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Business Briefs

IMF cuts growth forecast

New Delhi, Sept. 25: The International Monetary Fund (IMF), which had projected a 5.5 per cent growth for India earlier, has now scaled it down to 5 per cent for this financial year. The main reason for the downward revision is the sluggish recovery of the Indian economy, which had slowed down in the years following the Asian economic crisis of 1997-98, IMFs world economic outlook released today said.

BSES stake

Mumbai, Sept. 25 : The Reliance group has further hiked its stake in power utility major BSES Ltd by 2.05 per cent taking the total holding to 42.34 per cent.

Import credit

Mumbai, Sept. 25: The Reserve Bank of India today said banks authorised to deal in foreign exchange may permit importers to avail short-term credit for periods less than three years and amount not in excess of $ 20 million per import transaction without prior approval from the RBI.

Gail equity

New Delhi, Sept. 25: Gas Authority of India Ltd (Gail) today said it has sought the governments nod for retailing 2-3 per cent equity to enhance stock liquidity on the bourses.

CII delegation

New Delhi, Sept. 25: A 13 member CII-CEO delegation, led by Infosys chief N R Narayana Murthy, is currently visiting France from September 25-28 to strengthen trade and investment relations between the two countries.


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