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Economy
& Business
India
will be a top global
performer - RBI
What
is India News Service, August 31, 2004, 2000 hrs IST
The Reserve Bank of India (RBI) said the
medium term outlook remains favourable with economy in 2004-05 set
to build upon the robust
performance recorded in the previous fiscal though a fuller
assessment of impact of monsoon on growth is difficult at this
juncture.
Uncertainties surrounding the progress of monsoon, impact of higher
international crude price on domestic real activity and breadth of
global recovery contain some risk for the macroeconomic outlook for
India, the RBI said in its annual report for 2003-04 released here.
'Pass
on the benefits of low cost deposits to customers':
The Reserve Bank of India today stated that the persistence of the
large gap between lending rates and deposit rates remains a matter
of concern. It urged the banks to ensure that the benefits of low
cost deposits are passed on
Industry
views sought on WTO issues: Indian industry should come out
expeditiously with its response and suggestions on matters relating
to the agenda of the World Trade Organisation (WTO) following the
Geneva meeting of its General Council as also on issues being
negotiated by India under bilateral and regional trade agreements (RTAs),
according to the Joint Secretary (Trade Policy) in the Union
Ministry of Commerce and Industry, R. Gopalan.
ONGC
forays into SEZ blitz: ONGC signed an MoU with the Karnataka
Industrial Areas Development Board for developing the coastal
special economic zone at Mangalore with investments in petrochemical
and energy sector to the tune of over Rs 25,000 crore.
Apple
growers fear slump: With the truck operators calling off their week-long strike, the transportation of apple has resumed. However, the growers fear that heavy arrivals could lead to a slump in the market, severely affecting returns.
Birlas
place Will before court: The Birlas placed before the Calcutta
High Court what they described as the original of the purported
mutual Wills of M P Birla and Priyamvada Birla made in 1982 but
sought permission to submit notarised copies of it with their
probate application, expressing concern over its safety.
MRPL
to invest Rs 1,300 cr in upgrading products: MRPL proposed to
invest Rs 1,300 crore over a period of time in improving plant and
upgrading products.
BPCL to focus on store network: Bharat Petroleum Corporation Ltd will ramp up the number of its 'In & Out' store network to 400 from the current 234 and has embarked on plans to increase its refining capacity to 12 MMTPA by the fiscal end.
Remittances of workers touch $20 bn: Money sent by Indians working abroad (inward workers' remittances) almost touched $20 billion in 2003-04 as larger number of high-skilled Indians went abroad, mainly to Europe and US.
OVL
acquires oil block in Australia: ONGC Videsh Ltd (OVL), the
overseas arm of state-run Oil and Natural Gas Corp has acquired a
majority interest in an oil block in Australia.
L&T
Infotech plans China centre: India's leading engineering and
construction conglomerate, Larsen and Toubro said it was planning to
set up a software development centre in China and make it a
manufacturing base for the global market.
Malaysia lures investors:
The Malaysian Industrial Development Authority (Mida) has invited industrialists from Tamil Nadu to invest in the machinery and equipment sector at Malaysia.
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Medicine
Shoppe to double retail outlets: The Medicine Shoppe India, the
largest retail pharmacy chain and the Indian arm of The Medicine
Shoppe International, is implementing a Rs. 50 crore expansion
programme to make it a 500 outlet retail chain by 2009.
CMC to change business composition: CMC, now part of TCS, is
attempting a transformation from `ability to agility', reflecting
the desire to shed the working culture and business approach.
New
insurance law to be delayed further:
The Law Ministry failed to place the 190th report of the Law
Commission in Parliament this session. A direct fall-out of this
will be further delay in evolving a comprehensive insurance law.
GM
plans new look Corsa: The Indian subsidiary of leading US auto
major, General Motors, is planning to roll out a new-look Opel Corsa,
to consolidate on their 7 per cent market share in the mid-size
segment in the near future.
Ballooning
crude prices may erode bottom line: BPCL: Bharat Petroleum
Corporation Ltd (BPCL) has cautioned that despite duty cuts by the
government, current domestic petroleum prices would be inadequate
for the oil companies to cover costs if the international prices
keep on ballooning.
New Fiat models on anvil:
After the write-off of Rs 1,300 crore accumulated loss, Fiat India has embarked on a massive restructuring exercise that would see the company launch new models.
Auto
sector leads sensex to strong 69 points gain: Led by auto
sector, key counters surged up to a strong finish lifting the sensex
by 69 points on the stock exchange.
Overall:
India will be a global performer: With the deepening of
industrial recovery and sustained growth of the services sector, the
economy is set to build upon last year\92s robust performance.
Remittances of workers touch $20 bn: Money sent by Indians working abroad (inward workers' remittances) almost touched $20 billion in 2003-04 as larger number of high-skilled Indians went abroad, mainly to Europe and US.
Malaysia lures investors: The Malaysian Industrial Development Authority (Mida) has invited industrialists from Tamil Nadu to invest in the machinery and equipment sector at Malaysia.
L&T Infotech plans China centre: Engineering and
construction conglomerate, Larsen and Toubro plans to set up a
software development centre in China.
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