GDP for 1998-99 revised down to 6.6%
New Delhi: Provisional data released by the government's Central Statistical Organisation has revised down estimated gross domestic product growth for 1998-99 (April-March) to 6.6 per cent from 6.8 per cent but maintained its estimate for 1999-2000 at 6.4 per cent. The CSO has now estimated 1999-2000 GDP at constant (1993-94) prices at Rs 11,51,991 crore ($247.7 billion) against Rs 10,83,047 crore ($233.1 billion) a year earlier.

Per capita income for 1999-2000 was estimated at Rs 10,204 at 1993-94 prices and at Rs 16,047 at the current prices. Per capita income was put at Rs 14,712 at current prices in 1998-99. Gross domestic savings at current prices totalled Rs 4,35,572 crore in 1999-2000, against Rs 3,86,732 crore a year earlier.
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SBI and HDFC to have major stake in CIBIL
Mumbai: The State Bank of India (SBI) has signed an agreement to pick up a 40 per cent stake in Credit Information Bureau India, the country's first credit data dissemination body along with Housing Development Finance Corporation (HDFC) which is also take 40 per cent of the equity. Among others Dun & Bradstreet Information Services (India) and Trans Union International Inc, an US credit services firm taking 10 per cent equity each.

CIBIL will collect credit-related data, both consumer and commercial, and sell the reports to banks, financial institutions and businesses, which agree to contribute their data to CIBIL data pool regularly. Data sharing will be within a closed group of data providers. It is expected that all credit grantors will eventually be part of this closed group. CIBIL is expected to start full-scale commercial operations in the second half of this year after the legal requirements are met.
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IRDA may regulate pension funds also
New Delhi: With the finance ministry referring S A Dave Committee report on pension reforms to the Insurance Regulatory and Development Authority (IRDA), there are reports that IRDA may soon be entrusted with the additional responsibility of regulator for pension funds as well. The labour ministry currently looks after pension funds.

The report has been referred to IRDA on the grounds that the regulator was in a better position to suggest ways of covering the entire superannuated people under pension schemes. Accordingly, IRDA would be coming up with norms for new pensions scheme by private and state-owned insurers and regulate and develop the pension sector along with the insurance sector.

IRDA sources have confirmed that report was now with them and necessary norms would be framed on the basis of the report and presented to the government within the next 6-12 months.  
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S&P plans corporate governance ratings soon
Mumbai: Standard & Poor (S&P) is set to launch an independent corporate governance ratings for the corporate entities in emerging markets, the first of a series of products designed exclusively for the emerging markets by the global rating agency.

A high-level S&P team, which was in India last January has made presentations on the proposed service to Reliance Industries, Larsen & Toubro, ICICI and State Bank of India among others to assess the response.

Detailed methodology of rating corporate governance has been worked out by Mr. Nicholas Bradley, director of corporate governance rating and Mr. George Dalas, managing director, emerging markets at S&P. The ratings agency has already initiated a similar pilot project in Russia on corporate governance.
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