BUSINESS
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IFFCO sings MoU with Fonterra on dairy farm in India‘Synergy of two large Co-operatives and Dairy experts will position India as a Quality Milk Producer’By Deepak Arora
Fonterra CEO Andrew Ferrier, IFFCO Joint Managing Director Rakesh Kapur, and Global Dairy Health (GDH) Director Paresh Chaudhry signed the agreement here on Friday. After signing the agreement Mr Rakesh Kapur, Joint Managing Director, IFFCO said “We are delighted to partner with a reputable dairy leader like Fonterra. The synergy of two large co-operatives and dairy experts will help position India as a quality milk producer.” Mr Ferrier said the approach was similar to that taken by Fonterra in China. Fonterra established a pilot farm for 3,000 cows in Tangshan in 2007. “India is a vibrant and growing market and we are excited by the potential opportunities there. We are delighted to be working with IFFCO, the world’s largest farmer fertiliser co-operative with a membership of 50 million farmers and GDH which is highly respected in India.” Mr Chaudhry said “GDH was excited by the move which complemented GDH’s vision to establish state of the art integrated dairy farms. The consortium will help to bridge the vast production gap of high quality, safe milk that will provide high protein diet to the young and growing India". IFFCO is a Multi-State Co-operative Society with more than 39,500 farmers’ co-operatives and over 50 million farmers as members. IFFCO is the world’s largest fertiliser manufacturer in the co-operative sector. IFFCO has diversified into other sectors such as non-life insurance, power generation, distribution of rural mobile telephony services with a number of joint ventures. IFFCO is setting up a Special Economic Zone (SEZ) at AP, India and is looking to develop a state of the art integrated dairy farm within that SEZ. The farmer-owned New Zealand co-operative is the largest processor of milk in the world, producing more than two million tonnes of dairy ingredients, value added dairy ingredients, specialty ingredients and consumer products every year. Drawing on generations of dairy expertise, Fonterra is one of the largest investors in dairy based research and innovation in the world. Our 16,000 staff work across the dairy spectrum from advising farmers on sustainable farming and milk production, to ensuring we live up to exacting quality standards and delivering every day on our customer promise in more than 100 markets around the world. GDH is an organisation established by globally renowned individuals with proven credentials and expertise in the food and agribusiness domain to develop a global franchise of large scale state of the art integrated dairy farms for bridging the production gap of high quality and safe milk especially in the milk and protein deficit regions of Asia and Africa. India Economic Summit Addresses India’s Implementation ImperativeBy Deepak Arora
“This year’s India Economic Summit showcases the remarkable resilience of the Indian economy, the immense opportunity it offers to the rest of the world, and the implementation priorities ahead as it transitions to the next phase of the inclusive growth process,” said Chandrajit Banerjee, Director-General, Confederation of Indian Industry (CII), India. It will focus on how domestic and international decision-makers from business, government and civil society can implement national policies across states in both rural and urban areas to accelerate economic development, remove barriers to growth and increase social inclusion. In this context, India’s imperatives include building critical infrastructure, expanding skills development, addressing security threats and achieving income and gender equality. “In this regard, the theme of this year’s Summit, ‘Implementing India’, reflects our objective to highlight the concrete actions which must be executed across India’s rural and urban areas to sustain progress over the long term.” IFFCO Sanchar Haat steals Obama heartBy Deepak Arora
It was indeed a matter of pride for IFFCO in particular and entire cooperative world of the country in general that IFFCO Kisan Sanchar Haat (stall) impressed Obama to no end. He understood how cooperative like IFFCO is fuelling farm revolution in India. Obama said ‘It is a great idea. Do it across the world. Great work. Keep it up.”
President Obama visited the IFFCO Kisan Sanchar stall while taking a tour of the Agriculture and Food Security Expo at St. Xavier’s college. He was impressed with Indian innovations in the agriculture sector and asked the entrepreneurs to take their “remarkable” work around the world. He also displayed a keen interest in the products on display at the expo. At the IFFCO Kisan Sanchar stall he enquired how low-cost services are being extended to Indian farmers through mobile phones. When a company official explained to him the cost effectiveness of the handset, Obama said “it is a great idea. Do it across the world. Great work. Keep it up.”
Dr Awasthi further said that IFFCO Kisan Sanchar Limited (IKSL) was started in 2007 in partnership with Airtel and Star Global for empowerment of people living in rural India. It provides pertinent information and services through affordable mobile communications. It has led to improved decision making ability of farmers, he added.
It is also careful that this service does not add economic strain on the farmers. This is a unique service, which has no parallel in the world. IKSL soon began to have impact not only in India but also abroad. Recently IKSL was invited to participate in the consultative meeting of United Nations Global Alliance Development Goals (UNGAID) as part of efforts to achieve Millennium Development Goals. Canara Bank Q2 net up 10.7% on interest income growth
Last, year, the bank's net profit during the corresponding quarter was Rs 910.52 crore. The net interest income for the reporting quarter grew to Rs 2,003.3 crore (Rs 1,313.67 crore). “We had a good securities profit last year, and in a similar interest rate scenario, our profits would have been much more this year. Our growth in net profits this year has been aided by a robust net interest income growth,” said Mr S. Raman, Chairman and Managing Director, Canara Bank, while announcing the quarterly results. Other income fell to Rs 499.62 crore (Rs 892.94 crore), mainly due to a negligible treasury gains this year compared with the same period last year. A 75 basis points reduction in cost of deposits to 5.69 per cent led to an increase in net interest margin (NIM) at 3.16 per cent, despite a dip in yield on advances to 9.61 per cent (10.02 per cent). The cost of deposits has reduced because of a significant reduction in high-cost deposits, he said, adding that the bank would not have bulk deposits by March 2011. “We hope to grow our NIM to 3.2 per cent by the end of this fiscal, and hope to increase it to 3.5 per cent level in the next three years,” said Mr Raman. The bank recorded a 23 per cent growth in Current Account Savings Account (CASA) and its CASA ratio now stands at 30.1 per cent. “Our intention is to take our CASA ratio to 35 per cent in the next three years, and we will definitely reach 31-32 per cent level by the end of this fiscal,” he added. Gross NPAs stood at 1.49 per cent (1.6 per cent), while net NPAs also improved to 1.06 per cent (1.16 per cent). “Our NPA levels have improved and we hope to maintain our asset quality at a good level,” he said. The bank's provision coverage ratio stood at 77.06 per cent. The bank is adequately capitalised at 13.88 per cent, and has adequate headroom for capital augmentation in the future since the government holding is at 73.17 per cent, he pointed out. Canara Bank open to acquiring small bank in US
Mr S. Raman, Chairman and Managing Director, Canara Bank, has said that to expand in the international market, it would look at acquiring a small bank in the US essentially to have a foot hold. However, he clarified that there are no immediate plans to take over a US bank. It will have to work on two criteria for a takeover to happen — first, the acquisition cost and second, how the acquisition would supplement the strengths of the bank. Although the bank has had limited overseas presence, it has been able to garner non-resident Indian deposits. The bank has two branches in the UK and one branch each in Hong Kong and Shanghai. “We can expand our balance sheet given the networth we have in these two branches which have not yet been realised to the full potential,” he said. “The Shanghai branch would soon be able to lend in local currency,” he added. “The bank is in the final stages of deciding to expand its presence to include Bahrain, Sharajah and Qatar. Setting up branches in African countries like Nigeria and Kenya, apart from South Africa and Sri Lanka, are still in the embryonic stage,” he said. Mega Container Terminal proposal gets clearanceNEW DELHI, Oct 12: The Cabinet Committee on Infrastructure on Tuesday approved the proposal for construction of a Mega Container Terminal at Chennai Port involving an investment of Rs. 3,686 crore, said Union Minister of Shipping, G.K. Vasan. The new terminal will change the face of the port. The earlier proposal of ‘dirty' cargo (coal and minerals) being shifted to the Ennore port will be taken up again. With the proposal to begin construction of the elevated highway in process now – connecting the port, touching all National Highways and terminating on the outskirts of the city – cargo vehicles will have unhindered access to the port round-the-clock. Both the elevated highway and the new container port would be completed around the same time. According to Mr. Vasan the project would be developed under the Public Private Partnership mode and implemented on the Design, Build, Finance, Operate and Transfer basis. The investment by the concessionaire would be Rs.3,125 crore and Chennai Port would invest Rs.561 crore. The Mega Container Terminal would have the capacity to handle 4 million TEUs per annum. There has been sharp growth in container volume at Chennai Port in the recent years. At present, there are two container terminals with a capacity of 2 million TEUs. The terminal will be able to handle ultra large container vessels and deep draft vessels. It will enable Chennai Port to compete with international ports and reduce the need for trans-shipment from Singapore and Colombo. It will boost import and export from the region. The first phase of the project will be completed by 2013 and the project will be completed by 2017. GAIL goes full steam on Dabhol–Bangalore Pipeline
Canara Bank pays highest-ever dividend Of Rs 300 Crore to Indian GovtBy Deepak Arora
Government of India is the major shareholder of the Bank, with a share of 73.17 per cent. Enhancing value for shareholders has been one of the key focus for Canara Bank since it went public during November 2002. For the concluded financial 2009-10, the Bank crossed the milestone of 3000 crore net profit to reach 3021 crore. The Bank has declared a dividend of 100 per cent, the highest since it went public, compared to 80 per cent dividend declared for the preceding financial. Net4 launches Virtual Private ServerNEW DELHI, Oct 6: Net4, India’s largest web hosting company, has launched Virtual Private Server (VPS) hosting solution which will provide businesses greater control and allow them to maximize application performance while enhancing security and reducing total cost of ownership (TCO). VPS hosting customers will have broader options, more control, better server performance and even greater security with Net4. Each VPS is private and secure that operates akin to a dedicated and independent server. On the launch of Virtual Private Server (VPS), Mr Jasjit Sawhney, Chairman Managing Director comments, “Virtual Private Server (VPS) is a hosting environment that provides unique private server a virtual environment. At Net4, our solutions enable customers to control their virtualised servers, enjoy high levels of performance while sharing the expense of hardware components (storage, processor & RAM) and multi redundant network connects. With its committed server resources, Net4’s VPS solution offers each virtual platform the power of a dedicated server.” Small and medium sized businesses and large enterprises interested in powerful, reliable, and flexible VPS solutions, are encouraged to Contact Net4 VPS experts for free technical consultation, to overcome technological barriers for long term scalable solutions. “VPS is ideal for businesses that are looking to expand with no worry on infrastructural upgrades and investments. This lets the business grow beyond the limitations of mediocre web/application hosting solutions and benefit from near infinite scalability of computing and network resources, added Mr. Sawhney.” Net4 is a leading IP Communication solutions & services provider company. It is a BSE-listed business enterprise with revenues to the tune of Rs.195 Crores (2009-2010). It focuses on providing services to businesses (small, medium and large) and its offerings include Internet Bandwidth Services, Data Centre Solutions, VoIP Solutions, and Enterprise Messaging & Hosting Solutions. It has a PAN India presence with offices in 11 major business cities and an ever-growing clientele. It is amongst the largest provider of hosted email, web hosting and domain name registration in the Asia-Pacific region. Net4 also operates its own VoIP/ SIP infrastructure with a capacity of 30 million minutes per month hosted out of India, US and Singapore. It has the distinction of being the first IP Communication Company in the World to be IS0 27001 certified, for Information Security standards adopted at its Data Centres. It is also ISO 9001:2000 certified, a Microsoft Gold Partner and an ICANN and .IN accredited Domain Name Registrar. Strontium SMS Star Contest WinnersNEW DELHI, Oct 1: Strontium held the first phase draw for the winners of Strontium SMS Star Contest today. The number of entries submitted in the first month of the contest has been overwhelming and the management hopes that the lucky draw contest will get even better response in the next few months. In the Draw held today in the presence of esteemed journalist community, Strontium gave away 1 Hero Honda CBZ, 1 Sony LCD, 1 Apple MacBook, 3 Apple IPods Nano, 5 Apple IPods Shuffle, 10 Micromax phones, 10 Ray Ban Aviator Sunglasses, 20Fastrack watches and 30 Strontium laptop bag packs. Hero Honda CBZ went to Jitendra Saran from Makrana, Rajasthan,while Mac Book went to Venugopal from Palakkad, Kerala and Yogesh Barua from Indore, MP won the Sony LCD. All winners have been already informed by phone. On this occasion, Mr. Ajay Kogta, Country Manager, India Sub-continent, Strontium Technology, said, “We would like to congratulate the winners of the first phase of Strontium SMS Star Contest. The campaign is still on and customers who buy Strontium USB drives have chance to enter the second phase of the lucky draw. Due to overwhelming response, the contest has been extended to 14th January 2011. The second draw will be held on 24th January 2011. And we have added more gifts like Sony Play Station & Digital Cameras to the pool of prizes to be won in the second phase.” Strontium SMS Star Contest Details: In order to participate in the contest, the customers who want to purchase Strontium USB Flash Drive have to look out for packaging with contest sticker. Inside this packaging there is a serial number which needs to be SMS to 56677 in this format <Strontium><Serial Number><Name><Mobile>. An acknowledgement message will be sent to confirm entry into the lucky draw. The second Draw date is 24th January 2011 and winners will be notified through phone. The prizes to be won: Chevrolet Beat car; Hero Honda CBZ X-treme motorcycles; Apple 13-inch MacBooks; Apple iPhones; Sony Bravia LCD TVs; Nano 16GB Apple iPods; Shuffle 4GB Apple iPods; Protectionism will kill growth and innovation: Anand Sharma
'Protectionism kills growth and innovation. In order to ensure that we continue our high growth trajectories, we have to be strong to resist domestic calls and pressures to increase barriers to trade,' Sharma said during his meeting with US Trade Representative Ron Kirk in Washington. Sharma also stressed on the need for a totalisation agreement between India and the US that will go a long way towards supporting growth in the services sector, according to a statement released here Wednesday. The executive order of Ohio state governor that imposes restrictions on outsourcing and the Border Security legislation that directly impacts Indian software companies and increases their costs by millions of dollars were raised by the minister, the statement said. A series of protectionist measures announced by the US recently, is likely to negatively affect the business of Indian outsourcing companies. Increase in visa fee is estimated to put an additional burden of $250 million annually on the Indian IT firms. The US government has increased visa fee by $2,000 for certain H-1B and $2,250 for L-1A and L-1B. In yet another protectionist approach, a US state of Ohia recently banned offshore outsourcing by government departments. Sharma, who is on a four-day visit to the United States, held a closed-door meeting with US Trade Representative Ron Kirk Tuesday. Sharma, who also co-chaired a meeting of Private Sector Advisory Group, highlighted the role of small and medium-size companies in maximizing trade and investment flows. 'Through cooperative engagement in this area, we will be able to provide sustained employment, higher incomes, and other critical economic benefits,' he said. Sensex scales 20K peak after 32 months; FIIs fuel rallyMUMBAI, Sept 21: Benchmark Sensex on Tuesday zoomed past the 20,000-point level after a gap of over 32 months on sustained capital inflows. The 30-share raced past psychological level within minutes of opening of trade and touched the day's high of 20,088.96. However, profit-booking emerged and the index pared some of the gains before closing 95.45 points higher at 20,001.55. The last of Sensex had traded at this level was on on 15th January, 2008. In 30-BSE index components, 14 stocks gained while 16 ended in the negative zone. Similarly, the broad-based National Stock Exchange index Nifty settled at 6,009.05 by gaining 28.60. It touched the session's highest level of 6,032.80 points. A firming trend in Asian bourses in line with overnight gains on the US markets and a higher opening in Europe Tuesday afternoon further bolstered the market sentiment. Global investors have poured an unprecedented 24 billion dollar this year in Indian stocks and bonds, highest in the last eight years. The capital inflow picked up after reports the Indian gross domestic product expanded 8.8 percent last quarter from a year earlier, steepest among major economies. The Sensex has climbed 14 per cent this year, making India the best performer among the worlds 10 largest stock markets by value. The current upsurge was powered by a steepest rise in information technology sector. Closely watching equity markets, no signs of overheating: Pranab As the benchmark sensex crossed 20,000 points for the first time in 32 months, the Finance Ministry on Tuesday said investors are confident about the economy but the government is keeping a close eye on the situation. The ministry also said that overwhelming capital inflows at this point of time is not a concern and there are no signs of overheating. "We all know that the sensex is always a little bit unpredictable. (But) I am happy that for the first time after January 2008, it has crossed 20,000 (points)," Finance Minister Pranab Mukherjee told reporters in New Delhi. Finance Secretary Ashok Chawla said sensex crossing the 20,000 points mark reflects the confidence of investors. He, however, added in the same breath that the government and market regulator Sebi are keeping a close tab. Foreign Institutional Investors (FIIs) have made net investments of USD 3.46 billion so far this month in equities alone. Surge in foreign capital inflow leads to appreciation of rupee value, which hurts exports. Besides, foreign money in equity market is considered hot and is volatile in nature. Raman is new CMD of Canara BankBy Deepak Arora
Mr Arun Kaul took over as the Chairman and Managing Director of the UCO Bank. Central Bank of India Executive Director Mr Ramnath Pradeep assumed office as the new CMD of Mangalore-based Corporation Bank. Executive Director Mr R. Ramachandran of Syndicate Bank has assumed charge as CMD of Hyderabad-based Andhra Bank. Mr Raman has worked as Executive Director of Union Bank. He has also worked in both Indian and overseas operations of the Bank of India. Mr Raman joined Bank of India in 1974. He also had two stints overseas when he was serving Bank of India - at Jersey (UK) from 1983 to 1987 and as Chief Executive of Bank of India's US Operations from June 2005 to October 2008. He was elevated as Executive Director of Union Bank of India in October 2008 where he oversaw treasury, corporate credit and transaction banking, among others. A Post Graduate in Economics, Raman holds a Diploma in Business Management and a Senior Diploma in German Language, besides CAIIB from the Indian Institute of Bankers and ACIB from the Chartered Institute of Bankers, London. As per the notification issued on Wednesday, the government has promoted eight executive directors as CMDs of public sector banks. In the case of four others – Bank of Maharashtra, Indian Overseas Bank, Oriental Bank of Commerce and Vijaya Bank – the CMDs will take over from the incumbents following their retirements over the next four months. The others who are due to take over as chiefs include A S Bhattacharya, who will move to Bank of Maharashtra as CMD, M Narendra (to Indian Overseas Bank), Nagesh Pydah (Oriental Bank of Commerce) and H S U Kamath (Vijaya Bank). While the term of the new CMD of Canara Bank comes to an end in September, 2012, the UCO Bank chief UCO Bank chief Arun Kaul will retire after five years. The new chief of Corporation Bank Ramnath Pradeep had earlier worked as executive director of Central Bank of India. He has also held various positions in other public sector undertakings such as Dena Bank and ONGC and State Bank of India. Out of the 12 executive directors announced today, five will fill vacancies with immediate effect, while the remaining will be promoted as and when posts are vacant. Among them, A. K. Bansal, General Manager of Union Bank of India, has been promoted as Executive Director of Indian Overseas Bank. He is a post graduate in agriculture from GB Pant Agriculture University and recipient of ICAR Junior Research Scholarship, said a statement issued by the bank. N Sheshadri moves from Canara Bank to Bank of India as Executive Director; R K Dubey from Punjab National Bank to Central Bank of India; Mr Ravi Chatterjee from UCO Bank to Syndicate Bank; Archana Bhargava from Punjab National Bank to Canara Bank; Rakesh Sethi from Andhra Bank to Punjab National Bank; SS Mundra from Bank of Baroda to Union Bank of India; V R Iyer from Union Bank of India to Central Bank of India; Rajiv Rishi from Oriental Bank of Commerce to Indian Bank; V Kannan from Bank of Maharashtra to Oriental Bank of Commerce; Ashwani Kumar from Allahabad Bank to Corporation Bank; and N R Badrinarayanan from Bank of Baroda to UCO Bank. The list, however, does not include the Punjab & Sind Bank chairman and managing director, who has been selected through a separate selection process because the candidate was expected to be a Sikh. This, despite the fact that Finance Minister Pranab Mukherjee had asked his officials to ensure that jobs in state-owned banks and financial institutions be filled immediately after an incumbent moved to another assignment or superannuated. Iffco’s Soil Rejuvenation Campaign Helps Farmers Increase Crop ProductivityBy Deepak Arora
Keeping in mind the food security for over 1 billion Indians in the years to come, Dr U S Awasthi, IFFCO’s Managing Director, has taken yet another ‘farmer-people’ centric initiative and launched Bhommi Bachao Abhiyan (Save the Soil Campaign) to avoid any future food crisis in the country. The visionary, Dr Awasthi, has interacted with all the Zonal, State and Area Officers of IFFCO and a road map has been drawn to quickly educate farmers and opinion leaders to spread the message of Bhommi Bachao Abhiyan through out India. It may be mentioned that over the years the crop productivity has reached its plateau despite increase in nutrient usage. This is mainly due to the fact that there is an imbalance between nutrients addition versus removal, latter on higher side, resulting in widespread multi-nutrient deficiency. This trend needs to be checked on priority for ensuring food security for 1 billion people on sustainable basis. IFFCO’s “Save the Soil Campaign” aims to make farmers aware of the various deficiencies of nutrients in their soil and the need to apply adequate nutrients. The farmers own cooperative, IFFCO’s efforts are directed to supplement Nutrient Based Subsidy Scheme -- the current new Fertiliser Subsidy Policy introduced by the Indian Government, which aims to rejuvenate soil for sustainable crop production and improving soil health. A study on nutrient mapping has been initiated by IFFCO with thrust on to educate and empower the farmers and also cooperatives towards integrated and balanced use of fertilisers. Demonstrations carried out on Farmers’ fields have proved that integration of various sources of nutrients increases crop productivity and also improves soil health. IFFCO has initiated a project on Soil health and Rejuvenation in Bighapur Block of Unnao District in Uttar Pradesh during 2009-10. The project is being implemented in 122 villages with thrust on integrated approach viz. soil testing, green manuring, On Farm preparation of organic manure and introduction of crop varieties/hybrids, crop Diversification, inter-cropping and water resource development. Results of this project are encouraging as crop productivity of the area has gone up by about 20 to 24 per cent and farmers are getting benefits through various interventions.
IFFCO holds 52 per cent equity stake in the project. The zero date of the project April 14 and the project activities have already started for its implementation. Dr. Awasthi further added that IFFCO’s Kisan SEZ at Nellore, Andhra Pradesh is also progressing well. IFFCO is inter-alia setting up a dairy project in Nellore jointly with an overseas partner with facility for Milk production to meet the growing demand of milk and milk products in India. The bacterial contamination in Indian milk is too high. Therefore, IFFCO’s aim is to produce good quality bacteria free milk as per international standards with extended shelf-life. The project envisages initially about 6,000 high-breed cattle stock with a high capacity of milk on per day basis. The plan is to sell its dairy products in domestic and foreign markets. Today, IFFCO is world's leading processed fertilizer marketing entity in cooperative sector with a turnover of Rs.16,800 crores in year 2009-10. It’s a cooperative society, which is wholly owned by its member societies with a vast marketing network of 40,000 cooperative societies reaching more than 5.5 crore farmers in India. IFFCO broke all its previous records in 2009-10 by producing 82 lakh MT of fertilizers from its five production units in India which comprised of 43 lakh MT Urea and 39 lakh MT NP/NPK/DAP respectively. IFFCO sold 118 lakh MT fertilizers in India in 2009-10. For the ninth successive year IFFCO paid dividend to its member shareholders at 20 per cent of share value. In India, IFFCO Power-ICPL, IFFCO Kisan SEZ, IFFCO Sanchar –IKSL, IFFCO Insurance-IFFCO-Tokio, Rural Development-CORDET, Forest Development-IFFDC, Community Service-Kisan Seva Trust, IFFCO Foundation, IPL – Potash. At global business level, it’s having successful MoU’s with Phoschem-USA, PhosAgro-Russia & Mosaic – USA for fertilizer supply. IFFCO is also emphasizing on Energy conservation and use of alternate energy resources and has implemented various projects in this area apart from sale of carbon credits to overseas agencies. Increased exemption limits under DTC to benefit 96 pc taxpayersNEW DELHI, Aug 30: The proposed increase in exemption limits in the Direct Taxes Code (DTC) Bill will benefit an overwhelming 96 per cent of taxpayers, who earn less than Rs 5 lakh a year. The DTC Bill, which proposes to exempt income up to Rs 2 lakh from payment of income tax, compared to the existing limit of Rs 1.6 lakh, was introduced by Finance Minister Pranab Mukherjee in the Lok Sabha today. "The objective of increasing the exemption level and providing little more relief at the low end has been targetted to get benefits across to the largest number of taxpayers," said Revenue Secretary Sunil Mitra. The government plans to roll out the new direct tax regime from April 1, 2012. Briefing newsmen after the Bill was tabled in Parliament, Mitra said around 96 per cent of India's taxpayers are in the earning bracket of Rs 1 lakh to Rs 5 lakh. "95.75 per cent, to be precise, of India's 3.25 crore tax payers are in the slab of Rs 1 lakh to Rs 5 lakh of income. They pay around 30 per cent of our total taxes. "The slab of Rs 8 lakh and above accounts for 2.2 per cent of our taxpayers, but they pay 60 per cent of the taxes, that leaves 10 per cent which is in the Rs 5 lakh to Rs 8 lakh," Mitra said. According to the Bill, annual income from Rs 2-5 lakh is likely to attract tax at the rate of 10 per cent, while the Rs 5-10 lakh bracket will be taxed at 20 per cent and above Rs 10 lakh at 30 per cent. At present, income between Rs 1.60 lakh and Rs 5 lakh attracts 10 per cent tax, while the rate is 20 per cent for the Rs 5-8 lakh bracket and 30 per cent for above Rs 8 lakh. People earning more than Rs 10 lakh a year may save up to Rs 41,040 in income tax, if the slabs proposed by the DTC Bill come into effect, experts said. Similarly, the tax burden would reduce by Rs 21,540 for those earning an annual income between Rs 5 lakh and Rs 10 lakh, while those making Rs 2 lakh to 5 lakh could be richer by Rs 7,660, Deloitte Haskins & Sells Partner Neeru Ahuja said. India sops to critical export sectorsNEW DELHI, Aug 23: Responding to the concerns of exporters and the sudden decline in exports last month, the UPA government on Monday announced sops worth Rs 1,052 crore to the labour-intensive textile, handicrafts and leather sectors to help them cruise through the fragile global economic recovery phase. “We are not yet out of the woods. We are confident of achieving the $200-billion export target for 2010-11,” Union Commerce and Industry Minister Anand Sharma said unveiling the annual supplement to the Foreign Trade Policy here. He also announced the extension of schemes such as the Duty Entitlement Pass Book (DEPB) scheme, under which taxes were reimbursed to exporters; interest subsidised; and incentives given for import of capital goods. Mr. Sharma said the incentives would have revenue implication of Rs.1,052 crore. However, he made it clear that the DEPB scheme was being extended till June 30, 2011 for the last time, “recognising the fragile recovery and the prevailing uncertainties in the global markets.” A number of products from sectors such as engineering, leather, textiles and jute have been added to the two per cent interest subvention scheme. Handloom, handicrafts, carpet and the SMEs (small and medium enterprises) have been getting this facility, which will now be available till March 31, 2011. Exports had touched $178.6 billion during the last fiscal amid global economic crisis. “We can now look back with a sense of satisfaction and claim with humility that the immediate objectives of the policy were realised. The decline in exports has been arrested. However, we must take note that the global recovery so far has been fragile and the economies around the world are still emerging out of the shadows of a grim recessionary period,” Mr. Sharma said. After declining for 13 months in a row since October 2008, exports have shown positive growth from November 2009. The government made it clear that the popular Duty Entitlement Pass Book (DEPB) scheme, which has been in vogue for over a decade, is being extended for the last time. "Recognising the fragile recovery and the prevailing uncertainties (in the global markets), I have been able to obtain extension of DEPB one last time for a further period of six months till June 30, 2011", Sharma said. Experts said drawing the curtains on the DEPB scheme was inevitable as it was considered incompatible with the global trade rules under WTO. However, Commerce Secretary Rahul Khullar indicated to reporters that the Ministry might formulate an alternative scheme. A number of additional products from sectors like engineering, leather, textiles and jute have also been added to the existing two percent interest subvention scheme. Handloom, handicrafts, carpet and the SMEs have been getting this facility, which will now be available till 31st March 2011. As regards the prospect of the current fiscal, the minister said: "We are on course to achieving export target (USD 200 billion) for 2010-11". Steps to reduce transaction cost of exports too were announced in the policy. At present, transaction costs are estimated at 7-8 percent of the exports value. India Inc and exporters body on Monday expressed satisfaction over the steps taken by the government in wake of the global demand slowdown and domestic resource constraints. "It is a forward looking policy," Federation of Indian Export Organisations (FIEO) President A Sakthivel said. Most chambers, including Ficci and CII, welcomed the policy supplement, amid promises that the transaction cost for exporters would be brought down by 40 percent. Sharma said the government was maintaining a close watch on the performance of the exim policy and the ministry has been holding discussions with industry and exporting community. "We can now look back with a sense of satisfaction and now claim with humility that the immediate objectives of the policy were realised," he said, adding the decline in exports have been arrested. After declining for 13 months in a row since October 2008, India's exports have shown positive growth from November 2009. The shipments rose by over 32 per during April-June this fiscal year-on-year but are still below the pre-crisis levels. "We must, however, take note that the (global) recovery so far has been fragile and the economies around the world are still emerging out of the shadows of a grim recessionary period," Sharma said. As per the IMF projection, the world economy is recovering at a varying speeds. There has been marginal improvement in some of the developed economies like US, UK, Germany and France. However, there is still nervousness in the markets about the fiscal situation and sovereign indebtedness in several high-income countries of Europe. In this setting, it is expected that the developed countries would aim at economic recovery through consolidation of and export led growth, the minister said. In order to give immediate relief, the annual policy review provided a two percent bonus incentive under Focus Product Scheme (FPS) to 135 items from sectors that are not still doing well. This would benefit labour intensive sectors such as handicrafts, handlooms, silk, carpets, leather, sports, toys and bicycles. To compensate for infrastructural bottlenecks, 256 more products from sectors like rubber and oil meals have been added under FPS. Besides, instant tea and CSNL cardinol would now also get the five percent duty benefit under the Vishesh Krishi and Gram Udyog Yojna (VKGUY). The two percent duty benefit to garment exporters under the Market Linked Focused Product Scheme for shipments to the 27-nation bloc European Union has been extended from October 2010 to March 2011. The policy also provided special flexibility for transferability of duty credit credit scrips issued to Status Holders (recognised exporters). Barmer (handicrafts), Bhiwandi (textiles) and Agra (leather goods) would now be 'Towns of Export Excellence'. The annual policy review was part of the Foreign Trade Policy (FTP) announced in August 2009. India invites Singapore investorsSINGAPORE, Aug 23:Singapore-based investors have a strategic role to play in the Mumbai-Delhi Industrial Corridor development, especially the city state's experience in providing urban solutions and skill development education, Indian High Commissioner T C A Raghavan said. "Singapore investors can focus on providing water treatment technologies, urban development solutions and skill manpower development," he said at the launch of a marketing forum on the 2011 Gujarat Global Investors Summit, called 'Vibrant Gujarat' in Singapore on Monday. The Delhi-Mumbai Industrial Corridor is a mega infrastructure project of around USD 90 billion, covering an overall length of 1,483 km between the National Capital and the business capital of India, Mumbai. Raghavan said the key to maintaining Indias double-digit growth over the next decade would be infrastructure development, which would include ports and airports. Infrastructure development, in various public and private partnership forms, was taking off in India compared with China where most of it has been completed, Raghavan said. "This would mean more investment opportunities in India," he added. Meanwhile, the Gujarat state started a series marketing meetings in Singapore on Monday to build up its summit delegate and corporation participation for the summit to be held 12th to 13th January 2011. A 10-member delegation led by Industries Commissioner of Gujarat government, B B Swain is in Singapore for a three-day marketing campaign. Swain said delegates and companies from Japan and Canada have confirmed their participation in the summit, which, for the first times, will also have participation from 12 other Indian states. The summit was being opened to participation from other Indian states to reflect the India-wide development programmes and projects, he said. Regulatory Authority for Multi-State Cooperatives on the cardBy Deepak Arora
Pati hoped that the proposed regulatory authority would be helpful in streamlining the role of multi-state cooperatives in nation building. IFFCO Foundation is a think tank Trust formed by the world's largest fertiliser cooperative - Indian Farmers Fertiliser Cooperative Limited popularly known as IFFCO.
He said that China had been successful in moving out people from Agriculture but for India such a drastic measure poses a big challenge. There has been lot of oppositiion in the country over land acquisition for development needs. Pati noted that in the view of increasing the income of the poor people, number of persons engaged in agriculture should be reduced and given alternative sources of livelihood. Former Union Deputy Minister for HRD and former chairman of IFFCO, D P Yadav called for constructive agitation by the people to press for their genuine demands like the need for a decent livelihood. "When there is a move to increase the salary of parliamentarians there should be corresponding measure to increase the income and livelihood of farmers particularly the small and marginal ones" he said. A small farmer is categorised as one having less than two hectare of land, while a marginal farmer is one who has less than one hectare land. Prof. Singh added that the bulk of agriculture production is produced by small and marginal farmers. Touching the daily life of over 600 million people comprising nearly 140 million farming families - agriculture continues to be the life thread of the nation. It accounts for about 18 percent of the national GDP, over 50 percent of the employment and over 70 per cent of the Indian rural work force. Thus, if agriculture fails, everything else will fail. The Managing Trustee of the IFFCO Foundation and Former Agriculture Secretary JNL Srivastava said that IFFCO has been conducting from time to time mobilisation of farmers for generating awareness and this conference was a step forward in this direction. Former Director General, ICAR and at present, President of National Academy of Agriculture Sciences, Dr. Mangala Rai, suggested measures like water use efficiency, introduction of new varieties of seeds resistant to biotic and abiotic stresses, balanced fertiliser use, use of fortified and liquid fertilisers, micro nutrients and organic matter for removing 17 types of deficiencies in the soil. He also suggested integrated farming system from production to consumption with storage of market facilities. He called for increasing the cropping intensity, diversification of crop, value addition and processing facilities in the villages. IFFCO bags National Award for Excellence in Cost ManagementNEW DELHI, Aug 16: Maintaining its coveted position and creditable performance, Indian Farmers Fertiliser Cooperative Limited (IFFCO) added another feather to its cap when the prestigious Institute of Cost and Works Accountants of India (ICWAI) bestowed National Award for “Excellence in Cost Management – 2009” (Third Prize) on IFFCO under the category I – Private Manufacturing Organisation - large. The Award instituted by ICWAI aims at promoting the Cost Management Practices and initiatives in India Inc. by recognizing leadership efforts of Cost Management Techniques and innovative practices. Minister of State for Corporate Affairs Salman Khurshid presented this Award. Due to prudent financial management, IFFCO in the year 2009 -10, earned foreign exchange to the tune of Rs.105 Crores and recorded a turnover of Rs.16,809 Crores with pre-tax profit at Rs.567.28 Crores. IFFCO has spread its wings across the shores through strategic joint ventures overseas for ensuring food security to the Nation. The Society had also been a recipient of ICAI Award for Excellence in Financial Reporting for IFFCO’s Annual Report for 2007-08 Kribhco body gets UN accreditationBy Deepak Arora NEW DELHI, Aug 16: After a strict evaluation process, the United Nations Convention to Combat Desertification (UNCCD) under the aegis of United Nations (UN) has enlisted Gramin Vikas Trust (GVT) as an accredited Observer - Civil Society Organization (CSO). Gramin Vikas Trust has been established by Krishak Bharati Cooperative Ltd. (KRIBHCO) as an independent legal entity, to undertake Rural Development Projects in Eastern and Western India. GVT has been working for the enhancement of sustainable Livelihood of the Tribal and Rural population of Rainfed Regions for mitigation of poverty through farming systems, participatory research, development and research, institution building and beneficiary participation over the past one decade. UNCCD accreditation gives recognition to GVT and KRIBHCO for its creditable work in the area of combating desertification at an International Forum. As an accredited Observer - CSO, Gramin Vikas Trust would play a key role at United Nations Conferences and an indispensable partner for UN efforts at the country level. CSOs are consulted on UN Policy and programme matters on desertification. National Livelihood Resources Institute (NLRI), Ratlam under GVT (Autonomous Body of KRIBHCO) has acquired ISO 9001:2008 Certification for Quality Management Systems through M/s. Moody International Ltd. in July, 2010. The Certificate is valid for three years subject to annual surveillance. The National Livelihood Resources Institute of Gramin Vikas Trust is a not-for-profit development Organization promoted by Krishak Bharati Cooperative Limited (KRIBHCO) to implement various rural livelihood enhancement projects in western part of India. The Institute has developed and implemented the Quality Management System (QMS) to strengthen the organization’s best practices, satisfy the requirements/expectations of stakeholders and improve the overall management of the Institute. The Quality Management System (QMS) of NLRI is designed to meet the requirement of the International Standard. This system addresses the training, teaching, short courses, consultancy, knowledge centre, lodging and boarding, housekeeping and maintenance. KRIBHCO is extending their solemn contribution in all respects in this endeavour. The Institute achieved the ISO Certification without any external support. The ISO Certification helps in enhancing the efficiency, turn over, high moral value, international recognition, better approach to decision making, best client orientation and relationship, consistency in quality etc. The ISO Certification provides USP to NLRI, as it is only the second not – for – profit Development Organization in the country acquiring ISO Certification. KRIBHCO presents dividend cheque of Rs 37.78 cr to AlagiriBy Deepak Arora
Present on the occasion were Union Minister of State for Chemicals & Fertilisers Srikant Jena, Secretary (Fertiliser) S. Krishnan, Joint Secretary (F&P) Deepak Singhal, Joint Secretary (P&P) S. L. Goel, Joint Secretary (A&M) Satish Chandra. Also present were other functional Director N. Sambasiva Rao and General Krishak Bharati Cooperative Limited (KRIBHCO) is a leading fertilizer, seed and bio- fertilizer producer in the Cooperative Sector consisting of 6546 member Cooperative Societies at village, state and national level as on 31.03.2010. The Society since its inception in 1986-87 has been consistently earning profit and paying dividend to its equity holders viz. member societies and Government of India. The Society declared a dividend at the rate of 20% for the year 2009-10 amounting to Rs.77.67 crore out of which Rs.37.78 crore is being paid to Government of India. Society produces one of the cheapest urea in the country, takes least subsidy from Government of India and has achieved consistently more than 100% capacity utilization despite being the oldest gas based plant in the country. KRIBHCO has also established many new records in various fields. 5-member panel to pick Tata’s successorMUMBAI, Aug 5: Ratan Tata appears serious about keeping his date with retirement. Tata Sons, the promoter of the $71 billion Tata Group, has formally set the ball rolling to find a successor to its present chairman, who will retire in December 2012, when he turns 75. A Tata Sons statement said its nine-member board has formed a selection committee comprising five members, including an external member, "to decide on a suitable successor". The committee would look at candidates both within the organisation and outside. It is expected that the final selection would be made in "adequate time to effect a smooth transition and change of leadership" before Tata hangs up his boots. The statement added that the panel is in the process of formulating criteria "for identifying the most suitable candidate taking into account the global nature and complexity of the group’s business." Group sources confirmed that R K Krishna Kumar, non-executive director of Tata Sons and a confidante of Tata, and Noshir Soonawala, group advisor, are on the panel. Significantly, Tata himself is not on the panel. The name of the external member could not be immediately ascertained. Some said that the outsider could be one with an international background — triggering speculation that it could be US-based management guru Ram Charan, corporate strategist and Planning Commission member Arun Maira or Amar Bose of the eponymous Bose Speakers. Interestingly, the development comes within days of Ratan’s half-brother Noel Tata being given an enhanced role in the group. Noel was elevated to vice-chairman of Trent — the group’s retail company which he has steered for 12 years as MD —- and anointed managing director of engineering-to-leather goods maker Tata International. His is a name that has stayed in steady circulation through the ebb and tide of speculation around India Inc’s most closely-followed succession. Noel’s candidature is seen to be fortified by the fact that he is also the son-in-law of Pallonji Mistry, the single largest shareholder (18%) in Tata Sons, the holding company for the group. Over the years, names such as Arun Sarin, formerly of Vodafone, Indra Nooyi of Pepsi, Keki Dadiseth of Unilever and Carlos Ghosn of Renault have figured in the sweepstakes. The one attribute they all have in common is their global experience. The setting up of a search committee for the chairman’s post — the first such in the group — is in line with Ratan Tata’s vision of transforming the group from a patriarchal concern to an institutional enterprise. Incidentally, it is Tata who was the driving force behind the group’s retirement policies. Till his showdowns with chieftains such as Russi Mody and Ajit Kerkar — who had run their companies like fiefdoms under J R D Tata —- the group had no stated retirement age for its top executives. "The group would require someone with experience and exposure to direct its growth amidst the challenges of the global economy," the statement said. The brief given to the panel is apt, given that the Tata group has expanded its global footprint dramatically via several overseas acquisitions, such as Corus for $13 bn, of Jaguar Land Rover for $2.3 bn and General Chemicals for $1 bn. Though Ratan Tata appears to be on course to relinquish his position as group chairman within two years, he could continue as chairman of Sir Dorabji Tata Trust and Sir Ratan Tata Trust -- the two charitable trusts that hold a major stake in Tata Sons -- a position his predecessor JRD Tata held till his death. If the committee selects a non-Parsi to lead the group, it would be a first in the 140-year history of the salt-to-steel-to-software conglomerate. The only non-Tata person to be chairman of the group was Nowroji Saklatvala in 1932. When Ratan Tata took over as the group’s fifth chairman in 1991, the group’s revenues were Rs 8,553 crore. This has since grown over 40-fold to Rs 3.46 lakh crore in 2008-09, with about 65% of its earnings coming from overseas. When JRD Tata named his successor in Ratan Tata, it took everyone by surprise. Legend has it that Nani Palkhivala was the frontrunner for the chairmanship, but the renowned jurist lost out as he was a strong critic of the government, which JRD Tata felt could go against the interests of the Tata group. Ratan Tata had earlier hinted that there were also contenders outside the group to succeed him. "Whoever it might be, I hope I can pick the right person who will surprise everybody," Tata was quoted as saying in an international media report. Apart from Ratan Tata and Krishna Kumar, other members on the board of Tata Sons include Farrokh K Kavarana, Jamshed J Irani, R Gopalakrishnan, Ishaat Hussain, Arunkumar Gandhi and Cyrus Pallonji Mistry, brother-in-law of Noel Tata. Iffco's world’s largest phosphoric acid Paradeep plant creates history; Crosses 100 per cent capacityBy Deepak Arora
It has produced 2700 MT Phosphoric Acid on Saturday, July 10, as against the installed capacity of 2650 MT/Day. The plant has a total capacity of 8.745 Lakh tonne/annum of Phosphoric acid. IFFCO Paradeep is now the country’s largest phosphatic fertilizer complex with world’s largest single stream phosphoric acid plant.
During last fiscal, despite raw material constraints IFFCO produced 4.62 lakh tonne of Phosphoric acid at its Paradeep unit. Dr Awasthi said "We have achieved significant improvement in capacity utilization, despite certain constraints, including original design deficiencies."
Dr Awasthi added that after acquisition of Paradeep unit in 2005 from Oswal Chemicals, IFFCO has maintained its pace for revamping of entire complex to make it yet another one of the efficient running units of IFFCO. Almost all plants have achieved 100 per cent capacity utilization and efforts are continuing to run the plant on sustained basis. This will enhance the production of Complex fertilizers in India which in return will be beneficial for Indian farmers. Paradeep is now not only the country’s largest phosphatgic fertilizer complex, but also world’s largest single stream phosphoric acid plant; and the largest sulphuric acid plant in India. India Rupee to have a distinct symbol
It will thereby retain its Indian character with an international flavor. The five-member panel on Thursday approved the new symbol, designed by IIT post-graduate D Uday Kumar. The rupee will join the elite club of US dollar, British pound-sterling, Euro and Japanese yen to have its own symbol. The symbol will be printed or embossed on currency notes or coins, Information and Broadcasting Minister, Ambika Soni told reporters after the Cabinet meeting. Kumar's entry was chosen from among 3,000 designs competing for the currency symbol. He will get an award of Rs 2.5 lakhs. She said the government will try that the symbol is adopted within six months in the country and globally within 18 to 24 months. The symbol will feature on computer keyboards and softwares so that it can be printed and displayed in electronic and print, she said. Soni said it would also help in distinguishing the India currency from rupee or rupiah of countries like Pakistan, Nepal, Sri Lanka and Indonesia. Iffco turns Paradeep Unit into Pride of IndiaBy Deepak Arora Pix By Noyanika Arora PARADEEP (Orissa): “Winners do not do different things. They do things differently.” This famous adage that holds true for Dr U S Awasthi, Managing Director, Indian Farmers Fertilizer Cooperative Ltd for taking IFFCO to newer heights each successive year.
Under this vision, Dr Awasthi and his team decided to buy out a sick unit at Paradeep from Oswals Chemicals and Fertilisers on October 1, 2005 for Rs 2,080 crore. Since then, IFFCO has spent Rs 1,500 crore to revamp the unit and resume production. It carried out a number of technical innovations that resulted in improved productivity.
The purpose of buying Paradeep unit was to strengthen Iffco’s presence in Eastern and Southern India. When Iffco took over the unit, it was in shutdown condition. The plant was in depleted condition. There were no roads or drainage system. The Iffco team immediately began taking simultaneous actions to improve and modify the Sulphuric Acid plant, Phosphoric acid plant, DAP and Bagging plant, Sulphur Storage shed, Molten Sulphur Storage tank, Air Suction Filter, Evaporator Section, Cooling Tower, Bagging Conveyor and Shed etc. It set up its own jetty for unloading imported raw material without delays.
Iffco also set up its own captive power generation and today it is not only self-reliant but also supplies power to the national grid. It has set up two 55 MW TG sets. It not only took steps to control pollution, but also took measures to improve the environment and health and safety of the staff and people around the area. The company has so taken initiative to have planted over 50 lakh trees in and around the 1,600 acre complex.
Paradeep is now the country’s largest phosphatgic fertilizer complex; world’s largest single stream phosphoric acid plant; and the largest sulphuric acid plant in India.
As part of its future plans, IFFCO's Paradeep Unit Executive Director M R Patel told visiting new persons that the world’s largest Cooperative proposes to invest Rs 500 crore over the next three years to modernise its diammonium phosphate (DAP) plant that would enhance production of DAP/NP fertilisers to 25 to30 lakh tonnes from the existing installed capacity of 19.2 lakh tonnes. “We have achieved significant improvement in capacity utilisation. But there are certain constraints, including original design deficiencies that need to be addressed, for which we envisage investments of Rs 500 crore in three years to retrofit the existing DAP plant with pipe reactor technology and increase the output by 30 per cent," added Patel. At present, the conventionally designed Paradeep unit, has three streams of DAP/NP fertilisers in operation.
“The unit's main problem is that it is a steel structure with asbestos sheets. This structure is not suited for the humid and saline environment here, as the moist air entering the building can come into contact with DAP, which is a hygroscopic (water-absorbing) material. The steel structure also causes high vibration in the rotary equipment,” he added.
Iffco proposes to put up a fourth DAP/NP stream built on more solid reinforced cement concrete structure. It will also employ the latest ‘dual pipe reactor technology,' as opposed to the present ‘pre-neutraliser reactor' process. “Our Kandla (Gujarat) plant is already using this technology supplied by Hindustan Dorr-Oliver. Once the fourth stream comes up, we can shut down and retrofit the other three one at a time. Through this, we will able to raise the production capacity to 30 lakh tones over the next three years,” he added.
"We are in talks with Hindustan Dorr Oliver for pipe reaction system, which will help meet the challenge of low cost of production, high production volumes and highest possible conversion efficiencies." The other advantage of the technology is that it lowers energy consumption by 20 to 25 per cent and results in lower emission of pollutants like ammonia, he added.
"We are planning to increase the railway siding for lifting DAP/NP fertilisers directly from the bagging unit. We are also checking the feasibility to build a water jetty on the Mahanadi river bank to ship gypsum via sea route," he said. Patel said “we also plan to fortify the fertilisers with zinc and boron under the new nutrient-based subsidy (NBS) scheme for phosphatic and potassic grades.
Sale of another waste product, Fluosilicic acid also started from July 2009. In 2009-10, it sold 1130.229 tonnes. Iffco, with a joint partner, is installing an Aluminium Fluoride Plant that will consume this waste product. Iffco’s Paradeep unit has won the FAI award for “Improvement in Overall Performance” for the year 2008-09 and “Best Technical Innovation” implemented in the field of Fertilizer Technology for the Year 2008-09 for “Modification of Scrubbing Section, Flash Cooler and Filtration System in Phosphoric Acid plant.” It has also bagged the “Best Importer” for the year 2008-09 and Second Best Importer for the year 2009-10 from Paradeep Port Trust. The company has also set up staff quarters, an Iffco Club and a guest house within the precint of the Paradeep complex. Soon after taking over the sick unit, Iffco initiated special measures for ensuring strict compliances of environmental standards and norms for creating safe and healthy working conditions for employees and for ensuring safety for all. The result of this endeavour was that the Paradeep unit received a consent order by Orissa Pollution Control Board for a period of five years which is not given to any other industry in Orissa. Iffco empowers Orissa women on the path of self-relianceBy Deepak Arora Pix By Noyanika Arora
We saw women working with their fingures on coir and thread and creating beautiful toys in the shapes of Dragons, Elephants, Turtles, Horses, Birds, Crocodiles, Kangaroos, Camels and Coconut Trees. We visited the village after a visit to the 800 years old Konark Sun Temple, the emblem of Orissa’s history and Kalinga art. The temple was built in the 13th century as a colossal chariot for the Sun god and represents the pinnacle of ancient Kalinga art. It was given World Heritage Site status by the Unesco in 1984.
The structure, resembling a colossal chariot with 12 pairs of wheels, lavishly sculpted with symbolic motifs and pulled by seven horses, was so designed as to let the first rays of the sun fall on the main entrance. The main temple, which some believe rose to a height of 225 feet, was in ruins by the early 17th century, and what is now left of it is the Jagamohan.
Under the Livelihood Development Programme, the women were trained to make coir toys in the year 2006. The 14 women of Maa Jegeswari Self Help Group were also given 2.5 quintal of coir and thread by IFFDC (Indian Farm Forestry Development Cooperative Ltd), promoted by Iffco, to commence their journey towards self-reliance. Today, these happy women earn profit of Rs 7,500 each. “Early this year, we all hired a mini-bus and went for a picnic for the first time in our lives,” said a proud member.
IFFDC’s initiative has not only raised the socio economic status of the women, but also of the family. “Our children now go to better schools and we will give them a brighter future thanks to Iffco,” said another member.
Since December 2005, IFFDC IFFCO has adopted 86 villages in 11 districts of Orissa and has helped 628 Self Help Groups to enhance the livelihood of the poor rural community. The 11 districts include Puri, Ganjam, Jagatsinghpur, Kendrapada, nayagrah, Rayagada, Boudh, Balangir, Kalahandi, Koraput and Nuapada. Our visit to Siula and Jagatsinghpur villages, we could see the implementation of the participatory planning process; institutional development such as development of Self Help Groups, support to literacy and construction of fertilizer godown; and Gender Social Development.
The villagers also told us how Iffco helped them in giving good vegetable seeds and giving timely fertilizer and training us in vermi composting.
At Sailo SCS Cooperative society in Jagatsighpur we saw IFFCO’s on-the-spot soil testing van and IFFCO field officers distributed the recommended soil health cards to various farmers.
Thanks to Iffco’s initiatives, as many as 8,000 self-help group members have started about 17 types of income generation activities such as sewing, embroidery, readymade garments, papad, pickle, jam and jelly making, poultry and goat rearing, pisciculture, vegetable cultivation, dairy farming, incense stick making, bags making, mushroom cultivation, decorative material, grocery shops, spice making etc that have earned them an income of over 562 lakhs. Iffco is also motivating and facilitating farmers to adopt improved technologies of crop production to obtain higher yield. The community has also been made aware of the scientific methodology of animal husbandry and animal breed improvement to more production from the existing cattle. IFFDC helped in organizing over 300 veterinary camps in which over 71,000 cattle were treated to maintain their health. During the year, over 2 crore forestry plants mainly acacia, subabool, bamboo, teakwood, eucalyptus etc; over 2 lakh horticulture plants of lemon, sapota, mango, banana, coconut, guava, cashew nut; and over 66,000 jatropha plants have been planted on the available land which benefited community members. To enhance irrigation facility and water use efficiency, communities have been supported to establish lift bore wells, farmers motivated to install irrigation pipes which saved the loss of irrigation water and also deepening and digging of ponds. Earlier, our day had begun with wonderful darshans of Lord Jagannath at Puri temple. The previous evening on our arrival at Puri, students from the village of Guru Kelucharan Mahapatra had presented a beautiful cultural programme. RIL to supply natural gas to ADAG plants when ready: MukeshMUMBAI, June 18: Reliance Industries Chairman Mukesh Ambani on Friday said his firm will supply natural gas to Anil Ambani Group’s power plants as and when they are ready to receive the gas. Addressing company shareholders, Ambani mentioned the Supreme Court judgment upholding the company’s stand that the government has a major say in pricing and allocation of gas produced from RIL’s eastern offshore KG-D6 fields and that the RIL would supply gas to Anil Ambani group in accordance with the government policy. “With the legal dispute behind us, we look forward to harmonious and constructive relationship with ADAG,” Ambani said at the meeting, for which Anil did not turn up as speculated in the market and media. The supplies to Anil Ambani Group’s power plants, including the one proposed at Dadri near Delhi, will be subject to the government approving the allocation of the fuel, Mukesh Ambani said. The Supreme Court had in May asked the companies headed by the two brothers to rework a gas supply contract keeping the government policy on pricing and allocation in mind. Ambani, however did not say when the RIL will be entering into a new Gas Sales and Purchase Agreement (GSPA) with Anil’s Reliance Natural Resources Ltd (RNRL) as had been ordered by the apex court. The court had, on 7th May, turned down gas to Anil-led RNRL from RIL’s KG-D6 basin at prices arrived at in a 2005 private family agreement. Ameircas Petrogas discovers hydrocarbons in five new wellsBy Deepak Arora
Americas Petrogas, in which Indian Farmers Fertilizer Co-operative Ltd (IFFCO) has 9.9 per cent stake after buying approximately $5 million shares, intends to drill 15 wells and complete two seismic programmes on its 1,808,000 acres of oil and gas property in Neuqeun basin of Argentina. Americas Petrogas, along with its joint venture partners, began the drilling of five exploration wells in February and all five wells have encountered hydrocarbons, according to Barclay Hambrook, President & CEO of Americas Petrogas and GrowMax. The 100 per cent success, so far, on Vaca Mahuida complements Americas Petrogas’ earlier finds and successes on Medanito Sur where light sweet crude oil was found in similar formations and which acted as the catalyst for the drilling locations on Vaca Mahuida. Speaking about these recent developments, Güimar Vaca Coca, Americas Petrogas Argentina S.A.’s Managing Director, said “These drilling results represent a significant expansion of Americas Petrogas' success in the northeast platform of the Neuquen Basin. These multiple pay zones indicate attractive commercial potential for both oil and gas accumulations.” Vaca Coca went on to say, “The experience of our technical team in the Neuquen Basin and in the region contributed to these successes and we congratulate all of our personnel for their efforts along with the efforts of our partners’ qualified technical personnel.” In Peru, through GrowMax, a subsidiary of Americas Petrogas, the Company is developing a surface potash (and other minerals) brine reservoir and evaporite deposit at Bayovar in the Sechura Desert of Northwest Peru. Management, along with its partner/investor IFFCO, intends to build GrowMax into a potash and specialty fertilizers company, said Barclay Hambrook. India’s giant cooperative, Iffco, has also aquired 20 per cent stake in GrowMax. Iffco's stakes in Americas Petrogas and GrowMax were announced in Februray last. Americas Petrogas made its first ever sales of oil from Medanito Sur in the first quarter of 2010, reporting gross revenues of $456,870 and net revenues, after deducting royalties and turnover taxes, of $357,267. |
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AUCKLAND, Nov 12: Indian Farmers Fertiliser Co-operative Limited (IFFCO), Fonterra Co-operative Group and Global Dairy Health have signed a Memorandum of Understanding to jointly conduct a feasibility study into a pilot dairy farm in India as a first step towards the vision of establishing large-scale world-class dairy farms in India. 
NEW DELHI, Nov 11: The World Economic Forum and the Confederation of Indian Industry (CII) will host the three-day annual India Economic Summit in New Delhi, India, from November 14. Under the theme “Implementing India”, this year’s Summit has the objective of moving from agenda to action. 
Key public figures from India who will take part include: Pranab Mukherjee, Minister of Finance; Palaniappan Chidambaram, Minister of Home Affairs; Sachin Pilot Minister of State for Communications and Information Technology; Agatha K. Sangma, Minister of State for Rural Development; Jyotiraditya M. Scindia, Minister of State for Commerce and Industry and Member of Parliament; Anand Sharma, Minister of Commerce and Industry; Kapil Sibal, Minister of Human Resource Development; Montek Singh Ahluwalia, Deputy Chairman, Planning Commission; Naveen Jindal, Member of Parliament and Vice-Chairman of Jindal Vijayanagar Steel; Bhupinder Singh Hooda, Chief Minister of Haryana; N. K. Singh, Member of Parliament; and Arun Jaitley, Leader of Opposition, Rajya Sabha, Parliament of India.
MUMBAI, Nov 7: While India was gripped with US President Barack Obama’s three-day visit, the Indian cooperative giant, IFFCO, impressed the visiting dignitary and stole his heart quietly. 
Kisan Sanchar (Information to farmers) is an idea conceived by IFFCO to empower farmers through telecom for rural communication services by leveraging information and technology. 
When asked for reaction to Obama’s visit at IFFCO Sanchar stall, IFFCO Managing Director, Dr U S Awasthi, said “IFFCO, farmers and cooperatives are the only subjects of our interest and it is indeed a matter of pride for us that US President has liked it."
IKSL provides information directly to farmers and delivers location specific, time sensitive information and important alerts. 
BANGALORE, Oct 20: Canara Bank recorded a 10.7 per cent growth in net profit at Rs 1,007.88 crore during the second quarter of this fiscal, achieved on the back of a 52.5 per cent increase in net interest income.
CHENNAI, Oct 13: With the Reserve Bank of India giving it approval to open offices in nine international locations, Canara Bank expects to ramp up its overseas operations. The third largest public sector bank is open to buying a small bank in the US.
NEW DELHI, Oct 6: In a significant development, GAIL (India) Limited today placed orders worth Rs. 677 crore for laying of pipelines for Dabhol- Bangalore Pipeline Project. GAIL Chairman and Managing Director B.C. Tripathi said, “The placement of construction contract marks a significant step towards execution of the pipeline project and is a testimony of GAIL’s commitment to bring gas supplies to Karnataka by 2012.” 
NEW DELHI, Sept 29: Mr S Raman, Chairman & Managing Director of Canara Bank, handed over a cheque, amounting to Rs.300 crore as dividend for FY10 to Mr Pranab Mukherjee, Union Minister for Finance, today.
WASHINGTON, Sept 22: Expressing India's concern over the trade restrictive and protectionist policies adopted by the United States in the last few months, Commerce Minister Anand Sharma said such move would 'kill innovation and growth'. 
Speaking to newsmen here on Friday, Dr. Awasthi said that in order to meet the requirements of complex fertilizers, IFFCO last year singed an agreement with Jordan Phosphate Mining Company (JPMC) for setting up a state of the art world class Phosphoric Acid Plant in Jordan with the capacity of 1,500 MT P2O5 per day. 
NEW DELHI, Aug 19: Government is planning to set up a regulatory authority for multi-state cooperatives throurgh the amendment in the law, disclosed Additional Agricultural Secretary G C Pati, while inaugurating a two-day 'National Conference on Livelihood Security of Smallholder Farmers', organised by IFFCO Foundation in New Delhi on Thursday.
Pati also called for skilled-based training for farmers with a view to bridge the knowledge deficit. He said that India has recorded higher growth rate in many non-agriculture sectors like IT, industry and similar growth rate needed to be registered in agriculture in order to push the overall GDP growth rate to double digit level. 
Former Member of the National Commission on Farmers and Additional Director General FAO Prof R B Singh urged the policymakers to take steps to increase the income of farmers. 
NEW DELHI, Aug 6: KRIBHCO Vice-Chairman Dr. Chandra Pal Singh and KRIBHCO Managing Director B. D. Sinha presented a dividend cheque of Rs 37.78 crore to Union Minister for Chemicals & Fertilizers M.K. Alagiri here on Friday.
PARADEEP (Orissa), July 15: Indian Farmers Fertiliser Cooperative Limited (IFFCO) has achieved one more mile stone in the fertilizer industry by crossing the 100 per cent capacity utilization mark of its Phosphoric acid plant at Paradeep Unit. 
It is worth mentioning that the basic ingredients for production of phosphoric acid is rock phosphate & Sulphur which are being imported. 
He said that this is the result of systematic and planned logistics management and dedicated efforts of the plant personnel. 
NEW DELHI, July 15: The jury has given its verdict and the Indian rupee will have its own symbol, a mix of the Devanagri 'Ra' and Roman 'R', to become the fifth currency in the world to have a distinct identity.
After meeting all the targets of the Iffco Vsion 2000 that included major expansion of existing projects at Aonla, Kalol, Phulpur and Kandla within the given time frame, Dr Awasthi has rolled out Iffco Vision 2015 to make the Society a global leader in fertilizer production and cater to the food security need of the Nation.
From production of 30,000 tonnes of DAP/NPK at the time of acquisition, the output of the unit was gradually scaled up to 7.5 lakh tonnes in 2006-07 and 15 lakh tonnes in 2009-10.
Patel said IFFCO is also working on removing transportation bottlenecks at the Paradeep unit.
As part of its plan to protect the environment, Iffco has taken steps to convert waste to wealth. It has started selling waste product Gypsum which is an environmental nujisance. In 2009-10, it sold 2.6 lakh tones of Gypsum.
PURI (Orissa): Happiness is written large on the faces of women of Siula village near Konark Sun Temple in Orissa. They are proud to show the lovely toys they have made from coir to a team of visiting journalists from Delhi.
Standing on a sprawling 12-acre patch on the shores of the Bay of Bengal, the Sun Temple was built during the reign of King Narasimha I (1238-1264 AD). According to an account by Abul Fazl, the court historian of Akbar, Narasimha 1 had spent on it the entire revenue of his kingdom that had accrued over a period of 12 years. 
NEW DELHI, June 7: Americas Petrogas, a Canadian company, has discovered hydrocarbons on all five wells at Vaca Mahuida block (close proximity to its Medanito Sur block) in Argentina that has been financed with non-interest bearing loan.
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