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Wednesday,
April 23, 2003, Chandigarh, India  
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Punjab exports up 4.6 pc
No cut in EPF rate, says Sahib Singh
Opposition raps govt on petrol, diesel prices
Govt to restructure ailing coop banks
UK wooing skilled migrants Business to improve in 6 months: survey
LSE turnover doubles |
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Tackling LPG leakage
Reliance Cap nets Rs 151.53 cr
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Punjab exports up 4.6 pc Chandigarh, April 22 According to information from the Department of Industries, Punjab, the exports have registered a nominal increase despite a fall in exports of food products, bicycle and bicycle parts. The exports of bicycle and bicycle parts had declined from Rs 520 crore in 2001-02 to Rs 466 crore during 2002-03. The Centre’s decision to impose an excise duty on bicycle and bicycle parts in the previous Budget affected the exports. Mr S.K. Sandhu, Director Industries, Punjab, claimed that the exports was not increased to the desired extent but with the announcement of the New Industrial Policy, the exports from the state would substantially increase this year. The state government had announced various incentives to exporters, including freight subsidy up to 1 per cent of value of exports, besides abolishing various rules and regulations that were hampering the growth of exports. The exports of hosiery and readymade garments have registered a growth of 55 per cent in a year, from Rs 524 crore in 2001-02 to Rs 815 crore during 2002-03. Industry insiders said with the setting up of a new apparel park at Ludhiana and with the end of quota regime by 2005, the state could emerge as a major export centre of hosiery and readymade garments. The exports of cotton yarn and textiles have also increased from Rs 940 crore in 2001-02 to about Rs 987 crore in 2002-03, registering a growth of 5 per cent. However, during that period, the exports of food products declined from Rs 563 crore to Rs 418 crore. According to statistics released by the Ministry of Commerce, between 1991 and November ,2002, the state had attracted investment worth Rs 3,345 crore in 128 export oriented units (EOUs), out of total 3,711 EOUs set up all over the country during that period. The state might have lagged behind Gujarat, Maharashtra, Andhra Pradesh and Haryana, but lately it had started attracting investment.
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No cut in EPF rate, says Sahib Singh
New Delhi, April 22 Reacting to a media report that the rate is likely to go down from 9.5 to 8.5 per cent at the next meeting of the EPF Central Board of Trustees, the Labour Minister said he had already talked to the Finance Minister in this regard. “The Finance Minister has said if we can maintain the present rate of interest on EPF, he has no objection,’’ Mr Sahib Singh told UNI after presiding over the inaugural session of the one-day National Conference on Child Labour Elimination. When pointed out that a sub-committee on the EPF has recommended bringing down the rate at least 100 basis, the Minister said the Committee was yet to submit its report, denying that any discussion took place on the matter. The Central Board of Trustees (CBT) of Employees Provident Fund is likely to meet shortly to review the interest rates on EPF for the current financial year. The meeting of the CBT will take place shortly during which the Board’s finance and investment sub-committee will unveil its recommendations on the interest rates to be offered on the EPF, ministry sources said “I do not want to reduce it (EPF interest) by even 0.1 per cent,” Verma had said after the previous CBT meeting.
PTI, UNI
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Opposition raps govt on petrol, diesel prices New Delhi, April 22 Raising the matter, Congress member Kapil Sibal said out of the price of petrol at Rs 33 per litre, the purchase price stood at a mere Rs 13.59 per litre and the rest was due to excise, octroi and other levies which totalled Rs 19.90 per litre. However, the left party members, Manoranjan Bhattcharya and Nilotpal Basu said prices have not been structured in a transparent manner. At this point, the entire Opposition went on its feet and agreed with the Left members as Chairman Bhairon Singh Shekhawat said this is not the way to conduct the question hour and that he would look into the entire matter of pricing. Replying to supplementaries during Question Hour in Rajya Sabha, Petroleum and Natural Gas Minister Ram Naik said the oil marketing companies could have hiked the price of petrol by Rs 8.71 per litre and diesel by Rs 6.35 per litre in line with the surge in international oil prices prior to the Iraq war but chose to absorb some of the burden. “The oil marketing companies will gradually decrease it,” Naik said. These companies had to make up for the burden they incurred due to absorbing a portion of the hike in oil and diesel prices just before the start of Iraq war, he said. Naik said the international oil prices surged in anticipation of the Iraq war but subsided on indications of a quick end to the war. Opposition members were on their feet charging the government had not fully dispensed with the Administrative Price Mechanism. Union Government levies 32 per cent excise duty plus Rs 6 a litre additional excise duty and Rs 1.50 per litre cess for road development. Besides, state governments levy sales tax on petrol.
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Govt to restructure ailing coop banks New Delhi, April 22 Mr Ajit Singh, winding up a two-day discussion on the working of his ministry, said “we need a credit of more than Rs 7 lakh crore in the Tenth Plan for agriculture and a decision to restructure cooperative banks will be taken soon.” The cooperative credit structure had to be revitalised and the interest rates on farm credits had to be brought down, he said, adding that the government had already announced in the Budget that credit would be made available at PLR (prime lending rate) plus-minus 2 per cent, Ajit Singh said. Noting that the three mantras for improving agriculture were cheaper credit, improved marketing and availability of improved inputs, Ajit Singh said the state cooperative laws have to be changed to free the cooperatives from shackles of bureaucratic controls.
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UK wooing skilled migrants The highly skilled migrant programme (HSMP) commenced as a pilot scheme on January 28, 2002. The British Home Office has now extended this scheme indefinitely. The HSMP is designed to allow individuals to enter the UK without having a prior offer of employment. The programme is aimed at “talented people” with exceptional skills, abilities or experience. This article briefly looks at a significant changes as also the mechanics and modalities of this newly carved out unique category for the upwardly mobile global citizen. In contrast to work permit applications, HSMP applications are made by individuals rather than employers and are assessed on a points-based system. The individual does not need a job offer before coming to the UK under the HSMP. The striking feature is that it provides far more flexibility than a work permit as it allows the individual to switch freely between employment and self-employment. A points-based system of qualification is used to access applications. Applicants will need to have 75 points from five “scoring areas” to be considered for entry. These are as follows: educational qualifications, work experience, past earnings, achievement in chosen field and/or priority applications to help recruit overseas doctors. Substantial changes have been introduced within each scoring area w.e.f. 28 January 2003. As far as educational qualifications are concerned, previously points were awarded only for academic qualifications. Under the new scoring system points can also be awarded for vocational and professional qualifications. The points earmarked for academic qualifications are unchanged: 15 for a graduate degree, 25 for a masters degree and 30 for a Ph.D, respectively. Under the old scoring system a maximum of 25 points could be awarded for work experience. But under the new criteria 25 points are awarded for at least five years graduate-level work experience (three years experience if the individual holds a Ph.D), 35 points are awarded for this level of experience if it includes two years senior or specialist work experience and 50 points are awarded for at least 10 years graduate level work experience which includes at least five years senior or specialist work experience. Those who have been self employed should provide, wherever relevant: business plans, annual business accounts, tax returns for the business, client contracts and the number of staff in employment. It can be argued that the most significant changes are in the earnings category, under which points are awarded for the individual’s total income for the last 12 months. Firstly, an additional country code has been created (Category E) for those living, or earning their income in the lowest income countries. Secondly, the countries falling into each of the five income bands of jurisdictions worldwide have been re-assessed on the basis of recent data on national income levels. Thirdly, new salary benchmarks have been established but for the highest income countries. In the achievement category, less weight has been given to this category in the revised HSMP. The maximum score for significant achievement is now 15 and for exceptional achievement 25. In addition to scoring at least 75 points in the above mentioned areas, the individuals will also need to demonstrate: their ability to continue to work in the chosen field in the UK; that they have enough savings and/or potential income to be able to support themselves and their families: do not seek recourse to public funds and that they are able and willing to make the UK their main home. If an applicant can successfully remain in this category in the UK for four years, he/she will qualify for settlement in the UK. During the first year of the HSMP a large proportion of successful applications came from finance professionals working in the US and Europe because they found it easier than other people to score points under the earnings category. It is claimed that the Home Office is keen to increase the number of HSMP applications and hopes that the new scoring system will encourage applications from people working in other sectors and in low-income countries. In conclusion, it is submitted that this category may seem very attractive to potential applicants at first blush. But, this is a path to be tread with great caution. Any adverse decision, will be seriously taken into account when an applicant makes any subsequent UK immigration application. The author is an LLM from the University of London (Immigration Laws)
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Business to improve in 6 months: survey New Delhi, April 22 A Business Perception Survey carried out by the PHDCCI for the units located in Punjab, Haryana, UP, Rajasthan and Delhi pointed out that employment conditions would remain unfavourable as only 10 per cent respondents were contemplating fresh recruitment whereas 90 per cent apprehended that employment would either remain the same or decline. While more than 50 per cent respondents described the prospects of business improvement in the next six months as average, nearly one-fifth expected improvement and the remaining expressed apprehension of worsening of the environment. More than 60 per cent of small and medium enterprises did not feel threatened by competition from imports, the survey said. Regarding the effects of drought, more than 50 per cent people did not perceive the impact to be negative whereas a small section felt that it would lead to a decline in the aggregate demand. The industry also emphasised the need to focus on internal reforms which, they said, would revive the demand and improve the investment climate in the region.
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LSE turnover doubles Ludhiana, April 22 According to information available here, the LSE has registered a combined turnover of Rs 13,902.66 crore in all three segments — capital market, the segments of NSE and BSE, the futures and options (derivatives) segment of NSE — as compared to Rs 6,770.62 crore of the previous year. The other important aspect of these volumes is that LSE Securities started the derivatives trading in February 2002, and in the first full year of operations this segment alone has recorded a turnover of Rs 7,504.76 crore which accounted for over 56 per cent of the total turnover of LSE Securities for the year. The average daily business which used to be in the range of Rs 45-50 crore has gone up to Rs 65-70 crore thus registering a growth of about 50 per cent. Marketmen opine that these volumes have gone up if the war had not erupted. They feel that with the end of war, the things will settle down shortly and once the quarterly year and results start pouring in, particularly related to old economy stocks, the markets may start looking up very near future.
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Tackling LPG leakage
Jalandhar, April 22 Officers from external agencies like the district administration, the civil defence, the police, the fire brigade, the Army, the civil hospital, HPCL, BPCL, and IOC participated in the drill. A fire scenario was created at a participated tank-truck unloading point. Immediately, the fire alarm was raised with hand & electric sirens. Fire combating was done with the aid of water sprinklers, water monitors, fire hydrants & fire tenders.
OC
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