Bizbits

Many FIIs now consider India as one of the hottest markets in Asia. The fact that India survived the South-east Asian collapse last year and the good economic growth in the current year were considered as plus points by FIIs. 8220;The new government is speeding up reforms. Many pending bills have been taken up,8221; said a broker. The Indianeconomy has done reasonably well even though four governments have changed at the Centre in the last three years.

The growth rate is expected to be in excess of 6 per cent. Exports which took a severe beating after the steep fall of South-east Asian currencies are once again rising.

SC absolves RIL of improper imports
NEW DELHI:The Supreme Court has dismissed an appeal by the customs department seeking an additional duty of Rs 120 crore from Reliance Industries for allegedly importing plants and machinery without licence for its Patalganga plant in Maharashtra. The appeal was directed against a central excise and gold control appellate tribunal CEGAT order absolving Reliance of the charges levelled by customs department accusing it of mis-declaration and unauthorised import of four additional spinning machines.

A three-judge bench comprising Justice S P Bharucha, Justice R C Lahoti and Justice N Santosh Hegde in a recent judgment said the import of machinery was in conformity with the termsof the import licence. quot;The authorities below and the tribunal arrived at the conclusion that the import in question was in conformity with the terms of import licencequot;.