Advertising & Marketing
Tobacco sponsorship -- `Lanka sports model worth emulating'
WITH the proposed ban on tobacco advertising and event sponsorship hanging over Indian-sports like a Damocles' sword, multinational sports management company, IMG, feels that the sports segment could well take a page out of Sri Lanka's book.
Agriculture
Farm sector: Time for a reality check?
THE numbers relating to growth in agriculture and crop production contained in the Economic Survey 2000-01 ought to cause concern; but there is no evidence that the Government is in tune with the gravity of the situation.
Airlines
Tatas withdraw from bidding for IA
THE Tatas on Friday decided to withdraw from the race for a stake in Indian Airlines (IA) but were among the three contenders left in the fray for a chance at running Air India (AI).
Coal
First round of bids for coal methane blocks soon
THE Centre will soon announce the first round of coal methane blocks for bidding following the Madhya Pradesh Government conveying its agreement for offer of blocks from the State.
Commodities
Edible oils: Pointer to hike in duty sans tariff restructuring
HAS the Economic Survey 2000-01 given an indication of what to expect in the Union Budget due next week? Yes, when said in respect of the oilseeds and vegetable oils sector.
Corporate
Glaxo, SmithKline fix swap ratio at 1:2
The boards of Glaxo India Ltd and SmithKline Beecham Pharmaceuticals India Ltd on Friday approved a swap ratio of one Glaxo share for every two SmithKline Beecham Pharmaceutical shares held.
S&P may hike stake in Crisil
THE international rating agency, Standard & Poor's, is likely to hike its stake in the equity capital of its Indian associate, Credit Rating and Information Services of India Ltd (Crisil). S&P is likely to more than double its stake to around 26 per cent
in Crisil from the current 9.68 per cent, reliable sources said.
Cricket: Tatas, HLL likely to open new innings
THE Tatas and Hindustan Lever are among the companies willing to step in and sponsor the Indian cricket team once ITC withdraws its sponsorship of the team.
Bajoria plea hearing on Feb 28
MR Justice Barin Ghosh of the Calcutta High Court on Friday fixed February 28 for hearing of the application filed by Mr Arun Bajoria, challenging the show-cause notice issued by Security Exchange Board of India (SEBI).
Stay on CBI probe against businessman
Mr Justice Barin Ghosh of the Calcutta High Court today passed an order restraining CBI from carrying out any further investigation against Mr Ramesh Gandhi, a reputed business tycoon of West Bengal.
Bangalore to host biotech meet in April
BANGALORE will host a three-day national biotechnology conference, Bangalore Bio.com 2001, from April 15. The conference will be organised by the Vision Group on Biotechnology, constituted by the Karnataka Government, and by the Trade Fairs and Conferenc
es International.
BAT `reviewing options' on VST open offer
EVEN as the VST Industries board seems to be unclear of the objectives of Bright Star Investment in making an open offer for acquiring 20 per cent stake in the tobacco company, BAT, which holds close to 34 per cent in VST, is currently reviewing all its
options, including that of a counter offer.
Sick units on the rise
DESPITE the rehabilitation efforts, there has been an overall increase of 38 per cent in the total number of sick or weak units, according to the Economic Survey 2000-2001. As per the information complied by the RBI from scheduled commercial banks, as on
March 31, 1999, there were 3,09,013 sick units, consisting of 2,792 units in the non-SSI sector and 3,06,221 in the SSI sector.
Courts
Privatising Chennai box terminal statutorily protected, says HC
THE Madras High Court has held that the proposal to privatise the operation of the Chennai container terminal was ``statutorily protected''.
Economy
`Clouds' over economic growth prospects -- Survey sees identifiable gaps in reform process, moots drastic solutions
THE pre-Budget Economic Survey concedes ``identifiable gaps'' in the reform process that continue to cloud the long-term growth prospects of the economy and calls for ``crucial action'' in a number of key areas to obtain the full benefits of the reforms
carried out so far.
`Unjustifiable' tax sops may go
WHILE income and corporate tax rates are unlikely to be tinkered, the Finance Minister, Mr Yashwant Sinha, is set to withdraw a plethora of direct tax exemptions and deductions. He may extend the one-by-six criteria of filing tax returns to more cities t
o widen the tax base and shore up revenues for the ensuing fiscal.
Chambers seek steps to climb growth ladder
THE apex chambers of commerce and industry have said that the annual report card of the economy released here today reinforced their call for a slew of specific measures from the Government in the forthcoming Budget to further enhance the overall growth
rate of the economy.
Sinha may peg fiscal deficit at 4.6 pc
THE Finance Minister, Mr Yashwant Sinha, may target at lowering the fiscal deficit to 4.6 per cent in the ensuing fiscal in line with the road-map set in the Fiscal Responsibility Bill.
Rosy picture on inflation front -- Harsh measures in the offing?
DESPITE the sudden surge in the inflation rate based on the wholesale price index (WPI), which has crossed the eight per cent mark in recent weeks, the pre-Budget Economic Survey has painted a rosy picture on the price front.
More FDI reforms on cards
A WIDER liberalisation of the foreign direct investment (FDI) regime is under way, given the declining trend in inflows and the fall in India's share among developing countries in 1999, going by the pointers in this year's Economic Survey.
Capital market mobilisation down 25 pc
RESOURCE mobilisation from the primary capital market declined substantially during the first nine months of the current financial year.
`Survey only for hacks'
EVERYTHING'S official about it. But no one appears to be interested. Till last year, even if only for the numbers, the Economic Survey of the Finance Ministry was ``awaited''. This time, Economic Survey 2001 just evoked a yawn from an analyst.
Sinha may widen service tax net
THE Finance Minister, Mr Yashwant Sinha, is set to widen the service tax net and further rationalise the Special Excise Duty (SED) rates in the ensuing Budget.
Power scenario bleak
THE deterioration in the health of the power sector continues despite the measures undertaken by the Union Government to arrest it, according to the Economic Survey.
Banks urged to ensure low interest rates
GOOD times are ahead for the corporate sector, with the Economic Survey egging banks to adopt measures to ensure a sustainable low-interest rate regime.
All set for reforms in pension, PF
REFORMS in the pension and provident fund sector are in the offing to help channelise long-term funds for investment in the infrastructure sector.
Lower customs duty favoured
INDIA Inc may have to reconcile with customs duty cuts on a host of items in the forthcoming Budget, with the Economic Survey favoring lowering of basic (protective) customs duty to East Asian levels. Withdrawal of the 10 per cent surcharge on basic cust
oms duty is also on the cards.
Downtrend in ECB accruals continues
THE downward trend in accruals of external commercial borrowings (ECBs) exhibited last year, is evident in the first half of the current year also, considering lower approvals and is reflected in the net repayments of external commercial debt during the
period April to September 2000.
Fears of large-scale agri imports allayed
THE Economic Survey 2000-01 has sought to allay fears of large-scale imports of agricultural products taking place on account of import liberalisation in line with the commitments to the World Trade Organisation (WTO).
Foodgrain output may dip to 199 mt
AFTER last year's all-time high of 208.9 million tonnes (m.t), the country's foodgrain output is expected to dip by 4.7 per cent to touch 199 m.t during 2000-01.
Days of sops to industry numbered
THE domestic industry may soon have to function without hoping for periodic sops from the Government. Indicating its resolve to remove all such support over a period of time, the Economic Survey has said that the Indian industry must be an efficient and
competitive one, able to stand on its own in the face of foreign competition.
Public enterprises must be corporatised: Survey
CORPORATISATION of departmental public enterprises (DPEs), including the Railways, Posts and Broadcasting, on the lines of the Department of Telecommunications may be on the cards.
Govt completes 90 pc of market borrowings
THE Government has completed 90 per cent of its budgeted market borrowing for 2000-2001.
`Subsidies hardly helping poor'
THE Economic Survey has questioned the need to retain the existing structure of subsides and has called for alternative mechanisms for efficient protection of the poor.
`Interest on small savings must be benchmarked to market rates'
THE signalling of a cut shortly in the interest rates on small savings has been done, with a ringing endorsement for such a move in this year's Economic Survey.
Sun shines on BoP front
ALL is fine on the external front. The Economic Survey has indicated that there is no cause for worry regarding the Balance of Payments (BoP).
`Strong case to promote retailing of Govt securities'
THE Government has acknowledged the need to promote the retailing of Government securities, as part of the effort to widen the investor base, now restricted to institutional investors.
Industry must face foreign competition
THE Indian industry must endeavour to be efficient, competitive and be able to stand on its own in the face of foreign competition, according to the Economic Survey.
`QR-removal phobia unfounded'
DISPELLING fears expressed by sections of the domestic industry over the removal of quantitative restrictions (QRs) resulting in a surge in imports from China, Nepal and certain East Asian Countries in the last few years, the Economic Survey has highligh
ted that ``an analysis of imports share of selected countries does not reveal any surge in imports''.
Rail tariff authority mooted
FOR the first time, the Government has mooted the idea of setting up a rail tariff authority with the mandate of fixing tariff on rational basis.
AI, IA profitability hit by ATF cost hike
THE steep hike in the prices of aviation turbine fuel (ATF) has affected the profitability of both Indian Airlines and Air India, the Economic Survey 2000-2001 indicates.
A grandiose plan to move in reform path
CLOSE on the heels of the publication of the Prime Minister's Economic Advisory Council (EAC) report on Economic Reforms earlier this month, the mandarins in the North Block have lost no time in falling in line with EAC's counsel to show off their reform
ist credentials by rooting for enhanced economic reforms to ensure a high economic growth through their customary pre-budget Economic Survey, 2000-01.
PSU
Govt assures discussion on Balco sale
THE Government on Friday gave in to the demand of the Opposition in the Rajya Sabha on Balco disinvestment by indicating that the sale process of the Government's 51 per cent stake to Sterlite Industries would not be carried out until a full discussion t
akes place in the House on this issue.
Paper/Packaging
DAVP spells out norms for empanelment of newspapers
THE Directorate of Advertising & Visual Publicity (DAVP) has come out with clearcut guidelines for empanelment of newspapers.
Petroleum
Production-sharing contracts for oil, gas fields
THE Centre on Friday signed Production Sharing Contracts (PSCs) for nine small oil and gas fields. PSCs for six fields in Gujarat -- Allora, Kanwara, Dholasan, North Balol, North Kathana and Unawa -- were signed with the consortium of Gujarat State Petro
leum Corporation, Hindustan Oil Exploration Company Ltd and Heramec Ltd.
Power
Grid disturbances causes tripping in South
A disturbance in the power system of Karnataka in the wee hours of today which resulted in tripping of 400 kv inter-State lines between Cuddapah--Chennai, Cuddapah-Bangalore and Ooty--Bangalore, delinked the Andhra Pradesh grid from the southern grid.
Malana hydro project completes excavation work
THE 86 MW Malana hydroelectric power project on Friday announced completion of the underground excavation work of the hydel project. The LNJ Bhilwara Group-promoted project conducted the day lighting ceremony of the tunnel at the project site.
SEBs' health worsening?
DESPITE the Economic Survey stating that the health of the State electricity boards (SEBs) is deteriorating, the statistics provided by the Survey springs a surprise.
States
$1.7-b IBRD-Asian Bank aid likely for Gujarat
THE World Bank and the Asian Development Bank (ADB) combine, whose officials had been visiting the earthquake ravaged parts of the Gujarat State for the last 10 days, has given an `in principle' nod for a loan package to the tune of $1.7 billion.
`Kerala IT initiatives yielding dividends'
THE Kerala Government's initiatives in the information technology sector have begun to yield dividends and the State is now poised for a period of accelerated growth in the coming months, according to the State Finance Minister, Mr T. Sivadasa Menon.
Contributors for Gujarat earthquake relief
The list of contributors of Rs 2500 and above to the Gujarat earthquake relief.
Cochin Chamber disappointed over interim Budget
THE Cochin Chamber of Commerce and Industry has expressed disappointment over the interim Budget presented on Friday in the Kerala Assembly as there was no new tax proposals or initiatives.
Rs 398.90-cr deficit Budget for Kerala
THE Kerala Budget for 2001-02, which is interim in nature with the Assembly elections due in a couple of months' time, does not feature any fresh tax proposals and leaves a net deficit of Rs 398.90 crore.
`Interim Budget positive step'
THE Indian Chamber of Commerce and Industry has welcomed the Kerala interim Budget saying that it would be a positive step in the overall development of the State.
Chennai Corporation, EDL India pact for waste-to-energy project
THE Chennai Corporation and EDL India Pvt Ltd entered into an MoU, here today, to set up a 14.85 MW waste-to-energy project using municipal solid waste, according to a press release from the Corporation.
Stocks
Sensex takes a beating, sheds 140 pts
BEARS painted with red the gloomy picture of the Indian economy and stock prices across the board fell like nine pins on the Dalal Street today as the Government put out the Economic Survey for 2000-01.
Launch of derivatives trading notable development
THE Economic Survey, while pointing out that plans are being put in place for the introduction of stock index options `in the near future', has observed that the most notable development concerning the secondary segment of the capital market during the c
urrent fiscal was the beginning of derivatives trading last June.
Telecommunications
Private participation in telecom: More needs to be done
THE private sector participation in the telecom services has not taken off as per the expectations as some major policy issues such as tariff re-balancing and Internet telephony still need to be addressed, the Economic Survey has said.
Transport
Metro Rly may move onto hi-tech track
THE country's first underground railway and the 85th tube service in the world, the Metro Railway, has turned 17 this year. The services are set to hit a high-point sometime in May, with Metro going hi-tech on par with those in the developed world.
