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June 10, 1998

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SJM against reducing Govt stake in IA

The Swadesh Jagran Manch has cautioned Finance Minister Yashwant Sinha on the dangers facing the economy and said it will arouse public opinion against the government's decision to reduce its holding to 49 per cent in Indian Airlines.

SJM's all-India organiser S Gurumurthy said the Manch opposes the government's unjustified decision.

The Manch is also against the discriminatory treatment to the traditional finance institutions in the name of controlling the non-banking financial companies and urged the government to formulate a fair policy to allow NBFCs to function -- and not throttle them.

The swadeshileader said he viewed the Budget as a broad continuation of the Pokhran spirit and a ''reversal of the trend to discount India in the minds of Indians''. He asked Sinha to keep a strict watch through a proper and powerful anti-inflation cell and ensure unhindered supply of essential goods.

While opening the insurance sector to the Indian private sector, the finance minister must ensure that foreign investment does not sneak into the insurance sector, he said.

The SJM congratulated the finance minister for presenting a land mark Budget for 1998-99 with an explicit and long- awaited swadeshi thrust to the Indian economy.

UNI

Budget '98

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