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SSI
sector to grow big as govt plans 20 clusters $200-m
OVL’s Sudan project in the pipeline Roadmap
for VAT likely in Budget PM vows
to unshackle rural economy Reliance strikes gas off Orissa coast
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Ranbaxy,
Atrix ink deal for cancer drug New Delhi, June 24 Ranbaxy Laboratories Limited today announced that it has signed an exclusive licensing agreement with US-based Atrix Laboratories to develop and commercialise prostate cancer drug Eligard in India. GRAPHIC: BANK CREDIT FLOW TO THE FARM SECTOR
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SSI sector to grow big as govt plans 20 clusters
New Delhi, June 24 The package will comprise of 40 per cent central assistance to develop infrastructure for these clusters and aid for technological upgradation of the industrial units. The states and the industrial association would have to make up to 60 per cent contribution to set up these SSI clusters. Mr B.S. Minhas, Secretary, Ministry of Small Scale, Agro and Rural Industries, today disclosed the Ministry of Small Scale, Agro and Rural Industries will be the nodal agency to develop this clusters as “magnet centres” to create new employment opportunities in the states. He said, “new clusters will include machine tool and sewing machine clusters in Ludhiana, handtool cluster in Jalandhar, rice milling cluster in Karnal and General and Lighting Engineering Industry in Parwanoo and a furniture cluster in Srinagar.” Other clusters will include readymade garment cluster in Delhi cotton hosiery cluster in Kanpur. Union Minister for the SSI, Mr Mahabir Prasad, has proposed to the state governments to initiate suitable policy changes, administrative arrangements, and make budgetary provisions and programmes to support cluster development programme. Under the common minimum programme (CMP), the United Progressive Alliance government has decided to focus on the development of clusters as a strategy to revitalise the SSI sector and to create new employment opportunities. Mr Minhas disclosed that as per the recent survey of the Ministry, out of nearly 2.5 crore SSI units about 37 per cent units had become sick. The government was working to come up with a package to revive those units, which needed credit and technological upgradation. Under the cluster development scheme, the government will establish one-stop service centres in the states to build data base, training for cluster development personnel, and documentation and dissemination of best practices. These centres will also network with similar resource centres in other states and at national level. According to Mr Prasad, the Ministry was reviewing other employment schemes like Prime Minister Rozgar Yozana (PMRY) and Rural Employment Generation Programme (REGP). The Ministry has proposed to the Finance Minister P. Chidambaram to slash interest rate up to two per cent below primary lending rate (PLR) of the banks and increase subsidy component in the PMRY on the pattern of REGP scheme.
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$200-m OVL’s Sudan project in the pipeline
New Delhi, June 24 The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Manmohan Singh, cleared the signing of the pact with Khartoum, which had given the contract for laying the 741-km long petroleum product pipeline and a refinery revamp to India on nomination basis, Petroleum Minister Mani Shankar Aiyar told reporters after the meeting. “It marks a significant breakthrough in economic relations with Sudan,” he said. Sources said OVL will hold 67 per cent stake in the pipeline project while the remaining would be shared between Indian Oil Corp (IOC) and Oil India Ltd (OIL). The 12-inch pipeline will evacuate gas oil and gasoline from the 50,000 barrels per day Khartoum refinery to Port Sudan. Pipeline throughput is expected to be 8,26,000 tonnes per year (about 18,330 barrels per day) in Phase I and 2.54 million tonnes per year in Phase II. The capacity of Khartoum refinery, equally owned by the Sudanese government and China National Petroleum Corp, is currently being expanded to 90,000 barrels per day. The pipeline is expected to be ready for operations in 14 months, they said, adding ONGC has awarded the contract for laying the line to Mumbai-based construction firm Dodsal. When contacted, ONGC chairman and managing director Subir Raha said: “We are very happy that the government has cleared the project. We have stakes in one producing oil field and two exploration blocks in Sudan and this project would further boost ties between New Delhi and Khartoum.” OVL is looking at acquiring oil assets in exchange for funding, building and running the pipeline for 13 years. Sudan had awarded the contract to construct the pipeline and modernise and expand the capacity of state-owned Port Sudan refinery from 25,000 barrels per day to 1,00,000 barrels per day, to OVL on nomination basis. The Sudanese government is to pay back OVL, which already is entitled for 3 million tonnes of crude oil in lieu of 25 per cent stake in the Greater Nile Oil Project, for its investment with crude oil/ cash.
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Roadmap for VAT likely in Budget New Delhi, June 24 Among the few ticklish currently being debated is that of while removing inter-state disparities in prices of goods and services across states, the VAT also carries the danger of creating a vertical split among states by
differencing between producing and consuming states. Sources said that in the present scenario, where much of production of goods and services are concentrated in some states, the government could consider the establishment of a variable fiscal compensation formula. The broad contours of the compensation structure, however, would only be known later after due the Centre holds several rounds of consultations with the state governments. Sources said, that while the Centre has made it clear to the states the new deadline of April 1, 2005, was “irrevocable”, some state governments have raised this issue fearing that within the country there could be few pockets which would be consistently “importing” products manufactured in other states. Besides, there is also the issue of clarifying the details on how the sales tax exempt zones, such as Baddi in Himachal Pradesh will be addressed. A opinion that is gaining ground is that a deferred system could be worked out for these areas to ensure that the avowed objective of industrial promotion in the respective states do not get adversely affected. Sources said, this could be particularly relevant for states such as Himachal Pradesh, Uttaranchal and the North-eastern states where incentivised industrialisation was critical. In the last few years, the issue of competitive populism among states had assumed critical importance with many states offering 100 per cent tax exemptions for a specified period of time to industrial units who set up plants in their states. The earlier NDA Government had worked out a formula for the state governments wherein the Centre would compensate the states to extent of 100 per cent of revenue loss in the first year, 75 per cent of the loss of revenue in the second year and 50 per cent of the loss in the third year. It now appears, that this formula, which was uniform across all states, would now not be accepted. This system, sources pointed, did not exactly factor in the variable revenue losses amongst producing and consuming states. |
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PM vows to unshackle rural economy New Delhi, June 24 “The Indian farmer has suffered from too many controls and restrictions. There are still far too many internal barriers to trade that must go. We must also re-examine those aspects of our policies that prevent a creative interaction between farmers and agro-industries,” the Prime Minister said in his address to the nation. In a clear indication that the government was determined to meet its date with the proposed introduction of a Value Added Taxation (VAT) regime from April 1, 2005, Dr Singh said the creation of a “single market” across the country for both manufactured and agricultural produce with agro-industry linkages was important. “With the introduction of value-added taxation this integration of the Indian market will be further enabled,” he said. The government, he said, would also bring about an energy policy that will cover all sources of energy and “will address all aspects like energy security, access and availability, affordability and pricing, efficiency and environment”. Unplanned urbanisation was another matter of concern, which the Prime Minister identified and pointed out this was largely the responsibility of the state governments and municipal corporations. “The rapid and unplanned growth of these cities has contributed to increased urban pollution, crime, the absence of the required infrastructure like access to drinking water, sanitation, roads, footpaths for pedestrians and public spaces, parks and greenery is making life in urban India a living hell for many. Most of the responsibility for this rests with the states and municipal governments,” Dr Singh said. The Prime Minister said that government would give special attention to policies that can encourage urban development and urban renewal. “We will seek public-private partnership in building urban infrastructure in a planned manner”, the Prime Minister said. Higher energy demand is a follows from economic growth and urbanisation and the Prime Minister said this demand “can only be met with new investment, increased efficiency and rational pricing.” “Even as we plan to make more efficient use of conventional sources of energy, we must invest in the development of non-conventional sources,” he said.
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Reliance strikes gas off Orissa coast
Mumbai, June 24 Reliance has also acquired Trevira, a European polyester firm with 1.8 million capacity, Mr Ambani said. Mr Ambani said the company has struck gas in exploration block NEC-OSN-97-2 and has been named as Dhirubhai 9-10-11 blocks. The discovery of gas came after the earlier operator drilled 61 unsuccessful wells. The estimated volume of gas in wells is 4-5 million cubic feet. On the acquisition of the polyester firm, he said Trevira is the erstwhile division of German company, Hoechst AG. The company, headquartered in Frankfurt (Germany), operates plants in Germany, Belgium and Denmark, giving Reliance a well-timed entry in Europe to capture growth potential in East European region, he said.
— PTI
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Ranbaxy, Atrix ink deal for cancer drug
New Delhi, June 24 Ranbaxy has licensed the rights to register and market Eligard 7.5mg once-a-month, Eligard 22.5mg three-month and Eligard 30mg four-month products in India and maintains the option to license the Eligard 45mg six-month product. Eligrad (leuprolide acetate for injectable suspension) is one of the Leutenizing Hormone Releasing Hormone (LHRH) agonists which are commonly used for the treatment of hormone-responsive advanced prostate cancer. — UNI |
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Broadband licence fee cut Ranbaxy accused Krishna Bank UTI Bond Fund M&M |
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