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Saturday,
June 29, 2002, Chandigarh, India  
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GDP rate
grows at 5.4 pc Curbs on
movement of farm goods may go CITCO
plans to promote eco-tourism |
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Wipro
offices for China, Japan Haryana
to stress on crop diversification
Bata gets nod to go
for buyback
Settlement of Bajaj
family dispute within a week Vinod
Sawhny quits Spice Telecom SBI
offers Rs 1,500 cr to UTI 229
firms vanish
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GDP rate grows at 5.4 pc New Delhi, June 28 The agriculture and financial sectors turned out to be the major engines of growth during the year raising the level of GDP to Rs 12,58,231 crore ( at 1993-94 prices) — up by 5.4 per cent over the quick estimates of 2000-01. The GDP of 2000-01 was estimated at Rs 11,93,922 crore. The 5.4 per cent growth matches the projections made by the Economic Survey 2001-02. At current prices the GDP in 2001-02 stood at Rs 20,68,810 crore with a growth rate of 9.1 per cent. Per capita income during 2001-02 attained a level of Rs 10,653 as compared to 10,254 in 2000-01. Net national income at factor cost, commonly known as national income, clocked a growth rate of 5.7 per cent during the year as compared to a modest 3.7 per cent growth in the previous year. According the to the revised estimates released here by the Central Statistical Organisation (CSO), the agriculture sector registered a growth of 5.7 per cent (at 1993-94 prices) — with the income generated by the sector estimated to Rs 3,05,818 crore - thereby
achieving a major turnaround from the negative 0.2 per cent growth registered in the preceding year. At current prices the growth rate of the farm sector is even more higher ( 9.6 per cent) as compared to 2.5 per cent in the previous year. Financing, insurance and real estate, the other major driver of growth, clocked 7.8 per cent rate of growth (at 1993-94), much higher than the 2.9 per cent growth achieved in 2000-01. The manufacturing sector, however, continued to remain an area of concern, with the growth rate falling to 2.8 per cent — a significant decline compared to the 6.7 per cent growth achieved during the previous year. At current prices, the growth rate of the manufacturing sector dropped to 4.7 per cent during 2001-02 as compared to 12.3 per cent in the previous year. Growth in the construction sector fell to 7.4 per cent (at current prices) against a growth rate of 10.4 per cent in the previous year — an indication of the fact that less than usual construction activity took place in the economy during the year. At current prices, mining fell to 7.1 per cent from 10.2 per cent, while electricity, gas and water supply increased to 17.6 per cent from 12.9 per cent in the previous year. Trade, hotels and transport increased by 9.4 per cent, the growth rate being almost stable as compared to 9.3 per cent in the previous year. |
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Curbs on movement of farm goods may go New Delhi, June 28 It has also envisaged an investment requirement of Rs 12,230 crore for the development of marketing, storage and cold storage infrastructure during the Tenth Five Year Plan period. To dismantle the stringent controls on the movement of agricultural goods across states the appropriate legal reforms have been suggested by the task force. “In the present situation these restrictions are acting a disincentive to farmers, trade and industries. Legal reforms can play an important role in making the present marketing system more effective and efficient by removing
unnecessary restrictions and by establishing a sound framework to reduce uncertainty of the markets”, the report said. The Report, which was released today by Agriculture Minister Ajit Singh, has recommended amendment to the Forward Contract ( Regulation) Act, 1952, to allow futures trading in all agricultural commodities to improve price risk management and facilitate price discovery to enable the farmers to decide on a profitable cropping pattern. It has recommended several legislative reforms in the state APMC and the Essential Commodities Act to remove restrictive provisions impeding development of an efficient and competitive marketing system. Alongside development of competitive trade in major agricultural commodities, the task force has also recommended that an “Income Support Programme” for the farmers to protect their income should be considered. On infrastructure development, the report noted that to encourage the private sector to make massive investments required for development of alternative marketing infrastructure and supporting services, the support of the government was critical in allocation of suitable land to set up markets as also to seek external assistance to augment the resources the government. “The provisions of the APMC Act would need modification to create a lawful role for the private sector in market development. Government’s role should be that of a facilitator rather than that of having control over the management of markets”, the Task Force said in its report. An earlier Expert Committee report had suggested various legislative reforms as well as reorientation of the policies and programmes handled by a number of Ministries and Departments of the Centre and the states for development and strengthening of agricultural marketing in the country. In addition, to help farmers to avoid distress sales immediately after the harvest, it has been suggested to substantially step up pledge financing to a level of Rs 7,000 crore by 2007 from the present level of Rs 1,200 crore. In respect of high value crops, the ceiling of pledge should be raised from the existing Rs 1 lakh to Rs 5 lakh against pledge/hypothecation to a farmer. |
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CITCO plans to promote eco-tourism Chandigarh, June 28 According to senior officials of the corporation, the annual turnover of the corporation has already reached Rs 160 crore and the net profits to Rs 6.5 crore during 2001-02. Despite world-wide slump in tourism sector, the management has successfully managed to increase its profit margin over the past few years. Says another official, ‘‘It has been made possible by cutting cost of production and upgrading our services. Despite increase in our area of operations and cost of services, we have not employed any new employee on permanent basis. The professionals are now hired on contract basis and the emphasis is on attracting more and affluent customers by offering them excellent services at a reasonable price.’’ The corporation is at present running hotels and restaurants including Mountview, Shivalikview and Parkview, and providing raw material to about 800 SSI units. Regarding the steps taken by CITCO to develop tourism, Mr A.K. Malhotra, General Manager (Tourism), says, ‘‘The Sukhna lake has been developed as a integrated tourist centre by starting an air-conditioned Mermaid Restaurant, a pub and a Terrace treat restaurant. Further boating facilities, musical fountain in Rose Garden, Chef 43 Restaurant at ISBT, Sector 43 have been started. A new restaurant ‘Drop In’ has been opened in Sector 34 today”. The corporation, he says, is also organising Rose festival, Chandigarh carnival and celebrating Environment Day and World Tourism day to promote tourism in Chandigarh. Now the foreign as well as domestic tourists, while visiting Himachal or J&K have started spending time here thanks to the spots developed by CITCO. There are plans, he says, to promote eco-tourism with grants from the Centre Government. The corporation is also running a petrol pump, with a sale of over Rs 25 crore. The management points out that it is not only the profit motives, but the social obligations as well, which are given due importance. The insiders, however, point out that the CITCO is earning just 20 per cent income from tourist activities and the rest from other activities. However, says one senior official, the profits from hotels and restaurants are around Rs 5 crore out of total Rs 6.5 crore profit and the remaining is from other activities. He said there is need to separate both of the activities by forming separate divisions for industry support and tourism promotion. Mr G.K. Marwaha, Chairman of the corporation, however, says, ‘‘there are no plans in the near future to separate both of activities. We would continue to work in both the sectors.’’ |
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Wipro offices for China, Japan New Delhi, June 28 Mr Premji, billed as the richest Indian alive, said the world was witnessing less of a downturn and an overall optimism in the telecom sector was in the air. “IT and telecom had gone through hard times and there was near instability in Europe,’’ he said at a meet organised by the Foreign Correspondents’ Club of South Asia. Mr Premji said in India there was enormous pressure for companies to cut costs. IT companies in the country had been affected over the past few weeks due to travel warnings by foreign embassies and consulates against the backdrop of an impending war between India and Pakistan. Wipro, which posted a global software sales of $123 million, was looking at China as an opportunity and not as a rival. Mr Premji said his company would set up a cost-effective development centre at Shanghai in the next two years. ‘’For us, China is an opportunity to sell goods and set up offices mainly for system integration solutions,’’ he said. On his company’s plan, Mr Premji said there were a series of acquisitions on the anvil, mainly in the Silicon Valley, Europe and India. Wipro was also serious about getting into the IT Enabled Services industry. For this, Wipro collaborated with Spectramind. He denied that there was any demand-supply gap in the country’s software industry. Mr Premji said the company would be among the top ten in the world and among the top five brands in the country by 2004. Wipro was also going in for total quality, reflected in the 700 projects taken up under Six Sigma Specifications that rule out any error.
UNI
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Haryana to stress on crop diversification Beijing, June 28 On his arrival, the Chief Minister went straight to a model farm set up to promote tissue culture, animal husbandry, poultry and the concept of green house. Mr Chautala said that the Haryana Government had also been laying stress on diversification of crops. He said that the farmers were being encouraged to take up cultivation of fruit, vegetables, flowers and oilseeds. The government had also taken steps to promote cattle rearing. As the Chief Minister’s visit to the USA, Canada, UK, France, Netherlands had been very fruitful, a memorandum of understanding was signed between the world’s second largest company in the field of broadcast system, the Finline Technologies Limited and Dayang Nagakawa Motors Limited at Waterloo in Canada to set up an exchange in all major cities in India. The joint venture which has the Indian partner holding the majority stake of 51 per cent, would invest US $ 150 million to set up the facilities in Haryana. The mobile exchange and broadcast equipment would have installed capacity of 80 lakh per quarters in the first phase and it would be on full steam by June 2003. Both the companies have already signed an agreement to provide these facilities in India, the first of which would roll out in August this year. Mr Chautala said that in Chicago, a group of doctors had offered to set up a super speciality hospital in the Medicity being developed at Gurgaon. The Global Telecom Company of Los Angles has offered to set up a 1,000-seat call centre at Gurgaon and also to work in association with the Haryana Government in realising its vision of providing every village of the state an easy and fast access to the Internet. He said that the visit to Britain and Canada led to the offers of setting up of two projects by reputed companies — one each in mass cheap housing and IT — enabled services.
Agencies |
Bata gets nod to go for buyback Kolkata, June 28 Chairman A.L. Mudaliar, while moving a resolution to this effect at the company’s 69th annual general meeting here, said though the Companies (amendment) Act, 1999 had brought about the change wherein it had been provided that a company might purchase its own shares or other specified securities, Bata India did not have this provision in Articles of Association. This was an enabling resolution authorising the board to launch buyback as and when the need arose and did not mean that the company would soon go for buyback, he said. Tata Tea net down 28.19 pc Tata Tea Ltd (TTL) has reported a decline of 28.19 per cent at Rs 71.96 crore for the financial year ended March 31, 2002, compared to Rs 100.21 crore in the previous fiscal. Income from operations in the reporting period was also lower at Rs 779.43 crore as against Rs 841.32 crore in financial year-01, TTL Vice-President Finance Anil Goel told reporters here today. For the fourth quarter, the company has recorded a net loss of Rs 16.33 crore (net profit of Rs 9.06 crore in Q4 of last fiscal) while net sales decreased to Rs 203.58 crore (Rs 219.74 crore), he said. EIH net down EIH Ltd has posted a net profit of Rs 19.5 crore for the fourth quarter ended March 31, 2002, a drop of 53.45 per cent as compared to Rs 41.89 crore for the corresponding period last fiscal. The company has posted a net profit of Rs 35.56 crore for FY-02, down 62.50 per cent from Rs 94.82 crore for FY-01. At the board recommended a dividend of Rs 6 per share (60 per cent) which is the same as last year. Pfizer, Parke Davis swap ratio The boards of Pfizer Ltd and Parke Davis (India) Ltd today approved the swap ratio of 4:9 for the proposed merger of the latter with the former. The merger of the two companies will create the fourth largest pharmaceutical company in India with a combined turnover of Rs 701.5 crore (based on November 2001 results) with an estimated market share of 3.74 per cent. Adani Exports net down Adani Exports Ltd has posted a net profit of Rs 65.67 crore for the financial year ended March 31, 2002, down by 44.49 per cent from Rs 118.3 crore recorded in the corresponding period last fiscal. The board of directors has recommended dividend of 30 per cent for the year 2001-2002. Subex rights issue Shareholders of Subex Systems Ltd have voted in favour of issuing rights shares worth Rs 20 crore. GSFC net falls Gujarat State Fertilisers and Chemicals Ltd has posted net loss of Rs 48.06 crore for the year ended March 31, 2002 as compared to Rs 6.04 crore for 2000-01.
Agencies
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Settlement of Bajaj family dispute within a week Mumbai, June 28 “Wait for another four to five days. Right now, I cannot comment on the issue as discussions are underway’’, Chairman and Managing Director of Bajaj Auto Rahul Bajaj, told UNI at Pune. Despite repeated attempts, other family members could not be contacted. Yesterday, Mr Shisir Bajaj, on his return from a trip abroad, had said that the dragging of a family matter into the open had disturbed him. He had denounced some of the media reports, saying they had been full of inaccuracies. Sources said a consensus had emerged among all the family members that nothing relating to the split would be shared with the media till the issue was finally resolved. Family members had held a brief discussion yesterday, after Mr Shishir Bajaj’s return to India. It may be recalled that earlier, Mr Rahul Bajaj had said he was not surprised with the developments as the issue of a split in the family was being discussed for last one year.
UNI
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Vinod Sawhny quits Spice Telecom Chandigarh, June 28 Mr Sawhny said in a talk with TNS said that he had been associated with Spice Telecom for the past two and a half years during which he had been instrumental in expanding the subscriber base of the company from just about 60,000 to 3, 70, 000. “I built the company from a scratch”, he said. Mr Sawhny declined to go into reasons for his decision to quit the company. An official announcement said that after the resignation of Mr Sawhny, Mr Ashok Goyal, Executive Director, Spice Telecom, would continue to oversee the day-to-day operations and would report to Mr Dilip Modi, Chief Executive Officer, Spice Communications Limited, who is closely involved in the running of the cellular service at Punjab.
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SBI offers
Rs 1,500 cr
to UTI
New Delhi, June 28 Seeing the financial strain of the country’s biggest mutual fund, the government has decided to provide a partial guarantee for Rs 1,000 crore to UTI, Finance Ministry officials told PTI here today. For rest of the borrowings of Rs 500 crore, UTI would pledge its own assets, sources said.
PTI
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229 firms vanish
New Delhi, June 28 However, as per SEBI estimates, 229 listed companies which collected funds through public issues are no longer available at their registered offices. According to the latest data from Department of Company Affairs, of these 229 vanishing companies, 26 are under liquidation, two have been seized by state governments whereas prosecution has been launched against 135 companies under the provisions of Companies Act 1956. Only 64 of these companies have been regularly filing annual returns, DCA found.
PTI |
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Price index Titan showroom Panel’s report |
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