Economy on high growth path

The Finance Minister, Dr. Manmohan Singh, said today that far from being stagflationary as feared by the Opposition, the Indian economy was poised for a new industrial and agricultural revolution. Dr. Singh, replying to the debate on the 1994-94 Union Budget, said feedstocks, at 23 million tonnes, had touched record levels and the country was in a position to handle a drought situation. The Minister said the external debt situation was improving and trends were not otherwise as the Opposition was suggesting. He said the debt service ratio had fallen from 31.9 per cent on the current account receipts in 1991 to 30.8 per cent in 1992. In the current financial year, it would go down further.

CIL wants pricing, supply policies recast

Coal India Ltd (CIL) has sought a total re-cast of the coal pricing and distribution policies. This follows its apprehension that the steep reduction in customs duty announced in the Budget might trigger largescale imports, thereby affecting its market share and financial results. Customs duty on all coal, except coal of ash content below 12 per cent, has been reduced to 35 per cent from 85 per cent. With market economy gaining ground, CIL along with other public sector units in the industry is fast losing its dominant position.

Blocking the bullets

Scientists at the Defence Metallurgical Research Laboratory (DMRL), Hyderabad, have developed a special steel alloy called Jackal steel for fabricating bullet proof vests (BPV) and armoured plates for battle tanks. Specially designed BPVs called Kawach, successfully blocked bullets from AK-47 rifles in trials, mock and real. The vests.. weigh eight kilogrammes.

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