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Business Briefs

NCAER cuts GDP forecast

New Delhi, Sept. 26: Coming close on the heels of IMF lowering India’s growth projections to 5 per cent, the National Council of Applied Economic Research (NCAER) today forecast that the GDP growth this year would be even less at 4.8 per cent against its earlier estimate of 5.5 per cent. It projected stagnant agricultural output, industry growth of 5.6 per cent and services growth of 6.9 per cent. It also said that the fiscal deficit would go up to 6.3 per cent of GDP against a budgeted 5.3 per cent.

COAI chairman

New Delhi, Sept. 26: Cellular Operators Association of India (COAI) annual general meeting, scheduled for October 4, is likely to consider the issue of filling of the post of chairman. Current chairman Manoj Kohli will be required to relinquish the position following his resignation as Escotel CEO.

Ijma chief

Calcutta, Sept. 26: G. M. Singhvi has been elected chairman of the Indian Jute Mills Association (Ijma) for the year 2002-03 at its annual general meeting. Executive director of the association S. K. Bhattacharya was appointed executive vice-chairman, Ijma secretary Sarit Ray said in a release.

BSL stake

Calcutta, Sept. 26: The Sardas have made a public announcement of the postponement of their open offer for 30 per cent in BSL Ltd — formerly known as Bhilwara Synthetics. Kolmak Chemicals — the Sardas’ flagship company spearheading the bid for management control of the textile major — issued a corrigendum to the open offer, saying a revised schedule would be announced soon.


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