|Industrial growth rate vaults 7.2% in May
The growth rate of industrial production nearly doubled to 7.2 per cent in May compared with 3.7 per cent in the same last year.
The sharp increase has been mainly brought
about by strong performance of the manufacturing sector, accounting for
In the mining sector, which recorded a negative growth of 1.7 per cent last year and 0.3 per cent in May, 1998, the trend has reversed with zero growth this May.
Electricity, which had grown at 10.4 per cent in April-May last year, showed an increase of only 4.1 per cent for the first two month of this fiscal.
The overall index for the first two months of this fiscal has grown at a rate of 6.3 per cent compared with 4.2 per cent for the same period last year.
Latest trends in industrial growth
The capital goods industry has registered an impressive growth rate of 19.5 per cent followed by intermediate goods (10.5 per cent and consumer goods (6.9 per cent).
Lack of innovation root cause of PSU sickness
`Despite an investment of Rs. 2,50,000 crore by various PSUS, they have failed to give the desired results which in turn have led to majority of the companies turning sick.," he said.
Shri Bakht called upon professionals to adapt to quick innovation and creativity in their respective companies to make them globally competitive.
According to Cll, India continues to be an attractive destination for FDI notwithstanding the prevailing political instability and the Kargil conflict.
India is the sixth most preferred destination for FDI, according to a survey. However, only 29 per cent of total FDI approved between January, 1991 to January, 1999, have actually materialised.
Outlook for mutuals
Sugar production 152 lakh tonnes
Total off-take of sugar till June 1999 stood at 112.14 lakh tonnes (including seven lakh tonnes of imported sugar) for domestic consumption and 10,000 tonnes for exports, as against 111.02 lakh tonnes till June last year.
Cement output up 23% Cement production in the first -quarter of the fiscal has gone up by 22.6 per cent to 24.44 million tonnes from 19.93 million tonnes in the same quarter last year.
In April-June 1999, despatches have gone up by 22.1 per cent to 24.33 million tonnes from 19.92 million tonnes a year ago.
Sharp spurt in cement production and despatches is attributed to a boom in housing construction as well as a pick up in the rural economy. There has also been an improvement in government off take, according to the Cement Manufactures Association.
Revised application fees under Companies
Act from August 10, 1999
The revision would be effective from August 10,1999.
Registration of Partnership firm as a Company
This clears doubts whether a partnership firm can be registered as a joint stock company under Part-IX of the Companies Act, 1956.