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Friday,
December 13, 2002, Chandigarh, India  
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Industry
records 6.2 pc growth Shourie
mum on barring PSUs for HPCL bid No
privatisation of BSNL, MTNL SEBI to
complete probe into L&T case by Feb 4 units to
be set up in Punjab |
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Performance
of PSUs reviewed GE to
invest up to Rs 70 cr SEZs to
take more years to become reality Industry
to promote ‘Sikh heritage’ Cotton
prices rule high
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Industry records 6.2 pc growth New Delhi, December 12 The overall industrial growth during April-October this year was recorded at 5.5 per cent, against 2.5 per cent during the period last year, according to the index of industrial production (IIP) of the Central Statistical Organisation (CSO), released here today. As per use-based classification, the growth in October 2002 over October 2001 is 5 per cent in basic goods, 12.2 per cent in capital goods and 4.1 per cent in intermediate goods. Manufacturing grew at 6.4 per cent in October, against 3.5 per cent during the same month of 2001. Electricity grew by 7.4 per cent, against a negative growth of minus 0.2 per cent in October 2001, while mining grew by 3.8 per cent (3.7 per cent in the same month last year). During April-October, manufacturing grew 5.6 per cent (corresponding 2.7 per cent), electricity four per cent (earlier 2.6 per cent) and mining 6.1 per cent (0.2 per cent). As many as 14 of the 17 two-digit industry groups have shown positive growth during October. Consumer durables and consumer non-durables have recorded growths of minus 5.9 per cent and 14.6 per cent, respectively, with the overall growth in consumer goods being 8.1 per cent. Along with the quick estimates of IIP, the indices for September 2002 have undergone the first revision and those for July 2002 the second (final) revision in the light of the updated data received from the source agencies.
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Shourie mum on barring PSUs for HPCL bid New Delhi, December 12 "I will not comment on anything... Parliament session is on... it is unfair to comment", Mr Shourie told newspersons on the sidelines of a session on the WTO organised by Ficci. There have been reports that Indian companies will be barred from participating in the bidding process of HPCL. Disinvestment Secretary Pradeep Baijal said he is not aware of the reported compromise formula hammered out by the Cabinet on the issue of divesting government equity in the oil PSUs such as HPCL and BPCL. The government is likely to invite bids for Engineers India Limited (EIL) and Shipping Corporation of India and the process is expected to be complete within this financial year. The Core Group of Secretaries which met yesterday was learnt to have cleared the disinvestment proposal of EIL. Shourie cautioned that the industry stands the chance of being isolated in the new international business order unless it sheds off its negative attitude and seizes the opportunities thrown open by the WTO regime. “In India the WTO has become some sort of a ‘hauvva’ (spectre) to scare ourselves. We are fomenting an atmosphere of suspicion and discouragement that somebody is out to sell India. If we don’t move swiftly enough we will be left behind by others like China,” Arun Shourie said . “I do not mind standing firm. But if the issue comes to a break point, we need to ask whether it is India’s interest”, he said, adding that in every situation there are advantages and disadvantages and “we have to put the opportunities to work”. “There is no doubt in my mind that we have been continuously singled out by the European Union on phyto-sanitary measures due to the stand that we have taken in the international fora over the decade,” he said. India’s stand at the WTO over the past decade reveals that “our permanent answer to everything has been no. We have been very creative in articulation but have tried to find fault with everything, take up other people’s causes”.
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No privatisation of BSNL, MTNL
New Delhi, December 12 “In the near future, BSNL and MTNL would not be given to the private sector,” Communication Minister Pramod Mahajan said during Question Hour. In reply to the main question, he said BSNL and VSNL have signed an agreement over sharing of revenue in International Long Distance service on 18th November, 2002.
PTI
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SEBI to complete probe into L&T case by Feb
New Delhi, December 12 “We will complete the investigation very quickly. I hope, it will be done within a couple of months,” Securities and Exchange Board of India chairman G.N. Bajpai said on the sidelines of an MoU signing ceremony here today. He declined to give details of the investigation of the deal of Grasim with Reliance for buying 10.05 per cent stake in Larsen & Toubro in November 2001 at Rs 306 per share and subsequent increase in its stake to a little over 14 per cent in tranches. Later, Grasim made an open offer for Rs 190 per share and continued its purchases, through its subsidiary Samruddhi Investments Ltd, to take its holding beyond 15 per cent. SEBI last month asked Grasim not to go ahead with its open offer to mop up additional shares of L&T at a price of Rs 190 a share, before it completes its investigations. Although the company moved the Securities Appellate Tribunal (SAT) asking for interim relief, the tribunal last week upheld SEBI advice to Grasim Industries Ltd to stop the open offer for acquiring additional 20 per cent stake in L&T.
PTI
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4 units to be set up in Punjab
Faridkot, December 12 This was stated by Mr Surinder Singla, Chairman, High-Powered Financial Reforms Committee Punjab, talking to this reporter here yesterday. He said Capt Amarinder Singh will convene a meeting of industrialists shortly. He claimed that Punjab is the first state which had taken initiative to accept the challenge of globalisation. He disclosed that steps are being taken to develop the infrastructure like roads and bridges with the help of the public and private sector under the government’s build, operate and transfer policy. Efforts are also being focused on the power supply reforms. The government is also taking up this issue with the government of Uttaranchal and Himachal Pradesh by installing Hydel projects on joint basis, said Mr Singla. Assailing the previous SAD-BJP government for making the state a heavy debtor, he accused it for its failure to recover hundreds of crores of rupees allocated by the Centre for the development of the state under various schemes.
OC
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Performance of PSUs reviewed
Chandigarh, December 12 While the performance of Punjab State Industrial Development Corporation (PSIDC) SIDC was reviewed yesterday, while the minister today held a review meeting with Punjab Small Industries and Exports Corporation (PSIEC) managing director P S Aujla. Mr Henry said in a statement issued here that he observed appreciable performance of the PSIEC in the current financial year which earned a profit of Rs 202 lakh upto November, 2002. The PSIEC is likely to earn a net profit of Rs 3 crore during the year ending March, 31, 2003, as stated by the PSIEC MD.
UNI
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GE to invest up to Rs 70 cr
Kolkata, December 12 “The decision of the proposed project is expected to be finalised within the next six months and the company will also employ 500 to 2000 people in the said projects,” GE Capital International Services CEO Pramod Bhasin told reporters here today. Mr Bhasin, who was here to attend an Information Technology Enabled Services (ITES) seminar organised by the CII informed that Kolkata, Cochin and Chandigarh were the probable cities where the company was looking forward to invest. “The decision is expected to be finalised within a short period of time,” he said. Asked about the reason behind the delay of the finalising the decision, the CEO said they were waiting for the IT market to pick up after the recent recession in the global market.
UNI
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SEZs to take more years to become reality Chandigarh, December 12 An indication to this effect was given by the Union Minister of State for Commerce and Industry, Mr Rajiv Pratap Rudy in an interview with TNS here last night. He said the SEZs were based on the Chinese pattern where they had proven to be a great success in boosting production and exports. The SEZs would enjoy a series of tax and excise concessions. The normal labour laws would also not be applicable in these zones. All these measures were expected to create a positive atmosphere for the quick growth of industry which in turn would boost exports of inexpensive and competitively priced goods. He said India at present had only 0.7 per cent of the world trade. The government had set a target of achieving 1 per cent of world trade within the next couple of years. He had no doubt in mind that this could be achieved. He said country’s existing labour laws were archaic and needed to be reformed. But most of the action to be taken in this regard lay in the domain of the state governments which were dragging their feet for one reason or the other. Hence, the tardy progress in the creation of Special Economic Zones. Even otherwise, SEZs had a long gestation period. In China too, SEZs had taken years together before they became operational. Mr Rudy, however, said that now that Mr Arun Shourie had become in charge of the Industries Ministry at the Centre in place of Mr Murasoli Maran who was ailing, he had no doubt that things would now move speedily. The Vajpayee government was committed to economic reforms and a programme of disinvestment in PSUs which were no longer making a profit. He pointed out that the government had invested a total of Rs 2,74,000 crore in PSUs on which the return was not even three per cent. The country could no longer afford such a luxury. Mr Rudy said the government was also keen on improving the infrastructure, especially the roads and highways. In this connection, he mentioned the Mumbai-Pune highway which rivaled some of the best in the world. Similarly, construction work on highways to connect the four metros i.e. Delhi, Mumbai, Kolkata and Chennai was also underway. He said roads and highways played a big role in giving a fillip to trade commerce and industry in any country. “The US became rich more due to its roads and highways than anything else.”
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Industry to promote ‘Sikh heritage’ New Delhi, December 12 “We have found out that the Sikh heritage has not been promoted in a big way. Patiala, for instance, has the largest collection of medals, war memorials, which can attract domestic as well as foreign tourists. Similarly, other places, including Ropar and Kapurthala can be major tourist destinations”, said Dr D.P. Dhaka, Secretary General, PHDCCI . He said the Punjab Government has also given a positive response towards providing incentives for promoting tourism in the state. “An incentive paper, on which discussions will be carried on between the industry and the government, will be presented tomorrow”, he said. The chamber, which has chalked out a plan in this regard aims to encourage private investment in these areas. As many as 50 hoteliers and various travel agents from across the country will meet at Patiala tomorrow. A meeting with the tourism secretaries with the industry of the northern states will also be held. In its discussions with the government, the industry representatives will focus on basic infrastructure amenities, including airports, railways, highways and link roads to tourism spots, availability of drinking water, public conveniences, electric supply, transport, telecommunications along with the creation of tourist facilities such as hotels of all categories. “The basic idea is that the ‘Integrated Tourist Circuits’ should offer more attractions so that revisits of tourists are ensured", said Mr Dhaka. Promoting places which have earlier not been focused upon will not only ensure revenue inflows to the state, but will also place it on the global tourism map, the representatives feel. Apart from hotels, the chamber says investments in shopping complexes at the places to be promoted as tourism circuits, amusement parks should also be promoted. In the “Sikh Religious Circuit”, it is important to link, Delhi, Paonta Sahib in Himachal Pradesh, Anadpur Sahib, Fatehgarh Sahib and Amritsar in Punjab, the industry opines. Apart from this, the state needs to identify and link villages rich in folk arts, cuisine and heritage that could be developed for rural tourism.
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Cotton prices rule high Bathinda, December 12 Cotton traders observed that as the overall production in the world had come down and moreover the import of cotton in India had come down considerably, the prices of raw cotton further shoot up in domestic markets. On the other hand, the arrival trends in various markets of Punjab, Haryana and Rajasthan had been indicating that production of cotton would not cross more than 20 lakh bales in the current season. The production target of cotton in the North zone comprising these three states was fixed around 30 lakh bales. Punjab state would also fail to meet its production target 11.5 lakh bales of cotton in the current season as the arrival trends were indicating so far. The revised estimate of cotton production in Punjab had been fixed around 8.5 lakh bales. The production of cotton in Haryana and Rajasthan was estimated at 8.75 lakh bales and 3.25 lakh bales, respectively. Mr Ashok Kapur, President, Northern India Cotton Association (NICA) pointed out that prevailing prices of different varieties of cotton were much higher the prices which were prevailing in the markets in the corresponding period last year. He added that market was still firm and further rise in the prices could not be ruled out. He pointed out that what was more surprising was that prices of desi variety of cotton were also ruling high.
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In a clear sign economic recovery, industrial production registered a growth rate of 6.2 per cent in the month of October 2002 - up from 3.2 per cent during the corresponding month of the previous year.
