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Rs 600 cr of State Bank used to cause artificial boom, then crash

Fraud on stock market shakes India’s Raiya Sabha
NEW DELHI. Apr 30: Members In the Rajya Sabha agitating over the crash In the share market Wednesday de manded a probe Into the alleged fraud committed on the stock market by one broker leading to the "artificial and speculative" boom and the subsequent crash, reports PTI
The government Itself was found in a piquant situation when the deputy leader of the Congress I N K P Salve attacked It for its Inertia and said If he would have been the Finance Minister he would have if'nc home"
Raising the Issue during the zero hours several opposition members said they had fere warned the government that
the recent policies would lend to an 'economic catastrophe" and yet the government had not taken any preventive measures to protect the genuine investors.
Ourudas Das Oupta of CPI who raised the issue first said the boom In the share market was artificial and it was brought about by one leading broker utilising Rs 600 crore of Stale Bank of India for speculative purposes
AFP adds: Panic selling sent prices down on India's volatile stock market for a sec ond day running with Bombay a Blue-Chip Index falling nearly six per cent.
With brokers scrambling to sell short, the Bombay Sen sex
shod 222.40 to close at 3.674.41 points, though late Institutional buying buffered the fall on other exchanges.
Trend-setling Bombay ac counts for 70 per cent of the combined turnover of India a 20 stock exchanges, energised in recent weeks by the Congress (I) governments plans to liberalise the econ-
Financc Minister Manmohan Singh, architect of the reforms, cut short his presence at a cabinet meeting tp tell parliament he would Investigate the sell-off and Issue a statement "as soon as possible."
The Scnscx had lost a dizzy Ing 570 points on Tuesday, the
lirst day of trading after a week-long boycott by brokers resisting government attempts Io register them-
Reuter from New Delhi says: India's commerce Secretary A V Ganesan said India's exports are expected to grow gradually to 20 pet of Gross Domestic Product (GDP) from 13 to 14 per cent currently
Export* tn 1902/93 are forecast to rise to 20 billion dollar from 18 billion dollar the year before, while import* climb to 24 billion dollar from 20 billion dollar, he said.
The (trade) deficit of four billion dollar a year will have to remain for a few year* before we even up in 1905/96 and hopefully post a small surplus
in 1996/97,"* Ganesan said.
He described a* one of the gross under-performance* of Hu Indian economy' the fact that India's foreign trade accounts for a mere 0.50 per cent of total world trade
Ganesan said this was because of the long preoccupation of Indian industry and foreign investor* with the country » domestic market of 850 million people.
The new (economic) poll cics arc designed to remove the bias against exports and make export* more attractive than selling tn the domestic market." Ganesan said.
India's tiny share of world trade makes |( unable to Influ-
cwt multilateral trade talks or the emergence of potential regional trading bloc*, the Federation of Indian Chambers of Commerce and Industry ( nCCfi said in a recent report.
FICCI said Indian trade was undergoing significant structural changes, with more em-phasts on high value-added exports such as leather goods, engineering products, readymade garment*, chemicals and electronic*.
It said there was a shift towards dollar-denominated trade and away from rupee trade with the former Soviet republic* and Eastern Europe, which New Delhi is trying to reduce.