The United Nations Conference on Trade and Development (UNCTAD) released its annual world investment report-2009, which analyses the latest trends in foreign direct investment and has a special focus on agriculture.
Reliance Industries Limited and Reliance Petroleum Limited were finally merged on March 2, 2009. Reliance Industries Limited is India’s largest company by market capitalisation.
In the General Budget 2009-10, Fringe benefit tax was abolished. Fringe benefit tax was the tax on perquisites extended to salaried employees and was paid by the employer.
The Trade ministry in a new policy move announced new liberalised Foreign Direct Investment norms for Micro and Small enterprises (MSEs) replacing the 24 per cent ceiling on foreign holding with sectoral caps.
The Finance Ministry has introduced the draft of new Direct tax code that will replace the old taxation system of 1961.
Parliament has adopted the Prevention of Money Laundering (Amendment) Bill, 2009. This bill aims at combating money laundering, terror financing and cross-border economic offenses.
In order to make the functioning of profit making PSUs more efficient, the Central government has decided to give them more autonomy in their day to day functioning.
Following the global pattern of releasing the inflation data on the monthly basis, the central government has also starting doing so by releasing the headline inflation data on a monthly basis for most of the items tracked by the wholesale Price Index (WPI).
According to the data released by the Finance Ministry, country’s foreign debt stood at $230.85 billion at the end of the December 2008.
According to the list of 400 richest Americans released by the Business Magazine Forbes, Bill Gates the owner of Microsoft, is richest man of the globe with a net worth of $50 billion.
During the financial year 2008-09, India’s Information Technology sector growth rate has gone down to single digit. According to the Central Statistical Organisation (CSO), growth rate may well be 9 percent.
According to the report submitted by Prime Minister’s Economic Advisory Council, the country’s economy may grow by 6.75 per cent this year despite bad monsoon affecting agricultural sector output.
The US business magazine Forbes has included 47 Indian companies in its list of “Global 2000 list” for the year 2009.Forbes has compiled rankings on the basis of a composite score of sales, profit, assets and market capitalisation.
The Thirteenth Finance Commission has submitted its report to President in December 2009. The report was submitted by the Chairman of Commission Dr.Vijay Kelkar.