The Union Industry Minister, Mr. Murasoli Maran, has decided to set up a cell in the Department of Industrial Policy and Promotion in his Ministry to monitor the actual inflow of foreign direct investment in projects where the investment approvals are pegged at Rs. 100 crores and above. Mr. Maran said he would also put in place a business ombudsman to oversee that there is “transparency and fairness” in FDI approvals as also ensure that the business environment is conducive to foreign investment. Mr. Maran said the United Front Government had till now cleared 648 proposals involving foreign investment worth $6 32 billions.

Broker picked up for questioning

Enforcement Directorate officials today questioned a city-based stock broker, Mr Vinod Baid, for alleged violation of the Foreign Exchange Regulation Act in connection with the on-going ITC investigations The ED move comes barely 24 hours after the ITC Chairman, Mr. Y. C. Deveshwar, admitted lapses on the part of the tobacco company in its leaf tobacco export operations. Mr. K. K. Kabirpanthi, ED Deputy Director, said Mr Baid has been questioned on his “dealings with ITC”.

OEA paints dismal picture of economy

The Office of the Economic Advisor (OEA) in the Ministry of Industry has painted an unusually dismal picture of the Indian economy in the coming months, stating that the relatively poor performance of the infrastructure industries, the depressed stock markets and slower growth of imports have sent a “warning signal” about industrial performance in 1996- 97. “The corporate sector is now expecting a slow-down in industrial activity,” it said.

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