 |
|
| ADB to give up to $6.47 bn loans to India during 2005-07 NEW DELHI, Oct 6: Asian Development Bank will provide up to 6.47 billion dollar assistance to India in the next three.....more Bajaj
launches NEW DELHI, Oct 6: India’s second largest bike maker Bajaj Auto Ltd (BAL) today said it has launched its executive.....more Cobra wins
‘Beer of NEW DELHI, Oct 6: After winning a glodal medal earlier this year, cobra beer has bagged the wine and spirit interna.....more FICCI
urges Govt NEW DELHI, Oct 6: A day ahead of the meeting convened by the Cabinet Secretary to discuss possible changes in a......more |
|
PM assures of a mechanism to deal with inflation MUMBAI, Oct 6: Describing soaring prices as a "temporary setback", Prime Minister Manmohan Singh today assured........more Mani to
meet PM, NEW DELHI, Oct 6: Petroleum Minister Mani Shankar Aiyar today left everyone guessing whether there will be a hike.......more ‘Farmers
should give KANPUR, Oct 6: Chandra Shekhar Azad Agriculture and Technology University (CSAATU) Vice Chancellor P K Singh.....more Major fire
in textile ALUVA, Oct 6: A major fire broke out in the blow room of the private sector gtn textiles at Chunagamveli nere here early.........more |
ADB to give up to $6.47 bn loans to India during 2005-07 NEW DELHI, Oct 6: Asian Development Bank will provide up to 6.47 billion dollar assistance to India in the next three years. The average annual lending of ADB will be to the tune of 2.1 billion dollar, ADB said in its country strategy and program update released today. Out of the total 6.47 billion dollar loans to India, ADB has earmarked 37.8 per cent of the assistance for transport, 15.5 per cent each for energy and urban infrastructure, and 12.4 per cent for financial sector. ADB has also allocated 11.5 per cent of the loans for agriculture and water management, and 7.3 per cent for governance and public resource management. Keeping in mind the size and scale of India’s needs, ADB has also hiked its lending targets to 7.4 billion dollar during 2003-06. The hike in ADB assistance to India comes in the context of robust economic performance and the need to attain the UN’s Millennium Development Goals (MDGs). "The proposed scale of assistance is also justified by India’s strong economic and reforms performance," ADB said. With a current account surplus of 1.4 per cent of GDP, large forex reserves of more than 107 billion dollars, a prudent debt-GDP ratio of 17.8 per cent and debt-service ratio of only 10.4 per cent, ADB said, "India’s capacity to absorb external assistance is not an issue." Observing that there has been significant progress on all relevant millenium development goals, ADB said efforts should be stepped up in the slow progress areas. "The 10th plan has accordingly recommended an enhancement of 80 per cent in public social expenditure. This effort needs to be supported by the development community, including ADB, since achieving global MDGs by 2015 will depend significantly on outcomes in India," it said. India’s outstanding debt to ADB was only 2.3 billion dollars as on May 31, 2004, which is 10 per cent of the bank’s total debt outstanding. The proposed assistance would raise ADB’s India exposure to about 18 per cent by 2007. (PTI) |
 |
Bajaj launches ‘discover’ in north Indian markets NEW DELHI, Oct 6: India’s second largest bike maker Bajaj Auto Ltd (BAL) today said it has launched its executive segment motorbike — discover — in all major markets of north India to take on Hero Honda Splendour and TVS Victor and the 125 cc motorcycle would be available nationally by next month. The Bajaj discover is priced at Rs 39,997 for the kick-start version and Rs 42,969 for the electric start version (ex-showroom, Delhi). It comes with a 4-stroke, DTSI engine producing power of 11.5 ps and 1.1 kgm torque, the highest in its class. Through this bike, Bajaj expects to trigger fresh volumes for the company in the executive segment, where the company’s market share had been confined to 10-11 per cent. "The key challenge before us was to challenge and change the dynamics of the huge executive segment by introducing a product that exceeds the current offerings in the market. It is a high-end executive bike at a functional price point," Bal vice-president (business development and marketing) R L Ravichandran said. "With planned production ramp-up over the next couple of months, the Bajaj discover would be available nationally by November," he added. (UNI) |
|
Cobra wins ‘Beer of the year award’ NEW DELHI, Oct 6: After winning a glodal medal earlier this year, cobra beer has bagged the wine and spirit international beer of the year award for its novel packaging. A panel of 11 industry judges assessed Cobra’s new packaging design against a detailed and extensive design brief and found it fulfiling each requirement. "It’s the superbly executed neck label that wins the day," wine and spirit international editor Richard Woodard commented. "Our new packaging took a great deal of time to come to fruition as we wanted it to be evolutionary as well as revolutionary. The aim was to develop a contemporary, distinctive bottle and label that, like Cobra, would be unlike anything ever created before," Cobra beer founder and Chief Executive Karan Bilimoria said in a statement. Cobra’s new packaging is part of a focused, long-term strategy to broaden the brand’s profile in the mainstream and capitalise on the growing interest in super-premium beers. (UNI) |
|
FICCI urges Govt to continue with FDI regulation NEW DELHI, Oct 6: A day ahead of the meeting convened by the Cabinet Secretary to discuss possible changes in a controversial FDI regulation, industry chamber FICCI today wrote to Prime Minister Manmohan Singh urging him to continue with the regulation to ensure commercial fairness and safeguard the Indian entrepreneurs’ future. In a letter to the Prime Minister, FICCI president Y K Modi said, "in absence of a conflict-of-interest clause in most Indian JVS, it is necessary that application of press note 18 continues". "This is vital to uphold commercial fairness, shareholders’ and financial institutions’ interests and the Indian entreprenuers’ future," he said, adding that it was needed specially for agreements entered into prior to 1998. Mentioning instances of undue rent sought by certain companies under the guise of the legislation, Modi said that "elaborate and unequivocal" guidelines be issued in consultation with the industry so that neither the Indian company nor the foreign collaborator could take undue advantage. Justifying his demand for continuation of press note 18, Modi said, "such a calibrated approach towards globalisation has paid rich dividends and many Indian companies have been able to achieve international competetiveness... Owing to their symbolic relationship with foreign companies". (PTI) |
|
PM assures of a mechanism to deal with inflation MUMBAI, Oct 6: Describing soaring prices as a "temporary setback", Prime Minister Manmohan Singh today assured the nation that "a credible mechanism" was in place to moderate the pace of inflation. Attributing rising prices to a "fear of poor crop, delayed monsoon and steep rise in oil prices," Singh said "it is a temporaray setback." Addressing a press conference here, the Prime Minister said he was not an astrologer as to which way the oil prices would move but assured that a "credible mechanism was in place to moderate the pace of inflation." To a query on the interest rates, the Prime Minister said his comment, especially in the country’s financial capital, will have repurcussions on the stock market and it was best to leave the matter to the Reserve Bank of India. (PTI) |
|
| Mani to meet PM, drops no hints over
petroleum price hike NEW DELHI, Oct 6: Petroleum Minister Mani Shankar Aiyar today left everyone guessing whether there will be a hike in petrol and diesel prices for the next fortnight when he in the same vein said consumers’ interests will be protected and burden of a rise in international oil prices will be shared equally between the Government, oil marketing companies and consumers. Mr Aiyar said he would meet Prime Minister Manmohan Singh next week to review the domestic petroluem prices and decide on its level for the next fortnight. The Petroleum Minister is scheduled to make an announcement on October 15 and has refrained from hiking the prices for this fortnight despite soaring oil prices. "There is no reason to panic. We have sufficient foreign exchange (to import crude products). This is the Government which will protect the interests of consumers," he told mediapersons on the sidelines of a seminar on renewable energy here. Consumers were protected for the last one-and-a-half-months and will continue to be protected, he said. However, in the same vein he said the Government would continue with its policy of sharing the burden of a rise in international oil prices, which is ruling at around 51 dollars per barrel, between itself, oil marketing companies and consumers. He also said the Government has evolved a mechanism to protect consumers from soaring international oil prices in normal circumstances. "But the situation at present is abnormal." He described the rise in current international oil prices as inexplicable. Diminishing dollar value, misadjustment in supply and demand of sweet crude oil and hurricane ivon could explain some of the increase, he added. "But the current rise is inexplicable. None of the factors for such a rise, except situation in Iraq, exists." Mr Aiyar, however, said probably the rise is caused by speculation in the New York Metal Exchange. To a question as to whether he is worried at the rise in international oil prices, he quipped his worries have increased by a dollar after the global prices rose by the same amount to 51 dollars per barrel. Mr Aiyar last week had decided to maintain petrol and diesel prices even though the public sector retailing companies have sought an upward revision owing to rising global crude prices. IOC, BPCL, HPCL, and IBP have been seeking a hike of around Re 1 per litre in the case of diesel over last week, as per a formula set out by the Government two months ago. "Today, inflation is surging and it is for all of us (in the Government) to endeavour to keep prices (of essential commodities) under control. As far as the oil ministry is concerned, petrol and diesel prices will not be hiked, Mr Aiyar had said. To counter the rising inflation rate, the Government had announced a number of fiscal sops, including a cut in customs and excise duties on petroleum products. As per the new pricing formula set out by the Government two months back, the oil marketing companies can alter the petrol and diesel prices, if they step out of a band.’ The band is defined by the average price over the previous three months and the average price over the previous one year. (UNI) |
|
‘Farmers should give emphasis on rabi production’ KANPUR, Oct 6: Chandra Shekhar Azad Agriculture and Technology University (CSAATU) Vice Chancellor P K Singh has urged farmers to give emphasis on rabi sowing as kharif production had suffered a setback due to lack of monsoon in the state. Mr Singh said rabi crops did not need much water and farmers should take to rabi crops cultivation in larger areas to meet the losses. According to an estimate the cultivated area had stagnated at 1.80 crore hactares due to large scale urbanisation. Farmers would have to give attention to improve foodgrain production by using improved variety of seeds, fertilizers and other means, he said. He said the national agriculture commission had also cautioned that the agricultural area would further reduce due to increased population and farmers will have to double the existing production by 2008. The country would need 1.09 crore metric tonnes wheat by 2020 and the present production is only 71.3 lakh metric tonnes. He emphasised on increasing edible oils and pulses production. "CSAATU scientists are leaving no stone unturned in the research and have produced many improved varieties to increase agricultural production in the country." On completion of its 100 years, the varsity has organisd a four-day fair to generate awareness among the farmers to use better quality seeds to increase production. (UNI) |
|
Major fire in textile unit destroys cotton worth Rs 3 crore ALUVA, Oct 6: A major fire broke out in the blow room of the private sector gtn textiles at Chunagamveli nere here early this morning, destroying cotton worth Rs three crore. Timely detection and emergency fire extinguishing measures adopted by the workers on duty at the time of the incident prevented the fire from spreading to other sections, company sources said. Two fire engines from the fire station here battled for three hours to bring the fire under control and it was extinguished after six hours, fire department sources said. The blow room, where the fire broke out, is the place where the first cotton processing takes place before it is fed to the thread-making section. An earlier fire incident that took place in the unit, located near Kochi, in 1998 had caused loss worth Rs 2.5 crore, a company spokesman said. However, the fire department was yet to assess the extent of losses suffered by the company, sources added. (UNI) |
|
Abolishing CST at one go harmful for Jharkhand : Officials RANCHI, Oct 6: The Commercial Sales Tax (CST), considered to be the lifeline of state’s economy shouldn’t be abolished at one go as Jharkhand would lose a staggering Rs 850 crore if Value Added Taxes (VAT) was implemented, its top officials reasoned today. Talking to UNI today, Commercial Sales Tax secretary Alka Tiwari said the tax amounted to about 30 per cent of the state’s economy and abolishing it at one go could bleed the state exchequer dry and render Jharkhand financially bankrupt despite the Centre’s assistance to provide full assistance to make up for the losses in case VAT was implemented in the state. So it should be allowed to stay for two more years, she said. Ms Tiwari said the Government wanted that specific dates should be announced for implementation of VAT and the Union Government, besides extending financial assistance, should also provide required technical assistance for its smooth implementation. "We are committed to implement VAT, but there should be uniform floor rates and vat should be implemented in bordering states of Jharkhand also, otherwise it would be a meaningless exercise," she added. Ms Tiwari said neighbouring West Bengal, whose Finance Minister is the chairman of the VAT commitee, is yet to announce the date to implement VAT there. "How could Jharkhand unilaterally decide to implement it?" Moreover, Uttar Pradesh has serious problem with tax and has made its reservations clear to Union Finance Minister P Chidambaram during a recent meeting of State Finance Ministers in New Delhi. She lamented that VAT envisages to tax foodgrains by four per cent and reasoned that it would not be prudent to tax foodgrains as more than 50 per cent of the total population live Below Poverty Line (BPL). Stating that the state would lose Rs 709 crores during the next fiscal, Ms Tiwari recalled that Mr Chidambaram has assured that the Centre would fully compensate for the financial loss sustained in the first year and to the extent of 75 per cent in the second year and 50 per cent in the next year. "But the problem is that we are yet to ascertain the exact amount of losses to be sustained in case VAT was implemented as the fallout could only be gauged two years after its implementation. As of now we have assessed that we have sustained an estimated loss of Rs 850 crore, but the exact amount remains unknown," she added. (UNI) |
|
Pakistan’s bond market dull, focus on auction KARACHI, Oct 6: Pakistan’s bond market was dull in early trade on Wednesday, with more activity expected after the Central bank announces a target for an auction of benchmark six-month treasury bills to be held next week, dealers said. Dealers expect the Central bank may set an auction target of around 50 billion rupees to soak up liquidity from the market. They said they were also waiting to see how the bank reacts to commercial banks’ expectations of higher cut-off yields. "The cut-off yield (on six-month paper) is expected to rise at least by 15 to 20 basis points given inflationary pressure," said a dealer at a foreign bank. At the last auction of six-month treasury bills held on Sept 15, the cut-off yield for accepted bids rose to 3.0334 percent, from 2.6415 percent at the previous sale. The Central bank has been increasing rates slowly over the past few months. Pakistan’s consumer price index rose 9.25 percent in the year through August, reinforcing analysts’ expectations that inflation could surpass the Government’s target of five percent in the year through June 2005. In the meantime, dealers say the money market is likely to see increased activity in three-month tenures, with rates inching up as banks cover positions for routine payments. Three-month interest rates in the secondary market PKRU were fixed at 2.66, on Wednesday. One dealer said banks were unwilling to trade heavily in longer-term tenures because of uncertainty about interest rates. Overnight call rates were unchanged at 0.25 percent as the market has more than 20 billion rupees of excess funds from maturing Government paper. The Pakistani rupee PKR= was trading a shade softer at 58.31/58.32 per dollar, against a previous close of 58.28/58.30. Dealers said there was some demand for the dollar from importers, particularly for oil payments, and this was putting slight pressure on the rupee. (AGENCIES) |
|
Now call centre training academy for India SYDNEY, Oct 6: While multinationals continue to outsource call centres to urban centres in India, Indo-Australian John Lingutla is all set to start a training academy for call centre workers in India from early next year. Starting with its first centre in Hyderabad, Mr Lingutla’s company Austechindia in association with salesforce plans to have training made available to existing and aspirant call centre workers all over India. Mr Lingutla, a former Mathematician and senior level bureaucrat in the education industry, said he felt that call centre workers in India needed better training. Salesforce is behind some of Australia and New Zealand best call centres and is the winner of Hewitt’s 2004 best employer award. Australian national training authority recognises this course, which will run over 32 hours a week for 10 weeks. The course fulfils all the requirements of Australian Department of Higher Education and accordingly the trainees will earn an Australian qualification while staying in India. According to Mr Lingutla, India has the highest dropout rate which is 40-60 per cent in the call centre industry as the job was stressful and many women dropped out after marriage. He said working in a call centre was not a very appealing career option unless one had the ambition to become a team leader, but this course could certainly help people to have a more satisfying tenure in the call centre industry. Currently, most of the call centres were recruiting off the street and gave training based on UK and USA models. However, these models did not work for Indian trainees, Mr Lingutla said adding that his course has been specially tailored to meet the learning needs of Indian students. He said he was recruiting teachers in Australia to train Indian trainers and together they would teach this course in India. (UNI) Pitroda favours BSNL-MTNL
merger, says NEW DELHI, Oct 6: Worldtel CEO Sam Pitroda, the architect of India’s telecom revolution in the 1980s, today made a strong case for merger of state-owned BSNL and MTNL, saying the move would facilitate public listing of BSNL and make the telecom behemoths more competitive. "Merger is a way forward. Because one part (MTNL) is public, the other part (BSNL) is private, so you merge so that other one also becomes public automatically. "Then you sell bigger piece of the shares to public and let the Government reduce its stake," Mr Pitroda, who was the Chief Technology Adviser to late Prime Minister Rajiv Gandhi, told newspersons at the CII leadership summit here. When the government reduces its stake to less than 51 per cent, these entities will have more autonomy and the ability to compete with private players, he added. Mr Pitroda said when Mr Arun Shourie was the Communications Minister, he had discussed with him about the merger. "My view is that an environment must be created for MTNL, BSNL which is really competitive. You are blocking them because of the Government procedures and processes to make decisions." However, competitiors are free to do whatever they can. "For purchasing, investments, you have too many strings attached to BSNL and MTNL. You can’t expect them to be real competitors." The Government is currently shorlisting advisors for the proposed merger of BSNL and MTNL to bring about synergy in operations. On BSNL listing in the market, he said: "You have to do it. BSNL is a huge company. You are sitting on a jewel. You might as well cash in on it." Asked if he would suggest, as member of the National Advisory Council, the public listing of BSNL to Telecom Minister Dayanidhi Maran, he said: "If the Government seeks an opinion on the issue, I’ll give my views." On the Indian telecom market, he said it was getting better by the day. "We will have 200 million telephones by 2008. Broadband is the next big thing coming up in India. We need more broadband connections, around 5 million, because internet experience in India is very poor." He said ample fibre optic network was in place in the country to achieve the goals. "There will be more mobiles, and we need more applications and content." Mr Pitroda said FDI in the telecom sector was inevitable over a period of time. To the left front’s contention that FDI would jeopardise security of the country, he said, "I don’t think security is anymore an issue in this world because there are multiple networks. "Security was an issue one time when there was one monopoly. If there was a monopoly control is given to a foreigner, the monopoly could suffer. If you have multiple networks, security is not an issue," he added. (UNI) |
|
|
