GDP to rise by 7% in 2000-01: CMIE
The economy is poised to perform better in 2000-01 than the last fiscal, and the Gross Domestic Product is projected to expand by 7 per cent, compared with 6.4 per cent estimated for 1999-2000, according to the Centre for Monitoring Indian Economy. Growth in agriculture sector was projected to surge from 1.3 per cent last year to to 4.5 per cent in the current fiscal, while industry and service sectors would continue to maintain their healthy growth of 1999-2000, CMIE said on Monday.MTNL strike deferred
The proposed strike by Mahanagar Telephone Nigam Ltd employees has been deferred, as communications minister Ram Vilas Paswan on Monday assured union leaders who met him for four hours that all outstanding issues will be resolved by July 21, 2000. The minister also appealed to the MTNL workers to withdraw the strike.
Global advisors appointed for 16 PSUs
The department of disinvestment (DoD) has appointed JM Morgan Stanley as global advisor for Air India, Lazard India Ltd for India Tourism Development Corporation (ITDC) and the IDBI-ANZ Grindlays Bank-Speedwing consortium for Indian Airlines. In all, global advisors have been appointed for disinvestment in 16 PSUs, according to a press release issued by the DoD.
Modi Rubber in talks with FIs
The promoters of Modi Rubber Ltd -- BK & VK Modi -- have initiated fresh round of negotiations with financial institutions to buy out their 44 per cent equity stake in the company. Sources said talks are in an advanced stage.
Private MFs see net outflow
The trend finally seems to have reversed. Investors' confidence in public-sector mutual funds appears to be returning, while private-sector mutual funds have faced a drain on their resources.
Nasdaq to open office in Bangalore
Nasdaq, will open an office in Bangalore, Karnataka chief minister SM Krishna said on Monday. "Nasdaq president, Alfred R Berkeley, has written a letter to me in this regard,' Krishna told reporters in Bangalore.
Dilute stake in PSUs: Mehta
The Securities and Exchange Board of India chairman DR Mehta has suggested that the Centre should consider diluting its shareholding in the public sector units through the book building process in order to evaluate proper pricing of the shares for each PSU. According to Mehta, the disinvestment commission must consider the stock market route for the proposed disinvestment of the psus so that common investors can have an opportunity to participate in the process.
Panel for single licence regime
The planning commission has favoured 'single licence' for all telecom services saying separate licence for each service was inducing cost and worked as an artificial barrier for growth of telecom in the country. "Market based on convergence of services would lead to the optimum utilisation of resources and least cost of various services," the plan panel in the draft mid-term appraisal of the ninth five year plan said.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.