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Agriculture reforms are a must,
Chandigarh, December 4
With MCX, it is global farm mandi
Australia-CII pact to boost trade
Inflation an area of concern, says PM
BPCL to retail fruits, vegetables at petrol stations
Aviation Notes
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Agriculture reforms are a must, says ITC chief
Chandigarh, December 4 Mr Deveshwar, who is the President-elect of the Confederation of Indian Industry (CII) for next year as well as Chairman of its Agriculture Council, says that though liberalisation in the early 90s has opened up Indian economy, agriculture reforms have been delayed. “There is an urgency to bring in these reforms, amend food laws, introduce insurance in the farm sector and make agriculture market oriented,” he says holding that no single agency, including government, can do it alone. Mr Deveshwar has been steering ITC since 1996 and is credited with several key strategic interventions. An engineering graduate from IIT, Delhi, Mr Deveshwar, claiming himself to be a “puttar of this area”, is all set to explore the horticulture potential of Punjab. “We have decided to make Punjab our next destination. After the Union Government has decided to promote horticulture to break the two-crop rotation, we have started looking at the horticulture potential this state has to offer,” declares Mr Deveshwar. Talking about the AgroTech, he says that the expo has been growing and more international companies and countries are taking an interest in it. “There is an urgent need diversify not only agriculture but land use also. We have to have more value for every hectare of land. Unless we reform the agriculture sector by creating freedom for the farmer to sell his produce to anyone and do not connect him to the market, most of his effort goes waste. “The APMC Act is important. We must understand that making India one market is very important. Emphasis on agro-processing as well as food processing has to grow. We also have to insulate our farmers from natural and unnatural calamities to create a freedom and give him an opportunity to take initiative and experiment,” adds Mr Deveshwar maintaining that “we should also have a risk transfer mechanism in aid of the farmer.” Feeling concerned at the depleting soil strength and subsoil water, he quotes from the Indian Council of Agriculture Research to say that at present average soil loss is over 16 tonnes per hectare per year which is three to five times the normal. “Nearly 35 per cent of Indian villages are yet to be connected by road and rural tele-density is just 1.5 per cent,” he reveals maintaining villages, as independent units, are too feeble to support the scale of investment required to upgrade infrastructure or market connectivity. Mr Deveshwar is for enlarging the scope of Agro-Tech by taking it to other regions as “distance localises participation restricting farmers from other regions from making any use of such an event which brings under one roof almost everything concerning agro-economy.”
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With MCX, it is global farm mandi
Chandigarh, December 4 Mr Joseph Massey, Deputy Managing Director of MCX, informed The Tribune that the exchange would facilitate the farmers to compete on a strong footing in the WTO regime that would expose them to the global environment. It will catapult them from the local mandi to the global marketplace at the click of the mouse on the Internet. However, only time will tell whether the marginal farmer with meagre resources and largely dependent on the weather would benefit from the hi-tech opportunity. Mr Massey quickly allays any such fears, saying, “Yesterday, we did business worth Rs 1890 crore at close. Our initiatives with agriculturalists, corporates, producers and consumers, banks, insurances firms and educational
institutes are paying off as business countrywide is expanding exponentially.” Mr Massey was in Chandigarh at the Agro-Tech Fair that opened yesterday. Using audio-visual presentations, stage shows and a mock trading ring giving real life feeling of the futures market-trading environment, MCX at its stall in Circus Ground, Sector 17, demonstrates the advantages of futures market for agriculture. It shows how commodity producers can sell their produce in advance to protect against possible price falls in the future and achieve better price discovery, better cropping pattern, and alternative market to sell their produce. MCX also provides a suitable marketplace with its inter-linkages with a warehouse receipt system and banking solution in terms of easy credit. The exchange has a tie-up with Punjab Markfed and various banks for easy marketing and credit. MCX is a state-of-the-art nationwide, digital exchange that facilitates online trading, clearing and settlement operations for futures trading in gold, silver, steel, kapas, cotton, rubber, black pepper, oil, oilseeds, wheat and rice, metals, agri commodities, pulses and soft commodities. Mr Massey informed that along with the G B Pant University of Agriculture and Technology, MCX would set up Krishi Sewa Kendras in various parts of the country. The kendras will be one stop centres for the farmers, agriculturist, processors, etc to learn on key subjects like resource management, harvest details, market prices, crop diseases, irrigation and various other issues related to farm management.
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Australia-CII pact to boost trade
Chandigarh, December 4 Announcing the launch of the ‘Partnering Australia for Business” programme at the CII Agro Tech 2004 here, Ms Michelle Marginson, Charge d’Affaires, Australian High Commission in India, hoped that the initiative would go a long way in strengthening trade ties between the two countries. Addressing mediapersons at the Agro Tech 2004 here, Ms Marginson observed that North India could become the hub for Australian companies wishing to invest in India. “Australia is one of the world’s leading agri economies and with agriculture being the mainstay of north Indian states, the tie-up between Austrade and the CII is good business,” she said. Referring to the bilateral trade between the two countries, Ms Marginson said every year Australian exports to India are around $ (Australian) 4.6 billion, which is around 4.6 per cent of the total exports. Food processing, food transportation and handling, farm equipment, etc, are some of the sectors that could be explored for joint ventures between Australian and north Indian companies, she observed. Mr Y.C. Deveshwar, Chairman, Agro Tech 2004, said more mutual trade could be an instrument of development for both countries.
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Inflation an area of concern, says PM
New Delhi, December 4 “In this environment of optimism, one of the areas of concern is the rate of inflation. I do not wish to downplay the concern being expressed in this regard. It should be noted that recent inflationary pressures are almost entirely on account of an increase in world prices”, Dr Manmohan Singh said while speaking at a meeting of the Prime Minister’s Council on Trade and Industry. He said, “holding the price line is a priority” for the government although the country cannot insulate itself from the impact of movements in world oil prices. The Prime Minister said among the unfinished reforms agenda was to “step up investment and foster capital formation” in agriculture and in the rural economy. “This is our government’s first priority. I am also aware that we must bring in massive investment into infrastructure. This will require both domestic investment and foreign investment and will have to be on the basis of public-private partnerships. I am also aware that we have to complete the reform agenda with respect to regulatory framework in the infrastructure and financial sectors”, he added. The second meeting of the 18-member council was convened in New Delhi as part of the efforts to evolve certain policy initiatives to boost investment at a time when the stock market is booming and industrial outlook is buoyant. Dr Manmohan Singh said the Indian economy was now at the “beginning of a new phase of growth and that over the next decade we should be able to register an annual rate of growth of around 7.5 per cent”.
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BPCL to retail fruits, vegetables at petrol stations
Chandigarh, December 4 Talking to TNS, Mr S. Ramesh, General Manager (Retail Strategy), BPCL, on the sidelines of a seminar at CII today, said, fruits and vegetables would be brought for retail selling on the shelves only after proper testing at the quality control laboratories set up for the purpose. The convenience stores of the company - In and Out already stock 70 per cent foodstuff, including ready-to-eat stuff and 30 per cent personal care products.
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3 more budget carriers to fly by K.R. Wadhwaney Soon, the Indian skies will be crowded. Three budget airlines—Kingfisher (Vijay Mallya’s), Go Air (Wadia family’s) and Royal Airlines (former Modiluff) — have been accorded permission to fly. With this, there will be six private airlines in the Indian skies. Aviation researchers predict another round of fare turmoil as competition increases. Statistics show that government continues to provide better ground-level to private operators. But the national carrier, the Indian Airlines, and its subsidiary, Alliance Air, are in an upbeat mood emphasising that they will continue to enjoy a large slice of the cake. IA senior officials say “We have plans to utilise new and leased aircraft on several new routes and other aircraft on many ‘virgin’ routes in the domestic sector”. The aim, is to improve connectivity among small cities. The AAI has initiated an art gallery at the Indira Gandhi International Airport (IGIA) for passengers to “steal glimpses of the capital through sketches and drawings of historical monuments”. At the IGIA passport scanners have been installed to detect fake ones. The machines will also specify several other details about holders involved in terrorism and smuggling. This should help improve the performance of the immigration officials. Immigration and customs authorities maintain that a large chunk of smuggling exercises will be considerably reduced if immunity to diplomats is done away with. They maintain many diplomats are involved in smuggling and they get away because their baggage cannot be examined.
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Bank, PO rules same for Senior Citizens Scheme by A.N. Shanbhag Q: After having read your pieces on Senior Citizens Scheme (SCS), I have certain queries and shall be grateful if you could let me know the answers for the following regarding: 1 Which are the designated banks apart from the SBI? 2 Will the bank follow the same rules as the Post Office? 3 The Post Office does not deduct the TDS on the interest payable? 4 I was told that the bank will have to deduct the TDS while paying out the interest? 5 Will there be any service charges both in the case of Post Office and in the case of bank handling this savings? — Natarajan A: 1. In one of my articles I had observed, “The only drawback of this scheme is that it is to be handled by post offices. The systems and procedures at post offices are often laborious and outdated. Because of the systemic problems, many investors are shy of the National Savings Organisation. Sad but true! However, till the scheme gets extended to banks, this is the only option. “Fortunately, through Notification RBI/2004-05/213, CO.DT.No. 15.02.001/H.3484-3520/2004-05 dt 7.10.04 RBI has declared that the SCS which was operated by post offices ever since its launch on 2.8.04, will now also be operated through all the branches of public sector banks which are operating the PPF Scheme. The involvement of the agency banks in operation of SCS would be on the same lines as of PPF.” 2. Yes, the Rules for banks are not different than those for post offices. 3 & 4. In the case of 8% taxable RBI Saving Bonds introduced on 24.3.03 the notification on non-applicability of TDS was issued on 13.1.04. The LIC Varistha Bima Yojana also suffered from similar lethargy. The rules of SCS are silent on this issue. Let us wait and watch. However, because the Rules are silent, I can venture to assume that there is no TDS. 5. Yes, there are service charges, but these are not to be paid by the investor. Home loan Q: I am availing IT benefits u/s 24(1)(vi) for my housing loan. I am planning to take a ‘Home Improvement loan’ of Rs 1 lakh from the same home finance company and this amount will be added to my existing loan outstanding amount to arrive at the new EMI. My doubt is that, whether the interest part of the new EMI will be eligible for full IT relief under the above mentioned Section 24(1)(vi). — Vinod Sankar A: You can avail the benefit in respect of interest on the 2nd loan also but this being a loan taken for ‘improvement’, the ceiling on the deduction is Rs 30,000, within the overall ceiling of Rs 1,50,000.
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