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Kerosene import
by private firms banned Voice-mail
service on fixed phones in Haryana
Chandigarh, November 28 The 22nd general council of the All-India State Bank Officers’ Federation meeting, scheduled to be held here tomorrow, will press upon the management to announce wage revision of bank employees pending since 2001, besides discussing the issues of closure of rural branches, customer services, and strengthening of trade union movement in the country. |
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Euro at all-time high against
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‘Getting in’ still a problem in India: Patten
New Delhi, November 28 "India retains the reputation of a hard country in which to do business. The problem lies in actually ''getting in,'' he said in a keynote address at the opening of the India-EU Business Summit coinciding with the fourth India-EU Summit. "When we ask EU companies present in India about their investments, their reactions are overwhelmingly positive. "On the whole, these companies are pleased with the results of their investments and their profitability. There are clearly benefits on both sides," he said. He said excessive red tape, poor infrastructure and rigid labour laws were the constraints cited by European business in India, though the problems were not specific to them. "An economy such as that of India, which is growing strongly and has the potential to grow even more urgently needs investment," he said and called for building on the opportunities and the incentives to improve investment conditions. He said though the European market is crucial to Indian exporters not only because of its size but because it is the "most open" export market for Indian goods, European exporters did not find trade with India easy. "India retains the reputation of a hard country to do business with," he said, adding this was largely due to tariffs. While Indian import tariffs have substantially decreased as a result of the last decade's economic reform progress, they were still high by international standards, Patten said. Then, there are again non-tariff barriers, like quantitative restrictions, import licensing, mandatory testing and certification for a large number of products as well as complicated and lengthy customs procedures, he added. He said lower tariffs would not only benefit European exporters and Indian importers but also the India industry as a whole by providing cheaper inputs while the Indian consumer would enjoy more competitive prices and greater consumer choice. He called for easier maritime transport between India and the EU to improve trade ties. "At the moment, it is quicker and cheaper for an EU company to transport goods from Bangkok or Shanghai than it is from Mumbai or Chennai." He said an agreement with EU could help India to modernize its maritime transport industry and added the resulting benefits like reduced shipping costs and time would "overwhelmingly offset any short-term localised
losses." — IANS
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Old hat, says Sinha New Delhi, November 28 Mr Sinha’s assurance about the fast-changing face of India was both necessary and timely after European Commissioner for External Relations Chris Patten did some hard talk and said India “retains the reputation of a hard country in which to do business” with “excessive red-tape, poor infrastructure and rigid labour laws”. Mr Sinha narrated the Indian success story and said in his speech while inaugurating the Fourth India-EU Business Summit. “You are dealing with a new India where the industry and agriculture had come of age. An India which has a new confidence and where rapid strides are being made in science and technology, including space applications.” Mr Sinha asked the business community and other countries wanting India to drastically reduce its tariff rates to exercise patience saying the opening up of the external sector was being carefully calibrated to avoid an East-Asian type of meltdown. “Tariff rates have come down and will come down. The Indian industry and agriculture have adjusted well not only to a lower tariff regime but also elimination of quantitative restrictions,” he added. “Things have changed. Things have to change further... We are on a glide path. We want to ensure a soft landing and not a crash landing,” Mr Sinha remarked, explaining why India had moved cautiously while liberalising the capital account. Mr Sinha asked the international investor and the business community not to miss the bus by overlooking India, which is a “happening place” where profound structural changes were underway making investments profitable and vast opportunities are opening up in new and promising areas. Talking about the oft-repeated complaint of foreign investors of red tape, Mr Sinha said, “there is no doubt that procedures must be simplified and the cost of doing business in India must come down.” Mr Sinha also took the opportunity to sound a warning to countries where there has been a backlash to business process outsourcing saying that if outsourcing is restricted to India their cost-competitiveness will be affected and they will lose out to other more competitive nations. |
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Kerosene import by private firms banned
New Delhi, November 28 The government had in 1992-93 allowed import and marketing of superior kerosene oil (SKO) by private parties, called parallel marketeers, as the cooking fuel was in short supply. Unfettered import of kerosene ate into diesel sales, which fell by 3.2 per cent to 20.66 million tonnes in April-October this fiscal despite good monsoon triggering agriculture demand and quantum jump in automobile sale. Despite surplus domestic production, SKO imports nearly doubled to 6,65,000 tonnes in first seven months of 2003-04 as opposed to 3,96,000 tonnes last year, as it was being widely used for adulteration in diesel by taking advantage of price difference between imported kerosene and diesel. “State governments were unable to control adulteration. I am happy that the Commerce Ministry has responded to our request for channeling the imports through oil PSUs,” Petroleum Minister Ram Naik told PTI here. Petroleum Secretary B.K. Chaturvedi said the oil ministry was also seeking an increase in Customs and excise duty on kerosene sold in the parallel market (not sold through public distribution system) to curb its adulteration in diesel. Naik said the order would not only help check adulteration but also lift sagging diesel sales. “Genuine kerosene requirements will be met and if there is any deficit, it will be met through imports made by public sector oil companies,” he said. Petroleum Minister had on November 19 written to Commerce and Industry Minister Arun Jaitley to restrict import of SKO to “actual users”. Chaturvedi said the state-run firms would verify the use of kerosene before making the imports. The ministry has also suggested to the Finance Ministry that Customs duty should be increased to 25 per cent from 10 per cent currently and a specific excise duty of Rs 1.50 per litre should be introduced on kerosene so that the price differential between diesel and parallel kerosene is reduced, thereby becoming a disincentive for adulteration. The duty changes are likely to be addressed in the Budget in
February next year.
— PTI |
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Voice-mail service on
fixed phones in Haryana Hisar, November 28 At a function organised at Jindal Auditorium, he also released the telephone directory of the Hisar division. A.K. Nagpal, Chief General Manager, Haryana, presided over the function. Mr Nagpal said SMS which was till now a feature of mobile telephony only would be made available on fixed lines in the BSNL network at selected stations. According to him, the Haryana circle had achieved another milestone by releasing the 1.5 lakh cellular mobile connections. Mr Prithipal Singh also said the BSNL would release Internet connections for students on the concessionary rates. He lauded the Haryana circle for starting the publication of monthly news letter covering the important activities of the circle. He said shifting of fixed telephone had been made free locally and countrywide.
— UNI |
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SBI officers’ meeting
today Chandigarh, November 28 Though the three-day meet will be shadowed by the Supreme Court’s recent decision to ban strikes by government employees and the Centre’s decision to decrease its stake in public sector banks, yet a section of the delegates feel that by focussing on “customer issues” the federation can reinvent its role. A body of over 80,000 bank officers working in over 13,000 branches of the SBI and its associate banks, the federation is opposing the privatisation of banks, besides demanding a 20 per cent increase in wages. The Indian Bankers Association is offering 7.4 per cent increment in wages. Apart from discussing these issues, the delegates would also deliberate on the issues of loss-making branches, proposed changes in the Industrial Relations Bill and labour laws. |
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Euro at all-time high against dollar
London, November 28 The single European currency rose to as high as $ 1.1989 in early European trading from $ 1.1908 late yesterday. The surge propelled the euro past its previous all-time peak of $ 1.1979 set on November 19. Analysts said there had been no particular trigger for the move, which came amid still-thin trading volumes after yesterday’s Thanksgiving Day holiday in the United States. The jump came after the US unit failed to draw strength from a recent flurry of surprisingly strong US economic data, held back by concerns about the large US current account deficit and global trade tensions, analysts said.
— AFP
Matrix Lab to set up two firms
Mumbai:
Matrix Laboratories ltd will set up two joint venture companies, one each in India and Ireland, at a total cost of 3.9 million Euros for development of finished dosage form and formulation dossiers. The company in India will be known as “Medikon Galenicals Pvt Ltd” while the Ireland JV will be christened “CEM Pharma Life Sciences”, it informed the stock exchange here today. The JVs will be engaged in development of finished dosage form and formulation dossiers, obtaining marketing authorisations and marketing them to generic companies in Europe.
— PTI
US gets more time to adopt WTO ruling
GENEVA: The United States has been given nine more days to abide by a WTO ruling that its steel import duties are illegal, postponing the threat of retaliatory sanctions, trade officials said on Friday. The WTO states had been due to meet on Monday to rubber-stamp the verdict of the trade body's highest court upholding the complaint of the European Union, Japan, China, Brazil and a number of other countries against the duties. The meeting will now be held on December 10. The EU has said it is ready to hit Washington with some $2.2 billion in sanctions within five days of the WTO's approving the court ruling, if the duties are not removed.
— Reuters
China, India set up IT association
New Delhi:
India and China today announced the setting up of the China-India Software Association (CISA) to enhance Indian presence in the burgeoning Chinese IT market through joint ventures between small and medium enterprises (SMEs). “China is aiming at $ 30 billion software sales by 2005-end and the domestically-developed software will cater to 60 per cent of this target. The rest will be outsourced and India can tap this 12 billion-dollar opportunity,’’ Computer Electronics and Software Export Promotion Council (ESC) Chairman P K Sandell told reporters here.
— UNI
HCL board nod to merger of arms
MUMBAI: The Board of Directors of HCL Technologies has approved the merger of its wholly-owned subsidiaries, HCL Technologies BPO Services Ltd and HCL Technologies (Mumbai) Ltd, with the parent. The amalgamation, under Sections 391 to 394 of the Companies Act, 1956, is subject to requisite approvals, HCL Technologies said today. The board also approved a draft “scheme of arrangement” between HCL Technologies, HCL Technologies BPO Services Ltd, and HCL Technologies (Mumbai) Ltd.
— PTI
Kyndal to launch 4 liquor brands
NEW DELHI: Kyndal India said today it planned to launch four global liquor bands in the country over the next year and was eyeing 18 per cent of the super premium marked by 2008. A wholly-owned subsidiary of Whyte & Mackay PLc, Kyndal was formed two years ago as a marketing and distribution company and it had further entered into an alliance with Shaw Wallance for secondary marketing of world premium bands.
— PTI
ONGC not against move to divest stake
Bangalore:
The ONGC said today it was not against the government’s move to dilute its 5 per cent stake in the public sector undertaking through an initial public offer or by diluting the cross-holding of shares between the ONGC, the Indianoil Corporation and the Gas Authority of India Ltd. “The government as an owner has the right to dilute its stake in the ONGC through an IPO or through diluting cross-holding,” ONGC Chairman and Managing Director Subir Raha told reporters here.
— PTI
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Price index up Inflation rises Indraprastha IPO Lufthansa flight SC on Hindalco ISO-9001 Nicholas pact Essel card VAT demanded |
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