Business & Economy

Revenue may slip, warns mid-year economy review 

What is India News Service, Tuesday, 14 December 2004, 2000 hrs IST

The mid-year review has warned the government of impending stress on expenditure mainly due to additional requirements for government funded supply of foodgrains for employment programmes and also for increased requirements for fertiliser subsidy.

In fact, the review has also stated that the government is exploring ways to rationalise the subsidies. Stating that the NIPFP was asked to conduct a detailed study on subsidies, the review added that the report is under examination.}

The review, tabled in Parliament, has stated that the slippages in achieving the FRBM target of revenue deficit was due to sluggish growth in overall tax revenue in the first half, which has been 20 per cent against 25 per cent assumed in the budget.

Slippage in revenue deficit target likely: The Finance Ministry has admitted that there could be "some slippage' in meeting the revenue deficit target for the current fiscal.


Mallya allowed to bid for SWC liquor biz: Vijay Mallya's entry into the bidding process for SWC's liquor business is significant as it could give him control over 60 per cent of the Indian Made Foreign Liquor (IMFL) market. 

Tatas serve legal notice over VSNL compensation: The Tata group has served a legal notice to the Union Government on its long-standing demand for a suitable compensation package for Videsh Sanchar Nigam Ltd (VSNL) for advancing the deadline for opening up the international long distance (ILD) calls.

HCL asked to pay Rs. 100 crores: The Income-Tax Appellate Tribunal has asked HCL Corporation to pay Rs 100 crores in the next three months and thereafter Rs. 15 crore every month. This would be pending the final outcome of the case of alleged evasion of tax. 

Airport project hits coalition air pocket: The proposed Bangalore International Airport project has hit an air pocket again due to the internecine feud between coalition partners, the Congress and the Janata Dal (Secular).

Bangalore Crumbling now Bangalore Tumbling? : Karnataka Chief Minister Dharam Singh may say all\92s well and his sceptical alliance partner H D Deve Gowda may ridicule India Inc\92s complaints of crumbling infrastructure but Bangalore just got another downgrade. This warning comes from global information technology research firm Gartner, which says Chennai and Hyderabad are expected to outdo Mumbai and Bangalore to be the next hot favourite IT outsourcing destinations by 2010. 

26,000 tonnes of damaged grains in FCI godowns: Even as the government commenced procurement for the PDS under the new decentralised scheme, it informed the Lok Sabha that the Food Corporation of India (FCI) had 26,395 tonnes of damaged foodgrains in its godowns as on July 1 this year.

Sebi watch on Reliance scrips: The Securities and Exchange Board of India (Sebi) has asked stock exchanges to look into listing agreements they have signed. 

Nine states mull central inter-state transport policy:State governments are seriously contemplating the development of a central inter-state transport policy with the help of the Union Government to iron out the differences in the policies of individual states. The formation of a separate public transport ministry out of the Surface Transport Ministry has also been demanded at the Central Government level.

IT honchos cash in on bull run: The recent bull run on the markets has seen a rush to sell of a different kind. Several promoters, directors,
top executives of Corporate India have added millions to their kitty by selling part of their holdings over the last few weeks.

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