Saturday, November 7, 1998
today's calendar
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B U S I N E S S | Saturday, November 7, 1998 |
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spotlight today's calendar |
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PM’s plan to help
farmers Law
on infrastructure investment planned |
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Software exports cross Rs
750 crore fresh equity for Daewoo Motors |
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Sugar import duty hike
unlikely
Kitply
products launched |
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PM’s plan to help farmers MUMBAI, Nov 6 (PTI) — The Prime Minister Atal Behari Vajpayee today announced a five-point programme to boost food-processing and agro-based industries for ensuring farmers’ prosperity through maximisation of value addition in the agriculture sector. Inaugurating the three-day “agro advantage Maharashtra international exposition and global investors’ convention” organised by the state government here, he also announced the constitution of a high-level task force on food and agro-industries management policy to suggest an action plan within three months. The five-point programme includes revival of the Small Farmers Agro-Business Consortium (SFAC) to function as a high-level coordination body, strengthening of the future market in agriculture produce, promotion of exports of farm produce, unveiling of a national rural cooperatives policy soon and harnessing of information technology in agriculture and agro-business. Mr Vajpayee said the goal of a hunger-free India enshrined in the BJP-led coalition’s national agenda for governance cannot be achieved without doubling food production in the next 10 years and value addition in the farm sector was also crucial from the point of view of India’s economic security. “The surest way to promote farmers’ prosperity was by maximising value addition in the agriculture sector and ensuring that farmers get their due share in the enhanced value,” Mr Vajpayee said lauding Maharashtra’s effort at seeking to do exactly the same thing. The state government has listed nearly 100 projects in the agro sector and has put them on offer at the convention. “Economic security and food security have become an important dimension of national security. Indian kisan must make full use of technology, so that the task of the jawan becomes easier,” the Prime Minister observed. Mr Vajpayee said a proper future exchange was important as it will help the farmer survive the vagaries of market forces, as other businesses do. “It will provide him with a place to hedge his produce and reduce risk,” Mr Vajpayee said. The recently strengthened Forward Markets Commission would soon have many regional offices and many more commodities would be taken for forward marketing, he said and stated that cotton, followed by oilseeds and edible oils would come under its purview immediately. Mr Vajpayee said quantitative restrictions on import of food products were being removed in a phased manner as per the commitment to World Trade Organisation (WTO). The Commerce Ministry has drawn up a plan for the promotion of farm exports that will substantially increase India’s present low share of world trade. Mr Vajpayee said the cooperative sector was handicapped by unnecessary constraints and unable to fully benefit from economic reforms. The national rural cooperatives policy would aim at simplifying rules and regulations governing farm cooperatives. As a first step, the government would soon enact the long-pending multi-state cooperative Act, he said. The Prime Minister said as recommended by the National Task Force on Information Technology, the government had decided to promote it in agriculture and agro businesses to boost productivity and efficiently in production and marketing. Congratulating Maharashtra for its pilot project involving linking of 70-odd villages, which form the Warananagar milk cooperative, through a computer network, Mr Vajpayee said the Centre would soon unveil a national scheme that would support “wired villages” projects in the farm sector in a collaborative framework. He said huge wastages of the order of Rs 10,000 crore each year in primary farm produce, particularly fruits and vegetables, was a colossal national loss and less than 2 per cent processing of fruits and vegetables produced in India was also a national loss. Lack of proper packing, processing and marketing facilities had made the poor litchi grower in Bihar get no benefit for his hard work. Value-addition in the farm sector was crucial for achieving food security for a nation of 100 crore population, which could reach 150 crore in 2025, he said. The agriculture sector was the greatest source of employment generation and wealth creation in rural India and it is also going to significantly add to India’s basket of exports and foreign exchange earnings, the Prime Minister said. “If we consider all bio-energy produced in India and apply appropriate scientific and management principles for its use, ours will be one of the most prosperous countries in the world,” he said. He said the agro convention and exposition was highly significant in the context of the strategy to take Maharashtra to a still higher level of prosperity and all-round development. “I see it as a
trendsetter for other states which too have a big need
and a huge potential to attract domestic and foreign
investment in agri-business,” he noted. |
Software exports cross Rs 5,000 crore NEW DELHI, Nov 6 (PTI) — Indian software industry has generated an export revenue of Rs 5,090 crore in the first half of the current fiscal as against Rs 3,074 crore clocked during the corresponding period last year, a survey by an apex software association said. According to the National Association of Software and Service Companies’ (Nasscom) survey, Indian software exports grew at a rate of 65.5 per cent in the first half as against a growth of 61.2 per cent in the similar period last year. “Inspite of many obstacles including exhaustion of the worldwide annual cap of H-1B visas of the USA during May 1998, it is creditworthy that Indian software exports could register such high growth rate,” Nasscom Executive Director Dewang Mehta told reporters here today. Referring to the impending year 2000 problem (Y2K), Mehta said Indian software companies bagged orders for Y2K solutions worth Rs 1,170.7 crore (23 per cent) during the period, mainly from Europe and the USA. Mr Mehta said the adoption
of a single currency Euro by the European countries was
another boon for the Indian software industry the
opportunity promised a revenue of Rs 2000 crore. |
Law on infrastructure investment planned LUDHIANA, Nov 6 — The Punjab Government plans to enact a comprehensive legislation laying down transparent guidelines for investors in the infrastructure sector in the state. The state government has hired the services of a Delhi-based private company for preparing the draft legislation in consultation with experts after taking into account the experience and mistakes of other states which first invited and then tripped in securing investment from private companies. The rules regarding investment in the infrastructure sector were framed when there was a regulated economy and the government was supposed to be the provider for infrastructure. The revision and amendments in the policy have been made in an ad hoc manner. This approach sometimes lead to unnecessary and expensive litigation. The experience of Enron in Maharashtra is a case in point. In Bangalore, an information technology park project fell through because the commitments made by one government was not honoured by the successor government. Therefore, the effort for a comprehensive legislation which will lay down the procedure for the selection of a bidder for any project in a transparent manner. The legislation will clearly spell out the risks associated with the project. A mechanism for the redressal of grievances would also be provided besides laying down the returns from the project. It would also have a provision for establishing specific bodies for projects such as roads, bridges, power, industrial estates, urban housing etc. According to Mr Vinod Kumar Jain, Chairman of the Punjab State Industrial Development Corporation, the legislation will be ready early next year for enactment. Speaking at an investors meet organised by the PSIDC, Mr SS Brar, Managing Director. PSIDC, said the government was committed to extend all facilities to entrepreneurs. Similar meet would be held at Jalandhar, Amritsar and Patiala. During 1997-98, the PSIDC had signed 22 memorandum of understanding for promoting projects in the joint and assisted sector with aggregate capital outlay of Rs 10.653 crore generating employment for 5225 persons. Till date 25 MOUs had been
signed for project entailing investment of Rs 11.757
crore with employment opportunities for 4585 persons. |
Rs 750 crore fresh equity for Daewoo Motors NEW DELHI, Nov 6 (UNI) — Daewoo Motor Corporation of South Korea is planning to infuse Rs 750 crore as fresh equity into its Indian subsidiary Daewoo Motors India Limited (DMIL) for financing the company’s expansion programme with regard to the manufacturing facilities for small cars, multi-utility vehicles and also bus and trucks. Though the company has not yet decided on the exact time table for bringing in the money, it is most likely to come in the 1999-2000 fiscal, DMIL Managing Director Shiv Gopal Awasthi told UNI here. “We have a major expansion plan in our wings and it would be funded mostly through fresh equity infusion by the parent company. Expansion is an ongoing process and the money could come in one or more tranches.” The fresh equity infusion would be done by way of preferential or rights shares. The company has already got the shareholders’ nod for the same. Besides, the company is also mulling over the idea of privately placing a part of its equity, either at par or at a premium, to raise funds for part-financing the expansion programme. But Mr Awasthi refused to divulge any details saying, “it is very premature. It is just a thought and we are yet to finalise the modalities.” Meanwhile, company sources
said the Board of Directors of DMIL is presently working
out the modalities, terms and conditions of the floats,
including the total amount of issue, nominal value, rate
of dividend and, amount of premium. |
DGS & D rates for PVC pipes CHANDIGARH, Nov 6 (PTI) — All-India PVC Pipe Manufacturing Association today said it has succeeded in getting the rate contract issued by the Directorate General of Supplies and Disposal (DGS and D), the mother purchase organisation of India. Now all the indenting authorities like State Governments and autonomous bodies need not float independent tenders for purchase of PVC pipes but can buy the PVC material at the DGS and D rate contract, the Association President, Mr S S Gupta, said in a press release. All the supplies under this rate contract shall be guaranteed for quality and material of highest order and according to specifications, Gupta said. In order to highlight the best of the best of PVC pipes, the association is organising a seminar and live demonstration where testing the sturdiness of PVC would be displayed by hammering of PVC pipes and other scientific tests. The seminar is being organised by the association in collaboration with Indian Petro Chemicals Ltd (IPCL) and Reliance Industries Ltd, the leading manufacturers of PVC resin in the country, Mr Gupta said. The aim of the seminar is
to highlight the PVC pipes as the substitute to the
conventional pipes full of health hazards like galvanised
iron, (cast iron), mild steel and asbestos cement pipes,
Gupta said, adding that in developed countries the
traditional pipes have been totally phased out. |
Sugar import duty hike unlikely NEW DELHI, Nov 6 (PTI) — The Government is unlikely to raise import duty on sugar to the level demanded by the domestic sugar industry in order to protect consumers’ interests, official sources said today. The Government is working out a detailed analysis on the duty hike to ensure that any increase in the customs duty would only lead to parity in both landed and domestic sugar prices, sources said. In fact, the duty would be fixed ‘somewhere’ to provide a level-playing field to importers too, they said. The domestic sugar
industry, while expressing concern over rising import of
sugar, has demanded that the import duty be raised
between 20 per cent and 150 per cent to ensure that local
mills are not affected.
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Kitply products launched CHANDIGARH , Nov 6 —
Local models displayed the latest range of plywood and
consumer items in the Kitply product launch programme at
the Chandigarh Club on Wednesday. On display were the
latest Italian hardware products of the company.
Densified wood plates, commercial and decorative boards,
adhesives and teak products require a special mention. Lt
Gen BKN Chhibber, the Governor of Punjab, was the chief
guest. He said he was happy to be associated with the
function of an environment friendly company. “I am
given to understand that the company has planted 6.25
lakh trees over the past couple of years. On an average
the company plants 1350 tree saplings daily “, he
added. Mr Raj Kumar, Minister of Architecture, Haryana,
was the guest of honour. |
NEW DELHI (PTI): Telecom Regulatory Authority of India (TRAI) will work out a rational tariff structure for the Internet services and coordinate security clearances for licence applicants from various government agencies. Greater role for TRAI in management of net service providers and the bank guarantee system proposed by the Department of Telecom are the major new inclusions in the guidelines for Internet service providers (SIPs) to be announced by the Government on November 7, official sources told PTI. Oberoi website NEW DELHI, (UNI): The Oberoi group has launched a website to offer real-time on-line reservation facilities with a confirmation number. It takes the browsers through a visual tour of any Oberoi Hotel through an interactive hotel-finder. A direct e-mail facility connects the browser to an individual hotel which responds to specific needs and queries. The site provides updated information on all hotels, offers and loyalty programmes within the Oberoi group which owns and manages 31 luxury hotels in six countries. Internet NEW DELHI (PTI): The National Task Force (NTF) on information technology (IT) has blamed Department of Telecommunications (DoT) for loss of billions of dollars in revenue from Internet-based services because of poor Internet services in the country rests with DoT, member convenor of the NTF on IT, Dr N. Seshagiri said here recently. Lambasting the agencies which created bottlenecks in the growth path of IT industry, Seshagiri said “these agencies should be fought for being irrational.” Siemens BANGALORE (PTI): Siemens Nixdorf Information System Ltd has launched in India the “Scenic mobile 800 notebook”, with features such as removable keyboard and chipcard reader, as well as unmatched flexibility. The company’s country manager (computer systems and channels), Paramjit Singh Puri, told PTI that it was launched to coincide with the opening of “Bangalore IT Com ‘98”, an international show on information technology and communication, near here. According to him, the notebook is an innovative product which represents a “synthesis between our customers” requirements and our developers’ ideas. Other features of the product include ‘magnesium case’ ‘optimum hard disc capacity’, ‘high performance 3D graphics and ‘high quality sound’, Puri said. Dell Computer BEIJING (PTI): Dell Computer Corporation, the world’s leading direct computer systems company is keen on entering India, the fastest growing personal computer (PC) market in Asia, company founder Michael S. Dell said. “We are seriously considering when and how to enter the Indian market,” Dell, who is also Chairman and Chief Executive Officer of Dell Computer Corporation said. Dell, who launched
Dell’s China customer centre, an integrated sales
and manufacturing facility and customer call centre in
the Southeastern port city of Xiamen, however, did not
give any time-frame for his Texas-based company’s
entry into India. |
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| Forex rates MUMBAI, Nov 6 (PTI) — The following were interbank forex and RBI rates (in rupees per unit): U.S. $ Rs 42.29/30 The RBI reference rate was Rs. 42.33. Gold firm PSB ‘Mr
India’ |
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