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Thursday, April 18,
2002, Chandigarh, India  
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China no
immediate threat to
Powerloom
units face closure |
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Coca-Cola
posts 34 pc growth
Enfield
launches Thunderbird
LETTER Draft
VAT bill submitted to FM Bharti
gets TRAI nod on ISD tariffs IOB to
open 25 ATMs in North
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China no immediate threat to Indian IT New Delhi, April 17 “Engaging rather than ignoring China is the better policy. A well thoughtout entry into the China market will further help boost India’s software exports,’’
President of Nasscom, Kiran Karnik said. “As per Nasscom findings, China does not pose an immediate threat to the Indian software and service industry as China’s software industry is currently focussed on catering to its domestic IT
market. Contrary to the myth that China can offer cheap labour, the average wage costs in China are comparatively 15 to 20 per cent higher than in India. Further, India is far ahead of China in quality certification and project management skills,’’ Nasscom Chairman Phiroz Vandrevala told newspersons here. The Chairman said the fact that most Chinese companies lack domain expertise offer great opportunities for India software companies. This also will provide the opportunity to serve MNC customers of the Indian companies that are already operating in the Chinese market, Mr Vandrevala said. “The objective of our study is to procure first-hand data on China’s IT market and assess the challenges and opportunities for a software and service industry from China,” Mr Karnik said. In a comparative analysis between India and China on key indicators, China scored high compared to India with respect to government investments in education, R and D, venture capital and infrastructure. China also scored high on parameters such as size of domestic market, cost of telecom
bandwidth and equipment. However, India scored high on parameters such as size and quality of talent pool, cost of talent, project management skills, quality processes and domain skills, and customer access which are essential to the growth of software. |
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Powerloom units face closure Ludhiana, April 17 A survey of the powerloom units here revealed that most of small powerloom units have been shut down. Some of the small industrialists have even sold the machinery to scrap dealers at a rate of Rs 5-7 per kg. They are now looking for new avenues of employment. Insiders say this has
happened due to the increased cost of yarn by 25-50 per cent. Mr Bhushan Abhi, President, the Moti Nagar United Factories Association, says,‘‘ The powerloom units have been making low value shawls, lohis and cloth over the past fifty years. The price of normal shawls used to be at Rs 40-70 and cloth prepared from acrylic yarn was sold at a rate of Rs 20-25 per metre. But the big fibre making units like Indian Acrylic, Sangrur, Consolidated Fibre, Kolkata, Vardhman Group, Baddi and Pashupati Fibres have made a cartel during the past few years, to increase the price of fibre from Rs 50-55 per kg to Rs 80-87 per kg. They have lobbied with the bureaucracy to impose an anti-dumping duty on imported fibre ranging between Rs 7 and Rs 70 per kg. They are now providing low quality fibre at a much higher rate.’’ Mr Jiwan Dhawan, another industrialist, disclosed that due to high rate of illiteracy, low capital base, and obsolete
technology in the industry, the banks were not providing any credit to the industry. In fact, most of the small entrepreneurs have taken loans from the local dealers of the yarn at the rate of 2-2.5 per cent per month. Interestingly, the Department of Industries, Punjab, has no information about the number of units closed. Mr T.R. Sarangal, Director, the Department of Industry and Commerce, says,‘‘ Due to shortage of funds, we are unable to conduct any survey of the industry. Though the RBI publishes quarterly report on sick units, but it does not provide any information about these units, since they have not taken loans from the banks.’’ |
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Enfield launches Thunderbird
Bangalore, April 17 Cruiser Thunderbird, the new bike, is aimed to take the unique motor cycling experience attached to the bikes from the Enfield stable to newer heights. Powered by a 350 CC four-stroke engine, the five-speed vehicle was ideal for long distance riding without compromising on the city manoeuvrability. Company Chief Executive Siddhartha Lal told newspersons here that Thunderbird had a new engine and would feature a conventional gear and braking system which would make it convenient for 100 cc and 150 cc upgraders and aspirants keen to possess a powerful bike for true motor cycle pleasure. Bullet Electra, launched six months ago, contributed 60 per cent of the current sales of the company. The company closed last year with a total sale of 25,000 vehicles and a turnover of Rs 145 crore. This year, the turnover was expected to be around Rs 190 crore. The 535 cc version of Thunderbird would be released after six months, he said adding that after nationwide launch, the company hoped to sell 400 Thunderbirds every month. Bajaj new bike
next year
Bajaj Auto today announced plans to roll out a new 125 cc
class four-stroke motor cycle, code named “612,’’ early next year.
Talking to newsmen after launching “Bajaj Pulsar,’’ the newest
addition to Bajaj Auto’s niche-product range, in Tamil Nadu in the
city company Vice-President (Business Development and Marketing) R L
Ravichandran said ‘’612’’ was a completely new four-stroke bike,
which would be the engine of growth for tomorrow. Stating that the
company had outperformed the motor cycle industry, growing by 55 per
cent year on year and with a market share of 23 per cent, he said it
will roll out Pulsars (150 cc and 180 cc models) through a select set of
dealers in Chennai, Coimbatore and Madurai, which have already set up
the Eliminator Enclaves.
Eicher’s water-cool tractors
Eicher has
forayed into the competitive water-cool tractor market by launching
three new models in a bid to increase market share, a top company
official said today. The company has also started exports of 50 horse
power (HP) tractors to USA, Eicher Tractors Managing Director R C Jain
told PTI here. “This is the first time we have forayed into the
water- cool tractor market due to customer demand. We expect to sell
2,000 such tractors in the current financial year,” Jain said. Eicher,
which is the only air-cool tractor maker in the country, has launched
three new models of 61HP, 42HP and 35HP in the water-cool tractor market
which dominates the domestic tractor industry. The tractors have been
produced with technology from Finland’s Valtra and Ricardo of the
UK.
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LETTER DURING
my recent visit to Ludhiana and Jalandhar, I was shocked to see the pathetic state of affairs in cinema business in Punjab. There was a time when it was extremely difficult to buy a ticket for a new movie in these cities. But now I was able to buy the ticket for a much-awaited multi-starrer on the very first day of its release at a cinema hall at Ludhiana! My enquiries from some exhibitors and distributors revealed that some cinema halls have already closed down while a few others are on the verge of closure in the state. What I found appalling was how indifferent the Punjab Government has been to the problems of the film trade. The government, I was told, introduced a few years ago the policy of charging entertainment tax on the seating capacity of a cinema hall rather than on the actual number of tickets sold. This is, indeed, a cruel joke on exhibitors, particularly the owners of big cinema halls. When they built those cinema halls, the tax was charged on the actual sales. And suddenly one day they found what a big liability those halls had become for them. A few people, who have still shown interest in investing in the exhibition sector in Punjab, have built halls with low capacity. I feel that if the government at all had to bring about such a drastic change in its taxation policy, then the new policy should have applied to the cinema halls to be built in future. Why should the exhibitors who invested a huge amount in this business keeping in view the taxation policy prevailing at that time be made to suffer. Moreover, while the Punjab Government has been quite “efficient” in charging entertainment tax, it has hardly shown any interest in stopping the menace of illegal screening of films on cable networks. Exhibitors and distributors have often complained to the appropriate authorities against such screenings but to no avail. When a government cannot perform its duty regarding the illegal screening of films (which is one of the main causes of recession in the trade), what moral right has it got to levy entertainment tax at such exorbitant rates? SURINDER MIGLANI,
Kaithal
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Draft VAT bill submitted to FM
New Delhi, April 17 The other states have been asked to submit their draft VAT bills to the Centre by April 30, official sources told PTI, adding the clearance for imposing AED was conditional to the states’ finalisation of their VAT legislations. They said all VAT legislations would have to be by and large similar. The Empowered Committee on VAT, headed by the West Bengal Finance Minister Asim Dasgupta, has asked the Centre to work out a formula for compensating states for their loss of revenue when VAT is implemented from April 2003. Dasgupta met the Union Finance Minister Yashwant Sinha here last evening to apprise him of the concerns of the states. After all the states have submitted their legislations, legal consultants will draw up a uniform VAT law. The law would require Presidential assent as it pertains to taxation matters, sources said. The Finance Ministry would amend the Central Sales Tax Act for implementation of a nationwide VAT. The VAT rates have been pegged at nil per cent, 4.0 per cent and 10 per cent. A revenue neutral 12.5 per cent rate is also proposed.
PTI |
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Bharti gets TRAI nod on ISD tariffs
New Delhi, April 17 “We have received TRAI’s approval for tariffs and are awaiting security clearances. The launch would take place before end of April,” N. Arjun, Chief Executive Officer of Bharti Telesonic told PTI. Asked if the company was likely to launch services by last week of April, Arjun said, “the probable week for the launch would be the last week.” Arjun, however, declined to comment on the proposed ISD tariffs which would be offered by the company. Bharti is among three private companies which have so far been issued ISD licence in the wake of opening up of the international long distance sector, to competition, on April 1, 2002. Other licencees are Data Access and Reliance.
PTI
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IOB to open 25 ATMs in North Chandigarh, April 17 Mr Gupta said that for the financial year 2001-02, the results of which are yet to be declared, the bank expects to have doubled its operating profits and attain all the targets which had been set during the previous year. Talking about the business of the bank, he said that retail segment is being emphasised upon and while housing loans to the tune of Rs 382 crore were disbursed last year, the bank is also encouraging education loans, personal loans etc. Mr Gupta presented the All India Best Branch Award to the DLF Gurgaon branch which was received by Mr G.C. Gulati, Senior Manager. The branch headed by Mr P.C. Gupta was given the Regional Best Branch Award.
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Grain dealers Centurion Bank |
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