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Business Briefs

GDP to grow at 6%: Jalan

Washington, April 12: Reserve Bank governor Bimal Jalan today said the Indian economy is likely to grow by over 6.0 per cent following supportive policy measures in the budget and an industrial revival. “Despite adverse developments in the global economy and a severe drought, India achieved a reasonable growth of 4.4 per cent during 2002-03 and is likely to grow by over 6.0 per cent in 2003-04,” Jalan said at the spring meeting of the IMF here. Addressing the International Monetary and Financial Committee, he said the relatively satisfactory performance of the Indian economy coincided with low inflation, strong external sector performance, record level of foreign exchange reserves and an improved macroeconomic environment.

LIC income

Calcutta, April 12: LIC expects its income to grow at more modest rates than the very high compounded annual growth of 20 per cent that was recorded in previous few years, chairman S. B. Mathur said today. “We expect a 10-15 per cent growth in new premium income during 2002-03 from Rs 49,000 crore mobilised in 2001-02, but it will be difficult to maintain the compounded annual growth of 20 per cent recorded during the past few years,” Mathur said.

Forex reserves

Mumbai, April 12: India’s foreign exchange reserves rose by $ 235 million at $ 75,040 million during the week ended April 4. The foreign currency assets of the country grew by $ 426 million at $ 71,502 million during the period under review, according to the RBI’s weekly statistical supplement released here today. According to analysts, the rise is attributed to revaluation of non-US currencies, including the euro, against the dollar.


Calcutta, April 12: Chemithon Engineers Limited (CEL) expects to achieve a turnover of Rs 25 to 30 crore during the current financial year. The company hopes to close 2002-03 with a turnover of around Rs 8-10 crore. CEL is part of US-based Chemithon Enterprise and offers process development, engineering, plant equipment and manufacturing.

NSE shortfall

Calcutta, April 12: In the Business Telegraph report captioned ‘Shorfall on NSE, but no crisis’ that appeared on April 12, it had been inadvertently mentioned that the shortfall was in the region of Rs 5,060 crore. Actually the shortfall was to the tune of Rs 50-60 crore. The error is regretted.

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