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November 13-15, 1999 Grease on fingernails, petrol on cheeks, business on mind Eight enterprising women set up and run an 'unmanned' auto workshop venture in Madras. Textile policy seeks to prepare exporters for post-quota regime The scheme includes assistance of up to Rs 250 billion to the industry for upgradation and modernisation over a period of five years. 'We have to prepare for the coming new century, or be left behind' 'No matter how relevant our economic policies may have been in the '60s, '70s or '80s, in the changed global scenario we have to take hard decisions.' Prime Minister Atal Bihari Vajpayee tells Pritish Nandy. PM recasts economic, infrastructure panels Dr I G Patel, Prof P N Dhar, Dr Montek Singh Ahluwalia, Dr Kirit Parikh, Dr Amaresh Bagchi, Jagdish Shettigar, Dr Ashok Gulati, Dr Rakesh Mohan and Dr M Narasimham are in the new Economic Advisory Council. Goa to set up mega food-processing park Multinationals like Nestle, Pepsi, Coca-Cola and Indian embassies in developed countries are among those who have evinced interest in the project. Experts suggest ways to improve India's infrastructure Railways, mining and coal companies want to buy power from bulk producers instead of State Electricity Boards, the government disclosed. Gold in any form is acceptable for deposit scheme, clarifies RBI It is untrue that the Gold Deposit Scheme is restricted only to gold in scrap form. Ornaments, jewellery, coins and bars may be tendered, the central bank said. Swiss watch firm Omega to expand operations to small cities Joint ventures for a watch manufacturing base, and assembling, distribution and service networks in India are possible. The Swatch group may use India as an exporting base for the neighbouring countries, a company official said. It's check-out time for five-star hotels By blindly aping the western model and ignoring the middle class business traveller, the five-star hotel companies have shot themselves in the foot. They should now limp toward the budget hotel sector, says Dilip Thakore.  • BSE, NSE and Forex: Sensex down 11 points to 4629; Nifty down seven points to 1377; rupee down one paisa to US $ at 43.39 November 12, 1999 Discovering The Future IRDA chairman N Rangachary explains how reforms will change the insurance business in India. Sinha urges Commonwealth biz leaders to make the most of reforms "India is open for business. India is looking for business,'' the finance minister told a gathering on the eve of the CHOGM summit in South Africa. Hughes Software makes a sizzling debut on the bourses The company whose roots can be traced to General Motors, got listed at the BSE, NSE and DSE. Against the issue price of Rs 630, it closed at Rs 1518 on the BSE. UTI to set up venture capital, corporate restructuring funds The UTI Venture Capital Fund will include an offshore fund of $ 40 million and a domestic fund of $ 46 million. The Corporate Restructuring Fund would start with a corpus of $23 million and subsequently increase to $100 million. Privatise or be damned Indian insurance sector as it exists today can cause trauma to policy-holders who survive motor accidents, says Devanghsu Datta . Where's the millennium bug? Contrary to expectations, US investors are discounting the Y2K problem, says Neeraj Kaushal. • BSE, NSE and Forex: Sensex up 18 points to 4640; Nifty down five points to 1384; rupee gains three paise to US $ at 43.38 November 8-11, 1999 Selling Products 70mm Style! Corporate India eyes film industry for strategic tie-ups. Chidambaram condemns govt decision on GAIL divestment In 1997, divestment at Rs 150-170 a share was suggested. The 'scandalous' sale of 135 million shares at Rs 70 would throw the process of divestment and public sector reform open to ridicule, the former finance minister said. Casting, infotech indices posted handsome gains in Samvat 2055 The NSE indices of trading, organic chemicals, cement, industrial electronics, pharmaceuticals, paper, metals, packaging, tyres, petrochemicals, automobiles gained by over 100 per cent. 'Today, you can start a corporation with $5.5' "When you do business on the Internet, intellectual capital will become more important than financial capital. If the developing countries take care of their people, they can gain an advantage over others," says Jacques Creeten, MD, Federal Express India. Sensex surges past 4650 in moorat trading The Bombay Stock Exchange witnessed a firm trend: Samvat 2056 opened on a bullish note, and old-timers unplugged nostalgic memories. November 6-7, 1999 Y2K = Big Biz The marketplace makes the New Millennium a magic mantra to hardsell products, services, gifts, schemes. Samvat 2055 saw Sensex skyrocket 61 pc, Nifty 64 pc The leading indices bid a joyous bye to the year by zooming up to 4598 and 1365 respectively. Sunday's muhurat trading is expected to offer hints of the things to come in Samvat 2056. It's time to review liberalisation programme "Instead of solid infrastructure, phenomenal multiplication has occurred in the manufacture of consumer items. This was not the intended objective. Time has come to have an intensive look-back on liberalisation's overall results and the benefits that accrued to the people, class- wise and section-wise," says P V Narasimha Rao. Govt is prepared to deal with resistance to reforms, says Sinha A massive awareness campaign would be launched to change the mindset in which ''privatisation is a dirty word and foreign investment is unwelcome''. Aviation ministry to focus on bilateral pacts, A-I, IA divestment "Divestment has to be transparent and a proper procedure has to be followed. The government approach will be to move fast," Aviation Secretary Ravindra Gupta said. • BSE, NSE and Forex:Samvat 2055 ends on a bullish note: Sensex up 112 points to 4598; Nifty up 28 points to 1365; rupee down one paisa to 43.42 to US $ November 5, 1999 Cabinet okays tabling of landmark IT Bill The bill seeks to ensure that information is not denied legal effect, validity or enforceability solely on the ground that it is in the form of electronic records. This has implications for the spread of the Internet and e-commerce in India. How to harmonise technology, consumerism and environment "The roles of the state and the market are pretty distinct and any usurpation of roles between the two, or subordination of one to the other, can lead to disaster. Neither will wither away, nor should be made to wither away," says P V Narasimha Rao. Bimal Jalan missed the opportunity to stimulate business sentiment "The core sectors of steel and cement are turning around and it is important at this stage to give a boost to investment, which is driven by business sentiment. Bank rate change was a weapon to stimulate that sentiment," says R C Murthy. Commonsense Is A Money-saver If you want to become richer, don't put cold food on the gas, use tubelights instead of incandescent lamps, get a three-minute timer installed on your phone, join a car pool, buy groceries at a cooperative society and go in for seasonal vegetables at a wholesale market. GAIL’s GDR price set at $9.67 The state-run Gas Authority of India Ltd will issue 22.5 million global depository receipts. Indian mythology can sustain animation industry for ages, says expert "India has the technology but the hurdle is costs. There is a dire need to train the local talent in the art form and production workflow of animation," said Rob Coleman of Star Wars and The Mask fame. • BSE, NSE and Forex:Sensex up 30 points to 4486; Nifty up 11 points to 1334; rupee down two paise to 43.41 to US $ November 4, 1999 This Way To Globalisation P V Narasimha Rao outlines his vision for the New Millennium. Govt to divest stake in banks The government is planning a voluntary retirement scheme and amendments to a host of legislations to kick off the second tranche of financial reforms. New tourism policy likely to focus on Hindu holy sites Tourism Minister Uma Bharti reportedly asked her officials: "If the Vatican can be a leading tourist centre of the world, why not our own pilgrimage sites?" SC admits appeal against discharge of Ashwin Mehta from securities scam The appeal was made by the CBI against an order of the special court in Bombay. Ashwin Mehta is a brother of erstwhile 'Big Bull' Harshad Mehta. Project proposals entailing Rs 15.4 bn FDI cleared The Foreign Investment Promotion Board has okayed automobile projects of Fiat India, Skoda and Toyota Kirloskar. US industry eyeing AP for ventures, says Celeste A US business delegation is currently touring AP to explore avenues for investment and collaboration in power, goods manufacture, software technologies, knowledge-based industries, telecommunications and infrastructure. Baron chief gets bail in 'threat-to-detective' case Private detective Vishwanath Dagdhu Khetan complained to Bombay Police that Kabir Mulchandani had threatened him with 'dire consequences'. Social security measure a must before second generation reforms, exhort experts The pension systems in the government sector and under provident funds constitute a financial time-bomb for India, an international conference underlined. • BSE, NSE and Forex: Sensex down 36 points to 4456; Nifty down 11 points to 1323; rupee down one paisa to 43.39 to US $ November 3, 1999 Desi Versus Videshi Domestic financial institutions turn buyers, try to neutralise the effect of huge selling by foreign institutional investors on the stockmarkets. Kerala travel firms to 'pepper' schemes with 'black is beautiful' tours The 'Pepper Treats' will be topped off by visits to coffee plantations, spice highlands, ayurvedic centres, historic forts besides cultural and folk art performances. It takes laymen to make money on stockmarkets Indian stockmarkets are different: sometimes, simple methods of reading the market swings are more effective than expert strategies, says Devangshu Datta. Chinese public sector company to set up power plant in Andhra Pradesh Zhejiang Machinery and Equipment Import Export Corporation offered a project cost of Rs 12.30 billion. The per megawatt cost works out to Rs 29.3 million. • BSE, NSE and Forex: Sensex recovers 221 points to 4492; Nifty moves up to 1334; rupee steady at 43.40 to US $ November 1-2, 1999 Govt mulls in-principle clearance for private insurance companies The approval will enable eligible promoters to begin locating property and setting up offices, recruiting employees, preparing their campaigns and literature as also putting in place their distribution networks. Sun Life Assurance waiting to invest $ 50 million in insurance ''We hope to start in India from the fourth quarter of 2000. Some of the quality staff could be taken from the LIC and GIC. But we do not intend to build our business around that model.,'' a company official said. SC admits Harshad's appeal against jail sentence in Maruti case The apex court bench has ordered expeditious hearing of the appeal. Invest in villages, else liberalisation process will be thrown into disarray, says Rao When liberalisation was conceived, it was meant as a means to transform the society -- purely as a socio-political process, not merely as a business policy or ploy, the former prime minister said, delivering the JRD Tata Memorial Lecture. 'Product costs in India could have been 50% less but for an efficient transport system' "What you find in India is national distribution that is more tax-driven than cost-driven or service-driven. As long as the tax differences between the states continue, this won't change," says Joachim Miebach, founder-chairman, Miebach Logistics of Germany. US delinks India's labour policy from WTO agenda ''The proposed WTO working group on labour only wants to ensure that working people the world over receive fruits of opening up of international trade,'' Susan Esserman, deputy US trade representative, told FICCI. South Asia's biggest animation event begins in Kerala World renowned professionals of the animation industry will guide the young aspirants to the areas of animation and business potential which are yet to be exploited in India. • BSE, NSE and Forex: Sensex crashes 174 points to 4271; Nifty plunges to 1270; rupee weakens to 43.40 to US $
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