 |
Saturday,
September 29, 2001, Chandigarh, India  
|
Economic growth rate falls to 4.4 pc
Evidence of global recession
Connect, BSNL lock horns
Rs 79 crore FDI proposals cleared |
|
|||||||||||||||||||||||||||||
|
Govt ignores SSI units in J&K Indian Bank staff observe strike
Bank of Punjab opens branch
at Ambala
TVS to launch Scooty variant
Wipro Tech ties up with Best Buy
Munjal bags
E&Y award
|
|
Economic growth rate falls to 4.4 pc New Delhi, September 28 The latest figures of the Central Statistical Organisation (CSO) released today said growth in the mining and quarrying sectors declined to zero per cent during the period as against 5 per cent growth last year. Similarly, growth in the construction sector dipped four times at a mere 2.5 per cent in the first quarter compared to a healthy growth of 8.4 per cent in 2000-01, while growth in manufacturing also declined to 2.3 per cent in the current fiscal against seven per cent last fiscal. The electricity sector also witnessed a decline in its growth rate to 3.3 per cent compared to 5.7 per cent during April-June 2000-01. The decline in growth of these sectors overshadowed the remarkable recovery of the agricultural sector which grew at 2.3 per cent as against a mere 0.6 per cent last year during the period. At 1993-94 prices, GDP at factor cost was estimated at Rs 2,99,941 crore against Rs 2,87,168 crore in the first quarter last year. Among the services sector, key indicators of railways namely the net tonne kilometres and passenger kilometres have shown growth rates of zero per cent and 12.6 per cent respectively during the first quarter of 2001-02 as against growth rates of 7.0 and 5.9 per cent last year, respectively. Key indicators of the construction sector namely cement and finished steel registered growth rates of 2.4 per cent and negative 0.2 per cent respectively during the first three months of the current fiscal compared to growth rates of 3.6 per cent and 12.2 per cent during 2000-01 respectively. The trade, hotel, transport and communication sector grew at 5.2 per cent during the first quarter which was lower compared to a nearly 10 per cent growth in the same period the previous year. Financing, real estate and bus services as also community, social and personal services both saw a marginal increase to 9.9 and 6.2 per cent during the first quarter compared to 9.5 and 6 per cent during April-June 2000-01. GDP at factor cost at current prices in the first quarter of 2001-02 also declined to 8.7 per cent from 11.8 per cent during April-June last year. At current prices, however, mining and quarrying was the only sector to witness a turnaround from a negative growth of 1.3 per cent to 5.9 per cent growth in the first quarter this year. The next quarterly estimate of the GDP for July-September 2001-02 would be released in December, 2001.
PTI |
|
Evidence of global recession Washington, September 28 The latest data, coming more than two weeks after devastating attacks on New York and Washington, showed households and businesses are suffering from the economic earthquake that followed the September 11 strikes. Policymakers insist that it is too early to fully assess the economic impact of the attacks, which rattled consumer confidence and hammered businesses like airlines, tourism, retailers and insurance firms. But the omens are bleak as the economic proof trickles in. In the United States, the number of people lining up for unemployment assistance hit its highest level in more than nine years. Jobless claims for the week ended September 22, the first full week of data since the attacks, rose 58,000 to 450,000 from the previous week. New York, where hijacked airplanes destroyed the twin towers of the World Trade Center, was the hardest hit with a spike of 11,000 new claims. More than 122,000 U.S. Aviation jobs already have been lost since the attacks, and the jobless report showed unrelated industries like auto makers were seeing increased layoffs too. No jobs
The dismal job market news further darkens the picture for the world’s richest economy, which may have already been heading toward recession before the attacks. And if those newly unemployed Americans were hoping to find work soon, another report showed that may not be a realistic hope. In Europe, where economic growth is also slowing, polls showed that French business confidence has hit a five-year low and that British consumer optimism slipped to its weakest level since 1980 in the wake of the U.S. attacks. But investors are running for cover from a weakening in the United States, the euro zone and Japan, the world’s three largest economies, which some fear could spiral into one of the worst depressions since World War II. Europe on hold
Reflecting the uncertainty over what lies ahead, the European Central Bank kept interest rates on hold as expected at its twice-monthly meeting in Frankfurt. “We have still not touched the lowest point,” said Exane economist Emmanuel Ferry, commenting on the French survey. “It should happen in the first quarter next year, but the economic revival will not come before the second half of 2002.” The IMF forecast yesterday global economic growth of 2.6 percent this year, well below growth of 4.7 per cent last year and hovering just above the key level of 2.5 per cent growth viewed by economists as indicative of a global recession. But the IMF admitted that its 2.6 per cent estimate may now be too high now in light of the September 11 events. Fundamentals unchanged
Britain’s Prime Minister Tony Blair insisted on Thursday that the “fundamentals of the economy have not altered.” “In the end this is as much a matter of confidence as much as anything else and there really is no reason why we cannot carry on and be confident in the basic strength of our economy,” Blair told reporters in his Downing Street office.
Reuters |
|
Connect, BSNL lock horns Chandigarh, September 28 The aim to increase tele-density by opening up this sector to private operators still seems to be a distant dream with HFCL (Connect) complaining of not being provided sufficient inter-connect ports by BSNL. BSNL, however, denies the allegation and blames Connect for not sending regular demand updates. Insufficient inter-connect ports result in blockage of call traffic of the Connect subscribers. The company is also not able to spread its network in the state as per its plans. Connect which alleges that BSNL is not adhering to the terms of agreement has now decided to approach the Ministry of Telecom to resolve the issue. “As per the agreement, it is supposed to provide us with the
PCM (pulse code modulation) ports as per our requirement. We not only have paid for PCMs in advance, but also are sending them regular updates of our requirement, says Mr Vijay Kaul, Vice-President, HFCL. “As a rule”, said he, “even in case of scarcity of supply, BSNL is supposed to make alternate arrangements but it is not providing us with these inter-connect ports as per our requirements”. PCM ports are the inter-connect points through which the traffic is routed. Due to insufficient ports, the Connect subscribers face problems while making calls (local and international). “Even after investing heavily, we are not being able to increase our subscriber base due to BSNL’s negative approach. Now we have decided to approach the Ministry of Telecom to resolve the issue”, said Mr Kaul. The company which was earlier adding almost 10,000 subscribers every month has been able to add between 4,000 and 5,000 subscribers a month for the last two-three months. By the end of this month the company will have only 40,000 customers against its earlier target of 70,000. Company officials say there are at least seven new stations — Hoshiarpur, Bathinda, Moga, Rajpura, Barnala, Sangrur and Mandi — which are ready for launch where testing has already been done. But these are not being started due to the problem. The Connect officials say even BSNL is suffering on revenue due to this. “Almost 70 per cent of the revenue in case of ISD calls and 30 per cent to 40 per cent in case of STD calls go to BSNL. It results in loss of revenue to them also”. Mr R.C. Vaish, Principal General Manager, Telecom, Chandigarh, admitting scarcity of supply, said, “as per the agreement we are supposed to charge them on rent and guarantee basis in case of shortage. Since this is a costlier option, Connect does not want to make more payment”. |
|
Rs 79 crore FDI proposals cleared New Delhi, September 28 Minister for Commerce and Industry Murasoli Maran has cleared these proposals which had been submitted by the Foreign Investment Promotion Board, an official release said. Various sectors that had been accorded approval included chemicals and petro-chemicals, cargo handling, vegetable oil and protein concentrates, leather care products, engineering accessories and information technology-related services, it said. Among the investment proposals included the Rs 20 crore proposal from the US-based Sara Lee — engaged in manufacture of shoe polish, domestic hygiene products and leather-care products — for increasing its equity to 100 per cent in Chennai-based Saralee TTK Ltd. from the existing 51 per cent. The other notable Rs 16.19 crore investment proposal came jointly from Germany-based Berlin-Chemie AG and Luxembourg-based A Menarini Participations — which is in the business of manufacture of medicaments containing other antibiotics, vitamins and others — for hiking their investment in Menarini Rauanq Pharma to 95 per cent from the present 74 per cent. While, the other Rs 12.30 crore FDI proposal was from the Sima Stock Holdings, Bunge Mauritius and Ceval International for buying 51.18 per cent in the Geepee Ceval Proteins that manufactured soyabean oil and its fractions and protein concentrates.
PTI |
|
Govt ignores SSI units in J&K Jammu, September 28 The ASSI leaders have cited series of instances in support of its contention that the state government has totally ignored small scale unit holders with the result the rate of sickness had assumed alarming dimensions in Jammu and Kashmir. According to Mr B.B. Talwar, General Secretary of the ASSI, the government has “starved” industrial units by not making available regular power supply. He told newsmen here today that against the requirement of 60 to 80 MWs of electricity, which was less than 10 per cent of the total available power, the industrial sector received very meagre supply. He said that unlike other states where the peak hour load shedding in the evening hours is limited to two to three hours, “have a six-hour power cut in the evening.” He said the situation had further worsened after the government introduced four-hour cut in the morning also. The ASSI leaders feared that if the government did not initiate corrective measures it would be “total industrial blackout in the state,” thereby enhancing the level of unemployment problem. |
|
Indian Bank staff observe strike Chandigarh, September 28 They held a demonstration here in front of the Sector 34 branch of the bank where employees from other branches had also arrived. Mr Vijay Sharma, Vice-President of the Indian Bank Employees Union (North zone) and Mr R.K. Gulati, President of the Federation of Indian Employees Union, said though the management of the bank had given written commitment to the All-Indian Bank Employees Association on June 29 to pay the arrears but it did not fulfill the promise. Out of about 1700 branches in the country, 55 branches of the bank are in Punjab, Haryana, Himachal Pradesh and Chandigarh, according to Mr Sharma. |
|
Bank of Punjab opens branch at Ambala Ambala, September 28 Mr Tejbir Singh, Executive Director, Bank of Punjab, said “Ambala is one of the key markets of the northern India predominant with small scale industries, and we are confident our network of banking and eBank centres will benefit the traders, business communities and the small scale industries of the region.” Bank of Punjab has tied up with Escotel Cellphone for Haryana. Escotel comprises 80 per cent of the market share. The tie-up will provide mobile banking facility for the first time in Haryana. Customers of the Ambala branch would be able to access their account through the bank’s eBank Global Debit Card in association with Maestro Master Card International. The card would allow access to their accounts across the globe through over 5 lakh ATMs. |
|
TVS to launch Scooty variant Chandigarh, September 28 He was here today on the occasion of "First Love Khoj" contest being organised by TVS Scooty in association with Sony Music and Indiatimes.com. The company which has around 30 dealers and service centres in Punjab and Chandigarh, plans to come out with an "affordable" four-stroke vehicle . More than 1.4 lakh units of TVS Scooty were sold last year and the company expects a growth in its market-share by another almost 10 per cent by the end of this year from a 42 per cent market-share earlier. The 10-day campaign which started from Pune to Ahmedabad will conclude at Bangalore. The campaign which included a road show here is searching for a new hero whose face was not shown in the previous video where a girl 'Esha' was shown looking for her dreamboy. |
bb
Fardeen show Price index rises Bharti Teletech Spice Telecom |
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 121 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
