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Tuesday,
October 29, 2002, Chandigarh, India  
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Haryana IT exports
cross 3200 cr mark
Cabinet nod likely for 10th Plan recommendations
Terms for 12th Finance Commission finalised
NRI entrepreneurs explore Punjab |
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Exim form proposal upsets industry PNB net rises 24.9 pc
OBC net surges 26 pc
Allahabad
Bank IPO assures annual dividend
Nirma net up 49.54 pc
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Haryana IT exports cross 3200 cr mark Chandigarh, October 28 The total software exports from the state has already crossed Rs 3200 crore during 2001-02, and the state was set to achieve a growth of over 40 per cent in software exports and above 60 per cent growth in IT enabled services this year. The total software and IT enabled services exports should cross Rs 4,200 crore by the end of this year, said Mr Dharam Vir, Principal Secretary, IT, Haryana here today. Talking to the TNS, he disclosed that total software exports Haryana has crossed Rs 1030 crore by June 30, this year, and was likely to grow at much higher rate than the national projection of 30 per cent growth. He said,‘‘ Gurgaon has emerged as number three export centre, by exporting Rs 3208 crore worth software during the past year, next only to Bangalore and Chennai. The total software exports from Haryana has reached about 10 per cent of the total national software exports during the first six months of the current year, as compared to 2.75 per cent in 1997-98 and 7.32 per cent in 2000-01.’’ He claimed that the pro-active IT policy of the state government has attracted international acclaim and the Gurgaon was emerging as centre of call centre units. Among others, Alacatel, GE, Siemens, Motorola India, Tata Telecom, Wipro and HCL Technologies have invested in the state in a big way. Mr Om Parkash Chautala, state CM has personally ensured, he said, to provide every possible help to the industry. Mr Dharam Vir said: ‘‘The state government has decided to provide 90 per cent rebate in stamp duty to IT industry till December 31, 2003, for the registration and transfer of property in government approved private software technology parks, IT parks and cyber city. From January 1, 2004 to June 30, 2005, these units would be provided a rebate of 75 per cent in stamp duty.’’ To speed up the transfer of data, he said, the Software Technology Park of India (STPI) has agreed to invest about Rs 2.5 crore to set up an earth station at Gurgaon. It is likely to become functional by the end of 2002. The Bharti Telenet and Reliance are also taking up the projects of laying optical fibre in the state to strengthen the network. |
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Cabinet nod likely for 10th Plan recommendations New Delhi, October 28 The full Planning Commission earlier in the month unanimously approved the Tenth Five-Year Plan document with Atal Behari Vajpayee unveiling a tough six-point reform agenda to push the annual growth from a “stagnant” 5.5 per cent to a high 8 per cent. The three-volume document proposed to carry forward key reforms, particularly in agriculture, to generate 50 million jobs in the next five years, besides raising FDI flow to $ 7.5 billion annually and mop up Rs 78,000 crore through disinvestment notwithstanding stiff resistance from within the NDA to privatisation. The public sector outlay has been pegged at Rs 15,92,30 crore including Rs 9,21,291 crore central plan outlay. The full commission, which met under the chairmanship of the Prime Minister on October 5, laid down the road map for far-reaching labour and tax reforms to increase tax-GDP ratio from 8.6 per cent to 10.3 per cent by 2007, cut non-plan expenditures from 11.3 per cent to 9 per cent of GDP. For the efficient fiscal management, the Plan has recommended widening the tax base and improving collections, removing tax incentives and concessions and introducing an integrated central and state VAT, downsizing the government, cut in subsidies and administrative overheads. According to Planning Commission officials, the 8 per cent growth target will require an investment of 28.4 per cent of GDP which would be met from domestic savings of 26.8 per cent of GDP and external savings of 1.6 per cent. Agreeing with the Prime Minister’s observation that good governance played a significant role in enhancing efficiency, the Plan document has underlined the need to strengthen Panchayati Raj institutions and urban local bodies to increase people’s participation in the development process. It emphasised revenue and judicial reforms, rightsizing the government, improving transparency and accountability, using information technology for good e-governance, enactment of the Right to Information Act and involvement of civil society as partners in development.
PTI |
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Terms for 12th Finance Commission finalised New Delhi, October 28 The new Chairman of the Commission will be announced shortly, Finance Secretary S Narayan said. Under the terms of reference, the Commission will submit its report by July 31, 2004 which enable the government to incorporate the recommendations in the Union Budget for 2005-06. The Cabinet has also proposed that 12the Finance Commission, over and above the terms of reference which are Constitutionally provided for, would review the finances of the Centre and the states. It would also recommend ways and means by which the government may restructure the state finances and managing fiscal deficit. |
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NRI entrepreneurs explore Punjab Chandigarh, October 28 A visiting delegation of the Entrepreneurs, led by Chairman, Mr Lukhbir Singh Gill, that has concluded its 10-day visit to their “homeland’’ has plans to provide support to the government in its efforts to expand the region’s existing business infrastructure. The proposals include projects like a private international airport, modern townships with latest infrastructure, medical institutions, information technology and manufacturing industrial units and tourism. Entrepreneurs would invest up to US $ 100 million, as down payment or lease money, for the envisaged projects. What has really turned on the NRIs to return to Punjab to “embrace the business and intellectual commerce”, is the whole-hearted campaign against corruption by Capt Amarinder Singh. The Entrepreneurs delegation’s interaction with the government and business houses in Punjab has given them a renewed hope and rekindled their faith that their money will be ‘’secure and safe’’ because for once the government has a policy in place for such NRI investments and remittances. If NRI investments in Punjab would mean socio-economic prosperity and employment for the youth, it would also mean profit and remunerative returns for the entrepreneurs, and why not? Impressed by the ‘’overview’’ of the state, as of today, the Punjab NRI Entrepreneurs would also work for net-working of all Punjabis abroad urging them to pay back to their own state for its future development and growth to enable it perform well in the world market. |
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Exim form proposal upsets industry TIME
moves forward but the Sales Tax Department of Punjab is trying to reverse this fact. It has proposed to introduce Exim Form. This means all goods going out of Punjab will accompanied by this form. Similar is the case for goods entering Punjab. This has upset the industry. The present set up has given the concept of Exim Form on the plea to check proxy billing. It has not realised the fact that evaders are more fertile than policy makers. Only recently publishing of fake entry form of some states have been unearthed. As per market reports in one such case the volume was as high as worth Rs 3,000 crore. Honest tax payers, who are already facing many odds at the hands of Sales Tax officials, will get their businesses chocked with the introduction of Exim Forms. Dispatch of goods from factory is the most crucial aspect. Delay of even few hours can spell doom. In this highly competitive era quality of product is the essence. To maintain quality, prompt replacement of defective/unserviceable parts is very essential. With Exim Form in place this process may be delayed to any extent. Can the industry survive? Punjab is such a land locked border state that almost all industrial inputs come from outside. Entry of these inputs coupled with Exim Form can create all sorts of problems to the industry. Even in the rosiest case delay of three to four days cannot be avoided. The industry is fast picking up Japanese model. Just in time is the concept. Inventory level is kept in the count of hours and not days. Will it be possible with Exim Form? Businesses now run on very fast tracks. Orders for purchase are settled on telephone and delivery modes are becoming fast. Why is the Central Government spending over Rs 50,000 crore on express roadways if states are tending to move us backwards with such provisions? If states resorts to such provisions which hampers the free movement of goods within the country, Parliament under article 307 can intervene to ensure free movement of goods. Unfortunately Parliament has never bothered to interfere; though there are cogent reasons to do so. The industry played major role in bringing this government to saddle. It had high hopes. A hope has turned into deep despair. The Chief Minister has himself demonstrated impractical terms what was happening in government circles. Still if he hands over the strings of the industry in the hands of government officials through provisions like Exim Form nobody can term this as wisdom. It is time for him to wake up. The industry has already given him a wake up call. |
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PNB net rises 24.9 pc New Delhi, October 28 The total income of the bank increased to 39.6 per cent to Rs 1,127.68 crore during the first half as against Rs 807.89 crore during the year-ago period. Announcing the results, PNB chairman S S Kohli said “the bank can achieve the Rs 411.09 crore net profit after making provisions of Rs 716.59 crore towards income tax, NPAs, standard assets and depreciation.” The total deposits of the bank grew 9.1 per cent to Rs 66,680 crore till September, 2002, as against Rs 61,099 crore a year ago, while advances grew by 16.3 per cent to Rs 34,450 crore.
PTI |
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OBC net surges 26 pc New Delhi, October 28 The total business of the bank grew by 13.78 per cent to Rs 43,686 crore in April-September 2002, an OBC release said here. Deposits rose by 10.75 per cent to Rs 29,153 crore in the first half while advances were up by 20.39 per cent to Rs 14,533 crore in the same period, it
said. PTI Andhra Bank net at 66.76 cr Andhra Bank Ltd has posted a net profit at Rs 66.76 crore for Q2 ended September, 2002, compared to Rs 18.85 crore in July-September 2001. The bank has posted a 173 per cent rise in total income at Rs 669.52 crore in the second quarter of FY-03 as against Rs 570.42 crore in Q1 of 2001-02, bank Chairman and Managing Director B Vasanthan told reporters after its Board of Directors took the results on record here today.
PTI |
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Allahabad
Bank IPO assures annual dividend
Chandigarh, October 28 Since, they point out, in its offer document itself the bank has promised to treat the IPO pari passu with the existing equity shares of the bank in all respects including dividend. It means that, they say, even if the holding period is say from November 2002 to March 2003 for five months, the investor would get full dividend for 12 months. They said on an conservative basis the bank should declare at least 8 per cent dividend, that would result in 19.20 per cent returns on the IPO. Considering the fact that current interest rates were ruling in the range of 6-7 per cent for a sovereign or quasi sovereign or AAA rated papers, even a 8 per cent dividend declaration by the Allahabad Bank would give an effective return of about 20 per cent. It would one and a half times more than the current yields available to the investors.
TNS |
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