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Indian inflation exceeds forecast
NEW DELHI. Apr 18: Belying official forecasts the annual rate of Inflation for 1991-92 (April to.-March) "based on monthly averages of Wholesale Price Index (Base 1981-82 =100) stood at 13 6 per cent compared to 10 3 per cent for the previous year, reports PTI.
This Is substantially higher than the 10 per cent, rate as reportedly set by the Finance Minister. Dr Manmohan Singh for the end of the financial years The highest official forecast was 12 per cent made by Montek .Singh Ahlwalta, Secretary Economic Affairs in the Ministry of Finance in his post budget meeting with the press.
inflation al 12.8 per cent, based on a pint lo pint comparison of the provisional index for the latest week ended March 28 too Is higher than these estimates.
The rate also remains marginally higher than the 13.5 per cent ( provisional) for the calendar year, 1991 since the calender year estimate was later revised to , 13.9 per cent as per the final figures released. The rate for the financial year may finally settle around 14 per cent.
Reuter adds: The Indian government will reforms Its nationalised banking system in stages, with no privatisation or staff retrenchment, Junior Finance Minister Dalblr Singh was quoted as saying on Friday.
The government wants to make its banking system Internationally competitive, as part of Its overall plan to integrate India into the global economy, the United News of India (UNI) quoted Singh as telling reporters in the south ern city of Madras.
He said a government committee report on banking reform that had caused controversy In the banking community would be Implemented tn phases.
As a result there would be no denationalisation of state banks or retrenchment of baking staff, Singh said.
The committee's recommendations have been fiercely resisted by Bank trade unions which fear the reforms will »e suit in niass)vc job liiy-ofTs
About four fifths of banking assets in India are controlled by state-owned Institutions.
The committee has recommended that concessional Interest rates to the under privileged be phased out. and that bank staff appointments be non-polltlcal.
It has suggested ways to make banks operate more efficiently through new technology and make their balance sheets clearer by bringing them into Une with International practices.
It recommends foreign banks be treated In the same way as Indian banks and be allowed to open retail branch outlets.
Singh said the office of the Controller of Capital Issues (CCI) would be closed down in May now that the new securities and exchange board was in action.
Companies had been required to obtain permission to float share Issues on the capital markets from the CCI. which also fixed share prices.
Companies complained the process was cumbersome and that the CCI was subject to po- • HtlcaJ pressures.
Under a new Finance Ministry directive Issued this week, companies can now approach the market directly and set their own share prices provided their Issues conform with new guidelines on disclosure and Investor protection.
The financial sector reforms would be the latest steps Indian has taken over the past nine months to overhaul an economy steeped in four decades of socialism.
The welcome mat has been spread for foreign Investors. The rupee has been made partially convertible and steps have been taken tax close down or sell shares tn slate industries.