Business & Economy

Centre may seek external
audit for its projects

What is India News Service, Monday, 7 March 2005, 1700 hrs IST


Asserting that the Union Budget has "not strayed" from the reform path, Finance Minister P Chidambaram has indicated external audit for monitoring the progress of major programmes outlined for the next fiscal.

"We have not strayed from the path of reforms... We will try to get some external audit to measure the outcome of major programmes," Chidambaram said in a wide-ranging interview.

"I am very clear that the financial outlays have to be converted into physical outcomes and we will measure this only by the fiscal outcomes," the minister told the BBC World.

Stressing that he has made a specific mention about this in the budget speech, Chidambaram said between the Planning Commission and the Ministry of Finance "we will put in place a mechanism that will measure the development outcomes of major programmes."

"We will have information network where we can cross-verify transaction by individuals in different ways," Chidambaram explained.

High cost of inputs blunts competitive edge': The high cost of input materials and utilities in India compared to its competing Asian players such as China, Malaysia and Korea, coupled with high finance and transaction cost have conspired to depress productivity.

India Inc adds weather data to shopping list: The met department's book swells to 15 orders a day. 

Banking reform \97 a balancing act: The roadmap for the banking sector unveiled by the RBI on budget day reconciles the often-conflicting positions of the several players \97 the foreign banks, the domestic private banks and other stakeholders.

Budget lifts market morale: The key stock indices scaled new peaks last week on the back of strong liquidity. Trading on budget day began on a flat note but as market friendly announcements by the Finance Minister P. Chidambaram started trickling in, sector specific

No financial assistance package for IFCI suitor: "We are very clear that only the `good bank' (portfolio of good assets) would be merged with either PNB or IDBI. The `bad bank' would go to ARCs."

TCS code for drug discovery: The pharmaceutical industry is in a makeover mode.
 
Titan plans jewellery unit in Himachal: The Budget has imposed a 2 per cent excise duty on branded jewellery. But at least one manufacturer has found a way to get around the levy. Titan Industries plans to start manufacturing `Tanishq' jewellery in Himachal Pradesh.

Lupin to merge 7 arms: It said the move was aimed at streamlining corporate structure. 

Piaggio may drive into India through tie-up with Hero Motors: Apart from consolidating its position in the two-wheeler space, Hero Motors is looking to establish its position as a leading components supplier.

Newbridge-Vangal combine drops out of SWC race: The Newbridge-Ramesh Vangal combine has opted out of the bidding process for Shaw Wallace and Co Ltd (SWC). The decision paves way for a straight contest between the UB Group Chairman, Mr Vijay Mallya, and Ms Komal Chhabria Wazir.

Business papers 


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