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| ADB expects Indian economy to grow 7-8 pc; to step up loan NEW DELHI, Oct 15: Lauding India’s economic reform process, the Asian Development Bank expected the country’s.....more High fuel
prices jack up NEW DELHI, Oct 15: The latest American Express (AMEX) air fare index for the Asia Pacific region shows increase in.....more Rs 987
crore disbursed CHANDIGARH, Oct 15: The National Bank for Agriculture and Rural Development (NABARD) has disbursed a.....more Exports
grow 24.39 pc NEW DELHI, Oct 15: India’s exports grew by 24.39 per cent to 33.75 billion dollars in the first half of the current fiscal.......more |
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ITPO gears up to hold hassle-free IITF 2004 at Pragati Maidan NEW DELHI, Oct 15: Preparations at the sprawling Pragati Maidan for holding the 24th India International Trade Fair.......more Believe it
or not, MUMBAI, Oct 15: India is shining, if one goes by the central bank’s latest statement on the forex reserves. After having......more NEW DELHI, Oct 15: Inflation fell by 0.18 per cent to 7.2 per cent for the week ended October 2, even as vegetable prices.....more Vaghela
presents NEW DELHI, Oct 15: Union Textiles Minister Shankersinh Vaghela has called upon all the member countries of the..........more |
ADB expects Indian economy to
grow 7-8 pc; NEW DELHI, Oct 15: Lauding India’s economic reform process, the Asian Development Bank expected the country’s economy to grow by 7-8 per cent in the medium term and said it would step up its loan exposure to two billion dollars annually. "In the medium term, 7-8 per cent growth is possible in the Indian economy," ADB president Tadao Chino told reporters after his meeting with Prime Minister Manmohan Singh today. Unlike in the past, Indian economy was growing rapidly due to the reform process started in 1991 and expectations are that it would sustain the high growth in the future, he said. "Now India is growing at a rapid rate and has sustained high growth," he said. Asked if the unprecedented surge in global oil prices would affect the country’s growth, the ADB president said high level of prices would impact economic growth but given the strong reform effort and high growth, "I think Indian economy can meet the challenge." He also said ADB would raise its exposure to India from the current level of 1.5 billion dollars to two billion dollars annually. Describing Manmohan Singh as his "old friend and architect of India’s economic reforms", he said Singh’s efforts brought about the sustained high growth and poverty reduction in India. Tadao Chino said ADB would strengthen its collaboration and cooperation with India which was evident from the bank’s decision to virtually double its exposure to the country annually in the recent years. The ADB president identified agriculture, rural development, water supply, irrigation, power and infrastructure development as areas which required greater Government attention for their reform. Sustained high economic growth and poverty reduction could be carried forward only through a "lot of work" in reforming these sectors, he said. (PTI) |
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High fuel prices jack up air fares in Asia Pacific NEW DELHI, Oct 15: The latest American Express (AMEX) air fare index for the Asia Pacific region shows increase in ticket prices for many routes, particularly those from Australia and Japan. Some modest increases were also recorded on routes from Malaysia, New Zealand, Pakistan and Taiwan. According to Mr Kyle Davis, vice-president and general manager of AMEX’s business travel division in Asia Pacific Australia, the third quarter 2004 results confirm first class and business class air fares have continued to increase more rapidly over the past several years than those in other classes of travel. "The market has seen airlines upgrade their premium products, reduce premium cabin seating numbers and differentially price this enhanced offering," he said. "Additionally, there is industry confidence in the long-term growth in passenger demand which is reflected in a wave of new aircraft orders from a number of Asia Pacific Airlines." Discount economy air fares on Australian domestic routes increased 10.9 per cent this quarter, particularly on some major trunk routes where jetstar is not operating. Year-on-year Australian domestic air fares have increased 5.2 per cent in business class and 10.9 per cent in discount economy. The full economy air fare is unchanged. Several airlines have increased published air fares in response to high oil prices while others have only introduced a temporary surcharge which is not captured in the published air fare data. In most countries, the current surcharges are adding about two to three per cent over and above the airfare increases recorded in this survey. First class and business class air fares from Japan increased more than four per cent this quarter and discount economy air fares from Australia increased six per cent. There were some smaller changes in air fares on a number of routes from Malaysia, New Zealand, Pakistan and Taiwan. No significant changes were recorded in airfares in any classes of travel since the Q2 04 survey on routes from Hong Kong, India, Indonesia, Singapore or Thailand. The AMEX air fare index is published every quarter as a guide to changes and trends in the Asia Pacific region. It tracks activity in 165 city pairs, all originating in the Asia Pacific region, with destinations throughout the world. The air fares are surveyed from published those available for ticketing from the first day of quarter. (UNI) |
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Rs 987 crore disbursed by NABARD in Punjab, Haryana CHANDIGARH, Oct 15: The National Bank for Agriculture and Rural Development (NABARD) has disbursed a refinance of Rs 987.80 crore under investment credit in Punjab and Haryana up to September-end this year. The bank has thus achieved within half year 84.6 per cent of the full target for the current year, said Mr A Ramanathan, NABARD chief general manager of Punjab and Haryana Regional Office, at a press conference here today. This refinance had been disbursed to Agriculture and Rural Development Banks (ARDBs), cooperative banks, commercial banks and Regional Rural Banks (RRBs) in the two states. NABARD has sanctioned short term credit limits of Rs 710 crore and Rs 1157 crore to cooperative banks in Punjab Haryana respectively, Mr Ramanathan said. He said the cooperative banks in Punjab have sanctioned crop loans of Rs 1676 crore to farmers. Of this, NABARD had provided Rs 599 crore (36 per cent) during 2003-04. In Haryana, NABARD had sancantioned 769 crore (46 per cent) of the total crop loan of Rs 1663 crore provided to farmers by the cooperative banks. Under the Rural Infrastructure Development Fund, a cumulative sanction of Rs 1398 crore had been made for Punjab and Rs 949 crore for Haryana, Mr Ramanathan said. Cumulative disbursement to Punjab and Haryana aggregated to Rs 968 crore and 582 crore respectively, he added. He said nabard had also been providing credit support to RRBs for providing crop loans to farmers. A total crdit limit of Rs 30.25 crore had been sanctioned to two RRBs in Haryana and Rs 20 crore to two RRBs in Punjab. NABARD, he said, had been monitoring the implementation of Kisan Credid Card (KCC) scheme. So far, 14.83 lakh KCCs had been issued by banks in Haryana and 14.2 lakh in Punjab. (UNI) |
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Exports grow 24.39 pc in first half of current fiscal NEW DELHI, Oct 15: India’s exports grew by 24.39 per cent to 33.75 billion dollars in the first half of the current fiscal. Exports in September, 2004 grew by 17.39 per cent to 6.198 billion dollars as against 5.280 billion dollars in the same month the previous year. In rupee terms, exports grew by 18.03 per cent to Rs 2,8571.45 crore in September, 2004, accroding to an official trade data released here today. In the first half (April-September) of 2004 exports grew by 21.88 per cent to Rs 28,571 crore. Imports grew by 34.29 per cent to 46.404 billion dollars in the first half of this fiscal mainly on account of oil imports which grew by 57.78 per cent to 14.539 billion dollars. Non-oil imports during April-September, 2004-05 were estimated at 31.865 billion dollars, a growth of 25.75 per cent. Trade deficit in the first six months of 2004-05 almost doubled to 12.654 billion dollars as against 7.422 billion dollar in the same period the previous fiscal. The deficit in September 2004-05 stood at 11.002 billion dollars as against 3.668 billion dollars in September, 2003-04. (PTI) |
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ITPO gears up to hold
hassle-free IITF NEW DELHI, Oct 15: Preparations at the sprawling Pragati Maidan for holding the 24th India International Trade Fair (IITF) 2004 are on in full swing as organiser of the fair, India Trade Promotion Organisation (ITPO), is gearing up to ensure hassle-free visit to over four million visitors to the fair beginning November 14. China is the partner country and Brazil is the focus country for IITF 2004. Organisations from 30 countries will be displaying full range of their products during the 14-day mega show. To address the parking problem, the capacity within and around the fair grounds is being enhanced by over 25 per cent this year. A new foot-overbridge is being constructed by pwd at the intersection of Mathura road and Bhagwan Das road near Supreme Court for easy pedestrian movement, in addition to a similar bridge made last year at Mathura road and Purana Quila road intersection. Bhairon road is being widened and a slip road near Matka Peer to Mathura road is being made in order to decongest traffic. Special DTC bus services to Pragati Maidan from Noida, Faridabad, Gurgaon, Ghaziabad are also being arranged. Entry tickets to the fair will also be available in the buses and would be Rs five per ticket cheaper than the rates at Pragati Maidan booths. Special parking and shuttle service from DTC’s Indra Prastha and Sarojini Nagar depots are being provided. Besides, cheaper tickets would also be available at mother dairy safal outlets ane select branches of State Bank of India, Central Bank of India and Canara Bank. For the first time, ATM services will also be available. A special ring railway service will be operational for ferrying visitors up to the Pragati Maidan railway station. Railway authorities have also agreed to provide their container depot this year for parking space that accommodate about 1500 cars. State Governments did not lag behind and are giving attractive facelift to their pavilions in line with the theme of the fair. A large number of oveseas business delegations are likely to visit the show in addition to large number of domestic business visitors. (UNI) |
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Believe it or not, India gives loan to IMF now MUMBAI, Oct 15: India is shining, if one goes by the central bank’s latest statement on the forex reserves. After having been a debtor for so long India has turned around to become a creditor with the Interntional Monetary Fund (IMF). "India has paid all debts to IMF. Though comparitively small amount, the country has extended financial loan to the tune of 800-million to IMF for giving financial aid to smaller developing countries", says Reserve Bank of India (RBI) principal advisor and chief economist Dr Narendra Jadhav. Delivering the lecture on ‘Indian economy - the way ahead’ as part of lecture series organised by Association of Multimodal Transport Operators of India (AMTOI) here, Dr Jadhav pointed out that the Foreign Exchange Reserves of India has crossed the total external debt. "India is the 6th largest foreign exchange holder in the world. From the 1-billion dollar foreign exchange reserve in the year 1991, the country has reached a stage of having 118-billion as the reserve. Significantly, the external debt ratio to the GDP has come down", Dr Jadhav averred. Moreover, India is on higher growth path with consistent grwoth rate. The thrust on the financial reforms has pushed India as the second fastest growing economy in the world. The country has also succeeded in bringing down the proportion of population below poverty line to 26 per cent from 36 per cent. Dr Jadhav said that though the rising inflation is a cause for concern, India’s tolerance level is matching to meet the high inflation level and the resilience shown by the country in adverse time is also high to cope with the changes. "Reforms have given India tremendous amount of resilience in the times of SARS, drought, Kargil war etc. Interestingly, the world has changed their perspective on India and at the same time Indians have also change their view about themselves", Dr Jadhav said. However, Dr Jadhav cautioned the dangers in burgeoning fiscal deficit and decreasing trend in spending on social sectors like health care, sanitation, education, etc. (UNI) |
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NEW DELHI, Oct 15: Inflation fell by 0.18 per cent to 7.2 per cent for the week ended October 2, even as vegetable prices shot up by about 14 per cent. The point-to-point Wholesale Price Index (WPI) inflation fell from the previous week’s level of 7.38 per cent mainly due to a fall in prices of fuel products and some of the manufactured items, notably edible oils. Inflation stood at 5.32 per cent in the year-ago period. Interestingly, fuel prices declined marginally by 0.2 per cent even as international crude oil prices broke many a psychological barriers to cross 50 dollar a barrel due to a host of reasons, including the unrest in Nigeria. The WPI also fell by 0.1 per cent to 189 points. It was 176.3 points in the previous year period. Government revised upwards inflation to 8.30 per cent for the week ended August seven as compared to the provisional level of 7.96 per cent. The WPI stood corrected at 187.8 points during the first week of August as against provisional level of 187.2 points. The index of primary articles’ group was up by 0.1 per cent to 191.6 points due to costlier food articles. It was 183.4 points in the year-ago period. Food articles’ group index rose substantially by 0.6 per cent to 189.3 points due to rise in prices of vegetables (14 per cent), barley (four per cent), urad (three per cent) and eggs (one per cent). Prices, however, declined for fish-marine (seven per cent), fish-inland (four per cent) and masur, moong and maize (one per cent each). The index of non-food articles’ group plummeted by 1.4 per cent 190.9 points due to lower prices of sunflower (12 per cent), raw cotton and gingelly seed (three per cent each) and groundnut seed and castor seed (two per cent each). But prices rose in the case of raw rubber (four per cent), safflower (two per cent) and tobacco, fodder and niger seed (one per cent each). Despite rising oil prices in international markets, fuel, power, light and lubricants’ group index fell marginally by 0.2 per cent to 281 points due to cheaper furnace oil (four per cent), lubricants (three per cent) and naphtha (one per cent). The index was 253.9 points a year ago. Crude prices touched a record high of over 50 dollars a barrel during the reported week on concerns of supplies from Nigeria and increased winter demand in the west, but the Indian government had not revised fuel prices mainly due inflationary pressures and Maharashtra elections. The index of manufactured products group stood unchanged at the previous week’s level of 167.6 points despite cheaper food items, paper and transport equipment. It was 156.6 points in the year-ago period. (PTI) |
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Vaghela presents UNESCO-CCI seal of excellence awards NEW DELHI, Oct 15: Union Textiles Minister Shankersinh Vaghela has called upon all the member countries of the world craft council to form a south-south exchange platform for SAARC, ASEAN, Latin American and African craft producing nations for showcasing products and promoting common trade events on reciprocal basis. Presenting the UNESCO-CCI seal of excellence awards for handicrafts products in south Asia here yesterday, he said in the global economy today and with WTO regulations coming into operation, the areas of concern particularly for the artisanal products sector relate to quality, social and environmental factors and marketability in conformity with the international standards. The responsibility lies with all partner country Governments, the NGOs and producer groups to work together not only to disseminate awareness among all producer groups and craftpersons about the need to comply with these norms but also to institutionalize a mechanism by which craftpersons and the various producer groups are enable to meet these standards of production excellence. It is in this perspective that UNESCO-seal of excellence award will play a critical role in upgrading the standards of the artisanal products, the minister added. Mr Vaghela said the seal of excellence awards of UNESCO was started jointly with the association of Southeast Asian Nations Handicrafts Promotion and Development Association (AHPADA) in the year 2002 and is now being promoted for the first time in the SAARC countries from this year. This joint initiative was agreed to during the World Craft Council (WCC)-Asia Pacific Assembly held in Dhaka in October 2003. The seal of excellence for handicraft products in south Asia enhances international awareness of handicrafts of SAARC countries. At the same time it serves as a quality control mechanism and marketing device for the promotion of handmade traditional and/or innovative craft from the region. From India, 27 outstanding products were selected as Indian nominations for international jury selection committee meeting conducted on October 12, 2004. From four countries in the SAARC region — Bangladesh, Nepal, Pakistan and Sri Lanka — a total of 51 craft products were received for the 2004 seal of excellence. A total of 78 products received from five countries and of them 35 products have been selected for seal of excellence of which Bangladesh bagged six, India 21, Nepal one, Pakistan five and Sri Lanka two. To commemorate the seal of excellence award ceremony, several events and a landmark exhibition of the masterpieces created by Shilp Guru-2002, the living legends of creativity, are also being organized at handicrafts Bhawan October 13 to 22, 2004. About 80 international and national craftspersons, designers and experts belonging to these crafts are participating. This opportunity will provide valued interactive exchange of experience not only amongst the craftspersons of different countries but also with design experts from India and abroad. An international buyers-sellers meet is being organized at gift fair complex, Pragati Maidan, from October 13 to 22, 2004, an official release here said. (UNI) |
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Economic ties can break
Bangla-India DHAKA, Oct 15: Three plants worth USD two billion to be set up by India’s second largest conglomerate Tata group in Bangladesh would take off within the next four years and this could help break the "false barriers" between the two countries, its chairman Ratan Tata said. "We will carry out a feasibility study which will take between five to six months and then we hope the plants will go into operation within the next four years," Ratan Tata told reporters here yesterday. Ratan Tata described as "fruitful" his discussions with Bangladeshi ministers, including Energy Minister Mosharraf Hossain, on his proposed plan to build a power plant, steel mill and fertiliser factory in this country. The Tata conglomerate signed an "expression of interest" with the state-run board of investment for pumping USD 700 million for a basic steel plant, another USD 700 million in the two 500-megawatt gas-fired power plants and USD 600 million for a fertiliser plant. "We are convinced we will get (natural) gas for the plants and we will need uninterrupted supply for an approximately 20 years," Tata said after holding talks with Hossain. Hossain said the three plants would need 200 Million Cubic Feet Per Day (MMCFD) in the first phase, while in the second 350 MMCFD. "The talks were good, but we also proposed coal-fired plants," the Bangladeshi Minister told reporters. "It is sad that Bangladesh is suffering from negative perceptions in the outside world and the honest answer (for choosing Bangladesh for Tata’s proposed power, steel and fertiliser plants) is that young people in my company felt Bangladesh has great potential but has been ignored," Tata said. He said projects like the one the conglomorate has taken up could help break "false barriers" between India and Bangladesh. "If the plant is successful, then I am sure the perception will change," he said. "I will be most satisfied when one day history will probably say we have been working hand in hand and Bangladesh considers these plants as its own and Tata just happens to own them." About future Tata plans for Bangladesh in hospitality and health sectors, he said "I am not a superman but we will certainly look at those at some point." (PTI) |
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Finance ministry irked by tax
figures filed NEW DELHI, Oct 15: A goof up by companies in filing corporate tax after the introduction of a single challan system depressed the collection figures and irked finance ministry, which was fast to detect the mistake running into Rs 6,120 crore. The ministry scrutinised the figures as it was intrigued by the sluggish 5.6 per cent growth in corporate tax mop up despite an impressive industrial growth and hefty profits netted by India inc. The goof up occured as many companies by mistake ticked income tax instead of corporate tax in the single challan system introduced this year for both income and corporate taxes, official sources told PTI here today. The Finance Ministry was fast to correct the figures and corporate tax collections now showed Rs 26,223 crore till September after Rs 6,120 crore, wrongly shown as accruals in income tax, was added to corporate tax kitty. The correction ensured that corporate tax growth was a robust 38 per cent instead of the subnormally low 5.6 per cent in the first half of this fiscal. The correction, however, brought down the income tax figures which had earlier shown an astronomical growth of 74 per cent at Rs 25,117 crore or Rs 6,120 crore higher than the actual figure. The corrected figure of income tax stands at Rs 18,997 crore till September, showing a growth of 31.54 per cent from 14,442 crore in the year ago period. The overall growth in direct taxes shown was more or less same at 35.21 per cent at Rs 45,220 crore in the first half of 2004-05. The overall tax collection grew by 19 per cent to over Rs 1,14,700 crore in first half of this fiscal. While direct taxes grew by a robust 35.21 per cent, indirect tax mop up was sluggish at 9.5 per cent during April-September 2004-05, sources said. Excise mop up was at Rs 44,463 crore till September this fiscal, which is 10.3 per cent higher than Rs 40,409 crore in the year ago period, he said. Customs collections were at Rs 25,148 crore in first six months of 2004-05, up by 8.5 per cent from Rs 23,167 crore in the year ago period. The excise and customs collections totalled Rs 69,611 crore during April-September 2004, which is 9.5 per cent higher than Rs 63,576 crore in the same period last fiscal. As against Finance Ministry’s estimate of 40 per cent growth in the first half, the actual tax collection was less than 20 per cent. An official said tax mop up would pick up in the second half of 2004-05 on account of securities transaction tax and service tax on new items. The service tax, whose rate was hiked to 10 per cent and extended to eight new items, came into effect from September while STT was effective from October. Indirect tax mop were lower than expected as both excise and customs collection fell short of target after the duty cuts on petroleum, steel, polymers and other items to check inflation, sources said. (PTI) |
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Wipro posts 79 pc jump in Q2, profits at Rs 411.70 crore BANGALORE, Oct 15: Beating market expectations, IT major Wipro today posted a 79 per cent jump in net profit at Rs 411.70 crore and 44 per cent rise in revenue at Rs 1978.50 crore for the second quarter ended September 2004. The Bangalore-based Wipro had reported a profit of Rs 266.70 crore and revenues of Rs 1374.50 crore during the same period last year. "The strong results clearly demonstrate that Wipro is winning in a market where customers are seeking higher value. We continue to benefit from the investments made over the last few years. We have good business momentum across our businesses," Wipro chairman Azim Premji said in a statement. The Nyse-listed wipro forecast a revenue of USD 347 million for the third quarter between October and December stating that the firm was confident of long term prospects with its compelling portfolio of services. Wipro added 5,546 employees during the second quarter, including 3,282 in it services and 2,264 in its BPO operations. The firm now has a total of 37,063 employees including 24,050 people in it services and 13,013 in BPO. "We continue to sustain our growth across all our key verticals and service lines in our global IT business. Good volume growth and stable pricing environment resulted in revenues of USD 327 million, ahead of our guidance of USD 318 million," Wipro vice chairman Vivek Paul said. He said Wipro’s BPO business rebounded strongly with a sequential revenue growth of nearly 20 per cent. Wipro bagged 34 new clients during the quarter, including a five-year Australian dollar 17 million deal with Axa Australia and a contract with LIC. "Improvement in operating margin in our global it services business was driven by better price realisation for onsite projects, an increase in the proportion of revenues from offshore projects and continued operational improvements," Wipro CFO Suresh Senapathy said. He said Wipro had issued restricted stock units to its key employees to improve employee retention. (PTI) Brazil, Thai sugar muscle into EU exports-trade PARIS, Oct 15: Medium-grade Brazilian and Thai sugars will seize market share of higher quality EU sugar exports to African and middle eastern markets, traders said. They said that at a time of rising sugar prices, buyers would be less prepared to pay premiums for the highest quality sugars. "Some buyers may have to change contracts to receive lower grade sugar than in the past," one trader said this week. Dwindling eu subsidies will make it tougher for EU sugar exports to compete with other origins, traders said, adding that they expected EU reforms to be implemented in 2006/07. The European Commission, the EU’s executive arm, presented its plans for sugar reform in July, calling for deep cuts in support prices and production quotas within a subsidy-heavy regime that has barely changed in 35 years. Philippe Soubestre, president of the French Sugar Manufacturers’ Association, SNFS, told on Thursday that France, the EU’s biggest and most efficient producer, should not lose the right to export its sugar under EU reforms. He said the world should not become dependent on just a few origins for sugar supplies. (AGENCIES) |
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