RBI to get full autonomy: Sinha
The Reserve Bank of India (RBI) will soon be granted complete autonomy, Union finance minister Yashwant Sinha announced yesterday at the Confederation of Indian Industry's annual conference. Sinha said he has already advised the RBI governor to take decisions independently.
Sonia to support Govt moves for spurring economy
Congress president Sonia Gandhi has assured full co-operation to the government if it brings legislative changes for spurring the economy and boosting investment. Speaking at the Confederation of Indian Industry (CII) annual conference, Sonia said, "It is not an occasion to score political points. Congress will give support to the government if broad national consensus is reached on legislative changes for boosting investment and restoring business confidence."
ADB sees 6.7% GDP growth
The Asian Development Bank expects the economy to perk up and clock a GDP growth of 6.7% in 1998-99. Formally releasing the Asian Development Outlook for 1998 yesterday, Shigeko Asher, regional representative for the bank, said that it expected India to register a GDP growth between 6.7% and seven per cent during 1998 and 1999.
Bakht vows to weed out hurdles
Union industry minister Sikander Bakht has said that the downturn of the economy is a passing phase and by most indications has bottomed out. Speaking at the national conference of the Confederation of Indian Industry (CII), Bakht said, "What is ahead of us is an enormous potential for growth".
Fierce lobbying by oil giants for bidding rights in Bangladesh
More than 20 leading global oil companies are locked in a fierce contest for bidding rights to what is being touted as the largest and most promising gas reserves finds in recent years, in offshore Bangladesh. The companies believe that Bangladesh may be sitting on some of the biggest gas reserves in the world.
Govt issues show-cause notices to power cos
The Union government has issued show-cause notices to power companies which had failed to achieve financial closure by March 31, 1998, irrespective of whether they had tied up for liquid fuel supply or not, Union power Minister P R Kumaramangalam has said. The companies have been asked to explain their failure to meet the deadline.
