B U S I N E S S | Sunday, February 14, 1999 |
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spotlight today's calendar |
Centre destroying tax
administration: Manmohan
DuPont
offers green expertise to industry
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Rs
1,450 crore FDI proposals okayed |
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Centre destroying tax administration: Manmohan MUMBAI, Feb 13 (PTI) Former Finance Minister Dr Manmohan Singh today charged the Central Government with destroying the normal tax administration and called for modernising of the tax system. The government has destroyed the normal tax administration through schemes like Voluntary Disclosure of Income Scheme (VDIS) and Samadhan (for quick settlement of litigation cases), Mr Singh said, adding that there was a lack of seriousness in the economic policy of the BJP-led government. There is a great lacuna in the government that needs to be corrected, he said addressing a national conference on Indian economy challenges for the 21st century here. Mr Singh, who initiated the liberalisation process in 1991, said policy statements were made but not backed by blueprints. Is someone ensuring that these policies are converted into reality, he asked. Commenting on the health of the banking system, he said legal changes had to be brought in to support the prescribed financial norms and added our foreclosure systems are primitive and only add to the reluctance of the banking system to lend. Leader of the Opposition in the Lok Sabha Sharad Pawar felt that by raising misplaced doubts and by creating baseless controversies, all that they (the BJP-led government) had managed to do was to slow down the whole (reform) process. Mr Singh also called for an agenda to increase the savings rate by 0.5 per cent every year leading to a capital formation of 30 per cent of GDP and 8 per cent economic growth. Indias growth strategy should accelerate wealth creation while protecting the interests of the unborn generation, he said adding that growth has damaged our environment in many villages and cities. There was a lack of seriousness in the present government at the Centre. Policy statements are made but not backed by blueprints. Is someone ensuring that these policies are converted into reality. Singh asked. This is a great lacuna in
the government that needs to be corrected, he added. |
DuPont
offers green expertise to industry NEW DELHI, Feb 13 The global science-based company, DuPont, today offered to share with Indian industry and government its experience in clean and green technologies to make sustainable growth a reality in the 21st century. DuPont India President, Mr Pankaj H. Shah, said here today that there were five thrust areas which should be focussed to better the environment in the country. This includes efficient use of material, energy and water, reduction of emission and waste with a goal of zero, substantial use of recycled and reused materials and renewable resources, using products, processes and distribution modes which are inherently safer and creating a significant value per unit of resources extracted for customer and society. Technology, Mr Shah noted
had played a critical role in gradually generating
environmental consciousness in the industry, but it still
had a long way to go. On its part, improving quality of
life globally had led DuPont to a uniform standard in all
the 70 countries where it has manufacturing facilities or
with whom it does business. |
HP to
promote NRI investment JALANDHAR, Feb 13 Chief Minister of Himachal Pradesh Prem Kumar Dhumal said here today that Himachal Pradesh would be providing adequate facilities to encourage entrepreneurs and NRIs to invest in the heavy industry and tourism in the state. Promising a single window system for the clearance of projects, Mr Dhumal said an officer would be deputed with every project to facilitate the investor to get clearance from the state pollution board and other departments concerned for the projects to avoid any harassment. He said liberal rules had been framed to develop the tourism sector. The Chief Minister was
here to attend a function at DAV College. |
Love comes
with a cost CHANDIGARH, Feb 13 Love is in the air. But besides the emotion entwined with it, what makes the air thicker is the rupees spent in the name of love and friendship and relationships. Propounders of when-you-are-in-love-you-live-on-fresh-air-and-water theory take a back seat. Come February and lovers begin to gather gifts to be presented to their Valentines on the 14th as proof of their feelings for each other. The practice of Valentine Day began in the West as a celebration of love that human beings have for one another for brothers, sisters, parents, friends, sweethearts, kids, anybody. Today, the concept seems to be largely concentrated in the boy-girl romance category. No wonder school and college students are the most excited. The youngsters can be seen thronging gift and card shops, at the cost of their parents, of course. Peer pressure and demonstration effect ensures a deep gush in the pocket. Depending upon your pocket (or is it the extent of love?), you can pick up a card for a few rupees up to a few hundred rupees. Add to it the cost of gift items like decoration pieces, statues, china pots, cuddly toys and wrap it up with a bouquet and a candle-light dinner, the scope for splurging is enormous. Anything karega for Tina, says lovelorn Rakesh, even as Tina gets ready for the V-Day with a new hairstyle and a surprise for Rakesh. In fact, there is almost a race for who gets more number of roses. Flowers are presented by both known admirers and the secret Romeos who get the courage to express their desire that day. This year, the ban by Panjab University authorities on celebrating the event due to some unpleasant episodes of boys forcing their affections on girls, is not likely to have much impact as Valentines Day happens to fall on a Sunday, a holiday. But this has posed a problem to Anju, who is finding it difficult to cook up an excuse to meet her beau that day. My parents are very conservative. Theyll never let me enjoy myself, she laments, while friend Taarika assures her to depend upon me. I will find a way out. Dont worry. Needless to say that the two have cards and presents hidden in their bags for you-known-who. The guys have also already wrangled cars and mobikes from their dads or friends and are all set to woo the fairer sex and also impress the difficult ones. The geri route is the most popular round, besides the colleges, and even schools, and the university. Jaskiran who is not expecting anything since she has no valentine, is nevertheless taking it in her stride and buying herself a gift a nice dress since if nobody loves, I love myself. Meanakshi who got engaged to a boy of her parents choice last week,is wondering if her fiance is the romantic type and will shower her with roses et al. Im keeping my fingers crossed, she says with stars in her eyes. The day has become a rage over the past few years not only due to love being a universal phenomenon. The media has played a big role in promoting this celebration. With newspapers full of ads of various restaurants and discotheques offering attractive incentives and contests and the TV channels doling out Valentine Day Specials by the dozen and music companies coming out with V-Day songs, the fever has reached its pitch. Thus, cashing in on the commercialisation of the matters of the heart are restaurants, which boast of lots of advance bookings of tables, and card makers whose sales graphs have registered a steep hike. Since its very
difficult to reverse the trend, its important to
educate the youngsters to not get carried away and take
the day in their stride and in the right spirit, is
the advice of Mr Jaswant Singh, a father of two girls,
who has allowed them to have fun with their friends,
but in a group. |
Rs 1,450 crore FDI proposals okayed NEW DELHI, Feb 13 (PTI) The Foreign Investment Promotion Board (FIPB) today cleared 27 foreign direct investment (FDI) proposals totalling around Rs 1450 crore including that of General Motors (GM), Powergen and France-based Lafarge. GM would acquire 50 per cent stake of C.K. Birla group in the car venture and infuse additional capital of $ 20 million, official sources said. The additional money brought in by GM would be utilised for introducing a new car model early next year. Lafarge groups proposal to set up a 100 per cent holding company with a capital base of Rs 200 crore was also approved by the board, sources said. The holding company would set up independent operating companies for manufacture and sale of cement. As per the proposal, Lafarge would buy the cement division of Tata Steel (Tisco). The cement plant is located at Jamshedpur (Bihar) and the clinker unit in Madhya Pradesh. US based energy major powergen, which already operates through a 100 per cent subsidiary, had been allowed to bring in an additional amount of Rs 900 crore by FIPB taking the total investments by the company to Rs 1200 crore. Tanir Bavi Power Corporation, which is setting up a barge mounted power plant near Mangalore, would reduce its stake to 90 per cent from 100 per cent and pump in an additional investment of Rs 156.5 crore, the sources said. The remaining 10 per cent stake would be offloaded in favour of an Indian individual.
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Bank
training college foundation stone laid CHANDIGARH, Feb 13 Mrs Harbhajan Kaur, wife of Mr Harbhajan Singh, CMD, Allahabad Bank, today laid the foundation stone of the staff training college at Panchkula. Mr Harbhajan Singh said that this college will be the best amalgamation of banking skills and modern technology which is desirable for bank officers in coming millennium. The college shall be equipped with the best infrastructural facilities at par with world class banking training institution in the world. The building is designed
to provide training facility to about 60 officers in two
channels with residential facility. Mr K.L. Arora, DGM
and Mr J.S. Kakar AGM of the bank addressed the
gathering. |
RBI moots
relief package for sick small units LUDHIANA, Feb 13 The Reserve Bank of India is working out a relief package for the small-scale units which have gone sick. An indication to this effect was given by the RBI when a deputation of the Northern India Federation of Industrial and Commercial Undertakings called on the bank authorities at Mumbai last week. The deputation was led by Mr Kanti K. Behal, and consisted of Mr Charan Kapoor, Mr Narinder Singh, Mr Mohan Talwar and Mr Tulsi Das Jetwani. The deputation interacted with Mr S. Srinivasan, General Manager, RBI, who is also chairman of the RBI working group on write-off/compromise settlement of non-performing assets. Other officials included Mr Murlidharan and Ms Shivali Chaudhary. Mr Behal told TNS here today that the response from the RBI to their problems was positive. The RBI said that it was already seized of this problem which was not confined to the Ludhiana industry alone. It was a countrywide problem. Mr Behal said they were keen that the recommendations of the RBI with regard to relief package for sick small sector units which were facing liquidation proceedings from the tribunals, should be forwarded to the Finance Minister at the earliest for inclusion in the next Budget. But this might already be too late because the Finance Minister had almost concluded his pre-Budget round of meetings with different organisations. Mr Behal said the federation told the RBI that the small-scale sector was making valuable contribution of about 60 per cent total exports and 40 per cent of total manufacturing sectors production in India, and provided employment to over 3.45 crore persons directly and double the number indirectly, whereas the advances to small-scale industry by public sector was 17.2 per cent of net bank credit. During discussion it was also pointed out that northern region had passed through very disturbed conditions during the last decade followed by the currency crises of South East Asia and by economic crises in Russia and above all the recessionary trend through which the industry was presently passing had resulted in the sickness of the small-scale industry. The federation made suggestions for de-clogging of the system which would not only help the genuine small-scale NPAs to keep the wheels of the industry moving and save direct and indirect employment but also the banking industry from prolonged litigation with reduction of load of pending cases and realisation of its dues. Such steps would make banks and borrowers more friendly. Different options for different problems at present being faced by the industry were put forward. The federation would also
take up the problems of its members with respective
public sector banks so that the borrowers and the bankers
could arrive at a mutually beneficial scheme by which the
financial institution get their clogged principal amount
and the industry keeps the wheels running and continues
the employment of large work force. |
SBP Kisan Card launched in Haryana KAITHAL, Feb 13 (PTI) Chief General Manager of the State Bank of Patiala M. Sitarama Murty, launched Patiala Bank Kisan Card scheme in Haryana here today as part of its efforts to speed up production credit flow to the agricultural sector. The scheme is now available at all major branches of the bank in Haryana, Punjab and Himachal pradesh dealing with agricultural finance. The credit extended under this scheme to the cultivating farmers would be in the nature of revolving cash credit like that available to traders and industrialists and would be fixed on the basis of operational land holding, scale of finance, ancillary needs of farmers such as maintenance of machinery, equipment and other unseen natural eventualities. The special features of
the Kisan Card will be that farmers can now draw funds
from two more branches of the bank of his choice in
addition to the branch issuing him card. Under this
scheme, a farmer availing this facility in Kurukshetra
zone, owning 5 acres land and cultivating wheat and paddy
will be enjoying peak drawing of Rs 44,570 against Rs
25,000 available under ordinary crop loan scheme. |
Co-op banks
raise limit on loans CHANDIGARH, Feb 13 The cooperative banks in Haryana have raised the maximum credit limit on crop loans to farmers from Rs 40,000 to Rs 60,000 so as to enable the farmers to meet the increased cost of agricultural inputs. An official spokesman said today that crop loans and other short-term loans of about Rs 1802 crore had been advanced during the year 1998-99 for both kharif and rabi as against Rs 1293.48 crore last year. He said that cooperative
banks had also reduced the rate of interest on crop loans
from 16 per cent to 14 per cent, benefiting the farmers
to the tune of Rs 30 crore during 1997-98. The expected
relief due to this reduction in rate of interest during
1998-99 would be about Rs 25 crore. The cooperative banks
postponed the recoveries of crop loans in those 15
districts where crops were damaged due to unseasonal
rains in October and November last and the damage was
more than 25 per cent but less than 50 per cent. Thus,
recovery of a loan of more than Rs 14 crore towards about
13,481 farmers in five districts of Bhiwani, Rohtak,
Faridabad, Sonepat and Panipat and about additional Rs 6
crore towards about 10,000 farmers in the remaining 10
districts had been postponed. |
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