Forex reserves up by $ 313 million
Mumbai: India's foreign exchange reserves continued their upswing with a rise of $ 313 million to touch a new record high at $ 49,565 million during the week ended 1 February 2002.

Foreign currency assets rose to $ 46,647 million, witnessing an increase of $ 256 million in the reporting week, according to Reserve Bank of India.

During the past eight weeks, foreign currency reserves have grown by $ 2,376 million, which includes a massive flow of $ 728 million for the week ended 14 December.

Gold reserves rose by $ 57 million at $ 2,913 million in the reporting week while special drawing rights remained static at $ 5 million.
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Pharma exports up by 11.8 per cent
New Delhi: The exports of drugs and pharmaceuticals registered an increase of 11.8 per cent during April-October 2001.

Exports worth Rs 5,189 crore were made as against Rs 4,640 crore during the same period in 2000.

The exports of plastic products during April-September 2001 increased by 30.6 per cent. The plastic moulded extruded goods sector achieved an impressive growth rate of 85.4 per cent in dollar terms during the period.
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Haryana cuts excise duty on IMFL
Faridabad: The Haryana government has decided to make liquor cheaper in the state by reducing the excise duty on Indian-made foreign liquor (IMFL) as well as country liquor from 1 April. Currently, the excise is levied at the rate of Rs 41 per proof litre on IMFL and Rs 21 on country liquor. This is almost double to that of Delhi, Rajasthan, Punjab and Chandigarh, making liquor smuggling lucrative in the state.

Instead of allotting liquor vends through open auction, the excise and taxation commissioner has been authorised to invite public tenders and allot vends to the parties quoting the highest price.
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DCA cuts interest rate ceiling on public deposits
New Delhi: The department of company affairs has reduced the ceiling on interest rate on public deposits in companies by 150 basis points to 12.5 per cent from the existing 14 per cent. The move is in keeping with the general trend of falling interest rates and is linked to rates offered in other contractual savings.
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Inflation touches new low of 1.26 %
New Delhi: Inflation rate touched an almost two decade low of 1.26 per cent during the week ended 26 January compared to 8.56 per cent a year ago.

The inflation rate, based on Wholesale Price Index for all commodities (WPI), was lower than previous week's 1.32 per cent mainly due to cheaper food and non-food primary articles although manufactured product prices inched up and fuel prices remained static.

The WPI declined by 0.1 per cent to 160.6 from previous week's 160.7 points as prices of fruit and vegetables, tea, gram, raw cotton and raw silk dipped.

Final WPI during the week ended 1 December, stood at 162 as against the provisional figure of 162.2, while the final inflation rate stood at 2.14 compared to 2.27 per cent.
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Gold turns weak on fresh selling
Mumbai: The steep rise in gold prices was arrested on the bullion market on 9 February as the yellow metal met with fresh stockists' selling at higher level and declined sharply.

The steep rise in prices gave stockists the opportunity to liquidate their holdings at higher rates and earn profit.

Buyers were reluctant to buy gold at higher rate and had adopted a wait-and-watch policy in expectation of a fall in prices.

In the international market, the yellow metal met with profit-selling after touching a high of $ 308.55 an ounce on 8 February.

In the local market, standard gold opened weak at Rs 4,920 and declined further to end at Rs 4,900, showing a fresh fall of Rs 60 over 8 Februarys close of Rs 4,960.
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Crude oil import bill pegged at $ 13.25 bn
New Delhi: India's crude oil import bill is likely to rise by 10 per cent to $13.25 bn in 2002-03 while the country is projected to remain in net deficit in Liquefied Petroleum Gas (LPG) production in 2002-07.

India is likely to import 95.159 million tonnes of crude oil in 2002-03 as opposed to current year estimate of 72-75 million tonnes, according to Planning Commission's 10th Five Year Plan Working Group Report.

Demand for petroleum products is likely to inch to 107.09 million tonnes in 2002-03 as compared to 103.03 million tonnes consumption likely in 2001-02.

The country would be surplus in petrol, diesel, jet fuel (Aviation Turbine Fuel) and naphtha but would have to import 1.275 million tonnes of LPG, valued at $272 mn, in 2002-03.
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