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+ Finance Minister Yashwant Sinha outlined a program to stimulate growth
during the current fiscal year. + The World Bank is likely to increase funding in India to over $3 billion. + NIIT Ltd. stated that it has allocated $100 million for its acquisition program, primarily focused on US targets. USIBC Daily News October 17, 2000 Agro/Patents/Pharma October 17: The government has assured farmers in the northern state of Haryana that it will consider giving them a relief package for damaged rice similar to the one announced earlier for the farmers of Punjab. Business Standard? <http://www.business-standard.com/today/markets2.asp?Menu=1? http://www.hindustantimes.com Broadcasting/Entertainment October 17: The Information and Broadcasting Ministry is evaluating two alternative models for the introduction of direct-to-home television broadcasting in the country: free-for-all and restricted competition.? The Hindustan Times? (Print edition only) Communications October 17:The Indian government has framed detailed rules and appointed an official structure under its e-commerce law to enable digital signatures and transactions from Wednesday, officials said. Reuters http://www.siliconindia.com/shownewsdata.asp?newsno=5525&;newscat=Technology October 17: Telecom Venture Group (TVG) of Hong Kong and its associates are planning to sell their 11% equity stake in BPL Communications, the holding company for the BPL group cellular phone companies, BPL Mobile and BPL Cellular. Business Standard http://www.business-standard.com/today/corp9.asp?Menu=2 October 17: Hughes Tele.com India Ltd (HTIL), a unit of Hughes Network Systems, became the first private telecommunications company to complete initial public offering (IPO), becoming the first private telecommunication company in India to go public. The total equity raised approximately $193 million. siliconindia http://www.siliconindia.com/shownewsdata.asp?newsno=5515&;newscat=Technology Economic/General News October 17: Finance Minister Yashwant Sinha has outlined a program to ensure 7% growth during the current fiscal year. This includes pushing through pipeline power sector projects, expediting the prime minister's north-south national highway program and imparting momentum to the economic reforms by taking up important legislations during the forthcoming winter session of Parliament.?? The Financial Express http://www.expressindia.com/fe/daily/20001017/fec17064.html Energy October 17: BP Amoco will join a consortium led by Indian Oil to promote a venture that will import liquefied natural gas in Kakinada, in the southern state of Andhra Pradesh.? The Financial Express.? (Print edition only) October 17: The Indian government will continue to own 51% of the equity in Indian Oil Corporation, Oil and Natural Gas Commission and Gas Authority of India Ltd.? The Financial Express.? Rediff <http://www.rediff.com/money/2000/oct/16rupee.htm<; Financial: Trade & Investment October 17: The Ministry of Finance has cleared the Finance Companies Regulation Bill. The proposed legislation, which will bring all non-banking finance companies under a separate act, has been referred to the Cabinet Committee on Economic Affairs.? The Economic Times? (Print edition only) October 17: Industry chambers have urged SEBI to review provisions in the takeover code to discourage hostile takeovers. They have independently urged that the regulations on creeping acquisitions be relaxed further so that promoters can counter takeover bids effectively.? The Times Of India http://www.timesofindia.com/today/17busi2.htm October 17: The World Bank is likely to increase its funding in India to over $3 billion during the current financial year, significantly higher than the $1.8 billion sanctioned during the 1999-2000 fiscal year. Business Standard ? http://www.business-standard.com/today/economy1.asp?Menu=3 Information Technology October 17: NIIT Ltd. stated that it has allocated $100 million for its acquisition program.? NIIT is primarily looking at acquisitions in the US, which it has identified as a key market. The Hindu Business Line (Print edition only) October 17: Convergent Communications India Pvt.Ltd. has entered into a strategic alliance with U.S.-based Smart Modular Technologies for marketing its memory modules, memory cards, and communication products. The Financial Express (Print edition only) Insurance and Finance October 17: The Securities & Exchange Board of India made it compulsory for asset management companies to disclose their balance sheets every year. Business Standard http://www.business-standard.com/today/markets2.asp?Menu=1 Political/International October 17: A senior BJP leader stated that Mr. Advani is will be the choice for the job of Prime Minister, if the need arises," The Hindu http://www.hinduonline.com/today/stories/01170004.htm Sanctions October 16: Republican presidential candidate George Bush has said that if elected he would not press India to sign the CTBT and favored immediate lifting of all US sanctions against New Delhi. The Times of India http://www.timesofindia.com/today/16worl3.htm Transportation/Infrastructure October 17: Surface Transport Minister Rajnath Singh has announced that the golden quadrilateral project is on schedule. He said that the government has begun implementing construction on 911 km of road and is preparing implementation for the remaining 4,397 km of roads.? The Economic Times http://www.economictimes.com/today/17infr06.htm ============================================================================== = The USIBC Daily News is a free service of the U.S.-India Business Council to USIBC Members and affiliates. USIBC provides Internet links to news stories for informational purposes only, and makes no representation of the accuracy of information posted on other organizations' websites.? To add or remove your name from this list, or with questions or comments, please contact USIBC via e-mail at usibc@uschamber.com. U.S.-India Business Council Website: http://www.usibc.com 1615 H Street NW Washington DC 20062-2000 Phone 202 463 5492 Fax 202 463 3173 West Coast 477 Ninth Avenue, Suite 107 San Mateo, CA 94402 Phone 650 685 8790 xt. 16 Fax 650 343 2848
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