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Chidambaram rules out rupee devaluation to boost exports
Union finance minister P Chidambaram has categorically ruled out competitive devaluation of rupee in the wake of the sharp fall in Southeast Asian currencies. He, has instead, extorted Indian exporters to find newer markets and improve quality and delivery schedules.
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Navratna boards' restructuring likely to be completed this month
The restructuring of the "Navratna" boards is likely to be completed within the coming few weeks, lending new wings to the mega corporations among the PSUs (public sector undertakings) to fly with, in the coming fiscal. The names of the professionals and experts, who will adorn NTPC's board have already been approved by the Appointments Committee of the Cabinet (ACC) and a formal announcement is likely in a few days.
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Cross-border deals to fetch $300m more
Three cross-border financing transactions are to be sewed up within a fortnight, notwithstanding the turbulence in the international markets and gloomy forecasts by Moody's Investors Service. These include a $50 million Maharashtra State Electricity Board (MSEB) loan, the $70 million Tata-Bell Canada offering and a $100 million borrowing by Exim Bank.
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Commerce ministry for lifting quantitative curbs on export of agro products
The Union commerce ministry has recommended to the government the need to lift quantitative ceilings on export of all agriculture and allied products in order to take advantage of the post-Uruguay Round trading environment. This will require formulation of a strategy to enable the agriculture sector to gear itself to face the situation five years hence.
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