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Need for reforms in financial sector: PM
Banks to double credit to farm sector
India behind China in FDI inflow
ONGC-Mittal wins Nigerian block
CII, Infosys join hands to build Indian MNCs
Hyatt mulls budget hotels in north India
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Rs 10,000 cr worth of kerosene diverted to black market: study
Tata Sky to invest Rs 3,000 cr in five years
Pull up socks, TRAI tells broadband operators
Nod to 25 more SEZs
Tata Tele to invest Rs 25 cr in Himachal
Ford Fiesta limited edition
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Need for reforms in financial sector: PM
Concerned over India's debt market not fully taking off, Prime Minister Manmohan Singh today stressed the need to step up financial sector reform, for which the government will soon forge a political consensus.
"We need to reform financial sector further if we are to have a larger debt market. We need to promote widely held pension fund system. We need a much larger insurance sector with a higher capital base and more diverse products," Dr Manmohan Singh said after inaugurating a new building of market regulator SEBI here. If India has to achieve the ambitious 8-10 per cent growth, "we need investment of a high order. These would be possible by making our financial markets more efficient, more competitive and more global," he said. "We may currently be lacking a consensus on the needed reforms. However, I am confident that we will soon be able to forge a consensus on taking the reforms forward," he said apparently referring to stiff resistance to economic reforms from the UPA ally Left Front. Asking SEBI to fully protect the interests of investors, Dr Singh said he was happy that urgency was being given to comprehensively amend the SEBI Act to create appropriate investors' protection fund as well as further empowering the market regulator to address issues impacting investors' interest. Noting that good market regulation could further ensure that engines of growth were allowed to run at full throttle, he said there was no space for manipulators in the system. The securities market regulation has evolved in the country to include three principal objectives — fair, efficient and transparent markets; investor protection and reduction of systemic risk, he said. While appreciating SEBI's efficiency in shouldering the responsibility of a regulator, he, however, felt that the market regulator was somewhat handicapped in its efforts to promote investor education due to lack of access to a suitable investors' protection fund. Highlighting the need for stepping up the financial sector reforms, the Prime Minister said it was these which would generate the necessary long-term funds in a debt market and make available resources for the investment need of the country. The financial sector has now come of age in the country even though there were a number of issues, which needed to be resolved even if they were controversial, he said. Dr Singh said capital markets were not about equities alone. The bulk of the transactions in the markets of advanced nations were debt securities. Elaborating on the investor education fund, he said Finance Minister P Chidambaram has already announced such a fund in the Budget, which is to be financed out of the fines and penalties levied. The debt markets in India have not quite delivered on the expectations, he said, emphasising that "we need to make efforts to understand why the debt market has not taken off" so as to take necessary policy measures. While the Indian capital market has come a long way since 1992, when it was opened, the importance of stock market in the pricing of risk and opportunity was recognised as essential for financial stability, he said.— PTI |
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Banks to double credit to farm sector
Chandigarh, October 6 In Punjab, banks have achieved a 103 per cent target in agriculture and allied sectors. The achievements under SSI are 95 per cent and under other priority sectors 94 per cent. This was revealed by Mr K Raghuraman, Executive Director, Punjab National Bank, while presiding over the 97th state-level bankers committee meeting for both Punjab and Haryana, held here today. It was revealed that banks in Haryana had disbursed loans of Rs 1,945 crore to agriculture sector from July 2005 to June 2006. Total loans worth Rs 11,485 crore were disbursed during the period. In the same period, banks in Punjab have disbursed loans to the tune of Rs 7,098 crore against target of Rs 7,047 crore, thus registering a 101 per cent achievement. Mr K. Raghuraman emphasised that in pursuant to policy steps taken by the Government of India in the previous years to increase farm production in the country, banks have decided to double the banks' credit to agriculture sector in three years ending March 2007, through increase in disbursement at the rate of 30 pc per annum and to provide production credit to farmers. Further, it has been decided to provide production loans to farmers up to principal amount of Rs 3 lakh at 7 per cent and to gear up its credit delivery mechanism in the rural areas. Mr Raghuraman informed that 90 new branches of commercial banks and regional rural banks (RRBs) were opened in Haryana during the review period, thus raising the total number of branches from 1,645 to 1,735. The total deposits of the banks in the state increased from Rs 36,087 crore as on June 2005 to Rs 52,425 crore as on June 2006, showing growth of 45.3 pc. Similarly, advances also increased by Rs 11,485 crore from Rs 19,244 crore to Rs 30,729 crore during the review period, thereby showing a growth of 59.7 pc. Priority sector advances of the state increased by Rs 6,025 crore or 47 per cent from Rs 12,822 crore to Rs 18,847 crore during the review period. In agriculture sector, the advances increased from Rs 6,456 crore as on June 2005 to Rs 8,401 crore as on June 2006 during the review period. Advances under weaker sector registered a significant growth of Rs 740 crore or 36 per cent from Rs 2,016 crore to Rs 2,801 crore during the review period. In Punjab, 24 new branches of commercial banks were opened during the review period, thus raising the network to 2,778 branches as on June 2006. Mr Raghuraman informed that the aggregate deposits of the bank registered a growth of 11.6 per cent. The gross credit in the state witnessed growth of 27.6 pc and in absolute terms, credit increased by Rs 9,924 crore from Rs 36,012 crore to Rs 45,936 crore during the period.
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India behind China in FDI inflow
New Delhi, October 6 Although the inflow of FDI into India (equity capital components only) during the first four months of the current financial year has increased to $ 2.9 billion compared to $ 1.5 billion in the same period of 2005-06, it is nowhere near the FDI flow to China crossing $60 billion even in 2004. The FDI flow to China is expected to cross $ 80 billion this year. The total FDI to India is not going to touch even $10 billion this year. Union Commerce Minister Kamal Nath today seemed to be on the defensive saying that the FDI flow into India had shown a record increase of nearly 92 per cent, adding that FDI inflows into the manufacturing sector and sectors impacting the manufacturing sector continued to show record growth. The Commerce Ministry is claiming that relaxation in the rules for SEZs in a rational manner would soon attract a quantum jump in FDI inflow, making India a manufacturing hub. According to the RBI’s revised data as per international practices (i.e, including equity plus reinvested earnings and other capital), the cumulative total FDI inflows into India from August, 1991, to June, 2006 were $50.1 billion. Minister of State for Industries Ashwani Kumar also claimed that over 250 US companies were expected to visit India by November to explore investment options. The FDI policy rationalisation and liberalisation measures have resulted in the increased inflows. Countering government claims, industry representatives, however, said, the record FDI inflows in India were also nowhere near those in developed countries such as the US, the UK and Russia. The industry has blamed strong opposition of the Left parties to economic reforms, especially opening of the coal sector, civil aviation, which are putting hurdles in allowing FDI in retail, insurance, banking, real estate and other potential sectors. “Market distortions such as high import tariffs, regulatory regimes, and complex clearance procedures are the critical drivers behind oversees investments along with access to low-cost resources and market access,” said a recent report of CII. The industry has also claimed that delay in policy decisions, lack of a level playing field for foreign companies, laxity in a regulatory framework and wide-spread corruption have also affected FDI inflow.
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ONGC-Mittal wins Nigerian block
New Delhi, October 6 The JV bid $100 million for Nigeria’s OPL-246 after South Atlantic Petroleum’s (Sapetro) licence for the block was revoked, industry sources said. The joint venture outbid INC Natural Resources and BG-Sahara at an auction held on October 4 shortly after Sapetro lost a legal challenge against a government decision to revoke the licence. OPL 246 is the relinquished area of the billion-barrel Akpo oilfield of Sapetro which is part-owned by Theophilus Danjuma, former Defence Minister of President Olusegun Obasanjo, who fell out with him after opposing a campaign to extend Mr Obasanjo’s hold on power. Sources said in January, the ONGC had lost out on acquiring Sapetro’s 45 per cent stake in Akpo to China’s CNOOC after the Indian Government disallowed the state-owned firm from proceeding on the transaction where it was the highest bidder. ONGC-Mittal has to pay 25 per cent of the $100 million signature bonus committed for OPL 246 this week, failing which it would lose the block to INC, which was designated as the reserved bidder. ONGC, however, pulled out of two Nigerian deep-water blocks 323 and 321 following differences with majority stakeholder Korean National Oil Co (KNOC). Sources said under the Nigerian rules, oil firms have to relinquish half of their exploration licences when they make a discovery. The smaller discovery area is converted into a production licence, freeing up unused acreage for others to do more exploration. — PTI
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CII, Infosys join hands to build Indian MNCs
New Delhi, October 6 “Towards 100 Indian billion dollar MNCs - a joint programme would be aimed at strengthening the Indian corporate sector to take on the global competition and emerge as world leaders in respective fields. Industry sources said Prime Minister Manmohan Singh and Union Commerce and Industry Minister Kamal Nath have already assured their support for the project, believing that new Indian MNCs would improve India’s image in the world market. Appreciating the joint initiative, Mr Nath said: “Countries like India will have far more spenders and savers compared to many European countries,” adding that aspiring MNCs also need to prepare the Indian Government for future investments and businesses. Mr S.D. Shibulal, co-founder and a member on the Board of Infosys Technologies Limited, who is leading the CII initiative, and Mr M.D. Ranganath, also from Infosys, said the CII plan aimed at sharing practical experiences of successful Indian MNCs, introduce global best practices, involve knowledge partners, and finally, nurture aspiring MNCs. Mr Shibulal said the CII and Infosys had received an overwhelming response to the programme and companies like ICICI Bank had already shown interest in partnering with them. There are 37 companies in India with a turnover of over $ 1 billion. The programme aims at exploring the potential of leveraging their experience. The successful companies will help mentor the aspiring $100 billion companies.
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Hyatt mulls budget hotels in north India
Chandigarh, October 6
This was revealed by Mr Sushil Gupta, Managing Director, Hyatt Hotels, during an interaction with The Tribune here today. He was in the city to participate in a three-day N'tour — the North India tourism conclave being organised at CII Northern region headquarters here. He said skyrocketing land prices in most of the towns in North India, including Chandigarh, was a major deterrent for the company to expand its hotels here, so they had decided to set up a franchisee model. "We are also looking at sites in Bangalore, Hyderabad and Chennai for setting up hotels there," he added. Mr Gupta, who is also Chairperson of Experience India Society (a society of hoteliers, tour operators and officials of Ministry of Tourism that works for promotion of tourism in the country), said after successfully running the Incredible India campaign, the society was keen to set up a public relations arm to spread the awareness campaign further. "It has also been decided that the concept of festivals of India be renewed. We will identify potential countries where we will hardsell India as a tourism destination by organising fairs that will showcase the way of life in India — its varied colours, exotic customs, rituals, cuisine et al," he said. He said that tourism potential of the country could be explored fully only if the peripheral infrastructure is available. "Though we have excellent tourist spots and huge potential for adventure tourism, we do not have supporting infrastructure like air, road connectivity, and healthcare facilities in case of emergencies. He stressed on the need of public- private partnership to build better infrastructure in order to promote tourism.
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Rs 10,000 cr worth of kerosene diverted to black market: study
New Delhi, October 6 Industry body Assocham, which conducted the survey, also welcomed the initiative of the Petroleum and Natural Gas Ministry to introduce a new system to mark kerosene with a dye to prevent its use as an adulterant in petrol and diesel. The cost of its exchequer works out to be Rs 5,700 crore for the current fiscal itself, said the paper on the 'Need for urgent adjustment of prices and taxes on petroleum products'. Around 38.6 per cent of it is totally diverted for ulterior gains by PDS owners throughout the country, of which the share of non-household use is estimated at 18.1 per cent, black market 17.9 per cent and those of non-card holders 2.6 per cent, adds study. The Rangarajan Committee, which recently submitted its report to the government, estimates the LPG subsidy burden on the government at Rs 11,000 crore and that of kerosene at Rs 15,000 crore. 'The Central Government, particularly the Ministries of Finance, Petroleum and Natural Gas, Civil Supplies and Consumer Affairs, should collectively take measures to ensure that the targeted subsidy reach the intended group, as in the absence of corrective measures, the black marketeers would be causing the government kitty a net loss of Rs 5,700 crore on account of kerosene subsidies extension,'' Assocham President Anil K Agarwal said. It is estimated that 30 per cent of PDS kerosene was diverted for black marketing and adulteration in 1994. The same figure has now been revised to 38.6 per cent, an increase of 28.6 per cent in 11 years. — UNI
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Tata Sky to invest Rs 3,000 cr in five years
Kolkata, October 6 “We will introduce latest technology to offer digital entertainment. With quality service we target to achieve a target of one million subscribers,” Mr Kaushik said. Tata Sky also plans to offer other value-added services like Internet in future. “Local cable operators’ tariff will be the benchmark and based on that our tariff will be evolved. Currently, as introductory price we are charging Rs 200 per month,” he said. Tata Sky launched its DTH service on August 8 in 300 cities and expanded it to 3,499, offering 100 popular channels.—PTI |
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Pull up socks, TRAI tells broadband operators
New Delhi, October 6 “This is the final order for compliance by all broadband service providers,” said TRAI chief Nripendra Misra. According to the regulator, in all cases where payment towards installation charge and security deposit is taken and the broadband connection is not provided within 15 working days, a credit at the rate of Rs 10 per day, subject to a maximum of installation charges or equivalent usage allowance shall be given to the customer, at the time of issue of first bill. The fault repair or restoration time should be the next working day or maximum within the next three working days. If pending faults were not attended for three working days, a rebate equivalent to seven days of the minimum monthly charge or equivalent usage allowance would be paid by the operator. For faults pending for more than 15 working days, a rebate equivalent to one month of the minimum monthly charge or equivalent usage allowance would be paid. TRAI said if on any link(s)/route bandwidth utilisation exceeded 90 per cent, the network was considered to have congestion. For this, additional provisioning of bandwidth on an immediate basis, but not later than one month, was mandated. |
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Nod to 25 more SEZs
New Delhi, October 6 "SEZs should be given treatment similar to any other infrastructure project and there should be no concessional finance,” said Planning Commission Deputy Chairman Montek Singh Ahluwalia. The new SEZs cleared today include formal approval to Lotus Footwear SEZ and in-principle approval to Best and Crompton for a textile and apparel park SEZ in Tamil Nadu. The Board of Approvals has also approved Rs 12,500 crore worth two multi-product SEZs to be set up by Salim Group of Indonesia in West Bengal. With today’s list, the total number of formal approvals has become 189 and in-principle approvals has reached 145. |
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Tata Tele to invest Rs 25 cr in Himachal
Shimla, October 6 Addressing a press conference here, company's state Chief Operating Officer Sandeep Srivastava said Tata Teleservices (TTSL) plans to cover about 80 to 100 semi-urban and rural segments with significant presence in 10 districts of the state during this year. By the end of this year, TTSL would be covering 15 per cent of the total population of the state as against 9 per cent at present, he said. The company would also open about 20 to 25 Tata Indicom shops in the circle. ''We will focus on the rural and semi-urban segments to address the basic telephony requirements and offer innovative products and efficient service to the customers,'' he said.— UNI |
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Ford Fiesta limited edition
New Delhi, October 6 Fiesta had earlier in the year entered the Limca Book of Records for returning an average of 22.43 km per litre for petrol and 31.48 km per litre for diesel.
—UNI |
Inflation up Forex reserves Sona Group plan HFCL smart card facility at Solan PAIC agreement |
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