Voices

``The Government would initiate steps to revive industrial growth, especially in core sectors. We are in full control of the fiscal situation. There is no major cause for concern on the balance on payments (BoP) front.'' -- Mr Yashwant Sinha, Finance Minister.

``Currency intervention is like spitting against the wind -- ineffective. By resorting to intervention, a central bank can only signify something, but not effectively control market forces.'' -- Mr Willem H. Buiter, Chief Economist, European Bank for Reconstruction and Development.

``The bank will not like to come to the market when the price-earnings multiple of the stock is around six. We would like to offer fresh equity when the PEM is around 15 and we will offer the share at a PEM of around 12.'' -- Mr G. G. Vaidya, Chairman, State Bank of India.

``The credit ratio or the ratio of upgrades to downgrades was more than one during the first six months of this year. This is the first time since 1995 that the ratio has turned positive.'' -- Comment by Crisil.

``China's software industry has emerged as the country's rising sun with an annual growth rate of 30 per cent. The industry and the market have witnessed sky-rocketing growth since the beginning of the 1990s.'' -- Mr Yang Tainxing, Director-General, China Software Industry Association.

``We could not go ahead with our plans (on proposed acquisition announced over two years ago) in the last year because the valuations were very high. Now that has almost come to normal levels.'' -- Mr Rajendra Pawar, Chairman, NIIT.

``We are hopeful that about 3000 BoB staffers would opt for VRS though we continue to be more productive vis-a-vis than other banks such as Bank of India, Central Bank of India and Punjab National Bank.'' -- Mr P. S. Shenoy, Chairman and Managing Director, Bank of Baroda.

``The family sector is the least productive. They have provided the least return to shareholders and labour productivity is one of the lowest. But most of these firms were significantly changing for the better.'' -- Mr Sumantra Ghoshal, London Business School.

``Whatever happens, the oil market will be tight over the coming winter....But should OPEC fail to reduce the output next year, prices will collapse as stocks rise, falling below $12 a barrel on an average in the current fourth quarter of 2001.'' -- Centre for Global Energy Studies, London.