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Economy

Tuesday, May 5, 1998

	Vajpayee promises review of exim policy; pillories Congress, United Front Prime minister Atal Behari Vajpayee on Monday said his government was committed to revise the import-export policy and reduce the WTO obligations which were detrimental to the country's interests. Delivering the valedictory address at the two-day BJP national council convention, he said India had entered into an agreement with the GATT much before the BJP-led government came to power.		Centre unfazed by US move to place Delhi on watch list The Centre has termed the Clinton administration's move to put the country on the Special 301 watch-list as an "annual ritual." The government says the move will have no effect on India. The US has put India on the list as it feels the latter has failed to protect American intellectual property.
	DoT lobs ICICI report on cellular industry into ministry's court The Department of Telecommunications (DoT) has accepted the recommendations of an Industrial Credit and Investment Corporation of India (ICICI) study which suggested extending the cellular licence period from the present 10 to 15 years and a two-year moratorium on payment of licence fees.		Mazgaon Docks, European firms to sign memorandum for Dighi port development The public sector Mazgaon Docks will sign a memorandum of understanding soon with port-development companies from Europe for the development of the Rs 350-crore Dighi port in the Ratnagiri district. The MoU would be signed within the next two to three weeks as currently Mazgaon Docks was holding talks with the investor companies.

Court ruling opens doors for oil PSU staff to join private firms
In a landmark judgement, a court has ruled in an ad-interim order that an oil executive can join the oil PSU's competitor in the business of petroleum, thereby opening the floodgate for top executives who wish to leave and join new private sector oil corporations.

Budgetary allocation for road sector will go up, says Durai
The government is making all efforts to implement the 1988 resolution in an attempt to generate additional Rs 2,000 crore per annum for the Central Road Fund (CRF), announced Thambi Durai, Union minister for surface transport on Monday when addressing a seminar on financing India's infrastructure. Durai said, "the quality of infrastructure has not kept pace with the needs of road transport, which is growing at a rate of 10 to 12% per annum".

Mumbai income-tax mopup way short of target
Stand-alone refineries likely to be paid more for fuel oil and naphtha
Cotton production in the country may fall short of target this year
Telecom progress seen helping African economic development
ECB row goes to heart of EMU woes
Australian court ruling deals blow to government
Independent Bank of England wins guarded praise in first year
ECB actions may determine row's impact on euro value
Liberalisation is key to Asia recovery, says Japan minister
EMU wall flower Greece finds solace in EU rhetoric
Patel's plea to Vajpayee
Lower investment limit for small-scale firms scotches Sidbi venture-fund plans
Study on sugar industry recommends automation at various levels