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Inflation at 8.1 per cent and counting
Per capita income reaches Rs 32,299
GDP grows by 9 pc for third year in row
Anil eyes 35% in MTN
Anil Ambani may become chairman of RCom-MTN merged entity. |
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Hyundai, too, plans small car
Fuel Prices
Assam asks tea majors
to fall in line
Aries Agro to set up 3 new facilities
RIM hopeful of amicable solution
Rupee recovers 32 paise
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Inflation at 8.1 per cent and counting
The wholesale price index-based inflation was 7.82 per cent a week ago and 5.3 per cent during the corresponding week last year. However, cement prices came down by 0.6 per cent while iron and steel prices declined by 0.6 per cent. The finance minister P. Chidambaram described the inflation as ‘worrisome’. “We are confident that we will contain the inflation over time, but the outcome depends on the global crude and commodity prices”, he added. He said the government would do its best to contain and reverse headline inflation. India has been better off in managing food inflation compared to several other developing countries in 2007-08, even as the government faces public and political anguish over sharp rise in prices. Prices of food articles rose by 5.8 per cent in India, the lowest increase among 15 developing countries for the period ending February 2007-08, a joint report of the Organisation for Economic Cooperation and Development (OECD) and Food and Agriculture Organisation (FAO) has said. For developed countries, where the price rise in food items is moderate and the share of food in the total consumer basket is small, the contribution of food price inflation to overall inflation is correspondingly moderate. |
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Per capita income reaches Rs 32,299
New Delhi, May 30 The revised estimates, which were released by the government today, indicate that per capita income at current prices rose by 12.3 per cent from Rs 29,642 to Rs 32,299 during the year. At constant prices (1999-2000 prices), which is worked out after taking into account the erosion in purchasing power of rupee, the per capita income moved up to Rs 24,321 representing an increase of 7.8 per cent during 2007-08. "This is an important aspect of growth... More money is available in the hands of people. It is a very good sign," finance minister P Chidambaram told reporters soon after release of the data. However, there has been a deceleration in the growth of per capita income at current prices, which rose by 12.3 per cent during 2007-08 as compared to an increase of 14.2 per cent during the previous fiscal. Similarly, in case of per capita income at constant prices, the rate of increase decelerated to 7.8 per cent as compared to 8.1 per cent in the previous fiscal. According to the estimates, India's population at the end of 2007-08 has been estimated at 113.8 crore, up from 112.2 crore at the end of the previous fiscal.
— PTI |
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GDP grows by 9 pc for third year in row
New Delhi, May 30 The finance minister said the growth rate in 2007-08 of 9 per cent was a matter of satisfaction and should lead to better fiscal indicators, but cautioned that the current fiscal year would be more difficult. However, there are concerns of a sharp slowdown in manufacturing growth in the fourth quarter in March. The finance minister said the government would take steps to boost industrial growth. He has also urged the industry associations to study the reasons of slipping industrial growth. The agricultural and allied activities grew by 4.5 per cent, compared to earlier estimates of 2.6 per cent, while the manufacturing sector growth has been lowered to 8.8 per cent from 9.4 per cent. The economy grew at 8.8 per cent in the March quarter, beating forecasts and holding a steady pace in the second half of the fiscal year despite earlier monetary policy tightening. It was the third successive fiscal year that the country's economy has grown at 9 per cent or above.
Farm output grew by 2.9 per cent in the March quarter compared with upwardly revised annual 6 per cent in the prior three months.
Manufacturing sector grew by 5.8 percent in the quarter, slowing from 9.6 per cent in the December quarter, while construction growth jumped to 12.6 per cent from 7.1 per cent in the December period. Services sector such as trade, hotels, transport and communications showed robust annual expansion of 12.4 per cent in the three months to March after growing 11.5 per cent in the prior three months. |
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Anil eyes 35% in MTN
New Delhi, May 30 A possible merger of Reliance Communications and MTN "could see Anil Ambani become the enlarged group's chairman and biggest shareholder with a stake of almost 35 per cent," the Financial Times said in a report. According to the newspaper, Ambani is pushing for a controlling position in the merged entity, even as the deal would be structured as a reverse takeover by
MTN. "The merger talks are focused on the possibility of Ambani swapping most or all of his 66 per cent stake in Reliance for shares in MTN. He could end up with a 34.9 per cent stake in MTN," the Financial Times said in an article published in its online edition. Quoting people close to the situation, the report said MTN's chief executive Phuthuma Nhleko could hold the same position following a merger with Reliance, with Ambani becoming chairman. "Alternatively, Ambani could be co-chairman of the enlarged group alongside Cyril Ramaphosa, MTN's chairman," it added. The report also said the stock swap would incorporate a premium that values MTN's equity at more than R175 ($23) a share.
— PTI |
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LPG Maruti 800 soon
New Delhi, May 30 According to vendor sources, the company will be launching the LPG variant of its flagship model M800, to be named 'M800 Duo', some time next week, which is expected to be priced about Rs 20,000 more than its petrol versions. The petrol variants of M800 standard is priced at Rs 1,93,063 (ex-showroom Delhi), while the AC version comes for Rs 2,13,558 (ex-showroom Delhi). The move comes at a time when the M800 is increasingly losing out to other models like Alto and the likely competition that it faces from the imminent launch of Tata's Nano. MSI currently offers LPG variants in its WagonR Duo in A2 segment and Omni LPG in C segment. The M800 Duo will work on gas mixer system based on integrated gas technology, deliver a power of 35 ps @ 5000 rpm and torque of 56 nm @ 2500 rpm. The car is expected to emit 10 per cent lower carbon dioxide than the petrol variant. According to the sources, the M800 Duo will be produced at the Gurgaon facility in the same line as the petrol variant and will have factory-fitted LPG kits. With the launch of the M800 Duo, MSI is hoping to double the sales of its erstwhile flagship model.
— PTI |
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Hyundai, too, plans small car
New Delhi, May 30 The company is also looking at launching a new model of its hatchback 'i10', powered by a 1.2 litre all aluminium engine, within the next two months. Managing director of its India unit H.S. Lheem said here today that it was developing a car priced at around $3,500 to attract customers in China and India. Competition is set to hot up when Tata Motors starts selling its $2,500 Nano, later this year. The company is said to be pursuing research and development work for the small car at its facilities in Korea and also in Hyderabad and Chennai. Hyundai exported slightly above 1,00,000 cars from India last year and expects to double this to more than 2,00,000 units in 2008, he said. Hyundai is also planning to launch the LPG variant of its most successful model 'Santro' by August this year. "We will launch LPG variants across all categories. It will start with Santro in August, followed by Accent and Getz," he said. |
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Cut in excise duty likely
Bhagyashree Pande Tribune News Service
New Delhi, May 30 To combat the volatile situation, the government is going to make everyone pay for it — consumers, government’s own companies and the government itself. The consumers will also have to pay more for cooking gas. It is likely to be dearer by Rs 50 per cylinder. According to sources, the government has kept a window open on rolling back the LPG price, in case the Left parties oppose the same. Car and scooter drivers will have to pay for higher petrol prices that are likely to be increased by Rs 2-3 per litre, the industrial consumers like Railways and transporters may have to fork out more for diesel, which could be in the range of Rs 3-4 per litre. The hike in diesel prices could be to check excess growth in demand and also to curb the diversion that is taking place, even though it is likely to add to the inflationary situation, say sources. On the part of government, there is going to be a reduction in excise duties of Rs 1 per litre for petrol, and Rs 2 for diesel. Petrol currently attracts excise duty of Rs 14.35 a litre and diesel Rs 4.60 per litre. The government is also working out a package to save the oil companies from vagaries of high crude prices. This will include more bonds in the coming year, asking banks to allow more margins of borrowing limits based on the bonds and enhance the status of bonds to nearly the SLR status etc. It is going to be a tough decision for the government, especially when elections are round the corner in four states and inflation touching new highs. The steps are much less than what the oil ministry had been bargaining for. It has been demanding a hike of Rs 10 a litre for petrol, Rs 5 per litre for diesel and Rs 50 per LPG cylinder, along with cut in customs duty on crude oil and slashing excise duty on petrol and diesel.
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Assam asks tea majors
to fall in line
Guwahati, May 30 Assam industries and commerce minister, Pradyut Bardoloi informed that Assam government has taken a serious note of the loss of revenue caused to the state as well as Guwahati Tea Auction Centre (GTAC) because of tea majors having gardens in Assam are preferring to sell majority portion of their produce through Kolkata Tea Auction Centre. Though tea production has shown an increasing trend in the state, the Guwahati Tea Auction Centre (GTAC) is receiving only about 30 per cent of over 500 million kg of tea produced in the state every year. Chief minister Tarun Gogoi has made it clear before the tea industry representatives that his government was not going to tolerate the discriminating attitude of the major tea companies who are using land in Assam to produce tea. He warned that interests of the GTAC would be protected by the government at any cost and it would be prudent on part of tea majors to cooperate. According to a recent study report on performance of the GTAC, over 80 per cent of Assam tea was sold through Kolkata auction centre during the period from 2001 to 2005 and the trend is continuing. As many as 51 major tea gardens in Assam are found to sell only 20 per cent of their total produce through the GTAC as against 39 per cent sold through Kolkata auction centre and rest 41 per cent through other channels. An incensed Assam government is taking up the matter with the union commerce ministry to issue directive to major tea producers in Assam to give preference to the GTAC while selling their produce. Meanwhile, the GTAC has been advised by the state government to resort to aggressive marketing of its brand equity, said the minister. The minister informed that Kolkata tea auction centre auctioned 98 million kg of tea in 2000 and in 2007 it grew to 140 million kg, whereas the GTAC auctioned 159 million kg in 2000 and the volume declined to 142 million kg in 2007. “Assam produces over 55 per cent of the total tea produced in the country. There was a time when the GTAC was considered as the largest CTC tea auction centre in the world,” the minister said.
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Aries Agro to set up 3 new facilities
Chandigarh, May 30 The Rs 100-crore company has already created a farmers network in 12 states, by involving 5,100 young farmers. These farmers not just share information on increasing productivity and reducing input costs and best farming practices, but will also be educated by the company on how to improve the soil health in different geographies by use of custom-made nutrients. Talking to TNS here today, Dr Rahul
Mirchandani, executive director of the company, said the farmers network in each state interact not just with each other but also with networks created in other states. “We are now in the process of helping these farmers interact virtually and through an
sms-based communication network. The networks have done extremely well in Maharashtra and Andhra Pradesh, and we want to strengthen the network in Punjab and Haryana,” he said. Another initiative launched by the group is the rolling out of 100 Rural Retail Vehicles
(RRV) across the country. “Each RRV will have an agronomist, a soil scientist and will be equipped with a soil-testing lab. A representative of the company’s area distributor will be travelling in the RRV so as to sell the required
nutrient formulation to the farmers,” said Dr Mirchandani. He said they were also planning to scale the capacity of the group from the present 21,000 tonne per annum to 1,00,800 ton per annum by September. |
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RIM hopeful of amicable solution
New Delhi, May 30 The RIM officials had the latest round of talks with the DoT officials yesterday and while assuring its customers of an uninterrupted service said the talks were positive and were likely to continue for some more time. RIM, which had earlier said that it was ready to hand over the encryption key to the Indian Government as a result of the concern raised by the security agencies later said that it did not possess a 'master key', nor does any 'back door' exist in the system that would allow RIM or any third party to gain unauthorised access to the key or corporate data. |
CPI-IW up by one point Organic edible oil launched SBI officers’ stir on June 6 L&T to invest Rs 2,500 crore Zydus forays into Spain
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Anil Ambani, the head of Reliance Communications that is in merger talks with South African telecom major MTN, could end up with a 35 per cent stake and also become the chairman of the merged entity, a UK media report said.
New Delhi, May 30
