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Economy

Sunday, May 17, 1998

	US rejects Indian claim of N-state states The United States has dismissed India's assertion of being a nuclear weapon power under NPT and opposed New Delhi's demand for a Security Council permanent seat. It said that under the nuclear non-proliferation treaty (NPT) a nuclear weapon state by definition must have tested a nuclear device before 1968.		"Government can control PSUs with 26% stake" The centre can consider diluting its stake in public-sector enterprises to 26 per cent and still retain effective control over them. This was one of the action points adopted at the end of the three-day conference on "Indian industrial relations -- agenda for change," organised by the Standing Conference of Public Enterprise (SCOPE) in cooperation with the Friedrich Ebert Foundation.
	US clearing banks withdraw overdraft facility to local banks US clearing banks have stopped intra-day overdraft facilities to the State Bank of India, Bank of India and Bank of Baroda following the US sanctions against India. The Indian banks have been told to ensure availability of funds in their clearing accounts before making payments, state-run banking industry.		Centre may allow private channels to uplink from India The Union government is likely to allow private channels to uplink from the country before introducing the Broadcasting Bill in the Parliament. Information and broadcasting minister Sushma Swaraj said that provisions relating to uplinking would be kept out of the Broadcasting Bill. The final decision is however, yet to be taken.

IMC urges finance minister to lower excise duties
The Indian Merchants' Chamber (IMC) has urged the Union finance minister to offer incentives in the form of lower excise duties to industries to achieve a higher growth rate in production. In a pre-budget memorandum on indirect taxation the chamber has said that the honest tax payers should not only be encouraged to produce more but also to submit exact production figures to income-tax authorities.

Tyre sales skid in '97-98 as auto sector recession takes its toll
The recession in the auto sector had taken its toll on the tyre sector with the growth rate falling to a negative 14 per cent in 1997-98 from a buoyant positive 17 per cent during the 1996-97. This assumes significance as the industry was hopeful of maintaining a double digit growth during 1997-98. The only saving grace for the industry was a buoyant exports which grew at a rate of 25 per cent during last year.

Executive Briefing
Clinton urges India to sign CTBT
Pakistan keeps its nuke options open
Uzbekistan wants to boost economic ties with India
Nuke tests data sufficient to launch weapons programme, say experts
Compromise on quality of exports will not be tolerated, says Hegde
"Scientists should lead the way to beat sanctions"
Separate tax-payment plan for PSU staff urged
World Briefing
Machine tool makers' body seeks duty cuts to protect industry
Call for joint efforts by government, industry
Encryption talks reach breaking point in US
"Japan sanctions will hit core sector projects"
Debate on nuclear tests to top Budget session agenda
Insurers urged to use Asian economic crisis as a tool to boost marketing
BCCI moots steps for full float of rupee
Europe faces shortage of trained IT professionals to tackle euro problem
Foreigners flee riot-hit Indonesia
"No more nuke tests"