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Exporters lose crores as containers pile up at port
Indian economy doing well: PC
CERC draft for tariff-based bidding
Tourism Malaysia taps Ludhiana
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Insecurity dogs workers: ILO
No tax on income up to Rs 1 lakh
GDP growth feeds market bull
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Exporters lose crores as containers pile up at port
New Delhi, October 3 The worst sufferers are exporters and importers from Punjab, Haryana and Delhi region, especially the manufacturers of steel and textile products. Industry representatives have claimed that exporters from Ludhiana, Jalandhar, Amritsar, Panipat and Faridabad have already suffered substantial financial losses worth crores of rupees and they would not be " able to meet the orders during this peak season in time for Christmas and New Year sales in the European Union and other markets due to negligence on the part of officials concerned." Expressing concern on the alarming situation, Mr Subhash Mittal, Vice- President, Federation of Indian Export Organisations (FIEO), said, "at present over 18,000 containers are lying there, a bulk of which are piled up at Nhava Sheva International Terminal. The mismanagement by the Concor, the nodal agency in charge of delivering the containers to north India has led to huge losses to the industry." In his submission to the Ministry of Commerce and Industry, Mr S.C. Ralhan, Regional Chairman (north), Engineering Export Promotion Council (EEPC), said, " We will find it hard to meet the quarterly export targets, as movement of containers from the Nhava Sheva Port to north India's industrial centre has come to standstill." He lamented that despite repeated reminders, the Concor, a subsidiary of Indian Railways had failed to rectify the situation. Meanwhile, officials of the Concor have told the industry that though they were ready to ferry around extra trains to meet the heavy rush, they were not getting permission from the Railways for the additional time slot. " The situation is likely to continue to for the next few days," they said. Mr Ralhan said over 80,000 containers are transported to and fro from Ludhiana alone, including about 45,000 export ones by machine tool, readymade garment, cycle and cycle parts' manufacturers." Number of cycle parts units are waiting for the arrival of their imported raw material, and their work has almost come to standstill," he said adding that some officials of the Concor were even asking for Rs 2,000 to Rs 5,000 per container for the fast delivery of material. The EEPC and FIEO have urged the Union Minister for Commerce and Industry to intervene immediately otherwise it would be too late to meet the export targets.
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Indian economy doing well: PC
Washington, October 3 Addressing the International Monetary Fund as representative of the constituency of India, Bangladesh, Bhutan and Sri Lanka, Mr Chidambaram said despite a delayed monsoon and oil price pressures, the Indian economy was expected to grow in the range of 6.5-7.0 per cent this year. ''A strong revival of investment demand and business confidence is evident,'' he said. Mr Chidambaram said the external position had added to overall confidence and the country's credit standing had improved in global markets. ''Fiscal consolidation remains high on the agenda and the new government has demonstrated its commitment by notifying the Fiscal Responsibility and Budget Management (FRBM) Act and detailed rules for its implementation in July this year,'' he added. He said further liberalisation of the external sector had been announced and the government was committed to promoting multilateral trade liberalisation policies in the spirit of the Doha round. ''No doubt, the current outlook for oil prices makes the macro-economic management in India very complex. Monetary policy will continue to emphasise price stability with growth.'' Mr Chidambaram called for a substantial step-up in aid flows to low-income countries for a meaningful thrust on achieving their millennium development goals by 2015. Pointing to the decline in aid flows, he said: ''The modest increase in global overseas development assistance (ODA) represents special purpose allocations based on strategic considerations rather than development needs and country performance.'' Mr Chidambaram also called for a re-examination of the role of both the IMF and the World Bank to help meet commitments on the millennium development goals.
— UNI
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CERC draft for tariff-based bidding
New Delhi, October 3 The new norms emphasise development of large regional projects and reliability of power supply while stipulating penalties for project delay, non-achievement of target and degradation of contracted power generation capacity. The CERC, however, said existing power generators - NTPC, NHPC, NEEPCO, state generating companies, state electricity boards and independent power producers (IPPs) shall continue to supply power as per their existing contracts. The tariffs to be recovered by them shall be no greater that those determined by the appropriate commissions, it said.
— PTI
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Tourism Malaysia taps Ludhiana
Chandigarh, October 3 Tapping the growing outbound tourist market from
Ludhiana which is growing at a rate of 12-15 per cent, a package was yesterday introduced in association with Sagger World Holidays. Costing Rs 22,000 (approx) per person for three days/two nights, it includes airfare, accommodation with breakfast on a twin-sharing basis, airport transfers and half-day sightseeing on a ‘seat in coach’ basis. The package is valid till December 15 and is applicable ex-Amritsar and ex-Delhi. The tourism board has further introduced a special offer of one night stay complimentary (extra night) and 15 per cent discount on hotel food on the same package if booked from October 2 to 30 from World Holidays. Mr Bhupesh Kumar, Marketing Manager, Tourism Malaysia, said “This initiative is part of our new strategic approach for India, wherein the tourism board would augment their reach and penetration to the growing B cities of India. We expect a growth of 20-25% for the coming year from Punjab.” Tourism to Malaysia from India has already grown by over 300 per cent since 1999.
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Amritsar ill-equipped for tourists
Amritsar, October 3 There is a lot of tourist potential which could be tapped because 26 per cent out of the total 45 lakh international passengers who use Indira Gandhi International Airport are from Punjab and Chandigarh region. It amounts to a business of Rs 500 crore annually. According to a survey conducted by the Chandigarh-based Institute of Tourism and Future Management Trends (ITFT), the business could be tapped by promoting Amritsar’s Rajasansi International Airport. The airport has the potential of becoming the gateway to a major economic boost to the region. In his paper presented at the interactive conclave sponsored by the Singapore Airlines yesterday, Dr Gulshan Sharma, Director of ITFT, said that Punjab Tourism and Singapore Tourism Board would have to jointly work out marketing strategies to promote tourism and trade in both the countries. Dr Sharma said many international flights launched by Indian national carriers introduced in the past had to be discontinued as they were not economically viable. However, he said the Singapore Airlines flight could be sustained if the state and central governments worked out to enhance cargo and passenger traffic . A challenge that Amritsar city faces is the paucity of infrastructure conducive for more such international flights. In case of bad weather or snag in the aircraft, is the available hotel accommodation adequate to handle 300-plus passengers during any such emergency? The accommodation available in class hotels is less than 200 rooms. And most of them remain occupied as Amritsar is one of the five most sought-after tourist destinations in the world. The tourist inflow would swell further in case Golden Temple is declared World Heritage site by Unesco by the next year. The interactive conclave also explored the possibilities of setting up joint business ventures in the fields of information technology, agro and food processing, housing, urban development and infrastructure, tourism and human resource development. The Punjab Government has offered to be facilitator to strengthen trade and tourism links between the region and Singapore, said Mrs Rajinder Kaur Bhattal, Deputy Chief Minister. Addressing an interactive session on doing business with Singapore organised by the CII, PHDCCI and Punjab Rice Exporters Association, Mrs Bhattal urged businessmen to upgrade their ventures.
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Insecurity dogs workers: ILO
New Delhi, October 3 Drawing on detailed household and workplace surveys covering over 48,000 workers and over 10,000 firms, a new ILO report shows that many forms of income insecurity are not identified in standard income measures. “This is particularly striking in countries such as India and Mexico,” the report titled “Economic Security for a Better World” says.
— PTI
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by J.C. Anand
GDP growth feeds market bull
THE stock market brightened up on October 1 despite the introduction of Securities Transaction Tax (STT). The 30-share BSE Sensex rose by 92 points and closed on Friday, last week, at 5676 points: highest close since May 6, 2004. Only two scrips out of 30 that comprise Sensex basket declined: Bharti Televenture and ITC. The other Sensex basket scrips registered gains. Nifty index also moved up by 1.7 per cent to 1775 points.
Among the biggest gainers were: ONGC, Reliance Industries and Tata Motors. The BSE oil & gas index was the biggest gainer. The BSE FMCG index was the only loser. The FIIs were very active and picked up a lot of blue chip scrips. The bull in market was fed by the report that the GDP grew during the first quarter of the current financial year at 7.4 per cent. The market is also expecting excellent results from Tisco, Reliance Industries and some other top blue chip companies in the second quarter. The market ignored any shortfall in business volumes as a result of introduction of the STT, though on Friday the business turnover was lower in the cash segment than it was on Thursday. The market also ignored that revenue deficit was lower by 82.6 per cent than the budget estimates. The wholesale price inflation rate is marginally lower at 7.80 per cent from 7.87 a week earlier. The STT will be paid by the purchaser and seller of equity shares or equity mutual funds units at 0.075 per cent each if actual delivery or transfer of shares takes place. The positive side is that for long-term investors who hold, or have held, equity shares for at least one year or more from the date of acquisition, there should be no tax. Short-term capital gains tax has also been fixed at 10 per cent. Previously, it was to be added to the taxable income of the assessee. It was generally apprehended that the introduction of the STT would depress and cut down business volumes in the stock exchanges. This fortnight will clarify the position. It is quite likely that the market would adjust itself to the changing conditions imposed by the STT and volume of business would maintain itself as it was before October 1. Morgan Stanley units which are listed both on the BSE and the NSE offer a good return to long-term investors at about 9.5 per cent which is tax-free. Its issued capital is about 60 crore units of Rs 10 each. Its book value as on March 31, 2004 was Rs 20.96. It paid a dividend of 15 per cent per unit. Morgan Stanley has excellent management and an excellent portfolio comprising blue chip scrips. The dividend of 15 per cent is likely to be repeated, there is also a possibility that it may be raised further. Last week, the unit was quoting around Rs 15.70. It has greater liquidity and yield more than the Senior Citizen Bonds with 9 per cent taxable return.
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Reiterating his government's commitment to continue economic reforms with a human face, Finance Minister P. Chidambaram said India, along with China and emerging Asia, was poised to become a major driver of global economic growth in the medium term.
