INDIAN NEWSPAPER HIGHLIGHTS - JULY 21, 2011.

NEW DELHI, July 21 Asia Pulse - Highlights of today's newspapers:

HINDU BUSINESS LINE:

- The Finance Minister, Mr Pranab Mukherjee, denied any 'reform fatigue' or policy inaction by the UPA Government.

- Backed by its clients' continued focus on optimising operations, Wipro Ltd posted 1.23 per cent year-on-year growth in its consolidated net profit.

- Indian consumers are increasingly using channels such as ATM, Internet and mobile for banking transactions.

THE FINANCIAL EXPRESS:

- Finance Minister Pranab Mukherjee on Wednesday sought to dispel the impression of a policy paralysis hurting the economy, citing legislative initiatives for reform in areas like mining, food security, taxation, infrastructure and the financial sector, but ascribed the tardy progress of work to processes that cannot be overstepped.

- A week into office, environment minister Jayanthi Natarajan is in damage control mode. She's busy improving relations with the infrastructure ministries that were spoiled during her predecessor Jairam Ramesh's tenure. Consequently, her current focus is on getting the post-Jairam environment right.

- Wipro Ltd, the software and consumer care conglomerate, on Wednesday reported a 1.23 per cent increase in consolidated net profit at R1,335 crore while revenues rose 18 per cent to R8,564 crore.

THE MINT:

- The Comptroller and Auditor General of India (CAG) will not stop chasing the big fish despite the unhappiness within the government on the nation's top audit body questioning serious irregularities in policies and dealings with public enterprises. Even Prime Minister Manmohan Singh recently said that CAG had overstepped its mandate.

- Rising interest rates and commodity prices are hurting profitability at Indian firms although clear signs of an economic slowdown are yet to emerge from first quarter earnings numbers.

- If there is one feeling the government fears most it is the sense of despondency, both outside as well as within some sections of the government, that seems to be rapidly gaining ground. Part of the problem, government insiders argue, is that the media highlights the negatives and glosses over the good parts.

ASIA PULSE ry 21-07 1701