THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Saturday, July 21, 2001

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Opinion

Economy
Course of real interest rates in US economy
THE concept of real rate of interest is a most important theoretical construct in monetary policy. Monetary authorities use it as an instrumental measure to target the mandated or desired inflation rate. This concept was introduced by Irving Fisher in a book Appreciation and Interest. Alfred Marshall used to quote from the above book, contrary to the general impression that Marshall was insular. This is a tribute to Marshall, as he was old and Fisher was young. The former referred to the latter as ``one of the ablest of the younger school of American economists''.

Editorial
Grim export outlook
AS THE GLOBAL economic slowdown begins to bite, India's exporters are wincing. The weak foreign demand and low economic activity in the importing countries, especially the US and the European Union, which together account for nearly half of India's expor ts portend poor sales abroad.

Management
New edge in business
THE unique thing about knowledge is that you can have the cake and eat it too. Or, put differently, `the more you mine, the more you shine'. Over the last few years, there has been a perceptible shift in management style and approach, to match the changi ng emphasis from an industrialised society to an information society. In the former, Knowledge was not all that significant. But now, the K-word has assumed strategic importance.

Mutual Funds
Restructuring, key to UTI survival
THE controversy over insider-trading in the US-64 scheme has not really brought out the UTI's inherent weaknesses of organisational design and functioning. Even if the Finance Minister, Mr Yashwant Sinha, gets to the bottom of the US-64 fiasco, the basic problems facing the UTI will not go away. Unless a major restructuring is done, the UTI will continue to be in the news for the wrong reasons.

Taxation
Flyover jam
FLYOVERS never cease to be interesting, be it down South or in J&K, as the UP State Bridge Corporation Ltd case would show. The case, which came up before the New Delhi CEGAT, was about `arterial expressway corridor' constructed by the company in Jammu. The J&K Government provided land to the company away from the flyover site for casting beams to be used in construction. Beams were manufactured, the flyover was constructed and the company sought the benefit of excise exemption available for the purpose .

The ghost of Sirpur
Arvind P. Datar says that the CBEC continues to cling to an outdated judgment on immovable property

AS 22 or Catch 22?
S. Rajaratnam on why Accounting Standard 22, on accounting for tax on income, has limited scope.

Losing battle on capital gains
T. C. A. Ramanujam says that the controversy whether capital gains should be considered for calculating book profits is yet to die down.


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