| POLICY WATCH |
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Govt sets up panel of state ministers for industrial growth
| In a move to achieve the target of attracting US$ 50 billion foreign capital inflows into the country by 2012, the government has constituted a high-level committee of state industry ministers that would work to create proper road maps for states and their industrial development. |
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Six SEZ proposals get govt nod
| The government has approved six proposals for setting up of special economic zones (SEZs), including a proposal for a gems and jewellery SEZ submitted by the Delhi State Industrial and Infrastructure Development Corporation. |
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Irda unveils norms for health-life combo product
| The Insurance Regulatory and Development Authority (IRDA) has come out with guidelines on combining a pure term plan and a health policy. The policy will be called a 'Health plus Life Combi Product'. |
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| PEOPLE |
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Ratan Tata receives Italian honour
| Ratan Tata, Tata Group Chairman, has been conferred with the rank of 'Grand Officer' of the Order of Merit in recognition of the conglomerate's service to Italy by the Italian minister for economic development, Claudio Scajola. |
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Prof C N R Rao awarded the highest international medal in chemistry
| Professor C N R Rao has been awarded the highest international medal in chemistry, becoming the first Indian to be awarded the prestigious medal, instituted by the German Chemical Society, for his outstanding contributions to the field. |
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Indian named head of Amnesty International
| Indian anti-poverty campaigner, Salil Shetty, has been appointed the next Secretary General of Amnesty International, the human rights organisation announced in London. A former director of the UN's Millennium Campaign, Mr Shetty is the first Indian national to head Amnesty in its 50-year history. |
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| ECONOMY AND ENTERPRISE |
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India industrial output up 10.3 pct in October
| India's factory output rose 10.3 per cent in October 2009 over the previous year, with manufacturing output growing 11.1 per cent, and consumer durables production and capital goods production posting growth of 21 per cent and 12.2 per cent, respectively. |
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Moody's and S&P's positive India outlook
| India is set to expand by more than 8 per cent in 2010, boosted by the fillip from infrastructure and expected tourism spending ahead of the Commonwealth Games in New Delhi, according to Moody's 'Asia-Pacific Outlook 2010'. |
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Consumers optimistic, says MasterCard survey
| Consumer sentiment in India is up on three economic indicators—employment, the stock market and regular income—according to the latest MasterCard Worldwide Index of Consumer Confidence survey. |
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India leads real estate investment market in Asia
| India leads the top real estate investment markets in Asia for 2010, according to a study by PricewaterhouseCoopers (PwC) and the Urban Land Institute, a global non-profit education and research institute. |
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M&M gets into Aerospace, acquires two Aussie firms
| Automobile major, Mahindra & Mahindra (M&M), has forayed into the aerospace business by acquiring majority stakes in two Australian companies, Aerostaff Australia and Gippsland Aeronautics. |
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Kotak ties up with Russia's top i-bank
| Kotak Investment Banking has announced an alliance with Renaissance Capital, Russia's biggest home-grown investment bank. The alliance aims to leverage on Renaissance's franchise in Russia, Africa and the former Soviet Union and Kotak's Indian experience to help big companies explore each other's markets. |
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Corus to invest 35 mn pounds in France rail unit
| Corus, a subsidiary of Tata Steel, has decided to invest €35 million (US$ 50.38 million) pounds at its rail production facility in Hayange, France.The move has come after the Europe's second largest steel maker secured contract worth €350 million (US$ 503.79 million) from the French railway operator SNCF. |
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Ruia Group acquires 60% stake in Henniges Automotive Grefrath
| Kolkata-based Pawan Kumar Ruia Group has acquired a 60 per cent stake in Germany's Henniges Automotive Grefrath GmbH, a supplier of automotive sealing systems to leading carmakers. |
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Varun Energy acquires Madagascar uranium mines
| Varun Energy Corporation, a part of steel exporter Varun Industries Limited, has acquired 1,111 blocks with estimated reserves of 1.7 million tonnes of uranium in Madagascar. |
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SPECIAL - Insurance Industry |
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The domestic life insurance industry has posted 18 per cent growth in the first six months of the current fiscal, according to latest data released by the Life Insurance Council. The industry reported a 21 per cent growth in total premium (new business and renewal) at US$ 25.82 billion in the April-October 2009 period, as against US$ 21.28 billion in the corresponding period last year.
Meanwhile, insurance companies are emerging as a major force on the stock markets and recent data from the Life Council of India and the Life Insurance Corporation (LIC) reveals that the insurance industry now manages equity assets worth nearly Rs 2.7 trillion (US$ 57.85 billion). |
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"India is a very entrepreneurial, vibrant, dynamic market with lots of energy, lots of potential, all at the same time. It is a 'high-risk, high-reward' type of market."
Mikhail Shamolin
Chief Executive Officer
Mobile TeleSystems (MTS) |
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| India continues to hold number one position in global milk production, with its milk output for the year 2008-09 standing at 110 million tonnes. |
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IndusInd Bank launches first solar-powered ATM
| IndusInd Bank, a private sector bank, has inaugurated Mumbai's first solar-powered automated teller machine (ATM) as part of its Green Office Project campaign. |
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Haryana and Punjab to harness green energy
| The states of Punjab and Haryana are gearing up to harness the renewable energy in the region. This was stated at an international conference on energy conservation chaired by Dr Farook Abdullah, the Union Minister of New and Renewable Energy, in Chandigarh. |
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Cos engaged in eco-friendly biz post return of 105%
| Green enterprises—engaged in businesses such as hydropower, solar energy, bio-diesel, ethanol and plantation—outperformed the broader market by a wide margin this year and boosted their bottomlines significantly, according to an analysis by Economic Times. |
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