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Avoid slippages to attain dynamic growth, says IMF
India can attain “dynamic” growth provided it presses ahead with the reforms without slippages of the kind that occurred in 1993, according to the International Monetary Fund. The IMF, in its latest “World Economic Outlook”, has praised the reforms in India, but has noted that there are “troubling features” in its performance in 1993, including a weakening of fiscal policy and rekindling of inflationary pressures. “The programme of macro-economic stabilisation and structural reform initiated in India in 1992 has been effective in restoring external confidence, reducing inflation and limiting the slowdown in the face of a severe balance of payments crisis,” the report stated.
Forest land diversion: Govt not to change law
The Centre has ruled out relaxation of the laws governing the diversion of forest land for non-forest purposes under the Forest Conservation Act. Addressing the concluding session at the end of the two-day conference of the Forest Ministers for States and Union territories here on Wednesday, the Minister of Environment and Forests, Mr. Kamal Nath, said that the forest clearance procedure has been sufficiently decentralised. He added that the Act has helped in saving the forests in the country and any further relaxation now will reverse the trend.
RBI waives penalty on Canara Bank
The Reserve Bank of India has decided to waive the penalty it had earlier levied on Canara Bank for failure to maintain adequate Statutory Liquidity Ratios and Cash Reserve Ratios during 1985. The decision would result in Rs. 18-crore benefit to Canara Bank. It is learnt that the penalty of Rs. 18 crores was debited from the account of Canara Bank by the regional office of RBI here some three months ago.
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