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Wednesday,
October
1,
2003, Chandigarh, India  
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Economy grows at 5.7 pc
Textile unit submits plan to J & K Govt
Dhindsa to open Oman, India fertiliser project
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Mercedes client caught between blame game of maker, oil firms SBI reduces interest on home, auto loans
Rana Sugars to set up distillery unit in Punjab
Business delegation
to Canada GRAPHIC: BSNL
targets for telephone connections
BSNL network on Chamba
borders
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Economy grows at 5.7 pc New Delhi, September 30 Quarterly GDP at factor cost at constant prices (1993-94) prices for Q1 of 2003-04 is estimated at Rs 3,28,837 crore, as against Rs 3,10,966 crore in Q1 of 2002-03-- a growth of 5.7 per cent. The manufacturing sector registered a growth of 6.4 per cent in April-June this year, compared to the growth of 3.8 per cent during the corresponding period of the previous year, as per the quarterly estimates of GDP released by Central Statistical Organisation (CSO). The farm sector, however, registered a not so impressive growth — as the figures pertain to the pre-monsoon period of April to June. During this period the farm sector rate of 1.7 per cent as compared to 2.7 per cent in same period last year. According to information furnished by the Department of Agriculture and Cooperation, which has been used in compiling the estimate of GDP from agriculture in the first quarter of 2003-04, the crops, namely, rice, wheat, coarse cereals and pulses during the Rabi season (ending June 2003), recorded negative growth rates of 30.9 per cent, 3.5 per cent, 13.2 per cent and 10.2 per cent respectively over the corresponding period of the previous year. The sectors that contributed to higher GDP growth in Q1 are electricity, gas and water supply, trade, hotels, transport and communication and financing, real estate and business services, besides the manufacturing sector. Mining and quarrying continued to register lower growth of 3 per cent in April-June this year as against 7.7 per cent in the same period of last year. The construction sector, the main indicator of economic activity, also registered a lower growth rate of 5.7 per cent during the period under consideration compared to 6.2 per cent growth registered in the same period last year. |
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Textile unit submits plan to J&K Govt Jammu, September 30 This was disclosed by the Chief Minister, Mufti Mohd. Sayeed, during his interaction with the leaders of trade and industry here. He said a footwear firm has offered to raise a unit in the state which could manufacture two lakh shoes per year. Mufti Sayeed said that under the new industrial policy the government will not allow those units, which suck electricity like steel plants and foundaries, to come up till “we become self-sufficient in power. He disclosed that after the Centre agreed to release Rs 600 crore for the completion of the 900 MW power plant at Bhagliar, the project would be commissioned within next three years. The Chief Minister said that the government proposed to encourage hardware units to come up in Jammu and software units, including perfume making, in Kashmir. He also stated that under the new policy while efforts were to be made to attract new industries the incentives would be also given to the existing industrial units so that they neither grow sick nor are forced to close their shops. The Finance Minister, Mr Muzaffar Hussain Baig, said that the government planned to segregate power supply to the industries from the normal consumer network and private entrepreneurs would be encouraged to set up small hydel power projects in the state. It was disclosed that the new industrial policy will lay stress on establishing units which could get raw material from the mineral deposits within the state. Another thrust area would be establishing mini and micro power projects so that a proper atmosphere was generated for the growth of industries in Jammu and Kashmir which, with its topography and location, cannot compete with the industrial growth in Maharashtra and Andhra.
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Dhindsa to open Oman, India fertiliser project New Delhi, September 30 While domestic production of around two million tonnes meets the present demand, the Omifco project is seen as a reliable source of supply for future needs. The project is of immense significance to Punjab and Haryana since the per hectare usage of fertilisers here is the highest in the country. Asked whether the long-term price commitment was a bad deal for the country, he said “price analysis over a period in the past indicate that international prices of urea and ammonia have only risen and the fall has been marginal. And, the future projection is that it will go up further, so it is not a bad deal.” The project is expected to be completed by July 2005. In the first year, the fertiliser prices will be $150 per tonne and from the second year and for 14 years thereafter, the cost will be $85, making an average cost of $113 per tonne. The Union Minister said during his stay he would look for potential cooperation between the two countries in the chemicals sectors. Oman-India Fertiliser Company was conceived in 1993. However, it showed signs of taking off in August 2002 with Snamprogetti of Italy and Technip of France starting project implementation under a turnkey contract. Said to be world’s largest grass roots fertiliser complex, Omifco is located at
Qalhat.
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Mercedes client caught between blame game of maker, oil firms Chandigarh, September 30 The company claims since the sulphur content in Indian diesel is very high, up to 2500 ppm as against international standards of 25 to 50 ppm, so their cars can discharge green coloured liquid ( that can damage the floor of the house permanently). However, the Indian Oil and Bharat Petroleum officials assert that till 1996, the sulphur content of the diesel in the European countries was up to 2500 ppm, but no one ever complained of emission of such liquids. Even in India, they said, “we have not received such complaints from the customers of other car manufacturers. No doubt we are also cutting down sulphur content in phases.” Ironically, though all the diesel version cars made by Mercedes Benz or other manufacturers do not emit that foul smelling substance, yet the company is not ready to accept that it could be a ‘manufacturing fault’ in a particular vehicle that needs to be recalled from the market. Despite persistent complaints by a customer, Mr Rohit Gupta of M/s RPS Hotels, Park Inn here, who has spent about Rs 35 lakh on a Mercedes Benz E 220 CDI (CH 03L 0036), the company dealer, Tai- Pan Traders is not ready to accept their fault. It is to be noted that after personal inspection Mr Appletaur, company’s representative from Germany with over 25 years experience found that “he had experienced such a case for the first time. “Company engineers at the local dealer Tai-Pan Traders Ltd. in their inspection report noted that “black green liquid found falling from exhaust pipe leaves permanent marks on floor. It is not normal.” The company claims that it would not affect the vehicle in any way, but other experts in the trade claim that emission of acidic liquid may affect the engine and exhaust system permanently. Mr Tanvir Singh, Manager (after sales) declined to respond to the allegations. Mr Rohit Gupta, who had purchased the vehicle from the local dealer on May 7, 2003, says, “I was shocked when within days of purchase I found that the silencer of the vehicle started discharging acidic green and black liquid every day, whenever car was parked in the garage.” Instead of feeling proud of this costly vehicle, I now hesitate to visit my relatives and friends as they would complain of causing damage to their floors, he added. Mr Suhas Kadlafkar, Director ( Corporate Affairs and Finance), and spokesperson, DaimlerChrysler India Private Ltd, when contacted at Pune over telephone said,” The car is perfectly OK and has no manufacturing fault. It is only due to high content of sulphur in the diesel that it is discharging black green liquid that is found in other vehicles as well.” However, customers of Tata Indica (diesel) Maruti Zen (diesel) and even of Mercedes Benz claimed that their vehicles did not emit such liquids all. Frustrated by the response of the company, Mr Gupta has now decided to launch a complaint with the Chandigarh police demanding criminal proceedings against the dealer and manufacturer for supplying him with a defective vehicle and defrauding him. |
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SBI reduces interest on home, auto loans
Mumbai, September 30 “The revised floating rate for home loans of upto 5 years is 7.75 per cent (8 per cent earlier)”, a senior SBI official told PTI here today. SBI has done away with the bracket of 5-10 years and introduced new brackets of 5-15 years and 15-20 years, he said. The rate for 5-15 years would be 8.25 per cent (8.75 per cent) while that for 15-20 years has been revised to 8.5 per cent (9.25 per cent), he said. SBI official said the interest rate on fixed basis would be higher by 0.25 per cent than those offered on floating. The interest rates on auto loans have been reduced from 11 per cent to 9.5 per cent for a tenure of upto three years and 10 per cent for three to seven years period, he said. The country’s largest bank has a tie up with Maruti Udyog, Tata Motors, Bajaj Auto and TVS Motor Company. He said the housing loan portfolio has grown by Rs 1,521 crore in the five months of the current fiscal while the total personal banking advances have increased by Rs 2,400 crore. Last month, SBI decided to provide fixed rate home loan customers, who were paying higher interest, an one time option to switch over to prevailing fixed or floating rates. This scheme was available till December 31, 2003. —
PTI
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Rana Sugars to set up distillery unit in Punjab Chandigarh, September 30 With a crushing capacity of 5000 TCD, the company has produced 6.36 lakh quintals of sugar, the highest-ever production. It has also achieved the highest-ever recovery of 10.26 per cent of sugar. The company is also arranging crop loans from various banks for the supply of cane seed, insecticides and other agricultural inputs to the growers at subsidised rates as an incentive to grow quality sugarcane. It is the only company in Punjab which has set up a cogeneration power project. The company is generating 14 mw of power and selling surplus power to the Punjab State Electricity Board. It has already produced 402.39 lakh units of power through its cogeneration project.
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Business delegation
to Canada Chandigarh, September 30 This was disclosed by Mr Manmohan Bhagat, President of the Indo-Canadian Business Chamber (ICBC) here today. Mr Bhagat met Mr Vikram Sehgal, Chairman, Chandigarh Committee of PHD Chamber of Commerce and Industries, and Mr Paraminder Sandhu and Mr Devinder Sandhu of WWICS in this regard.
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