Monetary and Credit Policy: Full coverage
THE REDIFF BUSINESS COLUMN
Policy drill not a 'non-event' any more
Bimal Jalan has taken a more conservative view of the emerging economic scenario than Yashwant Sinha's. Owing to drought conditions, there is a risk of GDP growth being lower than the projected 6.5-7%, says R C Murthy.
NEWS: ECONOMY / BUSINESS / INDUSTRY
US may lift sanctions when Prime Minister Vajpayee visits US in Sept or Oct
US officials hinted at easing of curbs, saying this would help strengthen bilateral relations that got a boost during President Clinton's visit to India.
Govt says 'no' to rollback of price hike
Five major allies of the ruling coalition joined the opposition in demanding a rollback of the price hike
which they said would hit the population below the poverty line.
BJP endorses move to hike foodgrain prices
M Venkaiah Naidu, the BJP spokesman, said the party will go ahead with the government's decision on hike in prices of goods sold through the public distribution system.
Postal strike from May 2
Postal employees have threatened to go on an indefinite strike from May 2 to fight for a salary hike.
THE REDIFF BUSINESS SPECIALS
Old Economy tycoon loves his new role, New Economy
'It's going to be one coalition or the other -- but the political parties have to realise that there is only one Indian economy and too many policy changes can't sustain that. Government matters, and they have to let privatisation happen,' says the new CII president Arun Bharat Ram.
'India has venture capitalists with no knowledge': angel investor Jagadeesh
"They have a herd mentality and do not study investment techniques. The approach is blind. One smart guy puts some money in some venture and the rest of the herd follow suit," the Exodus co-founder said.
April 27, 2000
SEBI to raise circuit-filter limit to 12%
About 200 shares, comprising all A-group shares and some in the B1-group, would be brought under the new circuit-filter system.
Govt agrees to roll back foodgrain price-hikes
The rollback of wheat and rice price-hikes would be "very marginal" and not what the BJP-led coalition partners had actually demanded, a finance ministry official told rediff.com.
World Bank okays $ 750-million loans for India
The bank has approved 3 loans of $ 511 million for Uttar Pradesh and 2 loans of $ 242.6 million for development in Rajasthan.
THE REDIFF BUSINESS SPECIALS
Old Economy tycoon loves his new role, New Economy
'It's going to be one coalition or the other -- but the political parties have to realise that there is only one Indian economy and too many policy changes can't sustain that. Government matters, and they have to let privatisation happen,' says the new CII president Arun Bharat Ram.
'India has venture capitalists with no knowledge': angel investor Jagadeesh
"They have a herd mentality and do not study investment techniques. The approach is blind. One smart guy puts some money in some venture and the rest of the herd follow suit," the Exodus co-founder said.
NEWS: BUSINESS / INDUSTRY / ECONOMY
ADB upbeat about India, predicts 7% growth rate in 2000-2001
The Asian Development Bank says that political instability and nuclear-related sanctions have failed to adversely affect India's development process.
India, South Africa keen to boost trade, tourism
Steps like granting permission to buy duty-free gold from South Africa, allowing pacts between travel agents of the two nations, and facilitating visa issuance are being contemplated.
Premji makes light of FERA violation case
Wipro has a strong case, and violations of the foreign exchange law, if any, are only of technical nature and not with respect to the transfer of funds, he said.
NHAI plans Rs 200-billion tax-free issue of bonds
The National Highway Authority of India plans to enter the market with long-tenor 9-10% bonds to part-finance its Rs 540-billion highway development project.
Maruti's pie shrinks, share drops to 62% in 1999-2000
The figures released by the Society of Indian Automobile Manufacturers reveal that 638,815 passenger cars were sold during the year. Small cars of other manufacturers caught the buyers' attention and this led to a 17.4% fall in Maruti's share.
'FDI flow has been disappointing'
The issue on limitations on sectoral caps in foreign direct investment will be taken within a month by the cabinet to enlarge the sources of foreign funding, says N K Singh, secretary, Prime Minister's Office.
Thiruvananthapuram airport to function round-the-clock
Travel trade sources say that this will brighten the chances of introducing more international flights and restoration of several flights diverted to other airports.
'Internet connectivity for all district headquarters in India by Aug 15'
Ramvilas Paswan, India's Minister for Communications, said that national security would be taken care of while implementing the Net connectivity scheme.
Jalan re-appointed RBI Governor
His second two-year term begins on November 22, 2000.
April 26, 2000
Raw deal
Food processing officials resent 'department' status, seek a ministry.
Enforcement Directorate confirms FERA violation probe into Wipro
The 10-year-old case involves an amount of over Rs 10 million as the goods imported by the company were in contravention of the prescribed list.
US-based Janus Funds picks up 5.64% in Reliance Industries for Rs 20 billion
This represents the largest investment ever made by an FII in the equity of any Indian company through the primary or secondary market route.
NEWS: BUSINESS / INDUSTRY / ECONOMY
UTI chief forecasts market revival
"No matter what is happening now, market will look up, considering
its strong fundamentals," P S Subramanyam said. "India is well poised to emerge as an economic power."
Sinha maintains suspense over changes in Finance Bill
''If I make any changes in the Finance Bill, I would not be the first or the
last finance minister to do so,'' the finance minister told the Confederation of Indian Industry.
Corporate India gives the cold shoulder to disabled people
The average percentage of employment of people with disabilities in India's private sector companies is 0.28%, in public sector 0.54%, and in multinationals only 0.05%, reveals a study.
Swatch's car project in India hits roadblock
Swatch had earlier said that it was talking with General Motors and Ford for a joint venture for a hybrid car in India, but both the auto giants have denied any negotiations.
Tea planters to raise private force for self-defence
Shaken by the audacity of the militant groups in the north-east, planters say that the law and order situation has deteriorated in the region. They have thus decided to fend for themselves.
Indian corporate earnings signal sustained growth: AFP
Despite the wild gyrations at the bourses, analysts opine that "the corporate results coming in are great news and show that the economy is in fine shape."
'Firms with FDI from Mauritius rank highest in exports intensity'
An analysis by the Reserve Bank of India also says that raw materials, components and capital goods form the major part of imports by the foreign direct investment companies.
International status for Nedumbaserry airport in Kochi sparks off intense lobbying
Politicians, travel agents and civilians have launched a drive to ensure that facilities at the Thiruvananthapuram airport, too, are upgraded and that flights are not diverted to the new strip in Kochi.
April 25, 2000
Machine as a CEO
Pursuit of competitiveness brings Corporate India face to face with workers
Stockmarket analysts foresee a Black Tuesday in April 25
Infotech experts argued that the situation in India should not be compared with NASDAQ. There are no dot-coms listed in India and the software companies
are on a solid footing, they said.
FEMA to be enforced from May 1
The Foreign Exchange Management Act will replace FERA from May 1. Its complementary law -- the Money Laundering Act -- is also likely to be passed by Parliament soon.
Forex violation case: Mallya surrenders passport, told to appear before ED
The UB group chairman has not explained yet to the Enforcement Directorate the issue of money paid in foreign countries for display of his firms' advertisements.
'US has no time-frame for lifting sanctions against India'
Industry minister Murasoli Maran said that India had conveyed to the US during President Bill Clinton's visit that all unilateral sanctions against India should be lifted completely, but the US is yet to respond.
FOCUS: THE ENTERTAINMENT INDUSTRY
Digital animation film to bring alive Raj Kapoor, MGR
For the first time in Indian film industry, the concept of combining legendary virtual artists with famous live ones will be used by the joint venture between Pentamedia Graphics and 3DMaxmedia.
India can be the Asian hub of entertainment, says Andersen study
The report prepared by the management consultant also says that the government can earn Rs 2 billion by giving uplinking facilities to private telecasters and leasing a part of its television network.
London-based Indians set sights on Bollywood: AFP
B4U, a UK-based company, plans to set up the country's largest movie production and distribution firm. It also has a satellite television channel feeding Hindi movies to Indians in the US, Europe and Middle East.
BUSINESS / INDUSTRY / ECONOMY
Tata Steel sets up India's most modern cold rolling mill
The 1.2-million tonne plant was built in collaboration with Nippon Steel Corporation and Hitachi Corporation Limited in a record time of 26 months.
BEL shakes off sanctions woes; company net up 90% at Rs 1.02 billion
'We no longer depend on US companies for supply of critical components. The curbs proved to be a blessing in disguise,' says company chief V K Koshy.
Maruti to take over management of children's park
In its bid to be a good corporate citizen through social work, India's largest car-maker is in talks with the Delhi government to upgrade facilities at the park by investing more funds.
SBI is ready for unlimited investments to become a hi-tech bank: Vaidya
The bank may go in for a rights issue to raise Rs 50 billion so that its Capital Adequacy Ratio could be maintained above 12 per cent.
April 23-24, 2000
Government defers divestment move on Air-India, seven PSUs
The aviation ministry has proposed to sell 51 per cent equity stake in the loss-making national carrier to a strategic partner.
Diet eggs launched in Bangalore, to be sold across subcontinent soon: AFP
Kool Kombestibles has invested Rs 100 million in marketing the health product. It was "designed" by Jeong Sim, professor of poultry nutrition and product technology, the University of Alberta in Canada.
April 22, 2000
Private companies to be allowed in aviation sub-sectors
The government is planning to set up an autonomous civil aviation authority that would subsume the present Directorate General of Civil Aviation and provide the
necessary regulatory framework.
Patwa decries plan to allow cooperatives to float companies
The main objective of the cooperatives is distribution of the common good for the welfare of all its members while profit is the sole motive of companies, India's agriculture minister said.
New govt dept to offer conveniences for NRIs
This, the government believes, would help boost Non Resident Indians' investments in India.
Taskforce toes Cabinet line, vetoes foreign airline equity in domestic sector
The prime minister's taskforce on infrastructure had earlier recommended equity participation by foreign airlines in the domestic aviation companies.
April 21, 2000
The Rise and Fall of FDI
Tardy pace of reforms, poor infrastructure, unclear policies lead to dipping levels of foreign direct investment.
Taskforce toes Cabinet line, vetoes foreign airlines' equity in domestic sector
The prime minister's taskforce on infrastructure had earlier recommended equity participation by foreign airlines in the domestic aviation companies.
Hindustan Lever to sell 'instant' chappatis; company mulls buyback of shares
The fast moving consumer goods major is currently test marketing the product targetted at working women. HLL also plans to change its articles of association to include an enabling clause for buy-back.
FOCUS: BUSINESS, ETHICS & ENVIRONMENT
Two million kids employed in India's deadly tobacco industry
The Tata Institute of Fundamental Research report reveals that these children work in appalling conditions and suffer from tuberculosis, asthma, and other disorders.
Animal rights group forces US retailers to stop using Indian leather: AFP
Protests by actress Pamela Anderson Lee, rock star Chrissie Hynde and People for the Ethical Treatment of Animals activists led to Gap, Old Navy and Banana Republic agreeing to lay off Indian leather.
BUDGET SESSION IN PARLIAMENT
India's law-makers express concern over stock market slide
The Left parties pulled up the government saying that its 'short-sighted fiscal policy' had led to the severe fluctuations on the bourses.
India scouts for foreign Web security technology: AFP
"If there are advanced technologies available with some countries to prevent hacking, we will approach them," said Pramod Mahajan, India's Information Technology Minister.
April 20, 2000
India, UK to set up 200 joint ventures
The alliances will be in the small and medium scale sectors. The two nations also set a 5-billion pound target for bilateral trade over the next two years.
Panel to discuss Air-India divestment on April 20
Industry associations have urged the Cabinet Committee on Divestment to cap foreign equity in the airline at 25 per cent.
UTV Toons signs $ 65 million animation deal with Universal Studios's arm
UTV chairman Ronnie Screwvala said the deal will put India on the global animation map. The company is also finalising public issue of its equity shares.
Rupee hovers near psychological barrier of 43.70, closes at 43.65 to $
In the early deals, the Indian currency slipped to 43.6675, following heavy dollar buying by the State Bank of India.
THE REDIFF BUSINESS COLUMN
Reflex action
The crashing US markets may eventually lead to a global meltdown, says Devangshu Datta.
NEWS: ECONOMY / BUSINESS / INDUSTRY
Reliance, Hong Kong utility to set up India's largest private power project
The coal-based power station, to be built at Hirma in Orissa, will generate 3,960 megawatts of electricity. Reliance and Southern Energy Asia-Pacific Limited will hold equal stakes in the venture.
Sinha urges Commonwealth to adopt common approach to trade matters
'If we don't take the common path today, the process of pushing economic reforms through liberalisation will be in jeopardy,' India's finance minister said.
'A few mega firms may end up controlling global markets'
UNCTAD official Philippe Brusick says that with consolidation taking place in all sectors, world monopolies would be created, harming the interests of many nations.
India's gems, jewellery exports up 30%
At Rs 346.49 billion during 1999-2000, this is the highest-ever export level achieved by the country. The target for the next year has now been pegged at Rs 368.80 billion.
BUDGET SESSION IN PARLIAMENT
Opposition expresses concern over price-rise
April 19, 2000
An interview with Raman Sidhu, director, HSBC Securities
Reliance Industries 1999-2000 net profit up 41 pc to Rs 24 billion
RIL's sales were up 40 per cent to Rs 203 billion. Annual sales and net profit are the highest ever for any Indian corporate.
World Bank funding to India to begin soon, says Sinha
Finance Minister Yashwant Sinha said that he was happy with the World Bank's reassurance and called the cutting off of funds 'unfortunate'. He also said he did not have talks on lifting of sanctions with US officials.
THE REDIFF BUSINESS COLUMN
How banks are always the willing suckers
'It is the honest taxpayer who pays the price, as bankers responsible for bad loans simply retire and go away, industrialists hide behind weak recovery laws and the government repeatedly bails out banks,' says Sucheta Dalal.
NEWS: ECONOMY / BUSINESS
Narayanan, Chirac talks to help boost trade ties
The two agreed on a stronger trade alliance between India and France. The French President also said that France will support India for a UN Security Council seat, but hoped that India would sign the global N-test ban treaty.
India, UK launch new bilateral trade initiative: AFP
The move is aimed at enhancing ties in trade, science and technology, energy, infrastructure and global co-operation.
Finance Bill to be tabled on May 3, 4
With the opposition parties assuring the safe passage of the bill, the government has rescheduled its agenda.
Tata Tea to launch Tetley brands in Indian market soon
The tea major has drawn up production and marketing strategies to strengthen its presence in the packaged tea market.
BSE aims to double turnover, expand trading network
BSE president Anand Rathi said that the government should relax new issue norms for all sectors in line with the relaxation given to the infotech sector.
BUDGET SESSION OF PARLIAMENT
Left parties stage walkout over oil price hike
The Rashtriya Janata Dal, too, said that subsidy cuts would badly hit the poor. The Congress and other parties, however, did not join in the protest.
April 17-18, 2000
Wealth from health
Indian medicinal systems could mean big business in global markets.
Panic selling, NASDAQ plunge drag Sensex down 5.4 per cent
The Nifty, too, lost 75 points, on a day when software scrips were the worst hit. However, despite the huge fall, analysts say that the Indian infotech industry will survive as virtually no dot-com is listed on the Indian markets.
India must study Britain's privatisation model, says Cook
'Privatisation process in Britain was not an easy one. Some of the changes involved short-term social costs, including job losses,' England's Foreign Secretary Robin Cook said in New Delhi.
THE REDIFF BUSINESS INTERVIEW
'The Plan panel must stop just allocating funds and get involved in thought process as well'
'There are people who still can't get one square meal a day. And we talk about globalisation and liberalisation. Till such time as their condition improves, subsidies must continue,' says
K Yerrannaidu, leader of the Telugu Desam Party in Parliament.
THE REDIFF BUSINESS SPECIAL
A case for the defence
The PMO stoutly defends the Sakhya Vahini project and those behind it, terming the charges against it as 'unfounded'.
BUDGET SESSION OF PARLIAMENT
Sonia leads Oppn walk-out over price-rise
The Opposition wanted to move an adjournment motion over the issue, but Speaker Balayogi did not give his consent.
Opposition promises stormy debates
The Opposition is determined to grill the government on price rise, reduction in subsidies on LPG, kerosene and 'weakening' of the public distribution system.
India can export petrol, diesel now: Ram Naik
The petroleum refining capacity has increased by
43.40 million tonnes in 1999-2000 to 112.54 million tonnes. This
would not only meet the domestic demand but facilitate exports.
NEWS: ECONOMY / BUSINESS
Daewoo's Matiz enters Guinness for fuel efficiency
The small car covered 32.01 kilometres on a litre of petrol in Australia. Daewoo has decided against launching its multi-utility vehicles in India.
Rising oil prices may hit growth rates in South Asia
Developing countries are vulnerable to demand, supply shocks and this could hit the poor nations adversely, says James Wolfensohn, president of the World Bank.
April 16, 2000
Sinha forecasts 6% GDP growth in 00-01
'GDP growth will be better because the winter crop will put in a better performance,' the finance minister told the intelligentsia in New York.
India, France to exchange ratification documents
The documents pertain to the Indo-French Bilateral Protection of Investments Agreement signed three years ago. The exchange is expected to boost economic relations.
A security threat
The US could use Sankhya Vahini to intercept India's strategic and scientific secrets, say critics.
April 15, 2000
Corporates offer hi-tech health to Andhra's villages
Orissa inching towards privatisation of 14 public sector units
'The state government is not willing to waste its funds to run loss-making PSUs, keeping in view its own financial health,' said Public Enterprises Minister Bed Prakash Agarwal.
Tata Engineering to upgrade Indica by April-end
Two new petrol-driven variants powered by a multi-point fuel injection engine are in the pipeline. The company is also studying the feasibility of introducing a
mid-size offering on the Indica platform.
THE REDIFF BUSINESS SPECIAL
Denial of service
The RSS and others feel that Vajpayee should shelve Sankhya Vahini, the superfast data network backed by CMU. George Iype investigates the matter.
A century of progress
Material prosperity has increased by more in the past 100
years than in all of the rest of human history. Can this staggering rate
of advance continue? The Economist finds out.
April 14, 2000
Geo-political issues set to dominate proposed gas pipeline from Iran to India
Hyderabad, Goa, Ahmedabad airports to be designated 'international airports'
The government took this decision on the recommendations of the task force on infrastructure. The Amritsar, Guwahati and Cochin airports too would get similar status.
Government cuts palmolein prices, lifts curbs on onion exports
The cabinet committee on prices also announced the continuation of rubber procurement by the State Trading Corporation.
NEWS: BUSINESS / ECONOMY / INDUSTRY
Enron, Reliance offer to set up digital networks in Andhra Pradesh
N Chandrababu Naidu, the state chief minister, said that a few global firms too were vying for the project. He also said that the state plans to set up its own portal soon.
Domestic tea sector cries foul over India's move to allow duty-free imports
Tea industry associations feel that Sri Lanka and Bangladesh will gain unfair benefits from this move, especially because a reciprocal advantage has been denied to the Indian industry.
Include trade in development agenda, says World Bank chief
World Bank president James Wolfensohn has advocated the move to ensure comprehensive quota-free, market access for developing countries. The Bank has also called for a bigger fight against poverty.
Cadila develops Penegra, India's answer to Viagra
After getting the government's nod, the pharma major is all set to begin clinical trials on its anti-impotency drug.
Zee Telefilms to be listed on NYSE
The media and entertainment giant will be the third Indian company after ICICI and ICICI Bank to be listed on the New York Stock Exchange.
April 13, 2000
Caught and Bowled!
Assam's terrorised tea estates prefer to buy peace
Lack of adequate protection by police and pressure from alarmed executives have made tea companies pay huge ransoms to militants in a bid to escape retribution.
Cost of 'declared holidays' in India spirals up to Rs 27 billion!
Indian exporters will lose Rs 12 billion this month. For the entire year, there are as many as 99 holidays including Sundays and non-working Saturdays. In advanced countries, work continues non-stop even during the night.
IMF moots vital steps to help India sustain 6.75% growth rate
The International Monetary Fund's World Economic Outlook, spells out the measures necessary to maintain India's 6.75% growth rate and make a dent on poverty which remains very high.
NEWS: BUSINESS / ECONOMY / INDUSTRY
Maruti sees net profit dropping by 40% for 2 years
The projected fall has been attributed to high interest burden and depreciation on heavy investments for introduction of new models.
India, Australia plan infotech alliance: AFP
The India-Australia Ministerial Council has released a study on possible links between the two nations for electronic commerce and computer software.
India goes dotty over dot-coms: AFP
Almost 500 Internet-related start-ups were unveiled in 1999. "Now more than two dot-com firms are being launched daily," says Dewang Mehta, chief of the National Association of Software and Service Companies.
Impose import duty on milk powder, edible oil, save Indian units, urges dairy don Kurien
'Advanced dairying nations want to impose new non-tariff barriers
on exporters of buffalo milk products,' he said.
THE REDIFF BUSINESS COLUMN
Will the bull market continue?
The bull market may remain alive for some time, but this could also be the last uptrend before the bourses crsh, says Devangshu Datta.
April 12, 2000
Sunil Shetty hops on to market-savvy Bollywood
bandwagon
NEWS: BUSINESS / ECONOMY / INDUSTRY
Infosys Technologies, Satyam Computer post impressive profits
Both the software giants matched market expectations. But NASDAQ's plunge on Monday has cast its shadow on the Indian bourses on Tuesday.
India clears Rs 5-billion worth foreign direct investment
Proposals of Monsato Chemicals, HSBC Securities, JP Morgan Securities, Citibank Overseas Investment, and Computer Associates get nod.
Garments worth Rs 2 billion pile up at Delhi airport
Nearly 2,000 tonnes of readymade garments for exports are choked up at the New Delhi airport. Exporters meanwhile are cying foul as international airlines have hiked rates to make the most of the crisis.
India to hike sum for rehabilitation of child labourers
Union Labour Minister Satya Narayan Jatia said that an educational centre would also be set up to impart primary education to the child labourers.
THE REDIFF BUSINESS COLUMN
Fighting the neta, babu, lala, jhola and dada nexus
The initial momentum created by chief vigilance commissioner N Vittal is already flagging, and unless he changes his gameplan it could disappear altogether, says Sucheta Dalal.
April 11, 2000
New-look Sensex spurts by 225 points
'India to open up economy totally by 2001'
A top Indian official said that "quantitative restrictions on more than 700 items would be lifted before March 31, 2001. From April 1, 2001, India will become a free economy."
FOCUS: ENTERTAINMENT INDUSTRY
Companies turn market-savvy, vie for public issues of equity: AFP
As many as 40 issues have been lined up by Indian film and television entertainment companies to raise about Rs 94.5 billion in the next few months
Ireland woos Indian film-makers with picturesque locations
Mary Harney, the Irish Deputy Prime Minister, said that her country has beautiful locations which the Indian film industry could take advantage of.
NEWS: ECONOMY / BUSINESS / INDUSTRY
Rich, 'crazy' Sabeer Bhatia still loses sleep over new ventures: AFP
The Indian-born founder of Hotmail is hungry for the buzz of living on the edge of a new revolution. "It's an exciting time to be on the Internet," he says.
Market regulator rules out easing of norms for new IT issues
The question of relaxation in rules governing initial public offerings of infotech and dot-com companies does not arise, says SEBI.
Meta Strips dispute: Uneasy peace prevails in Goa
The demonstrators fear that the committee set up to establish if the company is a threat to the environment, may come up with an 'adverse' report.
April 9, 2000
Markets watchdog to probe Tuesday's crash
Japan to fund India 'once it signs CTBT'
Japan's ambassador Hiroshi Hirabayashi said that his country would review the situation and consider resuming loans and other assistance, after India signs the CTBT.
AFP NEWS
India's tea firms accused of paying off separatist rebels
A senior commando force official claimed that tea firms in Assam were paying money to rebel groups 'to buy peace'. The charge, if proven, would be tantamount to aiding terrorism.
NEWS: ECONOMY / BUSINESS / INDUSTRY
India plans law to ban employment of children
Labour Minister Satyanarayan Jatiya said that a new legislation to ban employment of children below age of 14 years in hazardous and non-hazardous professions is being considered.
TELCO plans to launch two Indica variants
Buoyed by good demand, Tata Engineering is considering the rollout of new models that would be Euro-II emission norms compliant.
April 8, 2000
"Pub-less Cyberabad dampens yuppies' spirits"
Sensex leaps 352 points as good news sweeps bourses
Bourses reacted positively as the double-taxation controversy over foreign funds ended, the markets regulator eased margin norms, and the NASDAQ recovered. Heavy buying amidst sighs of relief led to across-the-board rally.
India markets regulator eases IPO norms for media, telecom firms
The Securities and Exchange Board of India has relaxed the norms for initial public offerings by media, entertainment and telecom companies, bringing them at par with the infotech industry.
NEWS: ECONOMY / BUSINESS / INDUSTRY
ADB rules out immediate funding to India
The Asian Development Bank says it would be difficult for it to grant loans for non-basic human needs projects 'for the moment'.
India imposes anti-dumping duty on rice, maize, sorghum, fruits
A 50-80 per cent duty on import of rice, corn, millet, and fresh fruits has been imposed to discourage dumping of the commodities in India.
Goa controversy continues to rage
The Meta Strips issue has taken a new turn with the Chief Minister denying that he'd reached a pact with the demonstrators, except over the closure of the factory.
Power, subsidised rice may cost more in Andhra Pradesh
The state's precarious fiscal condition and rising burden on the exchequer have forced it to consider a hike in power and subsidised rice rates.
Piaggio bids for Scooters India
The Italian two-wheeler major has bid to acquire a majority stake in India's largest state-run scooter firm. The bid price, however, has not been revealed.
Indian central bank simplifies investment procedures
The Reserve Bank of India said that automatic nod for foreign direct investments and investments by non-resident Indians will be available where the total sum is not over $ 150 million.
India opens coal sector to private firms
The Indian cabinet has decided to amend existing laws to allow private firms to enter the coal mining sector.
April 7, 2000
Maruti on a comeback trail
Peace returns to Goa
With the demonstrators and the government coming to an agreement over the controversial Meta Strips project issue, calm descended upon the tourist state.
Indian stocks gain in US markets
After Tuesday's bloodbath on NASDAQ, there was some respite as Indian technology stocks, Infosys and Satyam Infoway recorded smart gains.
NEWS: ECONOMY / BUSINESS / INDUSTRY
Manoj Tirodkar is India's Young Business Achiever
The managing director of Global Tele-Systems Limited will now represent India at the global event to select the world's young achiever in the US.
Daihatsu not to drive into India
The Japanese company has decided not to follow its parent, Toyota, into India. It will, however, assist Toyota without going in for a separate venture.
Indian farmers' co-operative plans infotech, insurance forays
IFFCO, the co-operative sector fertiliser giant, is diversifying into insurance and farm-related infotech sector. It has already tied up with a foreign partner for the venture.
Cochin Refineries plans Rs 43-billion expansion
The public sector refinery is aiming to its refining capacity from 7.5 million tonnes to 13.5 million tonnes per annum. This will ease the shortage of petro-products in South India.
'Free economic zones from labour laws'
The government must do away with the Industrial Disputes Act at SEZs to attract foreign investors and to make these zones globally competitive, say software experts.
CORPORATE NEWS
'Rapid Info on Stocks and Corporates': new offering of BSE-Dun & Bradstreet India
