NATIONAL India ranks eighth among most indebted countries India ranks eighth among the world's most indebted countries, but prudent external sector policies pursued since the economic reform in 1990s placed her at a comfortable level, the Economic Survey said today (Feb 25, 2005).
Tata Motors acquires Spanish bus maker for Rs 70 cr In its second global acquisition, Tata Motors Ltd today (Feb 25, 2005) acquired 21 per cent stake in Hispano Carrocera SA (HC), a Spanish bus manufacturing company for Rs 70 crore (12 million Euros).
Hikal to invest Rs 20 crore in Pune research centre Hikal Ltd today (Feb 25, 2005) said it will invest Rs 20 crore in building a new contract research centre at Pune, while it expects its revenues from Pharma business to shoot up to 50 per cent of total business in the next three years.
States should adopt fiscal reforms, VAT: Survey Worried over almost 6-fold rise in debt burden at Rs 9,13,103 crore in last 10 years, Economic Survey today (Feb 25, 2005) asked States to immediately switch over to Value-added Tax (VAT) regime and adopt fiscal discipline through Fiscal Responsibility and Budget Management (FRBM) Act.
Survey bullish on telecom; calls for lower tariff The Economic Survey today (Feb 25, 2005) presented a bright picture for the telecom sector and asked the Government to maintain pro-competitive policy encouraging entry of new players and lower tariffs to push up tele-density.
Survey for tax, expenditure reforms in next budget Criticising the previous Governments for "lack of accountability in fiscal marksmanship", Government's pre-budget Economic Survey today (Feb 25, 2005) proposed sustained tax and expenditure reforms in the next budget while asking the States to follow suit.
Survey blames exogenous factors for inflation Absolving the Union Government of any blame for shooting inflation that peaked 8.74 per cent in August, the Economic Survey attributed the sharp increase in prices to external factors including global oil prices, bad monsoon and accumulated foreign exchange reserves.
'Agri output likely to fall by 6 million tonnes' Painting a grim picture on the farm front, the Economic Survey today (Feb 25, 2005) apprehended a 6 million tonne fall in foodgrain production from last year's 212 million tonnes due to deficient monsoon and asked Government to step up public investment in agri support system.
Procedural bottlenecks impeding industrial growth Conceding that infrastructure and procedural bottlenecks are major growth hurdles, the Economic Survey today (Feb 25, 2005) warned the investment in the economy were much below neighbouring China and East Asia casting doubts about attaining 10 per cent industrial growth envisaged in the Tenth Plan.
Survey pitches for efforts to lower lending rates Unsatiated by the 'moderate' interest rate prevailing in the country, the pre-Budget Economic Survey today (Feb 25, 2005) pitched for lowering of lending rates to industry and agriculture.
FDI policy needs review to check imbalance: Survey In a statement that could once again fuel a political debate, the Economic Survey today (Feb 25, 2005) asked the Government to review its Foreign Direct Investment (FDI) policy including removal of restrictive provision to spur inflows, which witnessed a reversal from downtrend in 2003-04.
Azim Premji to ring the Closing Bell at NYSE today Chairman of Wipro Limited, Azim Premji would ring the Closing Bell at the New York Stock Exchange (NYSE) today (Feb 25, 2005).
According to an NYSE statement, executives and guests of Bangalore-headquartered Wipro would visit the Exchange today.
Inflation stands unchanged at last week's 5.01 pc After falling for ten consecutive weeks, inflation stood unchanged at the previous week's level of 5.01 per cent for the week ended February 12 even though vegetables and fruits became costlier.
Will Laloo agree to a hike in upper class fare? The Railway budget for 2005-06, to be presented in Parliament tomorrow (Feb 26, 2005) may leave second class and suburban fares untouched, but effect a modest hike in upper class with certain sops for frequent and those travelling during the lean period.
Sensex jumps past 6600-mark during morning trading The sensex opened on a promising note and later rallied past 6600-mark during morning trading today (Feb 25, 2005) at the Bombay Stock Exchange (BSE) on good buying interest from operators and retail investors.
