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| Ship-owners seeks FM's help on 12
taxes NEW DELHI, Nov 12: The shipping industry has appealed to the Finance Ministry to address the issues of service tax and corporate tax that are affecting the margins ,.........more High security arrangements for 3 million people visiting IITF-2006 NEW DELHI, Nov 12: As the terror threat looms large, elaborate surveillance and security arrangements are put in place at the sprawling Pragati ..........more Delegation from Saxony on 8-day visit to India NEW DELHI, Nov 12: A 15-member political and business delegation from the Federal State of Saxony-Anhalt, Germany, is currently on an eight-. .........more India, China trade to reach $30 bln by 2009 NEW DELHI, Nov 12: The bilatered trade between India and China will reach upto 30 billion dollars by 2009 from its current level of 17.6 billion dollars, industry .... .....more |
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Bengal to get 1,000 cr investment,
generate 156 mw green power KOLKATA, Nov 12: Various private players will invest about Rs 1000 crore in West Bengal to generate an added 110 MW .........more Budget will be soft on rich, harsh on poor: Bardhan NEW DELHI, Nov 12: CPI General Secretary A B Bardhan expects a raw deal for the poor and common man in the coming Budget, but it to be soft on the rich, including a reduction in income tax............more Microsoft, Airtel inks pact to offer software solutions to SMBs NEW DELHI, Nov 12: Microsoft and Bharti Airtel, today entered into a strategic partnership to offer a range of software and ........more IFFCO-TOKIO eyes 70-80% premium collection pa NEW DELHI, Nov 12: Running high on profits, private sector insurance player, IFFCO-TOKIO General Insurance Co Ltd (ITGI) has said it is eyeing 70-80 per .............more |
Ship-owners seeks FM's help on 12 taxes NEW DELHI, Nov 12: The shipping industry has appealed to the Finance Ministry to address the issues of service tax and corporate tax that are affecting the margins of domestic shipping lines, failing which, it warned, ship- owners would increasingly look abroad for greener pastures. "We hope the Finance Ministry will address the issues of service and corporate taxes which are leading to domestic shipping companies setting up bases abroad. There are other taxes which are also high," Indian National Shipowners Association (INSA) president Yudhisthir Khatau told PTI. He said the Shipping Ministry understood the plight of shipping lines, which need to have a level playing field vis-a-vis their foreign counterparts "who operate in a zero-tax regime". Hoping that the Shipping Ministry would take up the matter with the Finance Ministry soon, as shipping lines are mulling registering their vessels in tax-free zones, Khatau said 12 taxes including service tax and lease tax are bleeding the coffers of ship-owners dry. "Shipping is a global industry and the rules of the game, in terms of cost, need to be comparable across various flags. As shipping is a price-taker and not price-maker, the high costs depress the earning potential of Indian shipping companies," Great Eastern Shipping's General Manager Planning and Corporate Communication Rajat Dutta told PTI. This rendered them
incompetitive when compared to their global peers and
hence a rationalisation of the Indian tax regime is
imperative, he argued. (PTI) |
High security arrangements for 3 million people visiting IITF-2006 NEW DELHI, Nov 12: As the terror threat looms large, elaborate surveillance and security arrangements are put in place at the sprawling Pragati Maidan, the venue of Asia's largest India International Trade Fair- 2006 (IITF-2006), which is expected to witness around 3 million visitors from all parts of the country during the fortnight-long show beginning here from November 14. With the extension of Delhi Metro rail line into Pragati Maidan this year, more visitors are expected to throng the fair from all corners of the capital where a wide range of products and services will be on display from diverse sectors of the economy. The 26th edition of the IITF-2006, organised by the India Trade Promotion Organisation (ITPO), will be inaugurated by Union External Affairs Minister Pranab Mukherjee while Union Commerce and Industry Minister Kamal Nath will preside over the function. Mr Shivraj Singh Chouhan, Chief Minister of Madhya Pradesh and Dr (Ms) J Geeta Reddy, Minister of State for Major Industries, Commerce and Export Promotion, Tourism and Sugar, Andhra Pradesh will be the guests of honour. Around 7,500 companies from India and overseas are participating in the mega fair which has China as Partner Country with 200 companies and Thailand with 100 companies as ''Focus country while in the national sector, Andhra Pradesh is the partner state and Madhya Pradesh will feature as the focus state in the fair, Chairman and Managing Director, ITPO, N N Khanna said. The twin themes of this year's fair are Small and Medium Enterprises (SMEs) and Tourism as these two sectors are the immense employment generators. This multi-product show will highlight amazing strides of achievements in different halls in the form of special displays of Buildtech, SARAS and the ubiquitous Good Living sector. Techmart will showcase the wide range products of services and small and medium industries, he added. The overseas participation covers more than 400 companies from 34 countries which include Afghanistan, Australia, Austria, Belgium, Bhutan, Brazil, China, Denmark, Egypt, Germany, Holland, Ireland, Indonesia, Iran, Italy, Japan, Korea, Kuwait, Myanmar, Nepal, Pakistan, Poland, Russia, Singapore, Sri Lanka, Spain, Sweden, Syria, Taiwan, Thailand, Turkey, United Kingdom, the US and Vietnam. About 200 delegates from over 30 business delegation from abroad are expected to visit the fair. Besides trade and commerce, this fair also depicts the diverse cultures, traditions, cuisines and handicrafts of the different regions of the country. With the safety point of view, 32 close ciruit televisions (CCTVs), 50 doorframe metal detectors and 20 observation towers have been set up for surveillance and security purposes. X-Ray machines have also been installed for checking of the baggage at all the gates, Mr Khanna said. Appropriate measures have been taken for security, safety and traffic control with the involvement of Delhi Police, Delhi Fire Services and other agencies including Armed Forces. To discourage congestion by vehicles around the fair grounds, the parking charges have been increased so that people should park their vehicles at other designated parking lots which have been provided with free Park and Ride facility. Tickets will be available at all the Metro Stations, Mother Dairy booths and designated branches of the Central Bank of India which will be Rs 5 less than the usual rates. Special DTC buses will be available from Noida, Faridabad, Gurgaon, Ghaziabad, Meerut and Sonipat to reach the spot. Additional parking space has been created this year for IITF- 2006 with a total facility for parking of over 10,000 vehicles. School children accompanied by teachers and as a special gesture, senior citizens and physically challenged persons are also being given privilege of free entry during general visiting hours on working weekdays. (UNI) |
Delegation from Saxony on 8-day visit to India NEW DELHI, Nov 12: A 15-member political and business delegation from the Federal State of Saxony-Anhalt, Germany, is currently on an eight-day visit to India to forge bilateral cooperation in various fields. The delegation, which reached on the first leg of their visit here yesterday, is headed by Mr Detlef Schubert, State Secretary, Federal State of Saxony-Anhalt, Ministry of Economics & Labour. Besides New Delhi, the delegation will be visiting Mumbai and Chennai, says Ajay Singha, Deputy Director General, Indo-German Chamber of Commerce. The delegation comprises companies in manufacturing, trading as well as service sectors and are interested in importing, exporting and finding out investment opportunities in India. Some of the sectors covered by the delegation are Biotechnology, Construction, Paper, Electrical Products, Industrial Cleaners, Health products, Plant & Machinery for Vegetable oil processing and bleach units & Food Processing Machinery etc. The service sector includes Education and training to skilled personnel, executives and middle management, expert third-party for building survey, preservation and restoration of historic monuments as well as other constructions in concrete, timber, brick or mortar, etc. B T innovation GmbH, is keen to export special products and solutions for the building site like flexible formwork, sealing stripes and precast plants and wishes to import steel parts for magnetic systems and machinery for formwork. Similarly, Fernostfrucht Handelsgesellschaft GmbH, is interested in importing processed fruits and spices and exporting food processing machinery to their Indian counterparts. While IHK Bildungszentrum Halle-Dessau GmbH is looking for a business partner to establish a joint institution for imparting training to commercial and IT industry. The Chambers have identified potential business partners for the delegation in each of the cities and are organising individual business meetings for them. Apart from this, we are also organising a factory visit to a German company in the city to give them an insight to the style of working, technology and machinery usage as well as to share the experience of the German company in India, Mr Singha said, adding that we have great expectation from the buyer-seller meet as the Indian companies are fully matured to absorb German knowhow and technology. (UNI) |
India, China trade to reach $30 bln by 2009 NEW DELHI, Nov 12: The bilatered trade between India and China will reach upto 30 billion dollars by 2009 from its current level of 17.6 billion dollars, industry chamber FICCI has said. ''If both countries make vigorous efforts in the 'China-India Friendship Year-2006', trade can go upto 30 billion dollars to diversify the export products from India and new products are identified for trade,'' the FICCI paper said here. The analysis on deepening the economic engagement between India and China, noted that while India's exports to China are largely restricted to primary and resource based products, Chinese exports to India are fairly diversified and include resource based products, manufactured items as well as low and medium technology products. The paper revealed that the key items of India's exports to China in 2004-05 included ores, slag and ash, iron and steel, plastics and articles thereof, organic and inorganic chemicals. Further, India's exports to China are highly concentrated as in 2004-05, top three export items accounted for 71 per cent of total exports, top five export items accounted for 81.4 per cent of total exports and top 10 export items accounted for 90.4 per cent of total exports. In fact, in the top 10 export items, ores, slag and ash alone accounted for 52.1 per cent of the total exports. On the other hand, India's imports from China present a balanced picture with both resources based and manufactured products listed in the top 10 imports. The key items of India's imports from China in 2004-05 included electrical machinery and equipment, nuclear reactors, mineral fuels and products, organic chemicals and silk. A key feature of the trade pattern is that India's imports from China are less concentrated as compared to India's exports as in 2004-05 such as top three import items accounted for 52.4 per cent of total imports, top five import items accounted for 68.4 per cent of total imports and top 10 import items accounted for 77.5 per cent of total imports. FICCI has identified 14 items as focus products for enhancing and diversifying India's exports to china, including automobiles, electronic components, and pharmaceuticals. With China's entry into the WTO, immense opportunities have also opened for setting up joint ventures and business collaborations between Indian and Chinese Industry, it said. While total Chinese investment inflows into India during the period August 1991 to July 2006 amounted to about 3.5 million dollars, total Indian approved investment in China during the period April 1996 to February 2006 is estimated to be about 161.4 million dollars. The key sectors where Chinese companies have invested in the Indian market include telecommunications, metallurgical industries, commercial, office and household equipments, transportation industry and electrical equipment. The presence of Indian companies in China has also increased substantially, especially in sectors such as iron and steel, textiles, chemicals, automobile components, and pharmaceuticals. Indian companies in China are active in Services Sector like restaurants, entertainment, culture and banking. Indian companies are also looking at projects in China in the areas like gas turbine and steel. Project exports are an important area, particularly as China receives a large amount of multi-lateral loans and Indian companies can participate in projects enjoying multilateral funding. To give a fillip to bilateral trade, FICCI has operationalised its hyperlink with China Council for Promotion of International Trade (CCPIT). Besides the Joint Business Council (JBC) agreement between FICCI and CCPIT, FICCI has signed 10 MoUs with various organisations in China to strengthen networks for doing business, thus giving a fillip to the two-way trade. (UNI) |
Bengal to get 1,000 cr investment, generate 156 mw green power KOLKATA, Nov 12: Various private players will invest about Rs 1000 crore in West Bengal to generate an added 110 MW power from non-conventional sources by 2009. ''Green power has around one lakh consumers in areas where either the grid power does not reach, or is difficult to provide,'' West Bengal Renewable Energy Development Agency (WBREDA)Director S P Gonchowdhury told UNI today, adding that with the additional capacity of 110 MW the total Green Power generation in the state would reach 156 MW. Of the 110 MW, private players will generate 100 while the government 10 MW from various sources. At present the state generates 46 MW of green energy, in addition to around 8,463 MW from conventional sources. Although rice husk has been the main sources of non-conventional energy in the state, with Bardhaman, Birbhum and West Midnapore taking the lead, fresh investments would flow into small hydro projects and wind energy, Mr Gonchowdhury said. Investment plans to produce power from biomass are also in the pipeline. ''Subhash Projects Ltd, Texmaco and Kolkata based Mittal group have committed a total of Rs 500 crore investment in small hydro-power projects in Darjeeling district. Suzlon Energy Ltd has committed Rs 300 crore to set up wind power generators on turnkey basis. Although West Bengal has very little potential in generating power from wind energy,'' Mr Gonchowdhury said adding that Suzlon would make wind generators worth around 40 mw. Balaji Textiles, Corporate Ispat, Amrit Biomass, Kamarhati Jute Mills and Infinity Infotech Parks Ltd have also planned to invest Rs 200 crore in power generation from rice husk. Given the quantum of green power generation so far, pushing it to the grid has not been a very viable option. Now, the West Bengal Electricity Regulatory Commission's (WBERC) is pondering over pushing renewable power into the grid. WBREDA has also started working out modalities to push a major chunk of it to the grid with an eye on the proposed 100 mw. In fact, the WBERC, following the guidelines of the Central Electricity Regulatory Commission, has made it mandatory for at least 3 per cent of the state's total power purchase to come from non-conventional sources by 2012. ''Pushing green power into the grid is important as this would provide an opportunity to trade in renewable energy,'' he added. The WBERC has already set tariffs for wind, biomass and hydel. At present, the tariff for wind power is Rs 4 per unit. For power from biomass it is Rs 3.35 and for hydel, Rs 3.60 per unit. Solar power tariffs have not been set in the state so far, as is the case for the country, but the state could well be the first state to declare a solar power tariff. Mr Gonchowdhury said the tariff would be declared by March 2007 and that the WBERC was working on the proposal given by the WBREDA. He said solar power would be costlier than any other form of green power. (UNI) |
Budget will be soft on rich, harsh on poor: Bardhan NEW DELHI, Nov 12: CPI General Secretary A B Bardhan expects a raw deal for the poor and common man in the coming Budget, but it to be soft on the rich, including a reduction in income tax. Coming harshly on the Government for pursuing policies, which are pro-rich and favourable to big business, Mr Bardhan has accused the government of paying only lip service to the commitments made in the National Common Minimum Programme (NCMP). Some of the programmes listed under the NCMP have not even been started, he said. The Communist veteran made these remarks in an interactive session with the Forum of Financial Writers on the expectations of the Left parties from Budget 2007-08. This was the first in the Budget series that the Forum was planned. Mr Bardhan suggested a number of measures for larger resource generation, including a review of tax incentives, imposition of some form of Tobin tax, such as, tax as on purchase of foreign currency, and higher level of wealth tax and Securities Transaction Tax (STT). What has been promised has not been delivered. Late in life Finance Minister P Chidambaram has realised that honesty is the best policy. According to Mr Chidambaram lowering of tax rates, leads to better compliance and higher revenues. This is a myth, Mr Bardhan said. He said the Left parties would bring amendments to the Special Economic Zone (SEZ) Bill in the Budget session. These include the nature of land to be acquired and the compensation for it. Industry which preaches free market, does not want to pay market price for land for SEZs, he said. Mr Bardhan took on the government for poor record on implementation of programmes, including the National Rural Employment Programme (NREP). The Left parties had pushed for the NREP, but the performance of the scheme has been dismal, he said. He said the Left parties wanted higher spending on the social sectors, including meeting the target of 6 per cent of GDP on education and 3 per cent on health. But, Mr Bardhan said there was much talk and little action on hiking spending on education and health, and cited figures to show that the increase on these two sectors had gone up only minimally in the past few years. No amount of money spent on education can suffice, he remarked. He said Indian agriculture was in a state of crisis, resulting in farmers committing suicides in various parts of the country. There was huge indebtedness among farmers, he said, and demanded implementation of the Report of the Farmers Commission, headed by eminent agricultural scientist M S Swaminathan. The Left leader asked the government to explain as to why while GDP growth was in the region of eight per cent per annum, India ranked a poor 126 out of 171 countries on Human Development Index (HDI). This only goes to show that the lot of the poor and common man had not improved, he said. Mr Bardhan also took on the financial press for making too much of the SENSEX, but failing to highlight the condition of the masses. What has the Bull Run on the bourses to do with the condition of the common man?. I don_t know when the back of the Bull will be broken? he asked. Mr Bardhan said the BSE SENSEX crossing the 13,000 mark was only reflective of the run away profits of the Corporate Sector or what are known as super normal profits. There is also a high level of speculation on the stock exchanges, he said. He said the Left parties would oppose in Parliament the Banking Regulation and Development Bill as it would strengthen the hold of foreign banks. They would do the same for the Pension Fund Regulatory and Development Authority Bill. Mr Bardhan said the Sachar Committee's has report pointed out that the condition of the minorities still worse and needed sincere efforts to improve their condition. By and large the Muslim community has benefited the least from the development process and said the Budget should outline measure to correct this historical imbalance.(UNI) |
Microsoft, Airtel inks pact to offer software solutions to SMBs NEW DELHI, Nov 12: Microsoft and Bharti Airtel, today entered into a strategic partnership to offer a range of software and services to 6.5 million small and medium businesses (SMBs) in India. The partnership will begin by offering Microsoft solutions to SMBs for hosted messaging and collaboration. It will also offer other hosted applications like CRM, accounting, ERP, unified communications and select Microsoft ISV applications. In a unique software cum service solution model, Airtel is working in close cooperation with Microsoft to provide enterprise-class software bundled with connectivity solutions to small businesses that do not have dedicated IT resources. This service is predominantly aimed at companies with five or more employees, and is expected to be available in January 2007, a company statement said. ''SMB vertical in India have huge potential and offer an exciting opportunity for Bharti. We estimate total telecom spend in the SMB space to be around Rs 18,000 crore. IDC estimates that IT spending by SMBs would grow by 17 per cent which is the highest in Asia Pacific region,'' Bharti Enterprises Viec Chairman Rakesh Bharti Mittal said. With integrated capabilities across wire-line, wireless, data and managed services, we are in a unique position to be the preferred partner to provide telecom and networking solutions to this segment, Mr Mittal added. ''Microsoft will enjoy working with Bharti to deliver advanced, enterprise-class features once reserved only for corporations with extensive IT budgets,'' Microsoft CEO Steve Ballmer said, adding that small and medium businesses will be able to see the benefits of this solution very quickly. The new professional messaging and collaboration service will give small businesses the ability to access secure enterprise grade e-mail, secure instant messaging and intranet portals with rich collaboration capabilities. (UNI) |
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IFFCO-TOKIO eyes 70-80% premium collection pa NEW DELHI, Nov 12: Running high on profits, private sector insurance player, IFFCO-TOKIO General Insurance Co Ltd (ITGI) has said it is eyeing 70-80 per cent growth in its premium collection per annum, from Rs 895 crore premium collected last year. The company has already collected Rs 570 crore during the first five months of the current fiscal garnering a market share of 5.47 per cent. ''We have been doing well since our inception and are working towards controlling the growth in a way to do better and profitable business,'' company's Executive Vice President (IT) U C Dubey said. Auto segment is the fastest growing market and we are garnering 40 per cent business from this segment only, Mr Dubey said adding that we are concentrating more on the rural market which is IFFCO's initial working area. ITGI has launched a number of products for the rural markets in the sake of farmers including 'Sankat Haran' and others and in the near future more such products will come up, Mr Dubey said. ''There will be more products in the company's portfolio as detariffing continues early next year,'' Mr Dubey said adding that the company would invest Rs 3.5 crore in the cutomer relationship management service (CRM) in three years. (UNI) |
Australia-based SciGen to sell Hepatitis B vaccine in India . MELBOURNE, Nov 12: Australia-based pharma company SciGen Limited will market its Hepatitis B vaccine in India starting from mid-2007. The company has received approval for the sale of Sci-B-Vac#61472 in India and the commercialisation of the 'third generation' vaccine would commence as soon as the manufacturing facility in Rehovot, Israel, is commissioned, SciGen said. The Israel plant is slated to be commissioned in the second quarter of 2007, it added. With this marketing approval in India, SciGen would get exposure to the second largest pool of Hepatitis B carriers in the world. According to estimates, at least 45 million people in India were infected with Hepatitis B while 89,000 people died of the disease in 2005. Ten per cent developed the chronic infection. SciGen Hepatitis B vaccine will be distributed by Shreya Life Sciences, one of the top 20 pharmaceutical companies in India, it was announced.(UNI) |
Firefox Bikes to sell Trek cycles in India NEW DELHI, Nov 12: Bicycle manufacturer Firefox Bikes has announced it would sell American bicycle brand 'Trek' through its four showrooms and 10 exclusive franchisees, and expects to sell 1,000-1,500 units by the end of next year. Trek will initially launch its five popular models of mountain bikes in the country including 3700, 4300, 4300D, 4500, 6000 priced between Rs 13,500 to Rs 33,000. These bikes come with unique features including light weight alloy frame, sophisticated multi-speed gears and disc brakes. ''Our goal is to deliver the kind of quality product that lends itself to a quality experience,'' Trek International Territory Manager J Peter Onge said. ''We are witnessing a rapid change in our lifetstyle and fitness remains the core area of concern. Cycling in the country is emerging as a leisure activity and adventure sport. Hence, there is a growing demand for bicycles that come with technology, innovation and style,'' Firefox Bikes Managing Director Shiv Inder Singh said. We will be distributing Trek cycles through our existing 14 stores and will be adding eight more stores by the year end at Goa, Nashik and Delhi region, Mr Singh said, adding that investment of Rs 40-50 lakh would be done in the the marketing of Trek bikes. In addition, Mr Singh said the Firefox expects to sell 7,000 bicycles in this fiscal garnering a turnover of Rs 5.5 crore. (UNI) Firefox Bikes to sell Trek cycles in India NEW DELHI, Nov 12: Bicycle manufacturer Firefox Bikes has announced it would sell American bicycle brand 'Trek' through its four showrooms and 10 exclusive franchisees, and expects to sell 1,000-1,500 units by the end of next year. Trek will initially launch its five popular models of mountain bikes in the country including 3700, 4300, 4300D, 4500, 6000 priced between Rs 13,500 to Rs 33,000. These bikes come with unique features including light weight alloy frame, sophisticated multi-speed gears and disc brakes. ''Our goal is to deliver the kind of quality product that lends itself to a quality experience,'' Trek International Territory Manager J Peter Onge said. ''We are witnessing a rapid change in our lifetstyle and fitness remains the core area of concern. Cycling in the country is emerging as a leisure activity and adventure sport. Hence, there is a growing demand for bicycles that come with technology, innovation and style,'' Firefox Bikes Managing Director Shiv Inder Singh said. We will be distributing Trek cycles through our existing 14 stores and will be adding eight more stores by the year end at Goa, Nashik and Delhi region, Mr Singh said, adding that investment of Rs 40-50 lakh would be done in the the marketing of Trek bikes. In addition, Mr Singh said the Firefox expects to sell 7,000 bicycles in this fiscal garnering a turnover of Rs 5.5 crore. (UNI) |
India Inc to double fortune 500 presence by 2010 NEW DELHI, Nov 12: Riding high on its huge overseas expansion plans and an aggressive merger and acquisition spree, India Inc is set to double its presence on the Elite Fortune 500 list of the world’s largest companies in the next four years, a new study reveals. Given the unprecedented rate at which Indian companies are snapping up their rivals across the globe, they could be buying nearly 370 companies a year in the western countries of the US and Europe alone by the end of this decade, global consultancy major accenture said in a report. As a result of corporate India’s ever expanding takeover caravan on the foreign shores, there could be more domestic entrants to the fortune global 500 list and the number could rise to 12 by 2010, from just six currently, Accenture said. The US-based business magazine fortune’s international editor Robert Friedman told pti that getting up to 13 billion dollars in revenues (the minimum to make to the list as per this year’s list) is a big step and there are not many indian companies in striking distance. However, a jump in the number of indian companies on the list to double the current level is possible in six years, friedman said while adding that he might be a bit more cautious on the forecast. Accoding to accenture, Indian companies will make more than 180 acquisitions in Europe and the US in 2006, up from 130 last year. Riding high on a booming domestic economy and availability of easy international financing, Indian companies have already made about 150 overseas acquisitions worth a total of over 16 billion dollars since the beginning of 2006, as against total 137 outbound takeover deals in entire 2005. Last year’s deals totalled just 4.5 billion dollars that itself was treble the figure for 2004, while the total number of overseas acquisitions by domestic firms had hovered between 29-51 deals during the previous five years, the data available with international M&A tracking firm dealogic shows. While India still lacks the size of companies in the US, China, South Korea and Japan as well as various European countries, multi-billion dollar deals like the corus acquisition by Tata Steel is putting India Inc on the fast lane to scale the high levels required to be counted among the world’s largest corporates. Tata steel is already being projected as a sure-shot entry to the next fortune global 500 list, following its acquisition of Anglo-Dutch steel maker corus, which is already present on the list at 352nd position. (PTI) ) |
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