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MoF pegs deficit at 4.9% of GDP
The Union ministry of finance (MoF) has projected a fiscal deficit of only 4.9 per cent of the GDP (gross domestic product) for the fiscal 1997-98. Fiscal deficit is expected to overshoot the budgeted estimate of 65,454 crore by roughly Rs 6,000 crore. The ministry has also undertaken an intensive exercise to see if it can beat down the deficit figure further through savings on the plan expenditure side.
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Inflation falls sharply to 5.29%
Breaking six-week upward trend, annual rate of inflation fell by over half-a-percentage point to 5.29% for the week ended January 31. The inflation, based on the wholesale price index (WPI), fell sharply by 0.52 percentage points to 5.29% (provisional) compared to 5.81% the week before and 8.03% in the corresponding week last year.
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Maruti owes Rs 90 cr royalty to SMC
The royalty payment that Maruti Udyog (MUL) has to make to Suzuki Motor Corporation (SMC) of Japan, following the MUL's board recommendations for renewing the royalty agreement, will amount to around Rs 90 crore for the three fiscal beginning 1997-98. The company's board has recommended the renewal of royalty payment to SMC for Maruti 800, Omni and Gypsy and the royalty for the same has been worked out to Rs 30 crore per fiscal till the year 2000.
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MMTC to resume exports to SK
The International Monetary Fund rolling off South Korea's debt amounting to $ 25 billion and things looking up has paved the way for MMTC Ltd to continue its iron ore supplies to South Korea, which had earlier insisted on deferred payment arrangements in view of the crisis. Indian banks have now agreed to accept letters of credit opened by South Korea's Pohan Steel Company (POSCO) against iron supplied by MMTC.
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