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| Saturday, October 7, 2000, Chandigarh, India   
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Panel’s no for rise in wheat MSP Israel opposes IT experts’ import Chautala to
woo foreign investors Putin leaves hosiery industry cold Govt clears 100 cr FDI proposals |
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Tata, AIG to enter insurance sector Gramin Bank
records profit Botswana
offers sops to investors MTNL, BSNL
invited for membership ‘No change in immigration rules’ Govt sets up panel
for khadi industries
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Panel’s no
for rise in wheat MSP CHANDIGARH, Oct 6 — The Commission for Agricultural Costs and Prices (CACP) has disfavoured any increase in the Minimum Support Price (MSP) of wheat for the 2000-01 crop as “on the basis of data regarding price parities (of crops) as well as costs and long-run trends in domestic and international prices, there is no case for an increase in the MSP for wheat”. The Commission, however, is understood to have recommended an increase of Rs 20 a quintal over last year’s MSP of barley, rapeseed/mustard and
safflower and Rs 35 quintal in the MSP of gram. The per quintal MSP proposed for the next crop are: Barley Rs 450, rapeseed/mustard and safflower
Rs 1120 and gram Rs 1050. In its report to the government, the CACP is learnt to have concentrated on giving a set of workable steps for dealing with problem of surplus stocks which is expected to be accentuated in the coming season. The Commission feels that proper determination of the MSP for wheat would depend on what the government decides on the suggested steps. It considers the present MSP of Rs 580 to be already too high in relation to the parameters that the Commission is required to consider in its terms of reference. Mr Gurnaib Singh Brar, a member of the Commission hailing from Punjab has given a dissenting note to the Commission’s otherwise unanimous recommendation of not recommending any increase in the wheat MSP. He has sought an increase of Rs 30 a quintal in wheat MSP, taking it to Rs 610. In one of its far-reaching recommendations for dealing with the problems of plenty, the CACP has suggested that the Central Government should insist on the state governments reducing, from the next marketing season, all statutory charges on purchase of cereals to a maximum of four per cent, including all taxes and cesses, mandi charges and payments to Commission agents. It should also offer to each State an increase in non-Plan transfers to compensate for the likely loss involved, making it clear that the Food Corporation of India will be under no obligation to lift stocks from States which do not comply. The CACP has also proposed that the Government should set up an independent commission to examine in detail the actual functioning of the Targeted Public Distribution Scheme, comparing its performance to the erstwhile Public Distribution Scheme, and examining the possibility of decentralisation of the food subsidy component within it. It has suggested that the Government immediately begin consultations with the states on how to use the surplus cereal stocks in a productive manner, either by incorporating a food component in the existing rural development schemes or by introducing new schemes involving village level organisations. The Commission wants the Government to announce a definite programme to ensure adequate storage capacity in the next marketing season. In order to ensure that Open Market Sales do not choke off the normal conduct of private wholesale trade, the price of grain sold through the OMSS should cover not only the likely private sector acquisition cost but also, as far as possible, reflect fully the differences in costs of transport and storage at different points of sale. Dealing with the abnormally huge foodgrains buffer, the Commission has said that besides procurement being high this year, the situation has been complicated by a sharp fall in offtake of both rice and wheat from the Central pool. An important reason for this was the Government’s decision to price sales to APL and through OMSS at economic cost. This pushed these prices considerably above those prevalent in the market. To some extent, the Government has taken corrective
action by reducing these administered prices subsequently. However, at least in case of OMSS wheat, the correction may have been too large, depressing market prices further. Offtake has therefore not increased so far. The Commission, however, expects the offtake from OMSS to begin from current month. In a revealing comment on the States’ demand for higher MSP for wheat ranging from Rs 625 to Rs 1245 per quintal, the CACP has said that, according to its cost projections, the weighted average cost of production of wheat for 2000-01 is likely to be Rs 494 as against the current MSP of Rs 580 per quintal. The current MSP is larger than the projected cost in every State covered in the Comprehensive Scheme except possibly Himachal Pradesh. Thus the States’ demand for a higher MSP is substantially a demand for a higher margin over costs. — IPA
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Israel opposes IT experts’ import Jerusalem, Oct 6 (IANS) — The Israeli Government remains opposed to the import of hi-tech workers from India and other countries to tide over an acute shortage of qualified electronics and software engineers despite Parliamentary support. The difference emerged following a debate by a Knesset committee on the status and condition of foreign workers in Israel, which heard an inter-ministerial report that only 90 Israeli engineers would start a nine-month, university-run retraining course beginning in December to qualify them for the hi-tech professions. “This is a mere drop in the ocean,” said committee Chairman Yuli Stern, referring to a Labour and Welfare Ministry programme in July that had proposed retraining some 4,000 qualified engineers over four years for the hi-tech professions. “Consequently, there seems no alternative to granting licences to allow the industry to import a limited number of foreign professionals,” he added. However, no decision to make such a recommendation to the government was taken and no date was set for resuming the debate. “Immediate approval to import 500 foreign experts from India, Cyprus or wherever, will help fill some of the 2,000 to 3,000 new positions created each year which local universities are not supplying,” Rafi Brender, Deputy President of the Israel electronics and information industries, said. Industry officials have pressed the government over recent months to relax its restrictions on foreign hiring, and were reassured by the Parliamentary support. Due to its current growth rate, the industry is short of some 6,000 to 7,000 university qualified and experienced software and electronics engineers to lead programming and development teams, Mr Brender said. Industry representatives have reiterated an earlier proposal to create a fund to retrain Israeli engineers, to be financed with sums of $12,500 set aside by individual companies for every foreign hi-tech professional brought into the country. The government said a Knesset recommendation to import hi-tech workers would not alter its position. Industry assurances that upper echelon-salaried hi-tech professionals hired on a two-year, one-time basis and renting quality accommodation would not join the socially and economically depressed foreign minorities have not persuaded the Finance Ministry or the Prime Minister’s Office to budge. Individual hi-tech companies, meanwhile, are finding their own manpower solutions by outsourcing Israeli work to the USA, India, South Africa, Cyprus and, soon, to Russia. But the long-term consequences, they warn, will cause a brain drain and loss of Israel’s hi-tech edge to foreign competitors. |
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Chautala to
woo foreign investors CHANDIGARH, Oct 6 — A high-level delegation of the Haryana Government led by Chief Minister Om Prakash Chautala will visit Singapore, Japan and Korea from October 8 to October 17 to “hard sell” the state to foreign investors. The delegation will comprise Finance Minister Sampat Singh, Chief Secretary, Mr Vishnu Bhagwan, Principal Secretary to Chief Minister S.Y. Quraishi, Secretary Industries P.K. Chaudhary, Additional Principal Secretary to Chief Minister Sanjeev Kaushal Managing Director of the HSIDC Harbaksh Singh and commissioner (Food and Supplies) Dharamvir. Representatives of the Punjab, Haryana and Delhi Chamber of Commerce and Industries will also accompany the official delegation. They will explore the possibilities of setting up joint ventures with the foreign investors. Chief Secretary Vishnu Bhagwan told newsmen here today that during the three-day stay in Singapore, Mr Chautala would meet Singtel and Bharti Telecom and members of the Indian business community. He would also be accorded a reception by the Singapore India Chamber of Commerce. He may also call upon the Prime Minister of Singapore and the Trade and IT Ministers. In Japan Mr Chautala would meet representatives of individual companies, especially those of the YKK and Honda. He would also have a meeting with bankers and attend a roadshow at Sumitomo Bank. Besides visiting the Suzuki Plant, Mr Chautala would have a meeting with the Hamamasu Chamber of Commerce and JIBCC. Mr Chautala would also meet the Korean Federation of Industry. He would also attend an investors’ meet. Mr Chautala would also meet the Korean Chamber of Commerce and have a meeting with the Vice-Chairman of LG and visit Hyundai.
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Putin leaves hosiery industry cold LUDHIANA, Oct 6 — The four-day state visit to India by the Russian President, Mr Vladimir Putin, has failed to enthuse the Ludhiana-based hosiery industry which was almost totally dependent on exports to the former Soviet Union till not very long ago. As a matter of fact, Ludhiana owes its phenomenal growth in the past decade or more to its hosiery industry employing thousands of people to the multi-billion-rupee hosiery trade it had with the former Soviet Union in the 70’s, 80’s and early 90’s, through the Russian state import agency, Raznoexport. Those were the days when a visit to India by any Russian dignitary would become an occasion for celebration by the local hosiery industrial units which would vie with each other to take out full-page advertisements in newspapers welcoming and hailing their visits. There have been no such newspaper advertisements this time. As a matter of fact, the visit to India by the Russian President has generated no more than a mild interest among the industrywallahs here. This is despite the fact Ludhiana’s hosiery industry owes its existence to the phenomenal trade it had with the former soviet Union. “It began in a small way in the 60’s,” recalls Mr Gian Chand Dhawan, Managing Director of York Exports Ltd., in an interview with TNS here today. “The export of hosiery goods to Russia from Ludhiana then totalled just Rs 4 crore. The exports started rising in the 70’s and touched a figure of Rs 200 crore a year in the 80’s. Some of the biggest Ludhiana-based hosiery exporters to Russia included Oswal, York, Greatway and Hind Hosiery. “The boom continued till the early 90’s when it suddenly went phat due to the policies of the then Soviet President, Mikhail Gorbachov. Among those who burnt their fingers by losing crores in exports to Russia in the early 90’s were Mr Giani Chand Dhawan and Mr Rakesh Kumar Mehra of Nagesh Hosiery.” The collapse of the Russian economy, hyperinflation and rapid devaluation of the Russian rouble worsened the problem driving many exporters to Russia to bankruptcy. “Even now there is no scope of resuming exports to Russia, observes Mr Dhawan. The Russian economy is an extremely bad shape. There is hardly any law and order. Mafia seems to be ruling the roost in most of the country.
Nobody seems to be paying taxes in Russia. Containers full of imported goods are smuggled into Russia without payment of customs by bribing the concerned custom officials. The government’s hold on law and order machinery is also tenuous. “The atmosphere is hardly conducive to promoting trade and business. Many British multinationals which set up shop in Moscow and have folded up and gone back home”. The agreement signed between President Putin and Prime Minister Atal Behari Vajpayee for a strategic partnership has kindled some interest in the local industry but as Mr Gian Chand Dhawan put it, it will have to be seen what shape the agreement and the relations between the two countries take in the near future before the industry carves out a role for itself. |
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Govt clears 100 cr FDI proposals NEW DELHI, Oct 6 (PTI) — The government today cleared 21 proposals for Foreign Direct Investment (FDI) worth Rs 100 crore. The proposals for which FIPB had earlier submitted its recommendations were approved by the Minister of Commerce and Industry, Murasoli Maran, a release said here. The projects are related to software development, Internet-related services, air transport, biotechnology, machine tools, tourism, fast food, textiles and consumer goods. While Fabmart Private Limited has been permitted to bring in Rs 45.50 crore with 10.78 per cent FDI equity for its Internet-related services, Ready Test Co Private Limited was allowed to increase the fdi equity to 100 per cent from the present level of 99.97 per cent for web site testing and software development. The Chennai-based Dishnet DSL Limited has been given the go-ahead for amendment in the existing Foreign Currency approval for expansion of activities in value-added telecommunication services without any fresh inflows, it said.
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Tata, AIG to enter insurance sector New Delhi, Oct 6 — The Tata Group and the American International Group (AIG) filed their application with the Insurance Regulatory Development Authority (IRDA) to enter the life and non-life insurance sector. The two companies have jointly set up a general and life insurance company, the Chairman of Tata Sons, Mr Ratan N. Tata and Mr Frank G.Wisner, Vice Chairman of AIG told newspersons here today. The companies will be known as Tata AIG General Insurance Company Limited and Tata AIG Insurance Company Limited. Addressing a joint press conference, they said the two joint venture partners would put in Rs 125 crore each in this venture. In the life segment, the company would offer four range of products and in the non-life segment, the company would provide numerous schemes for the people to choose from. Mr Wisner said they are optimistic of getting the licence in the next 8 to 12 weeks. The Tata AIG have filed that application for licence much after the expiry of the last date set by the IRDA. The authority had set August 30 as the last date for filing of application and is expected to grant first licence by this month end. Mr Ratan Tata said the company has tied up with HDFC Bank to sell non-life insurance scheme. He said the insurance companies would enter both urban and rural areas. The company is projecting to capture Rs 600 crore non-life and Rs 400 crore life insurance market in the next five years. The Tata Group and AIG had signed an MoU in 1994 and protocol of understanding in 1995 to set up two separate companies to offer life and general insurance. The equity structure in those companies will be in line with the current regulatory framework where the Tata’s will hold 74 per cent of the equity and AIG 26 per cent. Mr Ratan Tata said once the licences are given, the two insurance firms will bring to the people, the corporate and commercial sector a range of innovative products and services. These companies will offer traditional and tailor-made insurance products and services to meet the changing needs of the growing economy. The life insurance products will include savings products, along with pension and medical benefits. The general products will include directors and officers liability, accident and health, corporate and professional liability, export credit insurance, along with traditional products like household, fire, automobiles. AIG is the leading US-based international insurance organisation and the largest underwriter of commercial and industrial insurance in the US. Its member countries write property, casualty, marine, life and financial services insurance in about 130 countries and jurisdictions and are engaged in a range of financial businesses. AIG’s revenue is over $ 40 billion. The India’s largest industrial conglomerate, Tata group, revenue is over $ 10 billion. |
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Gramin Bank
records profit GURGAON, Oct 6 — The Chairman of the Gurgaon Gramin Bank, Mr S.N. Bhat today stated that the bank has registered a profit of 35 per cent in the first half of the current fiscal in comparison to its performance in the corresponding period last year. According to him, the profit of the bank — having 118 branches in Gurgaon, Rewari, Faridabad and Mahendergarh districts — was more than Rs 11 crore. The bank’s total business surpassed the level of Rs 700 crore to reach upto Rs 705 crore representing year over year growth of 19 per cent. Its deposit level reached upto the level of Rs 493 crore, a growth rate of 18 per cent.
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Botswana
offers sops to investors CHANDIGARH, Oct 6 — Botswana, one of the fastest growing economies is providing comprehensive incentive packages for overseas investors can be a promising destination for the Indian traders. This was stated by Mr Chand Bhadain, who was here from Botswana Export Development Authority today. A meeting of the potential Indian exporters and investors with delegation from Botswana led by Mr Kisto Mokaila and Mr Bhadain held here, the potential of the manufacturing sub-sectors in which Botswana has comparative advantages were discussed. Apart from the domestic market, Botswana has easy access for duty free movement of goods to South Africa, Lesotho, Namibia and Swaziland without any restrictions, said the delegates from the country. Mr Jagjit Singh, Chairman, Small and Medium Enterprises Committee, CII (North ), in his welcome address said that unlike other African countries, Botswana has no law and order problem and existence of transparency in the working of the government made it easier for the overseas investors to carry on trade with the country. |
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MTNL, BSNL
invited for membership NEW DELHI, Oct 6 (PTI) — Cellular Operators Association of India (COAI) today invited MTNL and BSNL to become its members and play a constructive role in making the mobile services affordable throughout the country. “We are open for unlimited competition as it will make the services affordable... MTNL and BSNL are welcome to become our members. But we want healthy competition and a level-playing field amongst all players,” COAI Chairman Vinay Rai told reporters. COAI, however, pointed out that in the name of limited mobility telephony, the fixed line operators were taking the advantage of lower licence fee, access charges and revenue share, besides lower access and spectrum charges. “In the name of fixed line telephony, the operators are passing on only 40 per cent of the long distance revenue to BSNL whereas the cellular operators pay 100 per cent. Similarly, for international calls also, the basic operators pay 55 per cent to government and we pay 100 per cent,” Rai said. |
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‘No change in immigration rules’ CHANDIGARH, Oct 6 — Canam Consultants, a company specialising in Canadian immigration and international careers conducted its free information seminar and on the sport admissions for HTMi, school of International Hotel and Tourism, Switzerland. Ms Patricia Felder, Marketing Manager of HTMi said the institute offers internationally recognised courses. The students also get an opportunity to earn during the in-house training. The admissions and visas are assured by the college. Mr S. Grewal, Vice-President, Canam Consultants, said on completion of the catering course the students can immigrate to Canada after gaining some experience under a certain category of the occupations in demand. He added that so far there are no changes in the immigration rules and the proposed changes have not been implemented yet. HTMi offers certificate, undergraduate as well as postgraduate diplomas and degrees. |
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Govt sets up panel for khadi industries NEW DELHI, Oct 6 (PTI) — The government has constituted a committee headed by Deputy Chairman of the Planning Commission K.C. Pant to suggest suitable measures for strengthening khadi and village industries. The 20-member committee will also suggest measures for promotion of cottage industries, venture capital for the hi-tech rural industries, insurance scheme for KVI workers and a special package for the North-East region, Jammu and Kashmir and the hill areas, an official release said here. Other members of the committee include Member Planning Commission S.P. Gupta, KVIC chairman Mahesh Sharma, Special Secretary (Banking) Devi Dayal and NABARD Chairman Balvijay, the release said, adding that Secretary, Ministry of Small Scale Industries DP Bagchi will be the member secretary of the committee. |
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Elephant ride a dream MOSCOW: At the end of Russian President Vladimir Putin’s three-day visit to India, which restored the old warmth in relations between the two countries, one niggling regret perhaps remained with a lot of Russians. The absence of elephants in the gala welcome ceremony organised in honour of Putin in New Delhi was a disappointment to many here who associate India closely with elephants. Aware of the Russians’ abundant love of elephants, India’s first Prime Minister Jawaharlal Nehru, during his first-ever official visit to the Soviet Union in 1955, presented two baby elephants — Ravi and Sashi — which remained the main attraction for decades in the Moscow zoo. It would be no exaggeration to say that visiting India for the sake of an elephant ride is a dream for many Russians, young or old. This explains why the absence of elephants in the glittering welcome ceremony for Putin, widely covered by Russian television channels, disappointed many Russians, judging from media reaction and television reports. They would have even liked to glimpse their youthful President riding an elephant. Television commentators revealed to the viewers that when U.S. President Bill Clinton visited India in March, he was privileged enough to have an encounter with an elephant.
— IANS New robot
by Sony TOKYO: Sony Corporation on
Thursday said it will begin selling a new pet robot by the year-end as a mechanical pal for its popular “Aibo” robot dog. A company official said, “it will be a friend of Aibo’s, but we can’t say anything more about it”. Further details, including the robot’s launch date, will be announced on October 12. Twenty seven-cm-tall dog-like robot that can go for walks, chase after a ball and wag its tail, Aibo went on sale in June, 1999. It is priced at 250,000 yen in Japan and $ 2,500 in the USA. A limited edition of 3,000 Aibos sold out just 20 minutes after they went on sale over the Internet in Japan, while 2,000 of the pricey pets were sold in fours days in the USA. Meanwhile, Sony’s shares yesterday ended 1.02 per cent lower at 10,650 yen and shed nearly 15 per cent of their value over the past two weeks, after a parts shortage forced the company to cut initial US shipments of its hit playStation 2 home video game player.
— ANI Bar Bollywood
in London LONDON: A brand new club concept has been launched in London by two South Asian music enthusiasts. Sohail Anjum and Bobby Friction of the Ecostani band say the idea is to play Bollywood (Hindi film industry) music and films back to back at a fashionable address in London’s Mayfair area. Starting next Tuesday, Bar Bollywood will host a weekly club night of recorded music and film extracts for South Asian connoisseurs. “Sometimes we will play tracks from films like “Pakeezah,” “Sholay,” “Kabhie Kabhie” — that sort of thing. We’ll start off with the 70s and 80s and then go back to the 90s. Its a mix of old and new blended together. A lot of club nights have “bhangra” (folk dance and music of Punjab) music, soul and rhythm and blues. But we will be offering young Asians an alternative to the norm,” Anjum said. Bar Bollywood currently has a capacity of 200. As an experiment, Anjum and Friction invited Sanjiv Bhaskar, who stars in the television show “Goodness Gracious Me,” to a pilot launch Tuesday. Invitations sent out by word of mouth attracted an audience of 100. “The response we got was that people love the idea of going to a club and linking in to Bollywood Hindi tracks. Hopefully, when it takes off this will turn into a commercial venture. We also want to market the name “D’shum” and take it places,” Anjum said.
— IANS
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ATM installed Kemp Fort Hardware show Masibus Process Sail Gem exports IOC Director |
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