Friday, June 19, 1998
Towards a new order
From all accounts, the BJP-led coalition government does not appear to be handling the post-Pokharan situation with firmness and resolve. Far from it, the government seems to be on the defensive both at home and abroad. Thanks to the despicable opportunism of the opposition parties -- who should have stood four-square behind the government in a show of national unity, but didn't -- the government was till recently fending off daily assaults in parliament. Abroad, the unholy US-China nexus is working hard to internationalise the Kashmir issue to pressure India on the nuclear front.
Ebbing confidence
Business expectations have sagged after the 1998-99 budget. According to a preliminary report on a CII business outlook survey, 63% of 450 corporate respondents have either projected no improvement in the prospects for the next six months or forecast a worsening scenario. The gloom is dominated by steel, commercial vehicles and capital goods industries in the main. These are the very industries that took the brunt of a slow down last year and the budget has failed to improve sentiment.
Duty on bearings shell causes resentment
The Union finance minister's budget proposal to introduce weight duty on cast iron housing units for ball bearings has caused wide spread resentment in the bearings market. The ministry has introduced weight duty of Rs 150 per kg on bearing housings upto 60 mm dia and Rs 80 per kg on dia above 60 mm. So far weight duty was being recovered only on imports of ball and roller bearings of various types.
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