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The Mint Report for 23 December 2010

The Mint Report for 23 December 2010

The government has decided to hear out objections to the Bimal Jalan committee’s recommendations on market infrastructure institutions. Mint has learnt that the finance ministry will consult with stock exchanges to get their views. Members of the Jalan committee itself will not be part of the new consultations. The finance ministry’s move comes after India’s stock exchanges strongly opposed many of the committee’s recommendations. Those include a cap on the profits of market infrastructure institutions like stock exchanges. The committee also said exchanges should not be allowed to list their shares publicly. Meanwhile, the government is still inviting feedback on the Jalan committee’s proposals until 31 December.

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And on the economy, India’s food inflation has accelerated to a six-week high. The food price index shot up 12.13% in the period to 11 December. In the previous week it had gone up 9.46%. Food prices have been increasing despite an easing of headline inflation. Onions prices shot up last week after a crop failure and a spike in exports. The government has since banned the export of onions and eliminated duties on their import.

And finally, Indian stocks fell for a second straight day after choppy trade and low volumes. The Sensex lost 33 points to close at 19,983. And the Nifty closed four points lower at 5,980.

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