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Nath wants gems to shine on India’s crown
Full Re float not before 2009: FM
Intel not keen on hardware production
Sebi to track those who made Sensex fall
Concor mulls cold storage chain in Haryana
Gold, silver attain new peaks
Italian bank in India
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Corporate News
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Nath wants gems to shine on India’s crown
New Delhi, April 7 Apart from about $50 billion service sector exports, India’s merchandise exports have touched the ‘auspicious figure’ of $101 billion in 2004-05, growing by 60 per cent within two years from $63 billion, Union Minister of Commerce and Industry Kamal Nath said today while unveiling the annual supplement to Foreign Trade Policy (FTP). During same period, imports grew by 32 per cent to $140 billion, including $43 billion oil imports. “Non-oil imports touching $97 billion are still lower than merchandise exports. The service sector exports touching $50 billion, which do not figure in merchandise exports are enough to take care of the oil import bill,” he said allaying fears of growing trade deficit.
In 2004-05, the export sector has generated incremental direct employment of 14.85 lakh over the previous year, bringing the total employment generated by the export sector to 90.06 lakh. Releasing a report on ‘employment oriented export strategies’, he added, the government has fixed a target of at least 20 per cent growth in exports to $120 billion to create additional 20 lakh jobs this year. He announced two new schemes to replace the target plus scheme. Focus product scheme would allow duty-credit facility at 2.5 per cent of the FOB (Free on Board) value of exports on 50 per cent of the export turnover of notified products such as value-added fish and leather products, stationery items, fireworks, sports goods and toys, and handloom and handicraft items. Focus Market scheme, he said, would allow duty credit facility at 2.5 per cent of the FOB value of exports of all products to the notified countries in Africa, Latin America. The notification of schemes has been deferred, perhaps due to ongoing assembly elections in five states. Mr Nath said the scrip and the items imported against it for both these schemes would be freely transferable. To take benefits of foreign trade to rural areas, the minister announced to replace Krishi Vishesh Upaj Yojana with Vishesh Krishi Upaj aur Gram Udyog Yojana to offer duty free scrip of 5 per cent of FOB value of exports of village and cottage industry products. In another major initiative, he announced that incidence of un-rebated service tax and fringe benefit tax on exports would be factored in the various duty neutralisation and remission schemes, adding that details would be announced later. In order to make India a major refuelling stop for airlines, he announced that supplies, such as food and beverages, to international flights would be treated as exports. Such exports would be eligible for benefits under various export promotion schemes. He said the incidence of unrebated and fringe benefit tax on exports would be factored in the various duty neutralisation and remission schemes. The minister also said that the advanced licensing scheme and duty free replenishment certificate scheme have been clubbed to launch a new scheme called duty free import authorisation scheme. On new thrust areas, Mr Nath announced to develop India as an international hub for gems and jewellery and auto components. “Mumbai has to match Dubai and Tel Aviv in gems and jewellery trade,” he said, adding imports of precious metals and stones would be made easier. The government would allow import of new vehicles by auto component manufacturers without the need for homologation for their Research and Development purposes. India would lay down clear guidelines on imports of genetically modified (GM) crop varieties, Commerce Minister said, adding guidelines were being laid down for the imports of GM crop inputs.
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Full Re float not before 2009: FM
New Delhi, April 7 “I don’t think in any event we will be ready until we can wipe out the revenue deficit and bring down the fiscal deficit to 3 per cent, which means, not earlier than 2009,” he said in an interview to the Singapore daily, The Strait Times. The government had set targets in the Fiscal Responsibility and Budget Management Act in 2004 to reduce revenue deficit by 0.5 per cent and fiscal deficit by 0.3 per cent of GDP annually so that revenue deficit is wiped out and fiscal deficit is brought down to 3 per cent by 2009. Ahead of the RBI’s credit policy on April 18, Mr Chidambaram also said he did not expect the interest rates to rise and that the Central Bank would take steps to inject more liquidity to ease the situation. “I don’t think interest rates should rise....We should expect an easing of liquidity situation,” he said, while ruling out hire and fire system in the labour market. Ruling out a free trade agreement (FTA) with China in the near future, the Minister said the government would first wait for a rise in the bilateral trade with Beijing. Further, he was not sure what the S.S. Tarapore committee, appointed to suggest a roadmap by July this year, would recommend. “I don’t think in any event we will be ready until” the fiscal goals were met.
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Intel not keen on hardware production
Lucknow, April 7 ‘’As India makes large strides in the IT field with its rich human capital, Intel is committed to nurturing important technologies for local use. However, there are no immediate plans to commence hardware production in the country,’’ Intel Director, South Asia, Customer Solutions Group, Surendra Arora , said here. Mr Arora, however, maintained that India figured prominently on the Intel business map. ‘’We have on rolls about 3,000 IT professionals at our Bangalore unit, who are purely into product development for domestic and global market consumption,’’ he added.
— UNI
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Sebi to track those who made Sensex fall
Mumbai, April 7 “Sebi will ascertain as to who floated these rumours leading to the market fall,” Sebi Chairman M. Damodaran said. There were rumours in the market regarding suspension of certain foreign institutional investors (FIIs) and problems regarding promissory notes. There was also speculation that there might be raids on Indian brokers, who deal with these FIIs. The 30-share Sensex of Bombay Stock Exchange swung by a massive 366 points today, marking the largest intra-day swing after May 18, 2004, when the market oscillated in the range of 401 points. Earlier during the day, the Sensex touched an all-time intra-day high of 11,930.66 points before crashing to a low of 11,564.99 points. The Sensex closed the day at 11,589.44, shedding 157.46 points or 1.34 per cent. — PTI
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Concor mulls cold storage chain in Haryana
Sonepat, April 7 The state government has already allotted 16.60 acres of land on a lease basis in the complex, official sources said. Besides providing logistic support to the food park, the project would also facilitate maintenance and distribution of fresh produce under controlled temperature. The fruits proposed to be preserved include apple, banana, grapes, litchi, mango, pineapple, papaya and vegetables like brinjal, green chillies, peas, cabbage, ginger, garlic etc. The project will also cater to dairy and pharmaceuticals products.
— PTI
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New Delhi, April 7 Trading activity picked up as gold prices prices zoomed by Rs 180 at Rs 8,760 per 10 gram and silver by Rs 800 at Rs 18,000 per kilo, the levels never seen before. Standard gold and ornaments shot up by Rs 180 each at Rs 8,760 and Rs 8,610 per 10 gram, respectively. Silver ready spurted by Rs 180 at Rs 18,000 per kilo and weekly-based delivery by Rs 260 at Rs 17,500 per kilo. Silver coins rose by Rs 200 at Rs 18,700 for buying and Rs 18,800 for selling of 100 pieces. — PTI
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Italian bank in India
Mumbai, April 7 The bank’s Head, International Affairs, Primo Brioni said: “In the first phase we will open another representative office in New Delhi. Then in the second phase, which is a few months’ away from now, we will report to our Board of Directors with the inputs of the Indian market and after getting a nod we will start retail and corporate banking in India, replicating our operations in China,” Mr Brioni said.
—PTI
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Corporate News Solix acquires Malaysian firm
Mumbai, April 7 With the acquisition of the 100 per cent paid-up share capital, AccelForce Sdn Bhd has become the company’s wholly-owned subsidiary, the company informed the Bombay Stock Exchange. AccelForce is operating in Malaysia since 2002, and provides high-end professional services apart from marketing its products in the highly competitive APAC market, it said. Bharat Coking
In a massive turnaround of business, public sector Bharat Coking Coal Limited has posted a maiden profit of Rs 156.11 crore as on March 31, the first since its inception in 1971. Claiming this to be a landmark achievement in the 35-year history of BCCL, also a subsidiary of Coal India Limited (CIL), its Chairman and Managing Director Partha S. Bhattacharya said this performance was more creditable since the profitability was calculated after taking into account the full impact of wage revision under the National Coal Wage Agreement amounting to Rs 250 crore per annum.
Sahara One
Sahara One Media & Entertainment Ltd said it would raise $ 50 million through equity or FCCBs in the international markets. Sahara One runs four satellite channels including an entertainment channels, ‘Sahara One’ and a dedicated news channel ‘Sahara Samay’.
HSBC scheme
The Hong Kong and Shanghai Banking Corporation (HSBC), one of the largest banking and financial services organisations, has launched a scheme under which NRIs worldwide can transfer money free of cost to their accounts in India. HSBC Senior Vice-President and NRI Services Head Manasije Mishra said the “HSBC currently serviced NRIs through 43 branches in India and 11 international NRI centres in the UK, West Asia, Hong Kong and New York.
GVK Petrochem
Novopan Industries Limited said today GVK Petro-chemicals Pvt Ltd has sold its entire 42.89 per cent stake in the company to GVK Capital & Finance. GVK Petro has sold 37.71 lakh shares of Novopan consequent to the scheme of arrangement between GVK Petro and GVK Capital and Finance, the company said.
Teledata
Teledata Informatics Ltd said today it had acquired over 80 per cent stake in London-based I-MAX Networks Ltd through its subsidiary. I-MAX Networks is a provider of telecommunication carrier services, equipment distributor and an integrated solution provider.
Order for L&T
Larsen & Toubro Ltd (L&T) said today it had bagged a Rs 368 crore order from a power generation company in China for supply of critical gasification equipment. It will supply three sets of gasification equipment to Datang International Power Generation Company Ltd for its coal-based olefin project in Duolun country, Mongolia, the company said.
— Agencies
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