Monday, July 13, 1998
Bakht rules out FDI in insurance
Despite its liberal approach towards foreign direct investments (FDI), the BJP-led government will not open up sensitive sectors like real estate, insurance, atomic energy, drugs and pharmaceuticals to foreign investors, Industry Minister Sikander Bakht said. Also, the government is proposing to open the insurance sector only to domestic private sector operators but not to foreign investors, Bakht added.
Panel raps Government for oil pool deficit
A parliamentary committee has criticised the government for allowing the oil pool deficit of public sector oil companies to accumulate to over Rs 12,000 crore. In its fourth report tabled in parliament recently, the standing committee on petroleum and chemicals said it was regrettable that government allowed to the deficit to accumulate, thereby delaying the payment of huge amount (over Rs 12,000 crore) to oil sector PSUs.
Inflation rockets to 7.41%
The annual rate of inflation shot past 7 per cent to touch a 70-week high of 7.41 per cent for the week ended June 27 owing to the sustained increase in prices of primary food articles. The Wholesale Price Index-based inflation rose by 0.55 percentage points during the week to 7.41 per cent (provisional) from 6.86 per cent in the previous week and 5.65 per cent in the corresponding week last year.
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