Friday, November 20, 1998
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B U S I N E S S | Friday, November 20, 1998 |
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Government to check sugar
dumping ‘Unveil
tourism policy’ |
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UT hawks Punjabi jutti NEW DELHI, Nov 19 — The display of daily-use items, manufactured by small-scale units, dominates the “Chandigarh Pavilion” at the ongoing India International Trade Fair-’98 in Pragati Maidan here. Agro Tech ’98 to open
on December 2
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Bajaj Electricals set for
1,000 crore turnover Steel
exporters escape anti-dumping duties India
deplores EU’s anti-subsidy actions 39
companies have vanished: SEBI |
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UT hawks Punjabi jutti NEW DELHI, Nov 19 — The display of daily-use items, manufactured by small-scale units, dominates the “Chandigarh Pavilion” at the ongoing India International Trade Fair-’98 in Pragati Maidan here. Spread over an area of 350 square metres, the pavilion boasts of products ranging from shoes, computer hardware cabinets, car locks, pottery to fitness equipment. There are 35-odd counters. Though the pavilion looks modest compared to the pavilions of bigger States, yet keeping in view the size of the industry in Chandigarh and other Union Territories, it stands apart. “This year the planning for pavilion was more organised than last year as we have got a rectangular area”, Mr Arun Sekhri, Director Industries of the Chandigarh Administration, told a group of visiting mediapersons from Chandigarh on Wednesday. The pavilion witnessed a heavy rush when the fair was opened to the public in the afternoon. Over half of the beautiful pottery products on display had already been sold out. Counters selling Punjabi “jutti”, instant “dalia”, fitness products and car locks attracted visitors. “The products at the Chandigarh Pavilion give you value for your money”, said Nandini Kulkarni, a Delhi resident, who had been a regular at the pavilion for the past three years. “Till date the
pavilion had inquiries worth Rs 60 lakh and we are
targeting at Rs 4 crore”, Mr Sekhri said, adding
that last year these were to the tune of Rs 3 crore. |
Government to check sugar dumping NEW DELHI, Nov 19 — The Union Food Minister, Mr Surjit Singh Barnala, today announced that he would initiate steps to discourage sugar imports. “Sugar imports are to be discouraged”, the Minister said reacting to the industry’s contention that several countries, including Pakistan, were dumping sugar in the country. Indian Sugar and General Industry Export Import Corporation Ltd, the Indian Sugar Mills Association and National Federation of Cooperative Sugar Factories Ltd have estimated that 15 to 20 lakh tonnes of sugar would be dumped in the Indian market this year which would lead to a loss of nearly Rs 3,000 crore worth of foreign exchange. Pakistan alone is estimated to earn precious foreign exchange worth Rs 500 crore from India. “In the name of cheap imports today, the world’s high-cost producers, funded by massive subsidies in their home countries, will make the Indian sugar industry go bankrupt” the three organisations said here today. The main problem, according to industry sources, is that the import tariff for sugar in India is at a low of 5 per cent. This in comparison to the 300 per cent import tariff in the European Union, 173 per cent in Mexico and 104 per cent in Thailand makes India a dumping ground for sugar exporters. The sugar industry in countries like Pakistan, Mexico, Thailand and the European Union also enjoys direct subsidy or cross subsidisation from their governments. For instance, the Pakistan sugar industry gets a direct subsidy of Rs 4,000 per tonne while the industry in Mexico gets a subsidy of Rs 8,000 per tonne. Terming the Government’s decision to import sugar on the grounds that domestic production was not enough to feed its gigantic population as “false propaganda”, the local industry has pointed out that India’s consumption of sugar last year was 140 lakh tonnes. India has 55 lakh tonne stocks, which is 20 lakh tonnes more than the norm of stocks equal to five months consumption. The farmers and mills are likely to produce 155 lakh tonnes this year despite excessive rain, the industry has said. Acknowledging their problems, Mr Barnala said he would send a proposal to the Union Cabinet on the import policy on sugar. Without specifying the
measures that he would suggest to the Government, Mr
Barnala said he would take up the issue of low import
tariff with the Finance Ministry. |
40 lakh
tonnes of wheat for States NEW DELHI, Nov 19 — The Centre will release 40 lakh tonnes of wheat to States for open sale. Food Minister Surjit Singh Barnala said here today that the State could release this wheat through PDS outlets, roller flour mills, cooperative agencies or/and State agencies. The FCI issue price for
the sale of wheat under the scheme for the northern
region has been fixed at Rs 645 per quintal. For the
South zone it has been fixed at Rs 716, for the West zone
Rs 689 and for the East zone Rs 708. |
Agro Tech ’98 to open on
December 2 CHANDIGARH, Nov 19 — Mr Rafael Eitan, Deputy Prime Minister of Israel, will perform the inaugural ceremony of Agro Tech ‘98 to be held here from December 2 to 6. Spread over an area of 16,000 sqm, Agro Tech will feature participants from Israel, the Netherlands, the UK, Italy, Canada, France and Spain. Over 350 corporates will display agro related technologies. While Punjab and Haryana will play the host, Andhra Pradesh has been accorded partner state status. Kerala, Tamil Nadu, Karnataka, Rajasthan, UP, Himachal and J&K have confirmed their participation. Two exhibitions — Dairy Expo ‘98 and Poultry Expo ‘98 — will also be held. A highlight of Dairy Expo will be a live integrated dairy farming and processing unit being set up by the Punjab Dairy Development Department in technical collaboration with the Israel Dairy Board. Coinciding with the five-day fair, the CII will organise international conferences on fruit and vegetable processing emerging technologies in the dairy industry, recent developments in the poultry industry, cold chain technologies. application of biotechnologies in agriculture and industry and water management. The speakers include experts from the USA, Italy, Israel, the Netherlands, Sweden, France, Denmark, Germany, Australia and China. Mr Som Pal, Union Minister
of State for Agriculture, will be the guest of honour at
the valedictory session. Mr Parkash Singh Badal, Mr Bansi
Lal, Mr Chandrababu Naidu, Mr Kalyan Singh, and a host of
Central and State ministers will visit Agro Tech ‘98
and address special plenary sessions. More than 1,50,000
visitors, including Ambassadors and High Commissioners,
senior Central and State Government officials, farmers,
agricultural scientists and people associated with
agri-business are expected to visit the fair. |
‘Unveil tourism policy’ LUDHIANA, Nov 19 — The Hotel and Restaurant Association of Punjab today urged the State Government to announce its tourism policy which had been hanging fire for the past two years and the draft of which had already been approved in principle. A meeting of the executive
of the association held here under the chairmanship of Mr
N.S. Nanda called upon the government to give the
industry all facilities like relief in house tax, sales
tax, capital investment, term-loans on subsidised rates
of interest for setting of new hotels, reduction in
entertainment tax and tax holidays. The PSEB should
charge industrial tariff instead of commercial tariff. |
IS the government at the Centre protecting adulterators and blackmarketeers? Yes, says the Minister for Consumer Affairs in the Gujarat Government, Mr Jaspal Singh.. No, says the Minister for Consumer Affairs at the Centre, Mr Surjeet Singh Barnala. The controversy, which came to the fore at the recent meeting of the Central Consumer Protection Council in New Delhi, assumes significance in the wake of Prime Minister Atal Behari Vajpayee’s call to the States to crackdown on hoarders and blackmarketeers in order to contain the steep rise in the prices of essential commodities. Mr Jaspal Singh minced no words either in his prepared speech or even later at the meeting. Said he: As “often exhorted by the Central Government, we have successfully invoked the Prevention of Blackmarketing Act (PBA) to contain profiteering, blackmarketing, adulteration as well as hoarding. However, we have a nagging doubt that the Central Government has not been supporting our actions under the PBM Act”. Stating that the Centre’s lack of appreciation and support to the Gujarat Government’s actions in this regard was detrimental to consumer interest, Mr Singh said: “In fact it encourages and protects vested interests who are indulging in hoarding and adulteration.” He did not stop there. Appealing to the Central Government to give the necessary support for implementation of the PBM Act, the Minister said: “the summary manner in which some detentions ordered by us have been revoked by the Centre without a word of explanation has left us wondering about the Central Government’s will and determination to enforce Essential Commodities Act. The States and the Centre cannot be working at cross purposes. The States have the responsibility to curb the evil of profiteering, adulteration, hoarding, through effective use of PBM Act and they must be supported to avoid any kind of confrontation. This raises doubt as to whose interests we are protecting those of the consumers or the vested interests”. That was not all. Usually, the day-long meeting of the council is chaired by the Union Minister to Consumer Affairs, as provided under the Consumer Protection Act. However, this time, when Mr Barnala left during the pre-lunch session, promising to come back soon after attending an urgent meeting, one expected the consumer activists to protest. But it was Mr Singh, whom Mr Barnala called out to chair the session in his absence, who was most vocal in his expression of unhappiness over the departure of the Minister. Mr Singh, who presided over the rest of the morning session, said he would like to share with the members of the Council, his anger and frustration over the implementation of the PBM Act. Apparently, the Gujarat Government, during its crackdown on hoarders and adulterators of groundnut oil, caught four persons, two of them mill owners and two suppliers, on charges of adulterating groundnut oil sold to the Government for supply through the Public Distribution System. Under the Prevention of Blackmarketing Act, the District Magistrate passed detention orders, but the Central Government, which has concurrent jurisdiction under the PBM Act, revoked the order even before they could be arrested. According to Mr Singh, in an earlier case too persons ordered to be detained on charges of diversion of subsidised kerosene for adulterating petrol had approached the Centre and got the orders for arrests revoked. During the post-lunch session when Mr Barnala returned to the meeting for a brief while, Mr Singh had left. However, a member of the Council asked Mr Barnala if he would reply to the allegations made by Mr Singh. Mr Barnala said under the PBM Act, the Central Government had the power to review the cases and revoke the orders passed by the State Governments. Accordingly in three cases, the government thought it fair and just to revoke the orders. The provisions of detention cannot be used liberally, he said. To another question on whether the Centre could revoke the detention orders of those who were evading arrest by the State Government and were absconding, the minister said: “We got strictly according to the law”. The Central Consumer
Protection Council, a policy-making body constituted
under the Consumer Protection (CP) Act, meets once a year
to discuss issues concerning consumer protection and is
attended by Food and Civil Supplies Ministers from all
the State and Union Territories, members of Parliament
and representatives of the consumer groups. On the
subject of implementation of the CP Act, which came up
for discussion at the meeting, consumer representatives
expressed deep concern over the poor functioning of
consumer courts and the inordinate delay on the part of
the Central Government in bringing about the necessary
amendments to strengthen the Act.
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39 companies have vanished: SEBI MUMBAI, Nov 19 (PTI) — An investigation carried out by SEBI has revealed that 39 companies have vanished into thin air. Briefing the Press here yesterday, SEBI Chairman D.R. Mehta said the regulator had tracked over 1210 companies that made initial public offers (IPOs) during 1994-95 and zeroed in on 17 of them that were neither traded nor had complied with requirements under the listing agreement. Another 21 companies, whose whereabouts were unknown, surfaced after a similar inquiry into IPOs made during 1992-93, he added. “This is contrary to the popular belief that during the era of free pricing, many companies tapped the primary market with issues priced at a premium and soon vanished”, he said adding that of these 17 issues, none were at a premium. An inquiry was in-progress for IPOs during 1992-93 and 1997-98, Executive Director in charge of primary markets, Vijay Ranjan added. Meanwhile, SEBI has also initiated a study of investors and investor preferences covering over 3.5 lakh households in order to guide future policy decisions, according to Prati Kar. Executive Director heading secondary markets. The market regulator was also debating whether to appoint an independent body for calculation of net asset value (NAV) of mutual funds, said SEBI Executive Director Ashok Kakkar. “We have received representations from investors and some mutual funds on discrepancies in NAV valuation and that it should be entrusted to an independent body”, he said adding the proposal was under consideration of the Association of Mutual Funds of India (AMFI). SEBI was also making a
pitch for the growth of Venture Capital Funds (VCFs) in
India, said Senior Executive Director O.P. Gahrohtra. |
Bajaj Elect set for 1,000 crore
turnover CHANDIGARH, Nov 19 — Bajaj Electricals Ltd, a company of the Bajaj group and a market leader in small appliances, which is celebrating its diamond jubilee this year, launched new “Majesty” range of products like storage water heater, kitchen water heater and lightweight iron at a dealers’ conference here today. Bajaj Electricals hopes to achieve its corporate objective of Rs 1,000 crore turnover by the year 2000-2001. Mr D.J. Parikh, General Manager, said unaffected by recession the company achieved a 15 per cent growth in sales and 18 per cent in the profit during the first half fiscal year. For the first time in the North, the company has launched its kitchen water heater of one litre capacity aimed at providing a housewife instant hot water in the sink. It is priced at Rs 1850. The 25-litre storage water
heater has a rust-proof ABS body and is priced at Rs
5,140. All products are a result of the Bajajs’
hi-tech R and D efforts. |
Steel exporters escape anti-dumping duties BONN, Nov 19 (PTI) — The European Commission’s anti-dumping proceedings against Indian stainless steel bright bar (SSBB) imports have fallen through with the 15-member European Union (EU) Council of Ministers failing to make it definitive, before the stipulated deadline last evening. However, the Indian steel
exporters, who account for 7 per cent of the total SSBB
consumption in the EU will have to pay anti-subsidy
countervailing duty (CVD) slapped by the commission last
week. The deadline for making the anti-dumping duties
definitive expired last evening without any decision by
the permanent representatives (PRS) of EU in Brussels. |
India deplores EU’s anti-subsidy actions NEW DELHI, Nov 19 (PTI) — India today said frequent application of anti-dumping and anti-subsidy actions by European countries had crippled its exports and questioned the efficacy of the Uruguay round pact in integrating and increasing market access. In the informal discussion between the European Commission delegation and the government here, Indian officials also justified the imposition of 4 per cent special additional duty saying it was needed to neutralise local taxes, official sources said. The very idea of a multilateral agreement is meant to make things predictable. But the anti-dumping and subsidy actions have thrown things out of gear, they said. There has been no meaningful integration of markets in the last five years and a case in point is the textile market where access to developing countries still remains restricted. Responding to the objections raised by the EC delegation led by its Director Herve Jouanjean about the country’s auto policy, India explained its compulsions, including the balance of payment difficulties that forced the country to adopt the present stand. The EC had raised some reservations about the indigenisation schedule which foreign auto majors have to adhere to if they wanted to set up base in India. The next round of formal
talks between EC and India is scheduled to be held in
Geneva early next month. |
Bilt div to come out of red NEW DELHI, Nov 19 (PTI) — Ballarpur Industries Autoclaved Aerated Concrete Division is likely to come out of the red in the current fiscal after its diversification into turnkey contracting in construction. The ACC division which, manufactures construction materials using fly ash, is likely to make profits this fiscal with the turnover expected to increase to Rs 16 crore from Rs 13 crore last year, Suresh Sharma, General Manager of AAC division told reporters here today. Infosys prepares for ADRs BANGALORE, Nov 19 (PTI)
— Infosys Technologies Limited (ITL) today said
public offerings of American depository receipts (ADRs)
would depend upon the primary capital market conditions
in the USA. An ITL press release here said that the
company had begun preparations for a public offering of
ADRs in the USA representing Infosys ordinary shares. The
government had approved an offering representing shares
with a total value of up to $ 75 million us dollars and
has also approved the creation of ADR-based option plan
for the company’s employees. |
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| SBI camps for defaulters CHANDIGARH, Nov 19 (TNS) — During the ensuing tercentenary celebrations of the Khalsa Panth, the SBI will extend certain concessions to genuine defaulters. A camp for final settlement of overdues will be organised at Amritsar. A meeting of such borrowers with the SBI General Manager will be held at 11.30 a.m. on November 22 at the SBI, Main Branch in Amritsar’s Town Hall. Such camps will be organised at other centres in Punjab, Haryana and Himachal Pradesh shortly. Award for NLF Dead Forex rates U.S. $ Rs 42.42.43, The RBI reference rate was Rs 42.47. Gold spurts |
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