Sunday, June 21, 1998
FIPB clears Ford proposal
The Foreign Investment Promotion Board (FIPB) has allowed Ford Motor of US to hike its stake in its joint venture with Mahindra & Mahindra -- Mahindra Ford India Ltd -- to over 92 per cent. It also cleared the proposal of agro-chemicals major Cheminova to inject fresh equity in its subsidiary.
Software exports grow 65% notching Rs 6,800 crore
Software exports have touched a new high of Rs 6,800 crore during 1997-98, recording a growth rate of 65% over the previous year. According to a ESC executive director RH Naqvi, nearly 70% of the exports have been contributed by 570 small and medium exporters, having exports up to Rs 100 crore.
Sanctions to cost US 80,000 jobs
US trade and commerce with India will continue normally but the sanctions against the country will certainly hit American companies hard, and cost them around 80,000 jobs, according to US policy makers. US under secretary of commerce for international affairs David Aaron said that it the sanctions are not likely to cripple India's economy or its development process as the US is the only country to have imposed such sanctions.
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