The Indian finance ministry has slashed the external commercial borrowing programme of state-owned Great Eastern Shipping Co by two-thirds to US$50 million. The ministry's decision follows declining income from the company's main operations during the year to March 31, even though the size of its total loans almost doubled over the 12 months. The company's income from its shipping and trading operations slipped during the year to 7.57 billion rupees (about HK$1.63 billion) from 7.81 billion the previous year.
