2011 April Economic Issues



Rajendra Pawar is new Nasscom Chairman

The National Association of Software and Services Companies (Nasscom) announced Rajendra S. Pawar as the new Chairman of its Executive Council for 2011-12.

He succeeds Harsh Manglik. Mr. Pawar has been a member of the Nasscom's Executive Council and is now the Chairman and Co-founder of NIIT Technologies. 

Nasscom also announced the appointment of N. Chandrasekaran, Tata Consultancy Services CEO and Managing Director, as Vice-Chairman of the Executive Council.





OIL signs MoU with TERI

Oil India Limited (OIL) has signed a memorandum of understanding (MoU) with The Energy and Resources Institute (TERI) for research and collaboration in petroleum biotechnology and new and renewable energy sources.





Diamond Retail Benchmark launched

The All India Gems and Jewellery Trade Federation (GJF) announced the launch of the Diamond Retail Benchmark (DRB), a price chart for retail buyers of diamonds.

The new index, developed by IDEX Online, an Israeli company, would ensure greater transparency in the pricing of cut diamonds in the country, depending on the quality and various other parameters.

IDEX Online Managing Director Yaron Barzilay said the new index would ensure that sellers did not overcharge diamond customers.





Haats at India-Bangladesh border to open in June

Union Commerce and Industry Minister Anand Sharma has said that the India-Bangladesh border haats (markets) will be inaugurated in June this year that would boost bilateral trade.

$3.5 b private sector investment is in the pipeline. Countervailing duties on jute exports from Bangladesh lifted





ADB to provide 150 million US dollars to India

The Asian Development Bank (ADB) will provide India, 150 million US dollars in credit guarantees to increase solar power generation in the country.

It will help to mobilise long term funding for solar energy development and support India's efforts to push its programme to diversify energy mix.





Wipro Technologies ranked 2nd globally by US Diversity Council

Wipro Technologies, the global IT, Consulting and Outsourcing business of Wipro Limited, announced it has been ranked second in the list of Top 25 US diversity councils, by The Association of Diversity Councils.





BHEL records 40 % rise in net profit at Rs.6,021 crore

Bharat Heavy Electrical Limited (BHEL) announced a record 40 per cent rise in net profit at Rs.6,021 crore in 2010-11 against Rs. 4,311 crore.





Venus Remedies bags TQM award

Venus Remedies, a leading research-based pharmaceutical company, bagged an international award QC-100 TQM (total quality management) in gold category in recognition of its commitment to quality, system efficiency, leadership, technology and innovation. 

The awards were given by Business Initiative Directions (BID) International Quality Convention 2011 held in Geneva.





Prime Minister of Thailand Abhisit Vejjajiva said bilateral trade between the two nations was likely to touch $10 billion by 2012.





Global trade to grow by 6.5 % in 2011

Global trade is projected to grow by a modest 6.5 per cent this year as uncertainties continue to persist in major economies like Japan





IMF lowers India's growth forecast to 8.2 % for 2011

International Monetary Fund (IMF) has lowered India's economic growth rate forecast to 8.2 per cent for 2011 and warned that boom like conditions could lead to over-heating of the economy. 

The multilateral lending agency had earlier projected the country's economy to grow by 8.4 per cent in 2011.





$150-m World Bank loan for India service system

The World Bank has approved $150 million loan for India to accelerate implementation of its National e-Governance Plan (NeGP), which is aimed at transforming the service delivery system across the country.





NABARD projects Rs. 41,085-crore credit potential for Karnataka

The National Bank for Agriculture and Rural Development (NABARD) has projected a credit potential of Rs. 41,085 crore for the farm and non-farm activities in the State in 2011-12. 

Focus on projects to be sanctioned under (RIDF) Rural Infrastructure Development Fund.

76 new villages in the State included under (VDP) Village Development Programme



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