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Move to hike net bank credit to export sector
The commerce ministry is making persistent efforts to increase the flow of net bank credit to the export sector to a level of 15% in order to improve its liquidity. The move is significant as the outstanding export credit in recent years has been only 11.3% of the net bank credit in May 1997, 0.7% lower than the current level of 12% level fixed by the Reserve Bank of India (RBI).
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Consolidated fiscal deficit of states pegged at 3.1% of GDP in '97-98
The consolidated fiscal deficit of the state governments will be pegged at Rs 45,530 crore, which works out to 3.1% of the gross domestic product (GDP) in 1997-98. In the corresponding period last year, the consolidated fiscal deficit was pegged at 3.3% of the GDP at Rs 41,845 crore. The aggregate revenue deficit of the state government for 1997-98 will be Rs 15,373 crore, which is 1.1% of the GDP, marginally lower than last year's Rs 15,855 crore -- 1.3% of the GDP.
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IBRD loan of $250 mn for farm development programme
World Bank has sanctioned a $250-million loan for a five-year national agriculture development programme scheduled to start from April 1, 1998. The programme will be conducted by Indian Council for Agricultural Research (ICAR). Of the 85 research institutes of ICAR, about 30 will be participating in the programme and ICAR may engage various universities and other research organisations as well.
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BJP to accelerate infotech revolution
The Bhartiya Janata Party (BJP) intends to speed up the information revolution taking place in the country. Acknowledging the importance of IT as the most revolutionary tool ever created in human history in its election manifesto, the party yesterday announced a number of proposals to give a thrust to India's infotech industry if voted to power.
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