Friday, July 10, 1998
Increase spending
Reports indicate that credit growth in the State Bank of India has turned negative during the first quarter of the current fiscal year. That is part of the trend for the banking system as a whole, and the figures as on June 19 indicate negative growth of Rs 5,057 crore this financial year.
Kicking up a row over tiny units' investment
Over the years, the definition of SSI/ancillary unit has undergone both qualitative and quantitative changes. In the year 1955, small-scale industries were defined as those units having fixed investment (fixed investment includes land, building, machinery and equipment) of less than Rs 5 lakh and which employed less than 50 workers in case working with power and less than 100 workers when working without power.
Plugging the gap
The Resurgent India Bonds are expected to perform the same function which the India Development Bonds had performed so well during the 1991 foreign exchange crisis. There are differences in the two situations, of course. There is no foreign exchange crisis at the moment.
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