Thursday, January 28, 1999
Sinha firm on subsidy cut
Union finance minister Yashwant Sinha has hinted at drastic cut in subsidies in the forthcoming budget as a measure to check growing fiscal deficit.
Centre to float Rs 100 cr fund to boost IT
The Centre will float a Rs 100-crore venture capital fund before the end of the current fiscal to boost the information technology (IT) industry. The Small Industries Development Corporation (Sidbi) and ICICI will contribute Rs 40 crore and Rs 20 crore respectively, while the balance will come from union department of electronics (DoE) and IT industry.
Super regulator plan rejected
The Reserve Bank of India (RBI) has rejected the Khan Working Group's recommendation regarding the establishment of a "super regulator" to supervise and coordinate the activities of the multiple regulators. Instead, the Reserve Bank prefers the group's recommendation on setting up of a voluntary and purposeful self-regulatory committee to ensure uniformity in regulatory treatment.
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