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CMIE forecasts 6 GDPMUMBAI: The overall gross domestic product GDP is expected to rise by nearly six per cent during 1999-2000 against...

CMIE forecasts 6 GDP
MUMBAI: The overall gross domestic product GDP is expected to rise by nearly six per cent during 1999-2000 against 5.8 per cent estimated for 1998-99, according to Centre for Monitoring Indian Economy CMIE. The fiscal 1998-99 ended on a happier note than anticipated throughout the year and 1999-2000 begins on a note of some optimism, CMIE said in its March-April review of the Indian economy.

Thanks to a substantial increase shown in estimates released by the Union agriculture ministry, agriculture is estimated to have grown by an impressive 6.8 per cent during 1998-99 as against the 5.4 per cent decline recorded in the preceding year. Yet, industrial growth in 1999-2000 would be higher at about six per cent against four per cent growth recorded in 1998-99. Growth of the services sector is expected to pick up in 1999-2000 to eight per cent from 6.5 per cent in 1998-99, it said.

RBI gives nod for 3 primary dealers
MUMBAI: The Reserve Bank of India RBI hasgranted its final approval to three entities to operate as primary dealers in the government securities market. According to an RBI statement, DSP Merrill Lynch Limited, Kotak Mahindra Capital Company and Deutsche Securities Pvt Ltd, a subsidiary of Deutsche Bank, have been given the approval, taking the total number of primary dealers in the government securities market to 13. These entities were granted in principle8217; approval on October 29, 1998, the statement added.

Sharp rise in gold, silver prices
MUMBAI: The precious metals, gold and silver, rose smartly on the bullion market today due to higher overseas advices coupled with restricted supply. Standard gold rose sharply by Rs 15 to end at Rs 4415 Rs 4400, while 22-carat gold was nominally quoted higher at Rs 4085 Rs 4070.

Ten-tola gold bar .999 jumped by Rs 200 to Rs 51,800. Ready silver and .999 tenderable silver shot up by Rs 100 each to Rs 7710 and Rs 7715 from Rs 7610 and Rs 7615 respectively. Raw silver .916 hardened to Rs7575 from Rs 7490.

Icra downgrades Unipon to default list
MUMBAI: ICRA has downgraded the debenture programme of Unipon to LD, indicating default on repayments. There has been a significant deterioration in the performance of the company and it is reported to have defaulted on its repayment obligations. The rating revision is based on information from secondary sources and discussions with certain leaders as the company did not co-operate during the surveillance exercise and did not provide required information.

NBFC staff training at RBI college
MUMBAI: To ensure compliance by the non-banking finance companies NBFCS with the regulatory and statutory framework governing them, the Reserve Bank of India RBI has drawn up a special training programme for personnel of NBFCS. The training programme, to be conducted on a regular basis by the pune-based college of agricultural banking of the RBI, will familiarise the dealing personnel of the NBFCS with the central bank8217;s directions on thevarious prudential norms guiding them. Among others, the training programme includes equipping the personnel with details on acceptance of deposits, income recognition and asset classification.