Friday, October 23, 1998
Joshi forced to drop saffron agenda
Minister for Human Resource Development Murli Manohar Joshi had to accept defeat yesterday when angry protests from state education ministers (one, of whom embarrassingly, was from the BJP ally, Akali Dal) forced him to drop the Hindutva plank for the national education conference.
S&P downgrades India rating
Standard & Poor's, the leading global credit rating agency, on Thursday lowered the country's long-term foreign-currency sovereign credit-rating to `BB' from `BB-plus' and its long-term local currency sovereign credit-rating to `BBB' from `BBB-plus'. However, the short-term foreign currency rating of `B' was affirmed.
Group of Ministers want foreign equity in insurance sector
In a move which is certain to give strong signals to foreign investors, the Group of Ministers has recommended that foreign companies be allowed a stake of 26% in the Indian insurance companies. While there was no official confirmation, the Group of Ministers has reportedly decided to make this recommendation to the Cabinet.
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