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Drumbeat: Ad Buzzaar

Economy

Friday, May 22, 1998

	Sinha to serenade power sector with sops The Union budget is likely to provide a slew of tax reliefs for power projects in a bid to prop up investments in the infrastructure sector. The Union finance ministry is giving the finishing touches to a package set to be incorporated in the proposals. Prime among the measures being considered by the ministry are extension of deemed-export benefits for ECB-funded projects and a uniform import-duty structure for all fuel inputs.		Centre may not toe panel line on crude duty cut The Union finance ministry is not likely to implement duty changes in crude and petro-products as recommended by the Nirmal Singh committee report on oil reforms. Although no final view has been taken on the matter, the prevalent opinion within the Union finance ministry is that the top priority in the budget is revenue.
	Delhi moots freeze on nuclear tests India has proposed a unilateral moratorium on nuclear tests and said it is ready to interact with key interlocutors to formalise the obligation. Without naming the countries, the Principal Secretary to the Prime Minister, Brajesh Mishra, told newspersons on Thursday that that there had been "some communication" from some nuclear weapon states on the subject.		Suharto bows to pressure, steps down After a week of deadly protests against president Suharto and Indonesia's battered economy, the premier yesterday announced his resignation in a nationwide television address. Suharto turned over the leadership to vice president Baharuddin Jusuf Habibie, a close ally and said Habibie would serve out the remainder of the current presidential term -- until 2003.

NRIs rally behind nation, flood domestic banks with deposits
Non-Resident Indians (NRIs) across the globe, riding high on a patriotic fervour after a series of underground-nuclear tests conducted by the country, are flooding Indian banks with deposits. Indians from far corners of the world are busy remitting deposits to the banks as a mark of solidarity with the government's decision to carry out nuclear tests.

US federal insurance body gets uptight, probes Indian banks' liquidity status
The US-based Federal Depository Insurance Corporation (FDIC) has made an inquiry into the liquidity position of the US branches of the Indian banks. FDIC insures all banks, including Indian banks, operating in the US. FDIC has taken this step as a precaution, in case of any possible fallout of the economic sanctions imposed on India by the US.

Open up insurance sector, says CII
An ombudsman's grouse
RK Kumar's differences with Jayalalitha may cost him dear
RR Finance calls for budgetary sops
Dubai gold re-export trade seen losing glitter
Agriculture industry strays away from traditional dependence on rains
Hudco to earmark Rs 1,800 crore for housing, core projects
World leaders welcome resignation
Telecom industry demands equitable tendering system in WILL
Sustained students' rioting scuppered president's dreams to serve longer
Tractor industry seeks uniform duty structure
Power firms seek legal advice on guarantee norms
Bihar govt finally wakes up to restructure BSEB
"Indonesia has no alternative to IMF"
Britain warned of underlying inflation psychology
Executive Briefing
Review levy of MAT
MAT 97-98 mopup slips 30 per cent to Rs 131cr
Textile exports to be affected if MFN status by US is revoked