ECB ceiling of $8 b. set to be breached

The ceiling of over $8 billions fixed by the Finance Ministry for external commercial borrowings for 1997-98 is set to be breached after hardly six months of the year. The surge in the flow of applications from Indian corporates, especially in the infrastructure sector, has led to the Ministry of Finance granting approvals aggregating $7.3 billions at the end of August. The ceiling of over $8 billions for the year is likely to be exceeded in terms of approvals during September itself going by current indications.

Bank employees to go on three-day strike in Dec.

The meeting of the United Forum of Bank Unions (UFBU), comprising nine unions of bank employees and officers, has decided to go in for a three-day nation-wide strike from December 3 to 5. Having failed to get their demands conceded through the two-day nationalwide strike on August 28 and 29, the representatives of the UFBU, comprising AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW and NOBO met here to take stock of the situation and also to chalk out future course of action.

World Bank President upbeat on India

The World Bank President, Mr. James D. Wolfensohn, has expressed confidence in India’s ability to maintain its seven per cent growth rate by continuing the pace of reforms and slash the percentage of poor people from 35 per cent now to 6.3 per cent by 2005. He recalled that when he visited India, there was a different Government. However, the reforms, he noted, had continued despite the changes in the Government, testifying to the commitment of the country to the reforms.