|Friday, July 7, 2000,
installs Japanese rig
the world is without telephones
welfare fund for tractor owners
Cement output up by 7.5 pc
SEBI sets up group
Delhi boy youngest
Mitsubishi to set up unit at Manesar
CHANDIGARH, July 6 Japanese major Mitsubishi Electrical Automotive India (Private) Limited has decided to set up its prestigious project for the manufacture of auto-electrical components at industrial model township (IMT) Manesar, near Gurgaon.
An agreement to allot six acres of land for this project at IMT was signed today by HSIDC Managing Director Harbakhsh Singh with the company.
The proposed project envisaged an investment of Rs 20.30 crore for the original equipment supply to Maruti, Honda and Hindustan Motors.
Dr Harbakhsh Singh said that Mitsubishi was Japans third major company to have selected IMT Manesar for their project in India. The other two were Honda Scooter and Motorcycles Private Limited and Denso Haryana Private Limited.
He said that this had been made possible because of the availability of the truly world class infrastructure and communication system at IMT and also the pro-active role being played by the state government and the HSIDC.
Ever since the HSIDC started process of allotment of land in this township, more than 425 plots of various sizes had been allotted to some of the well-known domestic and foreign companies, thereby catalysing an investment of over Rs 2,000 crore.
The HSIDC was also in the process of allotting 15 to 20 acres of land at Bawal to another company Kirby Building System (India) for their proposed project to manufacture pre-engineered steel building in northern India.
Kirby Building System
(India) is in affiliate of Alghanim Industries, Kuwait, a
multi-national organisation with diverse interests in
industrial and consumer products. The companys
first plant was already in operation at Hyderabad. This
is a new concept in building industry, which is catching
up very fast all over the world.
Sinha defends globalisation
NEW DELHI, July 6 The Union Finance Minister, Mr Yashwant Sinha, today ignored Opposition from a section of the Sangh Parivar on globalisation saying the process was a necessary part of economic development.
Choosing a meeting of the Consultative Committee attached to his Ministry to air his views, the Minister dismissed apprehensions about the ill-effects of globalisation in the country over the last nine years.
The extent of globalisation over the last nine years has been nominal as, during 1998-99, FDI into India constituted only 0.3 per cent of the global FDI flow. Similarly, Indias share in global exports was only 0.6 per cent.
Globalisation cannot be blamed for problems like poverty and unemployment which have existed for 50 years, he said. While globalisation can help in enhancing economic growth, it is not a panacea for every ill facing Indian society, he added.
Mr Sinha maintained that the central theme of the economic reforms programmed remained the elimination of poverty and generation of adequate employment opportunities. The efficacy of any reform needs to be measured in terms of the success that can be achieved on these two fronts, the Finance Minister said.
He felt the Indian economy was likely to grow at over 7 per cent this fiscal, thanks to a normal monsoon and healthy agricultural and industrial growth.
The world wide perception about India has changed due to Indian progress in Information Technology. Not only was this reflected in export of software but also in the generation of jobs in Information Technology enabled services, he said.
He was hopeful that in the next few years 70 to 80 lakh jobs would be created in the sector.
Allaying fears expressed
by some members about the possible impact of
globalisation on Small Scale Industries, the Minister
said the government would continue to give high priority
to the growth of the sector in view of its contribution
to employment and exports.
Virgin hints at fare war with BA
NEW DELHI, July 6 (PTI) Premier British airline Virgin Atlantic, which made its maiden foray into the Indian skies today, will offer competitive fares on the Delhi-London sector, its Chairman Richard Branson said here.
We will move an application (to the Indian government) for launch fares (on the Delhi-London sector) tomorrow, Branson, who arrived amid a lot of fanfare this morning in a decked-up Boeing-747 400, told reporters.
He said while British Airways had proposed a fare of about Rs 27,000, we will file (the application) for a less fare, adding that the launch fare would presumably continue for two-three months.
Earlier, Branson arrived
at the Indira Gandhi International Airport wearing a
typical Punjabi dress and a turban and danced
bhangra to drum beats. He was received by
Civil Aviation Minister Sharad Yadav, his Minister of
State Chaman Lal Gupta, Sports and Youth Affairs Minister
S.S. Dhindsa and top officials of Air India, with which
Virgin entered into a code-sharing agreement last
PSTC installs Japanese rig
CHANDIGARH, July 6 After more than six months of procedural wrangling, the Punjab State Tubewell Corporation (PSTC) has finally managed to procure half of what was promised to it one of the two drilling rigs from Japan.
The just-procured rig was installed amidst much fanfare at Rajwal village, Block Talwara, Hoshiarpur district, on Tuesday by Mr Hari Singh Zira, Chairman, PSTC.
Six months ago the Punjab Government had entered into an agreement with the Government of Japan to procure two drilling rigs under the Japanese Debt Relief Grant Assistance of 220 million Japanese yen (Rs 9.25 crore).
The debt relief grant assistance is given to India twice a year to compensate the Central Government for the excess interest paid by it on the loans taken from the Government of Japan in the past.
The rig has been provided by Mitsui and Co, Japan. The cost includes geological equipment worth Rs 75 lakh and Rs 58 lakh worth cab-back crane cargo truck. The core rig costs Rs 3.17 crore while supporting drilling material and spare parts have been purchased at a cost of Rs 4.75 crore.
A nod is awaited from
the Centre for the release of grant to procure the other
drilling rig. The case lies pending with the Joint
Secretary, Economic Affairs as the Centre has no
funds, says Mr V.K. Garga, Managing Director, PSTC.
Half of the world is without telephones
UNITED NATIONS, July 6 Wealthy nations face huge obstacles to spreading technology in a world where half the population does not have a telephone and four of every 10 African adults cannot read, a UN forum said.
At the opening of a UN Economic and Social Council (ECOSOC) conference on Information Technology yesterday, US. Treasury Secretary Lawrence Summers and imf, World Bank and UN officials sought ways to prevent technology from becoming another resource that divides rich and poor nations.
In large parts of Africa today, young girls are more likely to die before reaching the age of 5 than they are to learn to read, Mr Summers told the ECOSOC forum.
To put it bluntly, until we see substantial improvement in these figures, the dream of putting the worlds poorest citizens on a fast track to technology and growth will remain just that: a dream, Mr Summers said.
The push for economic globalisation has fuelled a debate about whether the worlds poor will reap the benefits of increased trade and more integrated financial markets such as increased growth, job creation and investment.
New technology in developed countries has increased productivity, boosted growth and created enormous private-sector wealth.
In poor countries, technology could improve knowledge about the aids virus and reduce illness or death in Africa where, in some countries, one in four adults is HIV positive.
But Mr Summers said there were no guarantees technology would alleviate poverty and wealth disparity.
When half the worlds population has yet to use a telephone and 40 per cent of African adults cannot read, there is perhaps an equal chance that technology will speed further divergence, Summers said.
The spread of technology should be part of a holistic approach to global economic development, World Bank President James Wolfensohn told the conference.
The globalisation of trade, finance, and information flows is intensifying competition, raising the possibility that the poorest countries and communities will fall behind even more rapidly than before, he said.
Officials urged the adoption of domestic and international aid policies that would improve growth, health, education and basic social services. The prescriptions included market economies, eradication of corruption and debt relief.
What is needed is a virtuous cycle of poverty alleviation, sustained growth, higher savings and investment and rising productivity, IMF Deputy Managing Director Eduardo Aninat said.
The digital divide between rich and poor countries is readily apparent. Some 90 per cent of Internet host computers are in high-income countries with 16 per cent of the worlds population. New York has more internet hosts than all of Africa.
In our excitement about the information superhighway, we must not forget the villages and slums without telephones, electricity, or safe water, or the primary schools without pencils, paper, or books, Mr Wolfensohn said.
The President of the 54-nation ECOSOC, Makarim Wibisono of Indonesia, said a growing proportion of the worlds wealth would be shuttling in digital form between the most electronically advanced countries, widening a digital divide.
PNB welfare fund for tractor owners
CHANDIGARH, July 6 Punjab National Bank has decided to set up a welfare fund for farmers in Punjab and Haryana taking tractor loans from the bank. Farmers will have to pay Rs 250 annually to secure a cover for any tractor breakdown or mishap. With the money thus collected, the bank will set up institutes to provide farmers training in managing machinery and modern ways of farming.
Announcing this here today, Mr SS Kohli, CMD of PNB, told newspersons that during a meeting with the Haryana Chief Minister this morning he had pressed for exemption of all agricultural loans from stamp duty.
PNB will launch its credit card by October next and enter insurance business as a joint venture with a foreign partner.
Earlier, addressing the 73rd meeting of the Haryana State Level Bankers Committee (SLBC), Mr Kohli observed that sliding recovery under government sponsored schemes was a matter of concern.
Mr R.S. Varma, Haryana Chief Secretary, said the proposed Cyber City is likely to take shape during the current year. This would open wider potential of investment by banks.
He said a renewal fund is being developed for small and medium enterprises. Under a new scheme tehsildars would be given incentives for the recovery of bank loans.
The meeting was also
attended by Ms Keshni Anand, Special Secretary, Mr NR
Kannan, CGM NABARD, Mr CP Swarnkar, GM, PNB Northern
Zone, Mr RS Nanda, General Manager, SBOP, Mr RK Goel,
Asstt. GM RBI, New Delhi and senior officials.
Cement output up by 7.5 pc
NEW DELHI, July 6 Mirroring an overall industrial revival, cement production in the country has posted a handsome 7.5 per cent increase to 8.83 million tonnes in June 2000 as against 8.21 million tonnes produced during the same period last year.
Despatches, including exports, surged 8.87 per cent to 8.96 million tonnes as compared to 8.23 million tonnes in the corresponding period of previous year.
According to latest figures released by Cement Manufacturers Association (CMA), cement production during the first quarter of the current fiscal increased just over 4 per cent to 25.46 million tonnes as against 24.46 million tonnes produced in April-June 1999.
Depatches in first quarter of 2000-01 grew by 5.29 per cent to 25.64 million tonnes as compared to 24.35 million tonnes in the same period last year.
cement production grew 2.79 per cent to 8.83 million
tonnes in June 2000 over 8.59 million tonnes produced in
the previous month.
MUMBAI, July 6 (PTI) The SEBI Accounting Standards Committee today set up a sub-committee to look into accounting-related disclosure norms for dot.coms companies.
sub-committee headed by ASC Chairman Y.H. Malegam will
study three dot.com related issues gross or net
revenue to be given final accounting, basis for revenue
recognition, particularly things like mutual promotional
tie-ups, and pre-paid/intangible assets vs period costs.
Delhi boy youngest Microsoft engineer
NEW DELHI, July 6 (UNI) At an age when the only care boys have is what games they can play, an 11-year-old Class VII student of Delhi has become probably the youngest Microsoft certified systems engineer in the world.
Priyanshu Roy, who is already known for having created a large number of records, has also made a bid to enter the Guinness Book of World Records for this achievement.
Priyanshu, is also the youngest classical guitarist and has been recognised by the Limca Book of Indian Records. He has passed the fourth year (senior diploma) in instrumental music, classical guitar in first division from Allahabad Prayag Samiti.
He has a second year vocal certificate to his credit from Gandharva Mahavidyalya and is a writer having published an anthology Hamari Teraha Kavitayen which included the poem Kargil hamara aprahan na karo.
A scholarship holder in school, the child prodigy has performed on stage and television and at various other places, and is approved artiste of Delhi Doordarshan. He has won several awards. The child is currently developing a raga peelii (peace, education, environment, love, integrity and independence) on his computer, apart from the website cuite-commerce.com.
Islands of affluence
BERLIN: Germany has cited Mumbai and Bangalore along with Singapore and Shanghai to highlight that these cities experienced both positive and negative effects of globalisation, even as a Mayors summit here called for information sharing among the worlds big cities and involvement of poor citizens in the urban governing process.
The global economy has led these cities to experience progress and success simultaneously with a new phenomenon existence of islands of affluence in the middle of the direct poverty, German Development Minister Heidemarie Wieczorek-Zeul told the just concluded summit of Mayors of 21 giant metropolises here.
India was represented by Shanti Desai and V. Ranganathan, Mayors of Delhi and Mumbai, respectively. Ela Bhatt, President of the Self-Employed Womens Association (SEWA), was given the honour of delivering a special address at the summit.
According to a report, 12 of the 21 largest cities of the world (mega cities) are situated in developing countries and almost half of the worlds population lived in cities. By 2005, developing countries will account for 90 per cent of the worlds city dwellers. PTI
Harassment at workplace
NEW DELHI: Human rights activist Jayshree Guptas book If You Wish to be a Human Rights Activist, says that in India only 2.3 per cent of the administrators and managers are women as compared to 42.7 per cent in the USA and 53.8 per cent in Italy.
Mental and physical harassment and gender discrimination are common problems faced by working women in the country. Quoting a recent study by the National Commission for Women, she says that half of the working women have suffered one or the other kind of harassment at the workplace. But only 3.5 per cent of them reported the matter to their superiors. Even in the reported cases adequate action was not taken.
About 85 per cent respondents of the survey were not even aware of the recent judgement of the Supreme Court about the protection of women from sexual harassment at the workplace.
A study by the Lal Bahadur Shastri Academy of Administration, Mussoorie, has brought out interesting details of gender bias in the civil services.
The writer, who is also Joint Registrar General in the Home Ministry says that about 30 per cent of females and 25 per cent of male officers belonging to various civil services have accepted that there is gender stereotyping in postings and assignments. In services with a large number of field postings like the IAS, the IPS and the Indian Forest Services, the perception regarding gender stereotyping is much higher. UNI
Online medicare for NRI kin
Chennai: A new online healthcare service has been launched for the dependants of non-resident Indians living in India.
The service offers an insurance cover by the Oriental Insurance Corporation and end-to-end healthcare solutions like arranging transport and admission to over 100 member hospitals with no cash payment.
Mr C. Chandramohan, Chief Operating Officer of Bharatplanet.com, which is providing the service, says the complete medical status of the dependants under treatment will be given online in confidence to the NRIs. NRIs can select the package that suits their requirements for a single dependent to a family of six. The premium should be paid in dollars. Even pre-existing diseases will be covered under the programme and those from three months to 75 years of age will be covered.
The company also plans to introduce similar facilities for Indians living away from their families. UNI
Aptech doubles net profit
NEW DELHI, July 6 (PTI) Aptech Ltd today reported doubling of its net profit in the first half of 2000 to Rs 39.13 crore while its global revenues increased 51 per cent to Rs 241.28 crore. Aptechs net profits increased 101.34 per cent to Rs 39.13 crore during January-June 2000 as against Rs 19.43 crore recorded during the same period a year before.
India Cements profit declines
CHENNAI, July 6 (PTI) India Cements profit has declined by Rs 39.73 crore during the last financial year as compared to 1998-99. The company attributed the decline to a drop in other income and increase in the interest and finance charges. The company, which posted a profit of Rs 87.04 crore in 1998-99, had recorded a profit of Rs 47.31 crore. The board, which met here today, declared a dividend of 18 per cent.
Birla Yamaha profits up 12.5 pc
NEW DELHI, July 6 (TNS) Birla Yamaha Ltd, during the year ended March 31, 2000, has achieved a sales of 37,985 units of gensets as against 35,126 units in the previous year. The gross profits of the company have increased by 12.5 per cent from the previous year and profit before tax has also increased to Rs 1013.31 lakh from Rs 900.94 lakh in the previous year. Birla Yamaha Ltd, has introduced a new range of eco friendly generators under the brand name Birla Ecogen.
JMC Projects net up 20 pc
NEW DELHI, July 6 (TNS) The turnover of JMC Projects (India) Ltd., a construction company, has increased to Rs 140.56 crore, from last years Rs 103.51 crore, an increase of 36 per cent. The gross profit of the company stood at Rs 16.52 crore and the net profit for the year stood at Rs 5.64 crore, an increase of 20 per cent over the previous year.
ABCL expects profits this year
NEW DELHI, July 6 (UNI)
Amitabh Bachchan Corporation Limited (ABCL)
expects profits this fiscal and move out of the purview
of the BIFR.ABCL has already lined up three films
one featuring Amitabh Bachchan and Abhishek Bachchan, one
with Amitabh Bachchan and Aamir Khan and one starring
Abhishek Bachchan as the solo hero.
CHANDIGARH, July 6 Compact Disc India Ltd. has achieved a revenue of Rs 8.04 crore and a net profit of Rs 29.08 lakh for the year ended March, 2000. The company has set up an export division and received export orders of Rs 2.13 crore.
NEW DELHI, July 6 Sahara TV has announced major expansion plans involving a total investment of Rs 200 towards Academy Film and TV Production infrastructure and Media Club. The group also plans to launch news and current affairs channel soon.
NEW DELHI, July 6 Kanika Infotech Limited is coming out with the initial public issue of 36,00,000 equity shares of Rs 10 each at part which is opening on July 11 and closes on July 17.
NEW DELHI, July 6 SurfGold.com Pte Limited. Asias leading e-commer enabler, was launched here today. The site offers comprehensive solutions for generating online customer loyalty and direct marketing programmes for portals, e-commerce, merchants and internet sites in Asia.
CHANDIGARH, July 6 The following were elected unanimously office bearers of Industries Association of Chandigarh. President Mr S.C. Kohli; Vice-president Mr Kailash Chander Aggarwal; Secretary Mr Satish Bindra; Joint Secretary Mr Mohinder Singh and Treasurer Mr Ashok Sharma.
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