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Thursday,
June 13, 2002, Chandigarh, India  
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Industrial
growth up 2.9 pc Market to
look up after IPOs: Bajpai Banks
disburse 9,947 cr in Haryana Rs 2500
crore LIC loan for NHPC |
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Punjab
to woo foreign investors New
Canadian laws make entry difficult Kinetic
launches ‘Boss’
Plan to
set up cyber crime cell
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Industrial growth up 2.9 pc
New Delhi, June 12 Among the three major sectors, electricity recorded the highest growth rate of 4.9 per cent followed by mining with 4.6 per cent, the index of industrial production (IIP) figures released today by the Central Statistical Organisation (CSO) showed. However, manufacturing, which has considerable weightage in the IIP, had a low growth rate of 2.5 per cent. Basic goods had a growth rate of 3.2 per cent, while capital goods had a negative growth of minus one per cent. Production of Intermediate goods grew by 2.1 per cent, consumer goods by 4.7 per cent, consumer durables by 6.1 per cent and consumer non-durables by 4.1 per cent. Eleven out of 17 two-digit industry groups have shown positive growth in April. Beverages, tobacco and related products showed the highest growth of 8.1 per cent, followed by 7 per cent in non-metallic mineral products and 6.9 per cent in basic chemicals and chemical products, except products of petroleum and coal. Negative growth rates were registered by jute and other vegetable fibre textiles, except cotton, at minus 11.8 per cent, followed by minus 8.4 per cent by other manufacturing industries and minus 4.6 per cent by rubber, plastic, petroleum and coal products. Meanwhile, the CSO has revised the industrial growth for 2001-02 to 2.8 per cent, compared to the five per cent growth a year earlier.
UNI
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Market to look up after IPOs: Bajpai
New Delhi, June 12 “It is a normal selling activity. It is not that serious,” SEBI chairman G.N. Bajpai told PTI, when asked about the drop in inflow of foreign portfolio investment into the country. As per the latest SEBI data, FIIs sold equities totalling Rs 1,755 crore and shares bought amounted to Rs 1,703 crore, resulting in a net outflow of Rs 52 crore last week. Sensex dipped by near 10 per cent with market capitalisation down by about Rs 30,000 crore in May mainly on account of heavy selling by FIIs. During January-May, FII investment fell by over 70 per cent to 0.65 $ billion from $ 2.2 billion in the same period last year. While analysts pointed out that the Indo-Pak tensions had cast a shadow over FII investments, government sources exuded confidence that it would not affect the investment climate in the country. SEBI Chief cited the public offers of Bharti Tele and i-Flex, and said “as the market sentiment improves, many more companies will come up with their IPOs in the primary market. This will shore up the secondary equities market also.” While disinvestment process had gathered momentum with companies scheduled for sell-off witnessing their share prices hitting the roof, a number of PSU banks have also lined up IPOs in the coming months.
PTI
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Banks disburse 9,947 cr in Haryana Chandigarh, June 12 This was disclosed by Mr S.S. Kohli, Chairman, Punjab National Bank, here today. Addressing the State Level Bankers’ Committee Meeting of Haryana, he said that a new era of progress and prosperity has dawned in the state as a result of effective implementation of various welfare programmes and new policies introduced to realise the dream of making Haryana as an investment land comparable with the best destinations. He disclosed that Haryana’s Tenth Five Year Plan ( 2002-07) has been approved at Rs 12,000 crore and annual plan for the year 2002-03 has also been approved for Rs 2034 crore by the Planning Commission. As per the plan outlay, the highest priority has been accorded to the social services sector by allocating an outlay of Rs 5,063 crore ( 42.2 per cent ), which includes education and health care, drinking water supply, pensions for the old, handicapped, widows and destitute. The second priority has been given to the development and improvement of irrigation, power, roads and road transport system by allocating an outlay of Rs 4,920 crore ( 41 per cent ) of the total plan. Mrs Umesh Nanda, Commissioner and Secretary, Institutional Finance and Credit Control, Haryana, lauded the role of banks for achieving the targets. However, she lamented that some of the banks were not taking adequate interest in government sponsored schemes. She said to speed up the recovery of bank loans, the state government would soon amend the HACOMP Act and Haryana Public Money Act. Among others, Mrs Kesani Anand Arora, Director, Institutional Finance and Credit Control, Haryana, Mr Ramesh Chandra, Regional Director, RBI, Mr A.K. Bhargava, GM, PNB, New Delhi, Mr U.S.
Bhargava, GM, PNB North Zone, Chandigarh, Mr A. Ramanathan, CGM, NABARD also attended the meeting.
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Rs 2500 crore LIC loan for NHPC Dalhousie, June 12 In a press release issued here today, CMD of the NHPC Yogendra Prasad said the drawdown had been planned at the rate of Rs 500 crore each year for the next five years. This would achieve the financial closure of the Dulhasti hydroelectric project, the Teesta Stage-V hydroelectric project as well as a part of debt requirement of the Parbati hydroelectric project. Mr Prasad said to match the increasing pace of progress at the Chamera hydroelectric project Stage-II, Rs 250 crore had been drawn from the total loan of Rs 800 crore tied up last year. The financial closure of Chamera Stage-II, which was achieved last year, had paid dividend.
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Unlimited greed eroded Punwire Chandigarh Unlimited greed and passion for personal enrichment of a small coterie of ‘professionals’ eroded the company and Punwire/PSIDC directors remained mute witness to what was happening behind the scenes. Yet, for reasons unexplained officials of the finance department shot off letters to various government organisations, boards and corporations asking them to contribute to Punwire. Available information shows that inter-corporate deposits by PSUs to Punwire, a public limited company, were not permissible unless a specific reference to the department of institutional finance and banking was made and specific approval was formally obtained for such investment. It is learnt that subsequent to implementation of this liberalised policy in 1996, the finance department allowed investments by the Punjab government PSUs in a number of private companies, corporations and Punwire was one. At the time of winding up of Punwire, nearly Rs 100 crore was recoverable from it by various corporations, boards, including the PSIDC that had been asked to make deposits without asking any questions. Apart from general recommendatory letters to individuals, the finance department approved investments in Punwire by the Punjab Water Supply and Sewerage Board (Rs 6 crore) and Punjab Urban Planning and Development Board (Rs 2.25 crore). The details of investments made by various PSUs in Punwire are, as follows: PSIEC Rs 5 crore, Punjab Pollution Control Board Rs 45 lakh, Punjab Energy Development Agency Rs 5 crore, Punjab Arts Council Rs 64.61 lakh, Punjab Water Supply and Sewerage Board Rs 11.89 crore. (After receiving part payment, it still had Rs 4.79 crore in Punwire). Punjab State Co-operative Banks Rs 25 crore. Police Welfare Rs 29 crore, Bicycle and Sewing Machine Centre, Ludhiana, Rs 79 lakh, Sugarfed Rs 12.50 crore and Punjab Agricultural University, Ludhiana, Rs 4 crore. Interestingly, the letter to some of these agencies contained mis-statement of facts. For instance, the one to Sugarfed states Punwire was floated by the PSIDC and that it was a ‘’100 per cent state government undertaking’’. This was a glaring error on the part of the finance department as PSIDC equity stake in Punwire on November 5, 1997, when the letter was sent, was only 41 per cent. Thanks to alleged bureaucratic bungling, Punwire was entangled in a mesh of wires that the CBI has now set out to untangle. When things became too hot, Mr Badal ordered an enquiry by the Chief Secretary, who, in return, constituted a three-member committee of officers, Mr B.S. Sandhu, Ms Vinni Mahajan and Ms Ravneet Kaur, who submitted only a ‘’factual’’ report. Commenting on that, the then Chief Secretary, Mr N.K. Arora, had said: ‘’It is not a case where responsibility can be pinpointed on any individual(s). The entire system proved to be too weak and that was on account of lack of experience and expertise’’. He also held there was no mala fide in investing the public funds on the part of individual(s). However, he summarised his report by making observations on the role of the finance department and investing by public sector undertakings. He wanted a review and overhaul of the system. Mr Badal had agreed that no action was called for against any individual but suggested revamping the entire system, recovering of outstanding amount and enquiry by two senior Principal Secretaries/Financial Commissioners. This was recorded after legal advice was tendered to the Chief Minister by the then Advocate-General. He had said in his note that it was a serious matter and he did not agree with the report of bureaucrats and conclusions of the Chief Secretary. ‘’A further thorough probe is needed, as it involves huge public money’’. Then there was change of political guard. Now the CBI will tie the loose
wire-ends. (Concluded)
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Punjab to woo foreign investors New Delhi, June 12 The Punjab Chief Minister, Capt Amarinder Singh, who was specially invited by the TIE, has deputed Mr Singla to apprise captains of the industry of the changed political environment which is seeking investments in various spheres encompassing the knowledge based ones and biotechnology. Mr Singla will present a detailed paper at the TIE conclave beckoning foreign investors to choose Punjab as their destination because the political environment in the border state has undergone a radical transformation since the Congress regained power. The endeavour will be to impress upon the captains of the industry that Punjab is not inward but outward looking and the state government is doing everything to make it an attractive destination to boost economic, commercial and industrial development. Organisers of the TIE have booked a separate chamber at the venue of the global ITE conference for interactive sessions with government leaders from various states to understand the climate of investment and other details pertaining to continuity. It is not Punjab alone which has been invited to the annual conference of the TIE. Several other Chief Ministers are going to Santa Clara seeking foreign direct investment. These include Haryana, Chattisgarh, West Bengal and Uttaranchal. Sources in Haryana government said in case Chief Minister Om Prakash Chautala is unable to attend the Santa Clara meet of entrepreneurs, a delegation will definitely be represented. “We have already booked a cabin for discussions with business leaders,” the sources added. The TIE is a global organisation of entrepreneurs and has 45 chapters in eight countries.
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New Canadian laws make entry difficult Chandigarh, June 12 Mr Parvinder Sandhu, Senior Director, Worldwide Immigration Consultancy Services, Canada Inc., who is on a visit to India, said: “It will be more difficult to enter Canada. Skilled persons will be accepted depending on the number of points they score out of maximum of 100 in education, language proficiency, employment experience, age and adaptability.” According to the new changes, he said, the pass marks have been increased from 70 to 75, though the age factor has been adjusted upwards to 49. Marks for trade certificate or second degree have been fixed at 25, marks for proficiency in English and French language have been increased from 20 to 24. Mr Sandhu said applicants who had applied before December 31, 2001, but whose cases have not been assessed or decided by March 31, 2001, would be assessed under the old laws with a pass mark of 70.
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Kinetic launches
‘Boss’ New Delhi, June 12 The Boss is Kinetic’s third offering in the motor cycles category after the 125cc Kinetic GF and 100 cc Challenger. The introductory price of the bike has been fixed at Rs 31,999 (ex-showroom Delhi). The company claims that the bike has a fuel efficiency of 89 kmpl, and include features such as double cradle chassis, hyper suspension shock absorbers, engine guard, full steel front and rear mudguards. “This is an important addition to our motor cycles portfolio and through its attractive price value packaging, is expected to be a significant volume driver for the company”, Chairman and Managing Director of the company, Mr Arun Firodia said.
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Industrial production registered a modest 2.9 per cent growth in April 2002, as compared to 2.6 per cent in the corresponding month last year and 6.5 per cent a year earlier.