Monday, June 15, 1998
Stretching a failed idea to net more
"The temptation to raise taxes in the given situation was indeed great. But I recognise that the direct tax policy must impart stability and confidence both to individuals and corporates. Therefore, I do not propose to introduce any changes in the rate structure either for individual or corporate taxes. In fact the level for tax exemption is being raised from the existing limit of Rs 40,000 to Rs 50,000." In an instant, finance minister Yashwant Sinha, presenting his debut budget, became a hero.
Festivals bring back lost glitter to diamonds
World over diamond traders, processors jewellers, et all, including domestic ones, are preparing for the oncoming festive seasons in their respective markets. In India it is Divali (September-November) and in the developed western markets that include, the US, European Union and the Gulf countries, it's Christmas and New Year (December-February) celebrations when jewels are purchased in bulk by consumers.
Godrej to set up $6-million furniture unit in Vietnam
Consumer goods manufacturer Godrej and Boyce Ltd is setting up a plant in Vietnam to cater to countries in that region. The $6 million factory is now under construction and will be ready in the next two to three months. Godrej's Vietnam plant will make office furniture, steel furniture, file cabinets, desks, chairs and storage cabinets.
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