Economy
India’s GDP to remain below 6% for 2012-13
CII(Confederation of Indian Industry) survey indicated that the GDP growth during 2012-13 is expected to remain below 6 percent
India falls 3 places to 59th in WEF's global competitiveness index
India's ranking declined by three places to 59th position in the World Economic Forum's (WEF) Global Competitiveness Index 2012-2013, due mainly to ''disappointing performance'' in the basic factors underpinning competitiveness.Switzerland, for the fourth consecutive year, tops the overall rankings in The Global Competitiveness Report 2012-2013, released today by the World Economic Forum. Singapore remains in second position and Finland in third position.
Planning Commission for cut in 12th Plan annual GDP growth target to 8.2%
Planning Commission is proposing to lower annual average growth target for the 12th Five Year Plan (2012-17) to 8.2 per cent from its earlier projection of 9 per cent in view of uncertain global environment and sluggish performance of the manufacturing sector at home.
Cabinet Allows FDI in Retail, Aviation, Broadcasting
The Cabinet headed by Prime Minister Manmohan Singh cleared the decision to operationalise 51 per cent FDI in multi-brand retail ,49% FDI in Foreign Airlines ,74%FDI in Broadcast Services and 49%FDI in Power Trading Exchanges.
Courage, risks needed to reach 8.2% growth target: PM
Prime Minister Manmohan Singh Speaking at a Planning Commission meeting on 15th September 2012 announced the target for GDP growth in 12th plan as 8.2%. The Prime Minister said the 12th Plan target has been brought down from 9% to 8.2%, with agricultural growth at 4%.He said that poverty declined twice as fast between 2004-05 and 2009-10 than it did in the previous 10 years.
CRR cut to inject Rs.17,000 crore
The Reserve Bank of India (RBI), on 17th September 2012, retained the indicative policy rates at the current level while cutting the Cash Reserve Ratio (CRR) by 25 basis points to 4.50 per cent, injecting a liquidity of around Rs.17,000 crore into the banking system.
India-Burundi Joint Statement
President of the Republic of Burundi visited India from 17 to 19 September 2012. During this visit, India and Burundi signed three agreements-(i) Exchange Programme for Cooperation in the field of Education, (ii) Memorandum of Understanding on Cooperation in the field of Rural Development and (iii) Memorandum of Understanding on Cooperation in the field of Health and Medicine. Besides, India also announced a Line of Credit of 42.38 million US dollars for Farm Mechanisation and Integrated Food Processing Complex in Burundi.
Naveen Jindal tops executive pay chart with Rs 73.4 crore package
The Chairperson and Managing Director of Jindal Steel and Power Ltd (JSPL),Naveen Jindal has topped the executive pay charts for listed companies in the country with a package of Rs 73.42 crore for the last fiscal 2011-12, which grew by over Rs six crore from previous year.