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Agriculture
Gujarat in no hurry to crush GM cotton
THE Gujarat Government may not be in a hurry to destroy the genetically modified (GM) cotton grown across the State. The Agriculture Minister, Mr Purshottam Rupala, indicated this to the media as he underlined the need to ascertain the extent of GM cotto
n cultivation. There was also the need to pinpoint the areas where it has been grown before any action is precipitated to destroy the crop, he said.
Airlines
Just 68 pc airlines made profits in 2000
ONLY 68 per cent of airlines across the globe managed to post operating profits in 2000. The estimated aggregate operating profit of global airlines stood at $11 billion or a mere 3.3 per cent of the global scheduled airlines' operating revenues of $328.
7 billion.
Corporate
SEBI order against Sterlite set aside
THE Securities Appellate Tribunal (SAT) today set aside the Securities and Exchange Board of India's (SEBI) order prohibiting Sterlite Industries (India) Ltd (SIL) from accessing the capital market for two years.
Multinationals beefing up security
EVEN as Coca-Cola India's site at Guntur is cordoned off by police following the attack yesterday by the People's War Group (PWG), other American multinationals in India are ``taking precautions,'' in case the attack sets a precedent.
SEBI directive to Burmah Castrol, BP
THE Securities and Exchange Board of India (SEBI) has directed Burmah Castrol (BC) and BP Plc to pay interest at 15 per cent per annum to the shareholders of Foseco India Ltd for delay in making payment for the open offer.
Credit Policy
RBI cuts rate to spur growth -- GDP forecast lowered to 5-6 per cent
DR Bimal Jalan, RBI Governor, addressed Mint Street today with cuts in Bank Rate and cash reserve ratio (CRR) to prop up an economy which may now grow at five to six per cent against the earlier estimate of 6-6.5 per cent. Bank Rate has been dropped from
seven per cent to 6.5 per cent while the CRR has been pegged at 5.5 per cent against 7.5 per cent to release around Rs 8,000 crore to ease further the price of money for business. At 6.5 per cent, the Bank Rate is the lowest since May 1973.
A stimulant to growth: Sinha
THE Finance Minister, Mr Yashwant Sinha, has said that the RBI's Monetary and Credit Policy would stimulate growth by infusing greater liquidity in the market.
The policy said so...
Balancing various factors, and assuming no further serious disruption in the world economic environment, at this stage, a projection in the range of 5.0 to 6.0 per cent growth rate in the current year may be reasonable for the purpose of credit and monet
ary management. India is likely to be one of the very few countries in the world which would show a growth rate of this order in the current year.
Primer on bank rate cut, CRR
THE Reserve Bank of India (RBI) has cut the cash reserve ratio (CRR) and the bank rate. What are the implications of these rate cuts?
Caution: Unhedged forex exposure
IN its credit policy announced today, the Reserve Bank of India (RBI) has sounded a word of caution on the unhedged foreign exchange exposure of corporates.
Oil bill assumes dearer crude
THE Reserve Bank of India, in its credit policy, has placed the country's estimated oil import bill at $17.5-18 billion for the fiscal ending April 2002.
Non-SLR investments only in demat form
THE RBI has tightened norms for investments by banks and financial institutions in privately placed of bonds and debentures.
IDBI hails promise on universal banking
WELCOMING the interest shown by some financial institutions to become universal banks, the RBI has promised prompt processing of applications. The processing would, however, depend on the institutions meeting all the conditions laid out in the RBI circul
ar issued in April.
`Signal for lowering interest rate'
BANKS seem to be taking time to decide on the RBI signal to lower interest rates though many of them see it as inevitable.
`Now, turn the focus on to core sector'
CORPORATE India which welcomed in general the RBI's cut of bank rate and CRR, felt that given its onset in a recessionary environment with existing liquidity, it is now upto the government to follow up today's credit policy with much-needed steps to boos
t core sector industrial activity.
Economy
Infrastructure growth slips
CONFIRMING the recessionary trend in the economy, the six infrastructure industries have registered a decline in growth to 1.8 per cent in the first half of the current fiscal, from seven per cent in the corresponding period last year.
Petro-bonds to offset 80 pc oil pool deficit
THE Government has decided to liquidate 80 per cent of the deficit on the oil pool account through issuance of petro-bonds with a seven-year maturity. National oil companies subscribing to these bonds will, however, have the flexibility to offload them i
n the secondary market, according to the Petroleum Minister, Mr Ram Naik.
Insurance
Maiden bonus from HDFC Standard Life
HDFC Standard Life on Monday declared its first bonus for participating shareholders.
PSU
CCD to consider fresh norms for IBP bidding
THE Cabinet Committee on Disinvestment is slated to meet on Tuesday to consider fresh norms for bidding in IBP Co Ltd and to clear the shareholders' agreement for disinvestment in Hindustan Zinc Ltd and Hotel Corporation of India.
Power
AES complains to PM about Orissa Govt
AES Corporation, the US-based power company, has sent an SOS to the Prime Minister, Mr A.B. Vajpayee, seeking his intervention to settle its grievances with the Orissa Government saying that its determination to continue in India was being tested by the
``strong-arm tactics'' of the State Government.
Kerala to focus on hydel power
THE Kerala Government, which is faced with a situation where its electricity board is sitting on huge liabilities, has decided to shift the emphasis back on to hydel generation.
States
`AP successful in population control'
ANDHRA Pradesh has occupied the No. 1 position among States in the country in population control and it has reached this level through female literacy and improving the economic status of people, said the Chief Minister, Mr N. Chandrababu Naidu, here on
Monday.
Small spinners' in TN threat to down shutters
THE South India Small Spinners Association (SISSPA), Coimbatore, has threatened that its member - mills will pull down the shutters from November 1 if the Central and State Governments did not come to their rescue by offering a relief package as sought
by it.
Call for proper pricing mechanism for farm products
REMUNERATIVE price for farm produce has yet again come to the fore in Andhra Pradesh with the State Government is called upon to ensure proper intervention strategy in the pricing mechanism.
Karnataka bid to study WTO impact on small industries
KARNATAKA is taking a hard look at the impact of the WTO regime on its key SME sectors and plans to come out with a strategy to turn the odds into advantages.
Technology
PSLVs -- Reliable and cost-effective
THE Indian Space Research Organisation (ISRO) is confident that the multi-orbit launch capability demonstrated today with the successful launch of the PSLV-C3 can be put to commercial use.
PSLV-C3 launches three satellites
THE ISRO's Polar Satellite Launch Vehicle, PSLV-C3, today successfully launched three satellites into orbit. Apart from the Technology Experiment Satellite (TES) of the Indian Space Research Organisation, the launch vehicle also placed into orbit the BIR
D satellite of Germany and the PROBA satellite of Belgium.
Textiles
Duty cut sought on raw silk imports
THE Indian Silk Export Promotion Council (ISEPC) has urged the Union Textile Minister, Mr Kashiram Rana, to lower the basic customs duty on raw silk imports from 35 per cent to 15 per cent.
