Business & Economy

Tea industry prospects cheerful 

What is India News Service, Monday, 22 November 2004, 1700 hrs IST


The Indian tea industry is ready to leave behind the nightmares of the past years and look forward to better times. 

The industry will remember 2003 as one of its worst years when downward pressure of tea prices continued in the face of rising costs of production. While India remains the highest cost producer in the world, the increased output of 2003 and availability of plainer quality teas only dampened prices further in the domestic market. Tracking prices over a five-year span, the Indian Tea Association (ITA) found that prices had dropped to Rs. 56.28 in 2003 from Rs. 76.43 a kg in 1997. The status paper holds the view that while auctions remain a useful sale vehicle for disposal of tea for certain producers, system efficiency can be maintained by leaving sellers with a choice on their preferred channel. The paper released this week forms the basis of many policy decisions for the industry.

Left cautions government on Patents Act: Concerned over the move by the United Progressive Alliance Government to amend the Patents Act, the Left parties will soon submit a note outlining objections, and cautioning that changes should be effected only after the "widest possible'' consultations. 

'India can help Vietnam integrate with world economy': Expressing the hope that India would help Vietnam integrate with the world economy, the Vietnamese Foreign Minister, Nguyen Dy Nien, said his country had high appreciation of the Indian position in the Asian region.

Maharashtra ponders free power rollback: The Union Power secretary has instructed the state to reform the power sector or face a cut in central assistance. 

SBI keen on more mid-corporate accounts: State Bank of India, the country's biggest bank, is trying to bring more mid-corporate units under its fold. It currently caters to 2000 mid-corporate units and is gearing up to double this figure shortly.

Govt to train Dalit youths for call centre jobs: Top urban job centres are set to come calling on the Scheduled Caste and Scheduled Tribe youths. The Centre has moved to sponsor their training to develop skills needed to work in call centres. 

GM may use Hindustan Motors plant to make Chevvy Spark: General Motors is considering using Hindustan Motors' facility or the CKD (completely knocked down) route to manufacture the small car Chevvy Spark in India, if it abandons its plans to take over the Daewoo plant. 

BPOs give up on kids, chase parents: Leading BPOs are now educating parents about their wards' careers and job opportunities to fight attrition.

CAT exams held smoothly:. The Common Admission Test (CAT) for the Indian Institute of Management and other management institutions for the next academic year ended peacefully today. 

Chambers' surveys find manufacturing sector buoyant: Corporate India's sentiments have been boosted with the Government's recent announcements such as the new foreign trade policy, and setting up of National Manufacturing Competitiveness Council, Investment Commission.

Mukesh Ambani returns from US: The stage is set for a family meeting of the Ambanis here tomorrow on the ownership issue in the Rs. 80,000 crore-Reliance group of industries as Mukesh Ambani returned from the United States. 

Business papers 


Business Standard
Economic Times
Business Line
Financial Express