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| Wednesday, June 7, 2000, Chandigarh, India   
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India can achieve 8 to 10 per cent growth: IMF
Rice millers
to move high court Need to check
power thefts Bank opens counter |
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Gas agencies for Confed CHANDIGARH, June 6 — The Haryana State Federation of Consumers Cooperative Wholesale Stores Limited will shortly enter the LPG distribution in a big way, besides selling iodised salt at rates much below those of well-known brands. 
NEW DELHI, June 6, (PTI, UNI) — India can achieve its target of accelerating the
economic growth to 8-10 per cent from the current 6 per cent if it pressed ahead with the reform process at a faster pace, International Monetary Fund Managing Director Horst Kohler said here
today. Addressing a press conference, Mr Kohler said though the target was ambitious it was possible. “It is doable if there is acceleration of the
perform process.” Earlier, Finance Minister Yashwant Sinha sought to allay fears that the interest rates would rise due to the inflation rate of over 6 per cent saying the effect of inflation on interest rates is temporary. “The upward trend in inflation is temporary and will ease soon. It should not be linked to interest rates,” Sinha told reporters here after a meeting with Kohler. He said inflation of over 6 per cent was due to an increase in the administered prices of petroleum and electricity. For the week ended May 20, inflation stood at 6.3 per cent. Sinha also asserted that the recent depreciation of the rupee vis-a-vis the
US dollar was not linked to inflation. He said the fact that concerns were expressed even when inflation went up to 6 per cent indicated that the government was responsive in taking corrective steps. Sinha’s one-and-half hour long meeting with Kohler was also attended by top government officials, including Economic Affairs Secretary EAS Sarma and RBI Deputy Governor Y.V. Reddy. Sinha said the importance of social sector in the development of the country’s economy also came up at the meeting. Since India does not have a programme with the Fund at the moment, the question of any assistance from the IMF did not arise, Sinha said in reply to a question. Kohler, who is on a two-day visit to the country, which began yesterday, said the fund had an excellent relationship with India and would immensely benefit from the country’s advise on globalisation. “We will benefit from the advice of India to develop the concept of understanding, which makes globalisation a success across the world, including the developing economies,” Kohler said. The IMF gave a clean chit to India on reforms saying it was moving in the “right direction” even as New Delhi asked the IMF to project the country’s positive outlook to garner more private investments. “The IMF has great confidence that India knows what to do and has a clear vision of the direction it is taking,” Kohler told reporters after meeting the Deputy Chairman of the Planning Commission K.C. Pant here. During the meeting Kohler asked India to develop closer cooperation with the developed countries saying this was necessary for globalisation to succeed. Pointing out that globalisation had so far benefited only the richer countries, Kohler warned India that unless it continued to match pace with the rest of the world, it would be left behind. Kohler also asked India about measures it was undertaking to introduce profitability in the power sector which he said was vital for a country’s development. Calling upon India to undertake a “courageous course of privatisation” Kohler said states should allow private sector to play a greater role. |
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India’s growth fastest in world? INDIA may well begin the new millennium as the world’s fastest growing economy. The Asian Development Bank (ADB) has once again reposed confidence in the capability of the Indian economy to record 7 per cent growth in its latest “Asian Development Outlook 2000.” If the ADB’s forecast for China of 6.5 per cent growth is borne out, then India will clearly emerge the fastest growing economy, unless some of the Asian economies, in particular South Korea, register even higher rates of growth. Most economic indicators confirm the ADB’s optimism this year. While the rate of inflation is creeping up from the historic low of around 3 per cent to 6 per cent this month (due to higher oil and food prices), export growth is back into double digits and industrial growth rate is getting there, the current account deficit is low at 1.5 per cent of GDP (gross domestic product), and foreign exchange reserves are moderately high. Even last year the ADB forecast a 7 per cent rate of growth for India but the weak monsoon, an unexpected political crisis at home, with an unwanted election and a war, slowed down the economy. In the event, India recorded 6 per cent growth, while China did much better than expected with a 7 per cent rate of growth, thanks to some government-directed production. Those responsible for the economic policy changes in the early 1990s remind us that in the 1980s, average annual national income growth was 5.5 per cent, while in the crisis years of 1990-92 it was down to almost zero per cent, and then bounced up all the way to an average rate of growth of over 7 per cent in 1992-97, the five years of the P.V. Narasimha Rao-Manmohan Singh government and the first year of the United Front government. For one thing, critics of the policies of the 1990s have repeatedly reminded us that despite this acceleration of national income growth, there has been no commensurate decline in poverty nor has there been a dramatic increase in employment. On the poverty statistics, the jury is still out, since everyone is not comparing like with like and even when they do so, they are looking at thin samples that do not necessarily tell the truth. The critics may be right, but they have not been conclusively proven to be so. Hence, the Planning Commission is planning to set up a group that will study the issues closely and pronounce a judgment. On employment, the data are not adequate to pronounce a final judgment but the story has two parts. Organised sector employment has not grown in the 1990s, but employment in the so-called non-farm unorganised sector has grown significantly. What this means is that the higher growth of the 1990s has not translated itself into more jobs in big factories, in the large industrial sector. Understandably so, since this sector is in fact trying to deal with slack where jobs are being cut. On the other hand, in the small scale and the “non-farm” rural sector there has been a sustained growth in employment. Low paid jobs, but jobs nevertheless. What these trends mean, no doubt, is that the “quality” of growth in India, in terms of job availability and quality of life for the poor and the middle classes, has to improve further and the growth acceleration of the 1990s has not adequately addressed this task. In short, even as India sustains 7 per cent growth over the next two or three years, this must be accompanied by more jobs, reduced poverty and higher productivity. Too much of the growth of the 1990s has come in the services sector where these challenges have not been adequately addressed. In the next decade, not only must the services sector create new jobs, but more of the growth should come from industry and agriculture and the export sector. That, in brief, is India’s economic challenge today.
— IANS |
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Rice millers
to move high court PANIPAT, June 6 (PTI) — Haryana Rice Millers and Dealers Association has decided to appeal in the Punjab and Haryana High Court against the decision of the state sales tax tribunal imposing 4 per cent sales tax on indirect export of rice. President of the association Sushil Jain told reporters the tax was imposed by the Bhajan Lal Government in 1990-91, but the rice millers had subsequently obtained a court stay against it. In 1995-96, the stay was vacated and taxes were recovered from 1990-91. Against these recoveries, the association had filed a case in the Supreme Court which at present is pending decision, he added. Jain also pointed out that this tax was abolished by the Centre in 1996 but the State Government started issuing notices of tax recoveries in 1998.
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Need to check
power thefts AFTER every two years summer is the season to hike power tariff. The way things are going this seasonal fair will turn annual. Power tariff hikes became intensive exercise ever since popular government came into power in Punjab in 1992. Power tariff for three categories of industrial consumers between August, 1985, and January, 1992, rose like this: from 45 to 81 paise/unit (S.P.).; 54 to 99 paise/unit (M.S.) and 56 to 103 paise/unit (L.S.). Rise between 1992-98 was like this 81 to 225 (S.P.); 99 to 243 (M.S.) and 103 to 275 (L.S.). Over and above hefty hikes every two years fuel surcharge is being levied regularly at short intervals. Between July, 1996, and April, 2000, fuel surcharge of as much as 32 paise/unit has been levied. Power tariff in Punjab is crucial for the survival of the industry unlike other States for obvious geographical and historical reasons. With new competition from the W.T.O. survival of the industry seems difficult. Instead of crying hoarse which goes unlistened the matter needs analysis. Moot question is why the PSEB suffers heavy losses every year? Free power to the agriculture sector is already accounted for. Major sources of loss can, therefore, be theft. Although widespread power theft is a known fact in Punjab and elsewhere but hardly there is a will to check it. The PSEB has conducted a survey for this purpose. The State was divided into five zones. The survey reveals that all sections of society are indulging in power theft. In the rural sector free power is given only for agriculture purpose but it is being misused for other purpose as well. If the Punjab’s industry is to be saved the consumers will have to rise against power thefts. By and large misdeeds suit sections of political masters in power and officials. Issue thus boils down to rise against thefts and misdeeds or take the financial burden of them. The Central Government is proposing a cess of 5 paise/unit on
generation. The Punjab Government has already levied 2 per cent octroi duty on power. These factors will certainly wipe out the industry. The Central Government is pressing States to charge at least 50 paise/unit from agriculture. Instead of enforcing this the Centre is also burdening other consumers. Rising cost of power is resulting in captive power by the industry. This has doubled during the last five years. SEB’s are thus suffering revenue loss. Frequent breakdowns cause a heavy loss to the PSEB and it must be suffering avoidable loss of Rs 200-250 crore a year. It is logical to charge full tariff from section of agriculture which is producing cash/commercial crops. The PSEB should take cue from Gujarat which gives rebates to use power during hours of less consumption. |
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Bank opens counter CHANDIGARH, June 6 — Mr G.R. Bhatia, General Manager, Northern Zone today inaugurated an extension counter of Allahabad Bank at Tibetan Institute of Performing Arts (TIPA) at McLeodganj near Dharamsala. Mr Bhatia said that McLeodganj attracts a large number of national and foreign tourists besides huge foreign aid. It will cater to the needs of teachers and other staff members of the TIPA, besides general public and Tibetan institutes. Ms Rinchan Khando, Education Minister, Tibetan Government-in-exile, was the chief guest. Mr J.S. Kakar, Assistant General Manager, Chandigarh region, briefed the salient features of various schemes launched by the bank and also advised that the bank is going to launch its maiden public issue shortly. |
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Gas agencies for Confed CHANDIGARH, June 6 — The Haryana State Federation of Consumers Cooperative Wholesale Stores Limited (Confed) will shortly enter the LPG distribution in a big way, besides selling iodised salt at rates much below those of well-known brands. Stating this here today, the Chairman of the Confed Mr Pradeep Chaudhary, said Confed would soon be allotted 21 LPG agencies by the Indian Oil Corporation, taking the total number of agencies with the Confed to 27. It has the target of opening 50 more LPG agencies. |
co
Indians choose time over money NEW YORK: When people are given a choice between having more money or more time, most of the world wants the money, according to a survey. The study released on Monday by leading New York-based marketing research firm Roper Starch Worldwide found that eastern Europeans, followed by North Americans and Western Europeans lead the desire for more money than time. Latin America was next. Developing Asia, which includes relatively poor countries such as India, the Philippines, Thailand and Vietnam, was the only region where people want more time than money by 52 per cent to 43 per cent. “They are working all the time to get ahead and at the same time, however, there is something about the pace of change in those societies that has been so rapid,” Tom Miller, the study’s Director, said of those Asian countries. “Perhaps there is a kind of nostalgia for the days when people were less affluent but had more time to enjoy themselves.” Russia was the country where money was the most dominant choice by 73 per cent against 13 per cent for time. In India, 66 per cent of respondents said they wanted more time while 31 per cent opted for more money. The survey was based on 30,000 in-person interviews conducted between November 1999 and February 2000 with 1,000 consumers aged 13 to 65 in each of 29 countries and Hong Kong in China. Teenagers said they wanted more time and older people chose the money. “More money often gives us more choices and may ultimately buy us more time or more freedom in how we use our time,” Miller said. “At the same time, whether you’re rich or poor has surprisingly little bearing on whether you want more money or more time in life.” Those interviewed were asked one question: if you could choose one or the other but not both, would you have more time or more money? Three per cent said they wanted neither more money nor more time and 4 per cent said they were undecided.
— Reuters Ashok Hotel NEW DELHI: Dr Karan Singh has appealed to Atal Behari Vajpayee to prevent Ashok Hotel here from being sold to some private company as part of the Centre’s reported move to privatise ITDC hotels. “It (Ashok Hotel) is a magnificent structure standing on prime land, and it would be a pity if it is sold to some private hotel/airline company,” Dr Singh said in a statement. Suggesting that the Ministry of External Affairs (MEA) be shifted there, he said: “For many years the MEA has been wanting a building of its own, as it does not have adequate space in South Block. A prime plot has been allotted for this purpose next to Vigyan Bhavan, but has been lying vacant. Instead of spending hundreds of crores of rupees on putting up a new building, the whole MEA could very easily shift into Ashok Hotel and the attached Samrat Hotel, which could very easily be renamed ‘Ashok Bhavan’”,
— PTI Microsoft jobs NEW DELHI: Microsoft Corp has appointed three Indians — Sanjay Parthasarathy, S. Somasegar and Amar Nehru — to key positions in the company’s headquarters in the USA. Parthasarathy, who played a key role in establishing the company’s presence in India during his tenure as Regional Director, South Asia, has been appointed Vice-President, strategy and business development. Somasegar, now the Vice-President of the Windows Engineering Service group responsible for the management of the Windows 2000 family of products, was directly involved in setting up Microsoft’s development centre in Hyderabad. Amar Nehru has been appointed Vice-President, Microsoft’s Corporate Development Group which focuses on emerging market opportunities and negotiating strategic alliances that involve the company’s capital or equity.
— PTI |
cr
Moser Baer to acquire firm Kinetic net jumps 282 pc S. Wallace Gelatines to diversify Hind Sanitaryware net up 18.1 pc |
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Kiln owners Zee Telefilms Transcorp Intl Ballarpur Ind Rice millers NSE scrips
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