Wednesday, February 10, 1999
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B U S I N E S S | Wednesday, February 10, 1999 |
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Economy expected to grow by
5.8 pc: CSO estimates MTNL
lowers Internet tariff AVI
group to set up township |
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Ombudsman
takes charge |
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Economy
expected to grow by 5.8 per cent: CSO estimates NEW DELHI, Feb 9 — The Indian economy is expected to grow by 5.8 per cent as against the previous year’s 5 per cent, according to advance estimates released by the Central Statistical Organisation (CSO) here today. The CSO’s estimate, released by the Minister of State for Planning and Implementation, Mr Ram Naik, is far below the Budget target of 6.5 to 7 per cent but the predicted growth rate is still healthy compared to the recessionary trends across the globe and the country’s own poor faring in several sectors, including industrial growth. The advance estimates that the GDP at factor cost at constant (1993-94) prices in the year 1998-99 is likely to attain a level of Rs 11,09,983 crore, as against the quick estimates of GDP for the year 1997-98 of Rs 10,49,191 crore is largely based on the hope that the agriculture sector would do reasonably well and record a growth rate of about 5.3 per cent. Apart from agriculture, forestry and fishing, manufacturing (5.7 per cent), electricity, gas and water supply (6.3 per cent), trade, hotels, transport and communication (6.8 per cent), financing, insurance, real estate and business services (7.7 per cent) and community, social and personal services (5.8 per cent) are also expected to contribute to the total GDP growth rate of 5.8 per cent. According to the information furnished by the Department of Agriculture and Cooperation, the production of foodgrains during 1998-99 is likely to be 195.25 million tonnes as compared to 192.43 million tonnes during 1997-98, showing a growth rate of 1.5 per cent. During 1997-98, foodgrains recorded a negative growth rate of 3.5 per cent. While production of wheat is expected to rise by 4.9 per cent, that of rice and coarse cereals is expected to decline by 0.1 per cent and 6.6 per cent respectively during 1998-99. Production of pulses is likely to show a growth rate of 13.1 per cent during the period and is placed at 14.78 million tonnes, as compared to the previous year’s production of 13.07 million tonnes. In the case of commercial crops, production of oilseeds, sugarcane and cotton are expected to register growth rates of 10 per cent, 4.9 per cent and 25.8 per cent respectively, during 1998-99 as compared to the previous year’s respective growth rates of -9.7 per cent, -0.5 per cent and -21.7 per cent. Following the change in the base year from 1980-81 and higher GDP growth, the per capita income is likely to go up to Rs 10,047 during the current fiscal as compared to Quick Estimates of Rs 9,660 for 1997-98. The net national product (NNP) at factor cost, also known as national income, at 1993-94 prices is likely to be Rs 9,79,573 crore during 1998-99, as against the previous year’s Quick Estimate of Rs 9,26,420 crore. In terms of growth rates, the national income is expected to rise by 5.7 per cent during the period in comparison to the growth rate of 4.8 per cent in 1997-98. The Government’s financial position is also indicative that the Budget estimate of 6.5 per cent 7 per cent growth rate is unachievable. According to the Finance
Ministry’s update on Government finances, revenue
deficit, the difference between the government revenue
receipts and the current expenditure, had already touched
36408 crore as on December 31, 1998, as against the
Budget estimate of Rs 48068 crore. Compared to the same
period in the previous fiscal year, the revenue deficit
was 44.2 per cent of the Budget estimate as against the
current 75.7 per cent. In other words the government has
been borrowing to meet its current expenditure. |
AVI group to
set up township CHANDIGARH, Feb 9 — The AVI group has decided to put up a mega industrial township near the Bangalore city. The township will consist of an industrial park, housing complexes, commercial centres, an Information Technology park, a 18 hole golf course, recreational centres and a 50 MW captive power plant. The Karnataka Industrial Area and Development Board (KIADB) has agreed in principle, to allot 200 acres for the setting up of the project near Bommasadra in Bangalore urban district. Expected to be build in four phases, it is the first such project planned near the city. The project, along with the Rs 4,000 crore Bangalore-Mysore Expressway corridor, is expected to propel Bangalore ahead of other state capitals in terms of infrastructure support. Mr Avinash Arora, Managing Director of the AVI Group said that the plan was cleared by a nine-member high level committee recently. It now awaits a cabinet clearance. “The project is expected to provide direct employment to around 1,500 persons”, he said. The project is likely to commence from June, 1999. The Karnataka Electricity Board has been asked to provide necessary clearance for putting up the plant by the high level committee of Karnataka government. In terms of infrastructure, the project will have a truck terminal, inland container depot, bonded warehouses, helipad, bus terminals, shopping malls, exhibitions space, cinema complex, and artificial lake, five and four star hotels. The promoters hope to attract major software and hardware corporate houses apart from industries. The township will have several exclusive industrial parks with self-contained sheds for carrying out industrial activities such as setting up a ancillary units. The high level committee
of state government has also allotted 50 acre land to AVI
for textile project. The textile unit will be set up at
Harihar where Birla’s have polyfibre plant.
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NEW DELHI, Feb 9 (PTI) — Mahanagar Telephone Nigam Ltd (MTNL) today entered into direct competition with Videsh Sanchar Nigam Ltd (VSNL) for Internet services by offering a 15 per cent lower tariff. Indicating that the tariff could be lowered further if the response was good, Chairman and Managing Director of MTNL S. Rajagopalan said: “We have fixed the tariff for our services in Delhi and Mumbai for the next three months.” On the public switch telephone network (PSTN), MTNL will be charging Rs 2,550 for 100 hours, Rs 5,525 for 250 hours and Rs 8,500 for 500 hours, Rajagopalan said adding that the registration fee would be Rs 500. VSNL is charging Rs 3,000, Rs 6,500 and Rs 10,000 for similar durations of 100, 250 and 500 hours, respectively. MTNL will not be able to buy back 5 per cent of its shares during 1998-99 due to lack of time and would stretch the process on to the next financial year. The corporation, which had
earmarked Rs 528 crore for buying back of shares,
including the government equity, is still awaiting
clarifications from the government on various taxation
provisions, Rajagopalan here.
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Ombudsman
takes charge CHANDIGARH, Feb 9 — Mr S.A. Rahman, has assumed office as Banking Ombudsman for Himachal Pradesh, Punjab and Chandigarh. The office is located in the RBI building, Sector 17, Chandigarh. Mr Rahman was earlier the
Banking Ombudsman for Kerala and Lakshadweep. He has held
top posts in the Central Government and headed national
level training institutions.Mr R.C. Kapoor, the previous
Banking Ombudsman in Chandigarh, demitted office on
January 31, 1999. |
Canon to
launch 30 products NEW DELHI, Feb 9 — Canon India Pvt Limited today announced it would launch 30 new products in the next one year in the photocopier, printer, scanner, multi-functional peripheral and fax machine segments. The company expects to attain 25 per cent market share in the photocopier market by the end of the year 2000 in line with its global market share.Canon India, according to the latest IMRB survey, enjoys 18 per cent market share of the photocopier market. Managing Director Tony Fitzgerald said that the company will target new market segments in copiers with high potential for volumes and revenues. The company also announced
the deployment of Service Edge, a customer care and help
desk operations and automation solution for Canon
customers. The system has been created with an investment
of over Rs 1 crore and developed by Wipro.In its first
phase, the system has been deployed in Canon offices in
Delhi, Mumbai, Chennai , Bangalore and Pune. Canon also
announced launch of its printer operations. |
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NEW DELHI, Feb 9 (PTI) — Siemens is realigning its information and telecommunications business in India under one umbrella, Siemens Information and Telecom, on the heels of restructuring its global operations. The realignment spins off three separate divisions — information and telecom products (I&C products), networks (I&C network) and business services (I&C services) in line with the realignment of its IT operations. Consequently, all Siemens Ltd’s existing four joint ventures (JVs) in India will be part of these three divisions, Siemens Ltd, Managing Director, Juergen Schubert told PTI. They will, however, remain as separate entities and profit centres but would be referred to as various divisions of Siemens Information and Telecom, Patrice Baranowska Managing Director, Siemens Nixdorf Information Systems Ltd said. “The change of name
may take about six months as there are many legal
formalities to be completed,” Schubert said. |
NSE includes 13 securities for trading MUMBAI, Feb 9 (PTI) — The National Sock Exchange (NSE) today announced the inclusion of 13 securities for trading on the capital market segment from February 10. The securities in the depository segment are Kirloskar Pneumatic, Rain Calcining, ITC Agro Tech, Vashisti Detergents, Saw Pipes, Tata Timken, Bajaj Hindustan, Coates of India, Madras Cement, fully paid up non pari passu shares of Ranbaxy Laboratories under series V1/L1/R1, fully paid up non pari passu shares of Exide Industries under series V1/L1/R1, fully paid up non pari passu shares (29/6/98) of Max India under series V1/L1/R1 and fully paid up non pari passu shares (29/7/98) of Max India under series V2/L2/R2. Convertible premium notes of Dhampur Sugar Mills under series G1/U1 have also been made available for trading at the exchange. The NSE Board of Directors
has suspended four members — Sony Securities
Limited, Amgis Holdings Private Limited, Valfin Financial
Services Private Limited and Shalibhadra Securities
Limited. |
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