 |
Wednesday,
May 29, 2002, Chandigarh, India  
|
Policies
to create 50 m jobs during 10th Plan Punjab
despatches vegetables to UK Machine to
provide ‘super vision’ BoP
profits before tax up 41.86 pc |
|
||||||||||||||||||||||||
|
BPCL
seeks govt nod for IPO VSNL net
dips 29 pc
SEBI may
get limited search powers Hafed
storage complexes inaugurated LG
outlet in Amritsar
|
|
Policies to create 50 m jobs during 10th Plan New Delhi, May 28 The group was headed by eminent economist and Planning Commission member S.P. Gupta. The report has recommended an increase in labour intensity in production without compromising on competitiveness and efficiency. This would reduce the unemployment rate (more than 7 per cent) by nearly half and absorb all the new entrants to the labour force. The recommendations of the group are in contrast to those suggested by the Task Force on Employment, headed by Dr Montek Singh Ahluwalia. The Montek Singh Committee Report had suggested further liberalisation of the economy and greater infusion of
foreign capital in several sectors. The group Report reveals that the employment generating capacity of the economy and especially of the organised sector with regard to GDP growth was declining fast over time. The Report brings out that major employment generation in the economy, more than 92 per cent, is coming from small and medium enterprises, including agriculture, commonly defined as the unorganised sector. Besides, the growth of employment and the incidence of unemployment are very uneven across regions, occupations, skills, classes, age groups and sex. The Report calls for far reaching changes in policies relating to agriculture, food processing, small and medium enterprises, khadi and village industries, education, information technology, manpower planning, occupation safety and health, social security and
labour laws. It says to increase growth in output and employment in agriculture all policies for better utilisation of land and water should be pursued. Policies on utiliastion of all types of hitherto unutilised lands, especially the cultivable and afforestable lands owned by the government need to be given priority. “Rough estimates suggest that 80 million hectares may be allotted on 99 years lease or ownership basis to landless labour, small and marginal farmers, medium sized
farmers, educated unemployed youth, ex-servicemen, co-operative societies and NGOs.” Consolidation of land holdings has been a major factor responsible for improving land management and enhancing productivity in the northern states of Punjab, Haryana, Rajasthan and Western Uttar Pradesh. The Report, therefore, suggests that the Central Government offer to bear all administrative expenses incurred by the states on consolidation plus an equal amount as incentive bonus to all States. The Group calls for stepping up public investment in irrigation, power and roads by reducing subsidies on fertilisers, water and power. It says the Essential Commodities Act should be converted into an emergency legislation to be invoked only for a limited number of commodities and a limited period with due approval of the Central Government. An important suggestion of the Report relates to the need for a comprehensive social security policy for a large section of the society, including specific vulnerable groups like the aged, women, disabled and the scheduled castes and tribes. Vocational skill building establishments need better income tax incentives like the higher educational establishments. A formal policy for vocational training should be developed by the Central Government, the report says. The Group suggests setting up of a skill development fund on partnership basis between the industry and government with major voluntary contribution coming from industry.
|
|
Punjab despatches vegetables to UK Chandigarh, May 12 The CM said Pagrexco believed that the test marketing would help in opening the new markets for the horticulture produce of Punjab for Punjabis abroad. The objective of this marketing effort was to introduce and test the produce from Punjab for its quality. Pagrexco and private exporter would send around 60 consignments from New Delhi and the Amritsar airport to the UK, Canada, West Asia and Singapore. The efforts would be supported by the state government by way of extending interest free working capital loans to the exporters. He said an agri export zone for vegetables was also being set up by Pagrexco in association with Apeda in Fatehgarh Sahib, Patiala, Sangrur, Ludhiana and Ropar to increase production and exports of vegetable from Punjab. It is also planned to have agri export zones for flower and vegetables seeds organic Basmati, special variety of wheat, cereals.
TNS |
|
Machine to provide ‘super vision’ Chandigarh, May 28 It is a technology which was first used by NASA to map the surface of the moon. In 1969, when NASA first bounced a wave of light off the surface of the moon and obtained perhaps the clearest every pictures of its surface, a new chapter in the history of adaptive optics was created. None could have imagined that a few decades later, researchers would be bouncing similar waves off peoples retinas and obtaining the first ever map of the countless previously undetected aberrations that exist in every human eye in amazing details. This technology has now be moulded to offer the most accurate vision correction. Called Zyoptix, it is being claimed to be the best possible technique to bring back vision to 20/20. The advantages of Zyoptix procedure are manifold: better vision, better night vision, greater predictability of the surgical outcome, greater safety and efficacy, reduction in complications like glare, coloured halos, diminished contrast sensitivity etc, and, of course, it is a less invasive procedure. Little wonder, a lot of interest has been created across the world around its potential to redefine what we call normal human vision. Since the minute aberrations that are corrected by Zyoptix exist in every human eye, even the eye with normal 20/20 vision, by correcting these natural aberrations, it is possible to increase vision to even beyond this level...levels of even up to 20/10. The Zyoptix which has been developed by the US multinational Bausch and Lomb was showcased here today at a select media gathering by Mr J.P. Singh, Managing Director of the company, and Dr
J. H. S. Thind of Thind Eye Hospital, Jalandhar, who is the only one in this part of the country to have installed Rs 2 crore machine in his facility. Dr Thind, who has already undertaken about 50 operations with Zyoptix, said that it was a matter of great satisfaction for the ophthalmological community that even the very latest of technology and advancements in the field were being made available in India at such a fast pace. Zyoptix was now one of the most valuable tools for a surgeon to restore the joy of perfect vision to his patients. |
|
BoP profits before tax up 41.86 pc Chandigarh, May 28 The retail business as well as other income registered a smart growth during the year. The bank has added new products during the year, which are expected to add to the bank’s business and bottomline in the next year. The bank’s capital adequacy ration increased to 12.82 per cent up from 11.02 per cent last year. The bank presently has 92 fully automated and networked banking offices and 33 eBanking centres, business centres, business of over Rs 5000 crore and a large base of over 6,00,000 customers. The bank has opened a representative office in Canada, the first amongst its peers to do so, and subject to RBI approval, plans to open more such offices in the USA, UK, UAE and Thailand. In home loans BoP is one of the few banks to offer both variable and fixed interest rates to the customers. By joining the MasterCard Global ATM network, the bank is now a part of “Cirrus” network with approximately 5,25,000 online ATMs operating worldwide including about 370 ATMs operational in over 50 cities in India. There are plans to issue a Credit Card during the financial year 2002-03. |
|
BPCL seeks govt nod for IPO New Delhi, May 28 In a letter to the Bombay Stock Exchange, the state-run oil refining and marketing company said that it “has sought ‘in-principle’ approval from the Ministry of Petroleum and Natural Gas to part finance its capital projects through an IPO of about 50 million equity shares.” Size of the issue and premium would be decided only after receipt of the in-principle approval, the company said. Petroleum Ministry sources said Petroleum Minister Ram Naik was favourably inclined to BPCL’s proposal as it would strengthen the company’s equity base and improve debt-equity ratio before its privatisation. The public offer, which would also include an issue of fresh equity, would bring down the government’s stake from 66.2 per cent to 56-57 per cent and increase the company’s capital base by Rs 50-60 crore, sources said. The IPO would be preceded by a stock split and offer of 5 per cent equity to company employees, bringing down government equity to just around 51 per cent, sources said adding “this would pave the way for divestment of 25 per cent stake to a strategic investor at a later stage.” The Government of India presently holds 19.86 crore shares, representing 66.2 per cent equity, in BPCL. Company’s total equity base currently is of Rs 300 crore, comprising 30 crore shares of Rs 10 each. Proceeds of the public issue would be utilised to liquidate part of the company’s debt and meet its expansion plans, sources said. BPCL is in the process of setting up the Rs 6,000 crore Bina refinery in Madhya Pradesh, for which it has so far invested Rs 150 crore. Sources said after Naik’s approval for the IPO, the Union Cabinet would be approached and a go ahead was likely to come not before June end. The entire IPO plan would be completed before the end of the current fiscal, they added. Mutual Funds currently hold 9.28 per cent stake in BPCL, Unit Trust of India 6.22 per cent, banks and financial institutions 5.82 per cent. FIIs hold 14.32 per cent shares in the oil retailing company which has a market share of about 20 per cent. BPCL owns roughly about 15 per cent of the country’s 114 million tonne refining capacity. It runs a 5.5 million tonne refinery in Mumbai and is a majority stake holder in 7.5 million tonne Kochi Refinery and 3 million tonne Numaligarh Refinery.
PTI |
|
VSNL net dips 29 pc Mumbai, May 28 Net sales decreased from Rs 2002.1 crore in MQ-01 to Rs 1645.8 crore in MQ-02. Other income for the quarter was at Rs 152.9 crore whereas the same was Rs 140.8 crore in the corresponding quarter of the last fiscal. The telecom giant posted a net profit of Rs 1407.4 crore for the financial year ended March 31, 2002, down 20.88 per cent from Rs 1778.8 crore for the corresponding period last fiscal. Net sales declined from Rs 7297.5 crore in FY-01 to Rs 6508.1 crore in FY-02. Kinetic Motor Kinetic Motor Company Ltd has reported a reduced net profit of Rs 142 million for financial year ended March 31, 2002 as compared to Rs 159.10 million in FY-01. JK Industries J.K. Industries Ltd has posted a net profit of Rs 4.41 crore for the fourth quarter ended March 31, 2002, as compared to a net loss of Rs 4 crore during the same period a year ago. Agencies |
|
SEBI may get limited search powers
New Delhi, May 28 “The search and seizure powers have not been dropped totally from the proposed bill to amend SEBI Act. The bill is likely to be introduced in the monsoon session of Parliament,” Finance Minister Yashwant Sinha told PTI
here. Sinha’s assertion assumes significance in the wake of reports that Law Ministry was not in favour of SEBI being provided with powers to carry out search and seizures as given to Enforcement Directorate and Central Bureau for Investigation. The Law Ministry is of the view that such sweeping powers would go against the interest of corporates. Besides Department of Company Affairs is empowered to inspect books of accounts and initiate proceedings against erring corporates under the Companies Act. After coming under heavy criticism, Sinha had proposed to bring legislative changes in the SEBI Act in the Budget for 2002-03.
PTI
|
|
Hafed storage complexes inaugurated Sirsa, May 28 Hafed will set up a multi-storey modern warehouse of the 7,350 MT capacity and a cold storage of 2,500 MT capacity in Delhi with an estimated cost of Rs 7 crore. Hafed will also set up a modern
kachchi ghani mustard oil mill at Narnaul of 30 TPD capacity with a project cost of Rs. 2.83 crore.
|
|
LG outlet in Amritsar
Chandigarh |
bb
SBI scheme Patni Computers Voltas fridge Amartex |
 |
| 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 | | 122 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
