Business & Economy

Chidambaram hails RBI policy,
says it won't hamper growth

What is India News Service, Tuesday, 26 October 2004, 2000 hrs IST


Hailing RBI's monetary and credit policy, Finance Minister Mr P Chidambaram today said it would not hamper growth and the investment momentum will continue despite pressure on price level.

"By and large, it is a very good policy... RBI shared our concerns that nothing should be done or is warranted that will hamper growth", Chidambaram said reacting to the busy season credit policy unveiled by RBI in Mumbai.

"Nothing has been done to hamper growth... Investment growth momentum will continue", he said.

Process for acquiring new jets under way: The Indian Air Force (IAF) is in the process of acquiring more multirole fighter aircrafts a requirement for which has been given to the government.

Ministry asks RBI to explore `prior approval' for private banks: The Ministry of Finance wants the Reserve Bank of India to hop back one step in clearing big-time share transactions in private sector banks. The Ministry has asked the RBI to explore the possibility of according prior approval to share deals.

No middleman figured in Mirage deal, says Air Chief: Reacting sharply to reports emerging from France that an agent figured in the deal for the purchase of Mirage aircraft, Chief of Air Staff Air Chief Marshal S. Krishnaswamy declared that there had been no intermediary when the deal was signed.

Chennai airport development through joint venture: With the Tamil Nadu Government showing keen interest in expediting the project, there should be little difficulty in the process being implemented quickly, officials said.

Ispat Intl in $17.8-b deal to form Mittal Steel: Ispat International, owned by NRI business tycoon Lakshmi N. Mittal, is set to emerge as the world's largest steelmaker on completion of a $17.8-billion deal.

Three additional flights by Cathay Pacific: Cathay Pacific Airways today announced three additional flights each from Delhi and Mumbai to match the restricted open sky period from November to March.

Reliance net profit up 39 pc: Reliance Industries has reported a 38.7 per cent increase in net profit at Rs 1,752 crore for the quarter ending September 30, 2004. For the quarter ending September 30, 2003 the net profit was Rs 1,263 crore.

Railways gearing up for ISO certification: The Railways have chosen four trains, including Dehradun Jan Shatabdi, Chandigarh Jan Shatabdi, Lucknow Mail and Pooja Express to get ISO certification for comfort and providing value for money to the passengers.

Conference on medicinal plants begins: Jammu and Kashmir Resident Commissioner Parvez Diwan inaugurated the five-day \91Second Global Summit on Medicinal and Aromatic Plants\92 here.

Bhel\92s order book crosses Rs 30,000 cr: Public sector Bharat Heavy Electricals Ltd announced that its order book had crossed the Rs 30,000-crore mark that is equivalent to the company\92s capacity to execute projects for the next three years.

Overall:

Chidambaram hailed RBI policy: He said it wouldn't hamper growth.

Air Force chief denied charge: He said no middleman was involved in the purchase of the Mirage planes.

Bhel shone: The public sector electrical company announced its order book was full.