No Re full-float under pressure: FM
India will not be pressured by multilateral funding agencies into setting a tight time-frame for switching to capital account convertibility (CAC), but will work hard towards fulfiling the pre-conditions for achieving full-float of the rupee, according to the Union finance minister Yashwant Sinha.
WTO asks India to speed up economic reforms
While lauding India for notching a dramatic increase in economic growth from the early nineties until 1996, the WTO has cautioned New Delhi that it should continue liberalising its trade and investment regime faster to sustain the momentum, which slackened somewhat last year.
Centre hits 75% of WMA limit in April first week
The Centre has borrowed Rs 8,231 crore worth of ways and means advances (WMA) from the Reserve Bank of India (RBI) in the week ended April 3. This is 75% of the stipulated WMA limit in the first half of the new fiscal forcing the government to float a fresh security.
Single-point transit tax in lieu of octroi in Punjab
A single point transit tax on commercial goods carriers entering Punjab will be imposed in lieu of octroi from June end, according to BD Tandon, Punjab's minister of local government. The transit tax will result in cutting transit time, doing away with harassment at several octroi posts and optimising the state revenue.
Assocham for new economic package to boost demand
The Associated Chambers of Commerce and Industry of India (Assocham) has urged the government to come out with a new economic package aimed at boosting demand of industrial goods which holds the key to economic recovery. The package should focus on housing and construction activity which provides large employment opportunities and also generate demand for basic goods.
Net private flow to India at $10 bn
India's net private sector fund flows have registered a quantum jump to touch $10 billion during 1997 from $6 billion in 1996. Almost $9 billion of the total private inflows into India came in the form of subscription to bond issues and loan commitments, the World Bank report on "Global development finance, 1998"' said.
