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Saturday,
April 5, 2003, Chandigarh, India  
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Foodgrain
output to fall 13.2 pc Invest in
Punjab, industrialists told SARS fears
hit business fairs Export
target only after war: Jaitley 20,687
‘Maruti 800’ sold in March |
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Set up
management board, says chamber NTPC IPO
this year UBI
business up 15.11 pc
Supply
fears push up oil prices
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Foodgrain output to fall 13.2 pc New Delhi, April 4 However, the Rabi foodgrains production estimated at 94.61 million tonnes has for the first time exceeded the Kharif foodgrains production estimate at 89.45 million tonnes. The third advance estimates were finalised at the National Conference on Agricultural for Kharif Campaign 2003 that concluded here today. Announcing the estimates R.C.A. Jain, Secretary in the Union Agriculture Ministry said despite the decline in foodgrains production as a result of the worst drought of the century last year, there is no room for concern as the foodgrains stock in the country continues to be well above the buffers stock norms ensuring country’s food security. The latest estimates of the overall foodgrains production marks a marginal improvement of 89 lakh tonnes over the second advanced estimates announced in February this year. The rice production is expected to be 76.91 million tonnes, a decline of 17.40 per cent from the previous year’s production of 93.08 million tonnes. The Rabi Rice output is estimated at 10.18 million tonnes. Wheat production has suffered less due to better weather conditions in the winter season. In spite of considerable decline in area the wheat production is estimated to be 70.26 million tonnes compared to 71.81 million tonnes in 2001-02. The predominantly rainfed crops of coarse cereals and pulses have been severely effected by the monsoon failure last year. The total coarse cereals production is expected to be 25.08 million tonnes marking a decline of 26 per cent from the previous year. The production of pulses at 11.8 million tonnes has declined by about 10 per cent. Oil seeds production suffered the most declining to 15.57 million tonnes from 20.46 million tonnes in 2001-02, a decline of about 24 per cent. The rabi oil seeds production estimated at 7.5 million tonnes has, however, declined by only 5.6 per cent from the previous year. Cotton production has declined by 15.61 per cent while in the case of jute and mesta and sugarcane, the decline is in the range of 5-6 per cent. During the review of the prospects of the crop production for 2002-03, Jain said the year witnessed monsoon rainfall deficiency of 19 per cent at the National level with 19 out 36 meteorological sub-divisions in the country receiving deficient or scanty rainfall. The deficiency of 49 per cent in the agriculturally most active month of July severely affected agricultural operations. The conference discussed in detail and strategies for the forthcoming Kharif season including cropping plan and availability of key inputs for different crops in the states, flexible implementation of the Central Plan Schemes in macro-management mode and the consequent benefits, reforms in agricultural marketing, credit and risk management and update on WTO discussions. For the first time, important issues relating to Animal Husbandry sector were discussed at the Conference. The two-day National Conference was attended by the State Agricultural Commissioners, Agriculture Secretaries, Vice-Chancellors of Universities, senior Scientists from the ICAR and senior officers of the Planning Commission, Department of Space and the Union Ministry of Agriculture. |
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Invest in Punjab, industrialists told Mumbai, April 4 Seeking the cooperation of Punjabis settled in various parts of the country and abroad, Capt Amarinder Singh said their role and contribution had been of paramount significance. Speaking at a civic reception in his honour by various organisations of the Punjabi community, Capt Amarinder Singh called upon Punjabi entrepreneurs to make investments in various sectors, especially in agriculture and industry. He referred to liberal package of incentives his government now offered in the two fields. A high-powered committee led by the Chief Secretary would accord approvals for new industrial projects within 48 hours and “inspector raj” has been totally abolished. Capt Amarinder Singh lamented that his government inherited a shattered economy with a huge debt liability of Rs 37,000 crore and revenue deficit of Rs 3,500 crore. He revealed that more than 128 per cent of the total revenue receipts of the state were going to salaries, pensions and debt servicing, leaving no money for social services and infrastructural development. The fiscal reforms undertaken by his government in past 13 months have brought positive results and economy was on track. Punjab’s rural economy is being revolutionised through diversification of
cropping pattern and engaging youths in various self- employment ventures. He urged upon Tata, Mahindra and Mahindra to contribute their maximum to the noble mission of making Punjab a model state of the nation. |
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SARS fears hit business fairs Kolkata, April 4 The CII has called off its participation at the Canton Fair in China's Guangdong province in the wake of the travel advisory issued by the WHO on Wednesday because of Severe Acute Respiratory Syndrome (SARS), which has killed nearly 80 persons worldwide. An eight-member Indian steel alliance mission led by Tata Steel's J.R. Irani was to visit China from April 15, but the CII has cancelled the trip. The Canton Fair, which attracts about 5,000 Indian businessmen every year, is to be held from April 15 to 20. The other fairs that might not see Indian participation because of the health alert are the International Toy and Gifts Fair in Guangdong and two other fairs in Hong Kong. The CII is also cancelling business meetings in Hong Kong, which is worst hit by SARS, and Singapore. The outbreak of the severe strain of pneumonia is affecting business. “I was all prepared for the visit to China and Hong Kong. But the trip has been cancelled now because of the pneumonia,” says Prithimoy Chakraborty of Zenith Finesse, among eastern India's largest importers of gift items for corporate houses.
IANS |
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Export target only after war: Jaitley New Delhi, April 4 “The crucial factor for exports is the duration of war. If it is short, the impact will be absorbed but if it continues for long exports will be hit,” Mr Jaitley told UNI. Exports are set to touch the 50-billion dollar mark for the fiscal ended March 31, 2003, much exceeding the growth target of 12 per cent. The war impact was not seen for the last financial year ended a few days ago since the American attack came in the last 11 days of March. “It is better to wait for the war to be over before we fix the next target,” Mr Jaitley said. The government fixes the export target after holding wide consultations with different export promotion councils and commodity boards. A long conflict in West Asia can affect the Indian economy and exports in different ways. The exports to the war zones have already been affected. Fate of orders worth Rs 1,000 crore under the UN-sponsored food for oil programme, which are in pipeline, is uncertain though the Commerce Ministry has maintained a day to day contact with the Permanent Mission in New York. “A long war can also affect the oil prices and the trade sentiment. Besides the economies of the countries buying Indian goods will take a hit and in turn affect our exports,” Mr Jaitley said. The minister also saw a positive side as well. “Indian companies will have an opportunity to actively participate in reconstruction of Iraq.”
UNI
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20,687 ‘Maruti 800’ sold in March New Delhi, April 4 Earlier, the company had recorded the highest number of ‘Maruti 800’ sales in August 1999 by notching up 18,735 units, a company statement said here. The last year’s price cut was to the tune of Rs 15,000- 20,000. The price being formed part of a strategy to prop up sales. “In the seven months before March 2003 (August 2002- February 2003), ‘Maruti 800’ was averaging 12,677 units per month. The excise duty cut in the Budget led to a price reduction, making ‘Maruti 800’ even more attractive,” the release said. MUL has also tied-up with the State Bank of India to provide easy loans for the ‘little’ car.
PTI
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Set up management board, says chamber New Delhi, April 4 The chamber said it would be appropriate to set up a Board of Management with an identity distinctly separate from the statutory Board of Directors as defined under the Companies Act. Its function would be to oversee the day-to-day operation of the enterprise, activities of the councils and make recommendations to the Board of Directors on specific policy issues for latter’s decision. In the proposed scheme, it is mentioned that the Board of Management will include persons who represent workers and managers and other employees in that establishment and the representatives will consist of 12.5 per cent each of the total strength of such Board of Management.
TNS
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NTPC IPO this year
New Delhi, April 4 “We are proposing to come out with an initial public offering (IPO) for a quantum of about 5 per cent of the equity base. A proposal to this effect has already been sent to the Ministry of Power for approval,” C.P. Jain, NTPC Chairman and Managing Director, told reporters here. Meanwhile, the corporation reported a marginal jump in its net profit for the fiscal 2002-03 at Rs 3574.15 crore compared to Rs 3539.62 core in the previous financial year. NTPC, however, recorded a turnover of Rs 19,946.61 crore during 2002-03 as against Rs 18,583.74 crore during 2001-02.
TNS
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UBI business up 15.11 pc Chandigarh, April 4 The gross advances of the bank have gone up by Rs 4,278 crore having a rise of 19 per cent over the last year and have grown by Rs 5,131 crore during the year. Despite an increase of 15.11 per cent in the business, the cash plus bank balances have been reduced from Rs 242 crore to Rs 215 crore. |
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