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NBFC-MFIs Together Set Up MFIN

Oct 19, 2010
Thirty-one NBFC-microfinance institutions (NBFC-MFIs) came together to set up Microfinance Institutions Network (MFIN), a self-regulatory organisation (SRO) of NBFC-MFIs in March 2010. MFIN will work with regulators to promote microfinance, enhance responsible lending and institutionalise the process of credit information sharing.

Measures to Revive Sick PSEs

Oct 19, 2010
In an attempt to revive sick government owned industries, the Centre in March 2010 introduced two riders for funding revival packages of sick public sector enterprises. One of the administrative ministries would identify the reasons for the PSE’s sickness and the other would identify the saviors who would be held responsible for the revival.

New Symbol for the Indian Rupee

Oct 13, 2010
The cabinet meeting chaired by Prime Minister Dr. Manmohan Singh in New Delhi on 15 July 2010 approved of the new symbol for the Indian rupee. The new symbol was designed by D Uday Kumar, who has been selected as an assistant professor at Indian Institute of Technology (IIT) Guwahati.

TRAI to Release Consultation Paper on 4G Spectrum

Oct 13, 2010
A meeting on ‘The road to broadband — investment and innovation' was organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) on 28 May 2010.In the meeting The Telecom Regulatory Authority of India (TRAI) declared its decision to release a consultation paper on 4G spectrum.

Solar Projects-Under Jawaharlal Nehru Solar Mission

Oct 13, 2010
Proposals were submitted by companies such as Tata BP, Moser Baer, KSK Surya Photovoltaic Ventures, Lanco Solar and Titan in May 2010 for the Indian government's 15 to 20 solar projects under the Jawaharlal Nehru Solar Mission. The projects are worth Rs 20000 crore.

Rupee Hit Three Month Low

Oct 13, 2010
The rupee on 19 May 2010 closed 46.36/37 against the dollar which is a three month low. It also marked the biggest single-day fall in more than 14 months.

Rupee Hit 15 Month Low

Oct 13, 2010
The Indian rupee on 1 June 2010 hit the biggest single day fall in 15 months when it crashed by 80 paise against US dollar. The rupee closed at 47.16/17 marking a fall of 1.73 per cent. The rupee depreciated to Rs 68.69 against the British pound sterling. It also declined against the euro to Rs. 57.39/41.

RBI Formed Groups for Financial Inclusion

Oct 13, 2010
The Reserve Bank of India set up four groups in consultation with the finance ministry and the banking industry to facilitate the financial inclusion drive. The first group would look into the technical issues related to setting up of micro ATM in areas with less than 2000 people.

Private Investments Moved Up in Power Sector

Oct 13, 2010
Data released by the Department of Industrial Policy and Promotion recently showed that power has seen the greatest draw of global investments between April and October 2009. During the period that witnessed depressed economic conditions, the power sector claimed inflows increase of 106% leaving behind IT and software segment (67%).

Price of Natural Gas Doubled

Oct 13, 2010
The cabinet in 20 May 2010 approved the Indian government's decision to double the price of Natural Gas. The price would move up from 3200 rupees per thousand cubic meters to 6818 rupees per thousand cubic meters.

New Norms for the Mining of Minor Minerals

Oct 13, 2010
The Environment Ministry on 2 June 2010 suggested that the minimum size of the mining lease for minor minerals ought to be five hectares and that the lease period be fixed at five years. Currently mining is treated as a state subject and different states have different norms for determining the framework for the grant of area or period for mining of minor minerals.

New Basic Rate for Lending

Oct 13, 2010
State Bank of India on 5 June 2010 decided to link its base rate to the cost of deposits. SBI would announce its basic rate of lending on 15 June 2010. All banks would have to declare their respective basic rates by 1 July 2010.

Navaratna Status Granted to 4 PSUs

Oct 13, 2010
The Indian government on 21 May 2010 formally conferred the coveted maharatna status on four state-run companies. The companies to have gained the status were- Steel Autrhority of India Limited (SAIL), National Thermal Power Corporation (NTPC), Indian Oil Corporation (IOC) and Oil and Natural Gas Corporation (ONGC).

Ministry Finalized Plan with Steel Ministry

Oct 13, 2010
The Ministry of Heavy Industries declared on 4 June 2010 that it had finalised a plan with the Steel Ministry with an objective to provide around 200 acres to Kudremukh Iron Ore Company Ltd (KIOCL) for setting up a manufacturing unit. This is the first project under the partnership of the Steel and Heavy Industries Ministries.

Last Quarter Estimations

Oct 13, 2010
The Central Statistics Office (CSO) and Ministry of Statistics and Programme Implementation on 8 Feb 2010 released the revised estimates of national income for the financial year2009-10 and the quarterly estimates of Gross Domestic Product (GDP) for the fourth quarter (Jan –March) at both constant and current prices. The Central Statistical Organisation has been involved with collecting data and preparing the National Income estimates since 1996-97.

ndian Government to Reduce Stake in PSUs

Oct 13, 2010
Following the amendment in the Securities Contracts (Regulation) Rules, the Indian government would be expected to reduce its shareholding in several PSUs where it holds over 75 per cent stake. According the new norms announced on 4 June 2010 a company should have 25% public holdings. In case a company’s post-issue capital, at offer price, exceeds Rs 4000 crore, the company could begin with an issue of 10 per cent stake and in three years reach the 25% limit.

IGL & MGL to Increase Prices of Natural Gas

Oct 13, 2010
Indraprastha Gas Limited (IGL) and Mahanagar Gas Limited (MGL) decided to increase prices from June 8 2010. As a result, consumers would have to pay more for the Compressed Natural Gas (CNG) and Pipe Natural Gas (PNG).

Free Pricing Policy for Natural Gas

Oct 13, 2010
According to the notification issued by the Indian government on 31 May 2010 additional natural gas that would be produced from blocks given to ONGC and OIL on nomination basis would come under the free pricing policy. Prior to this notification gas produced from blocks given to OIL and ONGC was priced at government-controlled rates which was referred to as Administered Price Mechanism.

FII Limit to Move Up

Oct 13, 2010
The Indian Government and the Reserve Bank of India was in May 2010 moved by asset reconstruction companies to hike the foreign direct investment limit in their equity capital and the foreign institutional investment limit in security receipts (SRs) issued by the companies from 49 per cent to 74 per cent. According to the current norms the maximum foreign equity cannot exceed 49 per cent of the paid-up equity capital of an ARC.

Factories Contributed More than Farmers

Oct 13, 2010
According to the estimates of national income for the financial year2009-10 and the quarterly estimates of Gross Domestic Product (GDP) as announced by the Indian government on 31 May 2010, factories for the first time would contribute more to the national income compared to country’s farmers. This marked a significant shift in the predominant structure of the Indian economy.
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