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Saturday,
April 6, 2002, Chandigarh, India  
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IT exports
record 36.9 pc growth Punjab’s
experiment with privatisation To launch Debit Card
by June PM vies
with Britney on MTV A hotel
for broken hearts
3
Reliance officials summoned
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IT exports record 36.9 pc growth
New Delhi, April 5 During the first 11 months of 2001-02, the computer software and services segment recorded exports to the tune of Rs 35,000 crore against Rs 24,500 crore notched by this segment in the corresponding period the previous year, according to the Electronic and Computer Software Export Promotion Council (ESC). The performance of this segment during April to February translated into a growth of 42.8 per cent in Rupee terms, while the growth was 34.1 per cent at $ 7,143 million in April to February 2002 as against $ 5,326 million in the corresponding period the last year. As per the latest data by ESC, the growth in electronic hardware exports was to the tune of 23.1 per cent ending at Rs 5,157 crore during the 11-month period ended February 2002 as compared to Rs 4,188 crore in the year-ago period. The growth in telecom services and project export was marginal and this segment notched exports worth Rs 3610 crore in April-February 2002 as compared to Rs 3,370 crore in the same period previous year. In dollar terms the growth in the telecom services and project export space was 0.54 per cent at $ 737 million in April to February 2002 as against $ 733 million in the same period last year. According to the ESC, the audio, video software and film exports recorded a growth of 50.9 per cent to touch Rs 1,630 crore in April to February 2002 as compared to Rs 1,080 crore in the same period last year. In dollar terms, this segment clocked $ 333 million during the first 11 months of financial year 2002 as against $ 235 million in the corresponding period last year. The latest estimates can be seen in the backdrop of electronic and computer software exports performance in 2000-01 which had touched Rs 37,188 crore, and wherein export of software and services segment was Rs 27,500 crore. In 2000-01 the electronic hardware export was Rs 4,788 crore, according to the ESC, while telecom services and project export growth during the previous year was Rs 3,700 crore. For the financial year 2001, the audio, video software, film export was pegged at Rs 1,200 crore.
PTI
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Punjab’s experiment with privatisation Chandigarh, April 5 This was indicated here today by Mr Surinder Singla, Chairman of the High Powered Committee on Finance, Punjab, while speaking at a session on “Punjab — an Agenda for Competitiveness” organised by the CII at the annual general meeting of the CII Punjab State Council. Cost-cutting and income generation were the key “reforms” to make the state more efficient and create a conducive climate for the industry and investment in Punjab, he observed. The Chief Minister believed in “least
government involvement” and saw industrialisation and diversification of agriculture as the keys to economic and social well being of the state. Blueprints being drawn up in this regard would be vigorously pursued, he added while lauding the entrepreneurial spirit of Punjabis. Mr K.R. Lakhanpal, Principal Secretary, Finance, Punjab , called on the CII to work with the government to evolve a concrete framework for economic development of Punjab. At present 75 per cent of the government resources being squandered on subsidies and salaries. A radical shift in the mindset to ensure proper delivery of public goods and services was essential. The first priority of the government was to attract the industry to Punjab, said Mr Mukul Joshi, Finance Commissioner, Taxation and Principal Secretary, Industries and Commerce, Punjab. Mr Hari S. Bhartia, Chairman, CII (NR), presented a “Glimpse of the state Finances of Punjab”. Mr S.P. Oswal, CMD, Vardhman Spinning and General Mills would continue as the Chairman of the CII Punjab State Council for 2002-2003. Mr S.K. Rai, Managing Director, Works, Hero Cycles, Ltd., was elected the Vice-Chairman of the CII Punjab State Council.
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Duping investor, PFC style Chandigarh, April 5 The same property has now been sold for as low as Rs 9 lakh after its scheduled auction on January 16 this year failed to attract any bidder. “It has been undersold for extraneous considerations,” alleges its owner maintaining that the PFC did not even inform him about selling this property through negotiations to a Delhi firm. “How can it sell a property for Rs 9 lakh when the price of the 5-kanal (2 bighas) on the Chandigarh-Delhi road alone is about Rs 20 lakh, leave aside the building and the
machinery of the unit,” rue the owner. “We had in 1997 challenged the sale of our property for Rs 22.35 lakh by the corporation,” says Mr Harvinder Singh, a 1984-riot victim, who in his endeavour to rehabilitate himself had taken a loan from the PFC to set up a self-tapping screws unit at Dappar on the Chandigarh-Ambala road. “I had 5 kanals on the main road connecting Chandigarh with New Delhi. Whatever I had I had invested in building and getting good machinery. Without any working capital, and struggling for a couple of years, I had no choice but to close the unit because the interest was accumulating.,” says Mr Harvinder Singh. “So the corporation took over our unit under Section 29 of the State Financial Corporation Act and put it up for auction on April 22, 1997. There were no bidders for our property . The reserve price quoted by the PFC was just Rs 20.32 lakh. “Subsequently, the unit was sold through tenders for Rs 22.35 lakh which we challenged and got the sale quashed,” says Mr Singh maintaining that price offered was far from satisfactory. “But the PFC in utter disregard to the directions of the high court resorted to an unfair practice. After no bidder turned up for the auction on January 16 for which the corporation had fixed the reserve price of the unit at Rs 18.87 lakh, it was sold to a Delhi company for just Rs 9 lakh. ,” he said. The PFC, however, denies that any “irregularity” has been committed. Mr A.K. Dhawan, Senior DGM, PFC, says the property has been sold as per rules and policies of the PFC. He justified the sale of property at 50 to 60 per cent of the reserve price.
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To launch Debit Card by June
New Delhi, April 5 “We have already attained a net profit of about Rs 1,800 crore till December 2001. We will meet the target (of Rs 2,500 crore) for the fiscal 2001-02,” SBI Managing Director S. Govindarajan said after a branch inauguration here today. He declined to furnish details as the results were not formally announced. The SBI’s net profit was lower at Rs 1,604.25 crore in 2000-01 compared to Rs 2,051.55 crore in the previous fiscal, mainly on account of higher provisions for India Millennium Deposit (IMD) and the VRS. However, the bank increased its profits significantly last fiscal through focus on retail lending, specially housing loans and non-interest income. “Our focus areas will continue to be retail lending and low cost borrowing, and non-interest income. Retail income is expected to grow to Rs 20,000-21,000 crore this fiscal as against Rs 14,000 crore in 2001-02,” Govindarajan said. In housing alone, the bank disbursed loans worth about Rs 7,000 crore till March, 2002, which was expected to go up by another Rs 4,500 crore in this fiscal. “We will also leverage our branch network abroad to increase non-interest income through services like remittances and letter of credit,” Govindarajan said. The SBI Managing Director also said the bank will launch “Debit Card” by June this year in association with MasterCard International. The SBI’s ATM cards could be used as debit cards. “We expect that the number of SBI debit card holders will be over 3.5 million.” Currently, the SBI has ATM facility at 300 branches in 10 major cities and another 350 ATMs in 100 centres. The bank also initiated Internet banking at 104 branches. The SBI has embarked on a massive IT drive this fiscal, targeting inter-connection of 1,500 branches having ATM facilities by end of the year. “We will invest Rs 500 crore in technology upgradation in the next two years,” Govindarajan said. The bank has appointed Datacraft as the IT vendor that will facilitate the technological upgradation.
PTI
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PM vies with Britney on MTV
Mumbai, April 5 The 77-year-old premier dressed in a traditional sarong is currently all over funky music channels such as MTV with a brooding Hindi music video based on one of his poems. The video has shots of a pensive-looking Vajpayee sometimes writing at his desk, sometimes gazing forlornly out of a window or strolling in a shadowy room melting into scenes with a co-star in a desert or walking in snowfall. Directed by blockbuster filmmaker Yash Chopra, the video features top Bollywood star Shah Rukh Khan in stark, barren landscapes reflecting the pathos of the poem, "Kya Khoya Kya Paya" or "What is lost, what is found". "The poem is very sad and emotional. The Prime Minister knew his poem and he understood what we wanted," said Chopra, adding that he filmed Vajpayee portraying the different moods in less than two hours. The filmmaker said he chose Khan, who has a huge fan following among Indians both in and outside the country, since he found the actor "the finest to emote pain". Six poems penned by Vajpayee, well known for his simple yet evocative verses, have also been compiled by leading music company Saregama India Limited into an album titled "Samvedna" (Sensitivity), which includes "Kya Khoya Kya Paya". The title reflects a rare quality of the poet-Prime Minister, a seasoned politician occasionally given to emotional outbursts in trying situations. Vajpayee — once with a reputation as a fiery and mesmerising orator — has often joked he would have been better off as a poet than a politician. The latest album is the third compilation of the prime minister's poems launched by Saregama in four years.
Reuters
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A hotel for broken hearts
Bangkok, April 5 The managing director of the pub, Damrongsak Somakul said, “The concept is to give people a place to relax after they have experienced emotional strain at home or on the job.” “So far the Throwing Room is our most popular feature.” In the restaurant’s Throwing Room, customers hurl glass bottles at pictures of ex-lovers, bosses or other objects of frustration projected on a screen. Customers can bring in their own pictures to be scanned or the restaurant can provide pictures for them. “Osama bin Laden is one of the pictures we provide,” Damrongsak said. Meanwhile, in the Consolation Room, which is lined with mirrors, the broken-hearted can literally reflect on themselves as they cry over their lost love. Those who react to a messy break-up by screaming are invited to enter the sound-proof Yoo-hoo Room and rage to their heart’s content. And for those looking for a quick rebound, the restaurant features a Love Zone room where spurned lovers can get together with other rejects.
Agencies
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PFC plan Nabard projects Tunisian envoy Loan for mills PLR slashed Panalpina profit Escotel service |
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