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Corporate Economy Expressions Markets Leisure 23 February 1998   DAP importers may sue centre over decision to reduce subsidy Importers of diammonium phosphate (DAP) fertiliser are considering taking legal action against the government on its recent move to cut the subsidy on DAP by Rs 250 per tonne, effective from October 1, 1997. The companies are aggrieved because the recent notification to cut subsidy supersedes an earlier decision of the government in June 1997 to keep the increased subsidy level effective till March 31, 1998.   Reserve Bank lifts cap on State Bank's Indian Oil exposure to Rs 6,000 crore The Reserve Bank of India has lifted the cap on the State Bank of India's (SBI) exposure to the country's oil canalising agent, Indian Oil Corporation (IOC). It has allowed SBI to go beyond the stipulated prudential lending norms and extend the IOC's limit to Rs 6,000 crore. CII calls for lifting of Modvat credit denial The Confederation of Indian Industry (CII) has urged the revenue department of the ministry of finance to withdraw the directives of the excise collectorates to the industry and not to avail Modvat credit. It has also called for an immediate lifting of the Modvat credit denial to the industry. State-run banks get set to slice short-term rates Several public sector banks are likely to reduce the short-term deposit rates. These short-term deposit rates were suddenly hiked, to as high as 12.5%, to mop up additional funds.   Andersen moots two-pronged approach to counter linen anti-dumping duty Management consultant Arthur Andersen is likely to help domestic textile firms fight anti-dumping duties imposed by the European Commission through a specially-designed package. However, buyers will have to shell out a whopping $5,000 each for the package. Stable government can ensure steady growth, keep rupee within band: analysts Bankers and analystrs feel that a majority government would offer a stable plank for economic policy-making and ensure steady growth, shielding the rupee from sharp fluctuations. A majority government would encourage foreign institutional investors who prefer India's steady reform process to the confusion now reigning in south-east Asian countries.     Assocham meet makes a case for five-year budgets   "Marine fisheries sector over-capitalised"   High Court calls IT circulars on VDIS irrelevant   Rajasthan emerges second largest player in soya production   Import pressure hits titanium dioxide prices   West Bengal leads in leather goods exports   BJP's swadeshi stand is hocus-pocus, says Sonia   7 Loktantrik MLAs return to BJP fold; Pal gets 3 more days to prove majority