Business & Economy

Looms hum in Surat kitchens

What is India News Service, Monday, 21 December 2004, 2000 hrs IST


Powerlooms are working at full speed as the textile regime end spells a export surge. 

Upendra Patel, one of the 600,000-odd powerloom owners in Surat, has been fighting with his wife of 30 years, Smritiben, for the past two weeks. 

The row began when Patel, who owns 24 looms that hum in his house --- yes, in his two-storied home --- decided to install four more in Smritiben's domain, the family kitchen. 

On Thursday, Patel finally prevailed when he convinced his wife that there was more business -- and money -- coming their way with the end of global textile trade quotas on December 31. 

For her sacrifice, Smritiben has been promised a 'memorable trip' to Goa in January --- provided the Patels can take time off from their busy schedule. 

The story of Patel Looms is not unusual in a city that made global headlines exactly a decade ago when Black Death --- or plague --- had wreaked havoc.

The ghost town of 10 years ago is once again bracing up to grab the headlines, because of its Rs 24,000 crore textile industry that spills over into adjoining towns such as Sachin and Pandesara. 


IT industry decries arrest of Baazee.com CEO: The IT industry on Monday decried the arrest of Mr Avnish Bajaj, CEO of Baazee.com, the portal on which the sexually explicit clip was put on sale.

Centre plans sale of Dabhol assets: The government is planning to transfer the assets of Dabhol Power Company to the Debt Recovery Tribunal and then sell them to prospective bidders. 

Samsung issues guidelines on ethical use of camera phones: It's not just the Internet auction sites that have been rattled by the multi messaging service (MMS) case, which led to the circulation of obscene pictures through camera-enabled mobile phones. Handset manufacturers are also a worried lot.

BSNL mulls consortium with ILD operators: In a bid to offer cheaper international long distance calls, Bharat Sanchar Nigam Ltd (BSNL) is looking at a number of options including forming a consortium with ILD operators and laying its own undersea cable network. Another report said the telecom PSU, which has opposed demand for reduction in ADC, will be forced to hike monthly rentals of landlines.

Alcatel-TCL JV launches new phones: Alcatel has formed a joint venture with Hong Kong based TCL Communication for mobile handset business which became operational with the company launching new handsets in the GSM range here on Monday.

Reliance to buy back shares: Going by the past experience, analysts predict that the new buyback offer will become effective in supporting RIL share price. 

Pharma, cement, paper stocks find flavour: The indices started the week on a strong note after a weak close on Friday and maintained the buoyancy throughout the day. The Sensex ended 56.52 points up at 6,403 points.

‘India offers great opportunities for all investors’: Steel billionaire Lakshmi N Mittal says he was once frustrated by Indian bureaucracy, but change is coming fast and a whole new generation of Indian businessmen are becoming global players.

ONGC bags award for disinvestment: The disinvestment of 10 per cent equity in March 2004 has won ONGC the "Best Privatisation Deal" award.




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