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January 2010 Economy

Prime Ministers Manmohan Singh received the report of the task force on micro, small and medium enterprises (MSME) headed by T.K.A.Nair.

Recommendations of the task force are:

  1. Changes in polices to help growth of the sector
  2. Roadmap for the development and promotion of the sector
  3. In setting up of appropriate legal and regulatory structures to create a conducive environment for entrepreneurship and growth of MSMEs. 

The Reserve Bank of India (RBI) hiked the Cash Reserve Ratio (CRR) — the portion of deposits that commercial banks are required to keep with the central bank — by 75 basis points from 5 per cent to 5.75 per cent.

The CRR increase would be in two stages: the first stage of increase of 50 basis points will be effective the fortnight beginning February 13, 2010 followed by the next stage of increase of 25 basis points effective the fortnight beginning February 27, 2010.

National Aluminium Company Limited (NALCO) announced its plan to setup mines and refinery project in visakhapatnam, AndhraPradesh at a cost of $1.2 billion and the smelter and a captive power plant with a cost of 16,350 crore in Brajrajnagar in Tharsiguda district, Orissa.

Country's largest iron ore miner NMDC and the world's premier diamond producer De Beers found traces of diamond deposits in kalahandi, Nawaranpur, Nuapada and Bolangir dists of Orissa and in kurnool, Prakasam and Anantpur districts of Andhrapradesh.

The Union Cabinet approved ONGC Videsh Limited's (OVL) proposal to invest $359 million (Rs. 1,651 crore) for oil exploration in two deep-sea blocks in Nigeria over the next five years. OVL is the over seas investment arm of state-run Oil and Natural Gas Corporation (ONGC).

The Union Finance Ministry agreed to release over 12,000 crore in cash to loss making state-run oil companies to cover for losses in the current fiscal. The projected loss of IOC, BPCL and HPCL on the sale of domestic LPG and kerosene below cost is Rs. 29,405 crore. Another 12,000 crore loss is projected on petrol and diesel.

National Textile Corporation Limited (NTC) inaugurated three "revival-cum-modernisation" textile mills, Tata Mills, Podar mills and the India United Mill no.5 with a capital outlay of Rs. 130 crore.

The Asian development Bank (ADB) had Sanctioned $150 million aid for the Khadi and village Industries commission (KVIC). 

ONGC petro - Additions, a joint venture firm promoted by ONGC, plans to set up a grassroots Integrated Petro Chemical Complex at a cost of Rs 13,000 crore at Dahej in Gujarat. 

Bharti Airtel, India's leading telecom services provider said it had agreed to acquire a 70% stake in Warid Telecom, Bangladesh, currently a wholly-owned subsidiary of the Dhabi Group and will make a fresh investment of $ 300 million to expand the operations of Warid Telecom. 

The Union Cabinet approved the proposal of the U.S-based soft drinks major, Pepsico Holdings Pvt. Ltd to inject additional equity of $ 200 million (around Rs. 930 crore) into its Indian arm within three years. With this Pepsico's total FDI into the country reaches $ 655 million. 



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