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Can of sops for
agro sector likely in Budget
Kamal Nath tries to pacify Left CII says quota
proposal mere patchwork |
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Euro 2004 fails
to kick-off Indian soccer sales Exim policy grows
to become National Foreign Trade Policy Religious
outsourcing goes to the heavens Allahabad Bank to
pay 20 pc dividend Charak Pharma to
set up plant at Baddi
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Can of sops for agro sector likely in Budget New Delhi, June 21 The considered opinion within the government appear to be that the objective of reforms in agriculture cannot be fully achieved if proportionate reforms are not undertaken in the food processing industry. Sources say the first Budget of the UPA government could announce several measures to remove these multiple layers of taxation and make the food-processing industry much more competitive. The Budget is also likely contain specific as well as broad policy measures, for reducing post-harvest losses, which are estimated at Rs 50,000 crore annually. While the agriculture sector has been exempted from all taxes (excise and income tax), the agricultural produce coming under the aegis of the food-processing industry attracts a large number of levies such as infrastructure cess, market cess, mandi tax, turnover tax, inter-state transfer regulations etc. The fresh agri-credit package announced by Finance Minister P. Chidambaram last week is being seen as a precursor for some major announcements in the food-processing and other non-farm allied activities in the rural economy. Sources say the Budget is likely to contain measures on “incentivising corporate involvement in agriculture production and processing and ensure strong rural connectivity to help farmers market their produce effectively to get maximum returns.” The objective, sources say, is to raise the level of gross-fixed capital formation (GFCF) in agriculture from the abysmal 1.3 per cent of GDP. In fact, GFCF in agriculture has reduced from a high of 1.6 per cent of GDP to its current within a period of less than ten years. Of this, share of private investment has reduced from a 67 per cent in 1993-94 to the present level of 13.5 per cent. The new credit package, sources say, has been designed to create more and more “bankable investment projects” in the farm economy. Apart from rationalising the existing tax structure, the incentive package, sources say, is likely to focus on agricultural diversification. The objective is to increase the shelf life of fruits and vegetables by making them go through the processing route.
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Kamal Nath tries to pacify Left
New Delhi, June 21 “The Left parties say they supported the NDA policy on WTO,” he said adding that “there was no change in our position and if at all there is any change it has only been tightened”. But, he parried a pointed question that Left had accused him of not consulting them on WTO issues before participating in the crucial UNCTAD meeting at Sao Paulo. The Left parties had said the previous NDA government had held consultations with them on the subject.
— PTI
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CII says quota proposal mere patchwork New Delhi, June 21 “Merit cannot be compromised. We cannot afford to compromise competitiveness in the corporate world. Rather than a patchwork approach, the government should try to upgrade skills of the backward section,” CII President Sunil Kant Munjal told newspersons here. Mr Munjal, who has recently taken over as the President of the apex industry association, said CII was undertaking several programmes for skill enhancement for the weaker sections of the society. “All companies want to hire people with skills and merit. The focus should be on skill augmentation, training and making them employable,” he said. In today’s age, he said, there was no need to provide training in skills such as stenography and typewriting, which, unfortunately many poly-techniques are doing. “We have already initiated a dialogue with the government on the issue, but merit will not be compromised,” Mr Munjal said. He said a growth rate of 7-8 per cent GDP was achievable for the next 10 years, provided the reform process is on and the agricultural sector performs favourably. Unveiling the CII’s 8-point agenda, he said: “The aim should not only be to sustain 8 per cent growth in the next decade, but also to double the per capita income from the present $ 470.”
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Euro 2004 fails to kick-off Indian soccer sales Jalandhar, June 21 Almost all major football manufacturers and retailers are a disappointed lot as they say their sales has not risen according to their expectations. They say they had hoped the ongoing series would boost their sales at least by 25 to 35 per cent but the total sales remains the same, almost. While the exporters said there sales are up marginally, those supplying footballs in the domestic industry say there is no spurt in the sales within the Indian market. Keeping an eye on Euro 2004 series, the football manufacturers had increased their production by 20 per cent last month. With no let up in the sales, they were now burdened with the problem of stocking surplus footballs in their godowns triggering off a slowdown in the production Unhappy with the sales of the footballs, Mr Sunil
Madaan, owner of Sarve Parkash and Company, says the sales are down due to the market slump. He says that he had manufactured as many as 40,000 footballs during the last 30 days, against the normal production of 30,000 and had employed nearly 180
stitchers. “They have been asked to go slow with the production,” he says. Mr Rajinder Dhir, another domestic supplier, too is displeased with the sales this time. He says every time during such events, there is a surge in sales. “There is hardly any difference this time,” he says. Top few football exporters, however, are somehow satisfied with their sales. Mr Vinod Mahajan, director, Soccer International Ltd, says the sales of the company were slightly up in Europe, US, Australia and New Zealand due to Euro 2004 matches. He, however, refused to comment on the percentage increase in the sales. Similarly, Mr Rajan Mayor, Managing Director of Mayor and Co, says the company sales were up 20 per cent about six to eight months prior to the event.
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Exim policy grows to become New Delhi, June 21 The new policy, which will lay down a medium term roadmap for the country’s trade sector, will contain ways and means to double India’s exports to about $ 150 billion annually. “The National Foreign Trade Policy will lay special emphasis on stepping up non-IT services and farm exports,” Commerce and Industry Minister Kamal Nath told newspersons here today. “If we want to be a major player and aim at two per cent of the world trade, we will have to look beyond the Exim Policy,” he said. Mr Nath clarified that the existing five year Exim Policy (2002-2007) will not be nullified by the new policy but will only strengthen and widen the scope. Exim Policy has primarily focussed on merchandise trade. India’s merchandise exports crossed $ 60 billion last year. The new policy will include export of services, to achieve a level of $ 150 billion, which would be about two per cent of the world trade. Mr Nath, who just returned from the Ministerial meeting of G-20 countries at Sao Paulo, allayed fears about farmers’ interests being eroded by the policies of the new government. “The policies of the new government will be no less in protecting farmers, if not more than that of the previous government,” he said. The Commerce Minister said that the G-20 paper on agriculture might break the deadlock on negotiations in the WTO. India has clearly stated that there should be movement on all three pillars of agriculture — market access, domestic support and export subsidies — to address the larger issue of food security in developing countries. The Minister said negotiations were at a critical stage and would essentially depend on the stand taken by developed nations about the interests of the developing countries.
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Religious outsourcing goes to the heavens
Believe it or not, but the shortage of priests in the United States, UK and other Western countries and the low cost of conducting these prayers in India has led to outsourcing of prayers here. Churches in Kerala, gurdwaras in Punjab and temples and ashrams all across the country are receiving ‘bulk orders’ for mass, puja, havan and akhand path. “The concept isn’t as outlandish as it sounds. Intercessory prayers — where one person prays for, or on behalf of, someone else, who is religiously ‘challenged’ — is regularly practised by many and even has the approval of the Vatican,” says Fr. Dominique Emmanuel, spokesman of Delhi Catholic Archdiocese. “Religious outsourcing is not something which has sprung up overnight. It has been happening for quite sometime now but media attention has been drawn towards it because of the debate on outsourcing now,” says Fr. Emmanuel. “Religious outsourcing is on the rise because of a general decrease in the number of vocations in West, especially of priests and nuns. This is happening since the late ’60s, when new ideas came in Church and many priests left their orders,” he says. He says in Catholics, priests offer a mass with an intention daily morning. But because of the shortage of priests, Mass cannot be arranged for every intention. Thus most of them are outsourced to India, or for that matter, any other country, which has no shortage of priests and churches, he adds. The same seems to be the case with pujas and akhand paths in gurdwaras. “Sikhs arrange for a 48-hour recital of Guru Granth Sahib (the holy scripture of Sikhs) for thanksgiving. Paying for the people who would read the holy book as also arrangement for ‘langar’ (food) costs around $ 1,000 (Rs 46,000, nearly) in the US, while here it comes to Rs 5000,” says Sant Mohinder Singh of Dera Mohanpur. “Also, there is a shortage of trained people who can read the Holy Scripture continuously. So most of the prayers are outsourced by Sikhs to India, he says noting “the NRIs also have emotional attachment with the religious places here. So they prefer that prayers are conducted here.” Agrees an official from ‘puja.by-choice.com’, an online group, which conducts yagnas and pujas, “the reason why NRIs prefer to get it done from India is to do with genuineness, purity and the fact that it is being performed by ‘true’ Brahmins.” “People like to be connected to the source. Puja and yagnas performed in other countries tend to be more ‘modernised’ and ‘packaged’. West is very expensive, so performing these rituals according to Vedic tradition would be outrageously expensive and out of the reach of most people,” he says. Moreover, people are realising that prayer knows no boundaries. Ms Renoo Nirula, a clairvoyant, was recently approached by a hospital in Israel to send healing to infants suffering from AIDS and cancer in their neo-natology wing. About the way prayer outsourcing is done, Father Emmanuel says “there are various orders and most of them have offices worldwide from where the requests come. So it is wrong to say, as has been pointed out in some reports, that priests get paid in dollars for these prayers. Whatever is given goes to the order.” As far as pujas are concerned, those conducted at big ashrams and temples are managed online as ‘puja.by-choice’ official claims, “the process is transparent.” “In the last 14 years we have entertained requests from 26 countries including USA, UK, Australia, Africa and South America,” he says. “Though majority of the requests for these prayers are made by elderly Indians living abroad, it is interesting to note that during the last five years, those in the age group of 18-35 are requesting for prayers,” he says.
— PTI
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Allahabad Bank to pay 20 pc dividend
Kolkata, June 21 Addressing the bank’s second Annual General Meeting of shareholders here today Allahabad Bank Chairman and Managing Director Onkar Nath Singh said that being satisfied with the public sector bank’s overall performance last year the Board of Directors have recommended 20 per cent dividend, which would not only strengthen the capital base of Allahabad Bank further, but also ensure a reasonable return to the investments of shareholders. Mr Singh described the decline of net NPA by more than 4 per cent in just one year as unprecedented.
— UNI
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Charak Pharma to set up plant at Baddi New Delhi, June 21 He told TNS that, “we have already acquired land and the construction work has started. The plant will have a capacity to manufacture 55 crore film-coated tablets annually, besides other medicines.
Initially we are investing Rs 14 crore, including Rs 4 crore from internal resources and Rs 10 crore from debt. The plant will be expanded later,” he said. Referring to investment in this region, he said, “we have decided to set up plant in this region as 60 per cent of our sales are in the Northern market. Moreover, under the government policy we will also get exemption from excise duty and income tax.” Set up in 1947, Charak Pharma is Rs 100-crore
turnover company and has two manufacturing plants in Silvasa and Panipat. The sales volume is growing by 8-10 per cent per annum over the past few years. The company is now aiming to achieve an annual turnover of Rs 200 crore in the next five years. It has now emerged as one of the largest producers of high quality ayurvedic products in India. With a large number of patents, it is exporting ayurvedic drugs and formulations to Middle East, the USA and European countries. The company has also plans to raise funds from the primary market in the next few years. Says Mr
Shroff, “currently Charak Pharmaceutical holds the distinction of being one of the top 10 ayurvedic companies in the country. Our product range includes various drugs for gynaecology, cardiology and dermitology diseases.” Referring to the role of government, he said, the industry was hopeful that in the coming Budget, the Centre would make an adequate budgetary provision for the public health institutions to purchase allopathic and ayurvedic medicines.
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New Delhi, June 21
In
video
(
In the clearest ever statement of opposing
the proposal to provide job reservation in the private sector, the Confederation
of Indian Industry (CII) today termed the move as a “mere patchwork” and
said “merit cannot and should not be replaced.”
New Delhi, June 21
