Friday, September 3, 1999
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B U S I N E S S | Friday, September 3, 1999 |
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‘Cong to curb fiscal deficit
if voted to power’ NEW DELHI, Sept 2 — Former Union Finance Minister Manmohan Singh today said the Congress would adopt a multi-pronged strategy focussing on fiscal consolidation to put the economy back on a high-growth trajectory. Terming the current fiscal situation as “ totally out of control”, Dr Singh said if voted to power, the party would seek to reign in the fiscal deficit, especially the State fiscal deficits, by increasing the revenue collections without raising the tax rates. |
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 LONDON : Sgt. Paul Martin of the Royal Regiment of Fusiliers meets the new regimental mascot, Bobby the Black Buck Antelope, at the Tower of London on Wednesday. An year-old Bobby is the only wild animal to become a regimental mascot and will be stationed at the Royal Menagerie based at the Tower of London since 1838. — AP/PTI |
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MRTPC ignored by Government Indica,
Santro sales up in Aug ‘Something
wrong’ with stock markets Pepsi
files appeal against Coca Cola ICICI
public issue to open on Sept 9 TRAI
terms for interconnect pact |
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‘Cong
to
curb fiscal deficit if voted to power’ NEW DELHI, Sept 2 — Former Union Finance Minister Manmohan Singh today said the Congress would adopt a multi-pronged strategy focussing on fiscal consolidation to put the economy back on a high-growth trajectory. Terming the current fiscal situation as “ totally out of control”, Dr Singh said if voted to power, the party would seek to reign in the fiscal deficit, especially the State fiscal deficits, by increasing the revenue collections without raising the tax rates. Efforts would be made to increase the revenue collection by at least 2 per cent of the GDP and raise the tax-GDP ratio, he said. Dr Manmohan Singh, the Congress candidate for the South Delhi Lok Sabha seat, was participating in a “meet-the-Press programme” organised by the Press Club of India here. The current level of subsidy which stood at 14 per cent of the GDP, was unsustainable, and measures would be adopted by the party to rationalise the subsidies without affecting the poor. Special emphasis would also be laid on banking, insurance and other financial sector reforms, besides channelling more resources for the infrastructure and social sectors. On the current state of the economy, he said a GDP growth rate of 6 per cent was achieved during 1998-99 primarily due to substantial agricultural growth and “not because of policies”. He wondered how the Finance Minister, Mr Yashwant Sinha could claim that the economy would accelerate further when the RBI in its status report had said that the country cannot achieve a growth rate beyond 6.5 per cent. Almost all sectors of the economy, apart from agriculture, had performed poorly.While there was virtually no growth in exports, the industry registered a growth rate of only 4 per cent and the investment ratio declining significantly. In contrast, despite inheriting a bankrupt economy, the structural reforms process initiated by the Congress in 1991 had pushed up the economic growth rate to 7.5 per cent, industrial growth rate to 12 per cent and exports to 20 per cent. He said India remained largely unaffected by the East Asian currency crisis not due to the policies of the BJP led government but due to a safety mechanism put in place by the Congress when it was in power. Regarding the telecom policy allowing operators to shift to revenue sharing arrangement,the former Finance Minister said “ Mr Vajpayee’s conduct has aroused suspicion”.The Finance Minister, Mr Sinha had reportedly objected to the package and the Attorney General had also changed his opinion twice.”Telecom policy needs to be changed in the light of the changing conditions”, he said adding that “ the government’s intention is not clear”. The former Finance Minister said he was not responsible for the securities scam in 1992.The Congress government only detected the scam in 1992 which was on for three to four years before that.” We acted immediately to put in place a regulatory mechanism and order a JPC probe”,he pointed out. The Congress, if voted
to power, could also review the MFN status granted to
Pakistan in the wake of the sugar imports controversy. |
MRTPC ignored by Government NEW DELHI, Sept 2 (PTI) — The Monopolies and Restrictive Trade Practices Commission (MRTPC) is apparently miffed over the Government bypassing the commission in preparing a new competition policy. “We have not been consulted by the Government either in the formation of the committee which is looking into the new competition laws nor asked on our views regarding the replacement of the MRTP Act”, a top MRTPC official told PTI on condition of anonymity.” When contacted, MRTPC Chairman A.N. Divecha said he was unaware of the constitution of the committee or its terms of reference. None of the sitting members of the commission had been approached so far for their suggestions by the Department of Company Affairs (DCA) which oversees the MRTPC, the official said. Former MRTPC member and current DCA Adviser Dr S. Chakravarthy had recently said the government would come out with the draft report of the new competition law in the next three-four months. The commission did not even know the terms of reference of the committee which would submit its draft report to the Government on the proposed legislation to replace the existing MRTP Act. Finance Minister Yashwant Sinha in his 1999-2000 Budget had said a new competition law would be formulated in view of the inadequacies of the MRTP Act to cope with latest international economic conditions relating to competition laws. MRTPC sources opined that the committee should consider allowing the commission to scrutinise any merger proposal for its implication about monopolistic trade practices before the actual merger takes place. At present, MRTPC can only examine the possibility of monopolistic trade once the merger takes place. However, this was not adequate as the commission could not revive a merged company even if it had monopolistic fallout, legal experts said adding that the Tomco-HLL merger case was still pending with the commission. Even if the MRTPC found
monopolistic trade practices emerging from Tomco-HLL
merger, Tomco could not be resurrected, they said. |
Indica, Santro sales up in Aug MUMBAI, Sept 2 (UNI) — Cumulative sales for the Indica car touched 18,407 vehicles on August 31 with Tata Engineering having registered a sale of 4,537 in the month itself against 4,087 in the previous month of July. The cumulative sales for the first five months of the current financial year have reached 16,241 having grown from 1,676 cars in April to the current level of 4,537 in August. This has helped Indica acquire a market share of 6.5 per cent of the passenger car market in the April-July time frame and the company is confident of improving its position in the coming months. Tata Engineering has also closed August with a sale of over 2,600 vehicles in the utility vehicle and other segments of the domestic car market against a sale of 2,172 vehicles in July, registering a total sale of over 7,000 vehicles from its passenger car operations. The company improved its market share in July in the utility vehicle range and in the last week of August, has launched a lower price variant of Sumo, which is expected to strengthen its position further, a company release said. Tribune News Service adds: Hyundai Santro closed the month of August with its highest ever sales performance of 7,002 units, thereby crossing the 40,000 mark in cumulative sales. It showed a 41.5 per
cent increase over the July sales figure of 4,949 units.
The cumulative sales of 42.283 units as of August 31 had
been achieved within 11 months since the start of
deliveries of Santro in October-end last year. |
‘Something wrong’ with stock markets NEW DELHI, Sept 2 (PTI) — Former Finance Minister Manmohan Singh today said that the sounding of alarm bells by the Securities and Exchanges Board of India (SEBI) over the current bullish trends indicated that “something is wrong” with the stock markets. “I do not want to sound an alarm as this could affect the investors” sentiments,” he said, adding that SEBI was already monitoring the situation. Singh asserted that he was not responsible for the securities scam of 1992. The scam was on for three to four years, including when Yashwant Sinha was the Finance Minister in the Chandrashekhar Government. All his Government did
was to detect in 1992 the scam that had been taking place
for the previous three or four years. “We acted
immediately to put in place a regulatory mechanism and
order a JPC probe,” he told a meet-the-press.
programme here. |
Pepsi files appeal against Coca Cola NEW DELHI, Sep 2 (PTI) — The Delhi High Court today admitted an appeal by Pepsi Food Limited against its earlier order declining to restrain arch business rival Coca Cola from luring away Pepsi’s employees. A Division Bench comprising Chief Justice SN Variava and Justice SK Mahajan, while admitting the appeal, observed that the grievance of the petitioner could not be dealt with unless the whole issue was examined. Former Attorney General Ashok Desai, appearing for Pepsi, said Coca Cola Holding (CCH) was inducing its employees in violation of the agreement of confidentiality and thus causing great damage to its business. Pepsi said its grievance
was against “a series of pre-meditated and concerted
actions” by its rival aimed at hijacking their
business. |
ICICI public issue to open on
Sept 9 CHANDIGARH, Sept 2 — ICICI will come out with a public issue of 3,77,00,000 equity shares of Rs 10 each for cash at a premium of Rs 63 per share to net Rs 275.21 crore on September 9. Addressing a press conference here today, ICICI Regional Manager Kanwar Vivek said ICICI will retain the right to over subscription of up to 10 per cent. The issue closes on
September 14. To help small investors, ICICI offers a
payment option under which applicants can pay only Rs 20
on application. The balance amount is payable in one call
before March 31,2000. However, NRIs and others applying
on a repatriable basis are required to pay the entire
amount of Rs 73 per share, with application. |
TRAI terms for interconnect
pact NEW DELHI, Sept 2 — The Telecom Regulatory Authority of India (TRAI) today issued regulations for interconnect agreement. These regulations prescribe the modalities for the maintenance of register of interconnect agreement between service providers and matters connected therewith. Titled “Register of Interconnect Agreement Regulations 1999”, the regulations prescribe the modalities for the maintenance of a register of interconnect agreement between service providers and matters connected therewith. This register would
contain all interconnect agreements between service
providers whether entered into before or after September
1,1999. |
Undress & leave it to computer BERLIN, Sept 2 (DPA) — For men who are tired of ill-fitting suits and resentful of paying the earth for made-to measure clothes, a visit to Cut For You, Berlin’s first 3D-digital body measurement shop, the computer takes care of the rest. Stripped down to his trunks, the customer adopts three different poses in front of a camera. Quick as a flash, the computer takes his measurements, after which he can select design, colour, material quality or extra pockets for mobile phone and pen by remote control. The data are passed on to a company in the central German State of Hesse, where it takes more computers just three to four hours to tailor jacket and trousers from more than 200 individual parts. “It takes a Bespoke
tailor weeks to do the same job,” said Wolfgang
Seebauer, Chief Executive Officer of the company in
question, Bernhardt Men’s Fashion. A computer-made
suit costs from —700 Marks ($380), comparable with
off-the-peg prices. Two weeks after being measured up,
the customer can attend for a fitting. |
‘IN TV’ launched INDORE, Sept 2 (PTI) — The Hinduja Group’s “IN TV” channel was upgrading its technology and equipment to provide better telecasting, its Chief Executive Officer, R.T. Hingorani said today. After formally launching
IN TV channel in the city, which would be ninth in the
country, including Mumbai and Delhi, where it is
operational, Hingorani told reporters it would telecast
two news bulletins during the day. |
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