BusinessLine Twenty Years Ago Today: Slowdown in Export Growth Continues
The continued slowdown in the country’s exports and imports consistently right through the start of the fiscal year remains unchecked with both exports and imports during the first three-quarters of the current fiscal year growing only marginally. Provisional figures furnished by the Directorate General of Commercial Intelligence & Statistics (DGCI&S) show that during April-December 1996 the country’s exports grew by 6.36 per cent and imports by 4.41 per cent in dollar terms, in sharp contrast to a wholesome 24.17 per cent growth in exports and 29.27 per cent growth in the corresponding nine months of 1995.
Ban on parking PSU funds in UTI goes
The Government has lifted the 1995 ban on PSUs investing surplus funds in Unit Trust of India (UTI) schemes. The decision taken by the Union Cabinet comes as a shot in the arm for UTI and is expected to raise liquidity levels in the capital markets. The Department of Public Enterprises (DPE) is expected to announce guidelines regulating PSUs’ investment in UTI schemes within a couple of weeks, say sources. The Life Insurance Corporation too may be granted higher flexibility in deploying its investibie funds.
Share prices tumble on belied expectations
Stock prices tumbled today following the wave of disappointment that swept across the bourses on account of the economic package promised by the Prime Minister not being announced. The BSE sensitive index shed 127.58 points on massive squaring up by operators on the last day of the settlement and selling by funds to close at 3382.47 points. The market opened at 3473.42 points and touched the day’s low of 3361.25 points.