Monday, June 1, 1998
Sanctions, slowdown cloud Sinha's budget
Caught amidst an economic recession, declining exports and the nuclear fallout in the form of US and Western sanctions on India, Finance Minister Yashwant Sinha has the unenviable task of presenting the BJP-led government's maiden budget today. This annual exercise will have to take vital measures to reverse the recessionary trend and bold initiatives to push up a sagging Gross Domestic Product growth.
Sanctions hit 4 core projects
Financial institutions have identified four infrastructure projects that may bear the brunt of the US and Japanese sanctions -- Dabhol Power phase-II of Enron, National Power of the Hindujas, BPL Power and Hughes Ispat. Enron and Hughes Ispat were negotiating with the US Exim Bank while National Power and BPL Power were close to finalising cheaper lines of credit from Japanese Exim Bank.
CII opposes SEBI move on quarterly results
The Confederation of Indian Industry has criticised the recent Securities and Exchange Board of India (SEBI) directives, which has made it mandatory for companies to publish unaudited financial results on a quarterly basis. CII is the second trade body after Assocham to criticise the SEBI proposal. The chamber feels that such a practice could be counter productive since it may compel companies to window dress results to show improvement.
|
|
