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January 15, 1999 Valley slides into financial quicksand; Farooq in talks with Centre to find a way out The J&K government is on the verge of bankruptcy. Developmental works have been put on hold. Payments for completed works are pending. Growing salary bill is forcing to the government to mull reduction in retirement age. 'So sweet of you': Sugar merchants welcome govt move to hike import duty The 15 per cent hike to 20 per cent import duty will pave the way for a level playing field in the industry besides countering dumping, the Bombay Sugar Merchants' Association said. THE REDIFF BUSINESS INTERVIEW 'To become an economic superpower, India must export finished goods' 'India has to find certain products and services that even the Latin Americans cannot give to the US. Where India has an edge is in its natural and human resources,' says Emory University's Prof Jagdish Sheth. THE REDIFF BUSINESS COLUMNISTS Liberalisation as the acid that eats away at the moral fibre We Americans are all right Jack, let Bill do whatever he likes -- such an attitude is the result of liberalisation. Once liberalisation reaches an impasse, it could be the season for a moral comeback even for the cash counting Indians, writes Ashok Mitra. BUSINESS FEATURE Onions now move farmers to tears From Rs 4,000 a quintal in December, the price has crashed to Rs 300. Farmers are demanding lifting of ban on exports and support procurement price. Cultivation acreage has come down in the Onion Bowl of Asia, triggering fears of price-rise in April. PRE-BUDGET PARLEYS Low interest tax regime, revival of capital markets are priority issues, FM tells FIs Indian financial institutions said small savings interest rates must be linked to the bank rate and deep discount bonds introduced. An offshore financial centre in Bombay must be created to attract foreign savings. OTHER REPORTS B-school in Bombay will boost investments, says US consul general Bombay has become a dynamic centre of global finance and commerce activities. The metropolis has the best infrastructure facilities and is better than Washington DC in terms of power-cuts, Franklin Huddle said. Central Bank of India revises term deposit rates There is no change in additional interest rates on single large deposits of Rs 1.5 million and over. The revised domestic term deposit rates will apply only to fresh and renewals of maturing deposits. 
• BSE: Sensex 3292.28; sheds 18 points • NSE: Nifty 954.75, down six points • Forex : Rs 42.49/50 vs $ Rs 49.50 vs euro Rs 70.06 vs pound Rs 37.29 vs yen (100) January 14, 1999 Indo-Lankan trade pact will sound death-knell for Kerala economy, cry leaders Following the crash of coconut prices, political parties in Kerala are joining forces to highlight the adverse impact of the free trade agreement between India and Sri Lanka on the state. Government asks airlines' chief to probe excess inventory Aviation Minister Ananth Kumar also disclosed that the full boards of Indian Airlines and Air-India would be established soon with members from the corporate segments and the IAF. THE REDIFF BUSINESS COLUMNISTS NRIs like Amartya Sen mean well but they hardly know India Education is all very well, but what India needs is more physical development, more and better roads, more houses, more industries, drinking water in villages and, of course, more and better schools. But schools by themselves are not enough, unless there are jobs to go with them, writes Jay Dubashi. DIVESTMENT DECISIONS PM to head new ministerial panel; buyback plan may rake in Rs 80 billion The government has okayed buyback / sale of its stake in ONGC, Indian Oil, GAIL, MTNL, VSNL and NALCO. Divestment panel chief moots tie-ups of oil cos G V Ramakrishna said the government should allow the foreign and domestic private sector in all sectors of the oil industry. PRE-BUDGET PARLEYS Industry captains urge FM to focus on medium-term perspective Industrialists also stressed the need to devise and put in place tax measures, which promote restructuring of the companies through mergers, acquisitions and consolidation. Economists moot corpus for education and health in budget The experts also recommended measures to mobilise Non Resident Indians' savings to take care of currency fluctuations and decline in the flow of foreign institutional investors' investments. OTHER REPORTS SEBI moots measures to curb volatility in bourses No stock exchange shall allow the ''all or none'' or ''minimum fill'' order facility in the trading system. The price band applicable to the normal trades will be applicable to the negotiated trades. Cabinet okays move to amend essentials Act The pending essential commodities bill in Parliament will be modified accordingly and details of changes would be announced later.
• BSE: Sensex 3310.46; sheds 42 points • NSE: Nifty 961.20, down three points • Forex : Rs 42.48/49 vs $ Rs 49.59 vs euro Rs 69.98 vs pound Rs 37.98 vs yen (100) January 13, 1999 Luxembourg asks India to open up insurance, eyes financial services India lacks visibility in Europe. But agreements for air services and double taxation to promote economic relations between India and Luxembourg are on the anvil, Jean-Claude Juncker said. Gene Campaign urges President to withhold consent to patent ordinance "Pakistan which has introduced EMRs has been unable to control the rise of drug prices after the change. Their prices are five to 20 times higher than India's for the same drugs,'' Gene Campaign president Suman Sahai said in a letter to K R Narayanan. THE REDIFF BUSINESS SPECIAL In the land of the welfare economist, businessmen aid rehab plan to combat crime Kidnap. Extortion. Snatching. Robbery. Murder. The traders in Calcutta faced them all as the city vied with other crime-prone metros. Now a few sensible cops, businessmen and others have teamed up to mould resposible citizens out of misguided youth. OTHER REPORTS 'Herbal fuel inventor' signs marketing pact with Madras firm Ramar Pillai is seeking to patent his 'invention' as agro products firm Manasarovar gears up for a phased mass production of the Rs 15-a-litre fuel that seems Maruti-compatible. BAT-Rothmans merger sparks talk on impact on ITC Observers said the cold BAT-ITC relations may improve under the effective control of the Rupert family "who are adept at handling problems related to corporates in the developing and underdeveloped countries". Repeal of urban land act expected to push prices down, boost housing The move is expected to benefit Punjab, Haryana, Delhi and other Union Territories besides igniting fresh activity in housing, industry, transport and other infrastructure segments, thanks to better availability of land. Bank strike hits call money, forex and financial markets The business, commercial and cheque clearance activities were badly affected as 1.3 million employees struck work demanding higher wages. RBI eases acceptance norms for forex and travellers cheques of tourists, NRIs Forex dealers may accept cash payment at least to the extent of $ 1,000 or its equivalent per transaction in tourist centres and major towns. For smaller towns, they may accept upto $ 500 or its equivalent. Europe must offer trade credits and financing to Asia, says euro expert Whether Asia and Europe will indeed move to maximise potential for deeper integration, fostered by a common currency, remains to be seen, according to Asian Development Bank. Foreign currency assets better at $ 26.5 billion, discloses RBI India's foreign exchange reserves reached the level of $ 30 billion on January 1, up from the end- December 1997 figure of $ 26.57 billion.
• BSE: Sensex 3353.22; dives 80 points • NSE: Nifty 964.45, down 21 points • Forex : Rs 42.51/52 vs $ Rs 48.80 vs euro Rs 69.30 vs pound Rs 37.80 vs yen (100) January 12, 1999 Government to constitute second National Labour Commission The labour laws are not adequately equipped to tackle the emerging situations and handle effectively the challenges thrown up by these changes. So, an indepth and critical review of labour welfare and labour laws has become necessary, the government said. THE REDIFF BUSINESS INTERVIEW 'Foreign investment does not hurt sovereignty, unemployment does' 'The Indian government is progressive and has shown to the investors and the world that they are committed to the reform process. We must learn to maximise the benefits and minimise the negative aspects of globalisation and liberalisation which are inevitable,' says Thailand's deputy prime minister Supachai Panitchpakdi. THE REDIFF BUSINESS COLUMNISTS Liberalisation means government has business to be in education and health When I was an economics student, the monthly tuition fee was 15 rupees a month. My father paid the same tuition fee, so did my grandfather.... Unlike East Asia, India has got its priorities wrong by subsidising higher education instead of primary education, says Bibek Debroy. OTHER REPORTS Bank strike on Tuesday as talks fail over wage hike About a million bank employees nationwide will strike work in support of their demand for a 20 per cent raise in wages as against the eight per cent hike offer. Russia to import Rs 25 bn worth tobacco from India The deal was struck during the recent visit of the Russian prime minister. Commerce Minister Hegde has also asked the tobbaco purchasers to attend the market yards. Else, "alternative arrangements" will be made, he warned. Indica booking till Jan 23; sale on priority basis In response to market sentiments, the 10,000 priority numbers will now be generated from the total booking which would be received between January 17 and January 23.
• BSE: Sensex 3433.21; up 35 points • NSE: Nifty 985.60, down 4.5 points • Forex : Rs 42.50/51 vs $ Rs 49.26 vs euro Rs 69.82 vs pound Rs 39.01 vs yen (100) January 10-11, 1999 Government okays Ninth Plan, Rs 3.74 trillion is budgetary support; PM's special plans in The thrust of the Special Action Plans would be in areas such as agriculture, animal husbandry and allied sectors, health, education, women and child development, youth affairs, rural development and urban development with special emphasis on drinking water and sanitation. THE REDIFF BUSINESS SPECIAL Birth of a new bull market The week's uptrend on the bourses is the building block for a long-term bull run as against a mini-bull run as has been the style in the past three years. The immediate target for the market is to see Sensex at 3525. THE REDIFF BUSINESS COLUMNISTS Hidden costs of doing business in a land of million rackets Power generation inefficiencies, poor quality railway and road transportation infrastructure add to business costs. The cost in terms of executive stress of doing business with officials of a predator state is undoubtedly an impediment to foreign investment, writes Dilip Thakore. THE CII PARTNERSHIP SUMMIT 1999 -- JAIPUR I hope sanctions will be lifted soon, Celeste tells CII The US envoy also stressed on education, energy and environment. "If I were a businessman I would be an enthusiastic entrepreneur in one of these Es. There are tremendous opportunities in this sector beyond our imagination," he said. OTHER STORIES Scrap sick industries law and BIFR to weed out corruption, says Vittal On the rampant corruption in banks and FIs, the central vigilance commissioner said: "Honest bank officers find that their career can be ruined by one or two procedural mistakes which may lead to a CBI raid and all the attendant negative consequences."
• GDR Fortnightly Review: Skindia GDR index up 10 per cent to 635.73 points • BSE and NSE Weekly Review: Next week may sustain Sensex surge January 9, 1999 Indo-Pak power deal likely to be tripped "First, there is a strong political opinion against the power deal with India in Pakistan. Second, Pakistan's private power companies are lobbying to stall the agreement as they are insisting that India should produce counter-guarantees to underwrite such deals," a Power Grid Corporation official told Rediff On The Net. THE REDIFF BUSINESS COLUMNISTS South Asian Economic Community within realm of possibility If Germany can reunite -- albeit with some pain -- and it is almost certain that Korea will reunite in the next 50 years, does not reunification of the Indian subcontinent, or at least monetary and economic integration, makes sense? Rajeev Srinivasan tries to find out. THE REDIFF BUSINESS INTERVIEW 'India needs to get a sense of urgency to liberalise further' ''India can charge ahead. A lot depends on implementation and the adoption of correct policies. It must decide whether it wants to take this path or still struggle along and then 25 years later say 'We missed the boat'.'' Standard Chartered chief executive Rana Talwar offers tips for the future. THE CII PARTNERSHIP SUMMIT 1999 -- JAIPUR Indo-US relations on upswing, says American Congressman Jim McDermott said a new working group comprising minister for communications, Jagmohan, and member of Parliament, Murli Deora, will improve Indo-US relations. Surprise! Dalai Lama steals the show from business bigwigs The Tibetan spiritual leader exhorted businessmen to "alleviate poverty within the country and to spend less on yourselves". But top businessmen disappeared faster than water in the Thar desert. Only a few of them attended the post-lunch sessions. FOCUS: EXTERNAL DEBT MANAGEMENT Shankar Acharya picks lessons for India from east Asian meltdown Close monitoring and control of external debt, short-term debts, current account deficit and cautious approach towards capital account convertibility are the need of the hour, the finance ministry's chief economic adviser said. 'Deceleration due to domestic factors, not Asian crisis' In a paper, Dr Tarun Das, economic adviser to government, said fiscal policies need to contribute to the mobilisation of domestic savings and encourage the flow of non-debt creating financial flows, thereby reducing the country's excessive reliance on foreign debt. Euro implications for debt and finance still beyond experts' ken The RBI feels the European Monetary Union could open financing opportunities for Indian corporates that had been largely tapping the markets abroad in US dollars in the form of bonds, syndicated loans and global depository receipts. SPECTRE OF STRIKES Strike, if insurance bill enters Lok Sabha According to trade unions, "LIC has a 97 per cent claim clearance ratio which is the highest for any insurance company in the world". So politicians and parties must not be allowed to mess around with the "institution". Bank unions reiterate Jan 12 strike plan The unions say that the Indian Banks Association has stuck to its earlier offer of eight per cent overall prospective wageload coupled with threats of retrenchment, VRS, wage-freeze and postponement of wage negotations by further four months. Diesel prices slashed The cut was effected to maintain parity with the fall in diesel prices in the international market.
• BSE: Sensex 3397.84; zooms 99 points • NSE: Nifty 990.35, up 35 points • Forex : Rs 42.53/54 vs $ Rs 49.60 vs euro Rs 69.85 vs pound Rs 38.03 vs yen (100) January 8, 1999 FIs veto ACC's preferential allotment to Tatas ACC chairman Pallonji Mistry said the Tatas were indeed one of the original co-promoters of ACC. The Tatas' proposal needed the support of 75 per cent of the shareholders to be carried through. But banks and other institutions supported the stand taken by the FIs led by IDBI. THE CII PARTNERSHIP SUMMIT 1999 -- JAIPUR To each economy its own; time to recast global financial system: Jaswant Singh Eleven major ports are going to tie up with foreign companies. For the airport development, the government has set up a taskforce. Emphasis is also being laid on the road and highway sector, the Planning Commission deputy chairman told the summit. THE REDIFF BUSINESS SPECIAL Flop show, big biz talk, cold wave, Pink City The event, the fifth in the series, seems to be the least impressive one what with no major head of state in attendance. The absence of India's prime minister and finance minister was also felt. The first day's high point was the French prediction that India, China and Japan would be the future powers in a multipolar world. OTHER REPORTS Insurance bill may not be passed even in budget session This is so because no time-frame has been set for the standing committee on finance to complete the dissection and analysis of the bill. Assam govt gives ultimatum to Reliance to start gas cracker project by Jan 31 "We might hand it over to others, if Reliance does not start work immediately," Chief Minister Prafulla Mahanta said, rebutting the company's charge that the state is responsible for the delay. Government plans to raise HUDCO capital in a bid to boost housing finance The government has also asked the commercial banks, provident fund organisations and pension funds to make larger investments in the housing sector. Swadeshi should not be protectionist, says Swraj Paul 'There are about 18 million NRIs. Their economic product is about the same as all 950 million generate in India each year. There is no magic, we simply want to be the best," Lord Paul said. And now, credit cards for farmers from State Bank of Indore! The farmer credit cards would be given to those whose need for the agriculture production and crop loans is more than Rs 5,000. Budget likely to be advanced by a day or two The finance ministry is in a dilemma whether to present the Union Budget for 1999-2000 in the Lok Sabha on February 28 which happens to be a Sunday.
• BSE: Sensex 3299.09 spurts 93 points • NSE: Nifty 954.70, up 26 points • Forex : Rs 42.51/52 vs $ Rs 49.54 vs euro Rs 70.27 vs pound Rs 38.19 vs yen (100) January 7, 1999 Moody's assigns Ba2 for foreign currency bonds, Ba3 for bank deposits The ratings reflect 'poor state of public finances, widening external deficit and failure to establish a coherent growth-oriented macro- economic policy framework'. National expressway project work to kick off by March The Infrastructure Taskforce which met in Delhi, however, could not discuss the Kelkar report that had suggested a number of ways to fund roads, highways and other projects. FOCUS: THE CHEMICALS INDUSTRY No soft choices India has everything going for it to become a global force. It could either face the powerful world of the super majors or surrender the Great Indian Opportunity, points out Mukesh Ambani. OTHER REPORTS Greens step up campaign against illegal trade in shatoosh shawls Hong Kong has convicted traders dealing illegally in products made of Tibetan antelope wool. Switzerland, which used to be an open market, has also banned the trade. Jammu and Kashmir should not turn a blind eye to the developments, say animal rights activists. Govt to repromulgate ordinance to allow companies to buy back shares As the enactment of the Companies Bill would take some time, the Cabinet has approved a few amendments of urgent nature of the Companies Act 1956. PM reels off statistics to say economic revival is on Cement production is up six per cent. Housing finance is up 50 per cent. Trucks and commercial vehicles output is up 34 per cent. Two-wheeler output is up 20 per cent. Manufacture of many consumer products has started again, Vajpayee pointed out in Bangalore. Hyundai sews up car finance tie-up, says Santro will race against Maruti, not Indica "Our prices are competitive and based on future-proof technology and we believe in value-added production," Hyundai India's president A P Gandhi said.
• BSE: Sensex 3205.68, spurts 56 points • NSE: Nifty 928.25, up 21 points • Forex : Rs 42.50/51 vs $ Rs 49.94 vs euro Rs 70.46 vs pound Rs 37.98 vs yen (100) January 6, 1999 Glaxo global chief rules out mergers, says EMRs as an issue is 'meaningless' Glaxo Wellcome is developing two products, which would enter the market in 2005. The company has not applied for any EMR but had submitted product applications for the two products in the 'mailbox'. Ban-hit arrack consumers hit bigger, 'better' booze-bottle in Kerala The ban has forced the arrack consumers to shell out more money for illicit arrack, toddy and Indian made foreign liquor which are the easy alternatives available. THE REDIFF BUSINESS INTERVIEW 'Exclusive marketing rights hold no immediate threat, but the pharma sector has to gear up' 'It is very difficult to patent a drug from India. The entire patent office has to be modernised and linked with international markets. The high rupee-dollar rate makes it very expensive for an Indian to fight a legal battle outside India,' says deputy drugs controller M Venkateswarlu. OTHER REPORTS Cabinet nods to ordinance to amend Patents Act 1970 The Cabinet has also decided to re-promogulate three ordinances, which are likely to lapse in the second week of this month. These ordinances relate to the Companies Act, CVC (chief vigilance commissioner) Act and Prasar Bharati Act. Sinha says tough decisions, political consensus, greater role of states are key to sound finance The finance minister said the federal system is in a shambles and real autonomy was not possible without financial autonomy. Cabinet defers nod to draft Ninth Plan, to study it in depth The draft plan with budgetary support of Rs 3.74 trillion has lowered the estimates of the economic growth rate from seven per cent in view of the recessionary conditions. Bullion body, World Gold Council denounce hike in gold import duty ''The repercussions will be a reduction of gold inflows through the official channels and a likely increase in smuggling of gold as the latter becomes a lucrative proposition,' the WGC said. Prasar Bharati Ordinance to be repromulgated The repromulgation of ordinance replicates the pending bill and provides for succession mechanism of the earlier ordinance.
• BSE: Sensex 3149.06, up 27 points • Forex : Rs 42.52/53 vs $ Rs 50.26 vs euro Rs 70.37 vs pound Rs 38.25 vs yen (100) January 5, 1999 BIRTH OF A NEW CURRENCY Euro's innings in India begins on a sedate note Trading in the Indian interbank forex market was lacklustre. Initial hesitation towards Euro by the corporates prompted major banks to strike only a few deals in the new currency. The average size of deals was a few million dollars. Little fanfare marks debut in Asia, Down Under In Sydney, Australia, the Euro was quoted by buyers and sellers at US $ 1.1747 and at 133.17 yen. In Tokyo, the Euro was trading at US $ 1.1755. THE REDIFF BUSINESS INTERVIEW 'South Asian nations must also go in for a single currency like Euro' 'In Europe, countries are coming together. Here, we have inter-city import duties (octroi). The point is, the customer will benefit from greater transparent prices that the Euro promises. So we need to look into such matters and learn,' says financial expert A V Rajwade. THE MASTER'S VOICE Amartya says Pokhran was bad realpolitik; stresses freedom-economy link The Master of Trinity College also offered glimpses of his two forthcoming books which discuss the five elements of freedom: "enabling freedom, political freedom, economic freedom, transparency freedom and protective freedom''. National Insurance names education policy after Sen After numerous honorary memberships including those of the Calcutta Club and East Bengal, a leading soccer club, comes Amartya Siksha Yojana Policy. OTHER REPORTS BJP advocates cautious liberalisation, underlines 26 pc foreign equity in insurance The BJP's economic resolution remained silent on 14 per cent equity offered to NRIs in the Insurance Regulatory Authority Bill now before a standing committee of Parliament. US-64 prices for February announced The sale and repurchase prices are Rs 15 and Rs 14.70 per unit respectively.
• BSE: Sensex 3122, up 62 points • NSE: Nifty 897.80, up 7 points • Forex : Rs 42.57/58 vs $ Rs 50.20 vs Euro Rs 70.59 vs pound Rs 37.42 vs yen (100) January 3-4, 1999 Euro expected to quote in Rs 49.50-50.00 range A senior dealer at Corporation Bank said that Euro would open at 1.1730/40 a dollar on Monday. ''Going by these calculations, the Euro-rupee rate would be Rs 49.82,'' he informed. PM mulls airports regulator, new corporate projects Wherever necessary, the government would allow 100 per cent foreign equity in new airport projects. Vajpayee said in future most of the airports would be built on the framework of corporatisation. THE REDIFF BUSINESS COLUMNISTS A learning time in the year of hard knocks 1998 has been a good year for the Indian economy as an educational experience. Managers in several sectors of Indian industry have experienced genuine competition and are learning to cope and live with it, writes Dilip Thakore. OTHER REPORTS Government to endeavour to put Sen's ideas to practice The Sinha-Sen talks focused on the state of public finances in India, problems and initiatives in infrastructure, public sector reforms, social development issues, decentralisation and globalisation. Pillai repeats claim of herbal fuel, seeks intellectual rights, foresees huge market Tamil Nadu's 'sensation' has once again challenged the scientific community by displaying the preparation and characteristics of the mysterious product. Interest rates of small savings, employee deposits lowered The government will benchmark the rates of interests to the rates of similar instruments in banks / financial institutions. Kar Vivad Samadhan Scheme extended to January 31 The designated authority would pass orders within 30 days of filing of declaration as against the earlier period of 60 days.
• GDR Weekly Review: Skindia GDR index up 30 points to 595.89; market waits for Euro impact • BSE and NSE Weekly Review: Speculative buying sustains uptrend; Sensex up to 3060.34, Nifty up to 890.60 January 1-2, 1999 CROSSING SWORDS OVER SWADESHI Fernandes links extremism to industrialisation, says swadeshi is the cure The defence minister also alleged that foreign companies buy articles from rural craftsmen and their cooperatives and sell them in the country under a foreign brand name at a higher price. THE REDIFF BUSINESS INTERVIEW 'Swadeshi ideology betrays inferiority complex' 'Palanpuri Jains are so successful; 60 per cent of the world marketshare of diamonds is with Indians now. There are many other examples of Indians succeeding. If you have no confidence in your own people, you will talk swadeshi.' Gurcharan Das, former Procter & Gamble (India) chairman and management consultant, in a no-holds-barred interview. THE REDIFF BUSINESS SPECIAL Herbs, sex and success: Tamil enterprise promises to post global-scale gains 'Business enquiries from pouring in from the UK, China, Taiwan, Australia, Switzerland and even the US. You name the country, and we have at least one fax asking for more details," says R K Sharma, managing director of TAMCOL. The Tamil Nadu government undertaking's Vigorous, a capsule in the mould of Viagra, is poised to energise the sex drugs market. THE REDIFF BUSINESS COLUMNISTS Who is afraid of WTO, US and disputes? In cases of intellectual property rights and quantitative restrictions, India need not see the World Trade Organisation as a handmaiden of the US. For the WTO's evenly balanced dispute resolution mechanism offers India another excuse to postpone reforms, writes Bibek Debroy. OTHER REPORTS Maruti slashes prices to retain lead; 'middle-class's dream a wink away from reality' The Great Indian Grand Prix for the small car marketshare has picked up momentum with auto majors Telco and Maruti announcing open war on the price front. Other players are expected to follow suit. Meanwhile, the government is mulling divesting its stake in Maruti to FIs.
• BSE: 3055.41; Sensex down 55 points • NSE: 884.25; Nifty down 15 points • Forex: Rs 42.47/48 vs US dollar Rs 70.43 vs pound sterling Rs 25.35 vs deutsche mark Rs 37.39 vs Japanese yen (100) 1998-1999: FLASHBACK & FAST-FORWARD CAPITAL MARKET When bourses danced to the cacophony of politicians BSE president J C Parekh has underlined the need for creation of large-size mutual funds which can act as a buffer to face FIIs' selling pressure. MONEY Under RBI's tight control, rupee steers clear of political turmoil While macro indicators continue to exert pressure on the rupee, low oil prices and depressed industrial demand are expected to provide some immediate support to the rupee in the new year. FINANCE 'Risk management, fine balance between sound banking and profitable banking key to health' Analysts feel a strong bottomline may elude Indian banks due to higher interest regime in 1999. They expect higher rate of government borrowing coupled with increase in the amount of bad loans in the corporate sector. ESSENTIALS A tearful year for onions; foodgrains market withstands shocks, remains stable Government's price-control measures like imports may have brought relief to the common man, but the farmers are not smiling, they are on the warpath, in protest against anti-exports government policy. FOREIGN CURRENCY ASSETS Peak level recorded at $26.84 billion Compared with end-December 1997, India's foreign currency assets showed an increase of $ 2.87 billion. METALS India follows global trend: lacklustre trading marks base metals market Traders are expecting a rise in stocks and a further drop in prices at the London Metal Exchange. This sentiment held them back from making large deals before the year-end. December 1998
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