Business & Economy

Ministers' group wants
distress levy kept alive 

What is India News Service, Monday, 10 January 2005, 2100 hrs IST

An inter-ministerial group wants the finance minister to continue with the one per cent surcharge \97 national calamity contingent duty \97 in this year\92s budget.

The surcharge, imposed a few years ago on tobacco products and a few luxury goods like cars, is likely to be extended to more items for another year so that the government is able to mop up enough money to fund relief work in tsunami-hit areas.

Industry chambers have been lobbying for scrapping of the surcharge on excise, imposed in 2001. But officials said it was \93certain to be extended into 2005-2006 with a wider scope\94. The surcharge on customs imposed in 2003 is likely to be extended too.

Though the government has been saying that the impact of the tsunami on the GDP growth will be \93marginal\94, it admits that reconstruction and rehabilitation in Tamil Nadu and the Andamans will cost a huge sum.

Ordinance sets stage for PPF closure: With the Ordinance for setting up a pension regulator having been promulgated, the stage is now set for the popular Public Provident Fund (PPF) scheme to be finally dragged to the guillotine.

Reva powered for Japan run: The Reva, India\92s low-cost electric car, is all set to enter the Japanese market.  

Bomb hoax costs SAIL Rs. 50 million: A bomb hoax has cost the government-owned Steel Authority of India Ltd's Bhilai Steel Plant in Chhattisgarh Rs. 50 million.

Personal accident insurance scheme for plantation growers: The Union Government on Sunday announced a personal accident insurance scheme for small growers in the plantation sector, under which a grower will be provided accident insurance coverage of Rs 25,000 for no premium.

L&T to expand in Gulf, W. Asia: Larsen & Toubro is initiating a number of business initiatives this year in the UAE in a bid to expand its presence and boost business from the current $400 million to nearly $1 billion in the Gulf and West Asian region in three to four years.

Pfizer warms up to India strategy: The world\92s largest pharmaceutical company, Pfizer Inc., has outlined a multi-pronged strategy for the Indian market. The strategy involves the launch of patented products through selective routes, consolidation of manufacturing facilities and restructuring its field force. 

Dalal Street may struggle in speed-breaker zone: Last week may have proved to be yet another test for the global money-bags and their so-called long-term play in the emerging markets such as India. Suddenly valuations of the Indian stocks are being questioned.
 
Conditional okay for Reliance buyback: Reliance Industries' programme to buy back its shares which was opposed strongly by Vice Chairman Anil Ambani, has received the go-ahead from SEBI subject to certain disclosures to shareholders.

Merger of Indian Oil, IBP to miss June date: The total merger process of Indian Oil Corporation and IBP & Co Ltd is not likely to be completed within June. 

Rating upgrades stay ahead: In a sign that the financial health of India Inc is continuing to improve, rating upgrades have outnumbered rating downgrades in the first eight months of the financial year 2004-05.

LG focus on homes: LG Electronics India Ltd is targeting a turnover of Rs 50,000 crore by 2010. 

TRAI disputes BSNL claims on revenue loss: The Telecom Regulatory Authority of India (TRAI) has dismissed concerns of revenue loss
expressed by Bharat Sanchar Nigam Ltd because of the revision in the access deficit charges. 

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