ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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MINES-Shielding the Guilty of Chasnala

December 17, 1977 Commerce and Industry led by K N Modi which has just returned from a visit to Kenya, Nigeria, Ghana. Liberia and Senegal. On its return, the delegation has proposed that majority equity participation by Indian investors should be allowed in joint ventures abroad. The equity participation could be even hundred per cent in some cases. So far equity participation has been limited to only 10 per cent and the policy has been not to permit a majority share in ventures abroad. It is also suggested that participation in the form only of supply of goods and services from India should no longer be insisted upon, as is the case at present, and Indian businessmen associated in joint ventures should be ready to float global tenders for supply of capital goods, etc, and invite Indian suppliers to compete on that basis. The delegation was accompanied by a senior officer of the Industrial Development Bank of India and he took the initiative to extend to Kenya a commercial credit on competitive terms, nine per cent rate of interest for nine years, the first of its kind. Extension of such lines of credit is necessary, according to him, to back up the export of Indian goods and services in the face of stiff international competition, especially in the case of joint ventures in which Indians will have equity participation and which call for global tenders for the supply of equipment and technical services. It is suggested that IDBI will do more of such business in support of Indian exports.

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