Indian finance moves

The English-language Nation commented favorably on the induction into India's new cabinet last week of Finance Minister P. Chidambaram and its positive effect on the stock market.

The Nation noted that the government of prime minister H.D. Deve Gowda reaffirmed its commitment to continued 12 percent annual growth in the industry sector.

While ignoring foreign investor's demands for more liberal hiring and firing of labor, India's new economic policy acknowledged the need to restructure some of India's large-scale loss prone public sector units.

In a 25-Page document described as the basis of the 6-Party United Front government's economic policy, the new government welcomes foreign investment in the development of India's infrastructure.

The Nation said the Harvard-trained finance minister is a former commerce minister and is an articulate exponent of the previous Narasimha Rao government's economic policies.

(Thailand itself saw a cabinet reshuffle and naming of a new finance minister on May 28, Amid continuing financial and banking sector criticism of Thai government fiscal policy and alleged political interference in both the bank of Thailand and the securities and exchange commission).

"The Nation last week carried a commentary by its financial desk staff listing ten reasons for the removal of Bank of Thailand Governor Vijit Supinit).

-- The Nation, Bangkok