| POLICY
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Cabinet
clears way for 49% FDI in insurance
The
Union Cabinet has cleared the Insurance
(Amendment) Bill 2008 - to be cleared by the
Parliament - which allows 49 per cent foreign
direct investment (FDI) in insurance, up from
the 26 per cent earlier. [More]
Interest
paid to foreign co on convertible debentures
taxable
The Authority for Advance Rulings
(AAR) has said that the interest paid to a
foreign company on convertible debentures
constitutes the foreign company's income and is
liable to be taxed in India. [More]
NBFCs
allowed to issue perpetual debt
papers
According to a circular issued by
the Reserve Bank of India (RBI),
non-deposit-taking non-banking finance companies
(NBFCs), with an asset size of US$ 20.96 million
and above, can increase their capital funds by
issuing perpetual debt instruments (PDIs). [More]
'End-use
restrictions on ECBs to stay for
now'
There will be no relaxation or
removal of end-use restrictions under the
liberalised external commercial borrowing (ECB)
policy, according to Mr Ashok Chawla, Secretary,
Department of Economic Affairs in the Finance
Ministry. [More]
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| PEOPLE |
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Pandit Bhimsen Joshi to get Bharat
Ratna
Hindustani classical music legend,
Pandit Bhimsen Joshi, will receive the Bharat
Ratna, the nation's highest civilian honour, for
his noteworthy contribution to music. [More]
Frost
& Sullivan Leadership Award for Satyam
chief
Ramalinga Raju, Founder and
Chairman of Satyam Computer Services, received
the prestigious Frost & Sullivan Excellence
in Leadership award for 2008 at a ceremony in
Kuala Lumpur, Malaysia. [More]
World's
100 most influential telecom leaders list has 7
Indians
Seven Indians, including Tata
Communications Chief Executive, Srinath
Narasimhan who ranks 8th, feature among the
world's 100 most influential telecom leaders. [More]
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| ECONOMY AND
ENTERPRISE |
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Over
US$ 500 billion needed for core sector:
PM
India needs over US$ 500 billion in
investments over the next five years for
infrastructure development, according to Prime
Minister, Dr Manmohan Singh. [More]
S&P
outlook on India's long-term rating remains
stable
According to Standard and Poor's,
the gradual deregulation of the industrial
sector, continued trade liberalisation and a
dynamic service sector augur well for India's
economic prospects with growth likely to average
more than 7 per cent in the medium term. [More]
Mkt
slowdown temporary, finds CII-PwC
survey
Most Indian companies feel that
the slowdown in Indian markets is a temporary
phenomenon even in the face of a severe global
liquidity crunch, according to a CII and
PricewaterhouseCoopers (PwC) report. [More]
CRR
and Repo rate cut by RBI
The Reserve Bank
of India (RBI) made further cuts in the cash
reserve ratio (CRR) and repo rate - by 1 per
cent and 0.5 per cent respectively - on November
1, 2008 to infuse more liquidity into the
system. [More]
India
Inc hails govt steps to ease
crisis
Subsequent to the Prime Minister's
meeting with industry leaders, Confederation of
Indian Industry (CII) President, K V Kamath,
lauded the government's efforts to infuse
liquidty in the system and said the industry
felt reassured that the government and industry
will work together to address challenges facing
the industry. [More]
Your
journey will inspire people around the world:
PM
Congratulating Senator Barack Obama on
his win, Prime Minister Dr Manmohan Singh said
India looks forward to working with him on world
peace, stability and progress to realise the
full potential for cooperation that exists
between India and the US. [More]
Indian
companies post 225% investment growth amid
gloom
A record 7,068 new projects worth
over Rs. 5 lakh crore (US$ 105.44 billion) were
announced in the first six months of financial
year 2008-09, according to a study "Project
Investments in India" carried out by
ProjectsToday, India's leading online database
on projects investment in India. [More]
Norway's
Telenor buys Unitech's telecom
firm
Norway-based Telenor, the world's
seventh largest telecom operator with a
subscriber base of about 159 million, has bought
a 60 per cent stake in new-generation telecom
company, Unitech Wireless for Rs 6,120 crore
(US$ 1.29 billion). [More]
NDS
to invest $150 mn in Indian
operations
UK-based global digital pay
and interactive TV technology provider, NDS
Group, will invest US$ 150 million in the next
four years in India for enhancing its
operations. [More]
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"Much of the world is flat or declining. Only
India is growing."
Daniel J
Magoon
Director
Indian Business
Development, Transportation and Security
Solutions
Lockheed
Martin |
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Deans
of 1,000 business schools from 153 countries
elected the Indian Institute of Management -
Bangalore(IIM-B) among the best B-schools in
Central Asia, and No.1 in India, according to a
recent survey conducted by Eduniversal, a unit
of the French consulting firm SMBG. [More]
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'India
can lead fight against climate
change'
Addressing CEOs of the
TERI-Business Council for Sustainable
Development, UN Secretary General, Ban Ki-moon,
said India has the potential to provide
leadership in combating the effects of climate
change. [More]
Dr
Reddy's to focus on eco-friendly manufacturing
process
Pharmaceutical major Dr Reddy's
Laboratories (DRL) will focus on 'green
chemistry' to make the process of drug design
and manufacture more environment friendly.[More]
Ispat
Energy plans to produce bio-CNG
Ispat
Energy Ltd, a subsidiary of Ispat Industries
Ltd, plans to invest about Rs 1,000 crore (US$
211.26 million) in the current fiscal for
producing bio-CNG from pressmud, a byproduct of
sugarcane processing. [More]
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