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Union Budget 2010-11-Sector-wise Analysis

Oct 23, 2010
India received FDI equity inflows of US$ 20.9 billion during April-December, 2009.

Union Budget 2010-11- Sector-wise Allocation

Oct 23, 2010
Agriculture & Related Activities- Rs 12308.47 crore

Union Budget 2010-11- New Schemes Introduced

Oct 23, 2010
New Schemes introduced in the 2010-11 Budget and the fund allocated to them are as follows

Share Sale in SAIL

Oct 23, 2010
The Union Steel Ministry on 10 Feb 2010 declared it would send to the Union Cabinet the proposal for the 20-per cent share sale in Steel Authority of India Ltd. (SAIL) within 10 days. The share-sale proposal which would see the company raise 10 per cent fresh equity, is expected to fetch the government and the firm around Rs. 9000 crore each, based on the current share price.

Reserve Bank Measures Raised Online Transactions

Oct 23, 2010
The Reserve Bank of India in February 2010 made it mandatory for banks to introduce an additional password for online transactions. Following this measure number of online transactions moved up both in terms of volume and value in the past few months.

Release of Equity infusion to NACIL

Oct 23, 2010
The Indian Central government approved the proposal for release of equity infusion of Rs 800 crore in two equal monthly instalments to National Aviation Company of India Ltd (NACIL), the holding company of Air India on 18 Feb 2010. The equity infusion would help the Air India facing severe financial losses to tide over its cash flow problem and finance fleet acquisition plans.

Sensex Fell by 2.92%

Oct 23, 2010
With President Barack Obama placing trading and investment curbs on US banks, the banks downsized their lending portfolios and asked hedge funds to return their money. Hedge funds in turn unwinded in the overseas markets.

Average Mutual Fund Assets Fell in Jan 2010

Oct 23, 2010
The average assets under management (AUM) of the mutual fund industry fell four per cent in January 2010 to Rs 761632 crore from Rs 794486 crore in December 2009

Limit for Collateral-free Loans to MSE Doubled

Oct 22, 2010
In an attempt to meet the funding requirements of the fund starved MSEs, the RBI doubled the limit for collateral-free loans from 5 lakhs to Rs 10 lakh to the micro and small enterprises (MSEs) on 15 April 2010. The measure was adopted following following the recommendations of an RBI-constituted working group headed by one of the executive directors of the central bank VK Sharma.

SBI to Set Up Windmills

Oct 22, 2010
State Bank of India (SBI) inaugurated the bank’s first wind power project in Coimbatore on 23 April 2010. The bank decided to set up windmills for captive use to substitute polluting thermal power.

Restrictions Imposed on Export of Cotton

Oct 22, 2010
The Textile Commissioner declared on 19 April 2010 that there would be no more registration of contracts for the export of cotton and that there would be restrictions in case of exports. These measures were adopted by the center as part of an effort to ensure that adequate quantity of the raw material was available to meet the needs of the domestic garmenting and handloom sectors.

ICAI and CBEC Signed MoU

Oct 22, 2010
The Institute of Chartered Accountants of India (ICAI) signed a memorandum of understanding (MoU) with the Central Board of Excise and Customs (CBEC) in April 2010 to improve tax-payer services. This initiative is expected to help all those assesses who may not have the requisite IT infrastructure, or resources, to use the Automation of Central Excise and Service Tax (ACES) programme to improve tax-payer services.

Feasibility of Interest-free Islamic Banking Discussed

Oct 21, 2010
A joint delegation of Rajasthan Muslim Forum and the Indian Centre for Islamic Finance met Union Minister of State for Finance Namonarain Meena in New Delhi on 17 April 2010. The purpose of the meeting was to discuss with him the feasibility of interest-free Islamic banking in India.

Fertiliser Companies Hiked Prices

Oct 21, 2010
Following the Centre's decision to de-control prices of all non-urea fertilisers with effect from 1 April 2010, as part of the changeover to a nutrient-based subsidy (NBS) regime, fertiliser companies resorted to Rs 30-35 per bag hike in prices of di-ammonium phosphate (DAP), muriate of potash (MOP) and various complexes.

The BSE Index Touched Two Year High

Oct 21, 2010
The Bombay Stock Exchange sensitive index, Sensex, ended at a two-year high on 5 April 2010 as buying gathered momentum as a result of an upbeat U.S. job data. The benchmark BSE 30-share Sensex ended with a gain of 243.06 points at 17935.68, its highest close since February 2008.

EPFO to Invest in Corporate Bonds

Oct 21, 2010
The Employees Provident Fund Organisation’s Central Board of Trustees (CBT) at a meeting on 9 April 2010 decided that the Employees Provident Fund Organisation (EPFO) would be able to invest its funds in corporate bonds of joint sector companies where the Government has a minimum 26 per cent stake. Previously EPFO funds were mainly parked in Government securities and bonds of companies in which Government had over 51 per cent stake.

Amendments to the RFQ

Oct 20, 2010
Amendments to the Request For Qualification (RFQ) was approved by the Ministry of Road Transport & Highways on 26 March 2010. The amendment introduced three more slabs to assess financial capacity of bidders for mega road projects (mega roads — with total project cost (TPC) at Rs 3000 or more).

Benchmark Capital Cost for the New LWR Imports

Oct 20, 2010
The Indian government in March 2010 fixed the benchmark capital cost for the new Light Water Reactor (LWR) imports that are under discussion with Russia, France and the US at $1600 per kilowatt, or around Rs 7.2 crore per mega watt. A sum of is $1600 per kilowatt for each of the four Russian ‘VVER' reactors coming up at Koodankulam was sanctioned to the Department of Atomic Energy.

Teaser Home Loan Rates Extended

Oct 19, 2010
Banks in the private and public sector in India in April 2010 started extending the teaser home loan rates. The government warned the lenders against such loans mentioning it to be "matter of regulatory concern and may impact financial stability”.

Service Tax in the Housing Sector Lowered

Oct 19, 2010
The Indian Government on 29 April 2010 lowered service tax in the housing sector to 2.57 per cent of an apartment's cost, against the 3.3 per cent proposed in the Union Budget 2010-11. The Finance Ministry declared that it would exempt service tax for low-cost housing schemes under the Jawaharlal Nehru National Urban Renewal Mission and Rajiv Awas Yojana.
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