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| Indian oil seals 75 mln deal to sell in Sri Lanka COLOMBO, Dec 31: Indian oil corp has finalised a 75 million deal with Sri Lanka’s ceylon petroleum corp to sell fuel on.....more State
Finance in soup NEW DELHI, Dec 31: Politics played the spoil sport in 2003 on the proposed smooth switchover to Value Added Tax.....more Food
sector 2003: NEW DELHI, Dec 31: When the comity of nations met in the pleasant environs of Mexico this year for WTO negotiations......more GDP growth
surges NEW DELHI, Dec 31: Bolstered by an impressive performms" Q2 of the agriculture sector, economic growth surged to 8.4....more |
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DRL files with US FDA for generic imitrex GSK sues DRL NEW DELHI, Dec 31: Domestic pharma giant Dr Reddy’s Laboratories (DRL) today said it had filed an application with....more 2003 worst
year in SILIGURI, Dec 31: Starvation deaths of labourers, exploitation of planters, lockout of gardens, rivalry with owners, falling.....more Sri Lanka
economy COLOMBO, Dec 31: Sri Lanka’s gross domestic product grew 5.6 percent in the third quarter on a year earlier, the fifth......more Scavengers
to KOLKATA, Dec 31: Scavengers will become a rare sight in the important city roads from now onwards after introduction.....more |
Indian oil seals 75 mln deal to sell in Sri Lanka COLOMBO, Dec 31: Indian oil corp has finalised a 75 million deal with Sri Lanka’s ceylon petroleum corp to sell fuel on the island, Sri Lanka’s privatisation agency said on Wednesday. Chandu Epitawala, a Director at the Public Enterprises Reform Commission, said IOC had advanced 30 million for the deal, which includes a licence to retail fuel at 100 petrol stations, as well as a share of Ceypetco’s storage and pipeline facilities. "They will pay the balance of 45 million within the month, and the agreements will be in effect once the final payment is made," Epitawala said. He said plans were also on track to select a final bidder to become the third player in the retail fuel market by mid-January, as part of efforts to liberalise the petroleum sector. The Government is counting on revenue from the deals to meet its 27 billion rupee ( 279.4 million) revenue target from privatisations in the combined 2003-2004 period. With the IOC deal, the Government will have made about 157 million from privatisations since the start of 2003. (AGENCIES) |
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State Finance in soup as politics spoil ‘VAT’ party of 2003 NEW DELHI, Dec 31: Politics played the spoil sport in 2003 on the proposed smooth switchover to Value Added Tax system in states, which were otherwise in doldrums with deficit mounting to an unsustainable level at over 4.0 per cent of GDP. Some of the states reeling under fiscal strain had to take harsh measures including freezing dearness allowance and other salary conditions, and imposition of user charges of public utilities like power. The Centre came to the rescue of states by offering ‘debt swap’ of costly loans totalling Rs 22,000 crore to relieve them of interest burden this year, and brought in legislation to allow states to collect and apportion service taxes. This in turn led states to go for hefty market borrowing of Rs 39,600 crore this year from Rs 11,250 crore last year. Despite being saddled with a staggering deficit of over Rs 1,00,000 crore, states missed yet another golden chance of improving their revenue collection through introduction of a uniform vat this year and yet continue to beg for higher grants from the Centre. No amount of assurances from Finance Minister Jaswant Singh on compensating revenue loss could lure poll-bound states to stick to April deadline for implementing VAT, which would have replaced centrvenues by 25 per cent and reduced the overall price level. With political agenda over-shadowing economic rationale, most of the states discarded the global experience that vat eliminates "cascading" effect of various local taxes, which hikes prices by 20 per cent in the country. Introduction of VAT, which was pegged at 4.0 per cent for agri and industrial inputs and 12.5 per cent for finished goods, would have been much lower than the present plethora of local taxes. Reminding that "ignorance is bliss", traders all over the country jumped the gun by going on strike to oppose VAT. The opposition from traders came amidst repeated pleas from the empowered committee on VAT, headed by West Bengal Finance Minister Asim Dasgupta, that traders with over Rs 5.0 lakh turnover would come under the proposed system. While Delhi, Madhya Pradesh, southern states favoured the turnover limit of Rs 5.0 lakh for traders to come under VAT net, others like Uttar Pradesh, Bihar, and north eastern states opposed it as most of traders would be out of the purview of the new tax regime. The traders lobby proved strong enough to influence the political parties to oppose the reform measures. As a result many states, which were earlier vociferous on VAT, retreated at the eleventh hour forcing the Centre to finally defer vat "indefinitely" as hardly 10 states were ready with the legislation by June end. With no other option left, north block mandarins tried in vain to save their face by saying, "a new roadmap would have to be prepared", as if implying that the route they had taken all along was indeed not as smooth as they had thought. Dasgupta remure roadmap" as the empowered committee failed to bring all the states under the VAT regime this year. (PTI) |
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Food sector 2003: Atlas shrugged and refused to bow NEW DELHI, Dec 31: When the comity of nations met in the pleasant environs of Mexico this year for WTO negotiations, it turned out to be an occasion of ‘deliberations unpleasant’ with developing countries, led by India shrugging with contempt like Atlas, the legendary greek God and refusing to bow on the issue of food, trade and subsidies. The year 2003 was a watershed for the food sector, long consigned to the sidelines, as it came into its own not only on the domestic front but even emerged as the most contentious subject in the world trade negotiations. India, a La Atlas was seen along with Brazil and China, holding aloft the three pillars of domestic support, export subsidies and market access in the food sector amongst others, thus setting the agenda for WTO negotiations much to the chagrin and shock of the developed world. India’s own food subsidies were peaking at over Rs 24,000 crore but were still lesser than that of the developed countries and was effectively used not only to cater to the poor man’s requirements but also to help India emerge as the world’s leading exporters of foodgrains. Subsidies to wheat and rice exporters were so structured as to make them WTO compatible and amounted to Rs 5,742 crore in 2002-03. The year had started with the country grappling with a devastating drought and what was known to be a problem of plenty became a blessing in disguise as the "so called overflowing granaries" came in handy to tackle the calamity. With drought servicing and large scale subsidised exports it was proved how notional India’s food surplus was as stocks in the central pool dipped to 273 lakh tonnes in NME high of 648 lakh tonnes in June last year. In the case of rice they even went below the minimum stock requirements in August and the country had to dip into the buffer to service the ration shop requirements. For once food seemed to be a serious business for the Government, which took a break from political expediency and gave a clarion call for crop diversification to break the wheat-rice cultivation cycle and encourage growing of oilseeds and pulses which are largely imported. It was an indication of this seriousness that for the first time in India’s food-history, the Minimum Support Prices (MSPs) for wheat and rice were frozen at the previous year’s levels. There was also considerable improvement in the offtake of foodgrains from the central pool. Nevertheless it continued to be on the lower side as percentage of stocks lifted against the allotments did not exceed 25 and 35 per cent for wheat and rice respectively. Government commissioned a survey by the consultancy org-marg to look into the world’s largest ration shop regime but an interim report revealed that more than half of those either did not have ration cards or even if they had, it was not used to source grains from the so called "fair price shops". That there is rot in the Public Distribution System and the central pool stock regime akin to a rodent infested grain godown has long been an open secret. (PTI) |
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GDP growth surges to 8.4 pc in Q2 NEW DELHI, Dec 31: Bolstered by an impressive performms" Q2 of the agriculture sector, economic growth surged to 8.4 per cent during the second quarter, which is significantly higher than 5.7 per cent posted in the first three months of this fiscal. The manufacturing and services sector also grew by over 7.3 per cent to contribute to the GDP growth during July-September, which was much higher than 5.2 per cent during the same period last year. The GDP was estimated at Rs 3,23,414 crore measured in terms of factor costs at 1993-94 prices, which is more than 8.0 per cent from Rs 2,98,345 crore during the second quarter of last fiscal. A robust monsoon resulted in a hefty 7.4 per cent growth in the agriculture sector during the second quarter of this fiscal compared to a 3.5 per cent decline in farm output during the year-ago period. Agriculture, which was growing by a meagre 1.7 per cent in the first quarter, pushed up the overall GDP growth during the second quarter of 2003-04. Manufacturing sector also staged a steady 7.3 per cent growth during July-September 2003 compared to 6.4 per cent in the previous quarter and 6.5 per cent a year ago. Trade, hotels, transport and communication sector staged the highest 11.9 per cent growth during the quarter ending September 30, compared to 9.6 per cent in the first three months and 8.1 per cent a year ago. Financing, real estate and business services also improved its performance to 7.3 per cent during the quarter from 7.1 per cent during April-June 2003-04. The sector was growing by 7.0 per cent in the second quarter of 2002-03. Community, social and personal services sector also grew by a robust 8.9 per cent during the second quarter of this fiscal compared to 4.3 per cent in the first quarter and 7.8 per cent a year ago. However, mining and electricity sector faltered with less than 3.0 per cent growth during the second quarter. (PTI) |
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DRL files with US FDA for generic imitrex GSK sues DRL NEW DELHI, Dec 31: Domestic pharma giant Dr Reddy’s Laboratories (DRL) today said it had filed an application with the US Food and Drug Administration (US FDA) for a generic form of Glaxo Smith Kline’s anti-migraine tablet imitrex. The Hyderabad-based drugmaker filed an abbreviated new drug application for sumatriptan succinate oral tablets, equivalent to 25 Mg, 50 Mg and 100 Mg base, with a paragraph IV certification on four of the five orange book patents listed for the drug. DRL said it notified glaxosmithkline, upon which the latter filed a lawsuit against the company in the United States District Court for the southern district of New York alleging patent infringement on the ‘845 patent. Meanwhile, Glaxo Smith Kline (GSK) PLC has sued Dr Reddy’s to stop it from making a generic version of the popular migraine drug imitrex before glaxo’s patent expires. GSK’ patent for imitrex, which has annual sales of approximately 773 million dollars in the US market, expires on August 6 in 2008. The patent infringement suit, filed in Manhattan Federal Court, came after DRL filed the application with the US FDA seeking approval to make generic copies of imitrex or sumatriptan succinate oral tablets. Besides seeking a Court order halting any approval of the application before the patent’s expiration date, glaxo’s suit also seeks unspecified damages. Last month, Dr Reddy’s received FDA approval to make a copycat version of norvasc, one of Pfizer INC.’s top-selling blood-pressure medications, three years before Pfizer’s patents expire. (UNI) |
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2003 worst year in the annals of
tea industry SILIGURI, Dec 31: Starvation deaths of labourers, exploitation of planters, lockout of gardens, rivalry with owners, falling of tea demand, militant trade unionism and massacre marked 2003, the worst year in the annals of tea industry, the main cash crop of north Bengal. The year started with lockouts, with one tea estate after another closing down following management-labour disputes over wages. More than 20 gardens in Dooars, Terai and Darjeeling suspended work for indefinite period rendering thousands of labourers jobless and claiming hundreds of lives in starvation. Stiff competition in international markets over demand of Indian tea prompted the planters to exploit the labourers to minimise investment by lowering weekly wages resulting in management-labour disputes and finally abandoning the tea estates or declaring lockouts. The rise of small tea garden owners and Bought Leaf Factories (BLF) in Dooars forced the traditional planters to oppose growth of unorganised sector. The traditional planters alleged that the unorganised sector compromised on quality of tea that brought down the demand of Indian tea in the international markets. The organised planters demanded that the Tea Board should rein on the growth of small growers. Rivalry ensued between the small growers and BLTF over the price of green tea leaves and both went on strike for weeks complaining against each other over the fall of price. At one time the green tea leaves’ price fell to Rs one forcing the small growers to go on strike in about 900 gardens. Again when the district administration intervened the BLTF went on strike in retaliation. But this was a tip of major trouble and most sufferers were the labourers comprising Santhals, Nepalese and other ethinic groups, who migrated to the region in search of greener pastures. The lookouts in the organised gardens rendered thousands of labourers jobless and an estimated 300 of them died of starvation, sickness, malnutrition and seasonal diseases. Lowering of weekly wages was resisted by militant unions and the Dalgaon massacre was worst case of violence in the annals of the tea industry in north Bengal. The Dalgaon incident occured over the employment of two "outsiders" in the Dalgaon tea estate in Jalpaiguri district resulting torching of 19 people in the morning of November 6. The incident was not the end of the road to violence and after that few more tea estates in Dooars and Darjeeling declared lockouts citing management-labour disputes. The west Bengal Government’s Labour Minister Md Amin had declared to support the labourers of the closed tea gardens by giving Rs 500 per month for each family, but it was yet to be implemented. The West Bengal Government had set up a high powered committee to examine the crisis in the sector and to find out a solution. Hundreds of youths under the banner of different NGOs begged from door to door and well wishers donated for relief for dying labourers in Dooars. Scarcity of drinking water and unhealthy sanitation in the closed tea gardens were responsible for untimely death of the labourers, the NGOs opined. Nature was also very unkind to the tea garden labourers this year. On the morning of July 8, severe landslides triggered by heavy rainfall swept away more than 50 houses in the hills of Gaybari near Mirik, killing 23 people and and left one boy missing in the Darjeeling hills. The victims were basically the labourers of the Gayabari tea estate falling under Kurseong Sub Division. A family of seven were buried alive in the landslides. Tea Board, the apex body of the tea industry in the country under the Union Commerce Ministry, recently announced that it could not help the sick gardens in north Bengal due to pecuniary reason following non-recovery of old loan to the tune of Rs 20 crore.(UNI) |
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Sri Lanka economy expands 5.6 pc in Q3 year COLOMBO, Dec 31: Sri Lanka’s gross domestic product grew 5.6 percent in the third quarter on a year earlier, the fifth consecutive quarter of growth above five percent, the Central Bank said on Wednesday. Sri Lanka’s 2003 economic growth target would remain at 5.5 percent, it said in a statement. The figures were in line with expectations. It made no mention of a recent political crisis that economists have warned could delay investment and aid linked to an end to a 20-year war with Tamil Tiger rebels. (AGENCIES) |
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Scavengers to become rare in city KOLKATA, Dec 31: Scavengers will become a rare sight in the important city roads from now onwards after introduction of computer-driven sweeping machines. With the City Municipal Corporation deciding to buy sweeping machines to keep the main streets in the city clean, the sweepers were set to become jobless. The corporation, responsible for the cleanliness of the city, had decided to import a computer-driven machine from Germany at a cost of Rs 25 lakh, Kolkata Municipal Corporation’s (KMC) Mayor-in-Council (garbage) Rajib Deb had said. "The effort is undertaken to keep the streets of the city clean," Mr Deb said. Around 60 small and 250 large containers would also be purchased to keep other smaller streets clean. (UNI) |
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Shiv Sena to organise youth
seminar and MUMBAI, Dec 31: Career 2004, an exhibition and seminar for young generation organised by the Shiv Sena will be held at Shivaji Park in Dadar commencing from February 8, 2004. President Dr A P J Abdul Kalam will inaugurate the five-day event which will be comprised of international exhibition, seminar on reforms in education, occupation, career building and talent research, sena spokesperson Subhash Desai told this at a press conference here. The seminar will be chaired by renowned personalities from the field of education, business groups and experts from various professions. The exposition will display a wide range of various unknown educational and job opportunities available in the metropolis and major cities in the world under one roof, he said. At symposiums with captaine of industry every business group could serve the nation by sharing their goodwill, technical know-how, finance schemes by helping the participants to produce the replica of their own business in other parts of the country, he added. The symposiums will have variety of subjects especially service sector like it, telecom industry, education and management institutes, agro based industries, medical and health industry, infrastructure industry and real estate, financial sector, indian and administrative service and defence sector, film industry, tourism and hotel industry, he informed. With a view to attract the youths to take advantage of the exhibition, stalls will be put up at various colleges and website www.Career2004.Com has been prepared to get more information. (UNI) |
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Ajay Desai appointed national
manager of MUMBAI, Dec 31: Storagetek, the storage services and solutions expert, announced the appointment of Ajay Desai as national manager - storage solutions for its India operations. Desai was with EMC India as regional director- partners alliances. He brings over 16 years of industry experience with business development and field management experiences at sap India as well as at microland, a press release issued here today stated. "We aim to build our presence in India - one of the most critical markets in the Asia Pacific region for storagetek. Ajay’s extensive business development experience and his ability to lead and manage teams, will be key in building our customer base", added Vijay Pradhan, general manager, India operations, storagetek to whom Desai would be reporting to directly. Ajay Began his career with OMC Computers Ltd as a management trainee and grew to become the regional sales manager within 6 years. He has worked with both multinational and Indian companies and is a firm believer in the values of reliability and consistency in business relationships, the release added. (UNI) |
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Sensex jump 80 pt as market
marches ahead MUMBAI, Dec 31: Equitities across the board raced ahead towards afternoon at the local bourses, lifting the Bombay Stock Exchange (BSE) sensex up by 80.27 per cent on sustained buying support from institutional investors and local operators on the new year’s eve today. Market opened on an optimistic note and rallied further as trading swept passed noon today, the last day of the year 2003. Public sector, banks, pharma, automobile, steel, power and cement pivotals were in limelight. The 30-stock sensex opened 20 points higher at 5,812.38 points and surged to a high of 5,876.55 points, was at 5,872.12 points in afternoon, showing a gain of 80.27 points or 1.27 per cent from its previous close of 5,791.85 points. The SP CNX Nifty of the National Stock Exchange (NSE) was also up by 20.55 points at a new record high at 1,893.80. Market after the overnight pause, marched ahead today with players building positions on expectation of impressive Q3 results and higher foreign fund allocation in the new year, brokers said. Tata motors surged 2.71 per cent to Rs 454.40 on reports that the company is planning to raise the cap on foreign investment, while Larsen Toubro rose 1.88 per cent to Rs 533.25 after the company announced plans to dispose its glass manufacturing business. The other top gainers were Cipla which was up by 3.75 per cent at Rs 1321.30, Hidalco 3.58 per cent up at Rs 1418.10, Tisco 3.21 per cent up at Rs 442.30, Reliance 3.16 per cent up at Rs 578.70, ONGC 2.83 per cent up at Rs 804 and SBI 2.61 per cent up at Rs 541.80. Among the few losers HDFC was down by 2.11 per cent at Rs 647.50, Zee 1.67 per cent down at Rs 150.50, Dr Reddy 0.34 per cent down at Rs 1435.20 and Bajaj auto 0.32 per cent down at Rs 1138. (UNI) GE shipping takes delivery of Suezmax crude carrier MUMBAI, Dec 31: Great eastern shipping company limited (GE shipping) has taken delivery of the 1989 built Suezmax crude carrier, now named ‘Jag Lakshya’. The vessel was contracted in the earlier part of this month. With addition of this 152,485 DWT (Dead Weight Tonnes) vessel, the company’s tanker tonnage crossed 2 million DWT mark. ‘Jag Lakshya’ is the tenth vessel added in the company’s fleet in this fiscal year. Tankers now constitute 88 per cent of the company’s shipping tonnage of 2.4 million DWT. The current fleet profile comprises 37 ships (28 tankers and 9 dry bulk carriers) and 30 offshore vessels. (UNI) |
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