DEPB withdrawn on steel
The government has suspended export subsidy under the Duty Entitlement Pass Book (DEPB) Scheme on steel to control inflation and boost domestic supplies. The DEPB Scheme has been temporarily removed for steel exports and has been completely withdrawn for export of non-basmati rice, the Directorate General of Foreign Trade said.
Earlier this week, some steel producers in India had agreed to halt steel exports with immediate effect after government sought help from steel manufacturers to keep the prices in check with inflation rising to almost 6%. Rising demand and spiralling costs have seen steel majors increase prices significantly since January 2008
FM says lack of vibrant debt market hampers infrastructure projects
The lack of a vibrant debt market in India hampers funding of infrastructure projects, the finance minister P Chidambaram said on Friday. Chidambaram is talking at a series of events in Mumbai on Friday.
Inflation at highest level since January 2007
The wholesale price index rose 6.68% in the 12 months to 15 March 2008, surging from the previous week's rise of 5.92%, government data showed on Friday. The rate is highest since 27 January 2007, when inflation was 6.69%.
FM says tax collections are buoyant
Tax collections are buoyant and may exceed the target for 2007/08, the finance minister P Chidambaram said in Mumbai on Friday, 28 March 2008.
Trai decides to phase out ADC
The Telecom Regulatory Authority of India (Trai) has done away with the levy called Access Deficit Charge (ADC) that is being paid by the telecom service providers to compensate BSNL for offering rural services. Trai has decided to phase out ADC from 1 April 2008, making all domestic calls free from the incidence of ADC from that date.
Besides, Trai has also announced the reduction on ADC on international calls to 50 paise per minute from Rs 1 at present.
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