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Business Briefs

New SSI Act in the works

Mumbai, June 7: In an effort to put an end to ‘inspector raj’ in the small scale industries (SSI) sector, the Centre is planning a single law for SSIs, for which a Bill is likely to be introduced in the next session of Parliament, Union small industries minister C. P. Thakur said today. “SSI units complain about the prevalence of ‘inspector raj’ due to a plethora of Acts and the government is working on a draft of the Small Enterprises Development Bill to deal with the problem,” he said.

Forex reserves

Mumbai, June 7: India’s foreign exchange reserves crossed the US $ 81 billion mark following inflows of $ 513 million during the week ended May 30. Foreign exchange reserves rose by $ 513 million to touch $ 81,329 million in the reporting week, according to the Reserve Bank’s weekly statistical supplement released here today.

Steel tussle

New York, June 7:Demanding protection for its products, the American speciality steel industry has released statistics which, it says, provide “further evidence” that Indian producers of steel bar, angle, rod and wire are flooding the US markets to the detriment of the local producers. The Speciality Steel Industry of North America said India was flooding the market in “direct contradiction” to assurances by the Indian government that its exports would not disrupt the US market.

Jaitley visit

New Delhi, June 7: Commerce Minister Arun Jaitley will visit the US during June 8-13 in order to promote Indo-US trade and economic relations. The minister's entourage would include Omkar Goswami, chief economist of the Confederation of Indian Industry, secretary general Tarun Das and northern region chairman Gautam Thapar.

Trade bloc

Brazil, India and South Africa have formed a trilateral bloc to boost trade. The group was formed after the G8 meeting of industrial nations failed to act on a proposal for subsidy cuts to help Africa and a Brazilian plan to create a global fund to fight hunger.


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