Industrial index up 9.4%
New Delhi: Quick estimates of the index of industrial production released by the Central Statistical Organisation indicate a sharp rise in manufacturing in January 2000, which has pushed up growth in industrial production to 9.4 per cent in that month compared with 5.2 per cent in January 1999.
Industrial growth in the 10-month period April 1999 to January 2000 has almost doubled to 7.2 per cent according to the CSO quick estimates.
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Negative growth expected in consumer electronics
New Delhi: The Consumer Electronics and TV Manufacturers' Association has predicted negative growth for the consumer electronics industry in the coming financial year. It says this is the result of the adverse impact of the Union Budget, especially on colour television manufacture.

Cetma says that despite two years of protracted discussions in which it supplied data to support the industry's demand for 40 per cent abatement on MRP-based excise duty on colour TVs, the government has maintained the level at 30 per cent. Other electronics products, such as calculators, audio systems, audio two-in-ones, domestic washing machines, etc. are entitled to 40 per cent abatement.
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Banks can invest half their capital in insurance
New Delhi: The government and the Reserve Bank of India have decided to allow banks to invest up to half their paid-up capital in three-way insurance joint ventures. This is seen as one way to ensure that the 26 per cent foreign equity limit is not crossed.

Earlier, in its draft guidelines on insurance, the RBI had fixed a 30 per cent investment cap for banks. It is believed that banks found the norm too stringent.
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Govt opens up skies till 31 March
New Delhi: In a dramatic move, the government opened up Indian skies to international carriers regardless of frequencies permitted in bilateral agreements. It has allowed all international airlines to operate additional flights and bring in larger aircraft with immediate effect and until 31 March. The pendancy of this policy will be reviewed on 25 March.

The reason for the decision was the bottlenecks at airports that has affected cargo as well as passenger movements. The civil aviation ministry took this decision on 10 March after a meeting between airline representatives and HS Khola, director general of civil aviation. The international carriers represented at the meeting include British Airways, KLM, Lufthansa, Gulf Air, Emirates, Air India, and Aeroflot.
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Bank Muscat to start retail operations
Bangalore: Bank Muscat will launch its retail banking operations in India in mid-2000. The bank began its corporate banking and treasury businesses in 1999. The company will appoint a retail banking head by May 2000, and start offering personal loans and loans against shares by June.

The bank will also enter vehicle financing and consumer loans.
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Court rejects Investsmart plea
Mumbai: The High Court at Mumbai has rejected a petition by Investsmart India seeking an ad-interim injunction against ICICI using the domain name investmartindia.com. Investsmart India, created by IL&FS, says it will go in appeal.
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