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Thursday,
November 21, 2002, Chandigarh, India  
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Fiscal deficit ‘under control’
PHDCCI & Brazil chambers ink pact
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Punjab garment exports inch up
BSNL mobile service in Ropar
SEBI okays Kania committee report Kennedy’s car
sold for $225,000
Beware of misleading ads on the Net
Birla Home offers loan at 7 pc
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Fiscal deficit ‘under control’ New Delhi, November 20 “Till now the fiscal deficit is under control and the government is regularly watching the revenue collection situation”, Mr Narayan told newspersons after participating at a session on the textile industry organised by FICCI here. “As of now it (expenditure) is under control”, Dr Narayan said. On the problems faced by the textile industry, especially those pertaining to Cenvat, he said: “Your dilemma and my dilemma is the same. There are different voices. The
conflicts in the government policies arise only because everybody has his own views”, he said. “What happens to the small and unorganised sector. The government strategy must start from this premise”, he said. Although the Centre has been able to rein in its fiscal deficit at Rs 57,746 crore during the first six months, which is 42.6 per cent of Rs 1,35,524 crore (or 5.3 per cent of GDP) budgeted for entire 2002-03, the government’s spendings were expected to go up due to drought reliefs and other factors, while revenue growth had slowed down in October. Narayan, however, said revenue collections were doing well and were closer to the Budget projections. Tax collection grew by 14.78 per cent to Rs 1,02,195 crore during the first seven months of this fiscal with indirect taxes growing by 15.48 per cent to Rs 69,521 crore and direct taxes mop-up increasing by 13 per cent to Rs 32,674 crore. However, the tax mop up slowed down in October as compared to the robust 17 per cent growth posted till September, mainly due to heavy refunds of corporate and income taxes. Narayan said the government was reviewing expenditure. “We are watching the situation,” he added. The fear of higher fiscal deficit comes in the wake of burgeoning of the government’s market borrowings which stood at Rs 1,19,034 crore till November 15, amounting to 83 per cent of budget estimate of Rs 1,42,867 crore for 2002-03. Borrowings rose by 22 per cent from Rs 97,750 crore in year-ago period. The Reserve Bank is slated to mop up Rs 5,000 crore in the fortnight through open market operations. |
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PHDCCI & Brazil chambers ink pact New Delhi, November 20 “Bilateral trade between India and Brazil is likely to cross $ 1 billion this year, compared to $ 842 million last year and to further boost this growth, the chamber signed MoUs with the Federation of Industries of Sao Paulo, the Federation of Industries of Parana, and the Federation of Foreign Trade Chamber Rio de Janerio,” PHDCCI Vice-President P.K. Jain said during a press
conference here today. PHDCCI also signed an MoU with apex business chamber in Mexico. Mr Jain said Brazilian businessmen had shown interest in cooperation with Indian companies in the areas of IT, pharma, biotechnology, agro and food processing. The chamber was also proposing two delegations to Brazil and Mexico next year, he said. Sector specific delegations from these countries would also be invited . Following the visit, the PHDCCI is planning to organise a workshop on practical steps for doing business with Latin American countries with focus on Brazil and Mexico in the middle of December. It will also set up a permanent desk that will act as a centre for first point information on doing business with Brazil and Mexico. |
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Punjab garment exports inch up Chandigarh, November 20 According to information available from the Apparel Export Promotion Council (AEPC), total garment exports from the country to the quota-governed markets declined to Rs 14,841 crore during January-August period this year, against Rs 15,136 crore during the corresponding period last year. However, Ludhiana exporters were able to achieve exports of Rs 441 crore during the same period as compared to Rs 445 crore during the corresponding period last year. During the September and October period, the exports have, however, picked up. According to industry insiders, the Ludhiana exporters have already booked shipments worth Rs 600 crore by October 30 as compared to Rs 624 crore exports during 2001 to quota regime countries. The total exports from Ludhiana have crossed Rs 1,000 crore, which includes quota taken from Delhi and exports to non-quota countries as well. Mr Komal Jain, Chairman of the Duke group of Industries, with a turnover of Rs 150 crore annually, says, ‘‘We are giving a tough competition to Chinese and other international players, on the basis of our quality, delivery on time and wide range of style and designs. The company is currently exporting over 28 lakh T-Shirts to the US and European markets. Due to quota restrictions, the exporters are now exploring the Middle East and Latin American markets.’’ The industry insiders say that despite quota restrictions and recession in the world market, garment exports from the state have registered a marginal increase during the past three years. Some of the exporters, including Eve-Line, Nahar group, KG International and Jain Udhay, have made huge investments to upgrade their plants. As per the New Investment Entitlement Scheme of the AEPC, which grants additional quota against investment, the city exporters have made an investment of over Rs 150 crore over the past two years. Exporters claim that despite imposition of embargo by the USA over Indian exports of T-shirts, due to execution of quota for the current year, major exporters have already achieved their targets for the current year. They are now focusing on the domestic and non-quota countries. Some have even set up units in Nepal to avail the quota of that country. They have urged the Union Ministry of Textiles to talk with the US Government to explore the possibility of delivery of T-shirts and other garments against next year’s quota. |
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BSNL mobile service in Ropar Ropar, November 20 In the first phase, the mobile service will cover national highway in the district while in the second phase the rural areas will be covered by March, 2003. Talking to mediapersons here today Mr Chandrahas, General Manager, BSNL, Ropar, said the registration for the cellular mobiles would begin tomorrow while the connections would be activated in 72 hours. Eight towers had been erected in the Ropar SSA in Kurali, Ropar, Tonsa, Morinda, Bharatgarh, Kiratpur Sahib and Nangal. Mr Chandrahas said in the second phase 5,000 more mobile connections would be released. The mobile phone service would be provided under the brand name of “Cell-One” for post-paid and “Excell” for pre-paid services. Roaming facility would be available throughout the country for STD customers. The registration forms would be available at customer service centres in Ropar and Nangal. For registering complaints regarding cellular phone service, customers should contact on phone number 28999 at Ropar. Initially a customer would have to deposit Rs 1,200 (Rs 1,000 as security for local service and Rs 200 as activation charges). |
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SEBI okays Kania committee report
New Delhi, November 20 The Kania Committee report was keenly awaited as many bourses, including the Bombay Stock Exchange and the Delhi Stock Exchange, are holding on to their plans of merge, and others like Inter-Connected stock exchanges are hoping to revive themselves once SEBI frames guidelines on demutualisation and corporatisation. However, framing of guidelines may take sometime as it required amendments to the Income Tax Act,1961, the Securities Contract (Regulations) Act, 1956, and the Indian Stamps Act, 1899. The government may have to amend the Income Tax Act for taxing future profits of stock exchanges after they are corporatised and exempt them from paying high stamp duties while transferring assets, official sources had said earlier. The present provisions under the clause defines stock exchanges to “mean any body of individuals, whether incorporated or not, constituted for the purpose of assisting regulating or controlling the business of buying, selling or dealing in securities”. This clause needs to be amended to convert a stock exchange into a company incorporated under the Companies Act.
UNI |
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Kennedy’s car sold for $225,000
New York, November 20 The buyer, who was not at the auction, gave his price in advance of the event. The Lincoln convertible, which is now in Connecticut, has been partially restored although its interior remains entirely original, said Arlan Ettinger, President of Guernsey's auction house. Other items related to America's 35th President also sold for substantial sums, such as a wooden rocking chair he received as a gift that sold for $80,000 and a watercolour he painted two years before his death that went for $30,000.
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by Pushpa Girimaji Beware of misleading ads on the Net DURING
the first quarter of this year, a network of consumer protection and health authorities from around the globe scouted the world wide web for deceptive and misleading claims on health products and treatments. And identified as many as 1,400 websites that were making questionable, unsubstantiated health claims and promising miracle cures. Among such websites were those that promoted slimming and weight loss cures; all purpose pills that alleviated anything from arthritis, diabetes, hypertension, heart disease to kidney problems, tuberculosis, asthma and hepatitis; herbal products that promised to rid you of colds, stomach ulcers, hangovers and arthritis; magnets and magnetic devices that treated anything from headache and back injuries to insomnia, arthritis, circulation problems and sprains; multi-coloured shirts that claimed to relieve stress, make the wearer more intelligent and perceptive. On sale were also devices that claimed to obliterate all viruses in the body, including AIDS, hepatitis and flu; an enriched urine treatment for incurable illnesses and products that enhanced sexual performance and reversed the process of ageing. The results of the “Internet sweep” has prompted the International Marketing Supervision Network
(IMSN), consisting law enforcement agencies of 30 countries from the Asia-Pacific, Europe and North America, to issue warnings to consumers: beware of products or treatments that are advertised as a quick and effective “cure all” for a wide range of ailments, be cautious of testimonials claiming amazing results, watch out for advertisers using phrases such as “scientific breakthrough”, “miraculous cure”, “exclusive product” and “secret ingredient”; and before you purchase, consult your pharmacist or other health professionals. According to the Australian Competition and Consumer Commission, which
co-ordinated the search on behalf of the IMSN, of the 1,400 suspicious websites identified, nearly half used testimonials as their main method of convincing consumers to purchase their products. Of them, only a third claimed to be from relevant experts. As part of the follow-up action by member countries, a number of websites are under investigation. Some are facing legal action, some have been forced to issue corrective advertisements, yet others have given an undertaking not to sell the products. Some sites have been deleted entirely. The Office of Fair Trading (OFT), the UK, which participated in the search, said among those identified as potentially misleading were 170 UK-based websites. More than a third of these promoted slimming and weight loss cures, while others offered treatment for cancer, arthritis, sexual performance and hair loss. Like the OFT in the UK, the Monopolies and Restrictive Trade Practices Commission
(MRTPC) in India is the watchdog of consumer interest and there was a time when the office of the Director General (Investigation and Registration) would swoop down on bogus health claims and haul them up before the commission for unfair trade practices. From advertisements promoting a drug that gave couples the choice to decide the sex of their unborn child to those that promised to be a sure antidote for baldness and a definite cure for
leucoderma, the DG investigated into almost every suspicious claim and put a stop to those that were selling false promises. But now, following the government’s decision to wind up the
MRTPC, create the Competition Commission instead and transfer all cases of unfair trade practices to consumer courts, the DG as well as the commission have lost interest in pursuing such cases. Today, it’s a matter of great concern that drugs of questionable efficacy and health gadgets of unknown values are being peddled through not just print, but also electronic media such as the television and the Internet. In fact today there is a proliferation of such advertisements that exploit the vulnerability of those suffering from certain diseases or an inferiority complex regarding their physical stature or looks. The Drugs and Magic Remedies (Objectionable Advertisements) Act is specifically meant to tackle such false and misleading claims, but it is hardly enforced by state governments. Besides, the law is totally outdated and inadequate to deal with the present day situation — it has no provision to tackle advertisements on television and the Internet. Some months ago, the Kerala High Court prohibited an advertisement claiming a miracle cure for AIDS, but such cases are rare. Today to protect consumers from unfair and misleading advertisements, the government needs to do much more. Even though the consumer courts constituted under the Consumer Protection Act can adjudicate on complaints of misleading and false advertisements, they neither have the provision nor the infrastructure to investigate suo motu into such advertisements as was being done by the office of the DG under the MRTP Act. So there is an urgent need to create an office of the Director General attached to the apex consumer court, with powers similar to those enjoyed by the DG under the MRTP Act. This will fill the vacuum that will be left by the MRTPC when it is wound up. |
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Canara rates Price index up Aptech tie-up Kotak Life Notice to Bharti Arvind Mills UTI Bank ATM |
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