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Wednesday,
November 27, 2002, Chandigarh, India  
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India envisioned as G-8 member
Kelkar’s revised reports by Dec first week
Rs 206 crore FDI proposals cleared
Allahabad Bank net soars 112 pc
50 global firms to take part in Agro-Tech |
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15-year business plan for A-I, IA
UTI’s investment in Essar Oil being probed
Use IT for cutting power theft: panel
Jet Airways CEO Steve Forte resigns
Reliance in pact with AP Tourism
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India envisioned as G-8 member New Delhi, November 26 The Chairman of the Sagitta Assent Management, the UK and Co-chair of the India Economic Summit envisioned India as a country with high living standards, a stronger middle class, provider of world class services and a member of the elite G-8 group nations in the near future. More and more Indians will play major roles in world business and a perceptible change was noticeable in the attitude of the world business community towards India. The downside, however, was the slow pace of reforms, communal disharmony, possibility of a nuclear exchange with Pakistan and excessive government interface with business. Reforms in the political process was necessary which would enable quick decision making within the government, Lord Powell said. The Member of Parliament of the UK, Mr Keith Vaz, said India should try to provide conducive environment for businesses to flourish so that it could firm up its place as a leading economic power in the comity of nations. Economic liberalisation in the country has ensured that it has made great leaps in recent years even though a high degree of regulation still existed in the system. Group Executive Vice-President of the New York Stock Exchange Georges Ugeux said to achieve the proposed objective of the 8 per cent rate of growth it was necessary to develop the internal market. Mr Ugeux said it was surprising that in a country where 27 percent of the population was engaged in agriculture, there was hardly any agro-elementary business. The Vice-President of Bombardier International, the USA, Mr Piers Cumberlege, identified infrastructure as the drivers of economic growth in any country. India must work towards attracting private capital in infrastructure but pointed out that there was a scope for further deregulation to hasten the pace of reforms.
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Kelkar’s revised reports by Dec first week
Mumbai, November 26 “We have so far visited Pune, Ludhiana, Ahmedabad, Chennai and Mangalore among other cities and have received more than 1,500 comments through e-mail. On the basis of these suggestions, we will revise the reports wherever necessary and submit the same by December first week”, Vijay Kelkar, advisor to Union Finance Minister, said here last night. Addressing a symposium on direct and indirect taxes, organised by Prabhodhan Prakashan, a pro Shiv Sena outfit, he said these reports would be made public for further comments. The published reports were just consultative papers and not a final document. Finance Minister Jaswant Singh wanted the budget process to be made more transparent and hence this exercise, Kelkar said. He said the tax system has become dysfunctional and a victim of “exemption raj”, where few people get the benefits of concessions. Hence, it has become necessary to remove all the exemptions and reduce the tax burden on the public. “We have to create a system, which is fair to the younger generation and hence it is proposed to have a single page tax form and an automatic refund mechanism”, Kelkar added. On housing subsidy, which the report has recommended to be removed, he said if the government provides a subsidy, it should be for everybody and not only for the taxpayer. Referring to the proposal that agricultural income be taxed, Kelkar said a survey has shown that non-agriculturists were taking benefit of this exemption. The task force has proposed that state governments should empower the Centre to tax such non-agriculturists and the amount collected could later be given back to states, he said. The report has proposed methods to bring out more accountability in the tax department by suggesting an ombudsman and submission of a report by Income Tax Department every year to the Parliament, he added. Prabhodan Prakashan Trustee Uddhav Thackeray said that whenever government wanted to increase tax revenues, it levied additional tax on the existing taxpayers. Chartered Accountant and a panelist Makarand Herwadkar said currently refunds to the tune of Rs 11,000 crore were lying with the IT Department and suggested that the concerned officers should be penalised for the same.
PTI
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Rs 206 crore FDI proposals cleared
New Delhi, November 26 The proposals cleared on the recommendations of the Foreign Investment Promotion Board (FIPB) also include plan of the UK-based Travalex to establish wholly-owned company in India for the foreign exchange broking and money changing business. Singapore-based Cargill International Trading will be investing Rs 25 crore in the trading advisory and consulting services. Suzuki Motor Corporation of Japan will be investing an equity capital of Rs 12.75 crore for setting up an aluminium foundry through Maruti Udyog Ltd. Satyam Infoway is seeking foreign investment for enhancing its business in public data network for providing electronic commerce, electronic data interchange and internet services. Siemens AG of Germany is increasing equity in VXL Landis and GVR Ltd from 87.26 per cent to 100 per cent. The major investment proposals pertain to the sectors like bio-technology, telecommunication, electrical components and software development.
UNI
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Allahabad Bank net soars 112 pc Chandigarh, November 26 The operating profit of the bank had also soared to Rs 214.02 crore as against Rs 152.10 crore in the corresponding period last year showing a healthy 40.7 per cent growth. During the period the total business of Allahabad Bank, despite a somewhat depressed market environment, had crossed the Rs 36,950 crore mark from about Rs 32,000 crore, achieved during September 30, 2001, registering over 15 per cent growth. Through the recovery of about Rs 211 crore the bank’s net and gross NPA percentage had now come down to 8.66 per cent and 15.10 per cent respectively. The bank is expecting to mop up another about Rs 300 crore before the end of March next year to bring down bank’s net NPA level below 5 per cent. About the response to the bank’s IPO of 10 crore equity shares of Rs 10 each, it was oversubscribed by nearly four times to raise as much as Rs 370 crore against the target of Rs 100 crore.
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50 global firms to take part in Agro-Tech Chandigarh, November 26 Spread over 32,000 sq metres at two venues the Agro-Tech 2002 is India’s premiere biennial Agro Technology Fair as well as India’s largest Agri and Food show and will serve as a perfect platform to showcase the latest in agricultural technology, to tap the tremendous potential of the Agricultural sector. Five focussed expos, the Poultry Expo, the Dairy Expo, the Farm Tech, the Agri Expo and the Food Expo are part of the Agro Tech 2002. Also concurrent to the Agro-Tech 2002 are five focussed International Food and Agri Business Conferences, being organised by the CII in active partnership with Rabo Bank India. A Model Village, which illustrates futuristic village features for progressive living is also part of the Agro Tech 2002, which has the Netherlands as the “Partner Country” and Uttaranchal as the “Partner State”. The international exhibitors are displaying agri products and services in the areas of food and beverages, dairy, bio-technology, seed technology, pellers, freezers, cutting machines, corporate advisory services, post-harvest systems, consultancy in the various areas of agri-business. With a contingent of companies at Agro- Tech 2002, the Netherlands is participating in a big way at the Dutch Pavilion. Participating under the umbrella of the Royal Netherlands Embassy via the agricultural counsellor’s office are three companies, the Netherlands Management Co-Operation, Jongia NV and Keygene Plant Research Institute. Nine French companies four German firms and companies from China and Japan will take part. Also part of the line-up at the International Pavilion are the Embassies of Israel, Belgium and Poland, the Canadian High Commission, the Italian Trade Commission, Tavsan Trade from Turkey, T Systems from Australia.
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15-year business plan for A-I,
IA New Delhi, November 26 Answering Mr Ravula Chandra Sekhar Reddy and Mr T. Subbarami Reddy, the Minister said Ms A.T. Kearney Limited had been selected as consultant to formulate the business plan and the implementation part would start once the consultant gave its report. He said the profit margin in airlines had got reduced during the past two years and the consultant would study these aspects and suggest remedies. To a question by Mr Drupad Boprgohain, Mr Hussain denied that the government proposed to stop the Bangkok flight from Guwahati. The losses suffered for the past six to eight months of operation was Rs 89 lakh. He said there could be no fresh international flights from Guwahati because the city had been lagging in infrastructure such as five-star hotels. On the upgrading of the Jaya Prakash Narayan International Airport at Patna, the Minister said he had stated that the runway was just 7,500 feet against the requirement of 9,400 feet and that was the reason it was dangerous for landing and taking off. The land given by the state government was not enough. More land should be given for the making the airport truly international, he said. “An airport does not become international merely by declaration but by the facilities and infrastructure, it provides’’.
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UTI’s investment in Essar Oil being probed New Delhi, November 26 In a written reply the Minister said as per the recommendations of the three-member committee constituted for the purpose, the Essar Oil and 18 other cases had been audited and referred to the Advisory Board. The Advisory board’s recommendations had yet to be received, he said. The committee, headed by former RBI Deputy Governor S.S. Tarapore, had been constituted to conduct an independent inquiry into the investment decisions by the UTI in Essar Oil, he said. The committee recommended that pre-investigative body could advise whether this case and other cases identified by it were fit for investigation under law, he said. In respect of the investment decision of the UTI in Essar Oil, the committee had recommended that there should be a thorough on-site audit of the case before remitting it to an appropriate pre-investigative body.
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Use IT for cutting power theft: panel New Delhi, November 26 The Task Force headed by Infosys CEO Nandan Nilekani, suggested that as a short-term measure IT should be introduced for integrated billing and energy accounting. It can also be used for remote metering of electricity consumers to prevent tampering of meters, besides automation of distribution and provision of e-solutions. It has suggested a phased usage of IT tools beginning with the cities, then the town and eventually the rural areas in the third phase. Mr Geete said the private sector would be encouraged to take up IT projects in the power sector in order to improve the health of the State Electricity Boards (SEBs) and make the power sector viable. Minister of State for Power Jayawanti Mehta said information technology would be used to overcome distribution deficiencies.
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Jet Airways CEO Steve Forte resigns New Delhi, November 26 I have enjoyed excellent working relations with Mr Naresh Goyal, Chairman, and all my colleagues. I thank the Chairman and the Board of Directors for their encouragement, guidance and support to the management team and to me personally.”
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