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May 7, 1999   CII in favour of ordinances for reforms bills and overhaul of banking sector CII president Rahul Bajaj has called for tighter control, greater disclosure of non performing assets, gradual reduction of priority sector lending and hike in capital adequacy to 12 per cent of loan assets by 2002. EMISSION EDICT CHOKES CAR-MAKERS Auto component makers seek review of Euro-2 deadline If the Supreme Court order is not reversed or changed, the auto component industry, particularly units manufacturing engine components, would lose a lot of business, the ACMA said. OTHER REPORTS GDP growth this fiscal put at 5.7 pc; Business Confidence Index up nine pc The NCAER's business expectation survey conducted last month suggested improvement on the overall economic situation, financial position and capacity utilisation but the perception of investment climate was negative. Divestment in aviation, tourism ventures to continue as planned, says Ananth Kumar Kumar said acquisition of new aircraft for Air-India and Indian Airlines, ''which badly need replacement of the old fleet'', was an ongoing process and he had left it to the two airlines to decide. FICCI lauds relaxation of ECB norms, urges sops for real estate sector The FICCI has urged that external commercial borrowings should also be allowed for real estate and household development. 
• BSE: Sensex 3648.86; up 92 points • NSE: Nifty: 1046.95, up 27 points • Forex: Rs 42.74 vs $ Rs 46.17 vs euro Rs 69.89 vs pound Rs 35.39 vs yen (100) May 6, 1999   THE REDIFF BUSINESS COLUMNISTS Rich man, poor man The landless cultivator earns at most Rs 5,000 annually while the young IIM graduate is paid Rs 5 million. Income disparities that favour India's privileged are unsustainable in the long run because they defy economic rationality, says Ashok Mitra. EMISSION EDICT EFFECT: CAR COs OFF-GEAR Maruti diverts Delhi-marked cars to other markets to maintain sales ''Although Maruti cars do not meet the Euro-1 norms, they are not among the polluting vehicles. In fact, it is the two-and three-wheelers that are the major source of pollution. But we respect the Apex Court's order,'' MUL officials said. Telco estimates Rs 50,000 cost hike to meet Euro norms ''Although no dates can be given at present, we are confident of making our vehicles, including the Indica, meet the emission norms soon,'' company sources said. Merc E-class is Euro-compliant, claims MBIL The car not only keeps both fuel consumption and noxious emission values as low as possible, but provides optimal conditions for subsequent recycling of materials used, the company said. Fiat to restrict Uno sales in Delhi, hike price by 1999-end, keep other models off India ''The court's decision has been sudden and we can not keep pace and change the engine overnight...It is not a toy. Our technology department is working hard and we are confident of making our cars Euro-compliant by the year-end,'' Fiat India's MD Gianni Ravina said. OTHER REPORTS Exim Bank study suggests steps to boost Indian financial exports The factors hampering financial exports are lack of proper budgeting and revenue targeting for such projects, failure of Indian institutions to establish consulting arms, and lack of resources to invest in export marketing.
• BSE: Sensex 3557.49; gains 54 points • NSE: Nifty: 1019.55, up 11 points • Forex: Rs 42.73 vs $ Rs 45.66 vs euro Rs 69.49 vs pound Rs 35.35 vs yen (100) May 5, 1999   Cabinet panel clears GAIL plan for processing unit in Gujarat The CCEA also approved a proposal for modernisation of the Salal hydro project, fresh funds for the loss-making Pragati Tools and a venture capital fund for the infotech sector. OTHER REPORTS Hyundai to make Santro Euro-compliant by June The new anti-pollution equipment for engines is expected to push up the production cost by Rs 25,000. The company is yet to decide the extra cost that can be passed on to the customers. Sahara to launch regional airline, shore up fleet Sahara will acquire 12 Embraer-120 aircraft in a phased manner. ''There is a tremendous demand for a regional airline to cover the non-trunk routes with turboprop planes instead of jet aircraft,'' Sahara Airlines director Pervez Damania said. India unlikely to adopt clear stand on E-commerce at WTO's Nov meet The commerce ministry has attributed this to the slow progress in this area due to the complexity of the matter. Summer business school for Bombay's students The programme is based on the British education pattern and will focus on fundamentals in business organisation and business communication.
• BSE: Sensex 3502.95; zooms 125 points! • NSE: Nifty: 1008.35, up 38 points • Forex: Rs 42.74 vs $ Rs 45.15 vs euro Rs 68.93 vs pound Rs 35.28 vs yen (100) May 4, 1999  THE REDIFF BUSINESS COLUMNISTS Legal jungle hardly an incentive for pro-market economy Many constraints to efficient decision-making on economic issues emanate not from statutory law, but administrative law, says Bibek Debroy. OTHER REPORTS ADB to have 'friendly competition' with WB, new chief's style likely to benefit India If Tadao Chino has his way, the decisions on the ordinary capital resources, a window that offers loans at market interest to all member-countries including India, will be hastened. Petronet seeks to set up LNG terminal in Goa The LNG terminal could meet requirements of Goa and Karnataka, especially the Hospet-Bellary steel sector and the Belgaum-Dharwar industrial belt. CAR COMPANIES RACE TO MEET EURO NORMS Maruti top brass, govt seek to steer clear of panic: car cost may rise Advancement of the date for compliance with Euro-1 norms to July 1, 1999 has ''created a situation where we are somewhat pressed for time. In that context, we are looking at all our options to ensure that we carry out our business as usual,'' MUL MD Bhaskarudu said. Ford India not happy, but not to challenge SC's order The approach to improving air quality should rather be technology-driven, the company MD Phil Spender said. He called for excise benefits and duty exemptions for car-makers who meet the Euro norms before April next.
• BSE: Sensex 3378.40; up 53 points • NSE: Nifty: 970.75, down 7 points • Forex: Rs 42.76 vs $ Rs 45.30 vs euro Rs 68.92 vs pound Rs 35.74 vs yen (100) May 1-3, 1999   THE REDIFF BUSINESS COLUMNISTS Consensus on the Budget is a good omen The spirit of cooperation and consensus that marked the passing of the Budget, raises hopes that it could even insulate second generation reforms from political wrangling, says Dilip Thakore. OTHER REPORTS ADB loans likely to cost more for India India and China have closed ranks on the issue and are fighting, behind the scenes, the interest hike plan. The Asian giants feel the ADB ought not to make interest hike a means of resource mobilisation for lending to small nations in the region. CII chief Rahul Bajaj rules out annual poll-funding, urges ordinances for pending bills ''Venture capital, which has been instrumental in the growth of small-medium enterprises abroad, has been a failure in India. Lack of understanding of its needs, inadequate and inappropriate laws and lack of exit options are responsible,'' Bajaj said. FOCUS: CARS AND CORPORATES Apex court directive on emissions may help a few cars in Indian market The court order forces auto manufacturers in India to adopt Euro norms in the next 11 months as against the year 2005 notified by the Central government. Daimler-Chrysler not to hike equity in Merc Benz India The company is also not in favour of selling off its stake of about ten per cent in Telco. Ford may launch new small car, MUV in India by 2002 ''We are considering a whole lot of vehicles as probable launches for India,'' Ford India's MD Phil Spender said.
• NSE: Nifty: 978.20, up 12 points • BSE and Forex: Markets remained closed on account of Buddha Poornima
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