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World Bank asks govt to cut fertiliser, food subsidies
Notwithstanding the Vajpayee government's assurance to increase social security measures and the swadeshi plank, the World Bank has asked the new coalition government to reduce subsidies on fertilisers and food so as to reduce the country's fiscal deficit. Although it is a tough job it should be done through better targeting and prioritising the area for subsidy cut.
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Dhoots to up Videocon stake
Fearing a takeover threat, the Dhoot family, promoters of Videocon International Ltd, has decided to make an open offer to buy two per cent in the consumer electronics firm. The Dhoots currently own 35 per cent of the company while their associates hold another seven per cent.
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Nestle gets a third show-cause notice
The Bombay Stock Exchange (BSE) has issued another show-cause notice -- the third such notice after the firm was charged with withholding price sensitive information -- to Nestle India. Not satisfied with the explanation given by Nestle to its second letter, it has asked the company to clarify the resignation of its MD, D Ardeshir, once again.
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Philips mulls options for WB unit
The future of Philips India Salt Lake factory in Calcutta, which made colour television sets, is uncertain as the company's manufacturing base for TV sets has been shifted from this unit to its Pune plant in Maharashtra. The management was seriously considering selling this plant.
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