Nov. 30 – A corporate governance committee established by the Indian Industry (CII) said in a report that no corporate client or group should comprise more than 10 percent of an audit firm’s revenues.
The recommendations are part of government efforts to prevent conflict of interest scenarios with the 10 percent limit applicable to earnings of the audit firms’ subsidiaries, associates or affiliated entities. Continue reading
Nov. 30 – India’s economy grew at the fastest pace in 18 months during the July to September period as a surge in manufacturing helped offset a sluggish agricultural sector.
The country’s gross domestic product grew 7.9 percent from a year earlier after rising 6.1 percent in the previous quarter, the Central Statistical Organization reported Monday. The growth was the highest since the January-March quarter of 2008, when the economy expanded 8.6 percent from a year earlier. Continue reading
Nov. 27 – The government is in final stages to establish a ‘Return and Resettlement Fund’ initially for returning overseas Indian workers from Gulf countries who have been laid off because of the global crisis.
“My ministry is working towards establishing a fund that will provide financial security to those workers who have lost their jobs and returned home,” Overseas Indian Affairs Minister Vayalar Ravi was quoted by PTI during a two-day annual conference of the Heads of Missions. Continue reading
Nov. 26 – The United States is now India’s largest equity market investor with a net investment worth Rs 213,450,000,000 as of November 10.
This represents a major shift for the United States when two years ago it was not even part of the top ten investors in the Indian stock market. Luxembourg and France follows the United States as the second and third largest investors respectively along with other top investors Mauritius, United Kingdom, United Arab Emirates and Hong Kong. Continue reading
Nov. 26 – The Indian government is planning to establish a national expressway authority to oversee the construction of expressways Kamal Nath, the minister for road transport and highways, said at the International Construction Equipment and Construction Technology Fair in Bangalore.
Mr. Nath said the establishment of the authority would require approval of legislation by Parliament, and would facilitate the building of expressways running for 17,000 kilometers in the next few years. The speed of implementation of the project “would depend on the extent of cooperation offered by state governments.” Continue reading
Nov. 25 – Tata Motors is pushing to launch the electric version of its highly popular Indica in 2011, aiming at exploiting the growing market for eco-friendly cars.
Tata Motors Managing Director (India operation) Prakash Telang said Tata would launch the electric Indica simultaneously in India and worldwide. “We will begin a feasibility study by next year for introducing the product,” The Hindu quoted him as saying. Continue reading
Nov. 25 – Prime Minister Manmohan Singh said that India is willing to consider a free trade pact with the United States similar to the one it already has with Association of Southeast Asian Nations (ASEAN).
“I don’t mind exploring the possibility for a free trade agreement with the United States,” Mr. Singh said during a meeting with the Council on Foreign Relations during his first four-day state visit to the United States. Continue reading
Nov. 24 – India has signed agreements on traditional knowledge, intellectual property and investment promotion with the United States during Prime Minister Manmohan Singh’s first official state visit to the country.
One of the first agreements signed is a Traditional Knowledge Digital Library (TDKL) Access between the Council of Scientific & Industrial Research (CSIR) and U.S. Patent and Trademark Office (USPTO ) reports Zee News. Another agreement involves a deal between India’s Controller General of Patents, Designs and Trade Marks and the U.S. Patent and Trademark Office, U.S. Department of Commerce. Continue reading