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Drumbeat: Ad Buzzaar

Economy

Saturday, May 16, 1998

	Core projects plan to raise overseas loans sans political risk insurance A number of infrastructure projects have started exploring the possibility of raising long-term overseas loans without political risk insurance (PRI). The move is triggered by the decision of the J-Exim and the US-Exim to stop issuing guarantees following the tough economic sanctions announced by Japan and the US.		Govt okays 18 output-sharing oil deals The Union petroleum ministry has approved 18 production-sharing contracts of the unincorporated joint ventures between national oil companies and the private sector. The nods, which were hanging fire for the last three years, pave the way for a total foreign investment of $ 40 million in oil exploration and production.
	More sops for exporters likely, says Hegde The exporting community should be warned that the government would not hesitate to blacklist those who failed to keep up the quality of the products going outside the country. Stating this Ramakrishna Hegde, Union minister for commerce said that the government is also looking at more incentives for the exporting community.		NCRPB for greater pvt role in project implementation The National Capital Region Planning Board (NCRPB), has stressed the need for private sector participation in implemetation of projects worth Rs 37,000 crore in Delhi and neighbouring states of Haryana, Rajasthan and Uttar Pradesh. The government has allocated an amount of Rs 10,000 crore for infrastructure development and acquisition of land.

Cement firms cut production to prop up prices during monsoon
Cement companies have heavily cut production in April resulting in better price realisation across the country. Production in April dropped to 5.72 million tonnes from 7.81 million tonnes in March. Even despatches at 5.85 million tonnes was far lower than March's figure of 7.81 million tonnes. In fact, the average price realisation has inched up to around Rs 145 per bag in Mumbai and Chennai.

Import duty on electronic items may rise
Consumer electronics manufacturers, particularly the multinational companies, are unlikely to have any reason to cheer the Budget for 1998-99 if early indications from the finance minister are taken seriously. Considering that the government has an onerous task to increase the revenue inflow, department of electronics sources say that a 5% increase in peak import duty seems inevitable.

RBI ups cut-off yield on 14-day, 91-day T-bills
Steel industry lobbies cross swords over duty proposals
Rajasthan shifts focus to state sector for investing in powe
IMTMA urges lower excise duty on machine tools
Realty market set to bottom out
Footwear manufacturers oppose new benchmark price for natural rubber
TA exempt from I-T purview
Indonesia unrest seen boosting tin prices
Sanctions not to affect disbursal of $8.1-bn cleared loans
"Sanctions may hit core sector"
Reserve Bank may withdraw forward cover to FIIs
US seen unlikely to impose Total sanctions
Snippets
Japanese firms halt operations in Indonesia
India working on reusable missile
Hong Kong blue chips eyed amid slump
Long-term impact may be felt on refinery sector
Indonesia crisis likely to put yen under pressure
Mexican economy on a roll in face of south-east Asian crisis
Executive Briefing
US banks suspend Rs 80cr agro aid