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Tuesday,
April 29, 2003, Chandigarh, India  
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Satyam opens centre in Malaysia
ADB projects 6 pc GDP growth for India
Zee
Telefilms profit jumps 63.5 pc |
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SBI to give easy loans to small units New Delhi, April 28 In a bid to give impetus to small scale industries (SSI), which is facing stiff global competition, the Vajpayee Government has decided to make available easy loans through the SBI.
Maruti IPO in first week of June |
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PPCB warning to parboiled rice millers
Exports
cross $ 50b mark
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Satyam opens centre in Malaysia Cyberjaya (Malaysia), April 28 The company also signed a memorandum of understanding with Microsoft (Malaysia) to create IT outsourcing capability to meet the “growing demands in the region.” The partnership is likely to train over 200 IT professionals in two years. Managing Director of Satyam, B Rama Raju, said Malaysia was an attractive location because of its world-class infrastructure, strategic location in the region and proximity to India. Indian High Commissioner Veena Sikri said the increasing presence of Indian IT companies in Malaysia would further deepen ties between the two countries. She also complimented the Malaysian government in dealing with the incident last month when the police detained Indian IT professionals despite having valid documents in Kuala Lumpur. “In the recent weeks, India’s IT professionals had been in the eye of the storm. But I must thank the government of Malaysia and in particular acting Prime Minister Abdullah Ahmad Badawi for the tremendous understanding and support, which has put the problem absolutely behind us and we now are seeing the first result of this cooperation,” she said. Inaugurating the centre, Malaysian Minister of Energy, Communication and Multimedia, Amar Leo Moggie, sought to bury the incident and said Malaysia continued to welcome “knowledge workers.” “Notwithstanding an unfortunate recent aberration involving knowledge workers from India, I would like to stress that Malaysia continues to welcome such knowledge workers and appreciates the skills they bring to Malaysia and help impart to their local counterparts,” said Moggie. The Global Solutions Centre (GSC), the software development centre which is a part of Satyam’s Business Continuity Process model, will drive the company’s expansion not only in Malaysia but also in ASEAN, said Raju. On the tie-up with Satyam, Butt Wai Choon, managing director of Microsoft (Malaysia) said, Microsoft will develop Malaysian talent for the domestic and international markets. “The collaboration envisages Satyam working with Microsoft Malaysia in key industry verticals, such as government, banking, insurance, retail and distribution and logistics.” Satyam already has 8 offices and 3 software development centres in Asia Pacific and Malaysian facility will be the fourth development centre in the region.
PTI |
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ADB projects 6 pc GDP growth for India New Delhi, April 28 Citing the recent SARS epidemic, the bank, however, said there could be “substantial negative impact” on several economies of the Asian region. The ADB also said India, which accounted for three-fourth of the South Asian economy, was expected to grow by 6.3 per cent in 2004, again marginally higher than the sub-region’s average of 6.1 per cent. “Assuming normal monsoon conditions, the Indian economy is projected to grow by 6 per cent in 2003 with agriculture and services growing at the average rates,” ADB Assistant Chief Economist Jean-Pierre A. Verbiest said here. Releasing the ADB’s “Outlook 2003”, he said the services sector was expected to grow by 7.1 per cent, manufacturing by 6.1 per cent and agriculture would post normal “positive” growth. Taking note of the combined fiscal deficit of the Centre and states, which was expected to be 9.5 per cent of the GDP, the bank said strong fiscal consolidation was expected after elections in the latter half of 2004 for axing the consolidated fiscal deficit to 9 per cent. The ADB, however, said in the absence of strong measures to contain the “rapid” growth in expenditures, the consolidated fiscal deficit was expected to remain at the average level of 9.5 per cent of the GDP. India had the potential for increasing the tax mop-up by around 3-5 per cent of the GDP. On exports, the ADB said it was expected to grow over 15 per cent in this financial year even as lower growth projection in the Euro zone could be problematic. In this context, Verbiest said the bank had made logical projections after factoring the lower growth expected in the Euro zone, the SARS epidemic and the recent rupee appreciation. He said exports were likely to grow by over 16 per cent in the next year mainly due to moderate revival in the demand for consumer items like textiles, garments, gems and jewellery. The report said India’s imports were expected to be 11.8 per and 12.2 per cent in 2003 and 2004. On the performance of South Asia, it said the region was likely to grow by 5.7 per cent with China expected to register over 7 per cent growth in 2003. GDP can grow by 10-15 pc Indian
economy has the potential to grow by 10-15 per cent annually and generate 10 million jobs if it harnesses entrepreneurship, innovation and quality, management guru C.K. Prahalad said today. “We talked about Purna Swaraj before the Independence and we got it in 15 years. Why can’t we have Purna Swaraj on the economic front....Our priorities should be 10-15 per cent GDP growth and 10 million jobs,” Prahalad said at the CII annual session here. Without such type of growth, he said India would be far behind China. Prahalad, a professor of University of Michigan Business School, said demand for consumer goods would explode if India Inc cut cost by at least 20-30 per cent. “Companies can double their production as demand would explode if the per capital income of the country goes up to over $ 600 from the present $ 500” he said.
PTI |
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SBI to give easy loans to small units New Delhi, April 28 The Ministry of Small Scale Industries (SSI) is also taking various steps in consultation with the SSI Association of India to remove various hurdles which are coming in the way of speedy and stable growth of the SSI in the country. “Recently we have entered into an agreement with the SBI for extending loans speedily to those willing to set up small units. Under the agreement the SBI will identify 394 bank branches across the country exclusively to extend loans to the units,” Minister of State for SSI Tapan Sikdar told The Tribune here today. Of these 394 branches a sizeable number of branches would be located in Punjab, Haryana and other Northern states, Mr Sikdar said this would help small entreprenuers to get loans speedily under one roof. Conceding that at present there was a considerable delay in according permissions and other clearances for establishing these units, Mr Sikdar said the ministry was earnestly trying to cut on the delay by taking various initiatives in consultation with the SSI Association of India. The ministry was also planning to organise an exhibition in Kolkata in association with the association in January, 2004. The exhibition is likely to have participation of entreprenuers from France too, he added. On the imposition of excise duty on readymade garments, hoisery, textile and powerlooms, Mr Sikdar said the minister had written to the Finance Ministry to reconsider the decision so that these units were not severely affected. “Jaswant Singh is ceased of the matter and we do hope that he would take an
appropriate decision,” he added. |
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Maruti IPO in first week of June New Delhi, April 28 “Maruti IPO is on track. The prospectus has been filed with SEBI. So, I am confident that we would be able to approach the markets in the first week of June,” Shourie told reporters here. The public issue will be for sale of the government’s 25 per cent stake in Maruti, in which Japanese auto maker Suzuki Motor Corporation has 54.2 per cent stake. The draft prospectus for the IPO was filed with market regulator Securities and Exchange Board of India (SEBI) on April 25. The Foreign Investment Promotion Board had recently granted a generic permission for participation of NRIs, OCBs and FIIs in the domestic offering. Last year, the government ceded control of Maruti to Suzuki following a Rs 400 crore rights issue. Suzuki acquired about 4 per cent equity in the company for a consideration of around Rs 1,400 crore, including a renounciation premium of Rs 1,000 crore. Under the deal, the government is required to exit the company following a two-stage divestment process, involving a public offering of shares. It proposes to shed 25 per cent of its 45 per cent equity in the first phase and another 20 per cent during the second phase by 2004.
PTI |
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PPCB warning to parboiled rice millers Jalalabad, April 28 He said these plants were designed for the treatment of 850 BOD (bio oxygen demand) in waste water of parboiled industry whereas the actual BOD level in the effluent of parboiled rice had been gauged more than 3,000. This was concluded in a recent study of sella plants conducted jointly by the engineers of Science and Technology Department Chandigarh and Punjab Pollution Control Board, Patiala, he said. He was speaking at a meeting of parboiled rice millers of Ferozepore, Bathinda, Muktsar, and Faridkot at Fazilka. Mr Tiwana warned that those who failed to upgrade their existing plants would not be allowed to operate their plants in the coming kharif season. |
Exports cross $ 50b mark New
Delhi, April 28 “Despite war clouds in West Asia, the Indian
industry is becoming more competitive,’’ said Minister for Commerce
and Industry Arun Jaitley. “This is good for the overall economy.’’ In
rupee terms as well, the exports in the last fiscal totalled Rs
250,130.02 crore, up 19.67 per cent over the previous year’s
performance of Rs 2,09,018 crore. UNI
HSBC launches education loans Mumbai The bank will offer unsecured education loan for up to Rs 5 lakh and secured loans for up to Rs 25 lakh at interest rates ranging from 10.5 to 13 per cent depending on the tenure, subjects, merit, location and other risk factors associated with the education, this was stated by the Director of the bank, Mr Vivek Kudva. PTI
Kinetic sells 25,000 bikes in USA New
Delhi The
company is now planning to export new two-wheelers like the
four-stroke scooter ‘Nova’, 125cc motor cycle ‘GF’, 65cc
scooterette ‘Zing’ and commuter motor cycles ‘Boss’ and ‘Challenger’
to that market, its Chairman Arun Firodia said.
PTI
BoP launches global debit card New
Delhi The bank has tied up with BSNL, Airtel, LIC and various schools to enable its customers to make payments through its ATMs by using the debit cards, Bank of Punjab executive director, Tejbir Singh, said in a statement.
PTI
Dilip Modi is SpiceCorp Chairman Chandigarh Ms Veena Modi, who was earlier chairman of SpiceCorp, has taken over as the Executive Vice-Chairman at MCorp.
TNS |
bb
Power scheme Markfed Depository service Ashok Leyland Exim Bank Crompton Greaves IDBI-Principal |
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