April 8, 1996

ITC Ltd’s excise travails may actually prove to be a blessing in disguise for the company in its attempts to further cement relations with original promoters, BAT Industries of the UK. The post-Chugh era seemingly started off on a sour note from virtually day one with the authorities slapping a whopping Rs. 799- crore excise demand on the tobacco major. The company has already made a part predeposit of Rs. 1 70 crores towards this disputed liability, and is now examining ways to pay up the balance of Rs. 180 crores by January 1, 1997.

BJP promises to promote growth through Swadeshi

The BJP has blasted the Congress (I) Government’s economic policies and promised to promote growth and employment on the basis of Swadeshi if voted to power in the Lok Sabha polls. Releasing the BJP manifesto, the party President. Mr. L. K. Advani. said on Sunday, “The BJP will promote free market policies, but will not allow globalisation to subvert our nation’s economic interest.” Listing out the shortcomings of various policy measures undertaken by the present Government since 1991, the manifesto promised increase in income-tax exemption limit to Rs. 60,000, tariff restructuring to give the domestic industry a level playing field and prioritising foreign investment in technology and high finance areas.

Rly. Ministry decides on cross border leasing

The Railway Ministry has decided to go ahead with cross border leasing in a bid to scale down borrowing costs. It will soon float limited lenders inviting funds from foreign leasing companies for financing railway works, according to top officials. The Ministry will identify assets for which the leased finance can be deployed.

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