SPECIAL
Is the rupee undervalued?
The rupee will appreciate as productivity in the services sector goes up, says Ila Patnaik.

TOP HEADLINES
• US urges India for stricter patent laws
• Infosys bags Economist Asia-Pacific award
• India, Thailand agree to create FTA
• Tenth Plan growth target realistic: N K Singh
• Economic bills: All party meet likely
• WTO will make India more competitive
• AP to use Reliance gas by end of 2003
• Ethanol-blended petrol from next Sept
- - More I Credit Policy: Complete Coverage

CORPORATE HEADLINES
• Wipro Info keen to build business in Qatar
• Rolta India sets up subsidiary in UK
• Varun Shipping acquires 4th LPG Carrier
• HDFC allots shares under ESOS
• IFCI director Dr Ashok Lahiri resigns
- - More

MARKET REPORT
Sensex sheds 18 points
Selling pressure across the board. MTNL, HPCL, ICICI Bank, Satyam, Zee, SBI are down.

STOCK TALK
'I would avoid the PSU basket'
'PSU shares will underperform for the next two years. Govt seems intent on destroying their value,' says Ramesh Shrichand Damani.

INTERVIEW
'Gross national contentment is my aim'
Govt must endeavour to improve the tax-GDP ratio, continue to work extra time for fiscal consolidation and revive growth, says Jaswant Singh, Union Finance Minister.

'No one will invest just because rates are low'
More than the economy, it is the lack of investment demand that is of immediate concern, says Bimal Jalan, Governor, Reserve Bank of India.

COLUMN
A thousand changes in the FMCG sector
In several product categories the threat is not from China, but right here from local brands, says Sucheta Dalal.

Hastening towards exchange liberalisation
Mere existence of high forex reserves is not sufficient to prevent a financial crisis or a run on the currency of a country, says Paranjoy Guha Thakurta.

READERS' RESPONSE
'Just cutting rates will do no good'
'Have lower interest rates led to any increased credit off-take or greater industrial activity?'
YOUR VIEW: Should interest rates drop?

PRESS RELEASES
• 'Making a killing: The business of war'
• Infy plans disaster recovery unit in Mauritius
• Feroz Khan gets teacher's award
• More...