Economy & Business   

Task force recommends tax cuts

What is India News Service, July 24, 2004, 1700 hrs IST


The task force on implementation of the Fiscal Responsibility and Budget Management Act, chaired by Vijay Kelkar, adviser to Finance Minister P Chidambaram, has recommended cuts in taxes across the board and a removal of all exemptions barring those for senior citizens, women and on housing loans. 

Will reveals short stint for Lodha: In yet another twist to the ongoing Birla-Lodha controversy over the control of the MP Birla group, the fineprint of Priyamvada Birla\92s will reveals that Rajendra S Lodha\92s stint at the helm of the group may be for just around three years after which his son Harsh Vardhan Lodha will don the mantle of the Rs 5,000-crore, asset-rich business empire.

Wipro net at Rs. 357 crores: Wipro Technologies, driven by strong volumes and robust pricing in its global IT services business, reported a 73 per cent rise in net profit at Rs. 357 crores. 

Desalination technology to solve water problem; President, A. P. J. Abdul Kalam, on Friday asked State governments to `take up rain water harvesting on a mission mode'. To mark the death centenary of Jamsetji Nusserwanji Tata, Dr. Kalam said governments should also look at desalination of seawater to solve the country's water problem.

Rupee touches one-year low: Drying up of dollar supplies in the domestic forex market along with strengthening of the greenback overseas dragged the rupee down to close at its lowest levels in one year on Friday. The domestic currency ended at 46.32/34 against the dollar.

Left halts privatisation of airports:The Left parties have again opposed the Government's move to privatise the airports in Delhi and Mumbai. A letter written to the PM Dr Manmohan Singh talks about the employees' forum having submitted a detailed plan to the Prime Minister for renovation and modernisation of the two airports with internal resources. It also says that instead of giving due consideration to the report, the UPA Government was trying to follow the track of privatisation drawn up by the NDA Government.

PPF to stay, NSC may go: The Rakesh Mohan Committee, set up to report on the administered interest rate schemes of the Government, has recommended that the Public Provident Fund (PPF) scheme should continue for some time but the National Savings Certificate (Series VIII) and the Kisan Vikas Patra schemes should be discontinued.

Global players hike urea price: In what could be the first signal of hard times ahead on the farm front over the next two-three months, urea prices in the international market has gone up by more than 25 per cent in a fortnight. 

Reliance plans Andhra refinery: Reliance Industries, India\92s largest private sector company, has committed to set up a refinery complex in Kakinada in Andhra Pradesh. 
The proposed refinery will be bigger in terms of investment than the company\92s refinery in Jamnagar, which is the world's largest grassroots refinery. 

Unfolding scenario a setback to kharif crop: It may not be a disaster as yet, but the unfolding scenario is fraught with serious negative implications for the country's farm sector. Large parts of western and central India are reeling under acute moisture stress following prolonged lull in south-west monsoon since end-June. 

RBI for consultation on foreign banks norms: Reserve Bank of India governor Y V Reddy said the central bank wants to formulate the guidelines of foreign banks\92 operations in India. The presence of foreign banks in India, according to the governor, has benefited the financial system by enhancing competition, resulting in higher efficiency.