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Saturday,
December 14, 2002, Chandigarh, India  
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Maruti, Hyundai sales rev up
‘Industry no longer looks forward to concessions’
Move to bring 30,000 in tax net
SC asks ICICI Bank to acquire Mardia plant |
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PSB crackdown on defaulters Connect numbers changed
London college opens branch in city
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Maruti, Hyundai sales rev up New Delhi, December 13 Car sales was buoyed by increase in sales volumes of Maruti, Hyundai and Tata Engineering, data released by Society of Indian Automobile Manufacturers (SIAM) said here today. However, General Motors, Ford, Fiat and Hindustan Motors suffered a drop in sales during the month, data released by the SIAM showed. Total sales rose to 41,140 cars from 38,220 cars sold in November, 2001, the data showed. The November sales were, however, lower by 9.2 per cent over 45,317 cars sold in October this year. Cumulative (April-November 2002) car sales increased by 7.6 per cent to 3,44,924 units from 3,20,403 units a year ago. Sale of commercial vehicles surged by 23.4 per cent to 14,279 units in the review month from 11,566 units last year. Cumulative sales in this segment stood higher by 30.8 per cent at 1,14,152 vehicles. Sale of utility vehicles, however, fell by 2.3 per cent to 8,569 units while cumulative sales in this segment rose by a modest 3.1 per cent to 69,543 units. Total two-wheeler sales rose by 19 per cent to 4,53,603 units in November, 2002. During April-November, 2002, cumulative two-wheeler sales jumped by 22.3 per cent to 33.29 lakh units. Motor cycles powered the good performance in this segment clocking a 36.4 per cent to 3,59,120 units during the review month. Scooter and scooterette sales, however, dipped by 11.8 per cent to 70,609 units while mopeds slipped by 37.1 per cent to 23,874 units during the month. Maruti Udyog posted a 9.6 per cent rise in sales at 21,344 units during November, 2002. The local unit of Hyundai Motor recorded a 28.6 per cent at 9,187 units while that of Tata Engineering went up by 11 per cent to 5,758 cars. Sales of Honda Siel Cars and DaimlerChrysler increased by 30.6 and 29 per cent to 1,148 and 111 cars. However, the Indian subsidiaries of General Motors and Ford suffered a 10.5 and 31.4 per cent drop at 456 and 805 cars during the review month. Sales of Fiat India and Hindustan Motors also fell by 56.3 and 5.9 per cent to 1,146 and 1,082 cars. New entrant Toyota Kirloskar sold 103 units of its latest luxury car Camry. In the motor
cycle and step-thru category, Hero Honda and Bajaj Auto clocked a 19.6 and 25.6 per cent rise to 1.59 and 79,279 units. Yamaha Motor and TVS Motor posted a growth of 92.9 and 69.2 per cent to 30,298 and 67,895 units. Motor cycle sales of LML and Royal Enfield grew by 142 and 5.37 per cent to 14,172 and 2,451 units.
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‘Industry no longer looks forward to concessions’ As the new President of the PHDCCI, Mr P.K. Jain, maintains that his effort will be to project North India as a common market for economic development. He believes 8 per cent growth can be achieved this year itself. The Chairman-cum-Managing Director of The Malt Company (India) Limited, Mr Jain has been associated with the Chamber for the last 20 years and has headed various committees. He has taken up major issues, including the reduction in electricity tariffs and formulation of export policy for Haryana. He insists in an interview in New Delhi that northern India requires mega projects involving major investment. Excerpts of the interview: Q: What is your agenda for the coming year? A: We are an apex chamber and the core agenda with us remains improving further the partnership approach we have with the states in the northern region. The idea is not only to focus on acting as a catalyst between industry and the state governments in the region but also to promote higher co-operation among the states and project northern India as a common market for economic development. Q: What do you think needs to be done to promote economic development in the region? A: The northern region needs mega projects involving major investments. Both the Centre and the state governments need to take initiatives in this regard and encourage domestic as well as foreign investment. This will not only speed up growth of the industry but lead to additional employment as well. Q: What are the strengths of the northern region? A: Areas like agro, textiles, automobiles are our strengths, which if exploited well can give an impetus to economic growth. The Chamber’s focus is to accelerate growth in various sectors by creating awareness. In agriculture, for instance, the emphasis will be on taking reforms to the grassroots level. This we plan to do by establishing tie ups with universities so that the farmers can be informed about the right measures they can adopt to emerge successful amidst global competition. Q: Is the Chamber also interacting with other state governments in this regard? A: Yes, we have already started this. We are forwarding our suggestions to various state governments and the draft policy framework for the biotechnology policy in Delhi has already been submitted. Similar efforts are being made in other states as well. We will also continue our emphasis on conducting meetings with the state governments. Q: What problems are the
industrialists facing in the Northern region? A: While every state has separate issues to be dealt with, broadly we can say infrastructural problems, including power and labour issues, which are key to the success of any business, are acting as bottlenecks to industrial growth in the region. Q: Is the industry looking for any kind of concessions from the government? A: We want to make it very clear that the industry is no longer looking forward to any concessions from the government. But the government should not come up with new taxes and issues like the MRP. And if they want to, it should be first discussed with industry. When revenue generation is the idea, we can discuss and find out other avenues available to take care of that kind of revenue. Q: Do you find encouraging trends in the growth of industry in the region in the coming years? A: This region has great potential and I personally feel we can attain around 8 per cent growth this financial year itself. We should not be discouraged by the global slowdown. Even though the drought has had an adverse impact on industrial growth, it can certainly be encouraging in the coming months. Q: Do you think that the Chinese market is actually a more attractive destination compared to India? A: With India actively adopting the reform measures, our country could be even a more attractive destination in the coming days. As far as the Chinese products overtaking the Indian markets are concerned, any such fears are baseless. Indian products are superior in quality and if the pricing is also competitive, Indian products will stand a higher chance of finding a better place than Chinese products in the international market.
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Move to bring 30,000 in tax net Jalandhar, December 13 Talking to reporters here today, the Commissioner (Income Tax), Mr S.C. Gupta, revealed that the officials concerned have started conducting survey in the Phagwara, Jalandhar - III and Jalandhar IV ranges. “We are preparing a directory of those commercial establishments, who are not income tax assessee to later prevail upon them to file their annual income tax return. The exercise is aimed to reduce burden on the existing income tax payers by expanding the tax base,” said Mr Gupta. During the survey, it is found that there are several individuals and commercial establishments at Begowal in Kapurthala district which are either not filing their returns despite earning huge income or paying less income tax than required. The department, according to sources, is going to bring about 30,000 new income tax assesses in the tax net by the end of the current financial year as per the guidelines of the Central Board of Direct Taxes to expand the existing tax base by 30 per cent. The officials were tightlipped about the value of income tax collected during the current financial year even as they have issued show cause notices to some charitable education institutions for not complying with the prescribed norms.
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SC asks ICICI Bank to acquire Mardia plant
New Delhi, December 13 The court, however, made it clear that the bank can not part with the assets of the borrower by way of lease, assignment or sale. A three-judge Bench, comprising Justices VN Khare, Ashok Bhan and Arun Kumar, also made it clear that its order will not preclude the creditors from taking recourse to any other alternative provision under the act. The Bench passed the order on an application, filed by Mardia Chemicals, seeking a directive to the bank to keep the Surendranagar plant in running condition in the event of its takeover by the bank.
UNI
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PSB crackdown on defaulters Chandigarh, December 13 The General Manager, Punjab and Sind Bank, Zonal Office, Chandigarh, in a press note issued here today, said out of the 24 cases covered under the Act, 15 defaulters had approached the bank for settlement. The bank had settled cases amounting to Rs 16.15 lakh and recoveries of Rs 4.17 lakh had been made so far.
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Connect numbers changed Chandigarh, December 13 According to a press note, the Connect subscribers in these cities will have to prefix changed digits with their existing phone numbers. The Connect subscribers in Ludhiana for fixed line phones and fixed wireline terminals (FWTs) will have to replace the first digit by ‘50’, for example, for 315987, new number shall be 5015987. For mobile phones in Ludhiana, the first digit shall have to be replaced by 51 i.e. old number 309372 will now be 5109372. For Khanna the first two digits of the old number shall have to be replaced by 50 and the telephone number shall remain a six digit one. For Nawanshahr and Kapurthala, the Connect subscribers can replace first digit by ‘50’ making their old five digit telephone numbers into six digit number. For Pathankot, prefix the old number with ‘50’, increasing the old five- digit telephone numbers to seven digits.
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As the new President of the PHDCCI, Mr P.K. Jain,
maintains that his effort will be to project North India as a common market for economic development. He believes 8 per cent growth can be achieved this year itself.
