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| Saturday,
July 14, 2001, Chandigarh, India   
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Modernise
plastic industry: Dhindsa Govt fixes
export target at 12 pc The Left
must learn to love WTO |
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Ludhiana
exchange turnover falls Cut in
lending rates unlikely Beware,
you may pop a fake pill IDBI MFs
now via post office Spice
projects 72 pc growth in subscribers Berger,
ICI form jv Modi
Telecom to set up intl call centres BHEL bags
293 cr order ROUND-UP PC makers
to alter Windows
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Modernise plastic industry: Dhindsa Chandigarh, July 13 Addressing the inaugural session of a two-day seminar on “Plastics -Emerging Technologies and Applications “ organised by the CII in association with the Indian Plastics Institute here, Mr Dhindsa emphasised on the need to create mass awareness regarding eco- friendly and energy efficient properties of polymers. “Industry should take cues from the developed countries to effectively handle the disposal of plastic waste and scrap”, he said. The Indian plastic industry should change its mindset of “small is good” to reach the optimal level of efficiency and utilise the economies of scale, he said. Though consumption as well as manufacturing levels have increased ten-fold in the last decade, India’s per capita consumption of plastics still lags behind at 3.5 kg compared to the world average of 17 kg. Mr Dhindsa called for concerted efforts to utilise this relatively labour intensive sector, which is also one of the fastest growing sectors of the economy. The existing nearly 19,000 units of which 70 to 80 per cent are in the small scale sector can substantially contribute to the exports. The plastic industry had a virtually protected market , but now, with the removal of quantitative restrictions, the sector is exposed to global competition, he said . “We should also take the advantage of skilled manpower which is available at moderate rates , to increase or export potential”, said he. Mr A.K. Ray, General Manager, Marketing of the Gas Authority of India, in his key note address said the domestic polymer industry was strongly growing at an annual rate of 15 per cent, and the growth in
polythenes is about 12 per cent. Despite high capital requirements, India has set up four new petrochemical complexes within the last decade to cater to the growing domestic and foreign markets. Dubbing environment issues as the most important subject of the day, he said efficient waste management systems need to be developed, regulated and upgraded and public awareness programmes are important in promoting reuse of plastics, he said. |
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Govt fixes export target at 12 pc New Delhi, July 13 Amongst the various sectors which are expected to show significant growth this year are chemicals and related products; ores and minerals; electronic goods; petroleum products; project goods; leather and leather manufactures; and some agricultural and allied items. In respect of the textile sector, the target is fixed at $ 13.7 billion, projecting a growth rate of 13.4 pc. Last year, merchandise exports from India were valued at $ 44.3 billion and due to various measures undertaken by the Department of Commerce as well as the favourable international economic climate, the target for the year 2000-2001 was exceeded. Union Minister of Commerce and Industry, Mr Murasoli Maran at his interaction with leading exporters and EPCs earlier this week urged the exporters to strive for achieving at least one per cent share of global trade while assuring them of the government’s full support in overcoming constraints that might be coming in the way of export. He also assured that the government would do its best to provide support for export promotion under the new scheme of Market Access Initiative. |
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The Left must learn to love WTO London That is a pity. The Left has warmed to the EU. Now it should reconsider its opposition to the WTO. Believe it or not, the WTO is not against social democracy. The worst charges against the WTO are these four. First, that it does the bidding of big global companies. Second, that it undermines workers' rights and environmental protection by encouraging a ``race to the bottom'' between governments competing for jobs and foreign investment. Third, that it harms the poor. And last, that it is destroying democracy by secretly and unaccountably imposing its writ on the world. Undeniably, some companies have undue influence over governments. More should be done to separate money and politics. But companies are constrained by competition and regulation — both of which the WTO bolsters. Competition is not a cure-all. Often, governments need to regulate too. And they can. It is a terrible irony that the Left has lost faith in government. Governments are not impotent. The WTO itself is merely governments acting together to regulate global markets. Brussels has just blocked General Electric, the world's biggest company, from taking over Honeywell. The ruling British Labour Party has imposed the utility windfall tax, introduced the minimum wage and ramped up petrol duty. If globalisation is forcing governments to slim down, how come the average tax take in rich OECD countries has risen from 35 per cent to 38 per cent of GDP since 1985? Corporate taxes are a bigger share of government revenues than 20 years ago. Surveys show that skilled workers, good infrastructure and nearby customers determine where companies invest far more than low taxes and regulation. Labour and environmental standards are generally rising, not falling. An OECD study found that workers' union rights had not got significantly worse in any of 75 countries since the early 1980s. In 17 (including Brazil, South Korea and Turkey) they had markedly improved. The study found that pollution havens are a myth. Developing countries are attracting investment not by lowering their standards, but because they are making the best of their comparative advantage. This does not spell doom for British workers. Provided people are equipped with skills to find another job and are protected by a decent welfare system, we can all gain from globalisation. Poverty is terrible. But globalisation can help. While GDP per person fell by 1 per cent a year in the 1990s in non-globalising developing countries, it rose by 5 per cent a year in globalising ones. The WTO is a friend of the poor. Its rules protect the weak in a world of unequal power. Unlike the UN, WTO rules apply to everyone — even the USA. Costa Rica challenged US restrictions on its underwear exports at the WTO — and won. Of course, the WTO is not perfect. But it is better than the law of the jungle, where might equals right. It is already more democratic than you think. All agreements are reached by consensus. Every country has a veto — unlike at the UN, where only big powers do — and WTO agreements are ratified by Parliament. The organisation is held to account mainly through government, but also through contacts with MPs, trade unions, business and NGOs, through the media, and through its website — on which most working documents appear rapidly. Even so, the WTO should be more open. If you hate capitalism, you will probably never support the WTO (although Fidel Castro does). But if, like most people, you believe in markets tempered by government intervention, you should think again about the WTO. By arrangement with The Guardian
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Ludhiana
exchange turnover falls 40 pc Ludhiana, July 12 There have been structural changes from July 2 in the capital markets. CRS in 251 scrips in addition to 163 scrips already being traded in CRS and uniform trading cycles (Monday to Friday ) across all stock exchanges for scrips not covered under CRS. The LSE is the only regional stock exchange which also introduced the new instructions and trades. Mr R.C. Singal, President, LSE, admitted that volumes on LSE had indeed reduced to about 40 per cent but he was positive that once the members of the LSE and investors fully understand the new system, the turnover would increase. It is generally perceived that rolling settlement will reduce leverage and as a result speculation activity in the cash market will also reduce considerably. By paying a small margin of up to 30 per cent the traders/investors could keep open a position up to 100 per cent for five days. With rolling settlements taking over from five days trading cycles, the traders will have to scale down their speculative deals, the trading experts maintain. However, the reduction in volumes of business on all stock exchanges particularly the regional stock exchanges had put a question mark on their survival. Members of the regional stock exchanges are unhappy over the fact that when there is a stock scam, broking community is blamed whereas the real culprits are alleged to be the system of the government-owned institutions such as banking system or so called mismanagement of institutions like UTI. Moreover, the brokers of the regional stock exchanges said the small stock exchanges have not been given the permission in derivatives. In protest against all these decisions, the SEBI brokers of Kanpur and Ahmedabad stock exchanges have gone on strike. |
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Cut in lending
rates unlikely New Delhi, July 13 Addressing the bankers-borrowers meet organised by the PHDCCI here, Special Secretary (Banking) in the Ministry of Finance Devi Dayal said softening of interest rates could have an adverse effect on deposit rates. The reduction in deposit rates will affect the savings, which in turn will have an adverse effect on the investment of the economy. Expressing concern over the declining credit deposit ratio (CDR), Mr Devi Dayal said the banks in their own interest must take initiative to improve and maintain CDR. Chairman of the Indian Banks Association (IBA) and Managing Director of Punjab National Bank S. S. Kohli expressed concern that in today’s scenario, the banking sector is left with very few avenues to invest in apart from the government securities. PHDCCI President Sushil Ansal said there was an urgent need for prompt financial sector reforms and revamping of banking sector to help trade and industry to face the global competitive challenges. Chairman of the Northern Regional Development Council of PHDCCI Ashok Khanna stressed the need for banks to consider lending to the infrastructure sector which forms the base of competitiveness of the industry. Mr Khanna said despite some efforts by the government and the RBI, the small scale sector was still not able to get enough financial assistance from banks and financial institutions. |
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Beware, you may pop a fake pill New Delhi, July 13 "There has been a spurt in the supply of spurious medicines that look as good as the real thing," admits Indian Medical Association (IMA) secretary- general Sanjiv Malik. According to the World Health Organization (WHO), about 15 per cent of all drugs in circulation in the world are counterfeit or substandard. India accounts for 35 per cent of fake drugs in the world. The problem has become so serious that companies like Glaxo, Ranbaxy and Hoechst complain that their sales have fallen by 30 to 40 per cent due to the illegal trade. "The most worrying aspect is that the majority of the fake drugs are in the fast moving category. They may contain the same salts (as the original) but the purity and quantity is lower. As a result, patients consume more drugs to get results," says J.N. Pande, head of medicine at the AIIMS. "The technology employed for making fake drugs has become so advanced that even an expert cannot tell the difference from merely looking at the packaging." Increasingly, the composition of these spurious drugs is becoming hard to verify. In Chennai, a surgery was blotched when doctors administered a fake bactericidal injection. Laboratory tests on the suspect vials drew a blank and all that government inspectors could determine was that there was "zero active ingredient in the vial". The police this month busted a factory here that was churning out spurious medicines—including supposedly lifesaving drugs, antibiotics and multivitamins — under labels of well-known pharmaceutical brands. Three-truck-loads of duplicate drugs were seized from the premises. Not so long ago a similar seizure of lifesaving drugs, tuberculosis medicines and injections for infants was reported from Agra. In Orissa, legislators have accused hospitals of being hand-in-glove with illicit drug producers and retailers. Drug Controller of India Ashwani Kumar counters: "The onus of conducting raids (against illegal drug units) falls on individual states. Certain states are lax about raids and the staff needs to be more stringent." Apart from Delhi, spurious drug manufacturing units are primarily said to be located in Bihar, Gujarat, Madhya Pradesh and Uttar Pradesh. Their products are sold all over the country and even abroad. In September last year, the arrest of four Uzbek women and the recovery of 800 kg of spurious drugs valued at Rs.2 million had exposed a massive racket in the sale of spurious Indian medicines in Russia. Police say the drugs are smuggled out by tourists from countries such as Kazakhstan, Russia and Uzbekistan. "The solution to this is fairly simple. Chemists should sell drugs only against a prescription and also issue a cash memo. This itself will check 75 per cent of the trade in spurious drugs," IMA's Mallik says .
IANS |
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IDBI MFs now
via post office Ambala, July 13 Chief Post Master General, Haryana, Mr T.R. Sharma, said that this alliance will make available investment opportunities to the Indian investors through the extensive reach of the post offices across India in the various mutual fund schemes offered by the IDBI-Principal. “Four schemes of mutual funds — Income fund, Balanced fund, Index fund and Tax Saving fund would be the first to be sold through the post office network,” he said. Mr Sharma said that under this service, application forms for IDBI-Principal mutual funds duly completed alongwith deposits in the shape of demand draft payable at Delhi will be accepted at the initially select post offices at the counter and the customers will be given a computer generated receipt in token of having received the forms and deposits. “The forms collected at the counter will be sent the same day to Delhi branch of IDBI-Principal through speed post and the depositors will get units from the company directly,” a release said. He pointed out that the post office is only distributing these funds and the Department of Posts or the Government of India is in no way responsible for the performance or returns of the various schemes or the mutual funds which are subject to market risks. The IDBI-Principal mutual funds service has been started in nine post offices in Haryana including Ambala GPO, Ambala City HO, Ambala Sadar SO, Karnal HO, Panipat HO. Sonepat HO, Rohtak HO, Faridabad HO and Gurgaon HO. “In the next phase, this scheme will be extended to all the remaining eight head post offices and other large sub offices in the state,” he said.
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Spice projects 72 pc growth
in subscribers Chandigarh, July 13 Mr Rohit Malhotra, Vice President Sales and Marketing said, “We expect to retain our growth rate during this year as well”. According to official figures, Spice has already recorded an increase of 38 per cent during six months this year. The company, which has a network across 67 cities in the state recorded an increase of 173 per cent in 1998, 138 per cent in 1999 and this figure was 71 per cent in December 2000. With the entry of limited mobility in the region and more cellular operators on the cards Spice is in the process of devising attractive schemes for its customers. A significant decline in tariffs over the years has been witnessed. Compared to Rs 16.80 per minute for outgoing and the same amount per five minutes for incoming calls, the current packages offer Rs 6 for outgoing and Rs 2 for incoming calls during the peak hours under the sixer scheme. Under this scheme, the rate for incoming as well as outgoing calls is Rs 2 per minute. The most popular scheme, say the officials is Spice Four where a monthly rental of Rs 400 is charged and Rs 8 during peak hours for outgoing; Rs 5.50 for incoming calls are charged. |
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Berger, ICI form jv Kolkata, July 13 Official sources said the joint venture company, Berger Auto & Industrial Coatings Limited, had been formed after taking over that entire motor and industrial business of ICI’s factory at Rishra. In May this year, Berger took over the business from ICI, which would be responsible for providing infrastructure support to the joint venture company, the sources said. However, all administrative and policy decisions would be taken by Berger, they said. With this strategic alliance, Berger would be able to gain a foothold in this segment of the business, which is growing at a fair pace. Meanwhile, Berger had also entered into a technical licence agreement with Nippon Paint Company Limited of Japan to develop and market new generation automotive coatings. Berger had also signed a similar technical licensing agreement with Orica Australia Pty Limited in the area of protective coatings, the sources said.
PTI |
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Modi Telecom to set up intl call centres Chandigarh, July 13 The company plans to invest a minimum of Rs 15-20 crore on the project, said Mr Rajiv Sehgal, Chief Executive Officer, while addressing a press conference here today. The company has invested around Rs 20 crore on its domestic call centres which are at present providing services in 17 cities . "Call centres, which we ventured into two years back form 10 per cent of our business, share is expected to rise significantly in the coming few months", said he. Modi Page currently has more than 6,000 subscribers in and around Chandigarh and the company has launched a customer-oriented scheme "Modi Page Aapke Saath Saath". Under the scheme free consultation by professionals on different fields, including vaastu, beauty care, homoeopathy, legal guidance, medical problems, reiki healing, art of living, etc will be provided free of charge. The company has recently tied up with UT Electricity Department where it will handle street lights. One of its call centres of Uttar Haryana Vidyut Vitran Nigam is involved in lodging electricity complaints of Panchkula residents. |
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BHEL bags 293 cr order New Delhi, July 13 BHEL, which has secured the order from Rajasthan Rajya Vidyut Nigam Ltd will commission the Unit six of Kota TPS in 25 months.
PTI |
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PC makers to alter Windows Seattle, July 13 The move was in response to a ruling last month by a US appeals court that upheld a finding that
Microsoft held a monopoly in PC operating systems and that some of its licensing practices were illegal, Microsoft said. Among the most significant changes is one that will allow PC makers to remove icons for the Internet Explorer Web browser — the product that started the US government’s antitrust case. The browser, which Microsoft bundled into Windows as it battled with rival browser maker Netscape, would also be included in the utility that lets users remove programs from the operating system.
Reuters China’s exports up 8.8 pc in first half Beijing, July 13 Total volume of foreign trade during January-June reached $ 241.0 billion, up 11.3 per cent as against the corresponding period last year. While exports touched $ 124.57 billion, imports rose 14 per cent to $ 116.43 billion, the official Xinhua news agency reported. The export companies in the country reported a higher growth rate with foreign-invested companies hitting $ 62.26 billion, up 16.9 per cent, imports increased 12.5 per cent to $ 60.17 billion.
PTI GMI to introduce 3 new models Kolkata, July 13 At the launch of ‘Opel Swing’, he said three new models could be introduced in near future. Besides, the company was working to bring in completely built units to the country.
PTI |
bb
Award for PNB SBP branch Reebok Proton |
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