New Delhi, October 1
Country's major carmakers, barring market leader Maruti Suzuki, today reported growth in domestic sales for September, signalling some traction in a sluggish market ahead of the festive season.

While Maruti Suzuki India (MSI) posted 17.2 per cent decline in domestic vehicle sales due to labour unrest at its Manesar plant disrupting production, others like Hyundai Motor India Ltd (HMIL), Tata Motors and Toyota Kirloskar Motor and General Motors India didn't face such problems.

Car maker Honda Siel Cars India also slipped on sales. It sold 4,758 units in September, registering a decline of 38.43 per cent over the same period last year. The company had sold 7,728 units in the corresponding month last year.

Cars sales in India had declined in July and August, as high interest rates and rising petrol prices kept customers away from new purchases.

MSI said its total passenger car sales in the domestic market declined to 66,667 units in September from 81,060 units in the same month of 2010.

HMIL on the other hand said its car sales in India grew by 13.2 per cent to 35,955 units from 31,756 units in same month last year.

Tata Motors also reported 10.22 per cent increase in total passenger vehicles sales in the domestic market at 26,319 units in September, as against 23,877 units in the same month last year.

General Motors India reported 17.35 per cent jump in sales in September at 10,112 units as compared 8,617 units in the same month last year.

Riding on strong demand for its latest models 'Etios' and 'Liva', Toyota Kirloskar Motor posted over two-fold jump in sales to 12,807 units in September from 6,235 units in the same month last year.

New Delhi, October 1
To attract foreign investment in the agriculture sector, the government has allowed 100 per cent FDI in beekeeping, also known as ‘apiculture’.

"Foreign direct investment (FDI) has been allowed up to 100 per cent under the automatic route in apiculture under controlled conditions," according to the revised Consolidated FDI Policy of 2011, released by the Department of Industrial Policy and Promotion (DIPP).

The DIPP has imposed certain conditions to companies keen on taking the 100 per cent FDI route in beekeeping.

The companies can undertake "production of honey by beekeeping, except in forest/wild, in designated spaces with control of temperatures and climatic factors like humidity and artificial feeding during lean seasons," the policy paper said.

The government is bringing more farm areas under the 100 per cent FDI route to encourage investment in the sector.

It has already permitted 100 per cent FDI in agricultural areas such as plantation, horticulture, seeds and cultivation of vegetables and mushrooms.

The FDI has been allowed in animal husbandry, pisciculture and aquaculture along with in agro and allied sectors.

The government in 2010, had decided to come out with consolidated FDI policy paper summarising all the regulations including those of FEMA and RBI for the benefit of foreign investors. It revises the policy every six months.

The DIPP had released the last edition of consolidated FDI policy on March 31.

For April-July, FDI went up by 92 per cent to $14.54 billion from $7.56 billion in the corresponding period last year. — PTI

Q: The Patna main branch of a leading public sector bank is denying to all consumers the facility of opening new PPF accounts in the name of minors. Also they do not allow more than one nominee in the PPF account with remarks that this has been stopped with effect from September 2010. However, they do not have any circular or notification in this regard. Please advise as to how this situation should be handled.
— Sitaram Bajaj

The airline business is very dicey. This is mainly because fuel prices keep rising and salaries of cock-pit and cabin crews cannot be slashed. The scheduled carriers, particularly low-cost airlines, are sustaining heavy losses. The picture is very hazy unless airline bosses evolve some new venues like sponsorship, advertising and also offering ‘family boxes’ to off-set expenses, as is seen in international cricket matches.

In enormous losses for the last three years, Kingfisher has decided to axe a low-cost arm. Jagannadham Thunuguntla, head of research at SMC Global and kingpin to track the Kingfisher airline, has made a landmark statement. He said: “The sinking situation of the UB Groups’ airline business finally comes out in the public. It is difficult to run aviation business. Arguably, it is more like having an elephant as a pet”.

Then Thunuguntla went on to say: “Now Vijay Mallya would like to discontinue the airline business and concentrate on his core business of breweries”. In simple words, it seems the UB may also wind up full-service Kingfisher Class sooner than later.

If Kingfisher closes, maybe some other carriers will also say ‘good-bye to airline trade. If this trend continues, it may be a blessing in disguise for the national carrier, Air India. Its load-factor will automatically improve and it will then be pitted one-to-one against Jet Airways.

Kingfisher airline’s closure of low-cost venture has sent shock-waves in the airline trade. The situation in bleak. Many will lose jobs and it will be difficult for boys and girls to secure alternative jobs in airlines which are also thinking of ‘retrenchment’. 

BRIEFLY

Bagga is new INS president
Bangalore: Ashish Bagga, CEO, India Today group, was elected president of The Indian Newspaper Society for 2011-12 at its 72nd AGM held here.