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States panel soon on tax reforms
A committee of State Finance Ministers will be set up shortly to go into all aspects of tax reforms, including the methods of implementing a value added tax (VAT) without compromising on either the taxation powers of the State Governments or their revenue. The committee, which will include Dr. Raja Chelliah, Fiscal Advisor to the Finance Ministry, as a member, will go into the details of the report of the National Institute of Public Finance and Policy on the subject. This was agreed to at the one-day conference of State Finance Ministers convened by the Finance Minister, Dr. Manmohan Singh, on Friday.
It's destination India for US insurance companies
American insurance companies, burdened with a saturated home market, are now looking at India, China, the republics of the former Soviet Union and South America as potential areas for expansion and growth, Of all of these countries, India appears to be the most attractive proposition if it goes ahead with its plans to deregulate the insurance sector, according to industry sources here.
Swaminathan to head panel
Dr. M. S. Swaminathan, agricultural scientist, has been inducted to head the scientific advisory committee of the Commerce Ministry which has been set up to study the immense potential for the growth of agriculture in the post-Uruguay phase of rule-based trading regime. The Commerce Minister, Mr. Pranab Mukherjee, said that though the Scientific Advisory Committee is not a new one, it has been decided to “equip ourselves by taking outside experts to take maximum advantage of the GATT Agreement”.
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