Business News
(April 28-June 19) |
Sanctions will
adversely affect both countries (June 19)
Economic sanctions will not preclude all US trade with India but adversely affect
prospects of both countries.
Inflation rises for
seventh successive week (June 15)
Inflation rate witnesses another rise for
seventh successive week to touch its 60-week high of 6.67 per cent on May 30.
Customs duty reduction
welcomed (June 12)
Business chambers welcome Finance Minister's decision to reduce additional
customs duty from 8 per cent to 4 per cent.
Real rate
of rupee is 44.50 per dollar (June 11)
The real effective exchange of the rupee (REER) which crashed to 42.44 against the dollar
could be as low as 44.50.
Sanctions will not affect
FIIs’ Indian interests (June 11)
Planning Commission Deputy Chairman Jaswant Singh said investment bankers and foreign
institutional investors were not worried by international sanctions.
India
is ideal investment destination: Montek (June 10)
Finance Secretary Montek Singh calls upon industry to put
across message India is ideal foreign investment destination.
FIIs sell Rs
482 crore in June (June 10)
Since the budget was announced on June 1 a net outflow of Rs 510 crore has been
caused by massive sell offs by FIIs.
Duff and Phelps downgrades India to
negaitve (June 9)
Duff and Phelps Credit Rating (DCR) has also changed the outlook on India to negative from
stable.
Manmohan pans Sinha’s fairy tale
budget (June 9)
Manmohan Singh says budget failed to address declining export rate or falling industrial
growth.
Industrial growth for 1997-98 is 6.6
per cent (June 8)
Industrial growth for 1997-98 is 6.6 per cent as compared to growth of previous year,
according to CSO.
Price rise in response to increase
in customs duty (June 8)
The manufacturing sector has passed on the burden of increased input costs to the
consumer.
Inflation touches 58th week high of 6.51
per cent (June 8)
The inflation rate has once again climbed up for the sixth consecutive week to touch the
6.51 percent on May 23.
CII survey find evidence of slow recovery
(June 8)
Some early signs of industry recovery are evident in the automobile, cement and
construction industry.
Sensex crashes by 228 points on the BSE
(June 6)
BSE sensex plummets by 228 points to
3417.89 during week ended June 5, following large scale bull liquidation by FIIs.
Moody’s to review outlook on
India (June 5)
Moody’s says trade sanctions and lack of investment stimulus have intensified
downward pressure on India’s sovereign rating.
FIIs expected to reduce weightage in India
(June 5)
Foreign institutional investors are reducing their exposure in the equity markets and
reducing their portfolio weightage in India.
Witholding tax threatens future of ECBs
(June 5)
The withholding tax introduced in this budget will increase the tax burden on external
commercial borrowings (ECBs) of corporates and banks.
Budget unlikely to revive growth: PHDCCI
(June 4)
Demand stimulating measures spelt out in budget are unlikely to revive economic growth
in present sluggish conditions.
FDI inflow up 18.6 per cent (June
4)
The flow of foreign direct investment (FDI) has increased 18.6 per cent from $2696 million
in 1996-97 to $3197 million in 1997-98.
Trade deficit for April estimated at
$876.81 million (June4)
The trade deficit for April 1998 has been estimated at $876.81 million as against $510.12
million for the same period last year.
Exporters seek
explanation (June 4)
Exporters lash out at finance minister, saying measures for growth of exports were
totally neglected in the union budget.
World Bank postpones two more
loans (June 4)
World Bank postpones two more loans to India, bringing to more than $ 1
billion the amount held up because of the tests.
Definition of Indian insurance
companies vague (June 4)
Finance Minister's announcement of privatising Indian insurance sector causes
speculation.
Gold importers put overseas
purchases on hold (June 4)
Hike in customs duty on imports of gold coupled with lean demand period
prompts importers to put purchases on hold.
BSE sensex crashes after budget
(June 3)
Pivotals tumbled on the BSE on Tuesday following selling spree
by FIIs pushing sensex down by over 69 points.
Sick PSUs revival cases to be
expedited (June 3)
More attractive voluntary retirement scheme in budget
would help in expediting cases of 65 PSUs pending with the BIFR
Staff
protests against opening up of insurance (June 3)
Staff unions oppose opening up of insurance
sector as announced in the union budget.
Fully repatriable India
bond for NRIs (June 2)
The SBI is launching a new Resurgent India Bond denominated in foreign currencies for
subscription by NRIs.
Inflation set to increase to 6.35 per cent (June 1)
With prices of food articles showing no signs of receding, the inflation rate looked north
for the fifth successive week.
Ernst & Young has predicted GDP at 6.7 per cent (June
1)
Ernst & Young has predicted India’s growth rate at 6.7 per cent for 1998-99.
Forex reserves up by $53 million (June 1)
Foreign currency assets of Reserve Bank of India increased by $53 million during the week
ended May 22.
Yashwant Sinha has tough
task ahead (May 30)
Yashwant Sinha's budget is bound to be compared to the ones presented by
Manmohan Singh and P Chidambaram.
Fiscal deficit stares nation in
the face (May 30)
The union budget is unlikely to be populist after the economic survey
highlighted a high fiscal deficit and rising inflation.
FM powerless against market forces
(May 30)
Finance Minister says rupee rate is determined by market forces and he can only ensure
orderly market conditions.
Nuke tests in subcontinent cast gloom in bourses (May
30)
Fallout of nuclear tests in first fortnight of May cast shadow on country's capital
market during the week ending May 29.
Decision to not to hike spare
freight rates hailed (May 29)
Welcoming Railway Budget, major chambers of industry compliment minister Nitish Kumar for
not raising freight rates.
FIEO plea to reduce mounting credit rates (May 29)
The FIEO appeals to Finance Minister Yashwant Sinha to reduce mounting credit rates.
Sail records 74 per cent drop in net profit (May 29)
Reflecting decline in demand in steel sector, SAIL records 74 per cent drop in net profit
in 1997-98 to touch Rs 133 crore.
CII concerned at regional security environment (May
29)
In a cautious reaction the CII says nuclear tests by Pakistan were expected and,
therefore, did not come as a surprise.
Pak blasts have no implications: RBI (May 29)
The RBI is closely monitoring market developments including forex markets in view of
nuclear tests conducted by Pakistan.
Gloom projected in Economic
Survey expected (May
28)
Industry is not been taken aback by Economic Survey
presented by Finance Minister Yashwant Sinha in Parliament.
Govt borrowings estimated at Rs 1,00,000 crore (May 28)
Government's total borrowing requirements are expected to be Rs 1,00,000 crore or 6
per cent of the national income.
Healthcare sector requires $7 billion FDI inflow (May
28)
IMA asks for increase in healthcare expenditure from 3 to 6 per cent of GDP and to
open up health insurance sector.
Assocham for bolder revenue generation steps (May 28)
Assocham for retaining direct tax rates at existing level and not to introduce any higher
slab or surcharge for super rich.
Future of $2 billion WB loans uncertain (May 28)
Future of remainder of India’s $2 bn World Bank loan uncertain, as they might suffer
same fate as talks may be postponed.
Automobile exports register decline (May 28)
Automobile exports decline in 1997-98, with negative 19 per cent growth, though two
wheelers record 26.4 per cent growth.
Rupee nosedives to
lowest ever of 41.52 (May 27)
Following reports of World Bank deferring loan to India, forex market goes into
tizzy on Wednesday. Rupee hits 41.52.
PSUs should aim at local market over GDRs (May 27)
Public sector divesting their holding
should offload shares in the Indian market instead of adopting the GDR route.
FIPB issues licences totalling Rs 2700 crore (May
27)
FIPB has cleared 44 mining proposals totalling an investment of about Rs 2700 crore.
Hegde plans for 20 per cent export growth (May 27)
The Commerce Minister has formulated a four point plan to spur a 20 per cent growth in
exports.
Power project commissioning may be delayed (May 26)
Day after AIADMK resolves to oppose Power Bill in Parliament, PHDCCI apprehends it may
cause delays.
Normal monsoon predicted (May 26)
Meteorological Department predicts 11th consecutive year of normal monsoon which is
expected to buoy economy.
Rupee plunges to record low of 41.19 (May 25)
Forex market reacts adversely to lowering of India's rating by Standard and Poor. Rupee
falls to record low of 41.19.
Inflation rises to 6.14 per cent (May 25)
Inflation rate rose for the fourth successive week to touch its highest in 54 weeks at
6.14 per cent on May 9.
RBI’s forex reserve falls by $526 million (May
25)
RBI foreign currency assets declined by $526 million to $25,469 million during the second
week of May.
Euro-issues allowed for unlisted companies
(May 23)
The finance ministry has liberalised the euro-issue guidelines, permitting unlisted
companies to float issues.
Manmohan warns against deficit financing (May 23)
Manmohan Singh warns government against resorting to deficit financing and rolling back
duty cuts.
Excise duties to be revamped (May 22)
Finance Minister said he intended to simplify rules, procedures and collection system of
excise duty.
Review MAT, suggests PHDCCI (May 22)
The PHDCCI suggests levy of minimum alternate tax (MAT) should be reviewed and abolished
in forthcoming budget.
CII calls for hike in capital expenditure (May 22)
The CII feels capital expenditure on infrastructure should be hiked to 7-8 per cent of GDP
from the present figure of 5.5.
Pre-Budget memorandums from various sectors (May 21)
In a series of pre-budget memorandums a number of sectors of the economy seek various
changes.
Oil and Gas contracts may be privatised (May 21)
Oil and gas exploration contracts are expected to be privatised in the forthcoming Budget.
Capital goods threatened by cheaper imports (May 21)
The domestic capital goods sector worth Rs 4000 crore has been affected by large scale
imports.
Crop production and GDP estimates down (May 21)
Fall in crop production in 1997-98 might lead to downward revision in GDP for 1997-98.
BJP’s first Budget expected to spur economy (May
20)
The first Budget of the BJP-led government is likely to initiate major measures to restore
confidence and spur economy.
UTI launches open-ended debt fund (May 20)
UTI launches first open-ended 100 per cent debt fund to invest in fixed income
instruments: debentures, securities etc.
Manmohan Singh calls for better regulation (May 20)
Manmohan Singh says certain well-run PSUs should divest equity to public on attractive
terms to break vicious circle of low confidence in primary market.
US Congress attempts to limit Indian imports (May 20)
US importers oppose amendment moved by US
Congress to strip India of MFN status in textiles and apparel sectors.
EU not to isolate India (May 20)
EU Ministers say they have no intention of isolating India
but strong economic sanctions may still be imposed.
US firm to invest $4.7 million in food processing (May 20)
In spite of the sanctions Herbalife
Corporation, a $1.8 billion US-based company plans to invest in food processing sector.
Boeing will deliver aircraft despite US sanctions (May
19)
US trade sanctions not to affect Boeing's delivery schedule of the latest 737 planes
to Jet Airways.
Too early to judge impact of sanctions: Montek (May
19)
Sanctions on India will not have bearing on the Union
Budget for 1998-99, which will be presented as per schedule.
Crisil reports negative
impact of sanctions (May 19)
Short term interest rates, forex markets, inflation and trade may react negatively,
following the sanctions, says Crisil.
Negative industrial growth (May
19)
Industrial production decelerated to 4.2 percent in 1997-98, the lowest in the past five
years.
FISE for growth and development of
bourses (May 19)
The FISE memorandum for growth of capital markets and badla trade.
Budget to counter impact of economic sanctions (May 18)
Change in political scenario, after from nuclear tests, presents Finance Minister
opportunity to come up with bold Budget.
Gold reserves to fund
infrastructure projects (May 18)
The government is considering using the gold reserves to finance infrastructure projects.
Inflation crosses 6 per cent mark
(May 18)
For the first time in 50 weeks, the inflation rate crossed the six per cent mark to touch
6.05 per cent on May 2.
Deutsche Bank: sanctions will affect FDI (May
16)
Contrary to domestic expectations the Deutsche Bank AG said foreign direct Investment.
Priority clearance for FI proposals (May 16)
Foreign investment proposals are being cleared by the government on priority to
attract new investors.
NRIs to boost forex inflow (May 16)
NRIs have responded to US sanctions by mobilising funds
World Bank says $ 8.1 bn loan to stay (May 15)
The $ 8.1 billion loan from the World Bank for disbursement among projects will be
unaffected.
Business ambassadors mooted by PHD Chamber (May 15)
The PHDCCI moots dispatching roving business ambassadors abroad.
CSE suggestions on
financial markets (May 15)
Calcutta bourse seeks buy-back of shares in companies by promoters, to reinstate the
financial markets.
Foreign investment in power sector
continues (May 15)
Power Minister Kumaramangalam holds meeting with World Bank about the prospective
financing of power projects.
Signal of recovery boosts market
confidence (May 14)
Stock market bounces back as government monitors foreign exchange market.
US Exim Bank to stop new approvals
(May 14)
The Export-Import Bank of the United States has decided to stop issuing new approvals
of financing for US export to India.
Industry rallies behind government
(May 13)
Indian industry rallies behind Finance Minister , who, despite a crash in bourses,
said the economy could face the sanctions.
CII asks govt to promote venture
capital (May 13)
Policy framework should be implemented to promote venture capital to revive the
capital markets.
Economy may go down: Experts (May
12)
Experts opine there may be no sanctions but apprehend harm to the economy and a harsh
budget.
Forex plunges in wake of sanctions
threat (May 12)
In the wake of the threat of international sanctions against India, the forex market
went into a tail spin early on Tuesday.
Industries chamber for hike in
customs duty (May 12)
Industry calls for hike in customs duty by 20 per cent in Union Budget to save domestic
industry from sickness.
SEBI go-ahead to derivatives
trading (May 11)
Derivatives trading is set to commence in India with the SEBI giving the go-ahead.
Industry disadvantaged: CII (May
11)
CII brings forth aspects of Indian industrial and economic policies which are
hindering liberalisation.
Inflation touches 5.36 pct (May
11)
With prices tightening grip on food products and food articles, inflation rate rises 0.33
per cent to touch 5.36 per cent
ICICI to raise debt through bonds
(May 11)
A tentative plan to raise debt through bonds will begin a major initiative to
develop the secondary debt market.
Investor confidence up in SE Asian
markets (May 9)
In the aftermath of South-East Asian currency crisis, emerging markets like India have
begun to look more attractive.
Ports to be opened to joint
ventures (May 9)
Plans to develop the ports sector by opening them to oil companies and MNCs in joint
ventures.
Tax exemptions for exporters to
continue (May 9)
In a statement the finance ministry refutes claims that tax exemptions to exporters were
to be removed in 1998-99.
IFC to double investment in India
(May 9)
The International Finance Corporation decides to raise investment in India from $214
million to $500 million.
Growth in six key infrastructure
sectors (May 8)
Defying the general slump in industrial growth, six key infrastructure sectors have
shown growth.
CII issues new corporate code (May
8)
Apex industry chamber CII seeks changes that would make non-executive directors more
pro-active.
NRIs seek equal status in investment
(May 8)
In a series of pre-budget proposals NRI’s ask to be treated on par with domestic
investors.
Rise in income and corporate tax
expected (May 8)
Rs 7800 crore discrepancy in revenue collected from income and corporate tax may force
government to raise both.
Corporates await friendly budget
(May 7)
Heads of Indian corporates expect the finance minister to offer sops to the industry.
Dismal scenario predicted for
exports (May 7)
Sour phase for exports seems unending for the immediate future.
Merchant banks on verge of closure
(May 7)
90 per cent of Indian merchant banking companies are on the verge of closure.
Export growth dips to 2.6% (May
7)
India registered its lowest ever export growth of 2.6 percent in fiscal gone by.
FDI mooted in housing sector
(May 7)
Urban Affairs Minister reveals government plan for FDI in housing sector.
MNCs not upbeat on Budget (May
6)
Top 50 multinationals operating in India say they have no special expectations from
the Budget.
Import duties to be enhanced (May
6)
Commerce Minister R K Hegde says certain degree of protection of the indigenous
industry is a necessity.
ACMA for uniform customs (May
6)
Auto components body ACMA, seeks uniform customs duty on all components.
New Companies Bill on anvil (May
6)
Law Minister keen to re-introduce a new Companies Bill in Parliament.
CII seeks relief for industry (May
6)
CII seeks a 5 per cent increase in the customs duty.
Radical revamp of PFC operations
suggested (May 6)
PFC moots equity participation in power projects for future patterns of funding rather
than debt financing.
Sinha warns against economic
meltdown (May 2)
Finance Minister says financial regulation and transparency between nations can prevent
another East Asian meltdown.
GDP growth 5.1 per cent in 1997-98:
NCAER (May 1)
Indian economy records a gross domestic product growth of 5.1 per cent in fiscal 1997-98.
FICCI demands reform (May
1)
Foreign Direct Investment policy needs to be given a dominant role in infrastructure
sector, says FICCI.
World fiscal system caused Asian
crisis: Sinha: (May 1)
International financial system behind Asian fiscal crisis, says Sinha.
RBI announces credit, monetary
policy (April 29)
One percentage point cut in bank rate in new credit policy of Reserve Bank.
FIs for lucrative capital market (April
28)
FIs meet Finance Minister to underlined need to revive capital market and create consumer
confidence. |
