Chambers, industry hail Punjab budget as positive
The Confederation of Indian Industry, the PHD Chamber of Commerce and Industry (PHDCCI) and most industrialists have welcomed the Punjab Budget for 1998-99. Chairman of CII, Rakesh B Mittal, described it as a "balanced one" with features like 40% allocation of resources for development of infrastructure. He also observed that rationalisation of tax structures by lowering sales tax on certain items and life saving drugs were a positive move.

"Trade-reversal" marks steel export refocus
The Pundits call it a "trade reversal". Indian steel firms were by far the biggest net steel exporters to Asia Pacific till six months ago. Suddenly, Asia-Pacific has itself turned into a big net steel exporter. This has forced Indian steel manufacturers, led by private sector giant Tata Steel, to swing its export focus around from the Asia Pacific region to India's neighbouring countries, West Asia.

Markets must keep their cool in face of political flux
The markets are still recovering from a bear attack, but they will have to face up to one more threat -- that of a political nature -- when they open on Monday. But a cool analysis will show that there is no need to panic, at least not next week.

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