 |
|
|
India Inc backs Tatas
Khanduri’s U-turn on power stations
Cabinet okays new Cos Bill
Dibang Power Project
Czech Republic woos Indian Cos |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
Shyam-Sistema gets pan-India CDMA spectrum
Microsoft to buy ciao.com for $486 m
Sony to launch world’s slimmest TV
|
|
GDP growth slows to 7.9 pc in Q1
New Delhi, August 29 But, the Indian economy is losing steam as can be seen in the statistics put out by the Central Statistical Organisation (CSO) in the first quarter of financial year 2008-09, which shows an annual growth of 7.9 per cent, marking its slowest rate in three and half years. Despite bad news, the Central bank is not expected to relax tight monetary stance any time soon. The quarterly GDP growth figure stood at 7.9 per cent at Rs 7,82,357 crore for the first quarter of 2008-09, as against Rs 7,24,949 crore for the corresponding period a year ago. The growth in the manufacturing sector is showing a sign of slowdown and is pegged at 5.6 per cent (as against last year’s 10.9 per cent), agriculture growth has been pegged at 2.6 per cent (as compared to 3 per cent last year). Electricity production is pegged at 2.6 per cent in the first quarter of 2008-09 (as compared to 7.9 per cent last year). Construction industry proved to be the silver lining, growing by 11.4 per cent (as compared to 7.7 per cent last year). Financial Services sector like financing, insurance, real estate and business services grew at 11.2 percent. Trade, hotels, transport and communication grew by 9 per cent. The finance minister also said fiscal deficit target would be met this fiscal. The government has proposed to bring down fiscal deficit to 2.5 per cent of GDP and revenue deficit to one per cent this fiscal. Commenting on the growth figures, Prime Minister's Economic Advisory Council member said the growth was on expected lines. When EAC came out with the GDP projection, monsoon conditions were not clear. Analysts said growth remained robust, but higher interest rates and oil and commodity prices were taking their toll. Expansion for the fiscal year was likely to be about 7.5 per cent, from rates of 9 per cent or more in the previous three years. What is heartening is that investment in the economy continues to be buoyant. The investment-GDP ratio has risen to 37.9 per cent, which means GDP growth is likely to be maintained, a finance ministry official said. Moderation in economic growth, particularly in manufacturing, was expected as RBI had tightened monetary policy to curb double-digit inflation, said sources in the finance ministry. For the first quarter, wholesale prices-based inflation stood at 9.4 per cent. Mineral inflation was at a huge 46 per cent. Food articles inflation stood at 5.8 per cent, fish at 1.5 per cent, manufactured products at nine per cent and electricity at 1.4 per cent.
|
|
India Inc backs Tatas
New Delhi, August 29 The first condemnation came from the industry’s apex chamber, CII, which minced no words in saying that violence at Singur will resonate in India's global image. Tatas also got the backing from Bharti’s Sunil Bharti Mittal, Jamshyd N Godrej, of Godrej & Boyce Manufacturing Co Ltd and the Society of Indian Automobile Manufacturers (SIAM). CII chief mentor Tarun Das said in a statement, "The adverse impact of the continued violence and intimidation of the work force of the Nano plant is not restricted to Singur or West Bengal but will resonate in India's global image". He said the emerging situation regarding the upcoming Nano project in West Bengal was disconcerting. Sunil Bharti Mittal, chairman & Group CEO, Bharti said, "The Tatas pulling out of West Bengal would be unfortunate for India. Nano is seen as a world car and has drawn international acclaim. Immediate political dialogue to find a solution towards keeping the project in West Bengal is imperative. If the House of Tatas, known for its values and care for the society, can face such resistance, the much-needed fresh wave of industrialisation in the country could suffer." SIAM while expressing disappointment with the developments in Singur said, the investments being made would result in a product that is a global first and hence global attention was on the developments.
|
|
Khanduri’s U-turn on power stations
Dehra Dun, August 29 The Uttarakhand government had decided to hand over its three profit-making hydropower generating stations on a PPP mode to an American West Virginia-based Dodson-Lindblom International company for a period of 30 years on lease basis. The power employees in the state had announced to start an agitation against The state cabinet had decided to transfer Khatima (41.4 MW), Pathri (20.4 MW)and Mohammadpur (9.3 MW) hydro power generating stations to the American company on Lease, Rehabilitate, Operate and Transfer basis. However, Chief Minister Khanduri had a second thought on the issue. He announced that the decision would be reconsidered and each project would be first studied thoroughly before deciding about it. "The interest of the state would be foremost before taking any decision," he said. Uttarakhand Power Employees Joint Coordination Committee had argued that there was no justification in providing the three projects to a private company since all three power stations were making profit. Meanwhile, Khanduri also said that his government would welcome Tatas' Nano car project in Uttarakhand if Tata officials show any interest in bringing the project from West Bengal to Uttarakhand.
|
|
Cabinet okays new Cos Bill
New Delhi, August 29 The approval for the Companies Bill 2008 came at the cabinet meeting, which was chaired by Prime Minister Manmohan Singh. The cabinet also accepted the recommendation of the Parliamentary Committee to make amendments to the Airport Economic Regulatory Authority of India Bill 2007. This could enable setting up of Airport Economic Regulatory Authority which will fix, review and approve tariff structure for aeronautical services and will also monitor pre-set performance standards at Indian airports. Approvals for an MoU between India and Norway on cooperation of fisheries and amendment to the Plantations Labour Act 1951 were also given. The government has also decided to distribute "samman patras" to living freedom fighters who are in receipt of central samman pension. The maximum number of Samman Patras will initially be limited to 20,000. Briefing reporters after the cabinet meeting, Science and Technology Minister Kapil Sibal said, “The new (companies) Bill revolutionises company partnership structures. It will change the nature of corporate governance and also make the companies competitive globally”. The new Bill seeks to do away with the minimum paid-up capital requirement to set up a company, as currently needed in accordance with the existing rules. Sibal said it also advocated allowing individuals to set up a company, and lawyers and chartered accountants to have companies with unlimited partners. He said the Bill would be tabled for consideration and approval in the coming session of Parliament, scheduled to begin on October 17. “There will be no restrictions on subsidiaries in the case of companies being set up as per the norms of the new Bill and the new Act would promote e-governance and electronic voting by shareholders,” he said. The Bill also seeks tightening of norms for sale of shares by the firms to owners, and having special courts to deal with the company-related disputes.
|
|
Dibang Power Project
Guwahati, August 29 Official sources in Itanagar informed that during an animated interaction with civil society groups, representatives of dam- affected people, anti-dam environmentalists, Khandu urged people not to resist for the sake of their prosperity construction of the dam projects, especially the 3,000 MW Dibang Multipurpose Hydroelectric Project at scenic Dibang Valley in the hill state. “Good days are waiting in the wings for Arunachal Pradesh to become one of the economically powerful states, if we grab the opportunities today lest we repent tomorrow,” Khandu said in an effort to elicit people’s support for the 3,000 MW Dibang Multipurpose Hydroelectric Project and the benefits it would accrue to the state and the people. “The Centre is willing to extend all possible support to our efforts to bring the state on the fast track of development. The Rs 20,000-crore PM’s package is the proof of New Delhi’s positive attitude towards this sensitive border state,” he said. After paying a patient hearing to mixed reactions from the gathering, particularly NHPC’s environment impact assessment (EIA) and environment management plan (EMP) prepared by the National Productivity Council lacked many ground realities, Khandu admitted that some of the grievances were genuine and assured that his government would do its utmost for redressing the grievances.
|
|
Czech Republic woos Indian Cos
Chandigarh, August 29 "We are seeking investment from Indian corporates in potential sectors such as information technology, biotechnology, pharmaceuticals and electronic engineering," said A Rudysarova, general director, CzechInvest, during an interactive session on 'Investing in Czech Republic' held at CII here today. She said in the first six months of this year, bilateral trade between the two countries has shown an increase and is estimated to about $ 6,59,954, as compared to $ 4,64,215 in the corresponding period last year. Czech Republic's head of commercial department, Vladimir Jenista, who was also present, said, "The exports to India between January and June 2008 has jumped to $ 4,125,04 and imports from India has increased to $ 2,47,450 in the first six months of 2008." Stating that Czech Republic is ranked 33rd amongst the 131 world economies in competitiveness, he said that the government would even offer financial support, including tax incentives, low rate of tax and land at discount prices to companies which want to set up their units in the country as part of its initiative to attract foreign investments. Senior officials of over 45 companies representing various sectors participated at
|
|
Shyam-Sistema gets pan-India CDMA spectrum
New Delhi, August 29 Communication and IT minister A Raja has signed the file for allotting CDMA spectrum to Shyam Telecom, which has sold majority stake to Russian conglomerate Sistema Inc. Shyam-Sistema had opted to offer mobile services in CDMA technology and had applied for 21 circles except Rajasthan where the company is already offering services under the brand name Oasis. Shyam-Sistema will be the third private pan-India operator offering mobile Shyam-Sistema has already started rolling out network in various parts of the country and is hoping to start the services soon.
— PTI |
|
Microsoft to buy ciao.com for $486 m
London, August 29 Microsoft, whose $47.5-billion bid to buy Yahoo this year failed after a protracted battle, said on Friday the acquisition should benefit its Live Search platform. Internet search is dominated by Google, which has 62 per cent of the global search market and 79 per cent in Europe, according to the most recent data published by Web usage tracker ComScore. Microsoft has a 2 per cent market share in Europe and 9 per cent worldwide, behind both Google and Yahoo. In Europe, Microsoft is also outranked by online auction site eBay and Russia's
Yandex. — Reuters |
|
Sony to launch world’s slimmest TV
Tokyo, August 29 The new ZX1 model, part of the firm's popular Bravia series, is 9.9 mm thick at its slimmest section. Weighing 12.2 kg, it can be hung on a wall like a framed painting. Equipped with a fast wireless connection, the screen display is separated from the tuner so it does not need signal cables. The ZX1 series will be put on the market on November 10 with an estimated price tag of about $4,500 in Japan. Sony has also announced three other new series of Bravia LCD televisions with screen sizes ranging from 40 to 55 inches. They will be sold in Japan from October 10.
— AFP |
CPI-IW up by 3 points Reliance Money foray Exim Bank’s loan to RIL Seminar on industrial safety Rs 1,155-cr contract for BHEL
|
|||||
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
Czech Republic today invited Indian companies to invest in potential sectors to strengthen mutual trade between the two countries, which
grew by 42 per cent in the first half of 2008.
A Rudysarova
