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Business News
10 lakh bank employees go on strike NEW DELHI: Nearly 10 lakh workers of central trade unions, banks and insurance companies went on a day-long nationwide strike on Tuesday in protest against what they called the Government's "anti-labour" policies. The strike followed the Union Cabinet's approval of changes in a 55-year-old labour law. It will now be introduced in the ongoing budget session of Parliament. -ANI Tourism a vehicle for spreading goodwill: PM NEW DELHI: Goodwill and understanding among various religious and ethnic communities in the new century can be promoted through tourism, Prime Minister Atal Behari Vajpayee said on Monday while addressing the delegates at the annual conference of Pacific Asia Travel Association (PATA) here. "We firmly believe that promotion of peace, friendship, goodwill and understanding among nations and among different religious and ethnic communities has to be the overriding objective of tourism in the new century," Vajpayee said. This observation has come at a time when foreign tourist arrivals to India in March declined by 9.4 per cent following the worst religious violence in a decade in Gujarat. Government data showed that arrivals dropped to 225,558 in March from 248,965 a year earlier and compared with 227,529 in February. The slide in tourism hit foreign exchange earnings in January- March, which fell by 14.3 per cent to 774.09 million dollars compared with the first quarter of last year. India
Overseas Premji the Richest Indian NEW DELHI: Software magnate Azim Premji is the only Indian figuring in the list of first 50 richest people in the world for 2002. Premji who has a fortune worth 4.5 billion pounds is the 49th richest in the list, according to Sunday Times, London. Robson Walton of the US, with a fortune worth 73 billion pounds, is the topper. Bill Gates of Microsoft, with 37.5 billion pounds, is the second richest. India
Overseas Highway to Connect India, Myanmar, Thailand soon BANGKOK: India along with Myanmar and Thailand agreed on Saturday to complete a highway connecting Manipur with Thailand through Myanmar within two years. The decision was taken to boost trade and tourism across the three countries. According to an official statement, foreign ministers of the three countries met in Yangon on Saturday and agreed to complete the highway from Moreh in Manipur to Mae Sot town in Thailand through Bagan in Myanmar. The statement said that the 1,600-km-long road link would help promote trade, investment and tourism to a great extent. -ANI Maruti offers 4-year warranty MUMBAI: In a bid to boost its sales, Maruti Udyog Limited has announced a warranty for its popular Maruti-800 model up to four years, but for a little more cost. One will have to pay Rs 1495 in order to get warranty up to third year and Rs 2995 for the fourth year, the company said in a statement. Under the first option, customers can extend the warranty for an additional year or 20,000 km from the point the basic warranty expires, while under the latter, the warranty can be extended for two years or 40,000 km. At present all Maruti models come with a two-year, 40,000-km warranty. Maruti, a 50:50 joint venture between Indian Government and Japanese Suzuki Motors, recorded a net loss of Rs 269.4 cr in the year ended March 31, 2001, though it continues to dominate the entry-level category and holds 60 per cent of the overall market. -ANI Curbs on exports lifted
NEW DELHI: The Government has lifted all quantitative restrictions on exports. There will not be any ceiling on volume or value of exports and goods can be sent in any packaging which can be sold even in any retail markets. There will be special incentives for units in the 14 Special Economic Zones (SEZ): Domestic banks will set up overseas banking units to operate like foreign branches in the SEZs to provide cheap loan to exporters. High interest rates in India is a setback to exporters in the global market where debts on products are serviced economically.
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