Wednesday, April 7, 1999
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B U S I N E S S | Wednesday, April 7, 1999 |
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Revenue target may be missed NEW DELHI, April 6 — Revenue collections are likely to fall short of the revised budgetary target by Rs 4,500 crore during 1998-99 even as the year-on-year figure registered a 9.6 per cent increase. Traders join hands against
tax hikes |
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Badal launches watch, shawl CHANDIGARH, April 6 — To mark the tercentenary of the birth of the Khalsa Panth, K-Watch has introduced a new commemorative watch with the official emblem of the historic celebrations.
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Hero
Honda sales go up 30 per cent PNB
opens counter Power
Grid recovers 90 per cent dues 3
Satyam companies to merge |
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NEW DELHI, April 6 (PTI) — Revenue collections are likely to fall short of the revised budgetary target by Rs 4,500 crore during 1998-99 even as the year-on-year figure registered a 9.6 per cent increase. The latest revenue data released today put the total revenue collection during 1998-99 at Rs 1,37,340 crore as against Rs 1,24,270 crore during the previous year. The shortfall would have been around rs 2000 crore more but for a large spillover in the collections in the first few days of the new financial year, a Finance Ministry official said here. “Every year, the tax collections increase after the last date of a particular financial year,’’ he said. The revised budgetary target for revenue collections had been estimated at Rs 1,44,970 crore for 1998-99. He said direct tax collections stood at Rs 44,230 crore during 1998-99 as against Rs 36,900 crore during the previous year, an increase of 19.9 per cent. The indirect tax collections rose by 5.35 per cent to Rs 93,100 crore as against the 1997-98 figure of Rs 88,370 crore. The revenue collections during March, 1999 rose by 22 per cent to Rs 22,900 crore as compared to the corresponding period of 1998, he said, adding this was an indication of ‘’buoyancy’’ in the economy. Direct tax collections during 1998-99 rose by 19.9 per cent with corporate tax collections rising by 23.7 per cent and income tax collections going up by 16.7 per cent during the fiscal. Out of the 5.35 per cent increase in indirect tax collections during 1998-99, excise collections rose by 9 per cent and Customs by a mere 1 per cent during the year as compared to the previous year. Corporate tax collections during the last month of 1998-99 rose by 35 per cent to Rs 6200 crore as against Rs 4600 crore during the corresponding period of the previous year. Income tax collections stood at Rs 4,225 crore during March 1999 as against Rs 3,360 crore during March 1998, an increase of 26 per cent. While Customs duty collections rose by 9 per cent during March 1999, touching Rs 4,240 crore during the period as against Rs 3900 crore in march 1998, excise duty collections rose by 22.7 per cent to Rs 7670 crore during march 1999 as against Rs 6250 crore during the corresponding period of the previous year. Excise duty collection
figures of March 1999 were the highest during the entire
1998-99 fiscal year. |
Badal
launches watch, shawl CHANDIGARH, April 6 — To mark the tercentenary of the birth of the Khalsa Panth, K-Watch has introduced a new commemorative watch with the official emblem of the historic celebrations. Mr Parkash Singh Badal, Chief Minister, Punjab, launched the watch here today before a select gathering. The commemorative stainless steel water-proof watch costs Rs 300. Ms Suvida Khanna, Vice-President, Marketing said the watch is a product of the new unit in Punjab K-Watch Ltd., Mohali. This watch will serve both as a time-keeping device as well as a memorable souvenir. A shawl manufactured with
the tercentenary logo by an associate company, SP Group,
Amritsar, was also released by Mr Badal. |
Traders join
hands against tax hikes LUDHIANA, April 6 — Trade and industry in Punjab is on a warpath against the alleged anti-poor budgetary measures taken by the government to mobilise additionals funds, including a hike in sales tax, imposition of sales tax at first stage on nearly 12 items, a steep increase in road tax and introduction of a new entry tax. Nearly 25 leading trade and industry bodies of Punjab, which met here the other day under the aegis of the Industry and Trade Forum, Punjab, and Ludhiana Small Scale Manufacturers Association in a resolution released today asserted that the measures taken by the government would prove to be highly deterimental to the growth of trade and industry in the state. Mr Harish Khanna, president of forum, said if the government did not withdrew these measures within a week, a phased agitation would be launched beginning with a “Beopar Bachao Maha sammelan” on April 12 followed by strikes, fasts dharnas, and a statewide bandh. He charged the Badal government with consistently pursuing an anti-trade policy. During the past two years the state government had imposed additional taxes to the tune of Rs 1,300 crore but still the coffers of the government were empty. It was clear that the government was pursuing wrong policies vis-a-vis the state revenue. Instead of taxing the recession-hit trade and industry, the government should do well to correct its own policies, improve economy management, curtail subsidies, control administrative expenditure and check corruption, he added. The state government’s decision to levy 8 per cent sales tax on first stage for auto parts and ball bearings has created a panic-like situation in the trade and industry here. Industry sources here
point out that this measure has been tried out in the
past also but “Due to its impracticability and
resistance from the trade and industry, the government
has had to do away with it.” |
Hegde calls
for better EU access NEW DELHI, April 6 — The Commerce Minister, Mr Ramakrishna Hegde, today urged the European Union (EU) to provide better access to Indian products and services in the European market. Mr Hegde told the visiting Vice-President of the European Commission, Mr Leon Brittan, during an interaction here, that despite a slow but steady growth in bilateral trade, the growth in India’s exports to the EU were not commensurate with the growth in EU exports to India. This he said was a matter of great concern to both Indian Government and the Indian trade and industry. He said while India was making every possible effort to move towards a more open regime of trade and investment, there was a widely held view that reciprocal benefits have not flown from the developed world. In this context, he raised the issue of various anti-subsidy and anti-dumping actions initiated by the EC against a number of Indian products which was estimated to have affected Euro 302 million worth of trade flow from India. Mr Hegde also suggested
that in calculating dumping margins, the average
profitability of the concerned industry in the exporting
country should be the benchmark instead of the
profitability of selective trade transactions. |
Hero Honda sales go up 30 per cent NEW DELHI, April 6 (PTI) — The sales volume of the leading motor cycle manufacturer of the country, Hero Honda Motors Ltd (HHML) has jumped by 30 per cent to 5.30 lakh units in 1998-99 as against 4.07 lakh motor cycles sold last year. With the sales realised during the just ended fiscal year, Hero Honda’s cumulative sales have crossed the 25 lakh mark, capturing a market share of 38 per cent as compared to 36 per cent share last year, the company claimed. The domestic sales of the
Rs 1,500 crore company is about 50,000 units per month, a
company note said here today. |
Punjab
selected for TBSE connectivity SAS NAGAR, April 6 — Punjab is among the four states selected for Technological Bureau for Small Enterprises (TBSE) connectivity. Stating this here yesterday, Mr D.S. Guru, Director, Industries, Punjab, said the other states selected under the central government scheme were Orina, Gujarat and Andhra Pradesh. Mr Guru, who was speaking at a function for handing over the ISO 9002 certificate to the local Fit-o-Fit Seals for the manufacture and supply of oil seals and rubber moulded components, said there would be a nodal focal point in each of the four state capitals which would be connected with industrial associations through internet. Small-scale units, through their associations, would be linked to global bodies. The Director said it had now been decided that interest beyond 7 per cent on term loans for plant and machinery would be subsidised. This facility would cover even “C” category areas and be extended to any industrial unit taking such a loan from scheduled commercial banks apart from state financial institutions. Among the speakers were
the Director, National Productivity Council, Mr Amrik
Mohan Singh, a former Vice-Chairman-cum-Managing Director
of PTL, Mr Chander Mohan, and the President of the Mohali
Industries Association, Mr R.S. Sachdeva. |
PNB opens
counter CHANDIGARH, April 6 — Mr Ananth Kumar, Union Minister of Civil Aviation and Tourism, today inaugurated an extension counter of Punjab National Bank in the Tourist Reception Centre complex at Anandpur Sahib which will provide services to NRIs for exchange of currency round the clock. Mr Sukhbir Singh Badal, Union Minister of State for Industries, inaugurated the computerised services for exchange of foreign currency at the PNB’s counter. Mr Parkash Singh Badal,
Chief Minister of Punjab was the guest of honour. Also
present were Mrs Vini Mahajan, Chief Administrator,
ASUDA, Mr Kulbir Singh Sidhu, Dy Commissioner, Ropar, Mr
I.D. Singh, Sr Regional Manager, Punjab National Bank,
Regional Office, Chandigarh ‘B’.
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Another
steel unit for Orissa NEW DELHI, April 6 — At a time when a majority of Indian steel majors are floundering, the MMTC and the Orissa Government have set up a joint venture steel manufacturing company that promises to set new trends in the industry. Neelachal Ispat Nigam Limited, the Rs 2000 crore integrated steel plant being set up jointly by the erstwhile canalising agency of the Central Government and IPICOL (Industrial Promotion and Investment Corporation of Orissa Ltd), will produced around 1.1 million tonne of steel and byproducts. It is the second steel plant in the state after the Rourkela unit. “Neelachal Ispat will used the latest technology and low manpower”, Mr S.Ramachandran, Executive Director of the company told The Tribune in an interview. As compared to SAIL and TISCO, which employ between 40,000 and 70,000 workers in a factory, the Orissa plant will employed 2,000 persons. This factor alone will ensure the profitability of the company in the long run. He pointed out that a majority of the workers were skilled employees. It is a knowledge-based workforce, he added. The company has also benefited from the availability of cheap machinery in Europe. Neelachal was able to get a five-year-old modern blast furnace from Italy at a throwaway price. Other equipments have also been procured at a relatively lower cost as the markets were depressed during the global recession. Mr Ramachandran said the manpower productivity at the Orissa unit has been estimated at 500 tonne of steel per month which is more than six times the productivity in other similar steel plants. For example, the manpower productivity of SAIL and TISCO is around 19 tonne per month. The company has set up a
separate unit, Konark Metcoke Limited, which will consist
of coke making facilities and a captive power plant
generating 60 MW of electricity. |
Power Grid
recovers 90 per cent dues NEW DELHI, April 6 — Power Grid Corporation of India Limited (PGCIL) today announced the recovery rate of over 90 per cent of its outstanding dues. Speaking to reporters here today, PGCIL Managing Director, Mr R.P. Singh, said the corporation has recovered Rs 1,450 crore out of a total billing of Rs 1,603 crore. He said the shortfall in the budgeted target was mainly because of the delay in completion of projects, mainly the Talcher Stage II project. The corporation’s turnover during 1998-99 stood at Rs 1,814 crore as against Rs 1,435 crore during the previous year. Net profit during 1998-99 registered a 26 per cent increase over the previous year and stood at Rs 468 crore compared to Rs 377 crore during 1997-98. PGCIL has envisaged an investment of about Rs 13,000 crore for its ongoing and new schemes during the Ninth Five-Year Plan. These funds have been sourced from various bilateral and multilateral agencies like the World Bank, Asian Development Bank,OECF etc. Mr R.P. Singh said the current financial year’s budget has been fixed at Rs 2,200 crore. Besides funds from multilateral resources, the corporation would also plan to raise $ 100 million through the ECB route. Funds would also be raised through domestic bonds ( Rs 650 and Rs 660 crore)and supplier credit ( Rs 150 to Rs 200 crore). Regarding the Power
Trading Corporation (PTC), he said the PGCIL would pick
up an equity of of 30 per cent and it would be funded
from the corporation’s internal reserves.
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MUMBAI, April 6 (PTI)
— Three companies of the Satyam group — Satyam
Enterprise Solutions Ltd, Satyam Renaissance Consultancy
Ltd and Satyam Spark Solutions —will be merged into
Satyam Computers Services. This was stated in a notice of
the Bombay Stock Exchange here yesterday. |
From business of politics to politics of business The initiatives by Nawaz Sharif and Atal Behari Vajpayee to break down barriers have enthused the business community in Pakistan. Rachyd Millwala, former president of the Karachi Chamber of Commerce and Industry (KCCI), told IANS: “Today, when we read or hear about Pakistan-India trade, we get excited because we now mean the pursuit of trade, because the industrial and trading community of India and Pakistan is not in the business of politics, but in the politics of business.” Millwala hoped the bus diplomacy, which led to the signing of the Lahore Declaration by Sharif and Vajpayee on February 21, will be the harbinger of increased trade and cooperation. The two countries are linked by a road and rail network, besides frequent air traffic. The two major ports, Mumbai and Karachi, can be traversed in a couple of days. After the May 1998 nuclear test blasts by both nations, “there is an obvious increase in contact, rapport and friendship among the entrepreneurs on both sides,” Millwala felt. Shahid Jawed Burki, a World Bank economist from Pakistan, had earlier said it would be in Pakistan’s interest to trade with India. “I bet my salary if there is trade with India under the WTO, Pakistan will be gaining rather than losing.” — IANS Kashmir first Early settlement of the Kashmir tangle would go a long way in improving economic ties between India and Pakistan and the two countries should intensify efforts in resolving the problem, leader of a Pakistani business delegation has said in New Delhi. “The Kashmir issue will certainly affect efforts to enhance business relations between the two countries. This issue has to be settled first,” Vice-President of Pakistan Chamber of Commerce and Industry J.M. Magoon said. Welcoming the delegation, FICCI President Sudhir Jalan said India should be more magnanimous in opening up its trade for Pakistani goods as it is “bigger and stronger”. At present, the formal trade between the two countries is just Rs 500 crore and informal trade is estimated to be between Rs 1,500 crore and Rs 2,000 crore. However, there is potential to take the total trade up to Rs 10,000 crore within a few years, Jalan said. — PTI Sugar imports Faced with surplus production, Pakistan has raised the regulatory duty on sugar imports from 10 per cent to 35 per cent, thus taking total duty on the commodity’s imports to 45 per cent. Till now, sugar imports had been subjected to 10 per cent regulatory duty and 10 per cent basic customs duty. Pakistan is faced with a sugar surplus of five lakh tonnes this year and the Nawaz Sharif government has resorted to this step as cost of production in domestic mills is much higher than abroad. Sugar is quoted at Rs 20,000 a tonne in the domestic market, while wholesale prices range around Rs 17,000-18,000 a tonne. As against this, global prices of sugar are hovering around $ 220 (Rs 12,000) a tonne. — PTI Gas reserves Pakistan Petroleum Limited (PPL) has announced the discovery of gas reserves in the Sindh and Balochistan areas. The reserves have been found at Hassan Well X-1, the second exploratory well drilled in a block located in the districts of Jacobabad, Shikarpur, Sukkur and Khairpur in Sindh and the district of Nasirabad in Balochistan. Drilling work for the
Hassan Well X-1 began in February and reached a total
depth of 1,132 metres on March 12. The structure is
defined using latest technology for reprocessing of
seismic data. The well has penetrated 41.5 metres of gas
column in the Sui Min Limestone formation with.
— ANI |
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| Escotel NEW DELHI, April 6 (TNS) — Escotel Mobile today announced its roll out plans for 23 more towns in a phased manner. With these roll-outs, Escotel service will cover 32 towns in Uttar Pradesh, 16 in Haryana and 38 towns in Kerala. The major towns to be covered in include Bhiwani, Sirsa and Kalka in Haryana. Multiline
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