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• May 14, 1998 BJP cares two hoots for US aid The US sanctions have brought the swadeshi slogan out of the closet. Prime Minister A B Vajpayee's political advisor Pramod Mahajan talks of the inherent strength of the Indian economy and that the country does not live on the west's dole. And BJP's economic cell convenor, Dr Jagdish Shettigar says that the American aid at $100 million is peanuts. Moreover, 60 per cent of the aid is always left unused. "More than we require their aid they require our market," is how Shettigar would round it up. India, US firms will have 'rough time' if sanctions are multilateral If other nations join the United States in imposing sanctions, then India could face the same economic hardships the international community imposed on South Africa to protest its apartheid policies in the 1980s. World Bank loans might dry up and the US Export Import Bank, which provides political risk insurance to US exporters, could freeze projects awaiting approval. Fear over the markets Panic gripped the markets as the second round of blasts echoed through Bombay, the country's commercial capital. With sanctions looming large, one said, "We are dealing with an unknown situation and are unsure of what to do next." But the indices headed in one direction only: south. 'Too early to gauge effects of sanctions' That is Caparo Group of Industries Chairman and United Kingdom-based non-resident Indian industrialist Swraj Paul. RBI modifies NBFC prudential norms Non-banking finance companies must consider the value of underlying assets while making provisions for non-performing assets in hire purchase and lease assets, the Reserve Bank of India has directed. Sompal promises the moon Union Agriculture Minister Sompal Singh agrees that that agriculture and rural sectors should get 60 per cent of the plan allocations in the coming Budget. That the institutional funds for rural and farm credits should be doubled to 30 per cent. That licenced storage capacity should be created in villages. That the Centre will re-implement the 1989 loan waiver scheme... India tripped on patents issue: Minister Union Agriculture Minister Sompal said options before the country were to walk out of the WTO regime or come out with a comprehensive legislation to save the country's plant and animal diversity which is being theatened by the WTO patenting clauses. 
• Forex: Rs 39.67-77; Rupee steady
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