Bright prospects for exports: DGFT
NEW DELHI, Aug 26 — Lack of proper infrastructure, procedural bottlenecks, and non-encouragement by State Governments are the main problems inflicting the export sector in India.

Of wealth creators and destroyers
CHANDIGARH, Aug 26 — Though to create corporate wealth is a managerial function, it should be done in a proper manner to benefit society.

Bata Faridabad unit may reopen soon
NEW DELHI, Aug 26 — Bata India is likely to reopen its Faridabad plant soon with the company heading for a breakthrough in its talks with the striking employees.

SBP shifts regional office to Ludhiana
CHANDIGARH, Aug 26 — Mr M. Sitarama Murty, Chief General Manager, State Bank of Patiala, today inaugurated its regional office at Ludhiana.

RBI establishes bankers’ body
MUMBAI, Aug 26 — The Reserve Bank of India has formed a senior bankers’ committee to examine ways to strengthen financing of enterprises seeking to undertake commercial production of products and services based on R&D, especially in areas of new technology.

Prices of 3 drugs revised
NEW DELHI, Aug 26 — The National Pharmaceutical Pricing Authority today increased prices of two bulk drugs and lowered prices of another one following a fresh study done by the authority on cost-price data supplied by major drug manufacturers.

SBI issues 5,938 cards
CHANDIGARH, Aug 26 — Mr Prabhakar Sharma, new CGM, SBI, Chandigarh circle, today called on Mr Mahabir Prasad, Governor of Haryana, and apprised him of the performance of the SBI in Haryana.

Privatise banks, says divestment panel

NEW DELHI, Aug 26 (PTI, UNI) — Disinvestment Commission Chairman G.V. Ramakrishna today sought a national consensus on an eight-pronged economic blueprint, including privatisation of banks, saying reforms had lost steam since 1994 mainly due to “political uncertainty” and absence of a stable Government.

Outlining the agenda for building a strong and viable India, Ramakrishna said “in order to muster political will and commitment it would be desirable to have a resolution of parliament on ‘India — 2020’ encompassing these areas.”

He asked the Government to privatise all banks except State Bank of India and bring down its equity in financial institutions to below 51 per cent to impart them more autonomy, besides merger of weak banks as part of financial sector reforms.

Delivering the sixth Lovraj Kumar Memorial Lecture titled “the Unfinished Agenda for Reforms”, he called for curtailed role of the Government and cutting down its cost, introduction of a modern financial system and a competition policy to protect national interest.

Accelerated investment in agriculture, management of water resources for both irrigation and human consumption, infrastructure, a viable population policy and a suitable response to international environment for trade and investment were the other points of his blue print for continuation of reforms, which have developed large gaps.

The overall performance of a company, its image and corporate planning should be the three broad items for evaluation of a public sector undertaking (PSU) for upgradation from one schedule to another.

This is one of the major recommendations made by the K Kipgen Committee set up by the Department of Enterprises (DPE) to review the existing parameters for categorisation and upgradation of PSUs, creation of board level posts and grant of higher schedules on personal basis.

Mr Kipgen submitted his report to the Secretary, DPE, Dr S Narayan here today.

The consultant has also recommended various other quantitative and qualitative factors in his report.

Dr Narayan said the Government will process the report for final decision so that an objective, reasonable and focussed set of criteria would be available for categorisation and upgradation of the PSUs.

The existing criteria on the subject had been in operation for over three decades. In view of liberalisation of economy, the Government felt that the criteria may be reviewed so as to suit the changed environment.

Of wealth creators and destroyers
Tribune News Service

CHANDIGARH, Aug 26 — Though to create corporate wealth is a managerial function, it should be done in a proper manner to benefit society.

This was stated by the Public Enterprises Selection Chairman, Mr T.K.A. Nair, who was the chief guest at the installation ceremony of the new President of the Chandigarh Management Association, Mr P.K. Verma here last night.

The creators of wealth must remember that human resource is the real capital. What is preached must be practised, he added.

Mr Yash Mahajan, Vice-Chairman and Managing Director of Punjab Tractors Ltd, listed five “constituents” needed to be cared for: customers, employees, business associates, investors and society.

Referring to Punjab Tractors’ success story he said “500 shares allotted in 1989 and 1991 at a cost of Rs 33,000 have grown to 2,000 shares through two bonuses with a market value close to Rs 30 lakh. In addition, dividend income on this holding totalled Rs 1.46 lakh — the payout of Rs 63,000 in 1999 in itself is almost twice the original cost.”

Quoting newspaper reports, he said 24 groups with a market cap of Rs 1,000 crore on March 31, 1994, cumulatively created shareholder wealth of Rs 70,000 crore through a rise in market capitalisation during the five year period till March 31 last.

Another 26 groups, during the same period, cumulatively destroyed Rs 47,000 crore in shareholder wealth through a fall in market capitalisation.

Bright prospects for exports: DGFT
Tribune News Service

NEW DELHI, Aug 26 — Lack of proper infrastructure, procedural bottlenecks, and non-encouragement by State Governments are the main problems inflicting the export sector in India.This view emerged at a meeting on export sector organised by the PHD Chamber of Commerce and Industry (PHDCCI) here.

The government, however, observed that the export sector is likely to end the current fiscal on a positive note with rationalisation of duty rates and removal of procedural bottlenecks.

Director General of Foreign Trade (DGFT), Mr N Lakhanpal said that the process of rationalisation of duty rates has started and is expected to be further simplified.

“ Indian exports have shown a turnaround since October 1998 onwards and exporters are optimistic about the prospects this year.This is the feed back we have received”, he said.

Observing that the tax structure was complex, he said that introduction of Value Added Tax (VAT) would solve most of the problems faced by exporters.

Restrictions imposed on import of second hand capital goods were provided to protect the domestic capital goods industry and to ensure superior quality of Indian exports in the international market. He clarified that there is no restriction on imports of five year old machinery.

Joint Secretary (Drawback), Mr S. P. Srivastava said that a committee has been set up to work on all aspects of reducing transaction costs of exports.

Past President of PHDCCI, Mr Binay Kumar said that state governments are not paying adequate attention to promotion of exports as compared to attracting foreign investment.

Pick your food on AI thru Internet

MUMBAI, Aug 26 (PTI) — Air India’s passengers can now choose chips and bites that are best suited for their palate through an Internet-based interactive system.

The passengers travelling on AI to London and New York from India will now be able to customise their inflight service through interactive facility under the new service titled “Getting to know you better”, AI Director-Inflight Service Jitender Bhargava said at the launch of the scheme yesterday.

The service, which enables the passengers to design their menu from a wide variety of choices offered, was launched by AI Chairman and Civil Aviation Secretary P.V. Jayakrishnan here.

The service, which is limited to food and beverages to the first and executive class in the India/UK/US sector now, will be extended to other facilities like duty-free shopping and reading material apart from other sectors of the airline.

The passengers may access the menu on the AI’s website “www.airindia.com” and fill it at least a day prior to the date of journey.

Besides providing customised inflight service to the passengers, the new plan will help cut costs as only those food articles in demand will be airlifted, he said adding that the databank so developed will come in handy to give a personal touch to the AI’s public relations.

Earlier, the passengers had to satisfy themselves with what is being served within the lean choice between vegetarian and non-vegetarian food, he said.

Bata Faridabad unit may reopen soon

NEW DELHI, Aug 26 (PTI) — Bata India is likely to reopen its Faridabad plant soon with the company heading for a breakthrough in its talks with the striking employees.

Top executives of the company have concluded a critical round of talk with the employees of the Faridabad plant which has been under lockout since February last.

“Discussions have reached a critical stage and we expect the plant to be reopened soon,” company sources told PTI.

When contacted for confirmation, Deputy Managing Director of the company M. Middleton said bipartite and tripartite talks have progressed to a good extent and the company hoped to reach a settlement in the coming days.

Mr Middleton, however, said the closure of the Faridabad unit would not have any impact on the current year’s revenues.

SBP shifts regional office to Ludhiana
Tribune News Service

CHANDIGARH, Aug 26 — Mr M. Sitarama Murty, Chief General Manager, State Bank of Patiala, today inaugurated its regional office at Ludhiana.

The office was earlier functioning at Jalandhar. The bank has already established seven zonal offices and 17 regional offices.

The bank has 351 branches in Punjab with a business turnover of Rs 5,923 crore.

The bank’s credit-deposit ratio as on March 31, 1999 was 45.46 per cent against 38.70 per cent of all scheduled commercial banks.

Mr Murty said the priority sector advances at present constitute 43.88 per cent against a Government benchmark of 40 per cent.

During the year 1998-99 the bank disbursed Rs 506 crore in agriculture sector showing a growth of 64.29 per cent.

The bank recently launched a “Patiala Bank Kisan Card’. It is laying great emphasis on car, housing and consumer goods finance through its network of 14 personal banking branches in Punjab, 13 of them being in Jalandhar zone alone.

RBI establishes bankers’ body

MUMBAI, Aug 26 (PTI) — The Reserve Bank of India has formed a senior bankers’ committee to examine ways to strengthen financing of enterprises seeking to undertake commercial production of products and services based on R&D, especially in areas of new technology.

The terms of reference of the committee are to take stock of the present status of the R&D-based enterprises in the country and their financing arrangements, suggest measures to facilitate financing by banks and financial institutions for commercial use of various R&D products and look into issues relating to supervision, regulation and resource mobilisation, an RBI statement said here today.

The committee includes Executive Director of IDBI V.P. Singh, Deputy Managing Director of SBI P.N. Venkatachalam, Executive Director of Bank of Baroda P.S. Shenoy while the Joint Managing Director and Chief Operating Officer of ICICI Ltd Lalita Gupte will be the convenor of the bankers committee.

Industrial unit for Moga
From Our Correspondent

MOGA, Aug 26 — The government proposes to set up a big industrial unit shortly in this town which includes a tractor factory for which negotiations are going on.

This was stated here last evening by Union Minister of State for Industries Sukhbir Singh Badal while speaking at a special function organised by the Moga unit of the Agro Industries Association. The industrialists demanded that the representation should be given to them in monthly meetings of the grievance committee, abolition of sales tax on spare parts of diggers and distribution of subsidy by the government to industrialists.

Prices of 3 drugs revised

NEW DELHI, Aug 26 (PTI) — The National Pharmaceutical Pricing Authority (NPPA) today increased prices of two bulk drugs and lowered prices of another one following a fresh study done by the authority on cost-price data supplied by major drug manufacturers.

Prices of bulk drugs ‘Pentoxyfylline’ and ‘Sulfamoxole’ have been raised from Rs 1914 per kg and Rs 618 per kg respectively to Rs 2453 per kg and Rs 637 per kg, an official statement said here.

However, NPPA has brought down prices of Frusemide from Rs 2375 per kg to Rs 1818 per kg.

Sun Pharmaceutical Ltd, the major manufacturer of bulk drug Pentoxyfylline and German Remedies producing Sulfamoxole will benefit from the today’s price revision.

SBI issues 5,938 cards
Tribune News Service

CHANDIGARH, Aug 26 — Mr Prabhakar Sharma, new CGM, SBI, Chandigarh circle, today called on Mr Mahabir Prasad, Governor of Haryana, and apprised him of the performance of the SBI in Haryana.

Mr Sharma told the Governor that the deposit of the bank with a network of 130 branches in Haryana have reached Rs 1596 crore, while total advances in the state at Rs 653 crore.

He said the bank’s 74 per cent of the total advances are in the priority sector. The SBI has issued 5,938 kisan credit cards to assist small farmers in agriculture and allied activities.

Piccadily
Tribune News Service
CHANDIGARH, Aug 26 — The Piccadily, Chandigarh has been awarded. “The International Gold Star Award for Quality” by the Business Initiative Direction’s Selection Committee for the year 1999.

ISO 9002
Tribune News Service
NEW DELHI, Aug 26 — Punjab and Sind Bank has been awarded the ISO 9002 certification for its computer learning centre at Chandigarh. The bank’s branches in Janakpuri and Guru Harkishan Nagar in Delhi were also awarded the ISO 9002 certification in recognition of excellent services provided to customers.

SBI camps
From Our Correspondent
LUDHIANA, Aug 26 — The Ludhiana Zonal Office of the SBI organised NPA recovery camps in Bathinda and Muktsar to recover bad debts and give relief to the borrowers who have suffered heavy losses due to natural calamities. Mr O.P. Bhardwaj, DGM, presided over these camps. In all 100 cases involving overdues of Rs 78.86 lakh were settled and borrowers deposited Rs 26.03 lakh.

Petronet MoU
MUMBAI, Aug 26 (PTI) — Petronet LNG Ltd today signed a memorandum of understanding (MoU) with DCM Shriram Consolidated Ltd for supply of 0.75 million standard cubic metres of liquefied natural gas per day to the latter’s urea plant at Kota in Rajasthan.

GTC revival
NEW DELHI, Aug 26 (UNI) — A clutch of foreign banks, including Bank of Tokyo have opposed extending reliefs and concessions to revive the ailing GTC Industries Limited. Apart from Bank of Tokyo, Standard Chartered Bank and Deutsch Bank refused to give any leeway in the rehabilitation scheme being prepared by the operating agency State Bank of India for the sick company.