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| Saturday, December 23, 2000, Chandigarh, India   
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Clearance to Maruti disinvestment today
Action group to resist closure of SSI units
Diamonds dazzle world market
Exit condition for venture fund goes |
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No plan to
increase fertilise subsidy Govt clears 1083 cr Enron FDI plan GDP to grow
at 5.4 pc Santro to cost more
Indians own 700 firms in Silicon Valley Markfed world website unveiled
Pupils suspended for kissing List methods of
killing spouses
Panic grips market on payment crisis rumours
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Clearance to Maruti disinvestment today NEW DELHI, Dec 22 (UNI) — The Cabinet Committee on Disinvestment is meeting tomorrow to take a final decision on the disinvestment of Maruti Udyog Ltd after completion of several rounds of talks with Suzuki Motor Corporation by the Secretaries Committee. The CCD will take a final view of the options given by the high-power committee alongwith the stand taken by Suzuki Motor Corporation. The SMC would like to continue in the driver’s seat of the country’s largest passenger car maker, industry and official sources said today. “The Secretaries Committee’s final view will be taken to the CCD”, Disinvestment Secretary Pradip Baijal said. The meeting may also take up for discussion the disinvestment proposal of the Videsh Sanchar Nigam Ltd. The Department of Disinvestment is in favour of divesting sizeable equity to a strategic partner while there could still be some resistance from the Communication Ministry, sources said. Disinvestment Minister Arun Shourie will also brief the CCD about the bidders shortlisted in the initial round of disinvestment for Air-India and Indian Airlines. The government, with the help of global advisors, has eliminated three bidders for Air India and two for the Indian Airlines. While the Indian Pilots Guild is believed to be among those knocked out of the initial round, the Hindujas and the Tatas are understood to have cleared the net worth criterion. The Secretaries’ Committee comprising the Disinvestment Secretary, the Heavy Industry Secretary and the Expenditure Secretary under the supervision of the Cabinet Secretary had held talks with a top level Suzuki team. The Japanese team had arrived in the capital after the CCD had, in principle, cleared the proposal for MUL disinvestment. The committee had asked for and received Suzuki’s feedback on different options from the Japanese partners which hold about 50 per cent of the MUL equity. As per the shareholders’ agreement, the written consent of each of the partners, including the government, is necessary for any equity selloff. Given the slackening trend in the passenger car industry and the declining share of Maruti in the market, Suzuki is believed to have suggested to the government to disinvest about 50 per cent of its equity in the capital market. Industry sources feel that it could also be a ploy by the Japanese partners to strike the best bargain and walk away with the total control of the company at a relatively cheap price given the conditions in the capital market. However, the government has other options than merely selling its stake to Suzuki or even going to the market. It has the option of buying out the Japanese car maker and involving a third partner. Automobile majors like Ford Motors, General Motors and Bajaj Auto are keeping a close watch on the government-Suzuki talks. Some of them have openly expressed their interest to buy controlling interest in
MUL.
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Action group to resist closure of SSI units NEW DELHI, Dec 22 (UNI) — To fight against the closure of small scale industries in the capital “in the name of pollution”, an action group of various trade unions, human rights activists, environmentalists and social workers was launched here today. The group named ‘Citizens Alliance’ would resist the implementation of the Supreme Court order for closure of polluting industries in the residential areas in Delhi as in the absence of a clear-cut definition of pollution, several non-polluting household units were being arbitrarily sealed, noted environmentalist Vandana Shiva told reporters here today. She said the Citizens Alliance would prepare a People’s Plan 21 in coordination with environmentalists, scientists, industrial owners and workers against the Union Urban Development Ministry’s Master Plan, under which various small scale units were being sealed by the Delhi Government. The organisations which have joined hands to form the action group include Laghu Udyog Bharati, Swadeshi Jagran Manch, AICTUC, Nature Care, Bharatiya Kisan Sangh, Udyog Bachao Samiti, Jagrit Mahila Samiti besides the Research Foundation for Science, Technology and Ecology headed by Ms Shiva. Ms Shiva, who spent the past three days in the Trinagar area of West Delhi where the closure action was on, said household units like lathes, shoe-fabrication units and even barber shops were being closed in the name of pollution. Ms Shiva alleged the judiciary has joined hands with the government in their anti-people policies which were aimed at finishing off the small scale industries in order to facilitate the growth of multi-national companies in the country. AITUC leader Amarjeet Kaur said the closure of industries would worsen the unemployment problem. “Now when the public sector is shrinking and it is highly difficult to find lobs in the private sector, the government’s clampdown on the self-employment sector would leave thousands of people unemployed.” Regretting that even dhabas were being closed in the name of pollution, she said various trade unions would fight a joint struggle against the arbitrary and repressive measures of the government. Laghu Udyog Bharati President Sudershan Sareen said the activists of his organisation would court arrest on December 23 against the undemocratic process of closure of industries. Co-convenor of the Laghu Udyog Sangharash Samiti Madan Lal Gaba said even those industrial units which came under the ‘green category’ of the Union Environment Ministry were being sealed by the enforcement teams of the Delhi Government. In this context he mentioned the units manufacturing plastic, PVC and polythene.
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Diamonds dazzle world market NEW DELHI, Dec 22 — Maintaining its scintillating performance this year, the gems and jewellery industry has emerged as a major forex earner with exports scaling a new high of $8.025 billion during 1999-2000, a growth of 30.11 per cent over the previous year. India consolidated its position further in the international diamond
market by supplying over 80 per cent of processed gems, imported in rough form, largely from Africa. The diamond sector not only improved its world market share from 50 per cent to 55 per cent in terms of value but in terms of carats and pieces exported, it continued to be way ahead with a share of 80 per cent by caratage and 90 per cent by pieces. The industry grew by 14 per cent to $ 3,565.3 million during April to September this year as compared to $ 3,208.14 million for the corresponding period last year. The performance in the last fiscal surpassed even the highest expectations as also the target of $6.716 billion set for the year. The cut and polished diamond segment registered a 10.43 per cent growth with exports touching $ 3,169.7 million during the first six months of the current fiscal as against $ 2,870.12 million till September in the previous fiscal. The millennium bug had the consumers shift their preference to light and studded diamond jewellery from conventional heavy weight gold jewellery. Gold jewellery exports were identified as a thrust area and suitable policies were continuously evolved to ensure 30 per cent annual growth. The industry players said the millennium did bring in the much-awaited sheen to the industry, however, it only did wonders for the diamond sector. Impressed by India’s expertise even Russia signed an agreement with New Delhi for processing of rough diamonds from the CIS nations. It was a mixed bag for the domestic industry as a whole, experts said. The Union Budget 2000-01 which announced sops in the form of lower basic customs duty rates (from 40 per cent to 15 per cent) on raw materials like platinum and non-industrial diamonds was welcomed. But dilution of tax sops under Section 80 HHE — with 20 per cent of exports profits proposed to be taxed in first year, 40 per cent in second and so on till the sops are phased out — were not accepted by them as they felt that it would dent their bottomlines. Though platinum imports account for a mere 0.12 per cent of the net imports of the industry, it witnessed a four-fold rise during the year. Export earnings in gold jewellery also rose by 18.32 per cent from $ 212.29 million to $ 251.2 million, while for coloured gemstones, the value of total export was $ 81.17 million as compared to $ 64.4 million during the April to September 2000. — PTI |
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Exit condition for venture fund goes NEW DELHI, Dec 22 (UNI) — In a series of bold decisions to give a boost to the primary market, SEBI today removed the one-year exit condition for venture capital funds for availing of tax pass through and reduced the minimum offering to 10 per cent of post issue capital to public by mutual funds and the period for determining trading norm to 30 days. The decisions were taken at a Board meeting of SEBI here, SEBI Chairman D.R. Mehta told reporters. The removal of the exit condition would help promote venture fund activity, both of domestic and foreign funds. On the relaxation in the case of initial public offering, he said at present the rules require a minimum offering of 25 per cent of post issue capital to public. This had now been relaxed to 10 per cent offering. The Board also decided to reduce the limit on minimum offering from Rs 250 crore to Rs 100 crore but retained the existing limit of minimum public offer of two million securities, excluding reservations, firm allotment and promoters’ contribution. Further, SEBI removed the restriction of minimum public issue size of Rs 25 crore in the case of an IPO through book building and allowed all companies to make issue through book building. However, if the track record criterion is satisfied, allocation to qualified institutional buyers can be less than 60 per cent. For mutual funds, the aggregate value of illiquid securities will not exceed 15 per cent of total assets of the scheme and any illiquid security held above 15 per cent of total assets shall be assigned zero value. Under the new quantative conditions for continuous listing, there will be a requirement for all listed companies to maintain a minimum level of non-promoter holding on a continuous basis as a condition for listing.
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No plan to
increase fertilise subsidy NEW DELHI, Dec 22 (PTI) — The government said today there was no proposal at present to increase subsidy or concession on fertilisers to farmers even though the wholesale prices of certain agricultural commodities at some centres were ruling below the minimum support prices announced by the government. Mr Satya Brata Mookherjee, Minister of Chemical and Fertilisers said that amount of subsidy given to fertiliser industry has increased between 1997-98 to March 2000. The amount of subsidy given on urea and concession given on sale of decontrolled phosphatic fertilisers from 1997-98 to 1999-2000 has registered an increase of 19.4 and 73.3 per cent respectively. In recognition of the need for having a long term fertiliser policy, government has prepared a draft policy document in consultation with all stakeholders including farmers’ representatives, specialists, industry representatives, economists and the relevant persons. Presently, the draft long term fertiliser policy document has been put up on website to elicit wide response to the proposed policy. He said the government was exploring the possibility of setting up a mega chemical industrial estate for chemical and petrochemical and the financial mechanism for the development of such estates is, however, yet to be worked out. |
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Govt clears 1083 cr Enron FDI plan NEW DELHI, Dec 22 (UNI) — The Centre today gave clearance to Rs 1083-crore foreign direct investment (FDI) proposal of the Enron Development Corporation (EDC) for a combined cycle power station even as the Maharashtra Government has sought review of the second phase of the Dabhol project. Minister for Commerce and Industry Murasoli Maran has given approval to FDI proposals worth Rs 1306 crore including that of EDC on the recommendations of the Foreign Investment Promotion Board (FIPB). The fresh inflows of FDI by the EDC will be used for investment in the setting up of natural gas filed combined cycle power station based on imported LNG. The US-based energy major is restructuring its foreign capital along with infusion of funds. The government has cleared 27 other FDI proposals including that of Frontline Solutions (Baroda) which is receiving inflows of Rs 131.82 crore along with foreign equity participation of 0.80 per cent. Tarahaat Information and Marketing Services is receiving Rs 22.5 crore by inviting 74 per cent foreign holding. Likewise, SEEI Electronics would raise FDI of Rs 50.60
crore. |
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GDP to grow
at 5.4 pc NEW DELHI, Dec 22 (PTI) — The GDP growth in the current year will be at 5.4 per cent while it will be about 6 per cent per annum in the next three years (2001-02 through 2003-04), according to a leading economist. “GDP this year will increase by about 5.4 per cent over the previous year. Even this will be possible provided agriculture performs reasonably, particularly rabi crop,” B.B Bhattacharya of the Institute of Economic Growth said at a seminar here today. The industry will definitely slowdown to about 6 per cent growth and services will also, after a considerable period, decelerate to less than 7 per cent growth. According to him, economy may grow at about 6 per cent per annum in the next three years. Services would be the most dynamic sector with an average growth of 8 per cent plus. The industry on the other hand may grow at a moderate rate of about 6 per cent per annum. “If rainfall becomes very favourable and international oil prices decline from its current high level to a more sustainable level, then the economy may grow at a faster rate of 7 per cent plus in the medium run,” he said. The investment rate continues to fall to 21.3 per cent, he said adding that the inflation rate would accelerate to about 7/8 per cent, mainly due to a rise in the fuel prices. |
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Santro to cost more CHENNAI, Dec 22 (UNI) — Hyundai today hiked the prices of its two models, Santro and Accent, manufactured at its plant, near the city. The new price for Accent GLS variant will be Rs 638,589, ex-showroom Delhi, which represents a 2.24 per cent hike over its earlier price. The company announced in a release that the prices of various variants of Santro had been hiked at about 2.08 per cent. The ex-showroom Delhi price of Santro LE is Rs 343,495. The Santro LS Zipdrive will now cost Rs 385,813, ex-showroom Delhi. Company Managing Director Y.S.Kim said the price hike was necessitated by mounting cost pressures. While a 4 per cent hike seemed necessary earlier, it was decided to make only a nominal hike by improving operational efficiencies, he said in the press release. While Santro will cost around Rs 7,000 more, Accent (petrol) will cost Rs 14,000 more across showrooms in India, company officials told UNI. |
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WASHINGTON, Dec 22 (PTI) — US President Bill Clinton has said he was “stunned” and “worried” by the fact that over 700 firms in the Silicon Valley are owned by Indians in the information technology sector. “I worry about that...If you just take the information technology area...There are 700 companies today, in the Silicon Valley alone, headed by Indians. It was just stunning, you know”, Clinton told the latest issue “Science” magazine, released today. He also suggested using the USA, with its “enormous infrastructure”, as a “global lab”. “I think there needs to be a way for us to try to share both scientific and the economic benefits of our enormous infrastructure here. “I’d like to see the USA used...As sort of a global lab, but with the ability to send our folks back out, send their people — (who) come here — back out, finance education and research exchanges, and even...Operational exchanges”, Clinton said. Stressing the need for energy conservation and use of alternative energy sources, Clinton said: “We have to be able to create wealth with smaller and smaller amounts of greenhouse gas emissions; we have to. And you’re either going to have alternative energy or greater conservation”. He also expressed fears with respect to the impact on global warming, as India and China develop their economies. “If India and China have to grow wealthy the same way we did (by guzzling enormous amounts of fossil fuels), since they will not give up the right to become wealthy, we’re not going to whip this climate change problem”.
CHANDIGARH, Dec 22 — Punjab Markfed has launched a new world website which would provide information to any one anywhere in the world regarding Markfed activities as well its business. Website has been inaugurated by Mr Ranjit Singh Brahmpura, Cooperation Minister, Punjab here today in the Markfed House. Website address is;- http://www.sohnapunjab.com The site makes available complete information regarding products range e.g. Basmati rice, canned products, processing food and cooking medium etc. The visitor can also get information from the website about the packing size, appearance of the container and the price etc. Details of other products prepared by Markfed would also be available. Latest news regarding Punjab would also be available on the site. News items would be updated daily in the morning so that Punjabis settled abroad may get latest information regarding Punjab. The site also provides information regarding Agro Chemicals indicating their applicability on different crops for pests control etc. The businessmen can also forward their queries online via e-mail at the address: Customferservice@sohnapunjab.com. Markfed is also negotiating with different agencies concerning with agriculture like Monsanto for providing information regarding crops like wheat, paddy, sunflower, maize, cotton cultivation in Punjab and hybrid seeds of different crops and sugarcane. Information for pest control, recommendation for application of chemicals on major crops of Punjab and also provide solutions to queries and problems for different purposes. |
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Pupils suspended for kissing PARIS: Le Baiser (the kiss), as the likes of Rodin and photographer Robert Doisneau would have readily told you — and as the briefest of strolls round Paris will confirm — is French. And France, in general, celebrates the kiss. Shame, then, on Ribeauville secondary school in Alsace, which has just given a one-day suspension to Celine and Sebastien, 17, for holding hands and kissing in the back of a bus on a school outing. “It is profoundly shocking,” Sebastien’s father, a former teacher, wrote in an outraged letter to the Education Minister, Jack Lang, “that such sanctions can be envisaged at a time when schools guarantee access to the morning-after pill.” Is it, he wondered out loud in phone calls to journalists on most of the nation’s dailies, the kiss of these two love-struck teenagers that French society should find troubling — or the extraordinary response to it of certain perverted adults? At the headmaster’s office, they were polite but firm. “We get teased a lot in schools, you know, but one has to set certain limits,” they said. “We took the action we had to take. Both these pupils had been warned, long and loud. They were clearly undermining our authority.” Celine and Sebastien, they said, had first been spotted in a tender embrace near the canteen back in September. A few weeks later, a senior teacher — and what exactly was he doing there? — said he spied them holding hands most heinously on a path near the lycee (French high school). “You like a good party, minister,” the father wrote to Mr Lang. “Why don’t you organise, please, a national kissing day in all our secondary schools. It would be a huge success: hundreds of thousands of pupils are rehearsing for it already.”
— Guardian
List methods of killing spouses TOKYO: Japanese parents are up in arms over an end-of-term examination paper that asked teenage children how they would go about bumping off their future spouses. The question was meant to spice up a dull test for a physical education class, but although the black humour was a hit with students, it has gone down like a lead balloon among education authorities, who fear it could worsen a wave of youth violence. The exam was set for 135 third-year students at Nara Ikuei junior high school in the western region of Kansai, which is famed for its over-the-top sense of humour. After four dull-as-ditchwater questions about health and the environment, the final section of the test asked students “to list two methods of killing your future husband or wife without violating the law”. One male student said he would get his wife drunk and then encourage her to drive home alone. Another wrote that he would do the job slowly by pressing large quantities of alcohol and tobacco on his partner over several years. A third answered that a daily diet of fatty food would have the desired result. Such responses were exactly what the 51-year-old teacher who set the test wanted. In classes this term, the teacher, who is described by colleagues as joke-loving, diligent and popular with pupils, had told students to note down ways “not to live a long life” as an offbeat way of explaining the dangers of smoking, drinking and a poor diet. “I was only trying to grab their attention,” the teacher explained amid a growing outcry as details of the question filtered out. “It was extremely inappropriate,” said Otozo Koda, the headmaster, in a written apology to parents. “We are sorry for what happened and we will not allow it to occur again.” Special classes had been given to the students who took the test so that they would not believe it was right to consider killing somebody. — Guardian
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