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PM pitches for 10 per cent growth rate
Pak raises gas demand to corner Iran-Pak-India pipeline capacity
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Fulfil AP needs first, Reddy tells Reliance
Switzerland seeks investment
Maran: decision on 3G spectrum by March
Naukri.com office in Dubai next month
Mallya plans IPO for Kingfisher Airlines
Tata Steel eyes Thai plant
Haryana to set up ‘Korea desk’
NSE launches CNX 100 Index
Sensex movement orderly
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PM pitches for 10 per cent growth rate
New Delhi, November 29 While the economy was expected to grow at 7.5 per cent for the next five years, it could also rise to 8 per cent, but “we should be targeting a 10 per cent growth rate in two or three years’ time,” he declared at the concluding session of the India Economic Summit here. ‘This is eminently feasible if we have the expected increase in our savings rate arising out of a young workforce, if we manage to make a quantum leap in the growth rate of agriculture, if investment in infrastructure provides a fresh impetus to industry and if services continue with their impressive performance,” the Prime Minister added. Stressing on agriculture, he said the key “to the prosperity of the entire nation depends critically on transforming and rejuvenating the sector.” “Given this centrality of agriculture to our economy and society, the key breakthroughs that we have to make in our country to spread the benefits of economic reforms lie in the area of agriculture,” Dr Manmohan Singh added. Earlier, allaying aside general perception about the opposition of Leftist parties against economic reforms, Finance Minister P. Chidambaram praised Left parties, saying that it was because of their support the economy could possibly grow by over 7 per cent this year. “Let my friend have no concern about us or our allies. We have very cordial relations and it is because of their support we have been able to report a possible growth rate of over 7 per cent,” Mr Chidambaram told Independent member Ram Jethmalani during question hour in the Rajya Sabha. West Bengal Chief Minister Buddhadeb Bhattacharya has openly advocated the opening of FDI in the food processing sector to boost agricultural growth rate and rural income, which requires Rs 1,10,000 crore over the next decade. On the question of foreign direct investment, the Prime Minister observed that while India had “one of the most liberal” FDI regimes in the world, “our ability to create bureaucratic hurdles in the way of enterprise amazes me.” “As far as FDI is concerned, it is not policy but badly designed procedures and poor infrastructure which are a constraint,” Dr Manmohan Singh added. Referring to the power sector, he said it continued to be plagued by complex problems but “we are determined that we will set many things right in the coming year. I am personally holding wide consultations to remedy the situation here.” The Prime Minister also foresaw the emergence of a free trade area in Asia in the next few years covering China, Japan, South Korea and possibly Australia and New Zealand. “This pan-Asian FTA could be the third pole of the world economy after the European Union and NAFTA and will open up new growth avenues for the economy,” he said.
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Pak raises gas demand to corner Iran-Pak-India pipeline capacity
New Delhi, November 29 During the first meeting of the Joint Working Group, Pakistan had indicated its demand at 10-12 million standard cubic metres per day in 2010-11 with built up to more than 50 MMSCMD in 2015. Later, it raised its initial demand to 30 MMSCMD in 2010 and ramped up the final requirement to 60 MMSCMD in 2013-14. At the second JWG meeting on September 8 and 9, Pakistan maintained its demand at 30 MMSCMD to start with in 2010, but raised the terminal volume to 60-70 MMSCMD by 2015, government officials said. Since the pipeline capacity would be limited to a maximum of 140 MMSCMD, increase in Pakistan numbers would reduce its availability for India and make the pipeline insufficient for collective peak demand of both countries. New Delhi had put its initial requirement of gas through pipeline at 90 MMSCMD, which could go up to 120 MMSCMD. The official said India insisted on a single pipeline as it was more economical and sought review of demand figures and signing of firm take-or-pay clause. India and Pakistan have agreed to insist on third party certification of gas reserves in Iran and identification of alternate/ back-up gas reserves. The Indian side indicated Barmer and Jaiselmer in Rajasthan as possible entry points of the pipeline in the country. Meanwhile, the project structure and framework agreement for the Indo-Iran-Pakistan gas pipeline project might by finalised by early next year, the Rajya Sabha was informed today. Minister for Petroleum and Natural Gas and Panchayati Raj, Mani Shankar Aiyar told the Rajya Sabha in a written reply here that Indian companies GAIL India Limited, Indian Oil Corporation Ltd Bharat Petroleum Corporation Ltd have signed a sale-purchase agreement with the Iranian company NIGEC on June 13, 2005, for import of 5 MMTPA of LNG for a period of 25 years beginning the last quarter of 2009. The rising oil prices are having immense implications for the government with the net import bill raising up to Rs 91,486 crore during 2004-05, the Rajya Sabha was informed today. — Agencies
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Fulfil AP needs first, Reddy tells Reliance
Hyderabad, November 29 The Chairman and Managing Director of Reliance Industries Limited Mukesh Ambani met the Chief Minister at camp office today. According to a press note, Mr Ambani has agreed to work with the Government of Andhra Pradesh to provide gas grid and city gas networks on common carrier principle basis, so that gas producers like ONGC and Gujarat State Petroleum Corporation (GSPCL) could also use these pipelines to transport gas to all parts of Andhra Pradesh at a tariff fixed by a regulator appointed by the Government of India. The Chief Minister has asked the Reliance CMD to complete the entire process of gas grid in Andhra Pradesh first before it is taken out of the state and supply the gas to at least 10 cities and towns in the first phase by July 2008. The Chief Minister has also promised full assistance and cooperation in bringing Krishna-Godavari Basin gas quickly out of the sea for the benefit of the state for which the CMD of Reliance readily agreed, the press note said. The Reliance Industries has also agreed to the proposal of the Chief Minister to develop demonstration fields of minimum of 1,000 acres of wastelands in some districts of the state, so as to showcase most productive farm practices and seeds and train the neighbourhood villages and farmers. With this, a large number of rural people will get substantial employment and wastelands would be brought under utilisation.
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Switzerland seeks investment
New Delhi, November 29 In a significant role reversal, Mr Gerber highlighted the pan-European and geo-strategic location of Switzerland as a possible destination for Indian investors. Offering alternative growth models for Indian companies seeking to access the European market, Mr Gerber pointed out that the expansion of the European Union has created gaping market spaces for investors wishing to go global. Clarifying that Switzerland is not a member of the EU, the Swiss state secretary said that trade opportunities were not hampered due to flexible domestic regulations. Low tax rates and operational costs would also lure Indian investors. A wide network of international agreements prevent double taxation of foreign residents and business ventures, Mr Gerber informed. A highly qualified workforce, longer work hours, lesser holidays and flexible labour and immigration regulations contributed to making Switzerland a lucrative destination for foreign investors, he added. Accompanied by senior representatives of the State Secretariat for Economic Affairs, Switzerland (SECO), Mr Gerber is here to attend the ongoing India Economic Summit.
— UNI
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Maran: decision on 3G spectrum by March
New Delhi, November 29 ‘’The government will decide on the allocation of spectrum for 3G services by the first quarter of the next financial year,’’ Union Communication Minister Dayanidhi Maran told reporters on the sidelines of the India Economic Summit, 2005. However, he declined to give the details of the distribution policy. Indian telecom companies have been asking for government permission to offer 3G services. Mr Maran, speaking at the seminar, said: ‘‘if we open the 3G spectrum, we need more players to give competitive pricing as it is a value-added service.’’ He also said that there would be no compromise on the quality of voice services as India was predominantly a voice-based market. The minister said the government’s recent decision to raise the FDI limit to 74 per cent in the telecom sector was meant to ensure that more people had access to telephone services. Mr Maran said the government aimed at increasing the country’s tele-density to 22 per cent by 2007 from 10 per cent currently. Meanwhile, the telecom regulator TRAI has said that the International Private Leased Circuit (IPLC) ceiling tariff fixed earlier will take effect today.
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Naukri.com office in Dubai next month
Ludhiana, November 29 “More than 10,000 job seekers register their resumes with us every day. A substantial increase in the number of companies that advertise for jobs has been witnessed. We do not aim to replace newspapers and other sources in jobs industry but within five to seven years, job portals and newspapers would attract equal number of job seekers and also companies. Both medium would co-exist whereas presently, the share of newspapers is three times higher than portals,” Mr Sanjeev
Bhikhchandani, founder and CEO, Info Edge India, said while talking to The Tribune here today. The company, which claims more than 55 per cent share in the online jobs industry, has 43 lakh registered resumes, which it aims to increase to a crore by the end of this financial year. Mr Bhikhchandani said 80 per cent of the candidates, who relied on portals for job hunt, came from metros and big cities. It is the small cities where potential remains untapped. As the reach of Internet increases, so would the number of job seekers and companies using job portals, he said. On the real estate portal, 99 acres, the company started in August, Mr Bhikhchandani said the portals would cater to the growing need of real estate market for a platform that brings buyers and sellers from various cities together.
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Mallya plans IPO for Kingfisher Airlines
New Delhi, November 29 “The IPO from Kingfisher Airlines will be coming next year and we intend to raise $ 200 million through this,’’ Mr Mallya told reporters on the sidelines of the World Economic Forum. About the spirit business, Mr Mallya said the company would raise $ 200 million. On the company’s bid for Air Sahara, he said the UB Group had submitted its valuation, “which is less than the $ 750-1,000 million estimated valuation done by Ernst & Young”. “Kingfisher Airlines is open to a variety of options, including a complete buyout, a stake in the company or going in for an alliance,’’ he added.
— UNI
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Tata Steel eyes Thai plant
Mumbai, November 29 The deal, at its nascent stage, is expected to be over in a few months, sources said here today. Earlier this month, Tata Steel Managing Director B Muthuraman had said the company was in talks with several other companies for acquisition abroad. Tata Steel was also reported to have initiated a dialogue with Anglo American, a South Africa-based company, to acquire its 79 per cent stake in Highveld Steel. “This (the South African-based company) is not the only company we are currently looking at. In fact, there are several other companies on our radar,” he said. Informed sources, however, said the proposed acquisition plan in South Africa had so far remained stuck.
— PTI
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Haryana to set up ‘Korea desk’
Seoul, November 29 Haryana Chief Minister Bhupinder Singh Hooda said during his meeting with Mr Hwan-eik Cho, South Korean Vice Minister of Commerce, Industry and Energy, here yesterday. The Korean minister had suggested the setting up of such an information centre in Haryana. A high-powered official-cum-business delegation led by Mr Hooda is currently on a four-day visit to South Korea to explore business tie-ups with Korean firms. Mr Cho said India was emerging as the “most preferred destination” for many multinational companies and most of the Korean companies too have made their investments in India. A number of Korean companies was looking at Haryana as the most preferred state of India for their new ventures, he added. Mr Hooda said the Haryana government had set up an Investment Promotion Centre in New Delhi to facilitate single window clearance of FDI proposals in Haryana.
— UNI
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NSE launches CNX 100 Index
Mumbai, November 29 The index will be launched with effect from December 1, 2005, taking its base date as January 1, 2003, and with a base value of 1,000 points, the NSE said in a statement. Scrips of bluechip companies like Reliance Industries, Reliance Energy, BHEL, Infosys, Tata Consultancy Services, Bharti Televentures, Hindustan Lever, among others, line up under this 100-share index.
— PTI
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Sensex movement orderly
New Delhi, November 29 Meanwhile, expressing concern at the flat growth in trade between India and Japan, Finance Minister P. Chidambaram has asked Japanese businessmen to invest more in the country’s infrastructure. Japan Business Federation (Nippon Keidanren) Chairman Hiroshi Okuda today called on the Finance Minister and discussed wide-ranging issues, including the infrastructure bottlenecks, that were hindering Japanese investment in the country.
— PTI
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