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Tuesday,
December 24, 2002, Chandigarh, India  
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Govt to introduce services price index
‘Punjab needs to speed up reforms’
2002: a year of bailout for FIs
Kelkar report not satisfactory: exporters |
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2 firms bid for online lottery in Punjab
Jain, Malhotra yet to get back passports
Knock, knock, Santa here to deliver mail
Haryana Tourism net at Rs 45 lakh
Chautala invites Japanese investment
PM to unveil Grameen Sanchar Sewak BSNL launches Cellone at Mandi New Year Hungama
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Govt to introduce services price index
New Delhi, December 23 “We have done the groundwork for the SPI and the same is expected to be launched in the financial year 2003-04,” Commerce and Industry Ministry sources said. The ministry was in talks with various government and non-government organisations for outsourcing data pertaining to weightage and costing of various services for preparing the index, they said. The services sector accounts for about 52 per cent of the GDP. The government would consider 1999-2000 as base year for calculating the SPI. The government had, however, not finalised the periodicity of the index. “It can be either weekly like the WPI or fortnightly, that we have to decide,” they said. Like the WPI, the complication, classification, weightage, price index calculation and publishing of the SPI would be done by the economic wing of the Commerce and Industry Ministry. Initially, only five sectors — Railways, Civil Aviation, Shipping, Telecommunications and Road Transport — found place in the index, they added. “The YK Alagh Committee had advocated the inclusion of power distribution services for calculating the index. But for the time being, we have decided not to consider this as only a few states like Delhi have privatised power distribution,” they added. The government had identified around 50 sectors, including dry cleaning, consultancy firms and chartered accountants for levying services tax. “But at this point of time it is not feasible to consider all of them for calculating the index,” sources said. The sources said the services index had become necessitated as the price changes in these sectors not only affect the economy but had a direct implication on the lives of the common man. The SPI would be calculated on the basis of changes in the goods and passenger fare, as and, when they occur in the related sectors. On data compilation, the sources said those relating to the Railways and Road Transport Services would be calculated on the basis of passenger fare, cargo freight, wagon/vehicle hire charges, freight per tonne among other factors.
UNI
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‘Punjab needs to speed up reforms’ Chandigarh, December 23 Delivering a lecture at Centre for Research in Rural and Industrial Development (CRRID), he said despite strong economic fundamentals, the growth rate of the economy in the state had not picked up. Unlike Andhra Pradesh and Karnataka, he said political leadership in Punjab had not taken unpopular but most desired decisions for the development of the state. Dr Sud, an expert in economic management and policy formulation in developing countries, condemning the performance of public sector units, said: “It has been, by now, accepted that privatisation will have to be the engine of growth. After the first stage of reforms, undertaken by the Centre, the states will have to take second generation of reforms to propel economic growth.” Dr Sud disclosed that a recent study of the World Bank had revealed that the top priority of rural population was to have road network, quality education and improvement in health facilities, besides water supply. The state government should allow the private sector to invest independently in these areas as well within the parameters of environmental laws. He urged the Chief Minister, Capt Amarinder Singh, to take tough decisions to attract the private sector to invest and to reform the public sector units.
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2002: a year of bailout for FIs
New Delhi, December 23 Bailouts were galore in 2002 with the Centre promising Rs 14,561 crore to Unit Trust of India for its assured return schemes, a proposed Rs 2,500 crore surety for IDBI for its transformation into a universal bank and an anticipated guarantee worth thousands of crores to ailing IFCI for its restructuring. North Block mandarins put up a brave face, saying the assistance to UTI would be “revenue neutral” as it would not have any adverse implication on fiscal deficit, but rushed to scrap UTI Act to wash their hands off future liabilities. Though the government rejoiced when Parliament approved the repealing of the UTI Act, the prescribed medication — split of UTI and bailout — had been too late as the diagnosis was done almost a decade back. Successive expert committees, headed by Y H Malegam, S S Tarapore, Deepak Parekh and lately the Joint Parliamentary Committee probing the stock scam, had recommended repealing of the Act and segregating the net asset value based schemes from the chronically ill UTI. Better late than never, the government finally decided to shoulder the arduous task of managing US-64 and other assured return schemes, while transferring UTI-II to surrogate parents — Life Insurance Corporation, State Bank of India, Bank of Baroda and Punjab National Bank. Addressing Parliament, Finance Minister Jaswant Singh did not hide the Centre’s intentions of selling off UTI-II to private parties after 3-5 years when the youngest sibling in mutual fund family is able to stand on its own feet. How far the new genre mutual fund, to be nurtured in accordance with SEBI stipulated 3-tier structure, copes with present depressed market situation is a matter of debate. At least during the initial years, UTI-II would have to live with the bad image forced upon it by the erroneous investment decisions taken by UTI top brass mainly appointed from IDBI. It is no wonder that UTI failed to cope with its woes as the main stakeholder Industrial Development Bank of India was itself facing rough weather. IDBI, which groped in the wilderness of mounting asset liability mismatches last fiscal, was provided with over Rs 2,000 crore. Yet, the FI was eagerly longing for a generous nod from government for a bigger amount so that it could convert itself into a universal bank. The FI tried desparately to rope in a major PSU bank like PNB, BoB and Union Bank for the reverse merger in line with ICICI-ICICI Bank marriage. But IDBI pathetically failed in its efforts, as banks maintained that merging with the FI would amount to submerging their own growth prospects. After brain-storming parleys, IDBI was able to persuade Finance Ministry that it can function as “stand-alone” bank provided RBI grant forbearance in meeting the prudential norms and government bridge the financial gap. Although IDBI chairman P P Vora boasted that the FI was preparing the roadmap for its dream venture of a universal bank, it is yet to see any direction.
PTI
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Kelkar report not satisfactory: exporters New Delhi, December 23 Though a steady increase in exports to the USA was a positive indication that the country was moving towards attaining the target of $ 50 billion of exports by 2008, however it was important to have consistency in policies, particularly those relating to export, stated Mr Puri in a press note. Pointing out the recommendations by the Kelkar Committee relating to the withdrawal of the fiscal incentives, he said such recommendations discourage fresh investment in the industry as the businessmen would think several times before embarking up on a new scheme or expanding operations of the existing units. Mr Puri said India’s exports of IT products, including computer software and IT enabled services, would need to grow at 32.5 per cent in order to attain the target exports of $ 50 billion by 2008.
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2 firms bid for online lottery in Punjab Chandigarh, December 23 He said the state government had earlier signed an agreement with Venture Business Advisor Private Ltd., Consortium, to launch state online lottery for about Rs 9,301 crore as licence fee for seven years period, including Rs 55 crore during the first year itself. However, the agreement was cancelled after the company submitted forged bank guarantees. Talking to The Tribune, official spokesperson disclosed that the state government has now decided to grant the licence for three years only. For this, it has fixed as Rs 75 crore, Rs 125 crore and Rs 175 crore as the minimum licencing fee for the first, second and third year respectively to operate the state online lottery. The agreement, he said, would give right to the company to run the online lottery throughout the country under Lotteries Regulation Act- 1998. It may be mentioned that Haryana government has also failed to elicit adequate response from the private parties for the state online lottery. It has also advertised for the second time, to allot licence for the online lottery. The online lottery of the Sikkim government is already being run by the Playwin company throughout the country along with Punjab. Official said that with the state’s online lottery, state government would be also able to earn a share in this business. |
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Jain, Malhotra yet to get back passports
New Delhi, December 23 “The communication last week from the Jakarta police to the Indian embassy led us to believe that the police would handover the passport on Monday, December 23 and it now appears that Arun and Rajiv will have to wait longer in Jakarta,” a company statement from Chennai said. “At the time of issuing this communication, we have not yet received any firm indication on the return of the passports,” said the company which is involved in a commercial dispute with Bank Artha Graha. The statement also said Amar Sinha, Charge d’ Affaires understood from Indonesian Foreign Affairs Ministry on Friday, December 20, that Indonesian government too sees the dispute between the Bank Arth Graha and Polaris as a commercial one. “This understanding is clearly what led the Indonesian Foreign Ministry to advise the Jakarta police last Friday to release Arun and Rajiv,” it said. “As expressed and clearly understood by both parties in the contract, the commercial dispute can be arbitrated and resolved only under Singapore Law,” the statement said.
PTI
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Knock, knock, Santa here to deliver mail
Kolkata, December 23 Postal officials hit upon the idea of dressing some postmen like Santa, complete with a red robe, red cap, a glowing white beard and a cheerful disposition, to increase business in the festive month in which millions of Christmas cards and cakes are sent and received. So postman Santa Claus goes delivering mailers in his inimitable style and the loud “Ho-Ho-Ho Merry Christmas” greeting. “This Christmas, Santa is delivering festive cards, cakes and gift packets for four days from December 22 between 6 p.m. and midnight,” says John Samuel, Postmaster-General, north Bengal and Sikkim circle. For the role, preference has been given to rotund employees. They put on their dress and makeup at office and set off to make the deliveries. These Santa Clauses don’t travel on reindeer sleighs, but mostly use smart motorbikes. “We hope to do good business these four days as the Darjeeling hills has a sizeable Christian population. We hope this venture will prompt parents to surprise their children at midnight with gifts and cakes,” Samuel says. The charges for delivering a card are Rs 20 and a cake is Rs 50. The sender can also order a cake of his choice with the Postal Department. All deliveries will be made on the same day as the bookings. The Department is making this novel effort to increase business, which is facing stiff competition from courier companies. “We need to make people come to the Postal Department. They have to be attracted in new ways,” Samuel explains. Depending on the scheme’s success, the north Bengal and Sikkim circle will decide on extending it beyond the Darjeeling Head Post Office zone.
IANS
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Haryana Tourism net at Rs 45 lakh Chandigarh, December 23 The Chief Minister also sanctioned projects for developing a theme park on India and a convention hall at Surajkund. The theme park would showcase India by constructing miniatures depicting prominent historical and architectural features of each state. A wide variety of Indian cuisines also would be available in the park. The project would be undertaken with the help of the union government and various state governments, stated the release. During the meeting it was also disclosed that special projects coming up in the present year include construction of an ethnic village at Rai.
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Chautala invites Japanese investment New Delhi, December 23 Mr Chautala said this while interacting with the Managing Director of DENSCO Haryana Pvt Limited Yoshihiro Saka at a meeting here. DENSCO is a Japanese Company with its unit based at Manesar in Gurgaon district manufactures automative spare parts. Stating that the state government was committed to provide all facilities to the entrepreneurs interested in setting up their ventures in Haryana, the Chief Minister said the state government would utilise Japanese expertise for giving thrust to industrial development in the state. He also announced that a Japanese-style restaurant, hostel and Golf Course would be set up at Gurgaon.
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PM to unveil Grameen Sanchar Sewak New Delhi, December 23 The Prime Minister Atal Behari Vajpayee will launch the pilot project “Grameen Sanchar Sewak” tomorrow which would provide telecom connectivity in rural areas at cheap rates using WLL. The project has been conceptualised to provide accessibility of public telephone to rural population at their doorsteps by using WLL technology.
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BSNL launches Cellone at Mandi Mandi, December 23 Talking to newspersons Mr Pradeep Kumar, GMTD, said while Cellone was a post-paid mobile with three tariff plans designed to suit different customer needs, Excel was a pre-paid mobile service with different recharge coupons. |
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New Year Hungama Chandigarh, December 23 All Spice subscribers who register for playing Khelo 902 between December 22 till December 31, 6.00 pm would be eligible for the New Year Hungama prizes. The three lucky Spice subscribers can either win a Philips Home Theatre System, Philips Music System with MP3 or Philips DVD player. In addition to these prizes subscribers can also win thousands of rupees of free airtime everyday.
TNS
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