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Pause for breath
FICCI has called for a freeze on import duties at current levels, arguing that the rapid pace of tariff reduction (from a peak of 300 per cent duty to 40 per cent duty) has placed domestic industry at a disadvantage in comparison with imported goods. This is not a protectionist plea; Ficci had welcomed the reductions in import duties and removal of most import restrictions.
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The best antidote
One of the reasons for financial institutions shying away from funding roads is reportedly that these projects do not conform to their norms for asset cover. In plain language, this means that the security for the loan is considered insufficient, in terms of the project finance norms for these institutions laid down by the Reserve Bank.
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The IMF empire strikes back
That the institution put saving its own role ahead of concern for economic success in Asia and/or that the IMF's leadership bashed the currency-board idea out of pique over the fact that it was not consulted first. After all, to be hated can be flatteri
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From administered to free interest rates
With the introduction of financial sector reforms from 1992-93 onwards, after the submission of the first Narasimham Committee report in November 1991, the Reserve Bank of India progressively made concerted efforts to move away from direct to indirect instruments of monetary control viz; open market operations and market determined interest rates.
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