Pyramid Saimira CMD PS Saminathan has sent this communiqué to the company shareholders seeking to put facts in a proper perspective, in view of the the recent controversy kicked off by a forged letter to SEBI:
“Last few days, there has been lot of news paper reports about Pyramid Saimira. Though it is nice to get covered in press, since we are not in political arena, we feel, we should present the correct facts to our stakeholders.
“On Sunday 21st Dec. 2008 financial dailies carried press reports quoting a SEBI order on Mr P S Saminathan, Chairman & Managing Director of Pyramid Saimira Group, ordering him to go in for an open offer at Rs.250/- per share in view of the fact that he is buying additional 20% stake from a person acting in concert. We were extremely surprised on this news since we did not receive any such order from SEBI and also the said Order was not in the SEBI’s website. Further, the proposed transaction needs to be filed with regulatory authorities and has been duly filed with SEBI / BSE / NSE as early as 10th Oct. 2008 itself and therefore, if at all any issues were there, those would have been addressed by SEBI during the intervening period and not on 19th Nov. 08 when the proposed transaction window was slated upto 22nd.
“We informed BSE and NSE on Monday 22nd Dec. 2008 that we did not receive such an order primarily with a view to stop speculation on our share price. We did not want any investor to invest in this stock purely based upon the Open Offer when the management had no intention to go through on the Open offer. To our surprise, even after such a declaration filed with BSE and NSE and such a declaration also flashed across major TV channels, a huge volume of transaction took place in our scrip.
“On Monday 22nd Dec. 2008 we did receive the said Order and we immediately started consulting with our Counsel as to the further course of action on the said letter and also we enquired with the courier agency as to why they did not deliver the letter on Saturday – 20th Dec.08 itself. To our surprise, the courier agency mentioned that they had specific instruction from SEBI not to deliver the cover on Saturday and deliver it only on Monday. The courier agency in question (Blue Dart) confirmed the same through an e-mail as well. This surprised us.
“Further, on Tuesday –23rd Dec. 08 we enquired with SEBI’s Take Over department and SEBI came back to us stating that they have not issued any such order. We then called a press conference and demanded a thorough enquiry into the episode and also demanded the BSE / NSE not to go ahead with the pay out on the transactions held on our scrip on 22nd Dec. 2008. We also lodged a criminal complaint with the Commissioner of Police, Chennai requesting the police to investigate the entire affair and the forgery of SEBI’s letter.
“Subsequent enquiries have revealed that a leading public relationship agency and some stock broking houses have called upon press on Saturday 20th Dec. 2008 and in fact, false phone nos. have been given to the press for confirming the said development. The press has published their names as well and also a leading financial daily has tendered apology to us on public platform.
Pyramid Saimira is an aggressive growth oriented organisation and has created huge amount of growth platform in last two years. This has got lot of attention, both wanted and unwanted. Generally, business competitors do try to take advantage of any adverse circumstances. But it is a very rare instance in which adverse circumstances are engineered not on business front, but on perceptions front with a view to tarnish the reputation and image.
“As you are well aware, credibility and reputation built over years of toil and performance could be killed by small malafide or misreporting and it is easy to be negative rather than positive. In the era of mass media, some times truth and honesty gets blurred beyond recognition and it is a sad fact that media’s power and credibility can be misused by “interested parties” with ulterior motive and with surgical precision.
“Fortunately for us, we could detect the entire plan before the end game though out and therefore, we could emerge from this with our reputation enhanced and also have become which more stronger in handling this type of miscommunications.
“While on the subject, I would like to put before you that the company, in my opinion, has soft landed its mammoth growth, reduced leakages, improved systems and processes and has generally used these difficult times to internally consolidate the organisation and externally erect much better and structured entry barriers.
“We feel that our 360º approach, presence in many countries, presence across multiple segments, unique business model, proven executive capabilities and transparent and honest communication approach, we are in good position to consolidate and grow further and make Pyramid Saimira Group as one of the leading entertainment conglomerate in the World.
“I personally believe that every problem carries with it a visiting card for multiple opportunities; every problem is an invitation to a strong person to handle things better and every crisis induced by third parties ultimately turn into garland to good people. It is not the actions of malafide people which will determine the growth impetus and works of good-intentioned people.
“I seek your continued cooperation and support to the Group and assure you that the trust reposed by investors and others will not be misplaced.”
Wednesday, December 24, 2008
Saturday, December 13, 2008
Dr Singh gives booster dose to Indian Economy
by Ashok Handoo
Prime Minister Dr. Manmohan Singh has been at every occasion assuring the people of the country that his Government would resort to all policy measures –fiscal, monetary, exchange rate and public spending - to minimize the effect of global economic meltdown on India and that “no instrument of public policy will be spared”. The former Finance Minister Shri P Chidambaram too had also reassured people on the Government’s determination to act.
The present set of fiscal and monetary measures announced by the Government is a part of the same endeavour.
First, the policy measures announced by the RBI Governor Shri D. Subbarao. The cut in benchmark lending rate, the repo rate (the interest it charges from banks for lending money) by a clean 1 percent, from 7.5 to 6.5. It also cut the reverse repo rate (the rate at which it borrows cash from banks) again by 1 percent from 6 to 5 percent. A one percentage point cut in repo rate pumps Rs.40,000 crore into the system.
This is a clear signal to banks to cut lending rates across the board, particularly to the industry, infrastructure, housing, exporters etc,.
This was followed by other measures announced by the Planning Commission Deputy Chairman Shri Montek Singh Ahluwalia in the shape of a stimulus package. These included a 4 percent cut in the excise duty and a Rs. 20,000 crore increase in plan expenditure. The purpose is to stimulate growth by raising demand and keeping the consumption levels in the economy high. A cut in excise rates should bring down the prices of most of the manufactured goods. It will, at the same time reduce Government revenue and widen fiscal deficit, but Shri Ahluwalia made it clear that the Government is not worried on this account as it’s priority is to keep the economy going by keeping the domestic demand high. The 4 percent cut is estimated to cost the Government Rs. 8700 crore by way of foregone revenues but part of it could be redeemed if the demand rises. What the Government looses by duty cut, it would make up through larger volumes.
The decision to provide Rs. 4000 crore refinancing facility to the National Housing Bank for lending to housing companies should make available cheaper home loans. Since housing is an activity which involves many manufacturing sectors, this should boost demand in commodities like cement, steel etc,. it will also help keep huge labour force employed in construction work. Bringing bank loans to housing finance firms under the priority sector should also lead to increased supply of home loans.
Other measures announced aim at providing succor to exporters and small scale units. The Government has decided to subsidise interest costs of exporters by up to 2 percentage points subject to a minimum rate of 7 percent per annum. The Government will also provide an additional Rs.1100 crore for full refund of terminal excise duty or CST where ever applicable and another Rs.350 crore for export incentives schemes. This should go a long way in arresting the slump in the export market.
RBI will also pump in Rs.7000 crore into SIDBI to help micro and small units which employ millions of people. The guarantee cover on loans to lending institutions has also been raised from Rs. 50 lakh to Rs. 1 crore.
For the textile sector, one of the country’s largest employers and exporters, an additional allocation of Rs.1400 crore will be made to clear backlogs in the technology upgradation scheme. This will help textile units to upgrade to improve competitiveness. Import duty on Naptha has been abolished to bring down costs in this sector.
Government Departments have been allowed to replace vehicles within the budget allocations, in the current financial year.
Prices of Aviation Turbine Fuel (ATF) announced earlier, has already brought down air fares and the process is continuing.
After all these measures , the two important questions that remain in public mind are whether the prices of goods and services will actually fall and whether loans will actually be available at cheaper rates. As far as the first is concerned some manufacturing companies have announced that they will pass on the benefit of excise cut to the consumers, almost in full measure. In fact some car companies have already effected it. Some companies producing durable consumer products have begun assessing to what extent they can reduce their prices. The former Finance Minister has been trying to persuade the industry all through that they should cut prices rather than production to help the economy to get out of the current crisis. The present fiscal and monetary measures should make them follow this advice more readily.
Regarding reduction in lending rates, some private banks have announced a cut in home loans. Other banks are taking a fresh look on their lending rates for various segments and are expected to come out with a response sooner than later.
A silver lining has been the consistently falling inflation rate which has now come down to around 8 percent. With the fall in petrol and diesel prices, the general price line is bound to fall further as petrol prices constitute an important ingredient of transport costs. We may thus witness a more comfortable inflation rate much too soon.
Industry sector has welcomed the measures though it expects more to defuse the situation. FICCI described the measures as “a good start in the right direction”.
Assocham President, S. Jindal hopes that money will flow into the system to support the projects that have been put on hold.
The terror strikes will invariably affect the tourism industry which is expecting a 25 percent fall in bookings. This is due to the advisories issued by western nations to their citizens about their visits to India.
The Prime Minster who holds the Finance portfolio also, is confident that the country will be able to maintain the growth rate around 8 percent in the current fiscal. The most pessimistic estimates put it at 7 percent. What is important now is that the industry and other sectors of economy respond to government initiatives in full measure and pass on the benefit of price cuts to the consumers. They need to realize that in the current global crisis when international demand is shrinking, it is only the domestic demand that can keep the business going. Fortunately, India with its 1.1 billion population has a huge potential of keeping demand afloat. All they need is the purchasing power which the Government is trying to do by pumping in funds into the system. (PIB Feature)
Disclaimer : The views expressed by the author in this feature are entirely his own and do not necessarily reflect the views of PIB.
Monday, December 8, 2008
RBI caution against foreign lottery traps
The Reserve Bank of India (RBI) has advised members of public not to fall prey to
fictitious offers for release of cheap funds claimed to have been remitted by overseas entities to banks in India / Reserve Bank of India. Members of public should also not make any remittance towards participation in such schemes/offers from unknown entities.
Describing the typical modality of such offers, the Reserve Bank of India
stated that certain foreign entities / individuals, including Indian residents acting as representatives of such entities / individuals, make offers through letters / emails,etc., of huge money in foreign currency to resident individuals / entities (including schools / hospitals), on the pretext of helping them in their business / ventures in India. Once the contact is established, the offer is followed by a request seeking details of bank account of the Individuals / Indian entity and asking some amount to be remitted to them as initial deposit / commission so that the offer money could be transferred. Likewise, references have been also received in the Reserve Bank in the recent past from individuals / authorised dealers seeking approvals / clarifications for effecting remittances in foreign currency towards commission / fees for receiving prizes won in overseas lottery schemes etc.
It has also come to the notice of the Reserve Bank that certain overseas organisations have been advising individuals / companies / trusts in India that huge sums of money for disbursal of loans in India at cheap rates has been kept in an account with the Reserve Bank and the funds would be released after approval from the Reserve Bank. To substantiate their claims, even copies of certificate / deposit receipts purported to have been issued by the Reserve Bank are produced by such operators.
The Reserve Bank of India has today clarified that remittance in any form
towards participation in lottery schemes is prohibited under Foreign Exchange
Management Act, 1999. Further, these restrictions are also applicable to remittances
for participation in lottery-like schemes functioning under different names, such as,
money circulation scheme or remittances for the purpose of securing prize money /
awards, etc. The Reserve Bank of India has further clarified that it does not maintain any account in the name of individuals / companies / trusts in India to hold funds for disbursal.
fictitious offers for release of cheap funds claimed to have been remitted by overseas entities to banks in India / Reserve Bank of India. Members of public should also not make any remittance towards participation in such schemes/offers from unknown entities.
Describing the typical modality of such offers, the Reserve Bank of India
stated that certain foreign entities / individuals, including Indian residents acting as representatives of such entities / individuals, make offers through letters / emails,etc., of huge money in foreign currency to resident individuals / entities (including schools / hospitals), on the pretext of helping them in their business / ventures in India. Once the contact is established, the offer is followed by a request seeking details of bank account of the Individuals / Indian entity and asking some amount to be remitted to them as initial deposit / commission so that the offer money could be transferred. Likewise, references have been also received in the Reserve Bank in the recent past from individuals / authorised dealers seeking approvals / clarifications for effecting remittances in foreign currency towards commission / fees for receiving prizes won in overseas lottery schemes etc.
It has also come to the notice of the Reserve Bank that certain overseas organisations have been advising individuals / companies / trusts in India that huge sums of money for disbursal of loans in India at cheap rates has been kept in an account with the Reserve Bank and the funds would be released after approval from the Reserve Bank. To substantiate their claims, even copies of certificate / deposit receipts purported to have been issued by the Reserve Bank are produced by such operators.
The Reserve Bank of India has today clarified that remittance in any form
towards participation in lottery schemes is prohibited under Foreign Exchange
Management Act, 1999. Further, these restrictions are also applicable to remittances
for participation in lottery-like schemes functioning under different names, such as,
money circulation scheme or remittances for the purpose of securing prize money /
awards, etc. The Reserve Bank of India has further clarified that it does not maintain any account in the name of individuals / companies / trusts in India to hold funds for disbursal.
Doctor's prescription to revive Indian Economy
The Manmohan Singh Government has been concerned about the impact of the global financial crisis on the Indian economy and a number of steps have been taken to deal with this problem.
The first priority was to re-assure the people of the stability of the financial system in general and of the safety of bank deposits in particular. To this end, steps were taken to infuse liquidity into the banking system and also to address problems being faced by various non-bank financing companies. These steps have ensured that the financial system is functioning effectively without suffering the kind of loss of confidence experienced in the industrialised world.
Having assured stability of the system, the Government has focussed its attention on countering the impact of the global recession on India's economic growth. On the monetary side, the RBI has sought to pump sufficient liquidity into the banking system to enable bank credit to meet the expanded requirements of the economy keeping in mind the contraction in credit from non-bank sources. Banks have been provided adequate liquidity through a series of reductions in the CRR and additional flexibility in meeting the SLR requirement. Interest rate reductions have also been signalled by reductions in the repo and reverse repo rates, the most recent of which was announced on Saturday when both the repo rate and the reverse repo rate were cut by 100 basis points. Access to external commercial borrowings has also been liberalised so that borrowers capable of accessing funds from abroad are allowed to do so. The banks are being encouraged to counter what might otherwise become self-fulfilling negative expectations by enhanced lending to support economic activity.
These measures in the area of money and credit are being supplemented by fiscal measures designed to stimulate the economy. In recognition of the need for a fiscal stimulus, the government had consciously allowed the fiscal deficit to expand beyond the originally targeted level because of the loan waivers, issue of oil and fertilizer bonds and higher levels of food subsidy. In addition, the following steps are being taken:
1. Plan Expenditure:
In order to provide a contra-cyclical stimulus via plan expenditure, the Government has decided to seek authorisation for additional plan expenditure of upto Rs 20,000 crore in the current year. In addition, steps are being taken to ensure full utilisation of funds already provided, so that the pace of expenditure is maintained. The total spending programme in the balance four months of the current fiscal year, taking plan and non-plan expenditure together is expected to be Rs.300,000 crore.
The economy will continue to need stimulus in 2009-2010 also and this can be achieved by ensuring a substantial increase in plan expenditure as part of the budget for next year.
2. Reduction in Cenvat:
As an immediate measure to encourage additional spending, an across-the-board cut of 4% in the ad valorem Cenvat rate will be effected for the balance part of the current financial year on all products other than petroleum and those where the current rate is less than 4%.
3. Measures to Support Exports
i) Pre and post-shipment export credit for labour intensive exports, i.e., textiles (including handlooms, carpets and handicrafts), leather, gems & jewellery, marine products and SME sector is being made more attractive by providing an interest subvention of 2 percent upto 31/3/2009 subject to minimum rate of interest of 7 percent per annum
ii) Additional funds of Rs.1100 crore will be provided to ensure full refund of Terminal Excise duty/CST.
iii) An additional allocation for export incentive schemes of Rs.350 crore will be made.
iv) Government back-up guarantee will be made available to ECGC to the extent of Rs.350 crore to enable it to provide guarantees for exports to difficult markets/products.
v) Exporters will be allowed refund of service tax on foreign agent commissions of upto 10 percent of FOB value of exports. They will also be allowed refund of service tax on output services while availing of benefits under Duty Drawback Scheme.
4. Housing
Housing is a potentially very important source of employment and demand for critical sectors and there is a large unmet need for housing in the country, especially for middle and low income groups. The Reserve Bank has announced that it will shortly put in place a refinance facility of Rs.4000 crore for the National Housing Bank. In addition, one of the areas where plan expenditure can be increased relatively easily is the Indira Awas Yojana. As a further measure of support for this sector public sector banks will shortly announce a package for borrowers of home loans in two categories: (1) upto Rs.5 lakhs and (2) Rs 5 lakh-Rs 20 lakh. This sector will be kept under a close watch and additional measures would be taken as necessary to promote an accelerated growth trajectory.
5. MSME Sector
The Government attaches the highest priority to supporting the medium, small and micro enterprises (MSMEs) sector which is critical for employment generation. To facilitate the flow of credit to MSMEs, RBI has announced a refinance facility of Rs.7000 crore for SIDBI which will be available to support incremental lending, either directly to MSMEs or indirectly via banks, NBFCs and SFCs. In addition, the following steps are being taken.
(a) To boost collateral free lending, the current guarantee cover under Credit Guarantee Scheme for Micro and Small enterprises on loans will be extended from Rs.50 lakh to Rs.1 crore with guarantee cover of 50 percent.
(b) The lock in period for loans covered under the existing credit guarantee scheme will be reduced from 24 to 18 months, to encourage banks to cover more loans under the guarantee scheme.
(c) Government will issue an advisory to Central Public Sector Enterprises and request State Public Sector Enterprises to ensure prompt payment of bills of MSMEs. Easing of credit conditions generally should help PSUs to make such payments on schedule.
6. Textiles
(a) An additional allocation of Rs.1400 crore will be made to clear the entire backlog in TUF Scheme.
(b) All items of handicrafts will be included under 'Vishesh Krishi & Gram Udyog Yojana'.
7. Infrastructure Financing
A large number of infrastructure projects are now being cleared for implementation in the Public Private Partnership mode. These projects may experience difficulty in reaching financial closure given the current uncertainties in the financial world. In order to support financing of such projects, Government has decided to authorise the India Infrastructure Finance Company Limited (IIFCL) to raise Rs.10,000 crore through tax-free bonds by 31/3/2009. These funds will be used by IIFCL to refinance bank lending of longer maturity to eligible infrastructure projects, particularly in highways and port sectors. In this way it is expected that IIFCL resources used for refinance can leverage bank financing of double the amount. Depending on need, IIFCL will be permitted to raise further resources by issue of such bonds. In particular, these initiatives will support a PPP programme of Rs.100,000 crore in the highways sector.
8. Others
(a) Government departments will be allowed to take up replacement of government vehicles within the allowed budget, in relaxation of extant economy instructions.
(b) Import Duty on Naphtha for use in the power sector will be eliminated.
(c) Export duty on iron ore fines will be eliminated and on lumps will be reduced to 5%.
The Government is keeping a close watch on the evolving economic situation and will not hesitate to take any additional steps that may be needed to counter recessionary trends and maintain the pace of economic activity.
The first priority was to re-assure the people of the stability of the financial system in general and of the safety of bank deposits in particular. To this end, steps were taken to infuse liquidity into the banking system and also to address problems being faced by various non-bank financing companies. These steps have ensured that the financial system is functioning effectively without suffering the kind of loss of confidence experienced in the industrialised world.
Having assured stability of the system, the Government has focussed its attention on countering the impact of the global recession on India's economic growth. On the monetary side, the RBI has sought to pump sufficient liquidity into the banking system to enable bank credit to meet the expanded requirements of the economy keeping in mind the contraction in credit from non-bank sources. Banks have been provided adequate liquidity through a series of reductions in the CRR and additional flexibility in meeting the SLR requirement. Interest rate reductions have also been signalled by reductions in the repo and reverse repo rates, the most recent of which was announced on Saturday when both the repo rate and the reverse repo rate were cut by 100 basis points. Access to external commercial borrowings has also been liberalised so that borrowers capable of accessing funds from abroad are allowed to do so. The banks are being encouraged to counter what might otherwise become self-fulfilling negative expectations by enhanced lending to support economic activity.
These measures in the area of money and credit are being supplemented by fiscal measures designed to stimulate the economy. In recognition of the need for a fiscal stimulus, the government had consciously allowed the fiscal deficit to expand beyond the originally targeted level because of the loan waivers, issue of oil and fertilizer bonds and higher levels of food subsidy. In addition, the following steps are being taken:
1. Plan Expenditure:
In order to provide a contra-cyclical stimulus via plan expenditure, the Government has decided to seek authorisation for additional plan expenditure of upto Rs 20,000 crore in the current year. In addition, steps are being taken to ensure full utilisation of funds already provided, so that the pace of expenditure is maintained. The total spending programme in the balance four months of the current fiscal year, taking plan and non-plan expenditure together is expected to be Rs.300,000 crore.
The economy will continue to need stimulus in 2009-2010 also and this can be achieved by ensuring a substantial increase in plan expenditure as part of the budget for next year.
2. Reduction in Cenvat:
As an immediate measure to encourage additional spending, an across-the-board cut of 4% in the ad valorem Cenvat rate will be effected for the balance part of the current financial year on all products other than petroleum and those where the current rate is less than 4%.
3. Measures to Support Exports
i) Pre and post-shipment export credit for labour intensive exports, i.e., textiles (including handlooms, carpets and handicrafts), leather, gems & jewellery, marine products and SME sector is being made more attractive by providing an interest subvention of 2 percent upto 31/3/2009 subject to minimum rate of interest of 7 percent per annum
ii) Additional funds of Rs.1100 crore will be provided to ensure full refund of Terminal Excise duty/CST.
iii) An additional allocation for export incentive schemes of Rs.350 crore will be made.
iv) Government back-up guarantee will be made available to ECGC to the extent of Rs.350 crore to enable it to provide guarantees for exports to difficult markets/products.
v) Exporters will be allowed refund of service tax on foreign agent commissions of upto 10 percent of FOB value of exports. They will also be allowed refund of service tax on output services while availing of benefits under Duty Drawback Scheme.
4. Housing
Housing is a potentially very important source of employment and demand for critical sectors and there is a large unmet need for housing in the country, especially for middle and low income groups. The Reserve Bank has announced that it will shortly put in place a refinance facility of Rs.4000 crore for the National Housing Bank. In addition, one of the areas where plan expenditure can be increased relatively easily is the Indira Awas Yojana. As a further measure of support for this sector public sector banks will shortly announce a package for borrowers of home loans in two categories: (1) upto Rs.5 lakhs and (2) Rs 5 lakh-Rs 20 lakh. This sector will be kept under a close watch and additional measures would be taken as necessary to promote an accelerated growth trajectory.
5. MSME Sector
The Government attaches the highest priority to supporting the medium, small and micro enterprises (MSMEs) sector which is critical for employment generation. To facilitate the flow of credit to MSMEs, RBI has announced a refinance facility of Rs.7000 crore for SIDBI which will be available to support incremental lending, either directly to MSMEs or indirectly via banks, NBFCs and SFCs. In addition, the following steps are being taken.
(a) To boost collateral free lending, the current guarantee cover under Credit Guarantee Scheme for Micro and Small enterprises on loans will be extended from Rs.50 lakh to Rs.1 crore with guarantee cover of 50 percent.
(b) The lock in period for loans covered under the existing credit guarantee scheme will be reduced from 24 to 18 months, to encourage banks to cover more loans under the guarantee scheme.
(c) Government will issue an advisory to Central Public Sector Enterprises and request State Public Sector Enterprises to ensure prompt payment of bills of MSMEs. Easing of credit conditions generally should help PSUs to make such payments on schedule.
6. Textiles
(a) An additional allocation of Rs.1400 crore will be made to clear the entire backlog in TUF Scheme.
(b) All items of handicrafts will be included under 'Vishesh Krishi & Gram Udyog Yojana'.
7. Infrastructure Financing
A large number of infrastructure projects are now being cleared for implementation in the Public Private Partnership mode. These projects may experience difficulty in reaching financial closure given the current uncertainties in the financial world. In order to support financing of such projects, Government has decided to authorise the India Infrastructure Finance Company Limited (IIFCL) to raise Rs.10,000 crore through tax-free bonds by 31/3/2009. These funds will be used by IIFCL to refinance bank lending of longer maturity to eligible infrastructure projects, particularly in highways and port sectors. In this way it is expected that IIFCL resources used for refinance can leverage bank financing of double the amount. Depending on need, IIFCL will be permitted to raise further resources by issue of such bonds. In particular, these initiatives will support a PPP programme of Rs.100,000 crore in the highways sector.
8. Others
(a) Government departments will be allowed to take up replacement of government vehicles within the allowed budget, in relaxation of extant economy instructions.
(b) Import Duty on Naphtha for use in the power sector will be eliminated.
(c) Export duty on iron ore fines will be eliminated and on lumps will be reduced to 5%.
The Government is keeping a close watch on the evolving economic situation and will not hesitate to take any additional steps that may be needed to counter recessionary trends and maintain the pace of economic activity.
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