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Economy

Wednesday, April 8, 1998

	Delhi may move WTO over EU anti-dumping steps India is considering the possibility of raising a dispute in the World Trade Organisation (WTO) on the European Community's decision to impose anti-dumping duties action on unbleached cotton fabric (UCF) and bed linen imported from this country. At the same time, India is also examining the question of filing a dispute in the WTO on anti-dumping measures initiated by South Africa.		Vajpayee okays plan to levy 10% sugar import duty Prime Minister AB Vajpayee has given his consent to impose a 10 per cent duty on sugar imports. This is being termed as the first protectionist decision of the BJP-led government. Sugar imports are under open-general licence (OGL) and attract zero duty. The finance ministry is processing the duty imposition. An announcement is likely in another 10 days.
	Private sector participation in oil exploration to be widened Union minister for petroleum and natural gas V K Ramamurthy, made a definite commitment to the oil sector reforms in general and the New Exploration and Licensing Policy (NELP) in particular. The was quite categorical that the new government would certainly not reconsider the policy decision to allow greater private sector investment in oil and gas.		Industry endorses BJP reform agenda The Confederation of Indian Industry (CII) has welcomed the AB Vajpayee-led government's resolve to do away with red tape, introduce administrative reforms, promote internal liberalisation and, above all, allow foreign investment in core and other areas.

State-run banks corner 55% of aggregate deposits
Nationalised banks as a group contributed 54.6 per cent of the aggregate deposits of all scheduled commercial banks in December 1997, while the State Bank of India (SBI) and its associates accounted for another 25.3 per cent. Foreign banks contributed 7.3 per cent of the aggregate deposits, while regional rural banks accounted for 3.5 per cent.

Jewellery exports touch $5.5 bn in 1997-98
Gem and jewellery exports are estimated to have touched $5,521 billion (Rs 219,319 billion at an average price of Rs 39 to one US dollar) during the year to March 31, 1998, up five per cent from $5,258 billion in the previous year to March 31, 1997. However, compared to the targeted figure of $5,780 billion for 1998-98, the provisional figures released are lower.

"New pricing system may reduce urea subsidy by Rs 485 crore"
China oil fields say no order to cut production
Solvent Extractors' Association wants a level playing field
Private business flourish in China
Japan PM's `bold action' may not silence critics
World Briefing
The current bull-run is not healthy
IDBI, IFCI pare PLR by 50 basis points
ICICI sanctions, disbursals pull ahead of IDBI
Hashimoto's promise to take bold action may not silence critics
Peeved BCCI snaps ties with Assocham
Centre eases ECB norms to boost exports
I-T department nabs bogus officer
State sugar body pleads against duty