Boston Consulting Group (BCG), a management consulting firm, will soon begin consultations aimed at restructuring the National Bank for Agriculture and Rural Development (NABARD). BCG will prepare the restructuring plan for NABARD to make it a commercially viable entity.
CABINET NOD FOR ONGC VIDESH INVESTMENT IN NIGERIAN VENTURE The Union Cabinet approved ONGC Videsh Limited’s (OVL) proposal to invest $359 million (Rs. 1,651 crore) for oil exploration in two deep-sea blocks in Nigeria over the next five years.
INDEX OF INDUSTRIAL PRODUCTION (IIP)
Index of Industrial Production (IIP) in simplest terms is an index which details out the growth of various sectors in an economy. E.g. Indian IIP will focus on sectors like mining, electricity, Manufacturing & General. Also base year needs to be decided on the basis of which all the index figures would be arrived at. In case of India the base year has been fixed at 1993-94 hence the same would be equivalent to 100 Points.Index of Industrial Production (IIP) is an abstract number, the magnitude of which represents the status of production in the industrial sector for a given period of time as compared to a reference period of time. CHINA, JAPAN ADDED TO LIST OF NON-TRADITIONAL MARKETS China and Japan have been added to the 39 non-traditional export markets identified by the Centre as part of a series of new incentives to encourage Indian exporters to explore non-traditional business avenues, Union Minister of Commerce and Industry Anand Sharma confirmed.
the Foreign Trade Policy announced last year identified 39 new markets under the market-linked focus product scheme that included 16 in Latin America and 10 in Asia. The new incentives announced in January included bringing 2,000 new products under the focus products scheme that provides export incentives. SBI TO COVER MORE UNBANKED VILLAGES State Bank of India has achieved its target of covering one lakh un-banked villages ahead of the March 2010 deadline, with the opening of a customer service point at
SBI has now decided to cover at least one lakh more villages out of the over five lakh unbanked villages in India.
There are about 6.5 lakh villages, of which the majority do not have access to banking services. In April 2008, Sannyasidanga village near Jangipur in West Bengal on January 31. SBI Chairman O. P. Bhatt set a challenging task of covering one lakh unbanked villages by March 2010 by providing basic banking facilities to its population. ‘MANUFACTURE IN INDIA, SELL IN INDIA AND MAKE MONEY IN INDIA’. Union Textiles Minister Dayanidhi Maran left on a four–day visit to France and Germany as the head of a high-level delegation to attract foreign investments into the sector as part of a mission to integrate the Indian textile industry with the global textiles manufacturing system.
During the visit, Mr. Maran and his team would seek to get large textile and clothing brands in the two European countries to think in terms of setting up manufacturing bases in India for their global markets, apart from tapping the growing domestic market for textiles and apparels in keeping with his mantra of ‘manufacture in India, sell in India and make money in India’. This would be the second phase of the Textile Minister’s mission to attract foreign investments. In the first phase, in October, he had visited Switzerland, Italy and Turkey. On the implementation of the Vaidyanathan Committee report on cooperatives, 7,400 crore had been disbursed for strengthening cooperatives. Twenty-five States had signed agreements and 13 States had amended the relevant legislation to make Primary Agricultural Cooperative Societies (PACS) financially viable.
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