The Hindu Business Line : Wednesday, February 04, 2004

ANTI-DUMPING
US anti-dumping suit slows shrimp market
THERE is a lull in the market for black tiger shrimps with US buyers preferring to await further developments in the anti-dumping case pending with the US Department of Commerce. The dip in activity is expected to continue for some time with ... More

BUDGET
Jaswant strikes right note for polls — Sops for Central staff, promises for the rest
IN what is probably the last of the `feel-good factor' measures announced by the National Democratic Alliance (NDA) Government with an eye on the coming general elections, the Finance Minister, Mr Jaswant Singh, today rolled out Rs 3,500-crore ... More

Mungeri Lal's dreams `come true'
WITH the `Mini-Budget' packages announced earlier, culminating in the presentation of the Interim Budget 2004-05 on Tuesday, the Finance Minister, Mr Jaswant Singh, has ingeniously managed to please all sections of the society, be it the India ... More

LPG, kerosene subsidy in for cut
LPG and kerosene consumers can expect a steep hike in prices of the two products in April, aggravated by the Government's decision to reduce the subsidy on these products by one-third in the Interim Budget. At present, the public sector oil ... More

Defence gets Rs 25,000-cr non-lapsable upgrade fund
THE Government has committed Rs 25,000 crore for a non-lapsable Defence modernisation fund to cater to the procurement needs of the three armed forces. "The process of Defence procurement often extends to over three years. Adequate and a ... More

Cochin Chamber hails Budget
THE Cochin Chamber of Commerce and Industry has welcomed the measures announced by the Union Finance Minister and said it was "particularly happy that the existing tax structure will continue and that no new taxes have been announced." ... More

Tonnage tax for shipping industry looks a certainty now
AFTER a demand spanning close to four years, the introduction of a tonnage tax for the shipping industry now looks a certainty with the Finance Minister, Mr Jaswant Singh, stating that such a tax "should be considered" to provide a level-playing ... More

Six new AIIMS proposed
EVEN as the Interim Budget has not made any specific announcements for the healthcare sector in terms of sops to the sector, Finance Minister, Mr Jaswant Singh, today reiterated that six new hospitals on the lines of the All India Institute of ... More

Interim Budget '04: Key features
COMMITMENT to lifetime concerns: enhanced employment, and eradication of poverty; a second green revolution in agriculture; infrastructure development; fiscal consolidation; and greater manufacturing sector efficiency. Moderate inflation, ... More

Govt betting big on industrial recovery
IS the Government betting rather big on industrial recovery sustaining its tax collection efforts? Or so it would seem. For without any increase in excise, customs and income-tax rates (a constraint imposed by the circumstances of a ... More

Rs 1,583-crore aid to foreign govts
WHILE the Vajpayee Government is going the whole hog with the India Shining campaign, the Union Finance Minister, Mr Jaswant Singh, has made a provision of Rs 1,583.52 crore for assistance to other countries in the form of grants and loans in the ... More

Feeling good
The Finance Minister, Mr Jaswant Singh, leaving North Block to present the Interim Budget in Parliament on Tuesday.

Softer loan regime for tractor sector
TRACTOR companies have welcomed the farmer-friendly policies indicated in the Interim Budget on Tuesday, stating that it would result in higher credit availability with the farmers. The industry has specifically displayed optimism about the ... More

Tonnage tax regime - a shot in the arm for shipping sector
EUPHORIA surged through the Indian shipping industry with the introduction of the long-proposed tonnage tax in the interim Budget for part of 2004-05 presented by the Union Finance Minister, Mr Jaswant Singh, on Tuesday. The shipping companies, ... More

`A blueprint for development'
WHILE hailing the Interim Budget proposals announced by the Finance Minister, Mr Jaswant Singh, on Tuesday India Inc termed it as a "blueprint for further hastening the process of growth and development''. Even as the chambers welcomed it and ... More

Mixed reaction from tea industry
THERE was a mixed reaction from the stalwarts of tea industry on the announcements made by the Union Finance Minister in his Interim Budget 2004-05. Mr Jaswant Singh has allowed the small growers, who contribute about 18 per cent to the total ... More

Stamp duties cut by half
THE Union Government on Tuesday took the lead in reducing stamp duties on transactions where it has the authority to fix rates, and sent out a signal to the State governments to move towards stamp duty reforms. The duty on all Union Government ... More

A smug presentation
BETWEEN a forenoon tea and lunch-break on an otherwise normal day, the latest Budget exercise was over, leaving many wondering what transpired in the hallowed precincts of the Lok Sabha. In the beginning, however, there were some tense moments, ... More

Mechanism to lower excise penalty
FROM June 30, corporates can look forward to a mechanism for lowering the penalty amounts levied on them by excise authorities for various offences under the excise law. The Finance Minister, Mr Jaswant Singh, in his Interim Budget, has ... More

Essar group chief hails tonnage tax proposal
THE Interim Budget proposal illustrates the Government's conviction and confidence in catapulting Indian economy to a higher trajectory, but what is necessary now is to provide continuity to the intent of the Budget, according to Mr Shashi Ruia, ... More

Telecom sector changes rub off on non-tax revenue collections
THE telecom sector, which has been growing at a tremendous pace in the last couple of months, has an important role to play in the better-than-anticipated non-tax revenue collections of the Government during the current fiscal. The revised ... More

Free baggage allowance for travellers hiked
WHILE the Finance Minister, Mr Jaswant Singh, may have provided little for the civil aviation sector in the Interim Budget 2004-05, there are some sops that are likely to give a fillip to in-bound and out-bound travel. Realising that Indians ... More

Capital gains sop extension welcomed
THE extension of capital gains exemption for retail investments in listed equities has been hailed as a welcome move that will increase participation in the equity markets.As per this extension, investors who hold equities that are part of ... More

Indira Gandhi canal project gets more funds
THE Government has announced that water supply in Rajasthan would be augmented by accelerating work on the Indira Gandhi Canal and extending the Narmada Canal to the State. "The Indira Gandhi Canal project has languished for decades, slowly ... More

Lower grants for IFCI
Post-announcement of IFCI merger with Punjab National Bank, the Government appears to have decided to reduce the grant payable to IFCI. Allocation to IFCI has been pegged at Rs 226 crore for 2004-05 compared to the Rs 1,573-crore grant made in ... More

Chamber welcomes measures to alleviate poverty
THE Indian Chamber of Commerce and Industry welcomed the Budget proposals and said that measures for poverty alleviation, crop loans at reduced interest rates, formation of the National Cattle Development Board, health sector improvements and ... More

AP Chamber lauds procedural reforms

Simplification of service tax procedures hailed

ECONOMY
Subsidy tackle leads to cut in non-Plan spending
IF there is one area where the Finance Minister, Mr Jaswant Singh, deserves kudos, it is in curtailing the Centre's non-Plan spending. As against the Rs 3,17,821 crore budgeted for 2003-04, the revised estimates for non-Plan expenditure is ... More

ENGINEERING
Capital goods: Countering import competition
The Government has announced that the deemed export benefits would be extended to indigenous manufacturers who make products that are, at present, exempted from countervailing duty (CVD) on imports. Some of the products that are exempt from CVD ... More

EXCISE AND CUSTOMS
Excise collections take a hit
THE buoyancy in overall tax collections notwithstanding, the Centre's revenues from excise have taken a hit, with the revised estimates for 2003-04 falling short of the budgeted target of Rs 96,791 crore by Rs 4,412 crore. The Chairman of the ... More

FOREIGN TRADE
South Asian forum chalks out strategies to boost ties
THE South Asian Business Forum (SABF) has chalked out strategies to boost economic co-operation in the South Asian Sub-Region in view of a compulsive need to integrate the local economies, manpower and infrastructure of India, Bhutan, Bangladesh ... More

HEALTH
New cancer treatment machine in Apollo
APOLLO Specialty Hospitals has bought a new radiation machine for its Chennai centre and has simultaneously tied up with an Austrian institute to better its existing treatment for cancer. The Tamil Nadu Health Minister, Mr Thalavai Sundaram, ... More

HOTELS
Hotel federation pitches for `joint cover' scheme
CLOSE on the heels of the Union Tourism Ministry amending its guidelines towards the requirement of Public Liability Insurance coverage for different categories of hotels, the Federation of Hotel & Restaurant Associations of India (FHRAI) has ... More

Tourisms and hotels: Thrust on infrastructure
To boost the tourism industry, the Government seems to be going the extra mile to give a fillip to the hospitality industry. To enhance India's standing as an international tourist destination, the Jaipur airport is to be upgraded to ... More

FHRAI told to find buyer for Argentina hotel
THE Embassy of India in Buenos Aires has approached the Federation of Hotel & Restaurant Association of India (FHRAI) to find a suitable Indian buyer for a four-star hotel with 222 rooms and other good facilities, located in the capital city of . More

POWER
Tax breaks to result in lower power tariffs
CONSUMERS drawing power from new power generation projects will enjoy lower tariffs on the back of tax breaks proposed by the Government. The tax breaks under the Income-Tax Act, which expire in 2006, are proposed to be extended to 2012 in ... More

TAXATION
`Non-coercive tax regime will continue'
THE Finance Minister, Mr Jaswant Singh, today said that the Government would continue with a "non-coercive" tax regime despite the disappointment over personal income tax collections falling below the budget estimates by around Rs 3,800 ... More

TEXTILES
`Textile industry to gain more sans restrictions'
THE Indian textile industry is poised to reap the benefits of a market without barriers post 2005, while China may continue to face restrictions in several trade segments up to 2008. According to Mr Thomas G. Travis, Managing Partner, Sandler, ... More

SSI
SMEs welcome hike in bank credit limit
THE Finance Minister, Mr Jaswant Singh's steps to encourage the development of small and self-employed ventures by providing easier access to bank credit has been welcomed by the small and medium industry. Welcoming a host of proposals made in ... More

WATER
Kerala Ministerial team to visit Chennai for water talks
A TWO-MEMBER ministerial team will be sent to Chennai to discuss the release of water from the Parambikkulam-Aliyar Project with the Tamil Nadu Government. Stating this in the State Assembly on Tuesday, the Chief Minister, Mr A. K. Antony, ... More

RADIO/TV
Cable operators told to register interconnect pacts
THE Telecom Regulatory Authority of India (TRAI) has asked the broadcasting and cable service providers to register the interconnect agreement with the regulator. In a statement, the watchdog said that all the broadcasters, including their ... More

AUTOMOBILE COMPONENTS
Indo-Thai free trade pact — `Thai imports may hit auto component cos'
THE Thai threat to the Indian auto component industry is real. That is the conclusion of consulting agency ICRA Advisory Services, which studied the possible impact of the Indo-Thailand free trade agreement (FTA) on the auto component industry. ... More

GOLD & SILVER
Dip in gold prices likely
GOLD prices retreated on an extended correction with major volatility noticed in the currencies, which led to some selling pressure and much needed correction for gold. A record 1,581,320 gold futures contracts changed hands on the COMEX in ... More

DISINVESTMENT
Sell-off target fixed at Rs 16,000 cr
THE Government has fixed a target of Rs 16,000 crore to be raised through sale of equity in public sector enterprises during 2004-05. As per the revised estimates for 2003-04, the Government expects to mop up Rs 14,500 crore from ... More

SMALL SAVINGS
Small savings collections surge 23 pc
BANKS may be struggling as far as mobilising deposits go. But this is certainly not the case with the humble post office. Gross collections under various small savings schemes administered by the post office during 2003-04 are expected to touch ... More

RURAL DEVELOPMENT
Isha extends helping hand in rural areas
A PLAN to rejuvenate rural India has been rolled out jointly by Isha and Times Foundation. The multi-faceted project entitled `Action for Rural Rejuvenation' is aimed at revitalising the human spirit and bringing about a transformation in the ... More

INDUSTRIAL POLICY
Chhattisgarh to announce new industrial policy
CHHATTISGARH will introduce a new industrial policy within the next three months, according to the State Chief Minister, Dr Raman Singh. Dr Singh told presspersons here that the proposed policy was currently being formulated and would be ready ... More

INCOME TAX
`Direct tax issues will be addressed in regular Budget'
THE Finance Ministry has said that the direct tax issues including revisiting standard deduction for salaried employees and extension of tax exemption on the long-term capital gains on listed equities acquired between March 1, 2003 and March 1, ... More

Personal investment, taxation: Hopes belied
The Finance Minister has belied expectations that the income-tax exemption limits and the standard deduction will be revised upwards. He has only conceded that these issues will need to be revisited. In addition, income distributed by equity ... More

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Small savings collections surge 23 pc

Interim Budget 2004-05: Understated, yet promising

Indo-Thai free trade pact — `Thai imports may hit auto component cos'

Defence gets Rs 25,000-cr non-lapsable upgrade fund

Fed's wordcraft roils markets

Looking back
Jan. 25-Jan. 31
Meat prices to soar as Thailand reports bird flu

Industrial output rising: CII survey

Access to pvt social infrastructure services limited in India: Study

Wheat exports likely to dip by 10 lakh t

Brazil keen on partnerships with India

FDI inflow slowed during last fiscal: RBI report

Fertiliser export norms eased

We are export-friendly: Jaitley