The Telegraph
Since 1st March, 1999
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Business Briefs

Forex kitty swells

Mumbai, Feb. 22: The country’s foreign exchange reserves continued to rise for the eighteenth consecutive week to cross the $ 75-billion mark. The forex reserves, during the week ended February 14, rose $ 616 million mainly due to foreign investments and export remittances at $ 75,283 million, according to the Reserve Bank’s weekly statistical supplement released here. The foreign currency assets increased $ 614 million at $ 71,586 million in the week under review.

GDP forecast

New Delhi, Feb. 22: Rejecting the CSO projection of 4.4 per cent growth in GDP this fiscal, Planning Commission member N. K. Singh said the economy will grow by 6 per cent this year.

Aviation FDI

New Delhi, Feb. 22: The civil aviation ministry is open to the idea of raising the foreign direct investment (FDI) level from the present 40 per cent to 49, even as there are indications that a decision on the issue could be taken in the Union Budget.

Petro goods

Indore, Feb. 22: Union petroleum minister Ram Naik today said his ministry favours a uniform sales tax on petroleum products.

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