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India, Pak favour opening of borders to boost trade New Delhi, March 2 India and Pakistan today called for opening of borders for trade to tap the $ 15-billion potential for bilateral economic cooperation by 2006 when the SAFTA agreement comes into force. Indian textile
firms come of age, says US buyer The Indian textile industry seems to be in an upbeat mood if the display of textile products at the Pragati Maidan in the 10th Tex-Style India 2004 Fair is any indication. Industry chiefs
give feedback to CM A select band of captains of industry gave an unalloyed feedback on what had gone wrong, where and why and what was needed to be done to again make Punjab investor-friendly destination to Capt. Amarinder Singh during a brainstorming session in New Delhi on Saturday night. IA unfazed over
boycott threat by NRIs State-owned carrier Indian Airlines (IA) said today it does not anticipate any impact on flight frequencies to the Gulf region in coming days as several associations of non-resident Indians (NRIs) in the United Arab Emirates (UAE) have threatened to boycott national carriers. New Delhi, March 2 In keeping with its affordability strategy for driving volume growth this summer, Coca-Cola India will soon launch fruit drink Maaza in 125 ml tetrapacks and introduce 600 ml pack size for Coke, Fanta and Maaza. New Delhi, March 2 The price of government’s 26 per cent residual stake in IBP Ltd has been fixed at the floor price of Rs 620 a share and IPO will garner around Rs 350 crore, according to highly placed sources. Village units by
khadi board on the decline |
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Cipla to ship
anti-AIDS drugs to Malaysia After receiving the first-ever compulsory licence (CL) from the Malaysian Government for the supply of anti-retrovirals, domestic pharma major Cipla Ltd is likely to ship its maiden consignment of anti-AIDS drugs to Malaysia in the next two months. SEBI okays
participatory notes for ONGC issue In a move aimed at giving a major boost to the forthcoming public offer for sale of 10 per cent equity in the state-owned Oil and Natural Gas Corporation (ONGC), the Securities and Exchange Board of India (SEBI) has permitted lead managers and book runners to issue participatory notes for attracting foreign investment.
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India, Pak favour opening of borders to boost trade
New Delhi, March 2 ‘’We must open the borders for this kind of bilateral trade. The objective is to supply the best quality goods at cheapest prices to benefit the consumers in the two countries,’’ Commerce and Industry Minister Arun Jaitley said at a FICCI-organised seminar here. ‘’Currently, Pakistan’s trade with India is less than 1.5 per cent of its global trade. However, the South Asian Free Trade Area (SAFTA) agreement, which will come into effect from January 1, 2006, will open enormous opportunities for cooperation,’’ Pakistani High Commissioner to India Aziz Ahmad Khan said. Due to substantial pent up demand in the neighbouring countries for each others products, trade is routed through third countries, especially those in the Gulf region. While official trade between India and Pakistan is currently estimated at $ 200 to 250 million, third country trade stands at $ one billion. Loss of government revenue on account of customs duties is around $ 0.40 billion annually. Both Mr Jaitley and Mr Khan stressed that if the two countries could address political problems, it would facilitate direct trade resulting in lower prices for consumers. While Mr Jaitley harboured on the need for promoting religious, cultural, sports and social tourism, Mr Khan said the Iran-Pakistan-India gas pipeline project would help in boosting confidence, stability and security among the two countries. ‘’Invisible trade is on and legitimising it will boost music, cinema and entertainment industry. Dubai and the other Gulf routes add to the transport costs,’’ Mr Jaitley said. Mr Khan quoted estimates that the volume of trade between India and Pakistan could reach between $ 12 to 15 billion in the next few years. ‘’This enormous potential imposes responsibility on the governments and corporate leaders to ensure that the benefits of SAFTA reach all nations equally and create level playing field for partners,’’ he added. He attributed the poor bilateral economics to Indo-Pak politics. ‘’This lack of economic interaction can be attributed to the state of political relations that have existed between India and Pakistan for the past many decades,’’ Mr Khan said. Mr Khan cited economic reforms in Pakistan and invited foreign
investment, assuring investor-friendly climate. ‘’The economic outlook
for Pakistan is promising. It offers enormous opportunities to foreign
investors with full legal guarantees,’’ he added. — UNI |
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Indian textile firms come of age, says US buyer New Delhi, March 2 In this
five day mega event of the industry, that started here on Sunday, 315
companies, including 20 from overseas, are exhibiting a vast range of
their products. The event is being organised by the Indian Trade
Promotion Organisation (ITPO) in collaboration with the Ministry of
Textiles, the Office of Textile Commissioner, the Textile Committee and
all Export Promotion Councils related to textile. Among others, a
large number of readymade, handloom, knitwear garment exporters from
Ludhiana, Panipat, Delhi, UP, Tamil Nadu and other states are
participating in this fair. The organisers claim that the number of
participants and visitors has almost doubled this year as compared to
previous exhibitions. The major attractions for the buyers, designers,
fashion students, entrepreneurs, buying agents and wholesalers are trims
and accessories to enhance the look and feel of modern apparel and
furnishings. One can see products of all fibres, including cotton,
synthetic, rayon, wool, silk, jute and blends. Said Mr Niketan Gupta,
Managing Director of Nirvan Merchandise Pvt. Ltd,” More and more buyers
from the foreign countries are turning up at the fair for outsourcing to
their retail oultets. A large pool of textile technologists and fashion
designers, besides world class fashion technology institutes like NIFT
have helped us emerge as the major player in the world textile
industry.” He claimed that despite appreciation of the rupee value, the
exporters were doing well due to cut in costs and by improving their
product range. The buyers at the exhibition admitted that during the past
few years, the Indian textile industry had come of age. A buyer from the
USA said,” I am amazed at the wide range of products available at the
exhibition, especially in home furnishing garments. Once the quota
regime is over, I am sure the Indian garment manufactures would dominate
the USA market. “Exuding confidence over the response to the fair, the
Union Textile Secretary, Mr S.B. Mohapatra, claimed that the Indian
textile industry was poised to make an impressive impact on the global
scene in the next few years. “The modernisation of the industry
initiated by the government at a cost of $ 10 billion has begin to
produce results. The readymade garment sector has become the biggest
segment in textile export basket contributing over 45 per cent of total
textile exports,” he added. The Union Commerce Secretary, Mr Dipak
Chatterjee, stated that Indian exports to developing countries were
growing at a faster rate as compared to developed markets. This was due
to India’s proactive role in Saarc which had resulted in increased
multilateral trade. He asserted that an export growth target of 12 per
cent in textiles had been fixed in textiles for the next financial year.
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Industry chiefs give feedback to CM Chandigarh, March 2 Informed sources
told The Tribune that the industry big wigs, including chairman of a
bank, told the Chief Minister that the state lacked in “commitment and
performance”, though, there was nothing wrong with its enunciated
policies. They underscored the need to cut down on delays like
bureaucratic hurdles and red tape and stressed on display of sincere and
strong political will to ensure quick decision- making. The lack of
commitment and cohesiveness was demonstrated by giving examples how
states like Gujarat, Andhra Pradesh, Maharashtra went about in a
business-like fashion to welcome the corporate sector, while systems
impeded decision-making in Punjab. Non allocation of land to a bank for
farmers’ training centres, promised two years ago, was a classic example
of delay quoted at the session. The focus of discussions was on setting
up of special economic zones, cluster growth approach, infrastructure,
power sector reforms, transport sector and disciplining of truck unions,
labour laws and quick decision-making. It was suggested VAT be
introduced. One of the participants said the Chief Minister, who
“charmed” the captains of industry, had assured them of full support
with the government acting as a ‘facilitator’. He remarked there were
“good” performers both in politics and bureaucracy, who could deliver
results “individually”. But failed to act “collectively and
cohesively”. Capt. said a committee under the Chief Secretary would be
constituted to give shape to the ideas and suggestions. The captains had
also suggested that let there be ‘’accountability’’ in the
administration that separate administrative secretaries for say
information technology enabling services, agro-processing, automobile
components, bicycles, textiles etc. The Chief Minister was reminded of
the urgency to implement power sector reforms and give industry power at
reasonable price and also the option for wheeling of power with the
Punjab State Electricity Board charging only the actual cost to buy
power. Unless consumers and the Board were on the same grid things would
not improve. Capt. Amarinder Singh said for the first time Board was in
the green, financially. Power theft was to the tune of Rs 400 crore, per
annum. In one year, it had recovered Rs 170 crore by improved
housekeeping that enabled check theft. The Chief Minister expressed his
concern over slow growth of industrial economy and sought industry’s
co-operation to generate employment and impart skills to the Punjabi
youth. The brainstorming session took cognisance of the financial mess
in Punjab and how, since mid-80s, no serious attempt had been made by
either the politicians or bureaucrats to put the house in order. “That
paralytic stroke has further accentuated the health of the state. There
has been no visible demonstration of seriousness at any level to improve
the administrative, financial, economic, agricultural or industrial
health’”, commended some participants. Though, Punjab, by and large,
had been free of labour-trouble, some recent happenings in Ropar and
Ludhiana were described by the industrialists as ‘’warning sign’’ and
called for implementation of the Labour Act that had been notified by
the Centre. Labour laws were also an impediment. Captains of industry
stressed, “There is a wind of opportunity to let capital fly into the
state provided the government assured transparent, effective,
responsible and accountable governance”. The next brainstorming session
is scheduled for March 27. |
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IA unfazed over boycott threat by NRIs New Delhi, March 2 IA
chairman and managing director Sunil Arora said he did not envision any
trouble due to protest against steep hike in fares to various Indian
destinations. Air India (AI) and IA have slashed airfares in the
Gulf-Kerala sector by five to 18 per cent ahead of the proposed boycott
beginning tomorrow. AI’s regional director in Dubai captain P P Singh
said the fares will go down from April 1 for all tickets to Kerala in a
move to pass on the benefit of scrapping of aviation turbine fuel tax by
the state government. A meeting of representatives of different Indian
associations in the UAE will be held to assess the success of the
boycott, he said. — UNI |
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Maaza in tetrapacks
New Delhi, March 2 The company, which has already announced
price cut in its 300 ml pack size to Rs 6, today said it wants to make
its products more affordable while at the same time rationalising costs
so that double digit topline growth is maintained. “We have devised a
detailed strategy to use affordability plank to boost sales and topline.
So, Maaza will now come in 125 ml tetrapacks, priced at Rs 5, while the
200 and 300 ml glass bottles will cost Rs 6 and 7 respectively,”
Vice-President Sunil Gupta told PTI. He said “similarly, in keeping
with the strategy of driving growth through increased home consumption,
the company will launch another new pack size — 600 ml PET — for Coke,
Fanta and Thums Up”. “We have planned yet another new pack size for
Limca which will be unveiled soon,” Gupta said but declined to give
details. Coca-Cola India had last month announced widespread price
cuts saying it will offer 1.5 litre pack size at Rs 30, 2.25 litre at Rs
43 while asserting that its 300 ml pack size has been selling at Rs 6
for “sometime” now. — PTI |
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New Delhi, March 2 All the retail investors will get the allotment, the sources
said. Over and above that retail investors will get an additional 5 per
cent discount to the final offer price. They will have to pay Rs 589
against the last traded price of Rs 662.60 on the Bombay Stock Exchange.
The government is offering its 57.58 lakh shares in IBP through the
IPO. The public offer of IBP, bids for which opened on February 23 and
closed on March 1, was over subscribed 2.5 times. — UNI |
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Village units by khadi board on the decline Chandigarh,, March 2 Sources in the board claimed that ever since the margin
money was raised from 10 to 25 per cent, its misuse had increased,
thereby leading to a fall in the number of village industrial units set
up in the state. A subsidy of Rs 2.10 crore was given against the
projected estimates of Rs 20.76 crore earmarked for setting up 327
village industry units. Similarly, a subsidy of Rs 2.90 crore was given
against a projected estimate of Rs 48.05 crore for 685 such units. Now a
subsidy of Rs 4.16 crore had been released against the projected
estimates of Rs 17.02 crore for setting up 215 units this year. The
Chief Executive Officer of the board, Ms Sumita Mishra, attributed the
decline in the number of village industrial units to the stiff
resistance which these units faced from the big industrial houses and
constraint of funds. She said that allocation of grants from the Central
Government had been rather poor making the marketing of these products
difficult. Ms Mishra said to meet these challenges, the products being
manufactured by these units were now being given a new look with the
help of the Khadi Village Industries Commission. Under the new scheme
of PRODIP (product development, design intervention and packaging) the
units would have to contribute 75 per cent of the total cost, while the
board would contribute 25 per cent as one-time subsidy. As another
step in this direction, a board of competent designers had been
constituted for the promotion of khadi by the Indian Design Board,
Ahmedabad, who would help introduce variety and new designs in the
products. A national-level workshop is also being organised during
the on-going Khadi Gramodyog Expo at Parade Grounds here. |
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Cipla to ship anti-AIDS drugs to Malaysia New Delhi, March 2 “We expect to ship our first
consignment as soon as orders are received and it may happen in the next
two months. “We will sell three active pharma ingredients to Malaysia
for exclusive supply to government hospitals for the next two years,’’
Cipla Joint Managing Director Amar Lulla told UNI here. — UNI
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SEBI okays participatory
notes for ONGC issue Mumbai, March 2 The SEBI’s decision follows
Union Divestment Minister Arun Shourie who is reported to have met SEBI
chief G.N. Bajpai yesterday in the city apparently to clear some issues
relating to the ONGC offer. Considering the importance over the
success of ONGC issue crucial for meeting the revised divestment target
of Rs14,500-crore for the year 2003-04, the government had recommended
to SEBI for favourable consideration, merchant banking sources said.
— UNI |
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