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Tuesday, November 13, 2001, Chandigarh, India  
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Sinha for
relief to small borrowers Industrial
growth slips to 1.6 pc Blaupunkt
launches car audio systems Adulteration
in gold costs 10,000 cr to customers Consensus
eludes WTO meeting |
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FDI to
touch $ 4.5b by December Canam in
pact with New Zealand firm Freebies
during Divali season
Indian
American to lead BusinessLINC
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Sinha for relief to small borrowers New Delhi, November 12 In a meeting with PSU bank CEOs here, the Union Finance Minister, Mr Yashwant Sinha said that small borrowers with loans up to Rs 25,000 should be allowed to settle their dues at par. Chalking out the strategy to tackle the problem of non-performing assets of banks, which stood at Rs 56,000 crore, it was decided that those who had taken loans upto Rs 25,000 and had defaulted in repayment as of March 1998 would be allowed to repay only the principal and the interest on the borrowed amount as well penal interest would be waived off. He told newspersons after the meeting that the banks had been asked to “vigorously pursue” cases against big defaulters whose outstandings amounted to half of the non-performing assets (NPAs) of the public sector banks. The cases would, however, be intensely followed up in courts within the legal framework. The government would also finalise the modalities of an Asset Reconstruction Company (ARC) within the next 2-3 weeks for cleansing balancesheets of PSU banks, Mr Sinha said. The group on ARC would consist of representatives from Reserve Bank, Banking Division under the Ministry of Finance, State Bank of India, Bank of Baroda, United Bank of India, Uco Bank and Indian Bank. The broad thrust of the meeting was to enhance credit to rural sector and the main vehicle for this would be Kisan Credit Cards. The one-time settlement would enable farmers and rural borrowers to clear their dues and avail of fresh loans, increasing the offtake, he said. The Minister also advised banks to emphasise on the credit needs of small scale sector, traders and self-employed while identifying new avenues to disburse credit. In this context, Mr Sinha launched a “Laghu Udhyami Credit Card” scheme for hassle free credit facility to small businessmen, retail traders, artisans, professionals, self-employed persons and SSI units. Those who would be eligible for the Laghu Udhyami Credit Card scheme are existing customers with a satisfactory track record and having working capital limits upto Rs 2 lakh for the last three years. The credit card limits would be fixed at 20 per cent of annual turnover declared for tax purpose in the case of artisans, businessmen, traders, small entrepreneurs including tiny sector. For self-employed and professionals, it would be 50 per cent of the gross annual income as per income tax returns. The maximum per party card limit is Rs 2 lakh. The limit would be valid for three years subject to satisfactory conduct of the account. The banks would conduct internal review annually based on the operations of the account and wherever required, enhancement in credit limit would be considered without submission of a detailed proposal by the borrower. Interest would be charged at prime lending rate. About reduction of prime lending rates (PLRs) by banks after RBI’s rate cut, he said “the Bank Rate cut elsewhere has not created magic and it will not create magic here also. Banks are considering PLR cut but they are saddled with other problems. He said the transaction costs of banks have to be reduced so that there is enough room for them to manoeuvre and extend higher credit.
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Industrial growth slips to 1.6 pc
New Delhi, November 12 According to quick estimates of Index of Industrial Production (IIP) released by Central Statistical Organisation, the manufacturing sector growth plummeted to 1.1 per cent in September against 6.4 per cent in the same period last year. Cumulative growth during April to September this financial year was pegged at 2.3 per cent compared to 5.7 per cent during April to September 2000-01. Industrial growth was pegged at 1.8 per cent in August this year. As per the available data, Mining sector recorded a growth of 2.7 per cent in September this year, compared to 5.4 per cent in September last year. Cumulative growth in this sector was negative 0.2 per cent, much lower than 3.8 per cent growth during April to September 2000-01. An exception to decline in growth rate was the electricity sector which reported a 4.1 per cent growth during September this year compared to 2.2 per cent growth in the same period previous year. Here the cumulative growth was marginally lower at 3 per cent during April to September this fiscal, from 3.5 per cent in the same period last fiscal. While the basic goods segment grew at 3.8 per cent during September 2001-02 as against 4.2 per cent in the same period previous year, the cumulative growth was pegged at 2.0 per cent in April to September this fiscal compared to 4.6 per cent in the corresponding period previous year. In another segment, that of capital goods, the growth was down at negative 11.6 per cent during the month under consideration as against 3.6 per cent in September 2000-01. In this sector, the growth was a negative 8.6 per cent in April to September this fiscal, from 4.2 per cent in the corresponding period previous year. The consumer goods segment witnessed a 2.6 per cent growth this September while the growth rate was at 10.6 per cent in September last year. Cumulative growth clocked by the consumer goods segment was 5.5 per cent in April to September 2001-02 as against eight per cent in the same period last year.
PTI
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Blaupunkt launches car audio systems Chandigarh, November 12 Skyline series includes the world’s first car stereo that can deliver
acoustic correction in any car (digital sound adjustment) and also masks the negative effects of persistent wind, road and mechanical noises, stated a company press release today. The Funline car with advanced design second generation DigiCeiver convert all incoming signals digitally into real sound with no signal loss. The T-line series combines high technology and good design at affordable price and radio cassette decks and CD tuners under this series are equipped with features like autoreverse, programmable loudness, direct software control, etc.
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Adulteration
in gold costs 10,000 cr to customers New Delhi, November 12 He disclosed today that adulteration of gold by jewellers in major cities was so rampant that customers could be losing as much as Rs 10,000 crore every year. Speaking at a function organised by the Bureau of Indian Standards to confer the Rajiv Gandhi National Quality awards, Mr Kumar said the Bureau of Indian Standards had recently examined 15 samples drawn from various jewellery shops and it was found that 12 of them were not pure gold. Similarly, samples collected from Hyderabad and Rajasthan were found to contain upto 35 per cent impurities, he added. Terming the adulteration of gold as a “big challenge”, he said if 30-35 per cent impurities is taken as an average in the 800 tonne annual country-wide trade in gold, the fraud could be valued upto Rs 10,000 crore. The Minister said even medicines which were the lifeline of the ailing also contained adulterants, putting lives of the people in danger. “We must step up the drive against those indulging in such activities and conduct more frequent surveys to protect consumers’ interests”, he said. The Minister said a survey of 4.62 lakh ration shops conducted by Tata Consultancy had also revealed 30 per cent diversion of foodgrains meant for people below the poverty line in the public distribution system. The best quality award was shared by Gujarat Cooperative Milk Marketing Federation and makers of diesel engines, Tata Cummins, while other awards and commendation certificates were presented in 12 categories. Digital technology leader, Samsung India Electronics Ltd won the prestigious award for best quality in the electricals and electronics industry for the year
1999.
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Consensus
eludes WTO meeting Doha, November 12 “We are half-way through. We see pieces falling in places even though there is a long way to go,” a US spokesman told reporters. He, however, said new issues like investment and competition, which India and several other developing countries were opposing, continued to be “difficult”. The ministers have narrowed a few of their differences, despite two days of intensive talks expected to pave the way for compromises with most of the countries sticking to their stated positions. Commerce Minister Murasoli Maran said though the talks have reached a “crucial stage”, the house is divided between the rich and the poor. “There are a lot of gaps,” he added. As the conference approaches the deadline, “persuasions will be more,” Maran, who met US Trade Representative Robert Zoellick, said. The US spokesman said the bilateral meeting was cordial and “there was a clear understanding of our positions and no threats” were held out. As behind the scene activities intensified, all eyes are towards India. European Union also claimed there was progress but Maran said “there are a lot of gaps.”
PTI
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FDI to touch $ 4.5b by December New Delhi, November 12 “We are preparing an internal paper on FDI, taking into account the last 10 year performance. We will also review various reports relating to FDI and make a proper assessment. The paper will also contains suggestions for furture course of action,” top officials of the ministry said today. “FDI inflows is likely to touch between $ 4-4.5 billion by December. During January-September FDI inflows were around $ 3.32 billion highest in the last five years,” they said. The approach paper is likely to be ready within the next one month, they said adding that the paper was timely in view of the stagnancy in FDI inflows at between $ 3-4 billion per annum. The paper would also contain a comparative study of practices being following by competitors like China, Malaysia and other countries along with a review of the role of the Foreign Investment Promotion Board (FIPB) to increase FDI.
PTI
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Canam in pact with New Zealand firm Chandigarh, November 12 Mr Anuraj Sandhu, Sr Vice President, Canam World Visas Canada said the company has qualified to become member of NZAMI after passing through the rigid qualifying standard requirements and an exhaustive interview process by the NZAMI authorities from New Zealand. New Zealand has become the most sought for destination after Canada. There are certain professions which are not in demand in Canada but are required in New Zealand, said Mr Sukhmeet Grewal, Sr Vice President of the company. With the recent happenings in the USA, it has largely affected the sentiments of public though it’s a temporary phase as the normal processing of the application takes 1 to 2.5 years after the filing of an application, he added.
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Freebies during
Divali season Chandigarh, November 12 “The concept is although an old one but is catchy especially during the Divali season,” says Mr Darpan Kapoor. Mr Vipin Kapoor rests his staunch belief in “innovation and discovery”. This combination is rare to find. Allen Solly is offering an executive wrist watch, Van Heusen compliments them with a gold plated wrist watch, a silk tie from Nino Mantelli will give a finesse to one’s personality, USI has a T-shirt/ a floppy hat and a extra soft Lithium bag to give, Pepe/khakhi-deluxe takes care of the young and the chic with a rider bag, and so does Converse with a trendy bag. One definitely can get going either in a T-shirt from Hang Ten or Spykar, while Numero Uno takes care of your assortments to be gathered in a ‘travelling bag’. Freelook has always been with the hottest selling articles in these warm winters — socks and leather belts, while T-shirts are sure to catch your attention. There is a very novel items i.e., a trouser length from Berkeley, product of Vardhaman Group who has started with retailing of shirts recently. Apart from these, the pretty dames at Kapsons Exclusive are complimented with a turtleneck T-shirt from Looks, a purse from Madame and a photo frame from Just in Time. In Kapkids, attractive stationery sets, table watch and video games seem to captivate the attention of the little
angels.
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Markfed Coop bank Aptech Amul pizza Jenson & Nicholson IDBI Bank |
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