Monday, June 22, 1998
The rating jitters
Moody's Investor Services is of the opinion that Indian paper ranks below Thailand's in the international league tables. While the Philippines and Thailand are classified as Ba1, Indian paper is now rated Ba2. Standard & Poor's also feels that investment in Indian paper carries more risks than Thai paper.
Takeover code blues
The basic objective of the Sebi's Substantial Acquisition of Shares and Takeovers Regulations, 1997 should be to provide a clear legal framework to enable takeovers. Indian industry needs a massive dose of restructuring if it is to survive and compete in a global environment, and takeovers are essential for that restructuring to occur. Yet, as recent events have shown, the takeover code, already re-drafted once, needs further change.
Budget and personal income tax: A comment
The Union finance minister has proposed that the exemption limit for personal income tax will be raised from Rs 40,000 to Rs 50,000. Chidambaram, in his budget speech in July, 1996, had rejected a similar demand and had said, "There are pressing demands from all sections of society to raise the threshold limit for personal income tax from the existing level of Rs 40,000 to at least Rs 60,000. Each increase of Rs 1,000 in the threshold limit will cost the exchequer Rs 150 crore.
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