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Manmohan focuses on aam aadmi
UAE plans world’s first rotating DubaiLand
Tisco eyes acquisition in South-East Asia
A titan is born as 2 Chinese steel firms merge
A-I to acquire 68 aircraft
Mallya eyes Asian market
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Enough liquidity for stable interest rates: CMIE
Hyundai moots jv in Thailand
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Manmohan focuses on
aam aadmi
New Delhi, August 15 “We need to get used to paying a reasonable price for electricity just as we do for petroleum products,” the PM said, emphasising that free power should be limited to only the poorest sections of the society as giving it to others could worsen the financial condition of power utilities. Addressing the nation on Independence Day, Dr Manmohan Singh regretted that economic growth has not fully reached everyone in the society especially in rural areas. “Our vision is not just of economic growth, but also of a growth which would improve the life of the aam aadmi,” he said. Pointing out that the country was witnessing unprecedented economic growth, he said “if we maintain this momentum of growth for the next 5 to 10 years then it would be possible for us to eradicate poverty, hunger, ignorance and disease.” Reviewing the progress of ‘Saat Sutras’ — the seven critical growth areas outlined by him in his last Independence Day address, Dr Manmohan Singh said: “We have taken many important steps and decisions which will contribute to the nation’s progress.” Maximum emphasis of the government has been on the agriculture sector as the growth in this area had not been at the required pace, he said, while detailing measures taken to provide employment guarantee and social security net to workers. On the seven critical sectors — agriculture, irrigation, infrastructure, education, employment, health and urban renewal — the Prime Minister said: “It is our hope that in the coming years agriculture growth becomes rapid and we have a new green revolution.” Admitting that rural development was not possible without basic infrastructure facilities, Dr Manmohan Singh said his government has conceived an ambitious ‘Bharat Nirman’ programme under which one crore hectares of unirrigated land would be irrigated and all villages with a population of 1,000 (500 in case of hilly areas) would be connected with roads. Two-and-a-half crore houses would be given electricity connections and over 60 lakh houses would be built in villages, he said, exuding confidence that “Bharat Nirman will ensure the rapid economic development of our rural areas.” Emphasising the need to ensure participation of the common man in economic programmes, he said, Bharat Nirman provided a unique opportunity for panchayats to effectively implement the programme. At the same time, he listed out the constraints before the economy and said shortage of electricity was still a ‘major inconvenience’ and there was a need for greater investment in the sector. Attributing the 10 per cent industrial growth in May this year to “sweat and toil of our working classes”, the Prime Minister said: “I would like to emphasise that workers too have a responsibility. Wherever they may be working in factories or in firms, they should work in cooperation with the management so that profitability of the organisation increases and they also benefit from this.” The Prime Minister said the government would pay special attention towards addressing the problems of workers especially those in the unorganised sector and provide a social security net for them so that they do not feel insecure in times of distress. Dr Manmohan Singh reaffirmed his government’s commitment to providing employment to everyone especially in the rural areas and said the National Rural Employment Guarantee Bill, which would be tabled in Parliament soon, would “bring a revolutionary change in the lives of people in rural areas”. Stressing on the need for strong infrastructure to sustain high economic growth, he outlined the UPA government’s initiatives to develop the core sector. A rail modernisation programme has been prepared to make the Railways among the best in the world, he said, adding the government is also implementing a Rs 25,000 crore freight corridor project between Delhi-Mumbai and Delhi-Kolkata. Expressing satisfaction over the “tremendous progress” in civil aviation sector, he said world-class ports and airports are also being constructed.
Highlights of PM’s speech on economy
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UAE plans world’s first rotating DubaiLand
Dubai, August 15 A group of investors is working on a multi-billion dollar project in the upcoming leisure and tourism complex called “DubaiLand”, a unique clutch of luxury villas and apartments that would rotate. “The whole thing rotates,” Arabian Business publication quoted a project source as saying. “It’s going to be a big surprise, one of the wonders of the world,” he said. “You will be able to acquire villas, apartments, floating villas on water and flying villas that elevate in the air,” the source said. “So you have the accessibility to a villa that not only rotates on the ground but gives you up to a 15 to 20 metre up in-the-air elevation. It’s a mind-blowing project,” the source said. “We will have 20 towers with every single floor rotating. The capitalisation of the project is going to be in the range of $ 1 billion to $ 1.09 billion (3.7 billion to 4 billion dirham),” he added.
— UNI
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Tisco eyes acquisition in South-East Asia
Jamshedpur, August 15 “We are eyeing a second overseas acquisition in South-East Asia during the course of this year and we will continue to look at further acquisitions,” Managing Director B. Muthuraman said in a speech after hoisting the tricolour on Independence Day here. However, he did not specify the location and the amount involved. Referring to the company’s performance, the MD said it was strong and healthy. “Tata Steel has never been in a stronger position than it is today with good people, a modern and world class plant, with good products, and customers with whom we have built long term and sustainable relationships,” Mr Muthuraman said. He said the company had “ambitious plans” that would take steel production to “15 million tons by 2010 and to 25 million tons by 2015.” He said the company produced 5 million tonnes of steel at Jamshedpur and 2 million tonnes overseas, adding that the expansion of production in Jamshedpur to 7 million tons was ongoing and would be completed in
2008. — PTI
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A titan is born as 2 Chinese steel firms merge
Shanghai, August 15 Anshan Iron and Steel Group Co and Benxi Iron and Steel Group will merge to form Anshan-Benxi Steel Group, the companies advised the Shenzhen Stock Exchange. The statements called the consolidation merely “a cooperation between the two groups”, where “no stake issues are involved between the two companies.” The government owns both mills. The merger, which comes amid a major government-directed overhaul of the industry, could surpass the 20 million tonnes of production pumped out annually by China’s current market leader, Shanghai-based Baosteel. The move could ultimately create a steel giant with an annual capacity for some 30 million tonnes — equivalent to South Korea’s Posco, the world’s fifth-ranked steel firm, or China’s current leader Baosteel Group, which controls listed Baoshan Iron and Steel Co. The merger of the mills — which together employ as many as 1,60,000 in China’s northeastern rust-belt — marks a breakthrough after well over a year of difficult negotiations, as local governments fretted about layoffs and plant closures. The marriage involved no equity or cash in the initial stage, though it might eventually. If it goes smoothly, it will set a precedent for consolidating China’s 800 steel mills, many of which have resisted Beijing’s call to merge or shut. The new group could target other local private steel firms to allow its steel output to reach 51 million tonnes by 2010 and become one of the world’s top three steel producers, analysts said. The statement said the new group would have a joint board of directors, annual investment planning, marketing at home and abroad, resource allocation, and research and development. The move follows the unveiling of Beijing’s long-term policies for the development of the domestic steel sector last month, which have effectively decreed the consolidation of the sector’s super-fragmented state. China’s first steel industry development blueprint, released last month, foresees two industry giants with an annual capacity of more than 30 million tonnes by 2010, suggesting Baosteel and the newly-formed company might be frontrunners. It calls for the country’s 10 largest mills to produce half of the nation’s steel output by 2010 and 70 per cent by 2020.
— AFP, Reuters
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A-I to acquire 68 aircraft
Mumbai, August 15 The proposal had been pending with the government for approval and the
acquisition would enable the national carrier to compete with the best airlines of the world. The recently launched budget airline Air India Express was logging in a load factor of 97 per cent and was successful, he said at the 59th Independence day celebrations at its main colony at Kalina, Santa Cruz, here today. He called upon all employees to put in their best to restore the airline to its pristine glory. Besides the minister’s announcement of a contribution of Rs 25 lakh by the airline and Rs 5 lakh from his own personal funds for the rehabilitation of the residents living in the colonies, Air-India employees would also contribute a day’s wages to a relief fund. The management had also provided for a non-interest bearing recoverable loan of Rs 30,000 to the residents affected by the recent floods.
— UNI
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Mallya eyes Asian market
New Delhi, August 15 “We have a clear leadership in India which has high growth potential. Now we need to broadbase our business geographically to become a truly global player in the spirits business,” Vijay Mallya Chairman of the UP Group, which recently bought out its nearest rival, Shaw Wallace, to have a clear 60 per cent share of the IMFL business in the country, said. Focussing on the Asian region, Mr Mallya said the group would increase its operations in countries like Malaysia, Singapore, Vietnam and China.
— PTI
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Enough liquidity for stable interest rates: CMIE
New Delhi, August 15 Besides, over $ 4.4 billion of foreign money poured into the country, adding to the liquidity in the system, the Centre for Monitoring Indian Economy (CMIE) said in its latest review. However, after the government concludes its borrowing programme in September, there could be some pressure on liquidity, CMIE said. The review quoted SBI Chairman A.K. Purwar as saying that interest rates will remain stable in the short run, but considering the rise in global interest rates and high crude prices, it would be difficult to predict what rates would be like in the medium term. It said banks were reportedly expecting the RBI to raise interest rates in its first quarter review of the monetary policy, but the central bank did not oblige. Despite this upward pressure on interest rates by banks, credit growth is expected to be buoyant in the coming quarters, the review added. It quoted IDBI as saying that despite buoyancy in the capital markets, corporates are still preferring the loan route to fund their expansion plans.
— PTI
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Hyundai moots jv in Thailand
Singapore, August 15 The South Korea-based auto maker withdrew from Thailand, the biggest auto market in Southeast Asia by sales volume, after the Asian financial crisis in the late 1990s. But Hyundai said it wants to rebuild its regional presence to capture rising demand that is expected with an upswing in Southeast Asian economies.
— Reuters
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