Saturday, October 10, 1998
Govt to allow 100% FDI in shipping sector
In a major boost to the Indian shipping industry, the government is considering an allowance of 100% foreign equity in shipping companies, surface transport minister Thambi Durai said yesterday. The government has accepted 15 of the 31 recommendations of the National Shipping Policy committee including review of the bare boat charter-cum-demise (BBCD) method for acquisition of ships by Indian companies and restructuring of the maritime administration.
Textile sop to cost Govt Rs 3,000 crore
The union minister of textiles Kashi Ram Rana has said that the government would bear an interest subsidy of Rs 3,000 crore for disbursing low interest funds for upgradation in the textiles industry. The textile industry was passing through a critical phase but it had the capability to recover from the crisis arising out of South Asian and western economic meltdown, he added.
AI seeks Rs 1500 crore package
Air India (AI) has asked for a fresh package of Rs 1,200-1,500 crore from the government coffers to salvage the loss-making airline. The airline has put forward this proposal to the Kelkar committee on AI restructuring which is expected to submit the report by October-end.
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