Friday, July 10, 1998
CMIE sees GDP at 4.5-5%, pegs fiscal deficit at 6%
Lower private-consumption expenditure is all set to slow down gross domestic product growth rate to 4.5-5% during 1998-99, according to the Centre for Monitoring Indian Economy (CMIE). This, says CMIE, will push up the gross fiscal deficit as a percentage of GDP to about 6% against the 5.6% estimated in the recent union budget.
Centre to liberalise foreign investment in NBFCs
The government is planning to liberalise foreign direct investment in the non-banking finance sector by expanding the list of existing 15 permitted activities and allowing 100% foreign investment in certain infrastructure areas such as ports and highways on the lines of the recently-announced guidelines for power sector.
Power counter-guarantees to miss deadline
Despite assurances given by the Union finance ministry, the counter-guarantee cover for the three fast track projects including the Vizag, Bhadrawati and the ST-CMS Neyveli is unlikely to come by the stipulated deadline of July 31.
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