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Tuesday, April 14, 1998
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Sops for all, shock for swadeshis
Dealing a ideological blow to the proponents of `swadeshi' brigade within the ruling coalition, Commerce Minister Ramakrishna Hegde has liberalised imports of a whole range of consumer goods and announced a major package of incentives for exporters. In keeping with India's commitment to the World Trade Organisation, Hegde has removed 326 items like canned juices, shaving creams, toilet soaps, and `bindis', to name just a few, from the restricted list of imports.
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Lakme proposes 600% interim dividend
The board of directors of Lakme Ltd has proposed an interim dividend of Rs 60 per share (600 per cent) for the year 1997-98. This dividend payout, the largest to be declared by a listed company so far, will absorb half of the proceeds of Rs 159 crore. However, the board has not taken any decision on merging Lakme with any other Tata company.
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Cut in YTM to boost bank profits
The Reserve Bank of India (RBI) has reduced the yield-to-maturity (YTM) of all dated government securities (Gilts) except for one-year paper and gilts maturing in less than one year for valuation of bank portfolio of government and other securities while finalising their balance sheets for this year. Banks are expected to rake in good profits following the reduction in YTM.
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Electronic exports get more sops
To give a fillip to export of electronic items the Exim Policy for 1998-99 has reduced the threshold limit for zero duty Export Promotion Capital Goods (EPCG) scheme for the electronics industry to Rs 10 lakh from Rs 20 crore. In addition, the depreciation limit for the electronics industry has been increased to 90% from 70% over a period of five years.
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