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Friday,
September 6, 2002, Chandigarh, India  
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Selloff row may derail reforms: Shourie
Foodgrain stocks decline by 1.9 pc
Agri export zones for Basmati okayed
Telephone Cables closes down
Package likely for textile units |
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Centre to ease taxes for food processing units New Delhi, September 5 The Centre is trying to further rationalise taxes which are affecting the food processing industries, Minister of State for Food Processing Industries, N. T. Shanmugam said here today.
Asian Paints to buy Berger stake
Mahajan ‘Telecom Man of 2001’
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Selloff row may derail reforms: Shourie Mumbai, September 5 “The next few days are very crucial for the reforms... the country will go back to the days of 1987 and 1993 if the reform process derails now again,” he said at a seminar organised by Indian Merchant Chambers (IMC). He refused to comment on yesterday’s meeting that he and BJP General Secretary Arun Jaitley had with Union Defence Minister George Fernandes on the issue of disinvestment in oil majors — Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation Ltd (BPCL). The issue will come up at the meeting of the Cabinet Committee on Disinvestment (CCD) on Saturday. “All three of us have decided not to reveal anything on our meeting,” he said. The Disinvestment Minister said there were many issues to be discussed at the CCD meeting, including the report prepared by Department Secretaries that said the public sector companies (PSUs) should not bid in the disinvestment process. Another issue that could come up was a report on the
calendar of the 15-20 companies that were to be disinvested within a
stipulated period, he said. When his attention was drawn towards the Samata Party National Executive Committee’s recent resolution to oppose disinvestment of HPCL, BPCL and the other strategic companies, Mr Shourie said, “It is for the Prime Minister to see all these issues. I am doing the job assigned to me”.
George Fernandes meets Advani
Ahead of the crucial meeting of the Cabinet Committee on Disinvestment (CCD) scheduled for Saturday, Defence Minister George Fernandes today met Deputy Prime Minister L.K. Advani. Official sources here said Mr Fernandes and Mr Advani discussed the politically thorny issue of offloading government stakes in public sector oil refining and marketing majors Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL). The meeting is believed to have lasted for more than half an hour. Today’s meeting between the Deputy Prime Minister and the Defence Minister follows a meeting held yesterday between Mr Fernandes, Disinvestment Minister Arun Shourie and BJP General Secretary Arun Jaitley. The latest rounds of meetings is believed to have taken place at the behest of Prime Minister Atal Behari Vajpayee, who is learnt to have asked his colleagues to iron out the differences by discussing the matter threadbare. Even as Mr Fernandes wanted a review on the disinvestment programme, Petroleum Minister Ram Naik, who is understood be against disinvestment of HPCL and BPCL, is believed to have equipped himself with a
detailed presentation arguing against offloading government equity in state-owned oil companies. The BJP, on the other hand, issued a two-page statement strongly supporting the ongoing disinvestment programme of the NDA government but stressed that what PSU had to disinvest at what time and what strategy needed to be adopted was the discretion of the government.
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Foodgrain stocks decline by 1.9 pc
New Delhi, September 5 The rice stocks declined by over 20 lakh tonnes to 201.25 lakh tonnes from 222.04 lakh tonnes during the same period, according to the official data. There are indications that the rice stocks can fall further by 8 million tonnes to 120 lakh tonnes by August, 2003. By October 1 this year when the kharif marketing year begins, the overall grain stocks will be lower at around 560 lakh tonnes, according to the data. “Fall in the current kharif rice output is yet to be fully ascertained, procurement will begin only next month. Yet with an improvement in offtake, both for domestic consumption and export has led to decline in the rice stocks by 9.7 per cent as on August 1 to 201.25 lakh tonnes,” official sources said. The macro-grain scenario of “large stocks”, however, remains the same due to which India will continue to trade in the international market, they said. However, the rice procurement this season is targeted at 160 lakh tonnes against 204 lakh tonnes last season, the lowest in four years. If the average offtake of rice from the central pool including exports continues to average at 20 lakh tonnes every month then by August next year the rice stocks may fall to 120 lakh tonnes. With a decline in wheat procurement this season to 190 lakh tonnes from 206 lakh tonnes last year, there has been a sobering affect on the overall grain stocks in the central pool which on August 1 stood at 597.83 lakh tonnes. The offtake from the central pool has primarily increased due to a rise in exports of wheat and rice. Exports is the single largest segment for which foodgrains are being lifted from government godowns. A case in point is the 8.13 lakh tonnes lifted from rice exports in July this year which were more than the combined offtake of 7 lakh tonnes from fair price shops by the APL (above poverty line), BPL (below poverty line).
PTI
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Agri export zones for Basmati okayed Chandigarh, September 5 This was announced here today by the Chief Minister, Capt Amarinder Singh. The agri export zone (AEZ) scheme has been introduced by the Ministry of Commerce for promoting export of specific produce/products grown in a contiguous area, with the objective of providing remunerative returns to farmers on sustained basis by improved access to exports. This AEZ will boost Basmati export in quantum terms. According to the proposal submitted by Markfed, the AEZ will be set up in Punjab covering Gurdaspur, Amritsar, Kapurthala, Jalandhar, Hoshiarpur and Nawanshahr districts. The main objectives of the zone will be to provide remunerative returns to farmers on a sustained basis by improved access to exports and to make quality seeds available. The total cost of various activities under the AEZ is estimated at Rs 42.32 crore out of which Rs 30.20 crore will be financed by the Centre and state government departments through their schemes and the balance Rs 12.10 crore by the private entrepreneurs. Mr S.S. Channy, Managing Director, Markfed, said there was a need for diversification of crop from non Basmati to Basmati. This was desirable in view of huge stocks of non basmati lying in stores. Surplus Basmati produce would be exported. The setting up of AEZ for Basmati would be an effective step forward in crop-diversification in Punjab.
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Telephone Cables closes down Chandigarh, September 5 According to information available, the company with an annual capacity of over 38 lakh conductor kilometre (CKM) and an annual turnover of about Rs 150 crore has been lying closed since June this year. About 350 employees of the company have not got their salaries for the past over one month and the management is struggling to pay even the statuary payments like the employer’s contribution to provident fund, ESI and to meet other overhead costs. Putting a brave front, Mr D.C. Mehandru, Director (Finance), says,‘‘ Started in 1989, the company was making profits till recently as we used to have received orders from BSNL, MTNL and defence services. However, with the technological shift towards optical fibre wires and growth of wireless phones, the demand for copper wires has drastically reduced. It has eroded our profit margins. We have been forced to close down production due to lack of orders.’’ Interestingly, the price of company’s share was quoted between Rs 180 and Rs 200, in 1990s which later nosedived to even less than Rs 10. The company had floated a public issue of about Rs 2 crore and financial institutions had also made an investment over Rs 3 crore. At present, the company has to pay over Rs 20 crore to banks, though it has reported net losses of Rs 2.37 crore during the previous year. Share holders lament that the company was paying dividend till 1995-96 but the management’s wrong policies have hit them as well. Mr Roshan Garg, General Manager (F&A), TCL, admits,‘‘ The shifting of technology towards optical fibres has resulted in the loss of Rs 3000 crore annually of jelly-filled landline wires. It would be difficult for all telecom operators to reach villages and the hilly areas through five times costlier optical fibres. We feel that at least for the next 5-10 years, our production may continue provided BSNL and other players release the orders and in the meantime, we diversify to other areas.” Mr Mehendru claims the company has been shortlisted by Iraq for an order of Rs 125 crore. Further the company has to take refund of over Rs 1.10 crore from the Income Tax Department. Asked about the plans to revive the company, he claims: “We are considering various options to overcome present crisis. One option is to shift our plant to J & K where the government is providing various incentives. We are still hopeful that BSNL will release already passed tenders worth 25 CKM wires and the salaries will be paid soon.”
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Package likely for textile units Amritsar, September 5 In a press note issued here today, Mr H.S. Makhni, general secretary of the association, said the delegation had also met with Mr Avtar Henry, state Minister for Industry and Commerce, at Jalandhar. The delegation expressed shock over the government decision to impose 4.4. per cent sales tax on all materials used in the processing of cloth and 8.8 per cent on husk of food grains, which was primarily used as fuel by the textile processing industry. It said the imposition of sale tax would increase financial burden on the textile processing industry.
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Centre to ease taxes for food processing units New Delhi, September 5 Speaking at a review meeting on food parks and food processing industries with state governments and other implementing agencies, the Minister said his Ministry has requested the state governments to consider granting zero sales tax status to the food processing industries, particularly in the perishable sector. A Group of Ministers (GoM) has been constituted to deliberate on integration of food laws and recommend a draft statute. He urged the Delhi and Himachal Pradesh Governments, to forward viable proposals which can be quickly approved. The review meeting was called to discuss with the state agencies the concept and modalities that can be finetuned to shorten the gestation period of food parks.
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Free AirTel calls Tax-free bonds D-Link products SBI cards Office-bearers PNB Housing MD Dr Morepen |
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