Fiscal deficit pledge

New Delhi, July 3: Hardly a week before the budget, the government today said it will cut fiscal deficit by at least 0.3 per cent of GDP annually and stop borrowing from the Reserve Bank from April 2006. The government today notified the Fiscal Responsibility and Budget Management Act, which also stipulates wiping out revenue deficit by March 2008, a year ahead of the target fixed in the common minimum programme.

Forex reserves

Mumbai, July 3: India's foreign exchange reserves declined by $525 million to reach the $1,19,407 million-mark for the week ended June 25. The country's foreign currency assets were down by $530 million to $1,14,129 million during the period under review, according to the Reserve Bank of India's weekly statistical supplement.

Steel exports

New Delhi, July 3: Apprehending a severe downfall in India's steel exports, the Indian Steel Alliance today demanded restoration of the duty entitlement passbook scheme with retrospective effect for reviving the country's exports.