October 15, 1998
Amartya Sen, welfare economist, bags Nobel
He was awarded the prestigious prize "for his contributions to
welfare economics,'' which have helped in the understanding of the
economic mechanisms underlying famines and poverty, the Royal
Swedish Academy of Sciences said in its citation.
Economists thrilled at Sen's Nobel
Bibek Debroy, an economist with the Rajiv Gandhi Foundation who has
studied the works of Sen, however, has one major fear. "While one is
pleased at an Indian winning the Nobel, I feel Sen has been somewhat unfair
to the pro-reform economists," he said, adding, "And I fear that after
winning the Nobel, he may become more influential."
Let us not confuse policy with academic brilliance, says Prof Bhagwati
Asked if the economic crisis had a hand in Sen getting the Nobel, he
discounted the idea. "The Nobel committee decides as early as March.
Second, they sort of rotate the economics Nobel among the various
streams of economics. So this was the time of welfare," he said, adding,
"When the time of international finance, it will be Robin Mandel, for
econometrics it will be Edmund Phelp, and when it is the turn of
international trade, I'll get it!"
Sen's work is 'devoted to the welfare of the poorest people in society'
Prof Sen's contribution to welfare economics ... (and)
applications of his theoretical approach have enhanced our
understanding of the economic mechanisms underlying famines. He has
made a number of noteworthy contributions to central fields of
economic science and opened up new fields of study for subsequent
generations of researchers, says the Royal Swedish Academy of Sciences in its citation to the economist.
Prof Sen gave ethical underpinnings to mainstream economics
Few people know that he is still an honorary professor at the
Delhi School of Economics, where he taught for eight years until
1971. Described by his colleagues in the country as an ''absolutely
brilliant'' academic and a ''fine conversationalist'', Prof Sen
moved with equal felicity in philosophy and economics.
Prof Sen, sixth Indian to win Nobel prize
He joins an illustrious club of Rabindranath Tagore, C V Raman,
Hargobind Khorana, Mother Teresa and Subramanian Chandrasekhar.
Calcutta confirms association with Nobel laureates
If the city was the creative rendezvous for poet Rabindranath
Tagore that inspired some of the greatest works of art of the age,
it could turn itself into a laboratory for Dr C V Raman. If Job
Charnock's city could bare its injured soul to Mother Teresa for
that touch of solace, it could evolve into an economic problem for
Amartya Sen to solve.
For Amartya's mother, disbelief is the first emotion
"I am not going to take your words for
granted, for so many times our expectations have been belied. I will
believe only when I see the official letter,'' Amita Sen, the
87-year-old mother of Dr Amartya Sen, told her son when he contacted
her from abroad to break the news of his winning the Nobel prize for
economics.
ASIAWEEK'S HALL OF FAME
Dhirubhai Ambani makes it
Ambani is among the four Asian businessmen to be honoured for having faced the toughest of times and succeeding in spite of them. The three others are Japan's Yamauchi Hiroshi of Nintendo, J Y Joe Pillay, former chairman of Singapore Airlines and the Philippines's Jaimc Zobel de Ayala, head of the house of Ayala.
THE WORLD FOOD PRIZE
Honour sprouts for seed-specialist Barwale
''Today, I am a man with a suit and tie, but basically I'm a
simple Indian farmer from a small town,'' B R Barwale, chairman of Maharashtra Hydrid Seeds Corporation, said. The award donors selected him for ''his vision to see the private sector take the lead in India's
seed industry (that) has literally transformed the country's food
production system. His achievements serve as a great example to
other developing nations striving to become self-sufficient in food.''
MAIN STORIES
UN takes note of India's decision to abide by Paris Convention
United Nations has said the signing is particularly significant coming amid the
increasingly vocal debate over biopiracy. Many developing
nations and indigenous groups consider it a theft of their
innovations by companies that use patent laws to gain exclusive
rights over their resources.
Kelkar asks banks to 'pay attention' to NPAs, stresses efficiency
The finance secretary has urged the public sector banks to bring about dynamism and depth in the capital market. He exhorted the chief executives to play a lead role in
the coming divestment process.
THE REDIFF BUSINESS SPECIAL
When MNCs jump on the filmi music bandwagon, kuch kuch hota hai!
Inlay cards featuring lyrics. Postcards autographed by superstars. Thank you notes. In-between comments by the artistes. Premium editions. Imported material. Aggressive marketing. Sony seeks to redefine the business of Indian film music.
OTHER STORIES
Euro will take on dollar, gear up, France tells India
''We will witness the phenomenon of Euroisation in
place of the current dollarisation,'' Jean-Rene Bernard, member of the Monetary Policy Council of the Banque de France, said. The volume of Euro currency transactions would be about 40 to 50 times higher than that of the financial transactions linked to international trade.
Goa minister kicks up row by writing to PM on financial woes
Planning Minister Dayanand Narvekar's action is seen as indiscipline by Chief Minister Wilfred de Souza. But the former's point is that Delhi should stop treating Goa as its colony and start allocating more funds to the tourist state, ''the highest foreign exchange earner for the country''.
Economic Advisory Council to meet in Delhi today
Discussions will be on short-term challenges faced by the country and the economic slowdown.
• BSE: 2890.72; Sensex spurts over 58 points
• NSE: 843.55; Nifty recovers over 26 points
• Forex: Rs 42.31/32 vs dollar
October 14, 1998
Infotech results cock a snook at 'recession'; industry upbeat but cautious
Fantastic half yearly results of infotech companies have raised fresh hopes of revival of Indian economy, besides catapulting two stocks into BSE's Sensex. However, Infosys chairman Narayana Murthy said, ''This phase is temporary but we will try to maintain it.''
THE REDIFF BUSINESS SPECIAL
Stop it! Hail UTI for being transparent
The message of the UTI chairman is loud and clear: the show will go on with the same gusto as before. Instead of appreciating this protective attitude towards his investors, accusing fingers are being pointed at him. The UTI has become more transparent than ever and it is striving hard to maintain, if not increase, the benefits to its patrons, writes A N Shanbhag.
OTHER STORIES
BSE to include four new stocks in Sensex from November 16
The Bombay Stock Exchange finally
appreciated the show staged by information technology companies in the recent past on the Indian bourses by announcing today the inclusion of
two infotech giants Infosys Technologies and NIIT alongwith
Castrol and Novartis in the BSE-30 Sensitive Index.
Middle class evades taxes, and corporates social audit, opine thinkers
''There is no social audit by corporations. When they do something for social development it is only for resurrecting their own manufacturing sites destroyed by floods or storms,'' a speaker said in New Delhi, releasing a book on the Indian middle class.
Government to recast IIC to attract NRI investments
A senior government official advised NRIs to appoint good consultants instead of relying on "fly-by-night operators", in order to avoid project delays in India. The India Investment Centre is planning to offer such consultancy support, he said..
• BSE: 2832.03; Sensex slips 40 points
• NSE: 816.75; Nifty down 19 points
• Forex: Rs 42.33/35 vs dollar
October 13, 1998
Charter plane operators wait in hordes for navy's nod to land in Goa
European tourists are making a beeline for Goa, triggering hopes of revival for the tourism industry. But the Navy, which controls the local airport, has to relax rules to allow more frequent chartered flights. Defence Minister George Fernandes has assured to take a decision.
THE REDIFF BUSINESS SPECIAL
'US-64 is not a scam. No scam lasts for 34 years.'
Even as the Unit Scheme-64 issue threatens to snowball into an unmitigated financial disaster, UTI's executive director Dr Basudeb Sen fielded pointed questions from readers of Rediff On The Net in a live chat show. Excerpts.
THE REDIFF BUSINESS COLUMNISTS
Gimme more -- holidays improve life, work can wait!
We Indians work for only 56 or 25 (depending on your sex) full
days a year. What is there to be ashamed of? One
the other hand we must be proud! If India can move forward by the
effort and work we put for those 56 full days, then why exert ourselves
unnecessarily more?It is a tribute to country's glorious heritage that
a nation as large as this is moving almost on a auto-system, expounds Mahesh Nair.
OTHER STORIES
As government changes, inertia afflicts Media City project in Haryana
The project was conceived in 1994 with an eye on the booming TV software market. All the production facilities were to be offered under one roof.
• BSE: 2872.48; Sensex slips 44 points
• NSE: 835.80; Nifty slides 13 points
• Forex: Rs 42.32/33 vs dollar
Rs 71.50 vs pound sterling
Rs 25.62 vs DM
Rs 35.84 vs yen
October 11-12, 1998
Market-movers bullish, say infotech shares will trigger smart recovery
Leading Bombay Stock Exchange brokers said the Indian stock market, which was in turmoil last week, will gain in the next week. They expect spectacular performances by the information technology companies which are set to announce their first half results. Analysts at the leading foreign funds have also expressed similar views.
THE REDIFF BUSINESS COLUMNISTS
CM + CE = CN
A chief minister and a chief executive. Or Chandrababu Naidu.Yet, more important than accolades are the material endowments which businessmen in India and abroad have showered upon Naidu's Andhra Pradesh. But it is important to bear in mind that at best Naidu is the embodiment of the ancient adage that in a desert the cactus is the king, writes Dilip Thakore.
OTHER STORIES
As 33 new ventures materialise, Tamil Nadu jumps up to third spot in industrial growth
The credit deposit ratio of commercial banks in the state is also as high as 92 per cent against the national average of 55 per cent. An investment of Rs 350 billion was made in his state during the past two years by 33 new industries, creating direct employment opportunities to 125,000 people.
Want to gift power? First buy it, Centre tells Maharashtra
'The Maharashtra State Electricity Board is not in a position to make the gift and if it does start making such gifts, it will collapse,' Power Minister R Kumaramangalam said.
BUSINESS BRIEFS
• Clinton vetos bill, sanctions may continue
• Muhurat trading on October 19
• Dung adds Rs 950m a day to Indian economy!
• Weekly Review: : Indices go on a roller-coaster ride
October 10, 1998
Spectre of a dark Diwali looms as UTI crisis acquires new twists
If the veterans of the market would not give up hope on the UTI, it is because of its gigantic size -- Rs 640 billion in investible funds and stock investment accounting for eight per cent of BSE's total market capitalisation. Besides, the UTI Act puts the fund within parliamentary monitoring range.
THE REDIFF BUSINESS INTERVIEW
'DTH TV is inevitable, government should organise the sector'
'Cable operators want to protect their pie, they don't want to educate the consumer. There is emerging competition. There are escalating costs. There is a regulatory framework that is still undefined. Business is never a cakewalk.' ESPN India managing director R K Singh in an exclusive interview.
OTHER STORIES
Polyester yarn diverted to domestic market: 30 EOUs in Rs 1.5b duty evasion scam
The goods meant for Gurgaon under the prescribed documents for
manufacture of export products, were diverted to Bhiwandi in
Maharashtra to be used in the domestic market in violation of the
laid down procedures. No customs and central excise duties were
paid. Officials said the case has ''very wide ramifications''.
After west and northeast, south spells trouble for ONGC. And how!
An angry regional director (south) told a parliamentary study group that the Rs 33 billion operations in the Krishna-Godavari basin are not yielding enough returns and hence may have to be closed down. The MPs were not amused at his 'behaviour': they are planning to retaliate by slapping a privilege notice.
BUSINESS BRIEFS
• ICICI's disbursals up 22 per cent to Rs 82 billion
• Morgan Stanley index to take in India
• Forex: Rs 42.34/35; rupee remains steady
• BSE: 2916.66; Sensex recovers 20 points
• NSE: 849.10; Nifty crawls up one point
October 9, 1998
UTI won't be allowed to fail, reassures Sinha
'I would not say there was a run on the UTI. There might have been some temporary loss of confidence. Even for that there is no scope. We are in touch with the developments and confidence in the UTI had returned,' the finance minister asserted in New York.
THE REDIFF BUSINESS INTERVIEW
'This sort of thing happens in all countries, there's no need to panic'
According to the Unit Trust of India's executive director Dr Basudeb Sen, the investments in mutual funds will have their own cycles depending on the stock market conditions. ''So you cannot say that because of certain happenings this year, the prospects and future of the mutual fund industry are bleak.''
OTHER STORIES
Plan panel okays 'unprecedented' hike in Uttar Pradesh annual outlay
The commission also approved the annual allocation of Rs 3.5 billion for the Uttaranchal region, 55.5 per cent higher than the last year's allocation. A visibly delighted Chief Minister Kalyan Singh said: ''If we fail to ensure economic development of such a large
state and increase the income of its population substantially, the
demand for consumer goods and services would not pick up resulting in impeded development of the country.''
Lift sanctions, it's better for both of us, India tells US
The sanctions had their effect more in terms of sentiments and confidence than direct impact on the economy, Yashwant Sinha said.
H1 results: Reliance sales up 16 pc, net up 10 pc; higher volumes, backward integration help it to break corporate records
Sales for the first half-year were Rs 73.74 billion (Rs 63.30 billion) and net profit was Rs 9.21 billion (Rs 8.40 billion). With Reliance's expansion plans at the Jamnagar petrochemicals
complex on schedule, the company's overall production capacity
will rise to over nine million tonnes per annum, and will be the
engine of future growth and performance, managing director Anil Ambani said.
BUSINESS BRIEFS
• Andhra debt liability put at Rs 177 billion
• Controversial Krishna Valley work to resume
• Forex: Rs 42.34/37; rupee remains steady
• BSE: 2896.14; Sensex crashes 112 points
• NSE: 847.95; Nifty slides 26 points
October 8, 1998
Fears of displacement, damage to places of worship unsettle Kerala hydro power project
It is feared that the project in Wayanad in north Kerala will lead to dislocation of 24
churches, 73 temples and 19 mosques besides several convents, ashrams and
other institutions run by different communities. The environmentalists
and the locals are also unhappy as it would lead to submergence of 4,000 hectares of fertile agricultural land, besides displacing local people.
India needs 215 more aircraft by 2017 to match 5.5 pc market growth: Airbus Industrie
According to a study, the choice of new aircraft would be split almost equally
between the single-aisle category and wide bodies. Given the
market's inclination for non-stop flights to the US and Australia, there
would be greater demand for wide-bodied aircraft from Air-India.
Policy likely on foreign investment in advertising sector
At present, there is no written policy. Information and broadcasting ministrysources said it was decided to draw up concrete suggestions and
recommend these to the Foreign Investment Promotion Board.
THE REDIFF BUSINESS SPECIAL
Death of a dream B-school
Moves are afoot to resurrect Haryana's Indo-Japan Institute of Management in either New Okhla Industrial Development Area in Uttar Pradesh or Karnataka. Industry sources sought to contrast this with the scene in other states where governments are pulling out all stops to establish B-schools.
OTHER STORIES
'J&K water project changed life in valley'; World Bank agrees to raise aid
The watershed development project was launched in 1990 and has resulted in bringing about a change in the water table, production and lifestyle of the people of the Kandi areas of Shivalik in Jammu and of Doodhganga area in Kashmir. The $ 1.6 billion second phase of the project will be launched in April 1999.
India leads the move for patents for Asian traditional systems of medicine
Some developed countries have recently granted patents to knowledge already available in Asian countries. The health ministry feels that anything which falls under the public domain automatically becomes non-patentable and therefore proper codification of existing knowledge of traditional systems of medicine would serve as a caveat for providing protection from patents.
BUSINESS BRIEFS
• Corn Products becomes International BestFoods
• British health team coming for business tie-ups
• Thomas Cook, Carlson to merge
• Forex: Rs 42.35/36; rupee gain four paise
• BSE: 3008.63; Sensex spurts over 89 points
• NSE: 874.25; Nifty surges 28 points
October 7, 1998
Sensex stages mild recovery, up 41.67
Market sentiment improved with the Unit Trust of India scotching rumours that it was offloading its blue-chip stocks.
Industry's apathy throws Konkan Railway's cargo plans off-track
Since the process of industrial development is still on in the western coast region,
Railway Minister Nitish Kumar hopes to improve the situation by forging a tie-up between Konkan Railway
Corporation Limited and Hyderabad-headquartered South Central Railway for building a link to the
hinterland. A lot of existing traffic could then be diverted to the Konkan
line, saving time and money.
India raps WB over funds diversion
India and some other countries have objected to the role that the World Bank has played in going out of its way to help resolve the financial crisis in east Asia, diverting its
funds to the tune of about $ 6 to 7 billion in the last fiscal year,
which should have gone to development projects in the member-nations.
THE REDIFF BUSINESS SPECIAL
'Unless the government does its business on infotech, you can't create an infotech society.'
Secretary of the department of electronics Ravindra Gupta and software consultant Sameer Kochar debate whether the entrepreneurial spirit in the information technology industry is nurtured or killed in India. The transcript of TV programme Crossfire.
OTHER STORIES
WB report moots spending reforms to reduce poverty in India
By accelerating economic
reforms, redirecting towards infrastructure, health, and basic
education the large resources now absorbed by ill-targeted
subsidies, and improving the effectiveness and targeting of spending
in education, health, and anti-poverty programmes, India can give its
long battle to reduce poverty a new impetus, says the World Bank.
'US setting up office in Pune shows that India is important'
United States's Ambassador Richard Celeste said that no other country has as many as seven US commercial offices. It is a pointer that India is still viewed as an attractive destination for foreign investors.
BUSINESS BRIEFS
• Rs 9 billion agri-tech project launched
• Government to promote eco-tourism
• Forex: Rs 42.39/40; rupee loses three paise
• BSE: 2919.74; Sensex spurts over 41 points
• NSE: 845.75; Nifty up five points
October 6, 1998
Sensex crashes by 224 points, down to 2,878
The crisis in the Unit Trust of India and depressed market sentiments worldwide resulted in the Bombay Stock Exchange Sensitive Index crashing by a massive 224.22 points today. Nervousness was plainly visible at the National Stock Exchange too as the S&P CNX Nifty slipped by 64.70 points.
India seeks $ 3 billion loan from WB to ensure 6 pc growth this fiscal
Finance Minister Yashwant Sinha said rescue packages, which are essentially
in the nature of liquidity support, should not become a regular Wold Bank
operation since such assistance tends to blur the bank's role with
that of the International Monetary Fund.
THE REDIFF BUSINESS INTERVIEW
'If an applicant withdraws, he should come back on his own'
'We never turned down the Tatas' airline proposal. We have an open
mind on it even now. I think the Tatas acted in haste
in pulling out like that. My counter is still open to the Tatas. The government cannot become an
entrepreneur, even if it is for the good of the country. Entrepreneurs
enter into or back off from certain areas, depending upon their
profitability, that's all.' Aviation Minister Ananth Kumar denies government role in the Tatas' withdrawal.
OTHER STORIES
Goa mulls hike in tax on liquor, domestic tourists to tide over finance crunch
The state government has not responded so far to the Planning Commission's suggestion. It fears that the measures may prove fatal for the local tourism industry.
Don't squeeze the aid flow to Third World into a trickle, Sinha urges big brothers
The finance minister told the World Bank that while the world was facing the biggest financial challenge in
half a century, the Official Development
Assistance as a share of gross national product of industrial nations had come
down to 0.22 per cent -- the lowest rate recorded in the same period.
Moves afoot to persuade states to shift cinema to Concurrent List
Filmmakers, who had enthusiastically welcomed the recognition of
cinema as an industry, feel that the rejection by states of the proposal is not good news. They say it will prevent unified steps to tackle problems like video piracy and
irrational taxation, which are eating away a large chunk of the
income from Indian films.
BUSINESS BRIEFS
• RBI lifts curbs on supplementary NRI credit cards
• Need for 'off-shore banking' stressed
• Forex: Rs 42.36/38; rupee gains nine paise
• BSE: 2878.07; Sensex crashes 225 points
• NSE: 840.75; Nifty nosedives 64 points
October 4-5, 1998
US contemplates blacklisting Indian companies as part of sanctions
According to the New York Times, US officials said that about a dozen Indian and Pakistani companies and fewer than 20
government departments in India and 15 in Pakistan are involved in what is called the 'entities list'. But dozens more subdivisions are also listed,
bringing the list to 100 or more names. The most severe restrictions
cover government organisations involved in nuclear or missile
activities.
Law and order problems unsettle ONGC in Assam, Nagaland
Blackmail, extortion and police
excesses have pushed Oil and Natural Gas Corporation
into deep trouble. Company officials said that operations are becoming increasingly difficult as everyone in the region seems to demand either money or favours from ONGC.
No official lunches in debt-ridden 'paradise on earth', it's austerity time
The Jammu and Kashmir government has announced cuts in expenditure. Revenues are stagnant. Experts have termed the state's debt as 'unmanageable'. The continuing tight resource position has affected salary payments. Economy is in a downward spiral. Future seems to depend on the Centre's munificence.
Two gentlemen and a lady -- A ministerial pursuit of Mammon for motherland
Three senior members of the Atal Bihari Vajpayee government -- Sikandar Bakht (industry), Thambi Durai (transport) and Sushma Swaraj (information and broadcasting, and communications) -- have made a joint appearance at the international forum in Washington to reaffirm India's commitment to economic reforms and liberalisation, in an apparent effort to remove apprehensions that its talk of swadeshi plan had created among American investors.
American tourism pioneer who willed to be cremated in India
Jack Dengler, 87, founded Sita World Travel in 1933. He welded education and tourism for the benefit of millions of students, in the process making Sita one the largest independent travel agencies worldwide. He also made a name for himself as a writer, poet and musician. In 1963, he set up shop in India. And fell in love with the country and its people. Dengler died on September 4. His will that his ashes should be scattered in the Ganga will be fulfilled.
BUSINESS BRIEFS
• Reliance sets up hospital for road accident victims
• IIFT announces international business programme
• Weekly Review: : Three days of speculation and slide: Sensex down 121.28 points, 3102.29; Nifty loses 30 points, 904.95
October 2-3, 1998
'Naidu is back with empty hands from a business trip to US'
Opposition parties in Andhra Pradesh say Naidu has failed to enthuse non-resident Indians and US investors into making a firm commitment on investments. His 1997 trips to Singapore and Malayia also resulted in assurances that failed to materialise, they point out.
THE REDIFF BUSINESS SPECIAL
Browse-and-buy bazaars push corner stores to the edge
There was a time when the young and the old, the ladies and the gentlemen, loved to saunter across to the friendly neighbourhood corner store to gossip, chit-chat, exchange pleasantries, share joys and sorrows, and, yes, buy grocery. But the advent of the credit cards-happy, airconditioned, computerised superbazaars is changing all that, converting even the traditional housewives into mall-loving mamis.
OTHER STORIES
Goa likely to get exhibition and cargo centres
The Indian Trade Promotion Organisation is trying to locate a site in Goa to set up an exhibition centre on the lines of Delhi's Pragati Maidan for the western region. ''They have preferred Goa because over 1.2 million tourists -- both domestic and foreign -- visit the coastal state every year,'' Chief Minister Wilfred de Souza said.
Bihar: mineral-rich economy spawns poverty and underdevelopment
A central weakness of the Bihar economy lies in its poor
agricultural base, which produces neither enough food for its
spiralling population nor enough raw materials for its industry,
according to a new book.
Ocotber 1, 1998
Three days to save Air-India
The management is introducing a three-day workweek, on a voluntary basis, to trim the airline's fat. And -- surprise, surprise! -- employees are happy. "It is a good break that I always wanted," says Malathi Narayan, 40. "I always wanted to learn music and do social service. But my busy schedule left me no time for these things."
Swaraj asks US to enter telecom, projects scope for $ 50 b investment, hints at 50-year vision plan
The communications minister told investors in the US that a new user- and investor-friendly telecom policy
is being formulated. Her endeavour, she said, would be to put forth a 50-year telecom perspective plan for India by the year-end. ''You may think I'm crystal
gazing but I'm confident we will be there soon.''
THE REDIFF BUSINESS SPECIAL
Upcoming Kochi airport sends shivers down its competitors
Kochi happens to be on the Russia-Australia route and is found convenient for air travel from India to the Far East and the Middle East. The city's new, ultra-modern airport is feared to wean passengers and airlines away from Thiruvananthapuram and Kozhicode, besides serving as a hub for hub-and-spokes operations of international airlines. The Malabar region's travel industry perceives in the Kochi airport a threat to its future.
OTHER STORIES
IMF asks India to recast PSUs, aid investors
The IMF's World Economic Outlook said India is in
a prolonged recession and is unable to tackle its mounting
budgetary imbalances. It found that India's fiscal deficit was
dangerously large and growing and its reforms were floundering.
BPCL firms up plans for new refineries in UP and MP
The company is also seeking to increase its market share in the aviation fuel sector. It has 15
aviation fuelling stations, and will construct three more at
Bhubaneswar, Cochin and Jaipur.
Stalemate over wage issue keeps Punjab's powerloom sector in suspended animation
Synthetics, art silk and woolen fabrics units have not been working for the last four weeks. The 100,000 workforce is demanding a nine per cent wage hike. The employers' response: ''Not at this juncture.'' Processed textile stocks worth Rs 500 million are currently lying piled up in the units. The high sales tax is not helping matters.
Former health minister lambastes move to allow FDI in tobacco industry
Renuka Chowdhury said foreign direct investment would not benefit the country in any way. It would not lead to new investments, new technologies or additional employment but instead would displace beedi workers and farmers and
many small domestic companies.
BUSINESS BRIEFS
• UP sets up centre in Delhi to woo investors
• Airport project: Tatas, K'taka govt mull new study
• BSE: 3102.29; Sensex sheds 44 points
• NSE: 904.95; Nifty loses three points
September 1-15
September 16-30
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