India is on track to achieve 8.5% economic growth this fiscal year due to a normal monsoon season boosting agriculture and demand. Nokia appointed Stephen Elop, a Canadian and top Microsoft executive, as its new CEO as it looks to gain a leading position in the competitive smartphone market. The Indian government will work to resolve all problems facing the steel industry, which has Rs. 11 lakh crore of investments pending due to issues around land acquisition and clearances.

1. Rain Gods Smile A year of normal monsoons has put India on course to achieve the 8.5% economic growth target for the current fiscal year. Apart from boosting the farm sector, which provides employment to more than 60% of India’s population, good rains also ensure enough demand for the country’s industry. Rains are also expected to provide some relief from high food prices.

2. Nokia gets new CEO The world’s largest mobile phone maker , Nokia, has appointed top Microsoft executive Stephen Elop as its new president and CEO as the company looks to capture the leading position in the highly competitive smart phone market. A Canadian, Elop, will be the first non-Finnish person to head the world’s largest cellphone manufacturer. Nokia, which has strong presence in the emerging economies like India and China, continues to lag behind in the smart phone market, which is mostly dominated by Apple.

3. Government to resolve Steel Industry’s Problems Amidst Foreign Investments worth 1000’s crore of rupees pending in the steel sector due to land acquisitions and other problems, new steel Secretary on Thursday said that the govt. would ensure to resolve all the problems faced by the Industry. He further said that “Foreign investors are welcome.” The steel industry which has an investment of about Rs 11 lakhcrores in the pipeline, faces many challenges like, Green Clearances, and Tribal Protests. Delays in allocation of Iron Ore and Coal Mines to feed different projects are another stumbling block faced by the Industry.

4. India seeks investment from Canada in Food Processing Minister for food processing industries Subodh Kant has called upon Canadian companies to invest in the fast growing sector of the Indian Economy Indian food processing industry is growing by more than 14% and many Canadian companies have evinced keen interest to come to India. Minister further told the Canadian companies that India allows 100% Foreign Direct Investment (FDI) in this industry and offers a whole lot of tax concessions.

5. Rana Sugar earns Rs 11 crore from Carbon Credit Chandigarh based Rana Sugars on Tuesday said that the company has earned Rs 11.23 cr from selling more than 1.49 Lakh Carbon Credits in 2008-2009 fiscal, as granted by the United Nations Framework Convention on Climate change. In a statement to BSE, the company said that it has applied for carbon credits for 2009-10 and 2010-11 fiscals. This is the highest amount earned by the company from carbon credits.

6. Government Securities transaction up 18% 1n Q1 The total volume of Govt. Securities traded during the first quarter of this fiscal went up by almost 18% to 21,72,022 crore due to growth in securities transacted outright, especially dated papers. Government Securities are sovereign securities issued by the RBI on behalf of the Center’s Market Borrowing programme. Outright Contract involves direct purchase or sale of Govt. Security for the purpose of increasing or decreasing the money supply.

7. Basmati Exports seen rising by 9% in 2010-11 season The country’s basmati rice exports are likely to rise 9% to 3.5 million tonnes in the 2010-11 season starting October, as crop damage in flood-hit Pakistan may increase demand for Indian aromatic rice. India is estimated to export 3.2 million tonnes in current marketing year ending this month and shipments in 2010-11 are expected to rise to 3.5 million tonnes.