India may withdraw MFN status to Pak
New Delhi: India may withdraw the Most Favoured Nation status given to Pakistan. This will affect the long-term business relations between the two countries.

The MFN status ensures that imports from Pakistan are not discriminated against. But experts say it is Pakistan, which stands to lose more than India if this happens.

The volume of Indo-Pak trade is quite low at just a little over Rs 1000 crore.

Meanwhile, the government has decided to reduce the strength of staff in high commissions -- both Indian and Pakistani -- by 50 per cent within 48 hours.

The movement of Pakistan high commission staff including the Pakistani high commissioner has also been restricted within Delhi municipal limits. Further, overflight facilities to Pakistan International Airlines have been withdrawn from January 1, 2002.
Back to News Review index page  

NCAER estimates GDP growth at 4.8%
New Delhi: The National Council of Applied Economic Research has revised downward the growth rate of GDP to just 4.8 per cent while export growth has been pegged at 0.6 per cent from almost 20 percent last year.
The fiscal deficit is likely to balloon and reach 6.5 per cent of GDP, much higher than the budget forecast of 4.7 per cent.
Back to News Review index page  

Oil prices soar
New York: Oil prices soared across the globe as the Organisation of Petrol Exporting Countries repeated that it would cut production at its next meeting scheduled for 28 December.
OPEC has said it will announce a production cut of at least 1.5 million barrels a day.
Back to News Review index page  

Govt finalises draft licence for ILD
New Delhi: Government has finalised the draft licence agreement for international long distance services, scheduled to be opened up from April next, and invited comments from the industry on the document by December 31 this year.
As per the draft licence agreement, one-time entry fee for ISD players has been pegged at Rs 25 crore with revenue sharing of 15 per cent of adjusted gross revenue.
The draft licence agreement has been put up on Internet for comments from the industry.
Currently Videsh Sanchar Nigam, where government is in the process of offloading 25 per cent stake to a strategic partner, is the only ISD player.
Back to News Review index page  

Air-India to begin online booking
New Delhi: Air-India will take bookings through its official website (airindia.com) from 1 January.Confirmed ticket will be delivered to the customer through a special courier service. ICICI will provide the payment gateway for the service.

The airline will send personalised mailers to its 100,000 frequent fliers and 3,000-odd Maharaja and Leading Edge club members, inviting them to join the network.

The customers will also be able to give their meal and seat preferences and check fares to different sectors while booking tickets online.
Back to News Review index page