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Friday,
December 21, 2001, Chandigarh, India
  
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15 states
to switch over to VAT from April 1 Maruti
registers 30 cr net profit CPM:
acquire Enron’s stake in Dabhol FDI
remains elusive for India |
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Spice
Telecom launches Website Infosys
on top for overall leadership Pawan
Hans to augment its fleet PSEB
policies on Web
Morgan
Stanley profit falls 28 pc
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15 states to switch over to VAT from April 1 Kolkata, December 20 Announcing this at a seminar on VAT by the Federation of Small and Medium Industries (FOSMI) here today, renowned economist and tax consultant S. Biswas said, however, the respective governments of the remaining 12 states were still in two minds about the efficacy of the new fiscal reform. “Let’s hope that they would also realise the advantages of introducing vat as a new fiscal reform and soon join the other states,” Dr Biswas said. Highlighting the salient features of VAT, the final draft of which had already been submitted by the Central Taxation Authority to all the 15 state governments for their final approval through suitable legislation, Dr Biswas regretted over the prevailing misconception about the new tax structure among the majority of people belonging to trade and business communities. Before implementing VAT as the single tax regime by all the 15 governments in their respective states, it was also necessary to arrive at some sort of a national consensus on the issue, Dr Biswas said and underscored the need for organising more seminars and inter-active sessions throughout the country as part of the public
awareness campaign. Dr Biswas also reiterated that when implemented VAT would not only help simplify the present complicated tax structure to a great extent, but also become an useful tool to prevent rampant tax evasion by a section of unscrupulous businessmen and traders. The new system would also go a long way in generating large sums of revenue for the respective state governments, Dr Biswas emphasised. More than 300 members of West Bengal state unit of FOSMI
attended the seminars which was also addressed by a number of senior government representatives and well known tax consultants.
UNI
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Maruti registers 30 cr net profit
New Delhi, December 20 The company has also improved its sales turnover by 4 per cent at Rs 4,665 crore during April-September 2001-02 over Rs 4,490 crore in the year-ago period, Maruti Managing Director Jagdish Khattar told reporters after the Board meeting today. "Our effort is to break even this year. Our target is to neutralise the Rs 269 crore net loss incurred during 2000-01," Khattar said quoting the audited financial results for the first six months ended September 30, 2001. During April-September, 2000-01, Maruti had suffered a net loss of Rs 104 crore. Last fiscal, the company’s net loss climbed to Rs 269 crore over a turnover of Rs 9,250 crore, the first time in its 17-year history. This was mainly due to a 9 per cent drop in car sales which stood at 3.36 lakh units during April-March, 2000-01. Sales during April-September this year, however, went up by 5.3 per cent to 1.6 lakh cars. This was against a 6 per cent decline in the total car industry sales at 2.77 lakh cars sold during the same period. Khattar attributed various measures for the company’s turnaround during in this fiscal. "Our manufacturing costs are down by 26 per cent. We have now started localisation of inner vehicle parts with vendors. Also, the voluntary retirement scheme was launched”, he added.
PTI
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CPM: acquire Enron’s stake in Dabhol New Delhi, December 20 In a statement, the CPM Polit Bureau said this was absolutely necessary to save $ 1.2 billion lent by the Indian financial institutions and the additional $ 700 million guaranteed. This amounted to nearly Rs 10,000 crore, the CPM said pointing out that all this would go down the drain if immediate steps were not taken. Negotiations for the sale of Enron has many hurdles including the ongoing proceedings in the USA for Enron’s bankruptcy, the statement said. Waiting for these negotiations in the US to conclude would likely to see the first stage of the 740 MW and the half-finished second stage
turning into a junk, the statement said. Immediate steps must be taken to ensure that the huge amount of money that the financial institutions have lent was saved, the CPM said adding that if this was not done, the financial institutions, the holders of people’s hard-earned savings, would go up once again in flames soon after the UTI-64 collapse. The Central government must take over by paying the existing shareholders, including Enron, GE, Bechtel and MSEB a fair compensation, to be decided after examining the actual equity brought in by these parties, the CPM said.
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FDI remains elusive for India
New Delhi, December 20 But the silverlining is that FDI flow recorded a 39 per cent increase this year despite global recession and economic slowdown in the country. After a decade of economic reforms and liberalisation, India has failed to attract FDI like other East Asian countries particularly China. It has remained stagnant at around $ 3-4 billion per annum, miniscule when compared to China which attracted over $44 billion in 2000-01. Tax haven Mauritius continues to account for the largest amount of FDI flows into India, followed by a distant second countries like USA, Japan, Singapore and Germany. Recent announcements by the government of its intention to allow FDI in real estate and aviation might improve the flow in the coming year but multiple rules and poor infrastructure, specially power and roads, continue to be stumbling blocks. A recent study conducted by United Nations Trade and Development Organisation (unctad) along with leading consultant Andersen said that as per available trends China would continue to be the most preferred destination for FDI in Asia over the next three years. The results of the study were based on a survey of over 126 transnational companies. While over 27 per cent gave top billing to China, a mere 9 per cent regarded
India to be an ideal place to invest. International Monetary Fund (IMF), however, seems to believe in India’s hidden potential when in a recent presentation made to the government it said India could easily replicate China’s success since it has many similar attributes such as a large diaspora and domestic market. Enron’s Dabhol Power project in Maharashtra and non-clearance of Coca Cola’s proposal to postpone its initial Public Offering (IPO) are cited by analysts as some of the dampners to increasing flow of FDI into the country. The recent terrorist attack on the Parliament has also sent wrong signals to foreign investors, the analysts said. Characteristically, Indian politicians would like to pass the blame for dabhol fiasco on each other, but the fact remains that Enron’s project is being quoted abroad as an example of why one should not invest in India. In case of Coca Cola, the government has been accused of not deciding it on merit and adopting an inflexible approach. The Commerce Ministry, in an internal presentation made to Planning Commission prior to September 11 incidents in the USA, had said that achieving an annual target of $ 4.5 billion appears both “realistic and achievable” as most independent studies on prominent FDI destinations rank India among the top contenders, both in the short term as well as the long term. In its core strategy, the ministry has suggested using privatisation as a major vehicle to attract FDI. However, with proceeds from privatisation at less than Rs 1500 crore for the fiscal so far, this is unlikely to be a potent weapon to attract FDI.
PTI
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Spice Telecom launches Website Chandigarh, December 20 The website had been launched by Mr Amandeep Johal, a renowned golfer. “Spice is pro-actively trying to leverage modern communication channels like the Internet to provide web-based value-added services to its subscribers”, said Mr Vinod Sawhney, Managing Director, Spice, addressing a press conference. By the new website Spice could disseminate informate online, related to tariff plans, value added services and network coverage details. Through the website, the subscribers will be able to access details pertaining to their last month’s mobile and also make online payment of their mobile bills via credit card. The Spice Messenger application will enable the subscribers to exchange instant messages with their friends even when they are not logged on to the Internet as well as create their personal friend’s list. In addition, the website also offers a free e-mail address to the Spice subscribers and besides having the features of a conventional e-mail service, it has an added option of notification over SMS for any mails received in the Spice mailbox. It is now possible for the subscribers to send instant messages to any Spice subscriber free of cost. Another facility is the option to compose and take exciting ring tones and logos from the site by sending an appropriately-worded SMS. At present the Spice subscribers have the option to choose from the e-basket of 120 ring tones and 51 logos, which have been loaded on to the site. The subscribers will be able to send picture messages also.
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Infosys on top for overall leadership
New Delhi, December 20 According to Far Eastern Economic Review’s annual company survey “Review 200: Asia’s Leading Companies”, while Infosys took top position in the Review 200 India poll, Reliance Industries and Wipro remained unchanged in their number two and three slots, respectively. Hero Honda was ranked fourth while the fifth and sixth slots were taken by Dr Reddy’s Lab and Larsen and Toubro respectively, a release said here today. Others who figured in the top 10 positions included Ranbaxy Labs finishing seventh and ITC eighth.
PTI
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Pawan Hans to augment its fleet New Delhi, December 20 The minister while addressing the Parliamentary Consultative Committee attached to his Ministry here today said financing for the new acquisition will be made from the internal resources. The Minister also informed the Committee that, PHHL is acquiring two medium helicopters for which orders have been placed after obtaining government approval. Mr Hussain said that additional maintenance facility of certain type of engine has been established. Facility to carry out periodic check up of Cockpit Voice Recorder fitted on Dauphin helicopter has been established. The facility for establishment of Deep Maintenance of Engine module 2 and life extension check of floation gear of Daupin helicopter has been taken up.
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PSEB policies on
Web Chandigarh, December 20 Mr Mittal agreed to consider the demand of Amritsar industrialists for extending the voluntary disclosure scheme and refund of penalty in cases where power supply is disrupted during peak hours. |
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