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| No new taxes in deficit Haryana budget CHANDIGARH, Feb 12: No new taxes have been proposed in the budget for 2004-05 of Haryana presented in the state ......more Godrej
sets sights on Rs MUMBAI, Feb 16: Empowered by latest technology and equipment, the food division of Godrej Industries Limited (GIL)......more India
retail to reap Rs NEW DELHI, Feb 12: Despite the existing stringent regulations governing Foreign Direct Investment (FDI) in the domes........more APHDC
signs pact VIJAYAWADA, Feb 12: The Andhra Pradesh Handicrafts Development Corporation, to compete in a global market domi.......more |
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Haryana price records increase marginally CHANDIGARH, Feb 12: The Gross State Domestic Product (GSDP) of Haryana at constant (1993-94) prices recorded a......more Industrial
growth NEW DELHI, Feb 12: Aided by a high growth in the manufacturing sector, the industrial growth in the country touched 6.3.....more Virtusa
international CHENNAI, Feb 12: Virtusa International, a United States-based leading provider of software development and related IT.....more Nalco
produces 2.48 NEW DELHI, Feb 12: The National Aluminium Co Ltd has produced 2,48,000 tonnes of aluminium cast metal against a.....more |
No new taxes in deficit Haryana budget CHANDIGARH, Feb 12: No new taxes have been proposed in the budget for 2004-05 of Haryana presented in the state assembly here today leaving an uncovered deficit of Rs 438.97 crore. Though new taxes have been proposed Finance Minister Sampat Singh said that toll would be levied on 18 roads in the state for repayment of HUDCO loans for improvement of state highways during 2004-05. Toll is already being collected on 14 roads, he said adding that user charges would have to be paid. He said that the deficit on yearly basis would be Rs 99.39 crore as the year would open with a deficit of Rs 339.58 crore and close with a deficit of Rs 438.97 crore. "The deficit is within manageable limits and our objective is to collect more revenue by impartial and effective implementation of tax laws with cooperation of people rather than levying new taxes or raising the rates of taxes,", he added. Singh said that the total receipts during next financial year are expected at Rs 12,390.73 crore, including Rs 10,791.40 crore of revenue while the total expenditure is budgeted at Rs 12,673.07 crore. He said that the total debt outstandings would rise to Rs 23,678.95 crore from revised estimates of Rs 21,648.54 crore for the current year, which itself are much more than the budgeted estimates of Rs 20,695.47 crore. The loan repayments would rise to Rs 5,020.13 crore from Rs 4,341.62 in current year while the interest payments would increase to Rs 2,487.94 crore from Rs 2,186.26 crore in current year. The annual plan for 2004-05 has been fixed at Rs 2,175 crore, which is 17.6 per cent higher than the revised outlay of Rs 1,850 crore for the current year, Singh said adding that the highest priority has been accorded to the development of infrastructure in economic and social services. An outlay of Rs 941.36 crore, 43.3 per cent, has been earmarked for the development of infrastructure in power, roads, irrigation, and road transport sectors, the Finance Minister said adding that Rs 919.87 crore, 42.3 per cent, has been allocated for social services. Singh said that the award of the 11th Finance Commission has been less rewarding to performing states like Haryana. As per the recommendations of this commission, the share of Haryana in central taxes was reduced to 0.944 per cent from 1.238 per cent causing a financial loss of Rs 1,100 crore to Haryana during 2000-05. He said that in the memorandum submitted to the newly setup 12th Finance Commission, Haryana has strongly urged for a significant increase in weightage to be given to the factors of population, area and per capita income so as to reward the efforts of the state towards better fiscal management. He said that the state has also urged the Commission to recommend a total grant of Rs 17,865.22 crore to the state during 2005-10 so that the level of services in the deficient areas could be improved and the special problems being faced by the state could be properly redressed. Singh said that the present Government "exhibited a remarkable political will and courage in implementing the Value Added Tax (VAT) as no other state in the country could do so. It paid rich dividends as tax revenue, including sales tax, central sales tax and entertainment tax, registered a remarkable increase of 16 per cent grossing Rs 2,930 crore till December last year. The Finance Minister said that Information Technology (IT) has been accorded priority and development of infrastructure resulted in software export of Rs 4,450 crore constituting 45 per cent of the total exports. He said that 50 per cent of the DA of Government employees would be considered as Dearness Pay (DP) and would be counted for all purposes, including retirement benefits. This is likely to be put an additional burden of Rs 115 crore on the exchequer, he said. Singh said that the debt swapping scheme initiated by the Centre, was very beneficial as the state swapped Central high cost loans of Rs 1,764 crore so far bearing interest at 13 per cent and above. "We also propose to retire central loans of Rs 1,320 crore during the next year. This is likely to provide interest relief of about Rs 190 crore", he added. He said that 38.87 per cent of each rupee would come from public debt followed by 25.47 per cent from sales tax, 11.16 per cent from non-tax receipts, 10.02 per cent from other taxes, 5.96 per cent from excise, 4.91 per cent from grant-in-aid and 3.61 per cent from central taxes. He said that 29.58 per cent of outgo in rupee would be to loan repayment, 14.66 per cent interest payment, 7.78 per cent power, 4.33 per cent irrigation, 7.03 per cent roads and transport, 11.42 per cent education, 2.40 per cent health, 3.56 per cent agriculture and rural development and 19.24 per cent others. (PTI) |
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Godrej sets sights on Rs 300-cr health food market MUMBAI, Feb 16: Empowered by latest technology and equipment, the food division of Godrej Industries Limited (GIL) is aiming to grab a sizeable share of the Rs 300 crore health food market in India. With Indians becoming more aware about health and the importance of hygiene in edible products, the GIL food division is increasingly focussed on bringing to the consumers innovative value-added products that help improving the quality of life immensely, according to Mr M P Pusalkar, executive director and president of GIL foods division. Foods division is one of the prominent players in fruit beverages and edible oil categories (80 per cent of total turnover). The company recently made a foray into the health foods segment with the launch of sofit soymilk which alone has a market potential of Rs 15 crore within the segment. Mr Pusalkar said that the soyabean based food or drink products have high potential for growth because of high nutritional value such as good digestible proteins, devoid of cholesterol, a dietary component of reducing the risk of coronary heart disease. The soft drink segment in India is highly fragmented because of variety of preferences by local people based on their regional taste. GIL is committed to penetrate this segment by catching up with the growing "fitness culture" among the people, he said. GIL food division which has a high-tech ISO-2000 food beverage and edible oil manufacturing plant at Bhopal, will enhance its visibility through product development and brand establishment through alternative promotional channels. "We will introduce many more research based food products for providing health solutions to the people," he added. GIL has 24 consignment agents, 950 distributors and more than 1.65 lakh retail outlets, besides employing 22,000 persons in four manufacturing facilities in Mumbai, Mysore, Valia(Gujarat) and Mandideep in Madhya Pradesh. (UNI) |
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India retail to reap Rs 40,000-crore biz by 2006 NEW DELHI, Feb 12: Despite the existing stringent regulations governing Foreign Direct Investment (FDI) in the domestic retail industry, retailing in India is likely to reap Rs 40,000-crore business by 2006 and a greater FDI could almost double its growth rate. This observation came into light during the ongoing fourth images fashion forum vision conclave here where captains of the industry from across the globe pointed out that the first and foremost task for India is to organise the retail industry. Of the Rs 20,000-crore retail sector, organised retailing has only 2 per cent share of the market. "We have seen similar developments at a rapid pace in west Asia, Singapore, Malaysia and Thailand and they have emerged as retail paradise. "It all sounds great but there remain many questions to be answered so far as the Indian scenario is concerned," International Council of Shopping Centres (ICSC) Director for Indian Operations Amitabh Taneja said on the sidelines of the three-day conclave which began yesterday. Raising a pertinent question that who are these brands and retailers that will occupy the premium space of over 40 million Sq Ft across the country, he said the million dollar query is that ‘do we have enough brands or retail companies that can fill the kind of space that is coming up’? "We are talking of no less than 25 hypermarkets, 275 large department stores, 1500 supermrkets and over 5,000 exclusive retail showrooms that needs to lease or buy space in over 250 malls and shopping centres that are under construction and hundred of markets that are being renovated and other new ones coming up all over the country within the next three years to make retail happening in the country," he added. On supporting this retail growth, Mr Taneja noted that such developments need back-up of the entire gamut of retail support organisations that keep a tab on the emerging needs of the different markets and retail operations and continuously innovate and devise new ways, tools and systems to make retail a profitable business. Emphasising the need for evolving global standard supply chain management in India, lycra business director (Asia) Gregory vas nunes said the retail industry, growing at 30 per cent annually, could grow at 50 per cent per annum, if it had more foreign investment. "The Government is cautious because retail is a labour intensive industry. In fact, it is the biggest employer after agriculture. But it is not lack of FDI alone that’s choking the potential growth rate of 50 per cent. "I think in India, real estate cost is quite high and easy accessibility to real estate is a pre requisite for growth. And for that we need zoning laws and Government needs to deregulate the land market," said Pricewaterhousecoopers Executive Director N C Srikumar. Retail consultants KSA Technopak pointed out that for international retail giants, these are just psychological deterrents. The tough nut to crack is the fragmented Indian market of one billion people. "When they do their studies of India they discover that even to pick up a billion dollars in sales they possibly have to be in 10-15 cities in India and in 4-5 states," said KSA Technopak chairman Arvind Singhal. According to management consultants Pricewaterhousecoopers, India is the world’s fifth best destination for retail investment. "After all few can afford to ignore India." Even though India has well over 5 million retail outlets of all sizes and styles, the country sorely lacks anything that can resemble a retailing industry in the modern sense of the term, ICSC chairman Kathleen Nelson said, adding, "this presents international retailing specialists with a great opportunity." (UNI) |
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APHDC signs pact with national
institute VIJAYAWADA, Feb 12: The Andhra Pradesh Handicrafts Development Corporation, to compete in a global market dominated by China in the handicraft segment, has signed a Memorandum of Understanding with the National Institute for Crafts and Designs recently to introduce new designs and standardise practices by craftsmen. The MoU is part of the strategy to achieve a turnover of Rs 100 crore in three years, APHDC Managing Director B Jayaraj, who is here in connection with the 13-day national expo ‘Craft Bazaar’ beginning later today, told reporters. Noting that China presently dominated the world market for handicraft products due to its attractive designs and utilitarian objects, Mr Jayaraj said efforts were being made to improve packaging, presentation and labelling to improve the state’s exports. In the last year’s Rs 28 crore turnover, exports constituted only Rs 80 lakh, he lamented and said a franchisee outlet would be opened soon at Talanta in the US to step up exports. A five-year business plan for tapping the overseas potential had been chalked out, he informed, adding that the APHDC had received enquiries for setting up franchising outlets in London and Paris too. Starting next month, the MoU will cover artisans involved in the manufacture of softwood toys and dolls in Kondapally, Etikoppaka and Nirmal villages, along with the makers of artistic hand paintings and furniture in Nirmal. Expert designers would provide training on manufacture of utilitarian items and introduction of secular themes in handicraft products, which hitherto had an overdose of religious themes, he added. In the second phase from July, makers of artistic hand paintings of Cherial, Srikalahasti styles, Sheetmetal artware in Pembarthi and metal casting in Dokhra style would be covered. Presently, the corporation was providing training in Kalamkari painting, hand embroidery and stone carving through the Union Government’s Craft Development Centres Assistance Programme. About 200 artisans, pursuing various crafts and representing 15 states, are exhibiting their wares in the Expo. (UNI) |
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Haryana price records increase marginally CHANDIGARH, Feb 12: The Gross State Domestic Product (GSDP) of Haryana at constant (1993-94) prices recorded a growth of 5.2 per cent from Rs 35,062 crore in 2001-02 to Rs 36,876 crore in 2002-03. At current prices, GSDP is estimiated at Rs 65,837 crore in 2002-03 as against Rs 60,212 crore in 2002-02 registering an increase of 9.3 per cent, revealed the economic survey presented in the Haryana Vidhan Sabha, here today. The sectoral analysis revealed that in 2002-03, while the contribution of primary sector in GSDP fell marginally by 0.8 per cent, contribution of secondary and tertiary sectors rose by 5.8 per cent and 9.2 per cent respectively. The structural composition of the state’s economy revealed that primary sector, including agriculture, continued to be the dominant sector despite the fact that its contribution had declined to 29.4 per cent in 2002-03 from 42.5 per cent in 1993-94. The contribution of secondary and tertiary sectors increased to 28 per cent and 42.6 per cent respectively in 2002-03 from 26.2 per cent and 31.3 per cent in 1993-94. This is a good indicator of the growth of state’s economy. Manufacturing sector, which occupied the second important place in the state’s economcy after agricutlure and allied sectors wintessed a considerable improvement in its share. Its contribution has increased from 18.7 per cent during 1993-94 to 20.9 per cent during 2002-03 reflecting healthy sign of industrialisation in Haryana. The state has adopted liberal industrial policy and committed to create health environment for industrialisation to attract foreign as well as domestic investment and participation to speed up growth of industry and generate additional employment. The share of secondary sector, which also included manufacturing sector increased from 26.2 per cent during 1993-94 to 28 per cent during 2002-03. Tertiary sector, a combination of different services like trade, transport, banking, public administration, education, health and the like also witnessed significant increase in its share. Its share in GSDP at constant (1993-94) prices increased from 31.3 per cent during 1993-94 to 42.6 per cent during 2002-2003. Trade sector, the third important place in the state’s economy after agriculture and manufacturing sectors, witnessed an increase in its share in the gsdp and its share rose from 11.6 per cent during 1993-94 to 18.4 per cent during 2002-2003 at constant (1993-94) prices. The continuous increasing trend in the share of this sector indicated good scope and potential for its future perspectives also. The composition of GSDP revealed that the share of primary sector was continuously declining while the share of secondary as well as tertiary sector is continuously increasing. It showed Haryana’s economy was shifting from agriculture to manufacturing and services sectors, a sign of healthy economy. The financil management of the State Government had been termed as one of the best in the country by both the Planning Commission and the eleventh Finance Commission. Haryana had been focussing on the development of infrastructure in urban as well as rural areas out of its own resources. The revenue deficit of Haryana had reduced from the peak of Rs 1540 crore in 1998-99 to Rs 685.11 crore in 2002-2003. In terms of percentage of GSDP, the revenue deficit reduced from peak 3.5 per cent in 1998-99 to 1.04 per cent in 2002-2003. The fiscal deficit reduced from the peak of 5.1 per cent of GSDP in 1998-99 to 2.23 per cent in 2002-2003 and 1.83 per cent in 2003-2004. The tax-GSDP ratio improved from 7.89 per cent in 2000-2001 to 8.43 per cent in 2002-2003. The notable feature of state’s financial management was that Haryana was the first state in the country which has not availed overdraft facility even for a single day during the current financial year. The state had also made optimum utilization of central resources received through various channels, the survey added. (UNI) |
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Industrial growth gallops to 6.3 pc NEW DELHI, Feb 12: Aided by a high growth in the manufacturing sector, the industrial growth in the country touched 6.3 per cent during April-December 2003 as against 5.5 per cent during the corresponding period of 2002. According to the quick estimates of index of industrial production, the industry grew by 6.2 per cent in December 2003, same as in the comparable period of previous year. The manufacturing sector is estimated to have grown by 6.8 per cent during the first nine months of the current financial year as against 5.7 per cent of April-December, 2002-03. The electricity and the mining sector, however, registered a lower growth of 3.4 per cent and 4.0 per cent repectively during April-December, 2003, as against 3.8 per cent and 5.8 per cent during the corresponding period of the 2002-03 financial year. The figures released by the Central Statistical Organisation says as many as 12 of the 17 two-digit industry groups have shown positive growth during the month of December 2003 as compared to the corresponding month of the previous year. While the group "machinery and equipment other than transport equipment" is estimated to have shown the highest growth of 16.8 per cent followed by 16 per cent in "paper and paper product and printing, publishing and allied indutries" and 13.6 per cent in "leather and leather and fur product". On the other hand, "jute and other vegetable fibre textiles (except cotton) have shown a negative growth of 11.3 per cent followed by a decline of 8.7 per cent in "wood and wood products: Furniture and fixtures" and 8.5 per cent in "textile product (including wearing apparel). (PTI) |
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Virtusa international opens ATC in Chennai CHENNAI, Feb 12: Virtusa International, a United States-based leading provider of software development and related IT services, today opened its third Advanced Technology Centre (ATC) in India and the first in this metropolis. This facility here at a sprawling 50,000 Sq Ft area, was in addition to the two ATC’s located in Hyderabad, which were opened in 2000 and 2003 respecitvely. Speaking at the pre-launch function here last night, Virtusa chairman and CEO Kris Canekeratne said the Chennai centre incorporates state-of-the-art ICT infrastructure that was secure and robust. It provides a global collaboration platform facilitating 24-hour virtual software development using data, VOIP, voice conferencing, video conferencing and multiple fail-over solution that run over international private leased circuits. Mr Canekeratne said "our growth has been the result of three primary enablers — relentless focus on unique service offerings, outstanding IT professional and valuable clients." "Unleasing the full potential of its unique productisation methodology, Virtusa’s service offerings provide clients with immediate reductions in Total Cost of Ownership (TCO) and the ability to create new revenue streams,’ he said. Stating that the facility was not aimed at sharing the work load of the two centres at Hyderabad, he said the Chennai Centre was launched primarily to take up the additional works signed by Virtusa with its clients. On the reason behind choosing Chennai as the venue, he said there was abundant talent pool in this city and of the 1100 employees in both the centres in Hyderabad, majority were from this metropolis. ‘Chennai gives us good bedrock to access talent when compared to Bangalore’, he added. (UNI) |
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Nalco produces 2.48 lakh tonnes of aluminium cast metal NEW DELHI, Feb 12: The National Aluminium Co Ltd has produced 2,48,000 tonnes of aluminium cast metal against a target of 2,37,900 tonnes during the first ten months of this fiscal. Nalco also produced 39,29,029 tonnes of bauxite against a target of 38,05,000 tonnes during the April-January period. However, production of calcined alumina was lower than the target. Against a target of 13,02,000 tonnes, the actual production stood at 12,68,300 tonnes. Of the company’s generation of 4,207.35 million units from its captive power plant, 468.2 million units were given to Gridco. In January, the company produced 4,94,365 tonnes of bauxite, 1,32,500 tonnes of calcined alumina and 25,407 tonnes of alumminium metal. Net generation from the captive power plant was 459.38 million units, according to offical figures. (UNI) |
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Softbank posts Q3 loss on ADSL promotion costs TOKYO, Feb 12: Softbank corp, Japan’s largest provider of broadband web access, reported a quarterly loss on Thursday as the heavy cost of promoting its high-speed internet service weighed on earnings. The once high-flying internet investor, whose fortunes deflated when the dot-com bubble burst, posted a consolidated net loss of 16.34 billion yen ( 155 million) for the third quarter to December 31. This was the first time softbank had posted third-quarter results and it did not provide a year-on-year comparison. It reported a net loss of 42.61 billion yen for the second quarter. Yahoo BB, Softbank’s ADSL (Asymmetric Digital Subscriber Line) internet service joint venture with affiliate Yahoo Japan Corp, has grown rapidly due to cut-rate pricing, innovative services and an aggressive sales campaign. But while softbank’s ADSL service helped push Japan to no 2 in the world in terms of broadband access in 2002, promotional costs have kept its ADSL operation in the red. Softbank’s shares fell 31 percent in the quarter, as investors were spooked by the company’s 77.34 billion yen half-yearly loss and a failed equity-linked financing deal in December. The Nikkei average rose 4.3 percent in the same period. (AGENCIES) |
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Self-financing engg inst must
not conduct COIMBATORE, Feb 12: The Akhila Bharathiya Vidyarthi Parishad (ABVP) has urged the Tamil Nadu Government not to allow the self-financing engineering institutions to conduct parallel entrance examinations for admissions. The ABVP also asked for the continuation of the single-window system of admission conducted by the Anna University, according to a resolution passed at its 12th state convention which concluded here on Sunday. Noting that the entrance examinations should be scrapped, it said the students must be given admission based on their plus two marks and course preferences. Another resolution urged the Government to do away with temporary appointments in the Government arts, law and medical colleges and demanded that qualified personnel be appointed to fill the vacancies. The ABVP demanded appointment of full-time wardens to improve the quality of the social welfare department-run Adi Dravidar hostels. The district administration should directly give the scholarship assistance to students in the form of cheques. (UNI) |
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Central coop bank shuts down 2 branches in Punjab FEROZEPUR, Feb 12: The Central Cooperative Bank has shut down its two branches at village Banwali and Buiwala and their respective extension counters at Jhariwala and Kamawala villages as they were incurring losses. Bank’s senior Manager Gurjit Singh, while confirming the closure, yesterday said it had been done on the direction of the State Government and Registrar of Cooperative Societies. He said the branches were running in losses. Mr Singh said while the Banwali branch has been merged with Mallanwala branch, Buiwala went to Talwandi Bhai. The staff and accounts, too, had been transferred. With the closure, the bank’s total branches have come down to 23 now, Mr Singh added. (UNI) Mexico to monitor oil market after OPEC move MEXICO CITY, Feb 12 : Mexico on Wednesday said it would monitor supply and demand in world energy markets in the weeks ahead before deciding whether to react to the OPEC Cartel’s decision to cut supplies from April. Mexico, a non-OPEC member and the world’s eighth-biggest crude producer, has kept exports at around 1.88 million Barrels Per Day (BPD) since Feb 1, 2003, under a deal with OPEC to help stabilize oil prices. "The Mexican Government confirms its wish to collaborate, as far as is possible, with the organization of petroleum exporting countries in stabilizing the oil market," the Energy Ministry said in a statement, adding that Mexico also needed to ensure it met 2004 revenue targets. Oil and Natural Gas, produced by State Behemoth Pemex, make up around a third of the Mexican Government’s total income. "The Energy Ministry and Pemex will continue to analyze the behavior of the oil market this quarter, in particular global supply and demand, the accumulation of inventory and the degree of compliance by OPEC members with respect to their own production quotas, in order to adopt the most suitable course of action in terms of production and export of oil," it said. Mexico is one of the top three crude exporters to the United States and must tread a fine line between bolstering oil prices and not upsetting its powerful northern neighbor and no. 1 trading partner. OPEC agreed on Tuesday to limit production to 23.5 million BPD, effective April 1, and immediately eliminate 1.5 million BPD of leakage being pumped above existing supply quotas. Mexican Energy Minister Felipe Calderon told a local radio station that Mexico would not make a decision yet on whether to follow the OPEC move, and would instead watch energy markets and US crude inventories in the run-up to April. (AGENCIES) = |
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