The Finance Minister, Shri Yashwant Sinha has said that the process of economic liberalization in India is irreversible and a consensus has been evolved in the country in favour of continuing the economic reforms. The Minister said that the government is committed to cut procedural delays and provide an investor fiendly environment in India. He pointed out that procedures have been simplified and licences done away with in order to promote foreign investment. He stated that for investment in coal and lignite, for example, no licence was required. The Finance Minister was addressing the Canadian Commonwealth Business Forum in Ottawa yesterday.

    Shri Sinha said that the B1P government is committed to disinvest upto 74 % of the equity of some public sector undertakings and open it to private sector participation. These public sector undertakings would be restructured and with the proceeds of disinvestment, new Assets would be created.

    Referring to the insurance sector, the Finance Minister expressed the commitment of the government to the opening up of this sector to the Indian private sector as well. He added that foreign equity participation is a matter under discussion and a view will be taken very soon.

    Drawing attention to the Asian economic crisis, the Finance Minister stated that it did not have much of an impact on the Indian economy because of the cautious policies followed by the Indian government. He referred to the long term commitment of foreign investment in India so far , as opposed to the 'fly by night' investors elsewhere. The absence of ful1 capital account convertibility add keeping of the short tern debts at a low level were some of the reasons which have helped the Indian economy.

    Later the Finance Minister, Shri Yashwant Sinha also met the South African Finance Minister Mr. Trevor Manuel and discussed various issues of mutual interest. The discussion focussed on working out an acceptable proposal for reforms of the system to enable it to deal with the financial crisis such as the one witnessed in East Asia.
 
 

    Indian Railway Fin~ce Corporation (IRFC) has earned a net profit of Rs.267.63 crore and has declared a dividend of Rs.46.40 crores for 1997-98. During 96-97, IRFC earned Rs.102.13 crore. During 1997-98 IRFC has met the MOU performance targets signed with the Government and has been rated excellent by the Department of Public Enterprises.

    Over the years the quantum of borrowing required by the Ministry of Railways has been going up. It was Rs.1850 crore for 1996-97, Rs.2470 crore for 1997-98 and is pegged at Rs.2665 crore for the year 1998-99.

    The 11th Annual General Meeting of IRFC was held here yesterday and the annual accounts of the company for the year 1997- 98 were approved by the shareholders.
 
 

    Handloom Industry in India occupies a unique position for its ethnicity and capacity to produce variegated fabrics. It can create fashions and make exclusive designs for the domestic as well as up market clients. The overall production in the handloom sector in absolute terms have been showing impressive growth. Besides, handloom has the advantage to fit into the wave of ecofriendly products which is the need of the present days export market.

    Government of India, in the Ministry of Textiles, Office of the Development Commissioner for Handlooms, over the years has taken up a number of schemes for the benefit of handloom weavers including assistance in marketing of handloom products. This includes support for organisation of National Handloom Expo/Mini National Handloom Expos. This enhances the popularity of the product of one region to another region.

    Handloom covers a wide range of fabrics in terms of usage and pricing. Silk Handloom are an important constituent of the handloom range having a very special appeal and a different market segments. Silk is changing its consumer profile. Though finest Silk-wovens are a luxury but, of late, they are entering as a product for mass consumption due to their special wearable characteristics. Further a new consumer group of young generation with more money and varied taste has been attracted towards silk. Encouraged by the broadening of the market base, young designers have been innovating on silk garments to tap the potential in the market further. Considering the potential and price and importance of the item range and high value, it requires a different approach for providing marketing support. Therefore, an exclusive silk exhibition was organised for the first time in New Delhi in October, 1996 by National Handloom Development Corporation (NHDC) Limitd. Based on the response of sale and feedback of the participants, it has been decided to make organisation of Silk Fab as an annual feature. Accordingly exclusive silk expo (SilkŽFate) was organised in 1997, also, in Himachal Bhawan, New Delhi. This year too, SilkŽFab is being organised at the same venue, i.e. Himachal Bhwan in New Delhi, from 3rd Oct. 1998 to 14th Oct. 1998, where in 35 Wo. of Handloom agencies, from 15 states, are participating in the exhibition, and shall be displaying and undertaking the sale of wide range of silk products, covering Mulbery, Tusar, Era, Mage etc.

    For this exhibition, Government of India is providing financial support in terms of space at concessional rate, publicity to provide opportunity to buyers for their shopping for the forthcoming festival period. It is hoped that this new approach shall give some results.

    The exhibition was inaugurated by Shri Shyamal Ghosh Secretary Textiles, Govt. of India, on 3rd October, 1998 in simple ceremony by lighting lamp. Officers, from the office of DCH, and other digneteries, besides MD NHDC, and other officer of NHDC, were also present.