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GDP growth pegged
at 8.1 pc for this fiscal year Reliance launches
pre-paid service Uttaranchal CM to
open hydro project Amritsar to have
modern bus terminal |
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Canadian cos may
invest in power sector PESCO approaches
MNCs to provide security services The Punjab Ex-Servicemen Corporation (PESCO) that has been supplying security services to boards and corporations of the state government so far, has decided to focus on the private companies. It would now explore business opportunities in the growing segment of private telecom, retail petrol outlets and insurance offices. Dahej (Gujarat), February 9 State gas transportation company, Gail India Limited has proposed a GDR (Global Depository Receipt) issue of 2.5 per cent of its equity shares. SC stays
proceedings in disinvestment cases The Supreme Court today stayed proceedings in different High Court on petitions challenging disinvestments in various public sector undertakings by the Centre. BPO industry may
touch $12 b by 2006: ICRA Poised for growth in the medium term, the Indian Business Process Outsourcing (BPO) industry is likely to touch $ 12 billion revenue by 2006, credit rating agency ICRA said in its IT Outlook report.
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GDP growth pegged at 8.1 pc for this fiscal year New Delhi, February 9 The advance estimates of national income for 2003-04 released by the CSO pegged the GDP growth rate at 8.1 per cent — a quantum jump from the meagre 4 per cent growth clocked during the previous fiscal. The GDP at factor cost at constant (1993-94) prices in 2003-04 was expected to attain a level of Rs 14,24,2507 crore as against the Rs 13,18,321 crore during last year. The massive rebound had primarily been powered by a robust performance in the agricultural sector — a fallout of the good monsoons last year. The services sector was another major engine for growth and also to a lesser degree by select sectors in industry. ‘Agriculture, forestry and fishing’ as a segment was likely to clock a growth rate of 9.1 per cent — a near exponential turnaround compared to the negative 5.2 per cent in 2002-03. Trade, hotels, transport and communication, on the other hand, was expected to reach a double-digit growth figures with the growth rate being pegged at a scorching 10.9 per cent — up from 7.0 per cent in the last year. The upward growth in the economic activities within the rural economy would have to be sustained by specific policy prescriptions, experts observed. Moreover, the growth path of an agrarian economy, excessively dependent on monsoons, was thin if not backed by a commensurate spur in infrastructure activity. Significantly, however, construction,( often referred loosely as infrastructure) failed to hang on to its heights with its growth rate expected to fall to 6 per cent from the 7.3 per cent growth recorded in 2002-03. Financing, insurance, real estate and business services — another major component of economic activity in infrastructure — also failed to maintain the earlier momentum with its growth rate expecting to fall to 6.4 per cent as compared to the staggering 8.8 per cent growth in 2002-03. Manufacturing was another high growth economic activity with the GDP pegging the growth rate at 7.1 per cent — up from the 6.2 per cent growth in the previous year. Mining and quarrying would grow 4 per cent (down from 8.8 per cent), electricity, gas and water supply 5.4 per cent (3.8 per cent earlier), construction 6 per cent (7.3 per cent previously), financing, insurance, real estate and business services 6.4 per cent (down from 8.8 per cent) and community, social and personal services 5.9 per cent (5.8 per cent). The gross national product (GNP) was estimated to grow 8.1 per cent, up from 3.7 per cent, and the net national product (NNP) at 8.4 per cent, against 3.5 per cent in the previous year. The per capita income at factor cost was placed Rs 11,684 (a growth of 6.6 per cent), against Rs 10,964 (1.8 per cent growth) in 2002-03. According to the latest estimates available on the Index of Industrial Production (IIP), a 3.9 per cent rise was seen in mining, 6.8 per cent in manufacturing and 3.1 per cent in electricity during April-November 2003-04, against the growth rates of 5.8 per cent, 5.6 per cent and 4 per cent, respectively, in the corresponding period previously. The transport and communication sectors were expected to post a big growth, mainly on account of a growth of 8 per cent in the gross trading index, 5.5 per cent in net tonne km of Railways and 3.7 per cent in passenger km of Railways, 7.5 per cent in cargo handled at major ports, 31.4 per cent in the production of commercial vehicles and 35 per cent in the outstanding telephone connections during April-December 2003-04. The advance estimates were based on anticipated level of agricultural and industrial production, analysis of Budget estimates of government expenditure and performance of key sectors other than railways, communication, banking and insurance, available so far.
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Reliance launches pre-paid service New Delhi, February 9 The company was expecting to garner 3.5 million additional customers during the next three to four months. The service would be launched in 1200 cities starting from February 11. The existing post-paid customers would also be given the option of migrating to a pre-paid structure. Initially, the service was being offered with two handsets — Motorola C131, which is only a voice instrument and LG RD2030 that provided both voice and data services, Reliance Infocomm Head (sales) Praveen Pasricha told a press conference here. The company held similar press conferences across 12 cities today. Subscribers would have to pay Rs 3,500 for the Motorola handset and could avail of recharge vouchers worth Rs 3,240 valid for six months and a grace period of another six months. The recharge voucher would offer Rs 2000 worth of free talk time. During the grace period, the subscriber would be able to receive incoming calls and SMS without recharging the account. In LG variant, the customer would get recharge vouchers worth Rs 6,480 for Rs 6,500, Mr Pasricha said. The cards would be available in the denominations of Rs 300, Rs 500 and Rs 1,000. Customers would get Rs 200 worth of talk time in a Rs 300 card and validity of one month, while a Rs 500 card would offer Rs 375 worth of talk time with a validity of 60 days and Rs 850 worth of talk time will be provided with a Rs 1,000 card and a validity of three months. The grace period of six months would be offered irrespective of denominations. The existing post-paid customers would be given an option to migrate to the prepaid cards in the next 4-6 weeks. All local calls, intra-circle calls and inter-circle calls of less than 50 km distance to another mobile phone would attract a flat rate of Rs 2.49 per minute. All inter-circle calls of above 50 km to another mobile would have a flat rate of 2.99 per minute. Tariff at the rate of Rs 2.99 per minute would be charged for all local calls, intra-circle calls and inter-circle calls of less than 200 km to a fixed phone. All inter-circle calls of above 200 km had a flat rate of 3.99 minute. SMS would be charged at Re 1, Rs 2 and Rs 3 for inter-circle, intra-circle and international messages.
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Uttaranchal CM to open hydro project Chandigarh, February 9 The approximate cost of project will be about Rs 2,210 crore, and it will be constructed over the Bhagirath river, 220 km away from Dehra Dun in Uttarkashi district. It is expected to be completed in six years. It will be constructed by the Uttaranchal Hydro Electric Corporation. Most of the required land has already been acquired. A team of engineers has been deputed at Maneri to execute the project and the construction work is in progress.
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Amritsar to have modern bus terminal Chandigarh, February 9 Mr Vinni Mahajan, Managing Director, Punjab Infrastructure Development Board (PIDB), said this would be the first bus terminal project on BOT basis in Punjab and second in India after Dehradun. The company was selected by the PIDB after a prolonged bidding process. As per the agreement, the Department of Transport will hand over the site of the existing terminal to the private party for 11 years and 5 months. The company will operate and maintain the terminal during that period and will collect parking fee, rent of shops and sell space to advertisers. The private party will demolish the existing building and invest approximately Rs 18 crore to develop a new bus terminal, which will then be operated by the constructor. She claimed that the process had been already initiated to select private parties to construct modern bus terminals in Ludhiana, Jalandhar, Muktsar and Zira.
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Canadian cos may invest in power sector Chandigarh, February 9 She was in the city to participate in a workshop on “An opportunity to partner with Canada in power sector” organised at the CII Northern Region Head Quarters. She met Justice O.P. Verma (retd.), Governor of Punjab and other senior officials of the Punjab and Haryana Governments. She said that some of the Canadian companies were already supplying power transmission and generation equipment for projects in Himachal Pradesh. After the power reforms, they were looking for investment opportunities in Uttaranchal and even in Punjab. Earlier in his inaugural address, Justice O.P. Verma said, “India needs efficient and intelligent solutions to issues relating to generation, distribution and transmission of power to meet the challenges of accelerating development. The power sector is offering a huge potential for investment and collaboration for foreign companies.” Mr V. Raguraman, Senior Advisor- Energy, CII said reforms in power sector would attract foreign investment soon. He added, “States like HP, J&K and Uttaranchal have harnessed so far only 19 per cent, 14.93 per cent and 7 per cent of the total hydro potential, respectively. Investment in this sector will help optimum water management for power, flood prevention, drinking water and irrigation.”
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PESCO approaches MNCs to provide security services Chandigarh, February 9 Lieut-Col S.S
Syal, General Manager, PESCO, said that the corporation had tied up with State Bank of India and Punjab and Sind Bank to offer its security services in Northern India. Now onwards, he said,“We will focus on private companies and factories as well. Since the total annual security business in the region is worth over Rs 50 crore, there is a lot of potential for us to grow in this competitive environment.” Set up with an initial investment of Rs 2 crore in 1978 by the Punjab Government, he said, PESCO was offering employment opportunities to over 16,000 retired Army personnel in the state. The PESCO clients included state boards and corporations like state electricity board, transport, Punjab Urban Planning and Development Authority besides Bharat Sanchar Nigam Limited and banks. He said, “We are approaching Reliance, Tata and other MNCs to offer the services of our security personnel, gunmen, drivers, firemen, peons and
chowkidars. Since we have a trained manpower of highly motivated Army personnel, we expect to give a tough competition to the private security agencies.” At present over 5,000 retired Army personnel had registered themselves with the corporation. The corporation was offering employment opportunities to 150 to 200 retired Army personnel every month. He claimed that the corporation did not charge any registration fee from the Army men and was working on a wafer thin profit margin. Colonel Syal said though a number of private security companies had cropped up in the region, but most of them were neither registered with the administration nor they could supply skilled security guards. He said, “The plan is to provide additional job opportunities for at least 1500 retired military men this year in the state.”
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Gail proposes GDR issue
Dahej (Gujarat), February 9 “We had GDRs to the extent of 16 per cent but companies like BG and Templeton have offloaded their GDRs in the domestic market. Today our GDRs have come down to 8 per cent”, Gail Chairman and Managing Director Proshanto Bannerjee said. He said the GDRs had been proposed in case domestic retail investors did not subscribe to the public offering of 8.4 crore equity shares planned by the government in March. “We would like to watch the public issue of ONGC, CMC and IBP which will hit the market before out public issue slated for March 15. In case retail investor is short of funds, the government can go in for GDRs,” he said. Gail has already written to Ministry of Disinvestment suggesting a GDR issue. “In our estimate institutional investors will definitely pick up their quota of 50 per cent of the public offering but retail investor may face a fund constraint after mega issues of ONGC, IBP, CMC and IPCL”, he said. Out of the 10 per cent public issue, 50 per cent has reserved for retail investors and the remaining for institutional buyers. Gail estimated that half of the shares reserved for retail investors may only be subscribed in the public offering next month.
— PTI
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| Gail to sell LNG from Qatar in Gujarat
Dahej, February 9 It will sell LNG at $ 4.3 per million BTU outside Gujarat, where sales tax is lower then 22 per cent levied in Gujarat, Gail Chairman and Managing Director Proshanto Banerjee said. Gail, which will offtake 60 per cent of its 5 million tonne LNG being imported at Dahej, will sell one million tonne to GSPCL. It will also sell 0.09 million standard cubic metres per day of Regassified-LNG (RLNG) to Gujarat Narmada Fertiliser Corporation and Gujarat State Fertiliser Corporation. Gail will also sell gas to IPCL-Dahej (0.35 mmscmd) and Essar Steel Hazira (1 mmscmd).
— PTI
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SC stays proceedings in disinvestment cases New Delhi, February 9 A Bench comprising Chief Justice Mr V N Khare, Mr Justice S B Sinha and Mr Justice S.H. Kapadia, stayed the proceedings following a request made by Attorney General Soli J. Sorabjee, who said that the Union Government had already filed an application for transfer of all such cases to the apex court. The government had sought transfer of the cases to the Supreme Court to avoid multiplicity of verdicts on the issue by different High Courts. The Bench allowed four week’s time to the petitioners to submit their replies to the Centre’s plea for transfer of the cases to apex court.
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BPO industry may touch $12 b by 2006: ICRA
New Delhi, February 9 ICRA also expects the Indian BPO industry to employ 0.4 million people by 2006, it said, while adding the US backlash may act as an inhibiting factor for the growth of the Indian BPO industry. ICRA said even as the Indian BPO industry was poised for growth, a major inhibiting factor may be the potential US backlash due to the fear of job losses. In particular, unemployment rate in the USA during November 2003 was 5.9 per cent and much of this might be attributed to the declining opportunities in the US manufacturing sector, ICRA said. Given the enormous importance of the service sector in US, it was natural to expect that there would be strong opposition to moving jobs from US. Some US states had tabled Bills that sought to ban the transfer of outsourced jobs developing nations, ICRA said. Even though the Bills that had been tabled in US referred to state government business getting outsourced, ICRA believed that the backlash might have a dampening impact on the BPO business in India. As the global BPO industry grew, the developed nations (largest outsourcers) would
probably have to suffer some amount of local job loss, the extent of which was not
known as of now.
— PTI
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Reliance Infocomm Ltd
today became the
first mobile service provider to launch pre-paid services in the WLL-CDMA
platform and expected that more than 80 per cent of its new subscribers would
opt for this.
