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Technology Stocks : Satyam Infoway Ltd-(Nasdaq:SIFY) -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (998)	3/3/2000 8:30:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 1471

OT India Appoints Panel To Review Subsidies, Govt Spending Friday, March 3 2:39 PM SGT NEW DELHI (Dow Jones)--Indian Finance Minister Yashwant Sinha offered details Friday of a commission he set up this week to review existing subsidies and recommend ways in which the government can reduce spending. Responding to a written question in Parliament, Sinha said the five-member commission will be headed by a former finance secretary and will "suggest a road map for reducing the functions, activities and administrative structure of the central government." Sinha had proposed setting up the commission Tuesday as part of his budget proposals for the financial year 2000/01 beginning April 1. The main job of the commission would be to find ways of limiting government spending in order to control the country's ballooning fiscal deficit. India's fiscal deficit grew to 5.6% of gross domestic product, from its target of 4.0%, in the 1999-00 financial year ending March 31. The government has set a target for the next financial year at 5.1% of GDP, and proposes to cut some subsidies on food and fertilizer, both politically sensitive issues. Sinha said the commission will "review the framework of all subsidies, both explicit and implicit, examine the economic rationale for their continuance and make recommendations for making subsidies transparent and suggest measures for maximizing their impact on the target population at minimum cost." The commission will also review government staffing levels and suggest measures to reduce and redeploy surplus staff, Sinha told Parliament. The commission will "consider any...relevant issue concerning expenditure management in the government and make suitable recommendations," Sinha added.