|Tuesday, July 4, 2000,
economy to grow at 6-7 pc rate: UN survey
Mesco group MD Rita Singh held
Himachal credit plan finalised
Software grows 53 pc
Glaxo SmithKline to be
worlds No 1
IT dept to set up rapid action
Indian economy to grow at 6-7
pc rate: UN survey
UNITED NATIONS, July 3 The economies of India and China, growing at the rate of 6 to 7 per cent, are expected to continue at the similar pace and there is a possibility of strong growth in the world economy in the medium-term, especially if IT revolution "is matured and diffused" around the globe, a UN survey says.
The World Economic and Social Survey for the current year also predicts the world economy to grow at 3.5 per cent in the current year, registering an increased growth rate for the second year in succession.
It says continued strength is expected in North America and improvements in South and East Asia and Europe.
At 3.5 per cent, the world growth rate will be 0.8 per cent more than the last year and 1.6 per cent in excess of 1998 when the economies were recovering from the Asian financial crises.
Stating that short-term threat to economic stability still remains, it says IT revolution may accentuate marginalisation of the states who are unable to take its advantage.
Among the positive trends, it says employment situation has improved globally. Inflation is under control world-wide and is expected to decline further in developing countries and economies in transition.
The US, where the IT revolution is most advanced, now appears to be capable of achieving non-inflationary economic growth of three to 3.5 per cent, a full percentage point above earlier estimates.
The UN survey says "the diffusion of the IT revolution, including in some of the more advanced countries, may presage the formation of a new global economic era. But many other nations, particularly the poorest, are not yet benefiting from it and they may find it difficult to catch up if they are to rely solely on their own resources."
The post-Asian-crisis world economic rebound has a good chance to continue for some years to come but the upswing is subject to short-term threats that need to be addressed, the document says.
It also warns that international prices of oil could remain above $ 30 a barrel for a sustained period which, in turn, could threaten price stability in developed countries, prompting further increases in their interest rates leading to slow economic growth in these nations and rest of the world.
Besides, for the first time in over a decade, developed countries are simultaneously tightening monetary policy and there is a possibility that in aggregate they inadvertently adopt an excessively restrictive stance, the survey says.
The growth in most of the poorest countries remains inadequate to meet poverty-fighting goals, it notes and says a minimum sustained growth of per capita output of 3 per cent per year is necessary to make a significant reduction in poverty over the long-run.
But the recent US experience suggests that rapid advances in infotech open up the opportunity of stepped up economic growth in countries that are able to take advantage.
"In the United States alone, we estimate that the so called new economy is adding a $ 100 billion per year to total output," Ian Kinniburgh, Director of Policy Analysis at the UN Department of Economic and Social Affair, said.
Developments in Central and Eastern Europe and the Commonwealth of Independent states have also been positive.
Output in Africa is expected to increase by 4.25 per cent but the growth rate is unevenly spread and overall the survey sees output per person falling this year in six countries in Sub-Saharan Africa and at least 14 the 48 least developed nations.
In many ways, the survey says, the global economy is resuming its pre-crisis mode. Private capital flows to emerging economies are on the upswing again.
The trade volume, it estimates, is growing by about 8 per cent up from less than 5 per cent last year and about 3 per cent a year before.
About threats which could affect the forecast, the report says a sharp upswing in major exchange rates is possible if the financial markets become concerned about the growing, and ultimately unsustainable, trade imbalances of major countries.
in crisis countries and reform of international financial
architecture are in progress," it says and expresses
concern that the recovery from financial crisis may have
diverted attention from the urgency of both domestic and
global financial reform. PTI
Mesco group MD Rita Singh held
NEW DELHI, July 3 (PTI) Managing Director of Mesco group of companies Rita Singh has been arrested by the CBI on the charges of forgery and falsification of accounts, agency sources said here today.
Rita Singh was produced before a designated court on Saturday. She was remanded to police custody till July 5.
The CBI, which has been inquiring into the groups activities since 1997, alleged that there had been misappropriation of money to the tune of over Rs 130 crore in the Mesco through the creation of fake accounts, besides cheating the public by issuing false share certificates.
The CBI claimed that the group had indulged in cheating insurance companies, financial institutions, banks and shareholders to the tune of crores of rupees.
The CBI has alleged that Rita Singhs company Mideast India Ltd, had cheated United India Insurance Company to the tune of Rs 12 crore by submitting a false "no objection certificate" (NOC) purportedly issued by IFCI and obtained payments on the basis of fake NOCs.
The agency further accused Mideast of issuing over 27 lakh fake share certificates and pledging them in several nationalised banks.
The FIR submitted by the agency also named her husband J.K. Singh and Financial Controller of the company Deepak Singh, (already arrested by the CBI on May 23), Director of Mesco group Natasha Singh and former Company Secretary S.S. Batra.
There was no one from the Mesco group available for reacting to the CBI charges.
The CBI further alleged that Mideast Integrated Steel Ltd availed the facility of lease financing from Bank of Madura, First Leasing Company of India Ltd, Ashok Leyland Finance Ltd, Onida Finance Ltd and Monnet Finance Ltd by "inducing" them on the basis of fake invoices.
The company also caused loss to shareholders by showing investment of several crore rupees in acquiring the assets on the basis of forged invoices and pocketing the money, the CBI alleged.
The agency said that it
has registered a case against the accused for offences of
criminal conspiracy, cheating, forgery and fabricating
documents which they allegedly committed during
1992-1997. The probe was spread over Delhi, Chennai, West
Bengal, Orissa, Mumbai and many other places.
Himachal credit plan finalised
SHIMLA, July 3 The outlay under the annual credit plan of banks for Himachal Pradesh during the year 2000-2001 has been finalised at Rs 613.36 crore, which is 21 per cent more than the plan commitment for the last year.
Announcing this here today, Mr A.K. Goswani, Chief Secretary, said that Himachal has the potential to absorb the credit, provided it is fully tapped by banks and other development agencies.
The sectorwise outlay of the annual credit plan for the year is agriculture sector Rs 174.76 crore small scale industrial sector Rs 57.56 crore, services sector Rs 253.22 crore and non-priority sector Rs 127.82 crore. It is worthwhile to mention that the contribution for priority sector under the annual credit plan 2000-2001 works out as 79 per cent of the total outlay against the national target of 40 per cent.
The Chief Secretary said the State Government is committed to exploit fully the hydroelectric potential available in the state and it is the desire of the state government that the needs of entrepreneurs coming forward for these projects, are fully met by the banks from their offices located in Himachal Pradesh.
Mr Goswami said that the
banks can play a major role in attracting the investors
to the state to invest under Information Technology
sector and newly formed biotechnology for which the Chief
Minister has assured the entrepreneurs to provide to all
the necessary infrastructure and other assistance in the
shortest possible time. He hoped that the agriculture,
horticulture, fisheries, animal husbandry, transport and
tourism segment will remain on priority list of banks
commitment to meet the financial requirements of these
Software grows 53 pc
NEW DELHI, July 3 (PTI) Propelled by resounding exports, Indian infotech software and service industry grew by over 53 per cent to Rs 24,350 crore during 1999-2000 as against Rs 15,890 crore revenue earned during the previous year.
Software exports posted 51 per cent growth in dollar terms to touch $4 billion (Rs 17,150 crore) mark as compared to $ 2.65 billion (Rs 10,940 crore) worth of exports in 1998-99, a National Association of Software and Service Companies (Nasscom) survey said.
The survey projected a robust 57.5 per cent growth of software exports to clock $ 6.3 billion revenue during the current year.
Out of the total revenue of Rs 24,350 crore ($ 5.7 billion) during 1999-2000, software exports grossed a total of Rs 17,150 crore and the domestic software market fetched a total of Rs 7,200 crore ($ 1.7 billion).
Indian sofware exports accounted for 10.5 per cent of countrys total exports during 1999-2000, up from just over 2.5 per cent five years back.
About 37 software companies had exported more than $ 25 million worth of software and services in the year, while 180 companies had exported more than $ 2.5 million worth of software.
The survey ranked Tata Consultancy Services (TCS) as the number one exporter company with Rs 1820.35 crore worth of exports in 1999-2000. Wipro Technologies with Rs 1044.12 crore exports was a distant second.
Infosys Technologies Ltd
(Rs 869.70 crore), Satyam Computer Services Ltd (Rs
662.93 crore), HCL Technologies Ltd (Rs 632.92 crore),
NIIT Ltd (Rs 551.79 crore) and Silverline Technologies
Ltd (Rs 434.83 crore) were the other prominent software
and services exporting houses.
Glaxo SmithKline to be worlds No 1
NEW YORK, July 3 (AP) Glaxo Wellcome Plc will become the worlds largest drug maker this summer when it completes its purchase of Smithkline Beecham. The merger, which will give Glaxo an infusion of new blockbuster medicines, comes not a moment too soon for the British company.
After a bright start to 2000, Glaxo now faces problems with several key products. They include safety questions about its highly-touted pill for irritable bowel syndrome, falling sales of its top migraine drug and a disappointing premiere for its new flu medication.
Analysts say Glaxo SmithKline the name of the merged company after the deal is approved by US and British officials should be able to overcome the setbacks. But the problems with the three medications highlight the need for even the biggest pharmaceutical firms to constantly pump out new best-selling medicines.
"The merger certainly comes at a fortuitous time for Glaxo," said Bob Kirby, an analyst with Edward Jones.
IT dept to set up rapid action cells
NEW DELHI, July 3 (PTI) The Central Board of Direct Taxes (CTBT) today announced the setting up of rapid action cells (RAC) headed by the Income Tax Commissioners to expedite cases relating to specific grievances of different categories of tax payers.
The first such cell will start functioning at New Delhi from August 1 this year.
"These commissionerates will act as a single point interactive forum for redressal of grievances by transmitting the grievances to the appropriate officer and quicker resolution of the same, an official release says here.
The RACs will deal with tax payers categorised into four groups.
They include senior citizens, pensioners and individual assessees not having any business/professional income if they have refund claims for small amount.
Maruti 800 sales decline 52.7 per cent
MARUTI Udyog recorded a 37.3 per cent drop in sales of its passenger cars in June at 14,715 units as a result of production constraints arriving out of the 10-day half-yearly maintenance shutdown at its plant.
The company sold 14,715 units during the month, down from 23,469 units the previous month.
The company, however, led the B-segment during the month with total sales of 5,152 units, including 3,972 units of Zen and 1180 units of Wagon-R.
It recorded a 52.7 per cent decline in sales of M-800 at 5,298 units from 11,137 units a month ago, while sales of Omni dropped 28.2 per cent from 4,557 units in May to 3,270 units in June.
Zen sales dropped 39 per cent at 3,972 units from 6,516 units, while Wagon-R sales were down 46.8 per cent at 1,180 units as against 2,221 units a month ago.
Esteem accounted for 756 units, down 20.2 per cent from 948 units, while the company sold only 239 units of Baleno, a drop of 38 per cent from 386 units in May this year.
Daewoo sales up
Daewoo Motors India Ltd. (DMIL) ended the first quarter of the current fiscal with a three times increase in sales of its cars over the same period last fiscal. Daewoo sold 15,802 units during April-June, 2000, against 5,839 units sold during the same period last year.
In June this year Daewoo sold 4,702 units out of which Matiz accounted for 4,484 units. Daewoo also recorded about a 180 per cent increase in June sales this year over the same period last year. Between January and June this year, Daewoo has sold 30,677 cars as against 8,637 units during the same period the previous year.
Santro, Accent sales up
Car sales of Hyundai Motor India have gone up by 32 per cent to 6,116 units in June, 2000, against 4,634 units in the same month last year.
However, the sales declined by 19.1 per cent as compared to 7,561 units sold in May this year, a company spokesperson said.
During June this year the company sold 5,011 units of Santro and 1,105 units of Accent.
The company has registered a 108 per cent jump in sales to 45,513 units in January-June 2000, against 21,884 units in the same period last year.
Hyundai has so far sold 114,294 units in the domestic car market comprising 103,568 units of Santro and 10,726 units of Accent.
Honda Siel Cars India Ltd (HSCIL) today reported a 6.8 per cent jump in sales of its mid-sized car "Honda City" to 801 units in June this year against 750 cars in the same month last year.
However, there was a 11.3 per cent fall in sales compared to May this year, when the company sold 903 units of the car, a spokesperson said.
Fiat Auto SPA has decided to restrict production and sale of Uno and Siena in India in the range of 1,000-15,000 units a month till the launch of Palio, senior company officials said.
Meanwhile, the company has recorded a 36.1 per cent drop in sales in June, 2000, having sold around 1,000 units, down from 1,565 units in the same month a year ago. The sales represented a 9.17 per cent decline from 1,101 units in May this year. With this, the company has sold around 7,753 units in the first half of the 2000 calendar year.
Bajaj sales down
Bajaj Auto has registered a 15.6 per cent decline in scooter sales to 1.42 lakh units in the first quarter of 2000-01 against 1.68 lakh units in the same period of the previous year.
However, its motor cycle sales went up sharply by 87 per cent to 85,266 units in the first quarter of the current fiscal compared to 45,642 units in the same period of 1999-2000, a company release said here today.
Its a green building
Super Bazar for
The buyer or the seller would also have the option of refurbishing the consumables of the vehicle on the spot. The Bazar, launched in Delhi, will be held on the 20-21st of every month by Tata Engineering in different locations. PTI
Over 150,000 international passengers, who were interviewed recently, ranked THAI to the honourable status.
The result based on a survey, conducted by an international agency In-flight Research Survey (IRS), aimed at seeking world passengers opinion on the development of quality and services provided by various airlines.
THAI beats over 150 world carriers in the recent survey to be the worlds outstanding airline. TNA
Jet flight info
As per the agreement, customers will be able to access real time flight schedules including a call alert service which would provide information about delays of more than half an hour.
Jet Airways customers will also be able to register a pre-alert for future flights at its web site and at www.webonmobile.com. PTI
Philips is actively
participating in developing the Bluetooth specification
by chairing the audio/video working group which includes
Ericsson, Nokia, Sony and Toshiba, and the associate
status enables it to further contribute in defining
specifications for this technology based on hifi audio
and video application. PTI
net up marginally
Andhra Bank pays
24.10 cr dividend to govt
suspension of Nath Seeds
Jain TV offers
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