CII ex-chief dead
NEW DELHI, June 3 — The business community today condoled the death of industrialist, Mr Manmohan Singh.

Govt move to identify WTO agenda
NEW DELHI, June 3 — The Union Commerce Ministry has done a preliminary exercise in identifying certain areas to be put by India on the next round of multi-lateral trade negotiations .

Task force gives up plan to corporatise four metro airports

NEW DELHI, June 3 (UNI) — The task force on infrastructure today decided to give up corporatisation of the four major airports, saying they would be given out on long-term lease.

Briefing newspersons after today’s meeting of the task force, Deputy Chairman of the Planning Commission K.C. Pant said that in this manner several hurdles will be resolved.

He said the appointment of legal and financial consultants for giving out airports on long-term lease will take place in August.

Mr Pant, who is also the chairman of the task force, said the lease is for a period of 30 years which may be extended for another 20 years.

Reports said there is a difference of opinion on this. The four airports are in Delhi, Mumbai, Calcutta and Chennai.

A group under the Civil Aviation Secretary will deal with other airports which are to be modernised.

Corporatisation of the airports has been done away with as there are difficulties in valuing the land of the airports.

The National Highway Authority of India (NHAI) will be sending a note to the Cabinet to streamline procedures for spending money out of the National Roadways Fund.

Reports said on this issue also there are differences between the Prime Minister’s Office and the Finance Ministry.

Reports said while the NHAI and PMO wants decisions to be taken by NHAI itself, the Finance Ministry wants these decisions wetted by the Public Investment Board.

The government plans to build 13,245 km four lane national highway criss-crossing the length and breadth of the country. This will connect Delhi, Mumbai, Chennai as well as extreme southern, north-eastern, western and northern provinces.

The estimated cost of this project is Rs 40,000 crore and it is to be funded through a cess being collected on diesel and petrol.

Poverty goes up despite reforms

WASHINGTON, June 3 (PTI) — The state of poverty in India continues to be grim with the numbers of both the rural and the urban poor increasing in the post-reform era of the 1990s, a World Bank poverty update analysing trends in poverty has said.

“Preliminary evidence through 1997 shows increases in the numbers of both the rural poor (from 224 million in the early 1990s to 250 million in the mid-1990s) and the urban poor (from 72 to 73 million) in the 1990s post-reform experience,” it says.

“This corresponds to an almost constant incidence of rural poverty and a slow decline in the incidence of urban poverty,” says the bank.

Depending on how it is measured, the results for India and other countries of South Asia are mixed. Against the 1.3 per cent per capita growth rate required to reduce poverty at a dollar a day standard by half by 2015. South Asia’s actual was 1.9 in 1991-95 and projected 1997-2000 is 3.7 per cent.

It is 2 per cent for East Asia, 0.4 for Europe and Central Asia, 0.3 for Latin America and the Caribbean, minus 1.4 for West Asia and North Africa and 0.1 for sub-Saharan Africa.

However, the numbers are daunting. In 1987, there were 479.9 million poor in South Asia, in 1990 480.4 million, in 1993 514.7 million. These were people living below a dollar a day.

By the head-count index, 45.4 per cent were poor in 1987, this was reduced marginally to 43 per cent in 1993 but increased slightly to 43.1 per cent in 1993.

The poverty gap (the mean distance below the poverty line; zero for the non-poor) in South Asia was the worst for any region except sub-Saharan Africa —14.1 per cent in 1993, 12.3 in 1990 and 12.6 in 1993.

Victory after a long-drawn struggle
Tribune News Service

CHANDIGARH, June 3— The steel rolling industry and induction furnace units based largely in Ludhiana and Mandi Gobindgarh have welcomed the reported decision of the PSEB to do away with the proposed 17.5 per cent surcharge in the State.

The issue has been settled after a long-drawn struggle by the industry led by the President of the Induction Furnace Association and the Apex Chamber of Commerce and Industry, Mr P.D Sharma, who had undertaken a fast unto-death from December 2 to 5, 1997.

“The issue had wider connotations. Politicians in power and bureaucrats are in the habit of framing schemes which can translate into moneybags for them. I wanted to break this convention”, Mr Sharma said here today.

“Moreover, the PSEB had planned to come out with similar schemes for other units. It was thought wise to nip the evil in the bud,” said Mr Sharma, who has been appointed an adviser to the high-powered committee constituted by the Supreme Court to tackle power thefts in UP.

More than three years ago the PSEB had evolved a scheme under which all existing induction furnaces were required to switch over to the 66 KV system from the prevailing 11 KV. This involved an expenditure of about Rs 2 crore - more than the worth of the furnace. Those unable to switch over were required to pay 17.5 per cent surcharge on tariff.

For the steel furnace industry power is the main input cost and with a surcharge of 17.5 per cent, no unit could survive. Despite many requests from the industry to the Chief Minister, nothing happened.

Mr Sharma had a series of meetings with Mrs Rajinder Kaur Bhattal, the then Chief Minister, various Chairmen of the PSEB and with the present Chief Minister, Mr Parkash Singh Badal. The matter was only deferred for a few months.

Ultimately Mr Sharma went on fast unto death. Three days later, the Chief Minister deputed senior functionaries of the ruling front to resolve the issue. Finally it was agreed that a committee would be constituted and its verdict would be final. The fast was broken on December 12,1997. Non-official members of the committee were nominated by Mr Sharma. After a series of meetings of the committee, the issue has been resolved.

Kotak Mahindra net rises to Rs 6.13 cr

NEW DELHI, June 3 (PTI) — Kotak Mahindra Primus Ltd (KMPL) has posted a net profit of Rs 6.13 crore in the financial year ending December 31, 1998 as against Rs 3.77 crore for the nine months ended December 31, 1997.

The company’s income from operations grew from Rs 59.26 crore in April-December 1997 to Rs 122.75 crore during January-December 1998.

KMPL recorded Rs 9.44 crore profit before tax (PBT) as compared to Rs 4.37 crore in April-December 1997.

L&T net falls

Larsen and Tourbo Ltd has reported 11.5 per cent fall in the net profit, for the year ended March 31,1999. The Board of Directors have recommended a dividend of 65 per cent.

The company booked orders worth Rs 7,290 crore during the year representing an increase of 9 per cent over the previous year.

The net income/sales from operational increased from Rs 5676.77 crore to Rs 7291.49 crore during the year ended March ‘99.

Alstom, ABB merger

Alstom and ABB today announced they have received approval from the European Commission for the formation of their proposed 50-50 joint company in power generation.

Bareilly Corpn Bank merges with BoB
From Our Correspondent

PANCHKULA, June 3 — Bareilly Corporation Bank a subsidiary of the Bank of Baroda, formally merged with the latter here today. All banks as per the RBI guidelines should have adequate capital resources to match with the risk assets. The merger of the two banks came into existence as Bareilly Corporation Bank failed to meet its capital adequacy requirements.

Mr S.K. Goyal, Sr Branch Manager of the local branch of Bank of Baroda, said the merger would add further strength to the bank which has over 2600 branches in India and 39 branches overseas. The bank landed with total deposits of Rs 41,673 crore and total lending of Rs 20,167 crore from April, to December 1998.

The merger was welcomed by all employees of the branch as they felt they would now enjoy additional perks and benefits under the banks policy.

CII ex-chief dead
Tribune News Service

NEW DELHI, June 3 — The business community today condoled the death of industrialist, Mr Manmohan Singh.

Mr Manmohan Singh, a former President of the CII, the PHDCCI and Chairman and Managing Director of Frick India Ltd, passed away in Boston, USA following a heart attack yesterday. He was 73.

The President of CII, Mr Rahul Bajaj said that Mr Manmohan Singh was a respected member of the CII National Council, reputed for his bold and frank views especially on agriculture.

A statement of the PHDCCI said that Mr Singh always had close to his heart the interests of agriculture and farmers.

Govt move to identify WTO agenda
Tribune News Service

NEW DELHI, June 3 — The Union Commerce Ministry has done a preliminary exercise in identifying certain areas to be put by India on the next round of multi-lateral trade negotiations .

The areas include computer and related subjects, construction and engineering services, health services, tourism, accountancy and travel services, airlines booking, and diagnostic services among others, Special Secretary Ministry of Commerce, Mr N. N. Khanna said while speaking at a seminar on General Agreement on Trade in Services (GATS) organised by the FICCI here today.

Merchants to adopt martyrs’ families

MUMBAI, June 3 (UNI) — The Indian Merchants Chamber (IMC) has decided to adopt families of jawans killed in confrontation with Pakistani-sponsored infiltrators and army regulars in the Kargil sector.

“The beneficiary families will be selected in consultation with the government soon,” IMC President Pradeep B. Chinai said here, adding that the chamber is committed itself to collect a sizeable fund for the families of martyrs.

Mr Chinai declared that the IMC fully backs the air-strikes and army-action against the infiltrators on the Indian side of Line of Control.

Forex
US $ Rs 42.93/94
Stg £ Rs 68.98/69.01
Euro Rs 44.53.55
Jap yen (100) Rs 35.43/45

PSB Bond
Tribune News Service
NEW DELHI, June 3 — Punjab and Sind Bank Tier-II Bond Issue which opened today was oversubscribed on the first day itself. The Issue had to be closed within one hour of its opening. There was an enthusiastic response from the PF trust and Regional Rural Banks, which accounted for more than 50 per cent of the amount collected.

Exporters’ meet
Tribune News Service
CHANDIGARH, June 3 — The meeting of exporters regarding problems of central excise and customs which was to be organised by the Punjab Small Industries and Export Corporation, under the chairmanship of Mr S.D. Mohile on June 5, at Punjab Bhavan, here has been postponed. The corporation will organise the meeting shortly.

Office-bearers
From Our Correspondent
AMRITSAR, June 3 — The following have been elected Textile Manufacturers Association office-bearers: President — Mr Panna Lal Mahajan, Vice-President — Mr Om Parkash Mehra, Honorary Secretary — Mr Hardit Singh Makhni, Financial Secretary — Mr Chiman Lal Seth and Joint Secretary — Mr Brij Mohan Munjal.