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’s well and his sceptical alliance partner H D Deve Gowda may ridicule India Inc’s 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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