- Jaswant Sing appointed Indias Governor on ADB
- Ceasefire between Government of India and NSCN(IM) Extended.
- Exports of readymade garments to Restricted countries
- India and EC Discuss market access issues
The Minister of State for Rural Development Shri Annasheb M.K Patil with a car which is being run on bio-diesel during his inspection of a Research and Development Centre for bio-diesel at Faridabad ( Haryana) on July 12, 2002.
Central Government Revenue Collection increases by 20 per cent.
Borrowers are duty bound to repay loan , new Finance Minister.
New Delhi --July 12, keralamonitor.com
The Union Finance Minister, Jaswant Singh has said that the borrower must realize that he has a duty to repay the loan. In his first address to the Parliamentary Consultative Committee for the Ministry of Finance, he said that an environment needs to be created for this to overcome high default rate. Singh said, the recent Ordinance on setting up of ARC and Securitization was aimed at providing the Banks/FIs a window to market their NPAs.
The Finance Minister agreed to the suggestion by the members that rural credit delivery network needed strengthening. He announced the setting up of a Committee under the Chairmanship of Minister of State for Finance (E,B&I), Anant Geete to examine the issue and come up with practical suggestions in this regard. Singh felt that the existence of many regulators for similar financial operations like NBFC, Private Companies and Chit Fund Operations caused confusion and created hinderances in checking irregularities. The Secretary (Financial Sector) has been directed to examine if a single regulator was feasible. The Committees are to submit their reports within four weeks.
The Members expressed concern over the high Non-Performing Assets (NPAs) of commercial banks and suggested various measures to tackle the situation. Some of the suggestions included the setting up of a body to look into each case of NPA, going for a negotiated settlement of dues, exemplary punishment for wilful defaulters and strengthening of banks' vigilance system for preventive action. Dr. Manmohan Singh felt that the bankers as well as the regulators cannot afford to be complacent. He said that more attention of banks was needed towards small scale industry, agriculture and rural industry. Some other members also supported the cause of SSI, agro-industry, cooperative banking and rural finance.
All members congratulated the Finance Minister on his appointment and expressed confidence that he would restore the people's trust in the financial institutions.
Among those who attended the meeting included Minister of State for Finance, Anant Geete, Dr. Nitish Sengupta, Dr. Jaswant Singh Yadav, Vijay Kumar Khandelwal, Moinul Hasan, Nawal Kishore Rai, Sontosh Mohan Dev, Mohan Rawale, Parmeshwar Kumar Agarwalla, Lalithbhai Mehta, B.S. Ramoowalia, Abani Roy, Baijayant Panda, Eknath Thakur, Harendra Singh Malik, Lal Jan Basha, Murli S. Deora and Mahendra Prasad.
Jaswant Sing appointed Indias Governor on ADB
New Delhi --July 12, keralamonitor.com
Union Minister of Finance and Company Affairs, Jaswant Singh has been appointed India's Governor on the Board of Governors of the International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC) and Multilateral Investment Gurantee Agency (MIGA) with effect from 1st July, 2002 vice Yashwant Sinha.
Ceasefire between Government of India and NSCN(IM) Extended.The ceasefire between the Government of India and the NSCN(IM) has been further extended for one more year w.e.f. 1st August, 2002. This was decided after a meeting between the representatives of the Government of India and the NSCN at Amsterdam on July 9-11, 2002.
The Chairman and the General Secretary of the NSCN, having accepted an invitation of the Government of India, have expressed willingness to come to India, after the procedural aspects with regard to their visit have been taken care of, for further talks and to carry forward the peace dialogue.
Exports of readymade garments to Restricted countries
New Delhi --July 12, keralamonitor.com
April-June’2002-2003 have amounted to 283.0 million pcs valued at US$ 1014.0 million (Rs. 4962.93 crores) during the period April-June 2002. This represents an increase of 6.59% in terms of quantity and 7.46% in terms of value, when compared to the same period of previous financial year, according to a release issued by Apparel Export Promotion Council. Exports to USA, during April-June’2002-2003, have amounted to 108.8 million pcs valued at US$ 506.8 million (Rs. 2480.90 crores) which indicates an increase of 38.42% in terms of quantity and 13.48% in terms of value, as compared to April-June’2001-2002. Exports of readymade garments to E.U., during April-June’2002-2003 have amounted to 157.3 million pcs valued at US$ 458.7 million (Rs. 2244.61 crores). In comparison to the corresponding period of last financial year, there has been a decrease of 6.09% in terms of quantity, while an increase of 5.45% in terms of value.
Exports to Canada, during April-June’2002-03, have amounted to 16.9 million pcs valued at US$ 48.5 million (Rs. 237.42 crores). There has been decrease of 12.89% in terms of quantity and 21.77% in terms of value, compared to April-June’2001-2002.
India and EC Discuss market access issues
OUTCOME OF INDIA-EC JOINT COMMISSION 12th SESSION
New Delhi --July 12, keralamonitor.com
The 12th Session of the India-EC (European Commission) Joint Commission was held in Brussels on 10th July, 2002. The meeting was chaired by the Commerce Secretary, Dipak Chatterjee, on the Indian side and Mr. Guy Legras, Director General, External Relations from the European Commission side. India-EC Joint Commission is an important bilateral forum which looks in to the trade, economic and development issues between India and the EU. The meeting was a build up to the third India-EU Summit, which is scheduled to be held between the EU Presidency and the Indian Prime Minister in Copenhagen on 10th October, 2002.
Discussion on market access issues and identification of the deliverables for the next summit were the highlights of the meeting. India raised the issue of the concessions given by EU (European Union) under the drug control window of its GSP (Generalised System of Preferences) to Pakistan which has hurt the Indian textile and clothing industry and is likely to cause trade diversion of over Euro 250 million from India. The meeting discussed the possibilities of a limited bilateral deal to compensate the Indian textile and clothing industry for the trade loss/diversion. The Indian side also raised other issues of market access including approval of its exporting units for various products. India has sought approval of exporting units for milk products, egg products, gelatine, fruits & vegetables, duty reduction on flowers and gherkins, approval of accreditation agencies for organic products and approval of certain new grape varieties. Various hurdles to market access arising due to SPS (Sanitary & Phyto-Sanitary) and health related measures also were discussed with a view to find solutions. A working group of the two sides will meet in October 2000 to resolve these issues.
The Joint Commission agreed to work out details of a new programme having an outlay of about Euro 15 million which would assist specific projects for promotion of bilateral trade/investment between India and EU. This is likely to be fructified at the Indo-EU Summit in October 2002 at Copenhagen. A scholarship programme for affording opportunities to Indian and EU students and academia was also agreed to be launched at the next Summit. A possible launch of negotiations for a customs agreement between India and EU will be another important issue on which a decision is expected at the next Summit. The Joint Commission had authorised joint studies of four specific sector namely food processing, IT, engineering and telecommunications last year.
It was decided that a joint working group will identify the actions to be taken to facilitate trade and investment on the basis of these studies and present it to the next Summit. The studies were carried out jointly by the industry on both sides. A similar study of four new sectors namely financial services, bio-technology, textiles and energy is also proposed to be launched this year. The decision of the Joint Commission will form the basis of action for the next political Summit between India and EU at Copenhagen in October 2002.
Central Government Revenue Collection increases by 20 per cent.
New Delhi --July 12, keralamonitor.com
As per provisional estimates, total collection of all taxes, including both direct and indirect taxes, during the current financial year upto June, 2002 is Rs.39173.87 crore as compared to Rs.32579.12 crore during the corresponding period last year, registering an increase of 20.24 per cent.
The collection of income tax during the period ending June, 2002 is Rs.6384.76 crore as compared to Rs.6007.60 crore during the corresponding period last year, registering an increase of 6.28 per cent. Collection of corporation tax during the period ending June, 2002 is Rs.4042.14 crore, as compared to Rs.1691.59 crore during the corresponding period of last year, registering an increase of 138.96 per cent.
Total collection of direct taxes during the period ending June, 2002 is Rs.10494.49 crore, as against Rs.7785.67 crore during the corresponding period of last year, registering an increase of 34.79 per cent.
The collection of excise duty during the current year upto June, 2002 is Rs.17477.03 crore as compared to Rs.14377.01 crore during the corresponding period last year, registering an increase of 21.56 per cent. Chollection of customs duty upto June, 2002 is Rs.9990.71 crore as compared to Rs.9409.44 crore during the same period last year, registering an increase of 6.18 per cent.
Total collection of indirect taxes upto June, 2002 is Rs.28679.38 crore, as against Rs.24793.45 crore during the corresponding period of last year showing an increase of 15.67 per cent.
