The Financial Express -- Expressions

This page contains Editorial and Op-Ed articles

Friday, November 7 1997

Letters to the Editor

Sugar needs total decontrol

The Reserve Bank of India's (RBI) decision to reduced the minimum margin on loans against sugar meant for public distribution system (called levy sugar) has not come as a surprise. The fact that the RBI reduced the margin on such loans by five percentage points at 10 percent because levy sugar is valued at government price and not market related shows that the central bank has finally woken up after a long sleep.

Gail pullout will upset applecart

The planned Gas Authority of India Limited's global depository receipts issue has foundered in the sea of the Asian markets turmoil. It looks unlikely that the centre will have the spine to re-introduce the issue in January or even by the end of the fiscal, by when the finance ministry hopes international investor faith in oriental markets will have swung from the nadir to the zenith.

Conflicting signals

The union finance minister would appear to be sending conflicting signals on tax compliance. Agreed that the government is having problems managing its finances, still the dodger and the honest tax payer alike are not getting the right signals from an administration that wants to maximise the revenue response to VDIS and simultaneously to tell the community at large that for the future it would stand no nonsense.

Sugar needs total decontrol

The vanishing taxpayer

Gail pullout will upset applecart

Switching partners

Speed

Conflicting signals