| POLICY WATCH |
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MNC liaison offices may get tax breather
A recent ruling by the Authority for Advance Rulings (AAR) exempting the liason office of Ikea Trading (Hong Kong) from income tax as it does not earn any income in India may set an important precedent for foreign retailers with similar operations in India. [More]
Government approves Integrated Energy Policy
The government has approved an Integrated Energy Policy that aims at optimal exploitation of domestic energy resources and exploring and acquiring energy assets abroad to attain energy security for the country. [More]
Irda liberalises investment norms
The Insurance Regulatory and Development Authority (IRDA) has allowed insurers to acquire up to 20 per cent debt and equity in an infrastructure-related company, compared with 10 per cent earlier. [More]
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| PEOPLE |
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Newsweek's list of most powerful people features Sonia, Shah Rukh
Congress President Sonia Gandhi and actor Shah Rukh Khan have been ranked among the 50 most-powerful people in the world by Newsweek, the US-based news magazine, in its January 2009 issue. [More]
Chevalier dans l'Ordre des Palmes Academiques for Dr Leena Srivastava of TERI
Dr Leena Srivastava, Executive Director Operations, The Energy and Resources Institute (TERI) has been appointed Knight of the Order of Academic Palms (Chevalier dans l'Ordre des Palmes Academiques) by the Prime Minister of the French Republic. [More]
Indian-American doctor among top 10 US hospitalists
Tapan Thakur, an Indian-American doctor is among the top 10 hospitalists of the United States according to a list published by the 'Hospitalist Journal of the American College of Physicians'. [More]
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| ECONOMY AND ENTERPRISE |
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Fiscal stimulus II eases India Inc's access to money
The second fiscal stimulus package, announced on January 2, 2009 liberalised overseas borrowing norms, restored benefits to exporters, set up an alternative channel of finance for non-banking finance companies and allowed state-run India Infrastructure Finance Company Ltd (IIFCL) to issue additional tax-free bonds. [More]
Mid-year review report forecasts 7-8% growth
Addressing reporters after the mid year review report for 2008-09 was tabled in the Lok Sabha, Chief Economic Advisor in the Finance Ministry, Dr Arvind Virmani said growth on the whole in 2008-09 is expected to be around 7-8 per cent. [More]
Rs 1,00,000-cr infra push likely
As the demand for a grand stimulus gathers steam, the government is targetting an investment of Rs 1,00,000 crore (US$ 20.45 billion) in the infrastructure sector within the next two years using the public-private-partnership (PPP) route. [More]
Bank lending surges 76% during Apr-Nov
Lending by banks rose more than 76 per cent to Rs 2,80,000 crore (US$ 57.26 billion) during April-November 2008-09 from the same period a year ago, according to data available with the Reserve Bank of India (RBI). [More]
Services sector retains growth rate of 10-20 per cent
Despite the global economic slowdown, some segments of India's services sector, including information technology, education and organised retail, retained growth rate of 10-20 per cent this fiscal. [More]
Agri cos record biggest profit gains in first half
One out of every five listed companies in India declared higher profits in the first half of fiscal 2008-09, an ET analysis shows, with the farm inputs and farm machinery companies being the biggest gainers. [More]
E&Y report states BRIC nations to account for 40 per cent of world growth by 2020
According to global consultancy firm, Ernst & Young, due to a "tectonic shift" in the distribution of global capital over the next decade, the BRIC nations - Brazil, Russia, India and China - are likely to contribute 40 per cent of global economic growth in the next 10 years. [More]
ONGC snaps up Imperial Energy for $ 1.9 b
Oil and Natural Gas Corporation (ONGC) has taken control of Imperial Energy Plc for £1.3 billion (US$ 1.9 billion) after a majority of the London-listed firm's shareholders accepted the takeover offer made by the state-owned explorer's overseas arm, ONGC Videsh Ltd (OVL). [More]
Wipro buys Citi Tech for $127 mn
Wipro Technologies has acquired Citi Technology Services - the captive delivery centre of IT services and solutions centre of Citigroup in India - for US$ 127 million in an all cash deal. [More]
Infosys in top 20 of MAKE study
Infosys Technologies, an information technology services company, has been recognised amongst the top 20 global companies to be listed in the Most Admired Knowledge Enterprises (MAKE) study, 2008. [More]
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The FMCG sector has seen a lot of activity lately - four acquisitions in 12 months by three firms, brand extensions by marketers such as Nestle and PepsiCo and a stronger interest in and commitment to India by FMCG major Procter & Gamble (P&G) even as rural India emerges as the rapidly-growing new market for FMCG products.
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"There are enormous opportunities to be tapped in India... The market here is good for both topline growth and profitability..."
Andrew Moss
Group Chief Executive
Aviva plc |
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The foundation stone for India's first maritime university was recently laid near Chennai by Tamil Nadu Chief Minister Mr M Karunanidhi. It will have campuses at Chennai, Kolkata, Mumbai and Visakhapatnam and will be set up on the lines of the World Maritime University (WMU) in Malmo, Switzerland. [More]
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ITC launches ozone-treated green paper
Adding to its bouquet of green initiatives, ITC Ltd has launched a multipurpose green paper - Paperkraft Premium Business Paper - created with Ozone Treated Elemental Chlorine Free Technology, an environment-friendly technology used for the first time in India. [More]
NTPC chalks out 'green plans'
NTPC Ltd, the country's largest power generator, is targeting over 1,000 MW of renewable capacity over the next ten years, including 650 MW of wind energy and 300 MW of small hydro projects. [More]
IOC to open India's first hydrogen fuel pump
Indian Oil Corporation (IOC), the country's largest oil marketing company by sales, plans to open the country's first hydrogen fuel-dispensing station in New Delhi next month. In terms of mileage efficiency, cost of fuel and emissions, hydrogen is considered superior to CNG, and a step forward in providing clean fuel to commuters. [More]
Oriental Green plans Rs 1,100-cr biomass power units
Oriental Green Power, a renewable energy generation company promoted by the Chennai-based Shriram EPC is planning to set up eight biomass-based power plants across India with an investment of Rs 1,000 crore (US$ 203.96 million) to Rs 1,100 crore (US$ 224.43 million) over the next two years. [More]
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