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Friday,
March 8, 2002, Chandigarh, India  
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New Auto Policy unveiled
USA exempts Indian steel products
Punjab demands 760 MSP for wheat
New Tata sedan this year
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PNB public issue opens on March 21
UTStarcom opens R&D centre
Reliance to revoke interim dividend
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New Auto Policy unveiled New Delhi, March 7 “The vision is to promote a globally competitive automotive industry and emerge as a global source of auto components”, Union Minister for Heavy Industries and Public Enterprises, Manohar Joshi told newspersons here. Mr Joshi said the incidence of import tariff would be fixed in a manner so as to facilitate development of manufacturing capabilities as opposed to mere assembly without giving undue protection, promote increased competition in the market and enlarge purchase options to the Indian customer. The minister, however, did not answer whether the proposed fiscal incentives would be brought about in the next Union Budget or some sort of a mid-course fiscal correction would be executed. He said the government would review the automotive tariff structure periodically “to encourage demand, promote growth of the industry and prevent India from becoming a dumping ground for international rejects”. Allaying fears about the imported second hand cars flooding the Indian market, the minister said used cars would have to meet environmental requirement as specified by the Directorate General of Foreign Trade (DGFT). “Appropriate measures, including anti-dumping duties, will be put in place to check dumping and unfair trade practices”, he said. The auto policy lays more emphasis on the small cars as domestic demand mainly revolves around these models. Specifically, the policy said domestic demand mainly revolved around small cars not exceeding 3.80 metres. “The growth of this segment needs to be spurred”, he said. Moreover, the policy recognises multi-utility vehicles as an important mode of economical mass transport and “the government will endeavour to provide fiscal incentives to this sector”. On commercial vehicles, the policy said, the duty imposed on the construction of bodies by an independent body builder, small and organised sector, should be equal to that of bodies built by a chassis manufacturer. The policy states that encouragement will be given to fabrication of bus body on the bus chassis for better passenger comfort. |
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USA exempts Indian steel products Washington, March 7 Carbon flanges will be affected but export of this item is comparatively small, Ajai Malhotra, Minister (Commerce), Indian Embassy said. Indian steel exports to the USA have been running for the past three years between $ 100 and 325 million a year, he said, adding that year before last New Delhi’s exports amounted to $ 320 million. The USA has brought under its anti-dumping laws two items — cut-length steel and hot-rolled coil. India has taken the first one before the WTO. The US President George W. Bush on Tuesday imposed punitive tariffs up to 30 per cent on several types of imported steel under a three-year plan to aid the ailing US steel industry. White House officials said the tariff and quota plan is a three-year project that can be amended by Bush if the steel industry’s financial crisis worsens or improves. China opposes move China today flayed the US decision to raise tariffs on steel imports and indicated that it reserves the right to appeal against the US move to the WTO. The decision went against the rules of the WTO and China reserves the right to appeal to the world body, the Ministry of Foreign Trade and Economic Cooperation said in a statement. The US decision will cause a negative impact on normal steel exports by Chinese steel manufacturers and will bring great losses to these companies.
PTI
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Punjab demands 760 MSP for wheat New Delhi, March 7 The assurance was given by Mr Shanta Kumar when the Chief Minister called on him here. The Chief Minister’s meeting with the Food Minister comes in the backdrop of the Centre deciding to change the existing procurement system and go in for decentralised procurement. The Economic Survey has also indicated that the government was not in favour of continuing with the minimum support prices for wheat and rice. The Chief Minister said in his meeting with Mr Shanta Kumar that he raised the issue of increasing minimum support price for wheat to Rs 760 per quintal. Capt Singh said the prices of fertilisers and other agricultural inputs had gone up considerably and the farmers of Punjab were getting poorer. A majority of farmers in the state had land holdings of less than two acres and they depended on remunerative prices to survive. Mr Shanta Kumar said the Agriculture Ministry was expected to recommend the MSP for the next season in the next couple of days and the government would take a decision on that. Capt Amarinder Singh quoted the Minister as saying that “Punjab should keep on producing grain and it will be the duty of the Centre Government to procure the same at the prices which are remunerative to the farmers”. The Chief Minister said for smooth procurement of wheat during the coming Rabi season there was need for speedier movement of wheat stocks lying within the state for the past four years. Mr Kumar said efforts were being made to move old wheat stocks on priority from the state to ensure adequate storage space for anticipated procurement of 120 lakh tonnes of wheat and he would fully safeguard the interests of the farming community as Punjab was a major contributor of both wheat and paddy to the Central pool.
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New Tata sedan this year
Chennai, March 7 “The Tata sedan is expected to be rolled out later this calendar year probably by September and Estate after that” Rajiv Dube, Vice-President (commercial), Tata Engineering told reporters here. Dube said it was heartening that the company had emerged as the second largest passenger car company in the country, thanks to the “tremendous success” of Indica, amidst stiff competition from as many as 14 manufacturers, including 10 global players. Bolero Camper
Mahindra & Mahindra (M&M) today announced the launch of the first brand extension of its premium Bolero brand, Bolero Camper. The new model comes with Bolero’s well-established, stylish and sporty look, radial tyres, front bucket seats, a comfortable cabin, a tough and spacious cargo box, 2wd & 4wd options and a highly efficient D1 super engine, M&M said in a release. Priced at Rs 3.94 lakh, Bolero Camper is compliant with Bharat Stage-II emission norms and is being introduced in white, dark green and blue colours.
Alto for Europe
Maruti Udyog (MUL) said today it will export small size passenger car Alto VX to the European markets under the brand name Suzuki Alto. MUL launched ‘Alto VX’ at the Geneva Motor Show as Suzuki Alto.
PTI, UNI
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PNB public issue opens on March 21
New Delhi, March 7 “The initial public offer of 5,30,60,700 equity share of Rs 10 each at a premium of Rs 21 will be offered from March 21,” Kohli told reporters at a press conference. The long-awaited public offer is the first by a public-sector bank this fiscal. PNB currently has advances and deposits worth over Rs 90,500 crore and a capital adequacy ratio of 10.65 per cent. According to Kohli the net asset value of the bank till September, 2001, was Rs 124.93 per share and the annualised earnings per share was Rs 31. The issue, which closes on March 28, will be listed in Delhi Stock Exchange, Bombay Stock Exchange and National Stock Exchange. As part of an incentive scheme, he said 2 per cent of the 5.31 crore issue will be offered to PNB employees at the same price.
PTI
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UTStarcom opens R&D centre
Gurgaon, March 7 “We have invested about $ 5 million in the centre at Gurgaon, the second in Asia, and plan to put in a total of $ 25 million over a period of five years depending on the market growth and other supportive services. “The aim is to make India the hub centre of our South Asian operations,” UTStarcom President and CEO Hong Liang Lu said at a press conference here. “Already we have signed-on five clients for multi-service access platforms — BSNL, MTNL, Hughes Tele.com, Shyam Telelink and HFCL.
UNI
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Business trips make spouses sick Paris, March 7 The evidence comes from medical insurance claims filed by spouses of World Bank employees in Washington DC over 12 months between 1997 and 1998. During this time, more than 4,600 spouses made a claim, two-thirds of them women. Among business travellers who made four or more international trips in one year, spouses filed 16 per cent more claims for health treatment than spouses whose partners did not travel. More specifically, claims for psychological disorders were nearly twice as many among the frequent travel group, while for stress-related disorders, the rate was triple. Intestinal problems and skin disease were also far more common. The researchers, led by Lennart Dimberg of the World Bank’s Occupational Health Services, say the corporate world has still to realise that spouses can suffer from ill health if their partner is often absent from home. “The boundary between the workplace and the home is permeable,” the study warns. Brief, frequent separations are probably more destructive than occasional, longer ones, they suggest. This is because frequent absences are more disruptive to family life and the returning traveller finds it harder to resume a normal routine, they suggest. The research is published in the latest issue of the British Medical Association’s specialist journal, Occupational and Environmental Medicine. Frequent long-haul trips are a known health hazard to business people, being associated with high blood pressure, ulcers and other intestinal problems, depression and emotional distress. Few studies have been carried out to assess the impact of these trips on the spouses who stay at home. They have generally focused on the emotional problems encountered by the spouses of submariners, airline pilots and oil workers. Two-thirds of the World Bank’s 8,500 staff travel for business at least once a year. A third do so at least four times a year, Dimberg’s study said. Employees with female spouses travelled more often than employees with male spouses. The study did not say how many spouses accompanied their partners on their business trips.
AFP
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