Software exports likely to touch $ 3.92b mark
NEW DELHI, June 28 — Indian software exports in 1998-99 grossed revenues of $ 2.65 billion and registered a growth rate of 56 per cent in dollar terms over previous year.

Public sector investment falls
NEW DELHI, June 28 — The Assocham has predicted that investment levels of the private sector will come under severe pressure if the flow of savings from the household, public and external sectors is not matched by an increase in the savings rate of the private sector.

Akshay Software signs MoU
NEW DELHI, June 28 — Akshay Software Technologies has signed an MoU for software development with Easyspace Ltd, one of the fastest growing internet companies in the UK.

Polaris Software
NEW DELHI, June 28 — Polaris Software Lab Ltd has initiated work to set up an Off-shore Development Centre in Navaloor, about 10 km from Chennai city.

India to record 6 per cent growth despite Kargil

NEW DELHI, June 28 (UNI) — The border tensions at Kargil notwithstanding, India will register a 6 per cent industrial growth during the current fiscal, Union Industry Minister Sikander Bakht said today.

The Kargil tension will also not result in a major strain on the country’s reserves, Mr Bakht told newspersons here on the sidelines of a conference on Indian Patent Law.

“India is a big nation. All these tensions keep coming and we will be able to tide over these problems...We will meet whatever expenditure is incurred on Kargil. It is Pakistan which has to worry about the expenditures, not us,’’ he added.

He further expressed optimism that the country’s fiscal deficit would also not come under any strain. However, he refused to divulge any figures for the same.

“We are improving both in terms of industrial growth and inflation and this growth phase will continue.’’

The government, Mr Bakht said, is committed to disinvestment and whatever efficient machinery is required to accelerate this process, would be put in place.

Regarding the issue of Disinvestment Commission Chairman G.V. Ramakrishnan threatening to resign, the minister said, “he will not quit as the Ministry can consider restoring the authorities that were taken away from him.’’

The government, he said, is working towards setting up a new patent office here without disturbing the existing set-up. “The speed with which patents are being cleared in Japan is remarkable whereas we take years for one patent. With the installation of these modern gadgets, we expect to be very effective in clearing patents.’’ 

The government is also in the process of giving a final shape to the legislative changes necessary in respect of trademarks and industrial designs.

Work on subordinate legislation in respect of the law on these subjects is also making substantial progress. The Department of Industrial Development has also undertaken several in-house initiatives to consider the various issues relating to the proposed amendments to the Patents Act.

A modern and well-enforced intellectual property system is a strong imperative in the process of liberalising the economy, in restructuring the industrial sectors and in encouraging small and medium industries and the use of industrial property system as a means for economic and technological development.

“It would, therefore, be appropriate to improve the regulatory framework, laws and services through enhanced basic awareness, improved legislations and strengthened infrastructural capabilities.’’

India, Mr Bakht said, has also initiated regional cooperation amongst the SAARC countries to collaborate in the field of documentation of traditional databases, protection of regional bio-diversity from bio-piracy and the protection of rights of indigenous communities.

Software exports likely to touch $ 3.92b mark

NEW DELHI, June 28 (UNI) — Indian software exports in 1998-99 grossed revenues of $ 2.65 billion (Rs 10,940 crore) and registered a growth rate of 56 per cent in dollar terms and 68 per cent in rupee terms over previous year’s performance.

“The year 1998-99 witnessed the highest ever growth for Indian software exports in the last decade,’’ said Mr Dewang Mehta, President of the National Association of Software and Service Companies (Nasscom).

With this velocity of business and continued government support, software exports during 1999-2000 will continue to grow unabated at more than 50 per cent and can be to the tune of $ 3.92 billion (Rs 16,700 crore). The Nasscom represents 520 top software exporters comprising 95 per cent of the total revenues.

Mr Mehta said the software revenue from the domestic market grew at 41 per cent over 1997-98 and accounted for Rs 4,950 crore. The volume of total Indian software industry during 1998-99 was put by the Nasscom survey at Rs 15,890 crore, up from Rs 10,040 crore in 1997-98.

The losses due to software piracy piled up to Rs 800 crore. But, at the same time, more than 203 of the fortune 1,000 companies outsourced their software requirements to India.

The Nasscom survey shows that India exported software to 86 countries with almost 61 per cent of exports to the USA and Canada, besides 23 per cent to the European countries. The Top exporters included Tata Consulting Services, Wipro, Pentafour, Infosys, NIIT, Satyam and HCL Technologies.

The solutions for Y2K revenues generated business worth $ 560 million and accounted for 20 per cent of exports. The Indian Industry is now focussing on greater opportunities beyond Y2K, including upcoming segments of e-commerce, euro and the wide-ranging gamut of IT-enabled services.’’

The survey indicates the global slowdown in spending for Y2K software solutions will not adversely affect the industry’s export as many companies have started retraining their employees and are focusing on new emerging areas.

“During 1998-99, It-enabled services generated total revenues of Rs 1,130 crore for the Indian Industry. Of this, almost Rs 590 crore were earned through exports,’’ Mr Mehta said. By year 2008, more than 10 lakh additional jobs can be created in this sector, generating an annual revenue of Rs 81,000 crore.

According to the survey, R and D spending in the software industry increased from 2.5 per cent of total spending to about 3.2 per cent in 1998-99. Also, R and D outsourcing orders from overseas companies fetched about Rs 750 crore.

Public sector investment falls
Tribune News Service

NEW DELHI, June 28 — The Assocham has predicted that investment levels of the private sector will come under severe pressure if the flow of savings from the household, public and external sectors is not matched by an increase in the savings rate of the private sector.

Expressing concern over the uncertain investment scenario, Assocham President K. P. Singh called for a policy environment that beefs up corporate savings to give a boost to the economy.

Mr Singh said what is of greater concern to industry is the steady decline in the public sector investment.As a share of GDP, the level of the public sector investment has gone down from 8.1 to 7 per cent between 1993-94 and 1997-98.In terms of total investment, the share of the public sector has steadily declined from 39 per cent to 30 per cent.

The problem assumes significance since government expenditures and borrowings continue to rise and fiscal deficit levels continue to exceed the optimum levels or even the budgeted amounts.

The sharp decline in household sector investments — which include all unincorporated enterprises — in 1997-98 is also a major reason for worry.

The amount invested by the household sector has even declined in absolute terms from Rs 1,27,186 crore in 1996-97 to Rs 12,055 crore in 1997-98.The household sector includes the small scale industry and the informal sector which accounts for a major share of employment and output in the economy.

Jabli-Kasauli ropeway opened
Tribune News Service

JABLI (Parwanoo), June 28 — The Union Railways and Surface Transport Minister, Mr Nitish Kumar, inaugurated an ultra modern cable car system interconnecting resorts at Jabli and Nandoh (Kasauli).

The new ropeway is located at K.K. Resorts, 40 km from Chandigarh and 14 km from Kalka, has been designed by an Austrian expert in consultation with a Swiss company and has the approval of the Expert Committee on Ropeways constituted by the Himachal Pradesh Government. Latest international technology of Fik-Grip Monocable system has been adopted. The cable car consists of 12 cabins with capacity of six passengers each. The system is supported by two RCC and six Tubular towers. The system contains three types of brakes, besides an emergency brake and limit switch, which can stop the system immediately on sensing any problem, a spokesman of the resorts said.

The length of the cable car is 1200 metres with a carrying capacity of 200 persons per hour.

Akshay Software signs MoU
Tribune News Service

NEW DELHI, June 28 — Akshay Software Technologies has signed an MoU for software development with Easyspace Ltd, one of the fastest growing internet companies in the UK. This gives the Mumbai-based software firm a major breakthrough in the Internet technology arena.

Easyspace Ltd has over 2,50,000 customers in 200 countries and is valued at £100 million and generates annual sales of some $1.6 million. Akshay and Easyspace are also discussing the possibility of offering Easyspace’s services in the Indian market, according to a press note issued by Akshay Software here today.

Polaris Software

NEW DELHI, June 28 (TNS) — Polaris Software Lab Ltd has initiated work to set up an Off-shore Development Centre (OSDC) in Navaloor, about 10 km from Chennai city. The company has also drawn out plans to start development centres at New Jersey in United States and London in United Kingdom. Polaros is a software house providing customised IT solutions to several multinational clients in across 20 countries.The revenues of the company has grown to Rs 6054.87 lakh in the fiscal 1999.

Gold Star award
CHANDIGARH, June 28 (TNS) — Mr R.S. Hugar, CMD of Corporation Bank, has been conferred with the International Gold Star Award, 1999, by the London-based India International Friendship Society during the International Conference of NRIs. The award was conferred by Mr Lalit Mansingh, India’s High Commissioner to the U.K

Syndicate Bank
CHANDIGARH, June 28 (TNS) — Syndicate Bank is the first among the public sector banks to declare and hand over dividend to Government of India for the year 1998-99. A dividend cheque for Rs 5 crore was handed over to Mr Yashwant Sinha, Finance Minister by Mr K.V. Krishnamurthy, CMD recently.