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| Friday, June 16, 2000, Chandigarh, India   
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Punjab announces technology scheme
Virgin flights
from July
6 Rupee to depreciate by 7 pc: study
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HP projects for private sector PNB net up 9.7 pc ‘No plan to close down Super Bazar’ Duty on vitamin C imports
Stock fraud in USA
Punjab announces technology scheme CHANDIGARH, June 15 — The Punjab Government today announced a new technology scheme for the small scale industries. Giving details, Mr Jagir Singh Bhullar, Chief Parliamentary Secretary, Punjab, said that small scale units would get term loans under this new technology scheme and the government would pay the interest above 7 per cent on the amount received by a unit. This facility will initially be given to Ludhiana, Jalandhar and Patiala based units. He clarified that this facility would also be applicable to the industrial units which had obtained loans from commercial banks and financial institutions. Mr Bhullar said that Punjab was one of the four states to adopt the Technology Bureau of International Industrial Partnership. The other states are Orissa, Gujarat and Andhra Pradesh. He said that an Udyog Sahayak focal point centre had been set up at Chandigarh and it had already been connected with the national and international focal point centre on the Internet through a computer. It provides necessary information to industrial units through this system. Any information regarding the schemes can be obtained from this centre at any time. The department has received a high level new technology from Italy to beautify and preserve furniture for a longer time. It has encouraged the furniture industry to a large extent. Punjab has adopted another project under the United Nations Industrial Development Organisation programme. Mr Bhullar said that in order to keep the industries pollution free, the Punjab Clean Production Centre has been linked with the national and international centres. He claimed that it would also benefit the
foundry, rubber, dying electroplating and leather industries. An auto parts technology institution and a machine tools technology institution have been established at Ludhiana and Batala respectively under the United Nations Development Programme. To improve the technology, testing facilities would also be made available, Bhullar added. |
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TOKYO, June 15 (AFP) — Businesses face an enticing new world as the Internet develops in the next few years but must ensure they are ready now to seize the advantage, Microsoft founder Bill Gates said today. The role of corporate websites will have to adapt with electronic commerce set to assume a far-reaching presence in everyday trade, he told a technology symposium here. “You need to set your sights very high in terms of the number of transactions and enquiries that will be coming into the system,” Gates told Japanese business leaders. “The good news is you may often be surprised by how popular your website is,” said the Microsoft Chairman, who made no mention of his company’s legal travails against US government trust-busters. “But that means you have to plan ahead and have that extra capacity.” One big change already underway was that desktop computers and keyboards were losing their central place in the Internet revolution. “It’ll be people (accessing the Internet) through their TV set, people through their cell phone, people through the wireless connection in their car — a wide variety of devices that will be driving the transaction levels on your website,” Gates said. |
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NEW DELHI, June 15 (PTI) — British airline, Virgin Atlantic Airways, will commence its direct Delhi-London flights from July 6, it was announced here today. The airline will operate a Boeing 747 aircraft, carrying both Virgin and Air India flight numbers, twice a week and the seats will be sold by both the airlines. Virgin and Air India had reached a code-share agreement last year. The non-stop flights between Delhi and London will depart from Heathrow on Wednesdays and Fridays at 10.30 p.m. and arrive at Delhi at 11.35 a.m. next day. The return flights will depart Delhi on Thursdays and Saturdays at 2.05 p.m. and arrive at Heathrow at 6.25 p.m. |
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Rupee to depreciate by 7 pc: study NEW DELHI, June 15 — The rupee will depreciate further against the dollar in the coming months by around 6 to 7 per cent by the end of this current fiscal, a study said here today. “The fundamentals would force the rupee to depreciate by around 6 to 7 per cent to a level ranging between Rs 46.5 and Rs 47 by the end of the current fiscal years,” said a study done by Assocham. The study said “it would also bring down the appreciation in real effective exchange rates.” Overall this would be welcome, given that it will improve the competitiveness of Indian exports. The current policy mix used by the Reserve Bank of India to do some extent indicates that it
anticipates a fairly drawn-out engagement to ensure a soft landing for rupee. Rupee exchange rates, which depreciated from Rs 43.68 per US dollar on May 9 to Rs 44.06 per US dollar the next day, further plunged to a record low of Rs 44.72 against the dollar by June 8. The RBI took measures to bring stability which paid off to some extent. The measures include an interest rate surcharge of 50 per cent on the lending rates on import finance with effect from May 26, the central bank directly meeting the oil and debt servicing requirements and all foreign institutional investors requirements and a penal interest rate of 25 per cent on overdue export bills. The central bank also warned against indulging in speculative practices. The most important sign of the pressure on the rupee comes from the trade front. In 1999-2000, the country was able to hold down the trade deficit at $ 3.6 billion despite the 65 per cent increase in the oil bill. The figure compared favourably with 8.2 billion trade deficit was mainly because the non-oil imports rose by a meagre 1.7 per cent despite exports going up by 11.7 per cent in the fiscal year. Trade deficit: The consequence of both these factors would be sharp increase in the trade deficit in 1999-2000 and further downward pressure on the rupee. The other reason for higher trade deficit is the cost of oil imports going up and projections made by the IMF show that the oil prices in dollar terms would go up by 35.1 per cent in 2000 as against 38.7 per cent increase in 1999.
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HP projects for private sector SHIMLA, June 15 — About 300 small hydroelectric projects are likely to be offered to the private sector for execution by the Himachal Pradesh Government shortly. It is learnt that several mini and micro hydel projects are currently being identified for being offered to the private sector within a month or both. The experience of the state government with regard to construction of small hydro projects has been encouraging and (MoU) for 21 such projects have been signed during the current year. In addition to this, implementation and power purchase agreements were signed for 20 projects. The biggest advantage that has been found with small projects is that these are less time consuming and do not involve dislocation of inhabitants of the areas where these are constructed. The Centre has further liberalised the incentives for such projects and the President has also given assent to the Bill of the state government providing cooperative societies to undertake execution of small hydro projects. The decision of the Centre to transfer hydel projects
up to 25 MWs capacity from the Ministry of Power to the Ministry of Non-Conventional Energy sources has also come as a shot in the arm of the state government which has chalked out an ambitious plan to execute small projects in the remote areas and become the first state in the country in the field. Prior to this, projects only
up to the capacity of 3 MWs were looked after by the Ministry of Non-conventional Energy sources. Work on the small hydroelectric projects has been accelerated
ever since these were transferred to the Himurja from the HPSEB. Side by side the big electric projects, the state government was laying focus on small projects which are considered not only economically viable, but also eco-friendly for the sensitive mountain ecology. These projects are bound to get a fillip with the liberalised incentives which have recently been announced particularly for the hilly areas. An interest subsidy of 7.5 per cent with eligible capital cost ceiling
up to Rs 6 crore per megawatt limited to a maximum support ceiling of Rs 1.25 crore per project
up to 1 MW. 5 per cent interest subsidy for projects above 1 MW, 3 percent
up to 15 MWs and 2 per cent up to 25 MWs. Besides, an incentive of Rs 1 lakh per project
up to 1 MW, Rs 2 lakh up to 5 MWs and Rs 3 lakh up to 25 MWs will be given for detailed survey and investigation of projects in the hilly areas. It is expected that some small projects will be executed in the tribal areas by allowing cooperative
societies to undertake them. So far private parties have shield from the tribal areas where life was difficult.
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PNB net up 9.7 pc NEW DELHI, June 15 — The Punjab National Bank has achieved a net profit of Rs 408.14 crore at the end of March 2000, as compared to Rs 372.12 crore last year registering a growth of 9.7 per cent. Gross profit at end of March 2000 was Rs 820.16 crore as against Rs 821.27 crore. The gross profit has remained at the same level of last year mainly on account of payment/provision of Rs 96 crore towards the wage revision of officer and workmen employees of the bank, said the Chairman and Managing Director of the bank, Mr S.S.
Kohli, here today. Bank’s capital and reserves increased to Rs 2272.59 crore compared to Rs 1929.75 crore registering a growth of 17.8 per cent capital to
net asset ration was 1031 per cent as against the minimum prescription of nine per cent. Total deposits amounted to Rs 47,483 crore as compared to Rs 40,777 crore in March 1999, showing an increase of 16.4 per cent. Advances at Rs 22,572 crore increased from Rs 19,047 crore, registering a growth of 18.5 per cent. Total income during the year rose to Rs 5882 crore from Rs 4993 crore.
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‘No plan to close down Super Bazar’ NEW DELHI, June 15 — The Centre today clarified that there was no move to shut down the loss-making Super Bazar cooperative stores in Delhi and termed reports to this effect as “baseless, twisted and far from fact”. In a statement issued here, the Consumer Affairs and Public Distribution Minister, Mr Shanta Kumar, said the government was aware of the problems of employees of the Super Bazar and assured its employees that before taking any decision they would be taken into confidence and their interests would be “fully safeguarded’’. Mr Kumar, who is currently attending a International Grains Council meeting in Regina, Canada, said the government was considering alternatives to run the Bazar which at present has a liability of Rs 10 crore and makes a monthly loss of Rs 2 crore. |
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NEW DELHI, June 15 (PTI) — The Designated Authority under the Commerce Ministry has recommended imposition of anti-dumping duty on vitamin C imports from China and Japan. Confirming continuation of provisional anti-dumping duty, the authority in its final findings ordered imposition of anti-dumping duty equal to the difference between $ 12.62 per kg and the landed value of vitamin C imports from Japan, while for Chinese imports the duty will be the difference between $ 12.17 and the landed value of the imports. “Vitamin C originating in or exported from China and Japan has been exported to India below its normal value, thereby resulting in dumping,” it said. The investigations by the authority revealed that normal value of vitamin C in China was Rs 418 per kg whereas it had exported to India at a much lower price of Rs 231.67 per kg thus leading to a dumping margin of 80.42 per cent of the export price. For Japan, the normal value was Rs 449 per kg while exports to India were valued at Rs 241.25 per kg with the dumping margin working out to 86.11 per cent of the export price. “Imposition of anti-dumping measures would remove the unfair advantages gained by dumping practices, would prevent the decline of the domestic industry and help maintain availability of wider choice to the consumers of vitamin C,” the authority said. Ambalal Sarabhai Enterprises of Baroda had filed a petition with the designated authority for review of anti-dumping duty imposed on vitamin C imports from China and Japan on behalf of the domestic industry as it was the sole producer of the product in India. The market share of the domestic industry had declined from 44 per cent in 1996-97 to 22 per cent during April-December 1998. |
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Will someone stand up for PSEB? CHANDIGARH: The Punjab State Electricity Board (PSEB) has been on oxygen for years. That it has survived so far is something that makes you believe in miracles. What comes as relief is that the patient is not terminally ill and the treatment is available. Only political will is required to undertake it. The PSEB case history is scaring. Its losses have swelled from Rs 735 crore last year to Rs 930 crore this year. The board supplied some 8,200 million units of free power to the farm sector last year. It had to first foot the bill for the Badal bonanza to farmers and then get the flak for non-supply of uninterrupted quality power. Although the Chief Minister had promised to compensate the board for the free power supply, the state government has not made any cash payment to the board since 1995. It has carried out book transfers only. Small and medium industries which resist any move to increase electricity tariff and stoutly oppose free power supply to farmers are themselves getting subsidised power — all talk of user charges notwithstanding. Against the per unit generation cost of Rs 2.48 (industry figure) or Rs 2.58 (revised PSEB figure), small units pay only Rs 2.29 per unit and medium units Rs 2.40. It is only large industries that pay Rs 2.83 per unit which is slightly higher than the generation cost. The cost of power generation is comparatively low in Punjab because of hydel power availability. A disturbing revelation that came up during the recent marathon meetings between the board authorities and representatives of industry is that 25 per cent, and not 18 per cent, of power generated is lost in transmission and pilferage. Punjab, like Haryana and Uttar Pradesh, has decided to raise the power tariff. The Chief Minister has asked the PSEB and industry representatives to sort out the extent of the hike. Given the precarious financial position of the board, an increase in the tariff for the domestic segment may become unavoidable. Another interesting figure that came up during these meetings is that some 30,000 employees of the board, are surplus. Political interference over the years has resulted in such bloated staff strength. All that the Punjab Government is contemplating doing is a small dose of power tariff hike of 15 per cent or so. On its part the board is ready for belt-tightening and keen to minimise transmission losses. This may give some relief to the patient, but won’t restore it complete health. The state government need not be told what to do. The treatment is widely known: privatisation and separation of power generation and distribution, appointment of a regulatory commission and enforcement of user charges. And, of course, no free power for any segment. At the broader level, there is need to change the mindset and learn to stand without crutches. Ways of doing business have to change. In the WTO-shaped economic scenario with cheaper imports coming in, industrial units should no longer expect to be spoonfed by the government and prepare themselves to produce products at internationally competitive rates. If a bicycle made in China is available in Ludhiana for Rs 600, why should a consumer pay Rs 1,100 or so for a locally made one? Produce what you are good at or switch over to a new business or shut down and sit at home. You can’t go on milking the exchequer on the pretext of saving jobs and pass on the inflated bill for your inefficiency to the consumer. Realisation is growing that a citizen or industry must pay user charges for services availed. There is a counter argument. If the PSEB is run inefficiently, why should the consumer be made to pay for it? While defending free power to farmers, a senior IAS officer from Punjab asked at a recent CII seminar in Shimla: why should farmers pay for the PSEB’s incompetence? A counter-question posed was: why don’t the IAS officers rise as one against the unwise decisions of their political masters?
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Stock fraud in USA NEW YORK: The US authorities charged 120 people in a massive scheme that defrauded investors of some $ 50 million and seemed to come right out of the Hollywood film “The Boiler Room.” US Attorney Mary Jo White characterised the scheme as the largest securities fraud in the US judicial history, based on the number of people charged. “As today’s charges show, fraud in the markets will not be tolerated, no matter how big, how organised, or how creative,” White told reporters. “Their tentacles of fraud reached into every corner of the public and private securities market, and they preyed on their victims using both traditional boiler-room tactics and contemporary Internet-based manipulations.” The defendants are accused of a “manipulation schemes in eight publicly traded securities” and fraud in private placements of securities between 1995 and 1999.
— AFP Kidswear NEW DELHI: It is no longer a woman’s or, for that matter, a man’s prerogative to wear chic clothes and look hip. In sync with their “status and taste” children too want designer wear. And meeting their demand are a host of new brands with an array of kids wear. Impeccable stitching, clean cuts, finest fabrics and a lasting silhouette and design in aesthetically bright palettes is the buzzword for many children whether toddlers or approaching their teens. No longer are baby rompers, frill skirts, baba suits, T-shirts and shorts the only fashion statement of kids. Available on the shelf are now sarongs for girls, swimming trunks, formals, overcoats and camisoles. “The demand for children’s clothes has always been there but with people becoming more exposed to global trends, the urge to have hip clothes for their sweets pies has increased,” notes Promila Bahri of Li’1 Tomatoes.
— PTI Soft-top Sumo NEW DELHI: Telco is planning to roll out a 2-litre petrol version of its Siera and Safari by the end of the 2000 calendar year. The company is also contemplating to launch a soft-top version of its Sumo. The engines for both vehicles are being developed in-house. The company is also yet to finalise the prices of the two vehicles vis-a-vis their diesel counterparts.
— UNI
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