December 22, 1994

The immediate effect of the industrial restructuring programme, undertaken as part of the reforms process, has been a sharp decline in the rate of growth of industrial output in the organised sector, according to a parliamentary standing committee on industry. In its 12th report on “Industrial growth: trends and problems” tabled in the Rajya Sabha, the committee said the trend rate of growth in the pre-reform period from April 1987 to July 1991 stood at 7.7 per cent per annum. But the rate of growth slowed to just 0.9 per cent between July 1991 and June 1994.

‘Revenue collection in line with Budget estimates’

The Finance Minister, Dr. Manmohan Singh, has informed members of the Consultative Committee of the Ministry that direct and indirect tax collections this year are higher than the previous year. Presiding over the committee’s 20th meeting here on Wednesday, Dr. Singh said that revenue collections were broadly in line with Budget estimates. While the overall budgetary situation was under control, there were some expenditure overruns on account of food subsidy, fertiliser subsidy and additional assistance to the States.

Tata Tea likely to acquire UK co.

Tata Tea, one of the largest integrated tea companies in the world, is likely to acquire the UK-based Tetley Tea at an estimated cost of 300 pound sterling, according to a report in a London daily. Tata Tea is in the process of expanding its presence in the tea market, possibly through the acquisition route and Tetleys is one of the options being considered by it.

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