Dr. Bimal Jalan: Economy set to grow beyond 6 per cent
Mumbai: The economy is set to grow beyond six per cent with renewed confidence on the back of a comfortable foodstock situation and ability to withstand shocks like oil price hike, Reserve Bank of India (RBI) governor Dr Bimal Jalan has said.

Addressing a seminar on "State of Indian Economy" organised by Indian Merchants' Chambers, the RBI governor said that there is renewal of confidence to grow at higher growth rates and six per cent rate achieved so far is not low by any standards.

Despite a stagnant saving rate, our gross domestic product had grown at a rate close to six per cent for over a decade, the RBI governor said adding that it could be higher with a spurt in savings by the public sector. The renewal of entrepreneurship and faith in managerial efforts for growth, were also evident in the vibrant service sector, including software exports, he observed.
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SCI goes for $115-m ECB for fleet expansion
Mumbai: Shipping Corporation of India (SCI) has raised external commercial borrowings (ECB) of $115 million from the Royal Bank of Scotland and a three-bank consortium led by Bank of Nova Scotia. The shipping major has also raised a Rs 2.8-crore loan from the Central Bank of India. The ECBs and rupee loan will be used for SCI's $177.44-million fleet acquisition programme.

SCI is building four Aframax tankers (each one costing $35.76 million) at Hyundai Shipyard of South Korea and an LR2 tanker of 92,000 deadweight tonnage at Cochin Shipyard at $34.4 million. The Central Bank loan will be used for financing the building of the LR2 tanker.

The new Aframax vessels will be used to replace SCI's aging tanker fleet. There are six vessels that are aged between 26-29 years and need a quick replacement. The new Aframax vessels will continue to carry crude for Cochin and Haldia refineries.
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