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Saturday, Jan 10, 2004

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PHDCCI hails Govt measures

Our Bureau

New Delhi , Jan. 9

THE PHD Chamber of Commerce and Industry (PHDCCI) has welcomed the second batch of concessions announced by the Government on Friday.

Mr Wig, President of PHDCCI, said that the announcement, that Food Corporation of India will be allowed to raise money from the capital market, would cut the Indian food subsidy bill by Rs 2,000 crore as they will be able to replace the high-cost debt with low-cost debt.

He also welcomed the setting up of the Rs 10,000-crore fund by SIDBI for small, medium companies, as this will make available the funds at an affordable cost.

According to the Chamber, the financial sector reforms in terms of restructuring of IDBI and IFCI and transferring of NPAs of IFCI to an asset reconstruction company, is a welcome step.

However, it must be ensured that the long term funds at lower rate of interest should be made available to the industry as this will help creation of wealth in the economy, Mr Wig added. The availability of educational loans at sub PLR and a bond scheme for senior citizens, which will yield interest higher than the prevailing market rate is a welcome step and will benefit the students and the senior citizens respectively, the Chamber added.

Mr Wig expressed concern that Government must ensure that inflation and fiscal deficit must remain within the reasonable limits otherwise people will have to pay taxation in terms of high inflation.

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