Prospects of Indian economy grim: Smadja
NEW DELHI, Dec 6 — There is need for urgent action to get India’s deteriorating fiscal situation under control, the Managing Director of the World Economic Forum, Mr Claude Smadja, said here today.

France to double trade with India by 2005
NEW DELHI, Dec 6 — “France India 2000”, a five-day exhibition showcasing French technology and trade, was inaugurated here today.

Vittal for duty-free electronic imports
NEW DELHI, Dec 6 — Central Vigilance Commissioner N. Vittal today echoed industry’s demand for a zero-duty regime for electronic component imports to fuel growth and enable further foreign investments in this sector.

CII: Textech to be institutionalised
CHANDIGARH, Dec 6 — Encouraged by the response to Textech ‘99, the CII has decided to institutionalise the fair at Chandigarh. The next Textech will be held here from November 14 to 17, 2002.

IT Bill this week
BANGALORE, Dec 6 — The Information Technology Bill to provide legal framework for transactions on the Internet and electronic contracts will be introduced in Parliament this week, Union Information Technology Secretary P V Janakiraman said today.

Ambani voted ‘businessman of century’
MUMBAI, Dec 6 — Dhirubhai Ambani, chairman of the Reliance group, has been voted the "Indian businessman of the century" by a worldwide multimedia poll conducted by "business barons".

ABCL owes DD 26 crore
NEW DELHI, Dec 6 —Amitabh Bachchan Corporation Limited, National Film Development Corporation, UTV, Cinema Vision, Prime Time Media and Multichannel are among the 47 defaulting producers and agencies that have failed to clear the outstanding fees for Doordarshan, Information and Broadcasting Minister Arun Jaitley said in the Rajya Sabha today.

Club Mahindra
NEW DELHI, Dec 6 — Indian time-share major Mahindra Holiday & Resorts is aiming to position itself as a holiday brand and hopes to cash in on untapped opportunities.

‘Oswals dominate’
NEW DELHI, Dec 6 — The two Oswals of Ludhiana dominate the Indian woollen industry, says the Images-ORG Marg survey on Indian woollens.

Prospects of Indian economy grim: Smadja
Tribune News Service

NEW DELHI, Dec 6 — There is need for urgent action to get India’s deteriorating fiscal situation under control, the Managing Director of the World Economic Forum, Mr Claude Smadja, said here today.

“The first immediate priority is the need for urgent action in order to get India’s fiscal situation under control as the creation of a sound macroeconomic equilibrium and sound fiscal policies come among the key requirement for being part of the global economy”, Mr Smadja said while speaking at the India Economic Summit of the World Economic Forum here.

Painting a rather grim picture about the prospects of the economy this year, he said that it seems “extremely dubious” that the Government will be able to better than a 6 per cent Budget deficit for the current fiscal.

“When considering the losses of the PSUs and the accumulated deficits of the States, the total Budget deficit seems to have no chance to be below 9 per cent of GDP”, Mr Smadja said.

At the central level, he identified four factors as creating a negative fiscal impact: expenditures generated by the elections, the devastation created by the cyclone in Orissa, the Kargil conflict and increase in international oil prices.

“In fact the target of a 4 per cent fiscal deficit at the Central Government level is now completely out of reach”, the WEF Managing Director said, adding that expenditures for the first half of the fiscal have been considerably higher than for the same period last year, overshooting the Budget target. Increase in revenues on the other hand has been much slower.

Another worrisome situation was the accelerating deterioration- of the situation of the States. “Some of the States are today not even able to pay civil servants’ salaries without having recourse to most extraordinary expediencies like mortgaging official buildings”, he pointed out.

“The Government has now its back to the wall. It has to find ways of tackling this haemorrhaging of resources”, Mr Smadja observed, adding that the BJP-led Government has given a very positive signal by raising the price of diesel days after coming to power despite protests from various quarters.

WEF diary

• Dialogue between WTO members which broke down in Seattle must be restored immediately and the mistrust that has developed among different groups removed for achieving greater trade liberalisation, delegates attending the World Economic Forum meet said.
• In a reference to the WTO the Deputy Prime Minister of Britain, John Prescott, said the rules must not seek to force a new kind of western economic imperialism of developing countries.
• Andhra Pradesh Inc CEO N. Chandrababu Naidu said States willing to rush ahead with economic reforms should be given freedom to raise money in international and domestic markets.
• Power Minister P.R. Kumarmangalam said that he will be meeting the Chief Ministers early next year to draw up a five-year strategy of reforms for the power sector.
• Private sector should come together to market India internationally to increase in-bound tourists and not merely look at incentives, but should think of removing roadblocks to help promote tourism in the country, MP Bezbaruah, Secretary, Ministry of Tourism, said.
• The Indian Railways Tourism and Catering Corporation will hire consultants to come with a business plan to promote rail tourism in the country,” M. Ananth, additional member of the Railways’ Tourism and Catering Board told PTI.
• SIDBI will launch a Rs 100 crore venture capital fund next week as part of its three-pronged strategy to help the domestic infotech companies,its Chairman Shailendra Narain said.
• US Multinational Enron will diversify into telecom and develop the fibre optic capability by bringing our technology from the USA, company CEO Kenneth L. Lay told reporters. — agencies
  
  
  
  

France to double trade with India by 2005
Tribune News Service

NEW DELHI, Dec 6 — “France India 2000”, a five-day exhibition showcasing French technology and trade, was inaugurated here today.

Delivering the inaugural address here, the Union Minister for Heavy Industry and Public Enterprises, Mr Manohar Joshi, said that there is considerable potential for enhancing investment, technological transfer and trade between India and France.

“ We are aware of the French expertise in agricultural research, food processing and biotechnology and we could benefit from the same”, Mr Joshi, said adding that “ in turn Indian software professional can help meet French needs in the field of information technology”.

The exhibition is aimed at developing stronger bilateral economic relations with India.France is aiming to double its trade with India and become one of the top five foreign investing countries by 2005, the French Minister of Public Works, Housing and Transport, Mr Loius Besson said.

French companies are looking at areas of priority for the Indian economy with keen interest and companies are already working with the Indian government and private industry in areas of railways, telecom, oil exploration and aerospace technology.

The exhibition is being organised by the Agency for the International Promotion of French Technology and Trade, CFME ACTIM and the French Embassy in India. The CII is the cooperation partner in the event.

More than 180 companies are exhibiting their technology in the event and more than 400 French delegates are participating in the exhibition and concurrent technical seminars.

Vittal for duty-free electronic imports

NEW DELHI, Dec 6 (PTI) — Central Vigilance Commissioner N. Vittal today echoed industry’s demand for a zero-duty regime for electronic component imports to fuel growth and enable further foreign investments in this sector.

“Let us make India a totally duty-free country for imports of electronic components. We’ve already signed the IT agreement in Singapore in 1996 under which India is anyway committed to lower tariffs,” Vittal said, while addressing the “International Conference for the Electronics Industry”, organised by the Electronic Component Manufacturers Association (Elcina) here.

Rueing the fact that India lagged behind on the electronic hardware front while having leapfrogged in terms of software, Vittal stressed the need for attracting larger investments in electronic hardware.

Speedy implementation of the second Information Technology Task Force report was a universal demand by Elcina members.

“We strongly urge speedy implementation of this report,” said Elcina President Raj Kapur while addressing the meet.

Advocating a more rationalised customs duty regime for the electronic components industry, Kapur said this demand did not advocate protectionism.

CII: Textech to be institutionalised
Tribune News Service

CHANDIGARH, Dec 6 — Encouraged by the response to Textech ‘99, the CII has decided to institutionalise the fair at Chandigarh. The next Textech will be held here from November 14 to 17, 2002. The fourth Texcon will also coincide with Textech 2002.

Textile machinery manufacturers such as Reiter, LMW, Suessen Asia, Kirloskar Toyoda, Textool, SK Global, Himson, ATE and Ramsons which demonstrated state-of-the-art technology, have shown keen interest in participating in the next Textech fair at Chandigarh in a bigger way.

Over Rs 200 crore worth of business queries were generated at Textech’99. The five-day fair was visited by over 20,000 business visitors from all parts of the country, says a CII release.

A spokesman of Kirloskar Toyoda Textile Machinery (KTTM), a joint venture promoted by Japan’s Toyoda Automatic Loomworks Ltd. and the Kirloskar group, said his company’s objective to reinforce its image had been achieved by participating in Textech ‘99.

IT Bill this week

BANGALORE, Dec 6 (UNI) — The Information Technology Bill to provide legal framework for transactions on the Internet and electronic contracts will be introduced in Parliament this week, Union Information Technology Secretary P V Janakiraman said today.

Speaking after inaugurating the Nasscom Venture Capital India ’99 here, he said electronic commerce was a priority area for the government. The proposed Bill would also help reduce computer crimes, he added.

SEBI Chairman DR Mehta said the simplified takeover code had been a tremendous success with more than 600 companies already sending in their applications. There was a move to further simplify the code.

The conference was organised by Nasscom as an initiative to replicate the US Silicon Valley model in India to enable software programme developers emerge as a new entrepreneurs.

Ambani voted ‘businessman of century’

MUMBAI, Dec 6 (PTI) — Dhirubhai Ambani, chairman of the Reliance group, has been voted the "Indian businessman of the century" by a worldwide multimedia poll conducted by "business barons".

The results of the poll, conducted between august and October, will feature in the coming issue of the

magazine, which hails Dhirubhai as representing "Asian business at its best, bold, visionary, technology-minded and entrepreneurially daring".

The poll, which received over 41,000 votes from as far as north America and Australia, selected him as the leader from a list of 10 nominations. Ambani received 10,142 votes followed by j r d Tata and g d Birla with 9,126 and 4,940 votes,respectively, according to a release here today.

The other seven businessmen were Aditya Birla (3,855), Jamnalal Bajaj (3,717), Ratan Tata (3,450), n r Narayan Murthy (1,812), Azim Premji (1,710), Walchand Hirachand (1,501) and Kasturbhai Lalbhai (1,304).

ABCL owes DD 26 crore

NEW DELHI, Dec 6 (PTI) —Amitabh Bachchan Corporation Limited (ABCL), National Film Development Corporation (NFDC), UTV, Cinema Vision, Prime Time Media and Multichannel are among the 47 defaulting producers and agencies that have failed to clear the outstanding fees for Doordarshan, Information and Broadcasting Minister Arun Jaitley said in the Rajya Sabha today. Legal action has been initiated against them, Jaitley said.

ABCL owes Rs 26.35 crore, NFDC Rs 10 crore, Multichannel Rs 24.32 crore, Plus Channel Rs 13.85 crore, Prime Time Media Rs 1.05 crore, UTV Rs 8.89 crore, Drishti India Rs 4.99 crore and Cinema Vision Rs 10 lakh.

Club Mahindra
Tribune News Service

NEW DELHI, Dec 6 — Indian time-share major Mahindra Holiday & Resorts is aiming to position itself as a holiday brand and hopes to cash in on untapped opportunities.

“We plan to build Club Mahindra, which currently has 8,000 members, into a holiday brand. None of the leading hotels in India have ventured into providing a complete holiday experience. Our resorts will also offer leisure and business-related activities at par with hotel majors like the Taj, Oberoi or Hyatt. But we will differentiate ourselves by providing an informal atmosphere,” said Mr V.V. Giri, Deputy General Manager, Operations.

‘Oswals dominate’
Tribune News Service

NEW DELHI, Dec 6 — The two Oswals of Ludhiana dominate the Indian woollen industry, says the Images-ORG Marg survey on Indian woollens.

Monte Carlo of Oswal Woollen Mills is ranked as the number one woollen brand in the country by the survey with average sales scores of 2.04 lakh, followed by Casablanca and Pringle of the Oswal Knit India.

Retailers have ranked the best brands in woollen knitwear on the basis of attributes like wool quality, price range, colour and designs.

Bajaj sales spurt 14.5 per cent in November

BAJAJ AUTO has recorded sales of 99,500 units in November, 1999, representing a 14.5 per cent growth over November last year.

“This strong performance comes on the back of a 26 per cent growth posted last month (October, 1999)’’, said Mr R L Ravichandran, Vice-President (Business and Product Development) of the company.

In the scooterettes section, Bajaj Auto recorded a growth of 86 per cent, fuelled mainly by sales of the Bajaj Spirit. Sales went up from 3,318 to 6,189 in November from the same month last year.

In scooters, the company recorded a market share of 62 per cent. Sales stood at 54,684 units in November, 1999, compared to 54,192 units sold in the same month last year.

In the Japanese motorcycle segment, sales of Kawasaki Bajaj motorcycles spurted 42.16 per cent, with sales of over 21,400 units in November 1999. In the same month last year, Bajaj Auto had sold more than 15,000 units.

Aptech set to enter China: Aptech Ltd is set to enter the China’s huge computer education market by forging an alliance with the Chinese Ministry of Science and Technology.

“We have received the necessary approvals and ready to start operations in China soon”, a company official told PTI in Beijing.

Infosys is also reportedly keen to enter the relatively untapped Chinese computer education market, official said.

Lafarge on prowl: French major Lafarge is expected to announce a few more acquisitions in the Indian cement industry by March or April next year.

“We are looking for expansion in India through acquisitions, joint ventures or upgradation of our existing facilities in India,’’ Lafarge Surma cement Managing Director Michel Folliet told UNI at the CII-WEF Conference in New Delhi on Monday. Lafarge Surma Cement is a group company of Lafarge.

Lafarge is believed to have reached advanced stage of negotiations for the takeover of trouble-ridden DLF Cement.

Europe Star: Europe Star, a joint venture between Alcatel Spacecom and Loral Space and Communications, today announced its entry into India to offer satellite services in distance education, Internet, VSAT and data networks market.

“Alian Roger, President and CEO, Europe Star Ltd said in New Delhi. The first of its two geostationary, all Ku-band satellite is scheduled for launch in mid-2000. Europe Star F1 will carry 30 transponders with eight focused on the Indian subcontinent. — PTI

Forex
US $ Rs 43.41/43
Stg £ Rs 69.50/70
Euro Rs 43.45/90
Yen (100) Rs 42.35/55

Amadeus
NEW DELHI, Dec 6 (TNS) — Amadeus India, jointly owned by Lufthansa, Air France, Iberia and Continental Airlines plans to expand its base in Punjab to Bathinda. Amadeus, officials claimed, has 60 per cent market share in Punjab. With the penetration of the Internet and ISP providers, the number of travel agents switching to Amadeus will increase,” he said.

SBP plan
CHANDIGARH, Dec 6 (TNS) — The State Bank of Patiala’s Sanawar branch today launched a customer interaction programme till December 20.

HP coop bank
DHARAMSALA, Dec 6 (TNS) — The State Government has urged NABARD and the RBI to waive the credit anticipation condition so that small projects can be cleared in the State only. Addressing bank customers at Kangra yesterday, the Chairman of HP State Cooperative Bank, Mr K.K. Kaushal, this would help farmers in Himachal, where the advancement of loans in the agriculture sector is not easy due to a difficult terrain and small land holdings.

Farindex-99
FARIDABAD, Dec 6 (TNS) — The sixth industrial trade fair known as Farindex-99 is being organised here from December 22 to 28. Over 400 stalls will be put up in the fair complex and 40 stalls have been earmarked for rural industries and artisans.

UTI Bank
NEW DELHI, Dec 6 (UNI) — UTI Bank has opened its 39th branch at Chandigarh.

PNB office
AMRITSAR, Dec 6 (FOC)— The regional office of Punjab National Bank here has been accredited with ISO-9002.