The Telegraph
Since 1st March, 1999
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Business Briefs

Inflation reverses decline

New Delhi, July 6: Taking a u-turn after ticking the lowest figure of this fiscal in the previous week, inflation rate rose by 0.24 per cent to 5.21 per cent mark for the week ended June 21 due to skyrocketing prices of vegetables, fruits, tea and edible oils. The wholesale price index, which soared from the week ago level of 4.97 per cent, was at its third lowest mark so far this fiscal, though prices of primary items and manufactured products kept rising. The index was 2.74 per cent during the year-ago period.

VAT meet

New Delhi, July 6: The empowered committee on value-added tax (VAT) will meet tomorrow to discuss the “roadmap” for the introduction of new tax regime hopefully next fiscal. Some of the members of the panel are also scheduled to meet finance minister Jaswant Singh to discuss the phase-out of central sales tax, official sources said today.

IT outsourcing

Bangalore, July 6: The US economy benefited to the tune of $ 16.8 billion last fiscal as India’s code writers exported $ 8.5 billion worth software and services to the country’s largest IT market, according to Nasscom.

Auto exports

New Delhi, July 6: Auto exports surged by 76.6 per cent during the first two months of this fiscal as cars, two-wheelers and three-wheelers continued to lure buyers abroad. A total of 69,258 units were shipped during April-May 2003 against 39,196 units in the same period last year, according to the Society of Indian Automobile Manufacturers.

HPCL move

New Delhi, July 6: Hindustan Petroleum Corporation (HPCL) has tied-up with Petronas of Malaysia for importing about 2,50,000 tonnes of crude oil, a small proportion of its total imports of 8.5 million tonnes this fiscal

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