Panel for revival policy to reverse downturn

Calling for urgent steps to supplement RBIs initiatives to contain inflation and trigger sustainable growth,committee also asked the government to revise its GDP estimate of 7.6 per cent in the current fiscal to a more realistic level.

Concerned over the current gloom and doom scenario,the Parliamentary Standing Committee on Finance on Thursday asked the government to come out with a well thought-out revival policy also called for greater coordination between fiscal and monetary policies for long-term growth under a stable inflation regime. Calling for urgent steps to supplement RBIs initiatives to contain inflation and trigger sustainable growth,committee also asked the government to revise its GDP estimate of 7.6 per cent in the current fiscal to a more realistic level.

JSW Steel,JSW Ispat boards to decide merger

The boards of Sajjan Jindal-owned JSW Steel and its loss-making subsidiary JSW Ispat (formerly Ispat Industries) will meet on Saturday to decide merger of the two steel firms.

In separate announcements,both the companies said the boards will meet on September 1 to consider proposals for amalgamation of the businesses and undertakings of the company.

JSW Steel had acquired 41 per cent stake in Ispat Industries in December 2010,for about Rs 2,157 crore and subsequently renamed it as JSW Ispat. Currently JSW Steel holds 46.75 per cent stake in JSW Ispat. Speculation is rife that the share swap ratio for the merger could be around 1:70.