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Saturday, September 8, 2001, Chandigarh, India  
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Asia Resorts case: police inaction alleged
‘Pace of implementation’ can reverse downtrend
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Shanghai China’s showwindow
Punjab besieged by economic slowdown Sahara ties up with Lufthansa Technik Spice
subscriber base touches two lakh FDI worth
1,118 cr cleared
Hewlett-Packard acquires Indigo
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Asia Resorts case: police inaction alleged Ludhiana, September 7 The Punjab and Haryana High Court had asked the SSP, Ludhiana, to investigate and take action as per law against the Chairman, Managing Director and Director of the company. However, no action has so far been taken. A delegation of the customers led by Mr Hardesh Goel, President, the Citizen Welfare Association, met the SSP today and asked him to expedite the investigation against the company. Mr Shive Kumar Verma, who had been asked to conduct the inquiry, has not submitted the report so far. He said,‘‘ I am collecting the documents and the investigations will be completed in the next two three days.’’ The complainants have, however, alleged that the police was trying to scuttle the inquiry through delaying tactics as the accused has allegedly made a settlement with them. In fact, the Citizens’ Welfare Association had filed a criminal case, on behalf of Mr Ravinder Pal Singh, a businessman, in the high court on July 23 against Mr R.K. Garg, Chairman, Asia Resorts, Mr Akash Garg, Managing Director and Ms Naini Girdhar, Director, Marketing, in the local branch office of the company. It had alleged that the company had failed to fulfil its promise of providing free accommodation for a week in a year after charging a hefty amount of Rs 1,08,000 from him in 1998 under the time share scheme. The company management had rather asked for Rs 3000 as maintenance charges and Rs 550 as utility charges from him. Mr Justice V.N. Jain, on this writ petition, had ordered the SSP to take appropriate action in accordance with the law. Mr Goel alleged that the Asia Resorts had collected more than Rs 20 crore from about 2000 members under the Time Share Holiday Scheme. They would be charged just Rs 50 as utility charges. However, within one year of the scheme, the company started making excuse for not providing free accommodation to the members. Even they were asked to pay Rs 1000-3000 as maintenance charges by the company at the time of booking of rooms. He said the company was asking for about Rs 1 lakh on an average from the members for the maintenance of a single room for a year. Though under the contract of the scheme, there was no provision for maintenance charges or increase in utility charges. The complainants have urged the SSP to ensure the justice at the earliest. |
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‘Pace of implementation’ can reverse downtrend New Delhi, September 7 President of the FICCI, Mr Chirayu Amin, who is a member of the Prime Minister’s Council on Trade and Industry said that infrastructure investment, revitalisation of the capital markets, exchange rate correction and systematic reduction of cost of borrowing were among the corrective measures that has been suggested by the industry to the government. Economists here said that immediate measures should be put in place to boost demand, especially in the rural sector. “Increasing public investment in core infrastructure sector is the need of the hour”, an economist said. However, the government think-tank needs to keep in mind that infrastructure projects will produce the wide multiplier effects across the economy only with a time lag which can run up to several years, he said. “Therefore, in the short term, the government should shift the focus on projects which are labour intensive. This will increase disposable income, which in turn will boost savings and consequently make more funds available for public investment”, the economist said. Prime Minister’s 14-point economic reforms agenda as unveiled today at the meeting of the Council of Trade and Industry came a day after the report of the McKinsey Global Institute (MGI) on the Indian economy. The McKinsey report, titled ‘India: the growth imperative’ has laid out a 13-point reforms agenda for reversing the downtrend in the economy. The growth-path calls for easing out restrictions for greater flow for FDI in the retail sector, dereservation in the small scale sector and privatisation of infrastructure among other measures. Greater FDI in the retail sector has the strong potential for increasing employment in the short-term and boosting household savings rates through higher disposable incomes. Given the instability of the capital markets in the aftermath of stock price manipulations by the broker-FII-overseas corporate body nexus, foreign direct investment may not be forthcoming in the immediate future. The downgrading of the country’s credit profile by the Moody’s and S&P has only made matters worse for the managers of the country’s economy. In today’s meeting, the captains of industry pointed out to the Prime Minister that fresh investments are unlikely to come by till there is some semblance of stability in financial markets. Independent observers, however, were quick to point out the industry was squarely responsible for the current mess in the capital market, a fact which even the Prime Minister observed during his opening remarks in the meeting. Market watchdog SEBI has expressed strong concern over the growing nexus between FIIs, overseas Corporate Bodies (OCBs) and brokers and has proposed a six-point action plan involving the establishment of central monitoring authority to check manipulation of share prices. Observers said that it needs to be seen the government goes about labour market reforms, especially in view of impending Assembly elections in the certain states. “In any labour market reforms initiative, there are bound to initial, albeit, temporary
displacement of labour. If labour market reforms were not simultaneously supplemented by employment generating projects elsewhere in the economy, it might prove politically costly”, an observer said. |
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Shanghai China’s showwindow Shanghai,, September 7 Leaders of 24 members of the APEC, including US President George Bush and Russian President Putin, will have no choice but to get impressed with the rapid development that Shanghai has made since Beijing decided to follow the path of pragmatism and economic logic leaving far behind ideological hangups. With the setting up of a special zone in Pudong to the west of the Huangpu river here on April 18, 1990, China has decided to make Shanghai a showwindow of its growing economic prowess and development, as a spokeman of the People’s Government of Shnaghai Pudong New Area Ma Xuejie told a group of visiting Indian mediapersons lamenting that no Indian enterprise had invested in this zone. Pudong is the glory of Shanghai in the new century and a national showpiece, Mr Ma said informing that the GDP of the special zone reached 92 billion RMB (China’s currency) which is equal to the GDP of the entire Shanghi in 1990. The Pudong Special Zone is the most dynamic and ambitious special economic zone in China today and is located in an area of over 522 sq kms. To date, foreign direct investments account for 30 per cent in Pudong while other provinces in China account for 60 per cent of the total investment. Total volume of FDI received by Pudong till 2000 was $ 15.3 billion while total investment of $ 35.4 bilion has been made till now, Mr Ma said. The year 2000 witnessed utilised FDI of $ 2 billion, while FDI contracted during this period was $ 0.99 billion only implying a surge in implementation of the projects approved earlier. The average annual growth rate between 1990 to 1995 was 20 per cent and Pudong made a fixed income of 9 billion RMB (roughly $ 1.1 billion) last year, the spokesman said adding that over $ 10 billion has been spent for creating the necessary global standard infrastructure here. The per capita income in Pudong is $ 6000 while in Shanghai it was only $ 4100, Mr Ma said stressing that Shanghai was playing a role of an engine for pulling up the national economy on a rapid path. |
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Punjab besieged by economic slowdown Chandigarh A Tribune News Service survey of the after-effects of slowdown, encompassing agricultural and industrial sectors, presents a myriad mosaic of Punjab economy. The pattern that emerges is dismal portraying peoples’ apprehensions and aspirations, state’s indifference and tide of time’s ruthlessness as the world shrinks to a global village. The fierce competition, coupled with cry for quality, to grab a share of the world bazaar has created a fear-psychosis among entrepreneurs of getting eliminated from the scene. If the survey projects the existing fault-lines, it also presents a road-map showing the needs of the economy in terms of infrastructure, state intervention through comprehensive policies, capital investment and up-gradation of existing technologies. An atmosphere of despair is all pervasive. Punjab looks like a hostage state besieged by problems, mostly man-made (read government). The industrial survey scene shows units are shutting down. Entrepreneurs are shifting from manufacture to trade. Promised capital subsidy to small scale units has remained unpaid for years. Frequent power cuts and interruptions have scuttled production. Lack of infrastructure in industrial focal points, old and new has caused frustration. The survey report on state of agriculture is no better. Crop production and productivity has plateaued. Farmers are deep in a debt-trap getting pushed into a death-trap. Suicides are not uncommon. Break-up of traditional joint families has rendered individuals weak and defenseless when faced with calamities. Farm labour absorption in agriculture sector is negative, so is the growth in employment. Rural education and health systems have collapsed. Occupational change from agriculture to business and trade is becoming a common trait. In sum, the man behind the agro-industrial economy wheel, has lost faith in the government. Neither politicians’ claims impress him nor bureaucrats’ promises kindle hope and optimism in him. The story is the same in all the districts, may it be in Majha, Doaba or Malwa.There is despondency and disillusionment. Those very people who had overwhelmingly, enthusiastically and consciously voted for a government of their own choice, today reel off un-mitigated grievances, un-implemented demands and broken promises. This survey on agriculture, industry together make up for the prevailing agro-industrial economic scene in Punjab. A Professor of Economics, Dr Sucha Singh Gill at Punjabi University, Patiala, says “Agriculture has shown a negative labour absorption trend between 1983-84 and 1996-97 by 13.45 per cent”. He also talks of rural indebtedness among farmers, several of them resorting to suicide, in the wake of economic hardship and a weakening social fabric undergoing capital transformation. There is concerned at the march of WTO and IPR regime. Punjab has taken some steps and a committee has been constituted to study their impact. Interim report is available. But implementation is a far cry. Agriculture, in fact, no longer allures farmers because of low remunerative returns and high cost of production. The suggested steps, says Dr Gill include, setting up an institute for international marketing and informaio, strenthening
research for agriculture and programme of restructuring farm production away from wheat-paddy rotation and compensation for the rehabilitation of the families of peasants
committing suicides.
To be concluded |
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Sahara ties up with Lufthansa Technik New Delhi, September 7 Under the agreement Lufthansa Technik, which is a wholly owned subsidiary of Lufthansa Airlines, will support and maintain Air Sahara’s fleet of aircrafts and also extend its technical expertise to support engines, and auxiliary power units. The airlines would also have a complete access to Lufthansa Technik’s inventory of all spare parts. Announcing the tie-up to the media, Air Sahara CEO Uttam Kumar Bose said this initiative was the first phase of the expansion plan and the second plan would be announced later in the year. Although he refused to divulge details of the second phase but there were indications of the airlines going in for a full-fledged agreement with Lufthansa Airlines. The airlines will launch a special scheme for the frequent fliers on it, which it claims would be the most powerful one in the country. |
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Spice subscriber base
touches two lakh Chandigarh, September 7 Spice has been able to drive the cellular telephony penetration in the state to 0.8 per cent since the start of its operations in Punjab in 1997. “With the increasing acceptance of cell phone as a way of life across the state, this index has grown by more than 50 per cent in the last eight months”, stated the Managing Director, Mr Vinod Sawhney in a press release, in which he retained the commitment of Spice to continue to provide a world-class service to the people of Punjab. An investment of Rs 1,600 crore, connectivity in 67 towns and cities of Punjab, range of tariff plans for different user profiles are all manifestations of the long term strategy of the company, he said. |
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FDI worth
1,118 cr cleared New Delhi, September 7 A Rs 120 crore proposal of the South African Breweries for downstream acquisition and setting up of an investment company in the brewery sector was also cleared. The 25 proposals pertaining to the steel industry, software development and IT services, NBFC activities, manufacture of mechanical and electrical equipment and components were approved by Murasoli Maran.
PTI |
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Aptech Computer Website National Academy Joyco’s Solano |
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