswar. The three-day Infocom 2004 is being attended by more than 200 IT experts and delegates throughout the country and organised jointly by businessworld and IBM. (UNI) |
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Maruti’s November sales up 7.8 pc NEW DELHI, Dec 1: Leading car maker Maruti Udyog Ltd today said its year-on-year November sales rose 7.8 per cent to 42,842 units from 39,745 vehicles in the same month last year. It said retail sales during the month were robust due to high consumer demand in the festive season. Maruti’s volume in the domestic A2 segment, comprising Alto and Wagonr, grew by 46.7 per cent, in the A3 luxury car segment (Esteem, Baleno) by 351.6 per cent and in the C segment (Omni, Versa) by 8.9 per cent during the month as compared to sales in November 2003. In the A1 segment comprising the enrty-level model m800, however, sales dipped 38.9 per cent. Sales of M800 have been on the decline since the company slashed their prices of Alto in August. Overall exports also faced a downslide. The company exported only 1,894 units last month as against 3,608 vehicles in the same month last year, down 47.5 per cent. In the multi-utility vehicle segment, sales of Gypsy and Vitara surged 120.3 per cent to 326 units last month compared to November 2003. (UNI) |
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NDA stages walkout protesting inflation, price rise NEW DELHI, Dec 1: The opposition National Democratic Alliance (NDA) staged a token walkout from the Lok Sabha on the maiden day of the winter session today in protest against inflation and rise in prices of essential commodities. Demanding a statement from the Prime Minister on the issue, the opposition alleged in the zero hour that the Government was "completely inactive" in arresting inflation and price rise. As expected, deputy BJP Parliamentary party leader Vijay Kumar Malhotra set the tone for the opposition as he accused the Government of failing to act on its promise to contain inflation. For the past six months the rate of inflation has been increasing to touch the eight per cent mark though the Prime Minister and the Finance Minister promised to check the rate within 5.5 per cent, he said. Mr Malhotra said the hike in petroleum prices had its cascading effect on the prices of essential commodities, including LPG, throwing the common people in great distress. He pointed out that even the UPA supporters — the Left and the Samajwadi Party — were opposing the price rise and that the Government should take immediate action to contain the situation. Taking cue from Mr Malhotra, Mr Brajkishore Tripathi (BJD) criticised the Government for the common man’s sufferings. The standing committee on finance has specified ways to bring down the prices, but no action has been taken by the Government to mitigate hardship faced by the people, he alleged. Joining the opposition on the issue, Samajwadi Party member Rajmji Lal Suman said the UPA’s Common Minimum Programme (CMP) had promised to control prices of essential commodities in the interest of the common people, but the reality was different because of "wrong functioning" of the Government. Demanding a discussion on the matter, Mr Suman said the SP was a supporter of the Government, but his party would act in its own way in protest against the price rise. At this point, the deputy BJP leader alleged that the Government was taking no action to address the problem and led the entire NDA members in a brief walkout. Raising the price rise issue from a different platform, CPI member Guru Das Das Gupta said as a supporter of the UPA, his party was distressed at the recent price rise and demanded total rollback of the price hike of petroleum products. Before ordering increase in the price of petroleum, the Government did not consult Left parties, he said. Though there was a decline in the price of international crude, the Government utilised oil as a "convenient tool" for mobilising revenues, he added. Calling upon the Government to look for greenfield areas for revenue mobilisation, Mr Das Gupta said his party would oppose "each and every unilateral decision" taken by the Government. Mr Das Gupta, however, said he would not join the BJP to lodge the protest since it was during the previous NDA Government that there was successive increase in the prices of petroleum products. (UNI) |
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Exports drive up Hyundai Motor’s Nov vehicle sales SEOUL, Dec 1: Hyundai Motor Co., South Korea’s top auto maker, registered a 20 percent jump in November vehicle sales, as booming demand for its Santa Fe Suv and mid-sized Sedan Sonata powered exports to Europe and China. Hyundai, a rising star on the world auto market, is expected to see good volume and market share growth in the months ahead as new models lure more buyers, analysts have said. Investors are also eager to see how Hyundai’s new flagship, NF Sonata, fares next year in the crucial US market, particularly since the company faces a rising won currency, stagnant local demand and gloomier prospects for the global economy. Moody’s investors service upgraded its ratings on Hyundai and affiliate Kia motors corp. Last week, citing improving overall earnings and credit profile. Hyundai’s revenue growth has been strengthened by successful model renewal and export sales, and moody’s expected this trend to continue. Hyundai Motor, which controls half the home market, sold 223,698 vehicles in November against 186,511 units a year ago. Exports rose 27.5 percent to 175,194 units from 137,456 a year earlier, while domestic sales fell 1 percent to 48,504 units from 49,055 units. Exports were strong across the board, with Europe and China taking the lead, a Hyundai spokesman said on Wednesday. Sales in the key US and growing India markets were also robust, he added. "The company continued its march of record monthly sales, helped by rocketing exports and aggressive marketing in the home market," said Hyundai spokesman Park-Sang-Woo. Investors hope the NF Sonata will do for Hyundai what the camry did for Japan’s number one car maker, Toyota motor corp. The Camry was Toyota’s first car sold in volume globally and helped catapult the Japanese firm to number two in the world. The NF Sonata will compete with the camry and Honda Motor Co’s accord. Hyundai hopes to crank out 5 million cars a year along with kia motors to become a global top five car maker by 2010. Shares in Hyundai Motor have come under pressure recently, hit by worries over a shortage of steel plates and a stronger won. The stock was off 0.6 percent at 51,300 won by 0512 gmt, versus the wider market’s 0.04 percent rise. (AGENCIES) |
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Scope expects more autonomy for top PSUs KOLKATA, Dec 1: Standing conference on public enterprises(scope) Director General S M Dewan today said they were expecting top Public Sector Undertakings to get more autonomy to run their business free from the usual problems faced by the PSUs. Mr Dewan said scope, the apex body of the PSUs in the country, had taken up the matter with the highest authority and was hopeful that the leading public sector organisations, including the nine Navaratnas and 42 Mini-Ratnas would be granted freedom to go in for acquisitions, merger and joint ventures without waiting for the nod from the Cabinet Committee on Economic Affairs. Addressing a meeting of the leading Public Sector Organisations here, he said the Prime Minister had assured that appropriate steps would be taken to ensure that the PSUs get easy access to all areas for expanding their activities and imrpove in all possible spheres in a competitive scenario. He said the PSUs were doing excellent these days after the new mantras of making profit entered the arena. Mr Dewan said the profit making PSUs in 2002-03 have more than quadrappled its surplus at Rs 43,085 crore from 1993-94. He said the net profit was Rs 32,141 crore during 2002-03 after accounting the losses of some others to the tune of Rs 10,944 crore. The net profit had shown an impressive rise of 23.7 per cent during 2002-03 over that of 2001-02. He said the return on investement by the PSUs had also shown remarkable improvements to 17.45 per cent during 2002-03 compared to 11.4 per cent of 1992-93. He expressed hope that the PSUs would make further improvements following their pragmatic approach in the competitive scenario in the present time. (UNI) |
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Govt creating promotiona package for small scale sector NEW DELHI, Dec 1: The Government is in the process of formulating a major promotional package for small scale sector, Small Scale Industries and Agro and Rural Industries Minister Mahavir Prasad informed the Lok Sabha during the question hour. He said the Government had set up a small and medium enterprises fund of Rs 10,000 crore under the Small Industries Development Bank of India. Under this fund, which has become operational with effect from April one, 2004, loans are being made available to the SSIs at two per cent interest below the prevailing prime lending rates of SIDBI. The minister said quantity of production and export by the SSI sector has not decreased. (UNI) |
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Centre selects 6 states for developing MIS for cattle project CHANDIGARH, Dec 1: Realising the potential of information technology in effective management of livestock data, the Centre has selected six states including Haryana for the development of Management Information System (MIS) under the National Project for Cattle and Buffalo Breeding (NPCBB). The project aims to improve the genetic pool of livestock in the country besides disseminating information on availability of semen of better breeds and promoting better animal husbandry practices in various parts of the country. Apart from Haryana, five states — Andhra Pradesh, Madhya Pradesh, Kerala, Tamil Nadu and Uttaranchal, have been asked to develop MIS under NPCBB in order to finalise the uniform model to be adopted in the country, an official release said here today. After detailed presentation of the models by the selected states, the Centre decided to adopt Haryana’s model for replication in the country. The uniform model will be evolved after incorporating some additional features and modules for herd registration, natural service and configuration of software to suit all the states, the release said. (PTI) |
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Tata to launch Indica in China BEIJING, Dec 1: India’s largest automotive manufacturer, Tata Motors Limited today said it will launch its 1400cc ‘Indica’ family car in China "very soon" and was closely evaluating the best options to penetrate into the world’s fastest growing auto market. The company is also looking at launching a range of commercial vehicles in China as part of the plans to go global, senior company executives said here. "We have plans to bring Indica to China very soon," divisional manager, passenger car business unit of Tata Motors Limited, Ravi Uchil told PTI here. Uchil said the company was currently conducting a through market study on how to enter the Chinese market. He said the company was looking at various options available to it either through a joint venture partner or independently. A final decision on the route to be taken to enter China would be firmed up after studying all aspects of the market study, he said. The Indica model would be promoted as a family car in China at an "affordable price," he said, adding that research has indicated that there is a growing demand for family cars in the world’s most populous nation. (PTI) UPA Govt’s efforts to liberalise trade encouraging: UK NEW DELHI, Dec 1: Entry level obstacles came in the way of stepping up British investments in India but efforts of UPA Government to further liberalise FDI regime, particularly in telecom, insurance and civil aviation sectors were encouraging, British High Commissioner Michael Arthur has said. "A lot of British investors have said the entry obstacles in India are quite high and the Government should look at these areas and think of lifting FDI caps," he said at an interactive session with the forum of financial writers here last evening. He, however, said India was becoming more open in various sectors like civil aviation and telecom and a lot of British investors were now investing here. "India has come a long way. Three years ago, it did not figure in the list of league investors in UK but today it is the eighth largest investor," he said, adding 28 new Indian companies have invested in Britain in 2003-04, taking the total number of such companies to 480. "Big Indian names like Tata consultancy services and Wipro have also joined the group and you would see a friend in us and not a foe," he added. On why his country was not investing in India as much as in China, he said "it is true that our investment in China is almost ten times higher than that in India, but that is primarily because of their open policy." (PTI) |
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