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Business & Economy
India Inc bullish, foresees
steady interest rates
What is India News Service, Wednesday,
6 April 2005, 1400 hrs IST
India's economy is expected
to expand 6-7 per cent in the current fiscal year, giving companies the
confidence to invest in new capacities to meet robust demand, an ICICI Bank
corporate survey showed on Wednesday.
About one hundred large companies, which participated in the survey, believed
interest rates would remain stable in the next one year. The central bank is
expected to announce its monetary policy later this month.
"The economy is witnessing a strong capex cycle and India Inc. has large
investment plans," ICICI Bank said in its report.
"One can also infer from the survey that high growth in expected sales
will generally be fueled by investment growth of more than 20 per cent."
Most companies will fund their expansion plans by raising debt, mainly
through bank credit and cheaper overseas loans, it said, adding that internal
accruals will also play a role.
India's economy, Asia's fourth-largest, is estimated to have expanded 6.9 per
cent in the past financial year that ended on March 31. In the year before, the
economy grew 8.5 per cent, the fastest in nearly 15 years, as the best monsoon
in a decade boosted farm output.
FDI
in insurance to go up to 49 %: The United Progressive Alliance Government
plans to increase the foreign direct investment cap in the insurance sector from
the current 26 per cent to 49 per cent.
Cell cos to approach TDSAT over revenue share:
Cellular operators are fighting tooth and nail with the government over the
charges that they pay as revenue share .The cellular operators had made a
proposal to DOT that the adjusted gross revenue (AGR) should not be the basis
for them to pay the revenue share to the government which currently is the
practice.
Can Mumbai be India's Shanghai?
:
The FM wants Mumbai as the commercial centre of S Asia. But Rs 1000 cr may be
less for that.
Vat
sprays uncertainty over pesticide industry: The
insecticides and pesticides business in this sub-division, bordering Rajasthan,
will be the first victim of Vat, well placed sources said. The state government
has resolved to charge an additional 4 per cent tax on the sale of insecticides
and pesticides, besides other agriculture inputs.
India
earns $ 4.9 b from overseas tourists: India
seems to be emerging as a major destination for international tourists. The
country earned over $ 4.9 billion from the international visitors during last
year from over 34 lakh international visitors.
Govt
rejects TRAI proposal to be independent:
The FinMin has rejected the proposal of making Telecom Regulatory
Authority of India (TRAI) as a fully independent regulator. This has come with P
Chidambaram rejecting TRAI's request for an independent source of funds thus
leaving the telecom regulator as a government's totem . Pradeep Baijal, the TRAI
chief, had sought independent funding for his organisation so as to keep his
decisions more democratic.
Adulteration
in petro products rampant: After the dismantling
of the Anti-Adulteration Cell in the Ministry of Petroleum and Natural Gas, the
government seems to have given a free hand to \93the market forces\94 to make a
killing through adulteration of petroleum products.
BHEL
bags Rs 1,464 crore order: Outbidding
a leading Chinese equipment supplier in international competitive bidding, BHEL
has bagged a Rs 1464 crore order from Bhilai Electric Supply Co Pvt Ltd, a joint
venture of NTPC and SAIL, to set up two units of 250 mw each at Bhilai Thermal
Power Project in Chhattisgarh.
NPIL
to hire 400 scientists; doubles R&D budget:
Seeking to give further impetus to its research and development
programme, Nicholas Piramal India Ltd (NPIL) on Tuesday said it would hire 400
scientists in the next five years and double its R&D budget this year.
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Now
stock risks can be minimised!: Observing the potential of Indian investor to
make more investments in domestic stock markets Australian financial education
company Hubb Organisation Pty Ltd has decided to hold risk management seminars
in the country. Safety In The Market (SITM), educational wing of the $100 mn
parent company that will provide financial market education in the country.
Business papers
Business Standard
Economic Times
Business Line
Financial Express
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