IndiaUpdates

PSU Selloff Plan The government of India is all set to begin its disinvestment programme for the year, news reports said. The government has set a target of Rs 40,000 crore for disinvesting its stake in state run companies for the fiscal year 2011-2012 ending March 31, 2012. Since the conditions for the equity market are a little challenging the government is also expected to take the help ...

Industrial Production Grows After over a quarter of tepid growth, industrial production in March 2011 beat forecasts to grow 7.3%, though industry remained cautious in its reaction as interest rates and commodity prices remain an area of concern. Importantly for the government the news of growth in industrial production was matched by a moderation in food inflation which came down to 7.70% ...

BRICS Consider Investment Bank The BRICS summit of Brazil, Russia, India, China and South Africa later in March 2012 at New Delhi will explore a slew of new ideas, including a development bank and an investment fund that can spur the development of the emerging and developing countries, reports said. The contours of the development bank are being finalised, and may include proportionate co...

India-Australia plan Direct Flights An Australian delegation led by the Premier of Victoria, Mr Ted Baillieu met with the Union Civil Aviation Minister and discussed among other things the launch of direct air services by Air India from New Delhi to Melbourne. The Premier said that commencement of direct Air India flight to Melbourne would therefore be in the larger interests of Indian pop...

Five-Pronged Cooperation with Belarus The Union Minister of State for Commerce & Industry Mr Jyotiraditya Scindia has identified a five-pronged strategy to improve economic cooperation between India and Belarus during his recent visit to Minsk, reports said. The five sectors identified by the Minister of State for cooperation include pharmaceuticals, fertilizers, IT technology, power and agr...

Abu Dhabi Looks to Invest in India The Abu Dhabi Investment Authority (ADIA) is looking to invest in a big way into India, reports said. The ADIA was established in 1976 is world’s largest sovereign wealth fund with investible funds worth $700 billion. It is a globally diversified investment institution, which is wholly owned by the Government of Abu Dhabi. In meetings with the Union Minist...

Japan to Invest in Infra Sector The Japanese Minister for Land, Infrastructure, Transport & Tourism (MLITT), Government of Japan and Dr. CP Joshi, Minister of Road Transport and Highways have discussed to increase bilateral cooperation in infrastructure sector with special reference to road construction. News reports said that India is in the process of finalizing a Memorandum of Cooperatio...

India-Japan Currency Swap New Delhi and Tokyo have agreed to set up a three year, US$ 15 billion bilateral currency swap line to help the two economies against Europe’s sovereign debt crisis. The two countries have also agreed to target bilateral trade of US$ 25 billion by 2014 during the visit of the Japanese Premier, Yoshihiko Noda to India. The two countries also agreed to launch a ministe...

India-UK Cost Accountant Agreement The Institute of Cost and Works Accountants of India (ICWAI) has signed a memorandum of understanding with the Chartered Institute for Securities and Investment (CISI), UK on awarding CISI membership to ICWAI members and concessional fee for ICWAI students, news reports said. This agreement is expected to pave the way for long term cooperation in the fiel...

India-EAG Sign Agreement India signed an Agreement with the Eurasian Group(EAG) to enhance cooperation in the areas of Money laundering and Terrorist Financing. The Union Cabinet had approved the agreement earlier this month. The agreement was signed by Dr. Thomas Mathew, Joint Secretary (Capital Markets) Division of the Department of Economic Affairs on behalf of India at the EAG Meeting at ...