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Business
& Economy
Soaring
revenue deficit causes concern
What is India News
Service, August 27, 2004, 2200 hrs IST
The revenue deficit position of
the Government is causing concern in official circles since it has
shot up to 61 per cent of annual target in the first quarter of the
current financial year.
From Rs. 40,031 crores (or 36 per cent of the Budget estimates) in
2003-04, the revenue deficit has gone up to Rs. 46,394 crores in the
current year. This works out to 61 per cent of the Budget estimate
because this year the revenue deficit target has been set at a stiff
2.5 per cent of the gross domestic product (GDP) against 4.1 per
cent of the GDP that was set in last year's budget.
The increase
in revenue expenditure was mainly on interest payment, pension
and some court judgements. Besides, there was additional expenditure
on police and general elections.
Crude oil imports up by 23.3 pc in July:
With a sharp increase in the international crude oil prices along with increased demand for oil products,
industry sources said India\92s crude oil import bill has jumped by 23.3 per cent in July this
year.
RBI revises MSS to control inflation: The government on Thursday
revised upward the ceiling of the Market Stabilisation Scheme (MSS)
to Rs 80,000 crore from Rs 60,000 crore in a move to mop up the
excess liquidity in the system and also to curb the inflationary
pressure in the economy.
DoT
penalises rogue Internet companies: The Department of Telecom (DoT)
has started cracking down on Internet service providers (ISP)
running illegal telephone exchanges.
Eveready
plans joint venture in China: Eveready Industries India Ltd (EIIL)
is exploring the possibility of setting up a joint venture in China
for making batteries,
Fiat
plans four new models: Fiat India, the local unit of Italian car
maker Fiat Auto, plans to launch four new models-Albea, Idea, Panda
and a new look Palio in the next few years, eyeing the boom in the
automobile market in India.
Uttaranchal short of power for industry: Assocham:
The industry in Uttaranchal is facing an acute power shortage, claims a study conducted by the Associated Chambers of Commerce.
Cheapest
tractor from SAS Motors: SAS Motors, a privately-held
company, introduced one of India's cheapest tractors with a 22
hp unit priced at Rs. 99,000, using technology from China.
Markfed plans pack house for fruits, vegetables:
Markfed plans to set up an integrated pack house for fresh fruits and vegetables at a cost of Rs. 5.16 crore in the state shortly.
Airlines
breathe easy for now: Visibly delighted at the reprieve on
withholding tax granted to airlines, Civil Aviation Minister Praful
Patel voiced his thanks to the Finance Minister for taking a
holistic view of the problems of both the public and private
carriers.
NTPC tender: Pvt players seek level-playing field: National
Thermal Power Corporation (NTPC), the largest public sector
electricity generating company seems to be showing favour to a
select company for its sectioned project at Gujarat.
Truckers strike hitting economy: The transporters strike, which entered its 6th day,
has crippled the movement of raw materials and finished goods and ports. The economy is estimated to have already taken a direct hit of Rs 2,000 crore.
BoP plans six new branches: Bank of Punjab plans to add six new branches in
Baghapurana, Fazilka, Mansa, Barnala, Ropar and Mumbai as part of
its expansion plans.
Sonepat, Shahabad sugar mills awarded:
The cooperative-sector sugar mills of Shahabad and Sonepat in Haryana have won five national awards announced by the Technical Committee of the National Federation of Cooperative Sugar Factories for 2003-04.
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LIC
pegs '05 new biz target at Rs 15,800 cr: Life Insurance
Corporation (LIC) has pegged its new-business growth target at 35
per cent to touch Rs 15,800 crore this fiscal. It also proposes to
introduce three new products and expand alternative channels for
distribution.
A portal that has given naukri to 10 lakh people:
The Chandigarh region is emerging as a big job creator though South India continues to maintain its lead in creating more jobs faster than any other part of the country,
say sources.
Govt\92s Q1 health- Acute revenue deficit:
The quarterly statement on the fiscal health of the union government has expressed concern over rising revenue deficit during the first quarter of the current fiscal.
New Fortis logo:
Fortis Healthcare Ltd. announced that Fortis Hospital, Mohali, will undergo a change in its corporate identity symbol, in keeping with its endeavour to achieve excellence in healthcare delivery, equivalent to world standards.
Indian whisky in Scotland:
Indian Scotch whisky brewed by a Bangalore-based distillery has been launched in Scotland, the home of whisky connoisseurs and the much-celebrated Scotch.
Cryogenic
trucks to transport LNG by IBP: In a major technological
break-through, oil retailer IBP Co ltd has developed cryogenic
trucks for transporting liquefied natural gas (LNG) that eliminates
need for conventional gas pipelines.
FutureSoft
becomes Flextronics subsidiary: Future Software Ltd., a software
solution provider for telecom companies, has changed hands and
become a fully-owned subsidiary of the Nasdaq-listed U.S.-based
Flextronics.
Flextronics to make India hub for design services:
Flextronics aims to generate US $100 million revenues next year from its Bangalore facility.
Private banks beating their counterparts:
No prizes for guessing who\92s more aggressive in banking: it\92s the private sector, of course. It can be found in the increase in lending in 2003 over 2002 that private banks outstripped their public sector counterparts by 12 per cent.
TCS stock slips, tops turnover chart:
Tata Consultancy Services slipped on the second day of listing but continued to top the turnover chart and contributed heavily to the total turnover.
Easing
oil prices buoy Sensex: The market continued its upward march
for the third consecutive session and the BSE Sensex shot up by
another 47 points at close in response to easing crude oil prices.
Rupee
stages recovery: Overcoming early pressures, the rupee staged a
moderate relief-rally against the U.S. currency on the back of
healthy trade inflows and arrested a two-day falling trend.
Overall:
High revenue deficits causes concern: The revenue deficit
position of the Government is causing concern in official circles
since it has shot up to 61 per cent of annual target in the first
quarter of the current financial year.
DoT penalises rogue Internet companies: The Department of
Telecom (DoT) has started cracking down on Internet service
providers (ISP) running illegal telephone exchanges.
Truckers strike hitting economy: The transporters strike,
while it entered the 6th day has already caused the economy, a loss
of an estimated Rs 2,000 crore.
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