In order to boost exports and sort out inter-ministerial problems, the Prime Minister I.K. Gujral this week announced the setting up of an export promotion board. The board has to be headed by the Union Cabinet secretary and will include the secretaries of the department of commerce, finance, textile industry, surface transport and electronics. It has been a long-standing demand by the Indian exporters for a single window agency on the lines of the Foreign Investment Promotion Board to facilitate exports. Expected to be set up within a week this board will interact frequently with exporters and will tackle problems specific to exports and accept this move by the RBI is aimed at inducing further liquidity in the economy and to encourage lower cost of lending by banks to the corporate sector.
Mr. Dhirubhai Ambani, chairman of Reliance Industries Ltd. thrills investors with the announcement of a liberal one to one bonus offer. The company has also set up a target of doubling the value of Reliance in five years. This is the first time in 14 years the Reliance Industries has offered a bonus issue. The news meanwhile has sent the Reliance industries shares soaring on the Bombay stock exchange.
Dhirubhai Ambani (28 December 1932 – 6 July 2002) epitomised the dauntless entrepreneurial spirit of a visionary always on the march to change the destiny of a nation. Acclaimed as the top businessman of the 20th century and lauded for his dynamic, pioneering and innovative genius, Dhirubhai was an inspiring leader with sterling qualities. His success story fired the imagination of a generation of Indian entrepreneurs, business leaders and progressive companies. For many, he still remains an icon, a role model to be emulated.
Dhirubhai’s unique vision redefined the potential of the Indian corporate sector and he challenged conventional wisdom in several areas. He was probably the first Indian businessman to recognise the strategic significance of investors and discover the vast untapped potential of the capital markets and channelize it for the growth and development of industry. The corporate philosophy he followed was short, simple and succinct: “Think big. Think differently. Think fast. Think ahead. Aim for the best.” It was under Dhirubhai’s visionary leadership the Reliance Group emerged as the largest business conglomerate in India, and carved out a distinct place for itself in the global pantheon of corporate giants.
source: www.ril.com/TheRelianceStory
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