Front Matter

Source: Economic and Political Weekly, Vol. 29, No. 16/17 (Apr. 16-23, 1994), pp. 877-1026
Published by: Economic and Political Weekly
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 ECONOMIC
AND
POLITICAL
A Sameeksha Trust Publicationi Vol XXIX Nos 16 and 17 April 16-23, 1994 Rs 25

ECONOMIC REFORM AND BUDGET 1994-95

* MACRO-ECONOMIC POLICY IN * MONEY AND PUBLIC FINANCE

TIMES OF GLOBALISATION UNIDER STRUCTURAL
ADJUSTMENT
* ON INFLATION AND SUBSIDY
U ECONOMIC REFORMS AND
UGROWTH PROSPECTS RECEDE MACRO-ECONOMIC POLICY
AS ECONOMY SLIPS OUT OF
CONTROL * WAITING FOR PRIVATE
INVESTMENT
HIMPLICATIONS FOR GROWTH
AND STABILITY * REFORMING AGRICULTURE
IN THE NEW CONTEXT
U FISCAL ASPECTS AND REAL
ECONOMY * AGRICULTURE AND
LIBERALISATION
EBUDGET AND 'STRUCTURAL
ADJUSTMENT WITH * TAX REFORMS FOR TEXTILE
A HUMAN FACE' SECTOR

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 I .- I 0 0;f X f_,zi_

ADJUDGED THE BEST AMONG THE WINNERS BY THE BUR

IN THE VERY FIRST NATIONAL QUALITY CONTEST.

Engine Power Range in:

Diesel Fuel : 40 to 800 HP
Dual Fuel : 80 to 1060 HP
Kirloskar Cummins Limited
Gas Fuel : 40 to 840 HP Kothrud, Pune 411 029 (INDIA)

PRAT' ' ^

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 ECONOMIC Vol XXIX Nos 16 and 17 April 16-23, 1994

AND Economic Reform and Budget 1994-95

The experience of the Indian economy in the recent months has been quite
POLITICAL bizarre: foreign exchange reserves have kept piling up, with the government
apparently not knowing what to do with them, even as economic growth
continues to atrophy. Why does a government find itself incapable of pursuing
expansionary economic policies even in situations characterised by industrial
stagnation and accumulating foreign exchange reserves? This is an important
theoretical issue. 917 The major flaws in the structural adjustment
programme lie in two areas and there is no serious attempt in the 1994-95
Founder-Editor: Sachin Chaudhuri budget to correct them. First, there is insufficient appreciation of the
importance of infrastructural investment and large-scale deployment of
Limited OptIons 79
Kamataka: Holding Operation-Pharmaceuticals:New resources in selected industries in order to make them internationally
Issues-Banks: New Ball Game-Indo-US Rela-
tions: Strategic Visit-Trade and Social Concems:
competitive within a specific time-frame. Second, the government does not
Selective Patriotism 880 seem to have any effective plan for raising agricultural investment and
In the Capital Maket 883
Current Statistics 884 production-a lapse that augurs badly for the long-run internal and external
CompanIes 886 balance of the economy. 923 The 'New Economic Policy', having opened
Random Reflections
1994-95 Budget: A Total Surrender up fresh avenues of making quick money by the affluent middle class and the
-Arun Ghosh 889
Commentary
top rich, has paved another channel of inf-lation: the wealth effect emanating
Financial Expert or Wizard? from paper-wealth made in the stock market, while industry languishes in
-R M Honavar 893
Bahujans as Vanguards: BSP and BMS stagnation. 937 As it was with the decades of planning and democratic
in Maharashtra Politics
socialism, so also now, limited market-friendly reforms are for the rich and
-Mahesh Gavaskar 895
Atrocities on Dalits in Gulbarga: Upper Caste the privileged. But the process is unlikely to be sustainable. Low growth and
Hold on Police
-Ambrose Pinto SJ 897
stagnation might cause a reversal. Alternatively, even if growth rates do pick
Viability of Rural Bank up along a consumption-led path, it may turn out to be unsustainable in a
Branches
-Analyst 899
Union Budget situation where
and Declinethe distribution of
in the benefits of growth results in what hasEffor
Educational
-K S Chalam 901
New Policy of Containment
been referred to as 'unaimed opulence'. 945 The unwillingness and/or
-Robi Chakravorti 905 inability of the government to control its own expenditures in areas where
Japan's Constitutional Debate
-S P Seth 907 they need to be cut has resulted in strategies to reduce the fiscal deficit which
Perspectives are questionable and counterproductive. While these strategies continue to
Goan Intellectuals and Goan Identity: An
Unresolved Conflict hold sway, the measures to promote investment contained in the latest budget
-Pramod Kale 909
Reviews
are almost entirely confined to the supply side, although available evidence
Explanation and Prescription suggests that the problem lies on the demand side. 969 The lowering of
-Sumanta Banerjee 913
A Tale of Two Countries: customs China duties
andand reduced
India public investments have meant a narrowing of
-Ashima Goyal 914
the home market and dependence on the private sector to prombte growth.
Specdal Articles
Macro-Economic Policy However,
in the expected supply
Times ofside responses have not been forthcoming
'Globalisation'
-Prabhat Patnaik 917
Money and Public Finance under Structural
due to lack of demand in spite of the rise in budgetary deficits. What has
Adjustment: The Indian Experience been in evidence instead is cost-push inflation. 953 The cuts in
-Mihir Rakshit 923
On Inflation and Subsidy government capital spending are at the root of the slow growth of industrial
-Ranjit Sau 937 activity in the past three years. The government has been left waiting for
Economic Reforms and Macro-Economic Policy
-Anup Sinha 945 private investment. 979 The most glaring failure of the. 1993-94 budget
Growth Prospects Recede as Macro-Economic
Situation Slips Out of Control is the lapse in fiscal discipline as reflected in the fiscal deficit. To judge
-Arun Kumar 953 whether this is a failure of the finance minister, his government or of the
Implications of 1994-95 Budget for Growth and
Stability entire polity and economy, one needs to look into the fiscal deficit in greater
-Tapas K Sen, M Govinda Rao,
Madanmohan Ghosh 969
detail. 983 The economy is not likely to see a major turnaround in 1994-95
Waiting for Private Investment
-Pulapre Balakrishnan 979
for two good reasons: first, the nature, pattern and conditior% of investment;
Budget 1994-95: Fiscal Aspects and the Real and, second, the pattern of channelling of domestic savings. 889 If the
Economy heroically assumed revenue buoyancy does not materialise and the finance
-V M Dandekar 983
Tax Reforms for Textile minister
Sectoris unable to contain non-development expenditure, as happened in
-Mahesh C Purohit 993
1993-94,
Agriculture and Liberalisation: Some Implications
we will be facing disaster. 893 Agriculture can work as the
for Development Policies biggest safety net in the process of structural adjustment by softening the
-V M Rao 999
Reforming rigours of inflation as
Agriculture inwell asthe
by raisingNew
income and employment
Context for the
-C H Hanumantha Rao 1005
vulnerable sections of the population. But this calls for broadening the
The Budget and 'Structural Adjustment with a
Human Face' domestic agricultural base by stepping up public investment in irrigation,
-K Sesta Prabhu 1011
Special Statistics 1029 research and extension and in education and skill formation. 1005 The
Letter to Editor 878
focus of government policies needs to shift from helping rnd subsidising the
ECONOMIC AND POLITICAL WEEKLY organised parts of the economy to building up the economy in the vast
Hitkari House unorganised parts, in particular promoting broad-based agricultural
284 Shahid Bhagatsingh Road, Bombay 400 038
Phones 2616072/73 Grams Econweekly growth. 999 International experience with structural adjustment programmes
Editor Krishna Raj suggests that they often lead to deterioration in social sector development unless
Senior Assistant Editor Padma Prakash
Assistant Editor Rustam Singh specific measures are taken to avoid such an occurrence. The impact of the
Editorial Staff Cleatus Antony, Prabha Pillai budgets presented since 19901-92, and in particular the budget proposals for
Gautam Navlakha (Delhi)
Circulation A S Shetty, B S Sharma 1994-95, needs to be examined in the light of such apprehensions. 1011 The
Advertisement Manager S G S Subramanian
Manager K Vijayakumar
finance minister's claim that the budget for 1994-95 constitutes' a leap towards
EPW RESEARCH FOUNDATION rationalisation of tax policy is shown to be untenable by an analysis of the
C 212, Akurli Industrial Estate, Kandivli (East)
changes in union excise duties on the textiles sector. 993 Financcs of the
Bomnbay 400 101 Phones 887 3038/3041
Director Union Government: Special Statistics. 1029
S L Shetty

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 0 0

* S 555 0

* S 0 @0

A
* 0 0 *0. 0 0 0

@000* A * * 0

Ingersoll-RandExporter (India) Sh
compressors which, in the to cou d
have earned
every continent.over Rs. 2
annually. Manufactured at our Ahmedabad plant, Ingersoll-Rand
A major breakthrough
compressors have earned an international reputation for
ticated process
unmatched reliability. gas com
of China and And over the years small
we're only getting better. air
Apart from Now you knowcompresso
why our compressors have gone where
and allied equipment
they have. t
Products that will feat
But that's Ingersoll-Rand
not all.
is a Government For
recognised Export
(India) has House.
continued
Besides our own products, we also promote t
the Export Promotion
exports of high quality equipment of other local
performance.
manufacturers. In 1989-

[3INGERSOLL-RAND
The first name in compressors... worldwide
Ingersoll-Rand (India) Limited * Offices throughout India.

Economic and Political Weekly April 16-23, 1994

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I OCOL TAKING OSA TO THE FOREFRONT
0.0 has vas raeee of

Contfuoeff0fsoreb0pg
mode to expkloe t weaoth
Osp by stp. In thw forefront
of the eforts stonds the WI-
dustrld Developnent Cora-
poration of Orisso Ltd..
populy known as OCOL.

The Co has over the v

yeassucessulyestabsed
number of Intri units of
Is own oN over the stote and
promoted a rnber of suc-
cessful Joint ventures.

The Corporation's own

, IDCOL
go in the country.
The Industrial Development Corporation
(A Goverment of Orlso Undertakngs)
P.B.No. 78. Bhubneswor- 751001
Phone: 402170/402120
Tnx.: 0675-243, FAX: 0674-4O2218
Gram.: INDEVCO
turn-over has now reached
Rs. 200.00 crores per anhum.
And it is continuously
engaged in exponding its
base further in newers and
more diversified fields, thus.
occelerating the techno-
economic growth of Orissa
to make it a modern In-
dustrial state placed
prominently in the map of
the country and to revive
the last glory of the old Kalin-
of Orissa Ltd.

Economic and Political Weekly April 16-23, 1994

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 TATA TEA LIMITED

A,

1, Bishop Lefroy Road,

Calcutta-700 020.

908 Economic and Political Weekly April 16-23, 1994

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 I_ k I*I F~Ti~A~J I ~ I ~ II ~ [eW?0YI?~ .1 'kR
Straw Products Ltd., gets the 6th IBPL Energy
Conservation Award (Paper Industry) by IBPL
. . .... ~Urja Research Foundation for the second
consecutive year.
Commitment is the best means of growth and success. Few words
. that sum up the working philosophy of J.K. Organisation-India's
. yfourth largest business conglomerate.
Straw Products Ltd., one of the flagship companies
of the J.K. Organisation shares this I
Mommitment. At Straw Products
_ NerLtd. we owe our success to ( r N ei-
majorinvestments in anaidlti W
technology and to our intensive'
*'<>RD efforts. Measures that co NSV4 ov
e " have helped us achieve our goals,,~t1n
~~ Id odl~~~~~~1Ct~~~~V1~~~p~~wardY '.VitY

At Straw
always Products
dedicate-d ourselves Ltd. we have
to CVCitwieey ignaotCll
ivs ~ a ~ad
Max,,esa'
causes such as energy *nil ~ap ' ~eVatjon M jatjOSr
conservation, pollution control, MtEeY t~a~~r v
_______ ~~~~worker safety to name a few ... .and C oiovyapervatlovl

CEMENT ~~~~in the processwith

honoured wenumerous
have been XeL.l' XXolit
awards. rSa11N P oxSSOci
Co1l,A CUC
00-01% Coatlro~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~' p vad Y *

LAKSHMI ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 4at~~~~.oerf[5xsacY 0dal'

CEMENT ST RAW PRODUCT'S \ aTE>.

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 The entire cutting tool
manufacturers are clamouring
for only one make of
High Speed Steel... POWMEX

C,~~~~~~~~~-

IVithin a short period of commercial production POWMEX is able

to match stringent international standards of qualitv laid down by

discerning customers in India and abroad. Produced with latest

technology and through the LONG FORGING NIACHINE supplied

by GFEM, AUSTRL. POWNMEX HSS is available in various grades

to suit your requirements. WVith committed personnel and

experienced professionals at the helm of affairs POWVMEX is

catering to the demands for HSS. So all vou need to do is to call

POWMEX; no need to import.

POWVMEX also promotes multipurpose Rural Development

Programmes in surrounding

villages of Titilagarh. Bolangir Powmex Steels Limited.

8-2 621/A. Road No. 10. Ban,ara Hills. Hyderabad - 500 034. i X
Dist. Orissa where itS planlts Pt 227859. 227767. 227218. 227849.l /i l \
ae located. Telex: 0425-2184 F5L INJ Fax: 0842-37912. 5 t .

Redefining the future of High Speed Steel P X

916 Economic and Political Weekly April 16-23, 1994

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 It is the angle of departure that

differentiates the extraordinary from the

merely normal.

Where the retrospect of 16 pioneering years fuses into the prospect of an extraordinary future.

~1JHDFC
X L ~~~~~~~~BO)MBAY: Ramfln Ho.use, 16'J, lBackbay Reclamal ion, Bom)1bay 400 020-25. Phone : (22082 (8 lines) o:t

922 Economic and Political Weekly April 16-23, 1994

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 RES AND FABRIKS (S.A.) LIMI

Registered Office: Works:

7, Chittaranjan Avenue, Industral Area, Jhotwara

Calcutta-700 072 Jaipur-302 012

Phone : 27-0115 (3 Lines) Phone : 340209 (4 Lines)

Telex :021-5318 KCPL IN Telex :0365-2331 WIRE IN
Fax :267617 Fax :340689
Cable : TELFABRIK Cable : WIRFABRIKS

WIRE CLOTH FOR THE PULP, PAPER AND BOARD

INDUSTRY: IN METAL AND SYNTHETIC

PAPER-OUR FORTE, OUR TARGET-THE'WORLD

926 Economic and Political Weekly April 16-23, 1994

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 INTERNATIONAL QUALITY META

FOR THE HOME MARKET

THE NALCO FACTOR AT WORK

luminium industry is metal trade. Today Nalco is selling

never the same again in 26 countries, on merit.

since 1987. With the coming of Business being production of

Nalco, the industry saw a quantum printary metal in the forms of

jump of 40 percent in production ingots & wire rods, Nalco is

capacity of aluminium metal. The indeed a mother plant to

scenario quickly changed from in Nalco. Hence the new facility

hundreds of downstream industries

one of scarcity to one of plenty. for 30,000 tpy aluminium and

Nalco lost no time in taking aluminium alloy extrusion quality

aluminium pla';s. Across the billet production is getting ready.

globe. Quality and customer For the first time quality billets of

service received international international standards will be

acclaim. The first Indian companyin the cmntry. Plenty of quality available in the home market.

Again from Nalco.

metal and their alloy variations of

international standard at the door

step, for value addition by the user

industries. A catalyst of growth.

The same philosophy of

registered with London Metal
Exchange, Nalco has carved out a
National Aluminium
Company Umited
empowering the Indian aiuminium
(A Govemment of India Enterprse)
IDCO Tower, 8th floor,
industry to cut an edge in Janpath, Bhubaneswar - 751 007

place of its own in the international international competition continues A Star Trading House

wnk91n&W

928 Economic and Political Weekly April 16-23, 1994

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In the long run,
one name makes
the.difference.
4A

_e

Nw_

/ Economic and Political Weekly April0 A 16-3,99

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 Karnaataka State Financial Corporation
has schemes to match your dreams

~~~ ~Technician
TchnkbrBScheme: Hotel
S: w ~~~AssisU for lndustry:
r t SU to
Assistance to technically - o 9 rs:
qualified or experienced ~Assistance is a
profesnais - up to Rs.7.50 for modemisaton of
lakhs. =- for hodemisatinkf xitigs up to Rs 0 W

t S Composite Loan Sche : Nwsln o fios Tr lnduty:

Both equipment finance andNwngTrq ck y
w capr al u to Assistanceb for u fledged i T Term fina
Rs.50,000 for artisans anT nursing homes and hospitals opoerato
rurW Rs.50,000i f andustries.- up to Rs.90 lakhs. more than six vehicle.
ILI
Single Wn
Assisnce to Both term ban and working
Ex.Servicen wm capital together to new, tiny Eectrodec Equwnt:
Term loan up to Rs. 11.25 and small scale industrial Term finance for qualified
lakhs and seed capita up to unks, - up to s. 15 lakhs Doctors/private nursing
As. 2.25 lakhs for gaining sel - towards ter n and upto homes t Rs.9Olal.
ermployment. Rs.7.50 lakhs towards
working capital.

Modemisatlo: Mahfla Udyam NidhI

Assistance for replacerent/ Sd o w
Tourisn Reledacvits: - nr3novation of equipment for setre ns toset
Assismnce up to Rs.90 akhs scessful units which are in endustrial proet
sfor tousm re lated busness exstnc forfive years and
ventures. s\dor withorf7Yeast ud t
? wnbres. _~ ~~~~~~~~~are making profXs ageast
-th last two years - up to assistan
Rs.90 Iakhs. prot cost.
Con*vuaintenawc
|Uranagemnent
service: ~ ~ Isul | AsssUceutoR.9Wd
~ ~ ~ ~~ of Roads:
Diabled Ent urs: Free management ae to Class I co .r9ac0ors
100% fnance up to Rs.50,000 consulbncy servcs to 7 t C actors for
Tiltoo disgabdeprteroue.
isbedenrerners sasitd S-un. t epad acqinng
moderSSunistoexpand equpent capita goods/
required for the
develoment, mainwennc
computerise etc. and constWi of rads. |

A Karnataka State Financial Corporation

No.25, M.G. Road, Shankaranarayana Building, BANGALORE 560 001.
Phone :584857 (16 lines), Tlex: 0845- 8169 KSFCIN, Fax: 91-812-584243 Branches in all Districts9

934 Economic aind Political WeeklyV April 16-23, 1994

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 We have benefited from the budget.
So have our customers.
Colour-Chem announces lower post-budget prices.
Price per kg.

Pre-Budg Post-Budget
Monomethyl Acetoacetamide 65%
(MMA 65%) s. 7 Rs. 71

Diethyl Acetoacetamide (DAA) Rs. 122

Acetoapetic Methly Ester (AAME) (tanker) R 2 Rs. 78

(drum) Rs. 87 Rs. 83

Acetoacetanilide (MA) Rs 51 Rs. 140

Acetoacet-O-Anisidide (AAOA) R .2 3 Rs. 208

Acetoacet-O-Toluidide (AAOT) s. 18u Rs. 181

Acetoacet-M-Xylidide (AAMX) s. 391 Rs. 365

Acetoacet-O-Chloranilide (AAOCA) Rs. 195 Rs. 190

Prices have also been reduced on many products from our ranges of

* Dyestuffs
* Pigments
* Leather chemicals

* Pricelists are being sent to valued customers of these products.

For further details contact:

Colour-Chem Limited, (Marketing Division) Khetan Bhavan, 3rd Floor,
198, Jamshedji Tata Road, Churchgate, Bombay 400 020.
Tel.: 2830882/2830884/2831058, Telex: 011-84665 CCLM IN, Fax: 91-22-2876095
Regd. Office: 194, Churchgate Reclamation, Bombay-400 020.

t C ~~~~~Hoechst 1i
J~ubsidiary of Hoechst AG, Germnany.

936 Economic and Political Weekly April 16-23, 1994

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 | ECKALINGA ALLO)YS PXT. LTD. 1

A unit for beneficiation of Ferro Alloys,

Minerals, Metals & Sponge Iron.

Regd. Office:
63, Forest Park, Bhubaneswar-751 009.
Phones: 406932 Res: 54844.

Delhi Office:

777, Deshbandhu Gupta Road, Karol Bagh

New Delhi-i 10005.
Phones: 7532386/7535605

Calcutta Office:

12B, Netaji Subhas Road, Calcutta-700 001.

Phone: 2205052

Hyderabad Office:
3-5-167/1/3B, Narayanguda, Hyderabad-500 029.
Phone: 551498

Jajpur Road Office:

Shree Durga Rice Mill Compound,

Jajpur Road-755 019.
Phones: 323/480/435.

OUR ASSOCIATE CONCERNS:

Industrial Minerals & Metals Metmin Alloys (P) Ltd.,

Kalinga Refractories Mahipal & Sons.

SELLING AGENTS:

The Industrial Development Corporation of Orissa Ltd.,

Ferro Chrome Plant Unit:
Jajpur Road (Orissa).

MEMBER

Bhubaneswar Stock Exchange Association Ltd.

940 Economic and Political Weekly April 16-23, 1994

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 Unwinding the world

GOODRICKE TEAI
| GOODRICKE GROUP OF COM PANIES |
, uhtsftop - 9/91 ( 6 )"Camellia House", 14 Gurusaday Road, Calcut

942 Economic and Political Weekly Ap,ri 16-23, 1994

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 0

Much rnore thans ferti

A part of yaour life
The food, vegetables andThe
ruits
dainty melamine crockery The unsnappable box strap- And
0 that you eat and the flowers thatthat
decorates your shelf, and pings that firmly gnrp the heavy mo
0 you smell owe their sweetnessthe lovely laminates of your packings, the tough crash mu
0
and fragrance to the Sardar interior decor and fumiture are helmets that protect your life, ers
0 made from GSFCs Melamine.
fertilizers, so dear to the Indian the light-weight and colourful rev
0 fatrmers. But this is only half
The the
fine and strong welding of fan blades that coolly breeze eco
truth about GSFC. In fact,the GSFC
stainless steel vessels and you and your family and the sors
I- touches the very core of your life. and the
equipment pouches made from the co; pav
w
In more ways than one. multicoloured neon-signs that extruded film that keep your indu
The fine nylon sarees andilluminate
the the market place food fresh and fragrant.. ...... Are men
beautiful clothes ath you owe
wear,
their glamour to GSFCs not these the life-time advan-
Not
Z.
the toughest nylon tres that run
Argon. tages from GSFC's Nylon-6?
GSF
the tractors or tansport your
E.
goods, come from GSFC's Ba
;>
Caprolactam. Ir Gujarat State Fertilizers Company Ltd.
o0o+^ P. O. Fe g 391 750, Dist. Vadodra.

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 Solutions beyond bankingvetmets f Idi

EX P ORT -IM P ORT B AN K O F I N DI A *.

Head Office: U Centre One. Floor 21, World Trade Centre, Cuffe Parade. Bombay 400 005. Offices: U 8th Floor. Maker _
Chambers IV, Nariman Point, Bombay 400 021. * Tower 1, 8th Floor. Jeevan Bharati BuildingL Connaught Circuat New been a fo r . t e
Delhi 110 001. M 5A-5B Park Plaza. 71 Park Street, Calcutta 700 016.U UTI House, 1 st Floor, 29 Ralaji Salai. Madras 600 001 . 20i;f- ..ax , : ............<a
* Ramanashree Arcade, 4th Floor, 18 M.G. Road, Bangclore 560 001

6M693

946 Economic and Pontrical Weekly Aptnd 16-23, 1994

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 RtECIUTT/MA

RECKITT & COLMAN OF INDIA LTD.

MANUFACTURERS OF REPUTED HOUSEHOLD AND

CONSUMER PRODUCTS AND PHARMACEUTICAL ITEMS
LIKE CHERRY BLOSSOM, HARPIC, ROBIN BLUE,
DETTOL ANTISEPTIC, DETPOL SOAP, DISPRIN ETC.

REG15TEREP OFFICE: 41, CHOWRINGHEE ROAP, CALCUTTA 700 071

COKPOATE OFFICE : &, PALAM MAKG, VA5ANT VIHAK NEW DELHI 110 057

948 Economic and Political Weekly Aipril 16-23, 1994

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 '9 ~~~~~~~~~~~~~1 IC's
,il 1V]o
-71 ...... 1A

KONAR
(A Govt. o
Electronics Bhawan, Rasulsarh, Bhubaneswar-751 010. 0i

W I en the emperor reigns, kings relegate.

950 Economic and Political Weekly April 16P23, 1994

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IN~~~~~~~~~~~..... CONSTANT.QUEST
OF THE....NEW..

... .............

X.:.I

ot s eci em
O~() Econoic an

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 RASHTRIYA CHEMICALS & FERTILIZERS LTD
"Priyadarshini", Eastern Express Highway,
Sion, BOMBAY - 400 022.

MANUFACTURERS OF:

SUPHALA 15:15:15 Complex granulated fertilizer

suitable for varefy of crops and soils

SUPHALA 20:20:0 Ihdia's first prilled complex fertilizer

suitable for Potash containing soils

UJJWALA UREA Containing 46%/ Nitrogen for rich and

healthy growth of crops and plants

INDUSTRIAL PRODUCTS

Ammonia (Anhydrous) Urea (Technical Grade)

Argon (99.995%) Dil. Nitric Acid (Tech.)

Con. Nitric Acid Sulphuric Acid 98% (Tech.)

Ammonium BiCarbonate (food grade) Ammonium Bi-Carbonate (IP BPC)

Carbon di-oxide Sodium Nitrate/Nitrite

Gypsum Ammonium Nitrate (Prilled)

Methylamines (Moni, Di & Tri) Methanol

RCF DEDICATED TO T1HE GROWTH OF INDIA'S AGRICULIURE

958 Economic and Political Weekly April 16-23, 1994

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 The J. Thomas Group of Companies

tX~~~~~~~c
\ Post Box 6, Calcutta 00 001
RgseeOfices :

lea IL cabl : NILIJA

^ ~~~~~~~~~~~~~~Telephone : 248-6201 (18 lines)

Branches Offices : Guwahati * Siliguril* Cochin * Coimbatore * CoonoorI

960 Economic and Political Weekly April 16-23, 1994

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 ORISSA SPONGE IRON LTZD.

LEADING SPONGE IRON PRODUCER

AND

PIONEER IN SPONGE IRON TECHNOLOGY IN INDIA

ORISSA SPONGE IRON LTD.

REGD. OFFICE: 6, SAHID NAGAR - 751007
BHUBANESWAR

962 Economic and Political Wieekly April 16 23, 1994

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 SAKIHI SUGARS LIMITED

Producers of
High quality white crystal sugar, industilal alcohol
and iron castings

Registered Office: Head Office: -Sugar Unit-l Sugar Unit-Il

Sakthi Nagar-638315 180 Race Course Sakthi Nagar Mathur Village

Bhavani Taluk Road, P.B. 3775 Bhavani Taluk Sivaganga Taluk
Periyar Distt. T.N. Coimbatore-641018 Peryar Distf. T.N. P.M.T. Disif. T.N.

Sugar Unit-lIl Sugar Unit-IV Distillery Foundry

Haripur Village (laken on Sakthi Nagar Pallagoundenpalayam

Dhenkanal District Mgmnt. Contract) Bhavani Taluk Perundurai Taluk
Orissa Barambagarh Periyar District Periyar District
Cuttack Distt. T.N. T.N.
Orissa

964 Economic and Political Weekly April 16-23, 1994

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 youd never want to see her so heated up.

Overheating can be a problem when the engine oil is not right. Bharat Petroleum introduces
Bharat Automol Super-F 20W/40. A high performanice multigrade oil that not only protects your car's sensitive
engine over a vast range of temperatures but also enhances the oil change period. helping in oil
conservation. (In some cases, the period as nmuch as doubles). It helps quick .
starting, therebv increasing the car's battery life. It also prevents engine..
deposition, rust and corrosion, resulting in better fuel efficiency and longer
engine life. Use Bharat Automol Super-F Mlultigrade Engine Oil 20W/4(Y
And help your car keep its cool.

Bharat Automol Super-F Multigrade Oil 20W/40 makes oil sense for new generation petrol-driven
vehicles like Marutis, Contessas, Standard 2000s, 118NEs and Imported cars.
It can also be used in Ambassadors and Premier Padminis.

..... Bharat Petroleum (A Govt. of India Enterprise)

Conservation through quality upgradation.

Contract.BP. 56 1.92.

968 Economic and Political Weekly April 16-23, 1994

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 LO'

Tr po,.e. Five polse. Ten poise. Srnll

dchage to you. But to ndin Alurniniumn, Ws
meant big cange. 13ecause lnda n
Aluminium effLeced nmojor savhgs in row
materIal and proiicosls ofcolns by
gndoj has pioneered the use of oinhkxn*
In airaoft, curency. power trwrnission.
irrliorion tubing. tronspoacjon.
podfoging, housing and o host oher
OppUicarors.

I n5 CI*tcng c d rt dNeficorion. ndal pioneering. It's bringg dchne. Both

bg andsmall.

)hdin Aluminium Company, LIe

A Aflythflgs possible

974 1 Economic and Political Weekly April 16-23, 1994

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 w . e 6 j : >~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~. . . . . .... . . . .

_ _ l t:. , - . :.- ,.,- . ,.:,.~~~~~~~~~~~~~~~~~~~

'.. :.-.. :.'.'. ., --..

d ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ .. .. . ...i
.. .. ..'.'.. ' .'..'"

l WESTERN INDIA SUGAR 1~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~............

Q .....~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~......................xxE

.............. ...... . S

......'X.. sx s

. s t.. ........:.:.. .

x.|.j..66

WESTERN INDIA GROUP:

.... .. ..x . ...

Ss . . s.
ATKALAHANDI(BAC

| AE HERIIN RYSFRM ESTERN INDIA SUGAR AD|ISM S D

XS . .....-'.'.S 8 ...

.y .. .......
xss... ... ...s.*.... *...
...... .. ............ .................

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: - . -: . 5 '.: - A ' ' ' .' *.' : ' ' :.- , , , , , :,.: .... ........... .... ................................... ........................ ... ...~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~. . . . . . . . . .

X
mys S SS - S S8x Rt
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"i *R ss--*--' SS'''-'-
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.*** *'sX X SS SS'SX XR XsXX XX*R g
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SS R S R R 8: * * . 8S8'SS SSSS'SSSS
~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~~~~~~~~~~~~~~~~.................. SSSS 8g~ ~ ~ ~ ~
2 & *'- X S: '^* * x * * xR XR* x*xx2*x Xs 8X *8 S 8 * SR* X SX8' R98X* S''''''' ''''R'':X'* xfSS*R S SSx X S' *Sx *''8SRXSSfX-R'

i Sx S* x SSsf *R* 8RR**'f fSfXSR XfxR SR$XSSR*X *XR * S R * R SxR *SR * SS-'S* * X-'S' '*X xSSf S X S SSx 'f' ' 'S'fX SS~ ~ ~ ~ ~ ~~~~~~~~~~~~~~~~~~~~~~~~........-........

i~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~............

976 Economic and Political Weekly April 16-23, 1994~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~......

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 A CINETE DIRECT BUYERS CONOSER

| ~Know Fine Teas by one namel

l GEORGE WILLIAMSON l
The Taste. The Strength. The Quality Attributes that

have made George Williamson a name in the World of

Tea. Nurtured in the vast plains of the Assam Valley,

teas from George Williamson have also been the

connoisseurs' choice. The World ove.r. Year after year.

GEORGE WILLUIASON IASSAMI LIMITED z

Regd. Office: WM Hlouse, Khanapara, Six Mile, G.S. Road, Guwahati-781 022. Phones :63252/5 ,.
Principal Office: Four Mangoe lane, Surendra Mohan Ghosh Sarani, Calcutta*ZOO 001. Phones :20-2391/93g

A member of the Williamson Magor Group of Tea Companies.

978 Economic and Political Weekly April 16-23, 1994

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 I------r---------------------

I I1

I I1
I I

I BRRIDS RIE LMIE I

l 13/515 JydvNagrP
I BeidPnhaNwsI

I _
I I

I8 EcnmcadPltclWel p i 62,19

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 INDIA FOILS LIMITED

First with foils -

now in flexible packaging

INDIA FOILS LIMITED

27 Shakespeare Sarani
Calcutta - 700 017
Telephone :2473672,2470858, 2477424,400243
Fax :2470658
Telex :217224

Regd. Office

4, Mangoe Lane, Calcutta - 700 001

* BOMBAY * DELHI * BANGALORE *CALCUUTA

984 Economic and Political Weekly April 16-23, 1994

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 The Kenilworth

Gmcious Xfving
Qyiet Comf ort

CALCUTTA BHUBANESWAR

1 & 2 Litte Rusel Stmet, 86/A-1, Gautam Nagar,

Calcutta - 700071 BHUL'ANESWAR-751014
Phone :2423403/3404/8394. Phone :54330/55683/55734
Fax :91-33-2425136 Fax :91-674-56147
Telex :021-2395 NKAY IN Telex :0675-6343 KNRK IN
Gramr NEWKEN, CALCU1TA Gramr NEWKEN, B'HUBANESWAR

GHAZIABAD

AMBEPKAR ROAD
GHAZIABAD, U.P.,
Phone :712636/'712432/38
Telex :0592-266 NKAY IN
Gramr NEWKEN, GHAZIABAD

988 Economic and Political Weekly April 16-23. 1994

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INDO FLOGATES LIMITED
3 Netaji Subhas Road
Calcutta 700 001

Works:
Sector 'A' (S-3)
Kalunga Industrial Estate
PO: Kalunga 770 031
Dist: Sundergarh (Orissa)

Economic and Political Weekly April 16-23, 1994

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'.0

To all our guests, patrons and well wish

This00A~/ ^0;0 That's the way it has be on st O ou

We are mere

A grateful thanks to all those who made the Internatio

Touiristic Promotion award (Madrid) 1994 a reality for u

That's the way it has been right from our 1 st OASME award fo
Best Hotel in 1986, Followed by the 1988, 1989 OASME award
Then the International Gold star award for quality in 199

Come. Together we'll headfor even greater heights in theefuture

O to
-V \~OASME'86 OASME'88 OASME'89
Gold Star '92 103, Janpath, Bhuban
Phone- 404178, 404179, 404359 Telex: 0675 - 6321 Fax
Regional Office - 10, Meher Ali Road Calcutta- 70001

4-

-0

0's

'.0

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 THE PEERLESS GENERAL FINANCE &
IN VESTMENT CO. LTD.

REGD. OFFICE:
PEERLESS BHAVAN
3, Esplanade East, Calcutta - 700 069

INDIA'S LARGEST NON-BANKING SAVINGS COMPANY

996 Economic and Politigal Weekly April 16-23, 1994

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 K ~~~~~~~~~~ F~~~~~roin the Company tha
Rashmi ch
JS` K * ffiistate-of-the-a
K W ? a Irom of fluo
~~~~ ~~shells, incor
~~~~ ~~international

~~~~~~~~~~~ B.N ASHMI brand chiokes and

A foundaItion that
years, helping us

Today, the promoters, thie Kapadias, have oe n

step further by setting up a fluorescent tubeadt L

-< 1l ghlihtfglass shells unit. With Acqua based techn fr

IUNGSAM, Hun

IN 71 ~~~~from OY AIRAM EL
Witb financial backi
~~~ .~~~~. ~ ~ ~ ~ ~ >K> ~~~~~~~ ~ ~ ~ ~illunimnatcd future.

X~~~~~~~~~~~~~~~~~~~~~~~~ii~ ap alstt ec
> ~~~The light of a rewardiing futur
Registered Offi

A nd.. ? J T

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A DEPARTMENT OF ACCREDITED BY
N REGISTER OF DUTCH COUNCIL FOR

SHIPPINGG R O U P CERTIFICATIN

"WHERE QUALITY IS A WAY OF LIFE"

INDIA'S LARGEST PRODUCER

OF

BECOMES
THE FIRST ANND ONLY

MULTILOCATION AND MULTI PRODUCT FERRO ALLOYS ORGANISATION

TO GET

CERTIFICATION

COVERING ITS QUALITY SYSTEM FOR ENTIRE GROUP OPERATIONS

INCLUDING BOTH DOMESTIC & 100% EOCU FERRO ALLOYS PRODUCTION

INDIAN METALS & FERRO ALLOYS LIMITED

INDIAN CHARGE CHROME LIMITED
IMFA BUILDING. RASULGARH.
BHUBANESWAR - 751 010A
, ~~~~~~~ORISSA. INDIA. 0

04 ~~~~~~~~~~~~~~~~Economic and Political Weeklyl April 16-23, 1994

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 GRAPCO Now hon Nw hol

GRAPCO GRANIT LIMITED

Crsg One: PMoI No4. Soaltuur hdalte. Balasore. Onssa
---rorr C Ot1: Ckciv CoWr. 8 UC 8 Road Calcuta 700 017

1006 Economic and Political Weekly April 16-23, 1994

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 * :l B.Tr.W.= INI USRIiE LIMITED.

'Land Mark', 1 0th Floor,

238/A, A.J.C. BOSE ROAD,
CALCUTTA - 700 020.

1008 Economic and Political Weekly April 16-23, 1994

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 * THE ORISSA SMALL INDUSTRIES
CORPORATION LIMITED

(A GOVERNMENT OF ORISSA UNDERTAKING)

BARABATI STADIUM,CUTTACK - 5.

Phone: 601018 Gram: UDYOG Fax: 91-671-601828

Telex: 0676-226

THE ORGANISATION PROVIDING DYNAMIC SUPPORT

SERVICES TO THE SMALL SCALE SECTOR.

* RAW MATERILAL Main dealers of scarce and controlled raw mate

* MARKETING Sub-contracting, Merchandise Marketing, Factoring Services for

80% payment against bills pending with Govt. Departments after
execution of agreement and irrevocable power of attorney on
First Come First Serve basis.

* EXPORT We export Engineering goods, Handicrafts etc. Function as

consortium leader for SSI units, Assist SSI units to
display products in Trade Fairs.

* MANUFACTURING Oceanographic, Survey, Laboratory instruments, wood products

and steel fabrications, Deep tube well Hand Pumps and refractory
materials like chemically bonded basic bricks, basic ramming
moss, High Alumina bricks, LT insulators.

* 'DESIGNING All Civil and Mechanical Engineering designs and drawings.

* INDUSTRIAL Providing common services facilities in Glass and Ceramic

COMPLEXES Complex at Jharsuguda, Polymer Complex at
Mancheswar Industrial Estate of Bhubaneswar.

For all your requirement of various raw materials, Export of your products, purchase 6f
Instruments, Pumps Tools, etc,Civil and Mechanical Designs and Drawings, Marketing
Assistance, Computer Service etc.

Please contact us:

T.K. Pandey, I.A.S.

MANAGING DIRECTOR.

1014 Economic and Political Weekly -April 16-23, 1994

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 From Balgopalpur, Balasore,

in Orissa, we at Ispat Alloys Ltd,

,proud members of the lspat Group

have been winning the world in

total quality.

L m-~~~~-
Since inception, our commitment

to quality has helped us on our

road to success. This has today made

us more than a Rs 1,032 million

company and helped us to win

:..@D~~~~~~~~~~~~~.... . .. : - ' :......
recognition and awards.

To us, the true test of

commitment to quality is not in

awards we win and the recognition

we get, but, in the preparedness

to 'go that extra-mile' to satisfy

our valuable customers all over

the world.

I-.. =. .0

*~~~~ 0
__* l 0 m
: _ _ B _~~~~~

Ispat Alloys wins the prestigious

"Best Exporters of Orissa Award".

1ISAT ISPAT A
I Quality Inputs for Core Sector
Reistered Office Balgopalpur, Dist : Balasore, Pin: 756 020, Orissa. Phones: 91-6782-74780 to 74784. Fax: 91'67
C _prete Offie: SPAT GROUP, Pak Plaza, 71 r Stret, Calcutta 700 016. Phones: 033-29 3049, 293051,291502,293067,293078. Fax: 033-29 3044.

1016 Economic and Political Weekly April 16-23, 1994

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Bank of Maharashtra brngs 3 Welcome Schemes.
DEPOSIT S ULAB H
JAMA
YOJANA

JAMA YOJANA
Automatic Renewal of Deposit.
Partial Withdrawals In Units.
* Ideal for Individuals, Firms, Corporate Bodies,
Associations, Trusts and Others.
* Minimum deposit is Rs. 5,000/-. Kept in units of
Rs. 1,000/-; Multiple lots accepted. Minimum
period-46 days; Maximum period-5 years.
* Automatic Renewal of deposit after 46 days
minimum, or, upon maturity of initial period.
* Partial Renewal & Withdrawal of any lot
allowed. Minimum loss in premature
withdrawals.
* Loan and nominatioq acility available.
S C H E M E
Variable Recurring with benefits
Upto 75% Withdrawal
by Cheque instantly. of Term Deposit.
* Ideal scheme for Individuals; for easy
liquidity.
* Minimum deposit-Rs. 10,000/-; Minimum
period-2 years;
* Novel facility for issuing cheques upto 75%
of deposit amount.
* Deposit of cash/cheques in the account
allowed.
* Payment before maturity at a nominal
penalty.
* Nomination facility available.
* Mixie Deposit Scheme is initially introduced
only at selected branches of bank.
* Ideal Schemes for
Professionals, Small
Businessmen, Housewives, etc.
* Minimum core deposit-Rs. 100/;
Minimum period-1 year, plus
optional instalment whenever
possible.
* Interest paid on all the
accumulated amount.
* Payment before maturity at a
nominal penalty.
* Loan and nomination facility
available.

BANK OF MAHARASHTRA
(A Govt. of India Undertaking)
Head Office:
'Lokmangal' 1501 Shivaji Nagar, Pune-411 005. Forfurther details, please contact our nearest branch

S U RYAVANS H I

SPINNING MILLS LIMITED

(Manufacturers and Exporters of Cotton Yam)

CAPACTY: 61,344 Spindles

REGD. OFFICE

105, Sardar Patel Road,

Secunderabad - 500 003
PH.: 843333, 843987

ALLS
(1) Hyderabad Road, (2) SHAMEERPET, Aliabad, (3) RAJNA
Bhongir-508 116 MedchalTaluk, Chindwara Dist.
Phone: 112 Ranga Reddy Dist. AP MADHYA PRADESH.
Phones: 50, 62

1018 Economic and Political Weekly April 16-23, 1994

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 1 SOME OF THE BEST BUILDINGI
IMATERIALS ARE ALSO THE MOST BASICI

W.~~~~~~~~~~~~~~~~~~~~~~~~-

we blelieve tliere!s
1 just one way to treat
ia blestselling brandl.

I ~SARAF AGENCIES LIMITED l

l t~~~~Manufacturer of Chariot Brand Cement)
l REGD OFfICE ADMN. OFFICE

| 9, Parsee Church Street 4/1, Red Cross Place

| Calcutta - 700 001 Calcutta - 700 001

1020 Economic and Political Weekly April 16-23, 1994

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 . . .... .......... . . ....

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 Reap A Harvest
While The Sun Shines.

UNION BANK<2+
Introduces/

SURAJ JAMA

[ ~ ~ ~ F!oeri i imo?reb deta i l s conta c t your UNI O N BANK OF I N DI A |

An excellent short term deposit scheme with customer-friendly fe
. Automatic Renewal . Greater Liquidity . Quick Growth

~~~~~~~~~~~~~~~~~~~Tel: 202 4647. Fax: 202 5238

A * Higher Interest Rate.

_ ! 11 11 | ~nears t brach 239, Vidhan Bhavan Marg, Narimarn Point,

t w 9 , = ~~~~~~~~~~~~~~~~~~~~Telex: 011 84208,011l 85156, 01183259. |

Manufacturer of

1. FERRO TUNGSTEN

2. FERRO MOLY

3. FERRO VANADIUM
4. LOW CARBON FERRO CHROME

EASTERN METAL AND FERRO ALLOYS LIMITED

(oint Sector Project of IPICOL)

At./Post. Haridaspur-755 024

Dist. Jajpur Road.
Phone: 06725-2261,2209
Cable: EASTALLOY, Haridaspur
Telex: 0675-256 EMFA IN
Fax : 06725-2241

1024 Economic and Political Weekly April 16-23, 1994

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 l ORISSA STATE FINANCIAL CORPORATION 11
0. M. P. SQUARE, CUTTACK - 753 003.
Telegram: FINCORISSA Telex: 0676-225
Fax: 0671-30644 E.P.A.B,X: 21123, 21125, 21172, 21173
OSFC has been in the service of the people of Orissa for 37 years.

We have invested around Rs. 600.00 crores so far in various industrial concerns
hotels, transport and nursing homes.

WE PROVIDE:

ll Term loan upto Rs. 60.00 lacs to small and medium scale industries.
E Term loan to industries in tiny sector.
El Soft loan upto Rs. 04.00 lacs to Technical Entrepreneurs.
El Seed Capital loan to tiny sector industries (State Govt. Scheme).
El Seed Capital assistance upto Rs. 15.00 lacs to Technical/Professional Entrepreneurs (IDBI scheme).
El Term loan to Hotels, Nursing Homes, Clinics and Transport Operators.
E Term loan for Quality Control equipment.
E Term loan for modernisation of existing industries.
El Assistance for rehabilitation of sick units.
El Assistance under equipment refinance scheme of IDBI to the existing industries.
El Term loan and working capital loan assistance under Single Window Scheme.
El Assistance to Ex-Military personnel under SEMFEX Scheme.
E Assistance to Women Entrepreneurs under TMahila Udyam Nidhi" Scheme.

Any eligible industrial concern defined under SFC's Act with paid up capital and free reserves
not exceeding Rs. 30.00 million is eligible to avail assistance. However, for loans beyond
Rs. 03.00 million & upto Rs. 06.00 million the industrial concern should be either in
corporate or Co-operative Sector. In case of medium scale industries OSFC finance jointly
with IPICOL.

If you are interested to set up an industrial unit, please call us at Head Office
or 6 Regional Offices or 17 Branch Offices !ocated statewide.

l ~~~We assure prompt service. l

l ~~~~~~~~~~~~~~MANAGING DIRECTOR

1026 Economic and Political Weekly April 16-23, 1994

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