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Current news updates

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  • 1. Current news updates<br />By :<br />Aditi<br />
  • 2. Decision on Rs 8,800 cr capital infusion into PSU banks by Dec<br /><ul><li>After approving capital infusion of over Rs 6,000 crore into five public sector banks, the government is likely to take a call by December on the second tranche to the tune of Rs 8,800 crore for lenders.
  • 3. The Union Cabinet has also approved the capital infusion plan, which will help banks increase the lending capacity by Rs 1.85 lakhcrore.
  • 4. Earlier this month, the government approved infusion of Rs 6,211 crore into five public sector banks, a move which will help in lending an additional Rs 77,637 crore to various sectors of the economy. </li></li></ul><li>Coke prices to be up by 5,000 a tonne by Dec: Gujarat NRE<br />With the rising demand, metallurgical coke prices are expected to go up to Rs 25,000-26,000 a tonne by December from the current level of Rs 21,000 a tonne<br />Gujarat NRE Coke, the country's largest independent producer of metallurgical coke is in the process to expand its capacity to produce the metallurgical coke to feed the rising demand<br />At present, the company is installing 1-million-tonne plant in Andhra Pradesh for an estimated sum of Rs 800 crore. <br />The IPO proceedings would be used to hike the promoters' stake in Gujarat NRE Coke Ltd.<br />
  • 5. Engineering exports grow 16 per cent in August<br />In August 2009, the engineering exports stood at $2.78 billion<br />The demand from the European markets may pick up in the next two to three months<br />Of the total $32.5 billion engineering exports in 2009-10, the US and EU accounted for about 65 per cent of the shipments. <br />Engineering exports include heavy engineering goods, transport equipment, capital goods, other machinery/equipment and light engineering products like castings, forgings and fasteners. <br />
  • 6. Green norms for SEZs to be announced soon<br />The union government will shortly notify the green SEZ guidelines, standards and rating system to make all SEZs environment friendly<br />SEZsare coming up in over two lakh hectares and huge industrial/commercial and social infrastructure is being built across the country providing an opportunity for green technologies, products and services.<br />
  • 7. Union Budget 2010: Cold-storage incentives to attract fresh funds<br />Incentives to build cold-storage facilities will bring investment, cut food wastage and smoothen the supply chain in the world's second biggest producer of fruits and vegetables<br />Wastage of fruits and vegetables due to poor post-harvest management and lack of cold chain facilities have been estimated to cost up to Rs 500 billion annually<br />External Commercial Borrowings will henceforth be available for cold storage or cold room facility, including for farm level pre-cooling<br />In India, less than 2 per cent of the fruits and vegetables produced are processed as against 65 per cent in the US and 70 per cent in Brazil<br />
  • 8. Global economic recovery is fragile: Pranab<br />The world economy is passing through a lot of uncertainty<br />IMF recently warned that the United States was staring at a sluggish recovery from severe recession in the face of weak consumer spending and high debt.<br />Growth in the world's largest economy slowed to 1.7 per cent in the the second quarter of this year from a 3.7 per cent pace in the first quarter<br />China and India will continue to lead the region's growth. For China and India, we project growth in 2010 at 10.5 per cent and 9.7 per cent respectively<br />
  • 9. Prices of essentials rose 18 per cent in one year: Assocham<br />Prices of commodities like condiments and spices, eggs, fish, meat, tea, wheat, pulses and coffee rose by 18 per cent in the one year between August 2009 and 2010<br />The prices of condiments witnessed extremely high volatility - 40 per cent - between August 2009 and August 2010<br />In the same period, the per capita income of an average Indian rose by 10.4 per cent - Rs 4,404 - from Rs 40,141 in August 2009<br />Prices of eggs, fish and meat also rose over 27 per cent, milk prices increased by 26 per cent. Prices of tea increased by 11 per cent, while meat prices have increased by 10 per cent. <br />Coffee prices increased by over seven percent during the period. This is because of the anticipated tight supplies that would be just enough to satisfy the growing demand. <br />

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