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UCO Bank board drops wage freeze move
The UCO Bank board has retraced its step on the wage freeze issue. The board, at its meeting here today, decided to drop the wage freeze proposal it had approved at its previous meeting held on January 31. Significantly, the Centre’s new nominee on the UCO Bank board, Mr. B.B. Vyas, was absent at the meeting. Also absent were three other directors — Ms. Mercy Ravi, Mr. A.K. Tapkir and Mr. M.A. Ramaswamy. Mr. Vyas replaced Mr. Paramjit Singh and incidentally, this was the first meeting which Mr. Vyas was due to attend.
Basic telephony: India ‘no’ to satellite services
India has refused to allow any of the satellite services to operate basic telephony services in the country. This in effect bars the country from joining any of the satellite consortia such as Iridium, Globalstar, ICO or Odyssey or availing itself of their services already accessible in India. India’s tough stand on the future of basic telephony was evident when the country’s negotiators at the WTO negotiations on basic services that concluded at Geneva on Friday, decided to deny market access to any of the satellite consortia. Seven other countries also have said ‘no’ to total market access for satellite-based telephony.
Infrastructure sector posts slump
Infrastructure industries, with a total weight of 28.77 per cent in the index of industrial production (IIP), have once again registered a slump in their growth rates. According to the latest data released by the Ministry of Industry on Wednesday, the six industries (electricity, coal, saleable steel, crude petroleum, petroleum refinery products, and cement) grew at a lower rate of 2.7 per cent in. December 1996, as against the 5.8 per cent growth in November 1996.
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