7 Indian companies on 2016 Fortune 500 list

Seven Indian companies have made it to the latest Fortune 500 list of the world’s biggest corporations in terms of revenue. Fortune 500 list is an annual ranking of the world’s wealthiest companies, compiled and published by the American business magazine Fortune and published globally by Time Inc. In it companies are ranked by total revenues for their respective fiscal year which has ended on or before March 31, 2015. Revenue figures of companies mainly include their consolidated subsidiaries, reported revenues from the discontinued operations and excluding excise taxes.

Key Facts

• 7 Indian companies are:Indian Oil Corporation (161st), Reliance Industries (215th), Tata Motors (226th), State Bank of India (232nd), Bharat Petroleum (358th), Hindustan Petroleum (367th) and Rajesh Exports (423rd).
•  Global top 10 companies: Walmart (1st), State Grid (2nd), China National Petroleum (3rd), Sinopec Group (4th), Royal Dutch Shell (5th), Exxon Mobil (6th), Volkswagen (7th), Toyota Motor (8th), Apple (9th) and BP (10th).
• The world’s 500 largest companies generated collectively generated 27.6 trillion dollars in revenues and 1.5 trillion dollars in profits in 2015.
• Together, 2016 Fortune Global 500 companies employ 67 million people worldwide and are represented by 33 countries.

Indian economy

1) In the second nationalization of commercial banks ……………. Banks were nationalized.

a) 4.
b) 5.
c) 6.
d) 8.

ANSWER : 6

2) If all the banks in an economy are nationalized and converted into a monopoly bank, the total deposits:

a) Will decrease.
b) Will increase.
c) Will neither increase nor decrease.
d) None of the above.

ANSWER : Will neither increase nor decrease

3) India changed over to the decimal system of coinage in which year?

a) April 1995.
b) April 1957.
c) April 1958.
d) April 1959.

ANSWER : April 1957

4) Gross domestic capital formation is defined as:

a) Flow of expenditure devoted to increase or maintaining of the capital stock.
b) Expenditure incurred on physical assets only.
c) Production exceeding demand.
d) Net addition to stock after depreciation.

ANSWER : Net addition to stock after depreciation

5) On July 12 1982, the ARDC was merged into:

a) RBI.
b) NABARD.
c) EXIM bank.
d) None of these.

ANSWER : NABARD

Indian Economy

1.

The central banking functions in India are performed by the Central Bank of India Reserve Bank of India State Bank of India Punjab National Bank

A. I, II B. II C. I D. II, III 2.  Development expenditure of the Central government does not include A. defence expenditure B. expenditure on economic services C. expenditure on social and community services D. grant to states 3.  ICICI is the name of a A. chemical industry B. bureau C. corporation D. financial institution 4.  Gilt-edged market means A. bullion market B. market of government securities C. market of guns D. market of pure metals

5.	In the last one decade, which one among the following sectors has attracted the highest foreign direct investment inflows into India?
	A. Chemicals other than fertilizers B. Services sector C. Food processing D. Telecommunication

INDIAN ECONOMY

1.As per 2011-12 budget the CENVAT has been fixed at

10%

2.In which nation, the two day summit of Finance Ministers of G-20 nations was held in October 2010 ?

South Korea

3. "The Future of India" book is written by

Bimal Jalan

4.How many additional services have been brought under service tax in the budget for 2011-12 ?

04

5.OPEC (Organisation of Petroleum Exporting Countries) is an organisation of how many countries ?

11

INDIAN ECONOMY

1. The most active and sensitive part of the organised money market is the—

Call money market

2. Regional Rural Banks are designed to work in which of the following ideals ?

Help the targeted groups

3.Name the company which has signed a production sharing contract with the government for exploratory rights to two new land blocks in Tripura and Cavery Basin.

ONGC

4.Which of the following is not a Tax ?

SAT

5. How many members are there in APEC (Asia-Pacific Economic Co-operation) ?

21

Indian Economy

1. Mention any one of the Indian bank which is not a nationalized bank ?

Federal Bank

2.Reserve Bank of India, established on 1st April, 1935, was originally constituted as a shareholders, institution with a share capital of—

Rs. 5 crore

3.When did we start our First Five Year Plan ?

April 1, 1951

4.‘Innovation Lab’ has been launched by

Tata Consultancy Services

5.Which of the following states in India has produced maximum foodgrains ?

Uttar Pradesh

6. India's wage policy is based on ?

Cost Of Living

7.Who has written the book “My Country My Life” ?

Lal Krishna Advani

8.According to China’s Xinhua News agency, China earned $ 33•5 billion from tourism during 2006 and acquired……place in earning the highest tourism revenue in the world.

Sixth

9.The National Stock Exchange functions from

Mumbai

10.The state having the lowest Maternal Mortality Rate is

Kerala

Indian Economy

1. Since independence, both development and non-development expenditures have increased; theincrease in the former being a little more than in the other. Non-development expenditure involves

subsidies, defence

2. The central banking functions in India are performed by the

Reserve Bank of India

3. Capital Output Ratio of a commodity measures

The amount of capital inverted per unit of output

4. As per the latest WTO report, the biggest exporter country in the world during 2007 was

USA

5.Which one of the following countries has achieved growth rates exceeding 9% for the last two to three decades ?

China

Indian Economy

1. Since independence, both development and non-development expenditures have increased; theincrease in the former being a little more than in the other. Non-development expenditure involves

subsidies, defence

2. The central banking functions in India are performed by the

Reserve Bank of India

3. Capital Output Ratio of a commodity measures

The amount of capital inverted per unit of output

4. As per the latest WTO report, the biggest exporter country in the world during 2007 was

USA

5.Which one of the following countries has achieved growth rates exceeding 9% for the last two to three decades ?

China

Indian Economy

1.As per the latest WTO report, the biggest importer country in the world during 2007 was

USA

2. Who is the richest Resident Indian in the latest estimates of Economic Magazine ‘Forbes’ 2010 released in April 2010 ?

Mukesh Ambani

3.Which of the following organisation publishes World Investment Report ?

UNCTAD

4.The banks are required to maintain a certain ratio between their cash in hand and total assets. This is called

SLR (Statutory Liquid Ratio)

5.What is the purpose of the India Brand Equity Fund ?

To make ‘Made in India’ a label of quality

Indian Economy

1.A Miniratna–Category–1 Status holding public sector company in India can incur expenditure on modernization, new projects as well as equipment purchase without the approval of the Government, up to:
[A]Rs 100 Crores
[B]Rs 500 Crores
[C]Rs 1000 Crores
[D]Rs 1500 Crores

2.With reference to the Economic Growth of India in the previous five year plans, which among the following observations is / are correct?

1. The Growth rate in 11th five year plan was less than targeted

2. The growth rate achieved in 11th five year plan was more than the growth achieved in 10th plan

Choose the correct option from the codes given below:
[A]Only 1 is correct
[B]Only 2 is correct
[C]Both 1 & 2 are correct
[D]Neither 1 nor 2 is correct

3.In which year , the Foreign Exchange Management Act (FEMA) came into force ?

[A]1997
[B]1998
[C]1999
[D]2000

4.Which among the following is India’s first Oil refinery ?
[A]Guwahati Refinery
[B]Vishakhapatnam Refinery
[C]Digboi Refinery
[D]Barauni Refinery

5.Which among the following banks has launched the ‘Tatkal’, scheme that enables the people to transfer money to their families in their native towns and villages without actually opening an account?

[A]State Bank of India
[B]Bank of India
[C] Canara Bank
[D]Union Bank of India

FDI IN CIGARETTE MANUFACTURE BANNED

 Taking forward the commitment to discourage foreign equity in tobacco trade, the Union Cabinet banned Foreign Direct Investment (FDI) in cigarette manufacturing. 
Commerce and Industry Minister Anand Sharma recently asserted that there was no room for allowing FDI in cigarettes and tobacco and appropriate measures would be taken soon to curb this. His Ministry had moved the Cabinet on the FDI issue, which got the final approval of the Cabinet Committee on Economic Affairs (CCEA).

 The decision is the latest in the government's long-standing drive against smoking. In 2008, it banned smoking in public places and put a curb on tobacco advertisements.  The proposal to ban FDI was mooted by the Department of Industrial Policy and Promotion and approved by the CCEA.  Asked about the existing foreign investment in the tobacco sector.Under the existing norms, 100 per cent FDI was permitted in cigarette manufacturing, but an industrial licence was required and the proposals needed to be approved by the Foreign Investment Promotion Board. 
NDIA REMAINS PREFERRED FDI DESTINATION Foreign direct investment totaled $46.5 billion in 2008
Notwithstanding global meltdown and the financial crisis impacting major economies of the world, India continued to remain as the preferred and attractive foreign direct investment (FDI) destination attracting nearly $46.5 billion of FDI during 2008.
With regard to foreign institutional investors (FIIs), there were signs that the FIIs who had recorded net outflows in 2008-09 might have returned to the Indian market in the last two months.
According to an UNCTAD study, FDI into India went up from $35.1 billion in 2007 to $46.5 billion in 2008 even as global flows declined from $1.9 trillion to $1.7 trillion during the period. It has suggested that FDI limit in defence industries should be raised to 49 per cent from 26 per cent at present and allow up to 100 per cent FDI on a case-by-case basis. IMF RAISES INDIA’S GROWTH FORECAST The International Monetary Fund raised India’s growth forecast to 5.4 per cent for 2009, even as it projected the world economy to shrink by 1.4 per cent. In April, it forecast a growth of 4.5 per cent for India. In its update to the World Economic Outlook, the IMF said the global economy would contract by 1.4 per cent. Earlier it had projected a growth of 1.3 per cent. The Chinese economy would expand by 7.5 per cent, as against 6.5 per cent forecast in April, it said. LIC TIES UP WITH NOMURA AMC AS STRATEGIC PARTNER The Japanese company will take 35 per cent stake in LIC MF
LIC Mutual Fund Trustee Company Private Limited (LICMF Trustee) and LIC Mutual Fund Asset Management Company Limited (LICMF AMC) announced the induction of Nomura Asset Management Co as a strategic partner in India.Nomura Asset Management will acquire a 35 per cent stake in LICMF AMC as well as in LICMF Trustee.
LICMF AMC is ranked seventh in the Indian asset management industry with a 4.8 per cent market share.
Nomura Asset Management Co, a wholly-owned subsidiary of Nomura Holdings of Japan, is one of the leading Japanese and Asian fund managers with 18,950.2 billion yen (about $192 billion) of assets under management
(as on March 31, 2009). Nomura is a leading financial services group and a pre-eminent Asian-based investment bank with worldwide reach. The move would also align the FDI policy with the existing legislation on tobacco control to a greater extent.

CHINA SET TO OVERTAKE INDIA AS WORLD’S BIGGEST GOLD CONSUMER

China, the world’s largest producer of gold, is set to overtake India as the metal’s biggest consumer for the first time in history.
China’s gold consumption in 2009 has now been estimated at 450 tonnes, according to data released this week. This exceeds estimates for India’s net consumption last year, which is forecast at around 380 tonne.
According to recently released statistics by the China Gold Association, the estimated demand for gold touched 450 tonnes last year, up from 395.6 tonnes in 2008. China has been the world’s largest gold producer since 2007, when the country overtook South Africa.
ALL IT RETURNS OPEN TO PUBLIC SCRUTINY  Are income-tax returns filed by individual citizens open to public scrutiny under the Right to Information? Yes, says the Central Information Commission.  In a controversial December 14 ruling with far-reaching implications, the CIC held that individual assessees could not invoke privacy concerns to prevent an unrelated "third party" from inspecting returns filed with the Income-Tax Department. Sources in the Commission said the ruling must be seen as a trendsetter that could eventually lead to the tax returns of all citizens being put up on the department’s website.  The ruling by Information Commissioner Shailesh Gandhi came on a specific application filed under the RTI Act, 2005  He held that filing tax returns was a statutory obligation and must be treated as a public activity open to scrutiny. As a tax assessee had already provided information to the state as part of his or her legal duties, its disclosure to "another person cannot be construed as an unwarranted invasion of privacy of the individual."  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. 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. BOSTON CONSULTING TO RESTRUCTURE NABARD

BENZ INTRODUCES COSTLIEST CAR

Luxury carmaker Mercedes-Benz launched its top-of-the-line special protection limousine S-Guard, targeted at politicians, captains of industry, royal families, diplomats and celebrities. The limousine has been built on the platform of S 600 and come with a price tag of over Rs.6-crore, making it the costliest car in the country. DUMPING DUTY SLAPPED ON STEEL, TYRE IMPORTS  Concerned over surge in imports, particularly from China, India has slapped anti-dumping duty on several stainless steel products and radial tyres.  The Central Board of Excise and Customs has imposed anti-dumping duty of up to $2,254.69 a tonne on steel products, used mainly for making durables like refrigerators and also in automobile and kitchenware industries.  The tyre makers seemed pleased with the dumping duty of up to $99.05 per a set of bus and truck radial tyres (including tubeless) from China and Thailand. MARUTI RECALLS ONE LAKH A-STARS  Biggest recall in the domestic automobile industry  In one of the biggest recalls recorded in the Indian automobile industry, leading car marker Maruti Suzuki India announced that it had recalled nearly one lakh ‘A-Star' cars, the company's flagship export model, to replace a faulty fuel pump gasket.  The replacement will be done at no cost to the customers and will help check possible fuel leak, although no complaints have been received from customers.  Last month, Japanese auto major Honda had recalled 8,532 units of its sedan Honda City in India due to defective power window switch as part of a global recall initiative. SUGAR EXPORT TO EU WITHDRAWN  Coming under attack for rising food prices and indulging export of sugar at a time when the country was faced with shortage and sky rocketing prices, the UPA II Government has cancelled its export order of 10,000 tonnes of white sugar to the European Union (EU).  The withdrawal of the export order comes close on the heels of the price rise issue rocking Parliament and the Opposition accusing the government of exporting sugar at a time when the country was faced with a severe shortage and the prices had almost doubled since January 2009. HYUNDAI TO RECALL SEDANS IN U.S. AND S. KOREA 

problem. The firm said 1,300 of the cars already sold in the U.S. and another 46,000 in South Korea would be called back from March in response to complaints of faulty front—door locks on some of them. SBI TO OPEN 1,000 ATMS  State Bank of India (SBI) is planning to open about 1,000 new ATMs in the current year under its technological initiatives.  The bank at present has 70,000 branches and 20,000 ATMs catering to 286 million customers. Out of 65,000 villages in India, only 30,000 were covered by the commercial bank branches. INFRASTRUCTURE SECTOR POSTS ROBUST GROWTH  The Economic Survey 2009-10 tabled in Parliament made out a strong case for adopting a liberal foreign direct investment (FDI) regime for health insurance, rural banking and higher education, asserting it could boost trade in services.  In the case of the services sector, a more conducive environment can be created by liberalising FDI in services like health insurance, rural banking and higher education as FDI inflows and trade in services have a close relationship. Well thought out policy measures would give a boost to the services sector.  The Survey says that with pick up in export of software and increase in foreign tourist arrivals, the country's services exports are expected to grow in the current fiscal, even as it contracted in April-September 2009-10. Software exports, including those from BPO services, have shown a recovery after a negative growth in the first half of 2009-10. The survey says the agriculture services sector attracted FDI of Rs.6,327 crore in the first eight months of the current fiscal against Rs.16 crore in the year ago period.  FDI in the sea transport sector was up by 918 per cent to Rs.12,983 crore, while in the electrical equipment segment inflows increased by 202 per cent to Rs. 2,724 crore during April-November 2009-10. AUTONOMY FOR MAHARATNAS The government’s decision to allow greater operational and financial freedom to the public sector companies that qualify as ‘Maharatnas’ — a new category that will have higher performance criteria than applicable to the existing ‘Navratna’ — is a step in the right direction.In 2009, the government established the Maharatna status. What are the norms for elevation as Maharatnas? The six point eligibility criteria are:
7. an existing Navratna status;

8. listing on the stock exchanges with minimum public shareholding as prescribed by the SEBI;
9. annual turnover of more than Rs.25,000 crore for the last three years;
10. average annual net worth of at least Rs.15,000 crore;
11. average annual net profit of more than Rs.5,000 crore for the last three years.
12. a significant global presence. NAVRATNA Navratna was the title given originally to nine Public Sector Enterprises (PSEs), identified by the Government of India in 1997 as its most prestigious, which allowed them greater autonomy to compete in the global market.The number of PSEs having Navratna status has been raised to 18, the most recent addition being Coal India Limited. CRITERIA Navratna status is conferred by Department of Public Enterprises. To be qualified as a Navratna, the company must obtain a score of 60 (out of 100). The score is based on six parameters which include net profit to net worth, total manpower cost to total cost of production or cost of services, PBDIT (Profit Before Depreciation, Interest and Taxes) to capital employed, PBDIT to turnover, EPS (Earning Per Share) and inter-sectoral performance. Additionally, a company must first be a Miniratna and have four independent directors on its board before it can be made a Navratna. MINIRATNAS In addition, the government created another category called Miniratna. Miniratnas can also enter into joint ventures, set subsidiary companies and overseas offices but with certain conditions. In 2002, there were 41 government enterprises that were awarded Miniratna status. CATEGORY I This designation applies to PSEs that have made profits continuously for the last three years or earned a net profit of Rs. 30 crore or more in one of the three years. These miniratnas granted certain autonomy like incurring capital expenditure without government approval up to Rs. 500 crore or equal to their net worth, whichever is lower. CATEGORY II This category include those PSEs which have made profits for the last three years continuously and should have a positive net worth. Category II miniratnas have autonomy to incurring the capital expenditure without government approval up to Rs. 300 crore or up to 50% of their net worth whichever is lower. South Korea's top automaker Hyundai Motor announced that it would recall 47,300 of its latest model Sonata sedans in the U.S. and the domestic market due to a door lock

THE PRIME MINISTER'S ECONOMIC ADVISORY COUNCIL (PMEAC)

The Economic Advisory Council has been set up with a view to provide a sounding board for inculcating awareness in Government on the different point of view on key economic issues. The Economic Advisory Council has been reconstituted time and again with different organisational setup headed by various economists who are of recognised international eminence.
The importance of Economic Advisory Council can be gauged by the fact that Sh. Atal Bihari Vajpayee the then Prime Minister, was the chairman of the Economic Advisory Council.
The present Economic Advisory Council is headed by Dr. C. Rangarajan. The Council has the following economists as its members.  Dr. Saumitra Chaudhuri, Member  Dr. M. Govinda Rao, Member  Dr. V. S. Vyas, Member  Sh. Suman K. Bery, Member Terms of Reference:  Analyzing any issue, economic or otherwise, referred to it by the Prime Minister and advising him thereon;  Addressing issues of macroeconomic importance and presenting views thereon to the Prime Minister. This could be either be suo-moto or on a reference from the Prime Minister or anyone else;  Submitting periodic reports to the Prime Minister on macroeconomic developments and issues with implications for economic policy;  Attending to any other task as may be desired by the Prime Minister from time to time NAFED TO EXTEND ITS CAMPAIGN TO MORE STATES  After Delhi, Kerala, and Tamil Nadu, the National Agricultural Cooperative Marketing Federation of India (NAFED) has decided to extend its ‘Farm Gate to Home Gate’ campaign (the sale of essential commodities at low prices) to more States to help hold the price line of essential commodities. 

 Under the campaign, the NAFED procures essential commodities – 20 kitchen basics, including pulses, edible oil, rice and wheat -- from farmers directly and sells them to people; thereby eliminating intermediaries who make the process expensive.  In view of the clamour from States for replicating the scheme piloted in Delhi, the NAFED has placed orders for pulses from Myanmar and edible oil from Malaysia. COMPENSATION FOR EDWARDS E WHITACRE, CHIEF OF GENERAL MOTORS.  Edwards E Whitacre, Jr (Chairman and CEO GM), the chief of auto maker General Motors will receive an an annual compensation of USD 9 million including a significant amount in restricted stocks.  General Motors, one of the worst hit by the financial turmoil, has received billions of dollars worth Federal funds. Whitacre, who is also the car maker's chairman, would receive an annual cash base salary of USD 1.7 million, the company said in a recent regulatory filing to the US Securities and Exchange Commission.  Whitacre assumed the role of CEO in December last year, following the resignation of Frederick A Henderson.  The compensation plan has been approved by President Barack Obama's Special Master for TARP executive compensation Kenneth Feinberg. NEW FDI WORTH RS. 1,046 CR CLEARED  The Foreign Investment Promotion Board (FIPB) approved 12 new foreign direct investment (FDI) proposals worth over Rs. 1,000 crore, including that of Walt Disney and Zee Entertainment.  Based on the recommendations of FIPB, the government has approved 12 proposals of FDI amounting to Rs. 1,045.61 crore, an official statement said here. The highest FDI of Rs. 529 crore is likely to come from Delhi-based Max India, followed by Hyderabad-based Soma Highways (Toll) Projects' Rs. 360-crore proposal. ANTI-DUMPING DUTY ON PENICILLIN IMPORTS FROM CHINA AND MEXICO  Following the recommendation of the Directorate General of Anti-Dumping and Allied Duties (DGAD), the Commerce Ministry is toying with the idea of imposing an anti-dumping duty on import of two variants of anti-bacterial drug penicillin to protect the domestic industry from cheap Chinese and Mexican imports.  The provisional anti-dumping duty to be imposed on Penicillin-G Potassium and 6-Amino Penicillin Acid would range between $18.54 per billion oxford units (BOU) and $2.10 per BOU.  The imposition of the anti-dumping duty is notified by the Finance Ministry.  Acting on complaints from the Vadodara-based Alembic and Chennai-based Southern Petrochemical Industries Corporation (SPIC), the DGAD had initiated the probe into  dumping of the two products from China and Mexico. In its recommendations, it has said that the products have been exported to India below its normal value. The scheme will now be taken to Maharashtra, West Bengal and Madhya Pradesh.

RUSSIA SAYS IT IS READY TO BUILD NUCLEAR REACTORS AT HARIPUR

 Russia has expressed its readiness to build nuclear reactors at Haripur in West Bengal.  While Russia is building two reactors at Koodankulam in Tamil Nadu and tying up the loose ends to put up at least four more units of 1,000 MW each at the same site, space limitation has stopped the Central government from allocating land for another nuclear park in West Bengal.  the Trinamool Congress is against the move to acquire land for nuclear reactors powered by Russian technology and has resolved to launch an agitation in case the Centre begins the process.
NHRC PULLS UP MANIPUR FOR NOT REPORTING 111 ENCOUNTERS The National Human Rights Commission has sought an explanation from the Manipur Chief Secretary as to why reports of 111 cases, which were reported as police encounter cases, were not forwarded to the Commission.
The NHRC, in an order, stated that the Commission had not been receiving any report from the Manipur government. OIL EXPLORATION PACT SIGNED WITH HUNGARY  India and Hungary signed an agreement for oil and gas exploration and decided to strengthen cooperation in the information technology (IT) sector. Both countries also agreed to work for increasing the level of trade to $1 billion by 2012.  An agreement to this effect was reached during the current visit of the Union Commerce and Industry Minister, Anand Sharma, to Hungary.  Prime Minister of Hungary Gordon Bajnai.  An agreement for oil exploration was signed between MOL, the official Hungarian Oil Company, and Oil and Natural Gas Corporation (ONGC) in which MOL will be a 35 per cent partner.  It was also agreed that the two countries would strengthen cooperation in the IT sector. The India-Hungary S&T fund of 2 million euro annually for the promotion of joint research projects will soon be made operational and bilateral S&T projects would be selected for funding. 
BANKS TO LEND AT BASE RATE  Commercial banks will be made to extend loans at base rates from next fiscal year, which is expected to benefit consumers and borrowers.  According to Reserve Bank of India, the apex bank is keen on ensuring that banks provide loans on a base rate from April onwards and not on the basis of current benchmark prime lending rate (BPLR) as the latter was not considered a transparent system.  Under the BPLR arrangement, banks used their negotiating power for extending loans and based on that the rates for lending were decided which meant that for different consumers banks charged different interest rates. RBI INTRODUCES NEW CATEGORY OF NBFCS  The Reserve Bank of India (RBI) issued a notification introducing a new category of Non-Banking Finance Companies (NBFCs) as "Infrastructure Finance Companies (IFCs)".  The existing categories of NBFCs are Asset Finance Companies (AFCs), Loan Companies (LCs) and Investment Companies (ICs). Further with a view to encouraging larger flow of funds to infrastructure, the exposure of a bank to infrastructure finance companies has been enhanced up to 20 per cent of its capital funds.  The IFCs should deploy a minimum of 75 per cent of itstotal assets in infrastructure loans. Net owned funds of Rs. 300 crore or above with a minimum credit rating ‘A’ or equivalent of Crisil, Fitch, CARE, ICRA or equivalent rating by any other accrediting rating agencies could enter infrastructure financing. KOREAN STEEL MAJOR POSCO CHECKS OUT WEST BENGAL Korean steel major Posco has begun checking out West Bengal, raising hopes of the State hosting an investment by Korea’s biggest steel company whose plans to set up a 12 million tonne plant in Orissa is in a limbo.
Posco India sees the Indian market as one with huge potential as much for the growing market for steel (mainly for infrastructural projects) as also for the country’s mineral resources. However, its Rs. 52,000-crore project, seen as the single largest dose of foreign direct investment, faced resistance from landlosers making Posco’s plan go haywire. U.K. INVESTOR PULLS OUT OF VEDANTA  In a blow to mining firm Vedanta, a fourth European investor has sold its multi-million pound stake in the company, citing "serious concerns about its *Vedanta’s+ approach to human rights and the environment." The company has been slammed for its plan to mine the Niyamgiri Hills of Orissa, home to the Kondh tribals, many of whom have opposed the plan. 

 Vedanta has been criticised by human rights and activist groups, including Survival International and Amnesty International, due to their operations in Niyamgiri Hills in Orissa, India that are said to threaten the lives of the Dongria Kondh that populate this region. The Niyamgiri hills are also claimed to be an important wildlife habitat in Eastern Ghats of India as per a report by the Wildlife Institute of India as well as independent reports/studies carried out by civil society groups. Vedanta Alumnium, the Indian subsidiary of U.K.-listed Vedanta Resources. The Arab League has 22 members, including Jordan, Lebanon, Saudi Arabia, Kuwait, Oman, Palestine, Qatar and Algeria.

BOSTON CONSULTING TO RESTRUCTURE NABARD

 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.

AUTONOMY FOR MAHARATNAS

The government’s decision to allow greater operational and financial freedom to the public sector companies that qualify as ‘Maharatnas’ — a new category that will have higher performance criteria than applicable to the existing ‘Navratna’ — is a step in the right direction.In 2009, the government established the Maharatna status. What are the norms for elevation as Maharatnas? The six point eligibility criteria are:
1. an existing Navratna status;
2. listing on the stock exchanges with minimum public
shareholding as prescribed by the SEBI;
3. annual turnover of more than Rs.25,000 crore for the last three years;
4. average annual net worth of at least Rs.15,000 crore;
5. average annual net profit of more than Rs.5,000 crore for the last three years.
6. a significant global presence. NAVRATNA Navratna was the title given originally to nine Public Sector Enterprises (PSEs), identified by the Government of India in 1997 as its most prestigious, which allowed them greater autonomy to compete in the global market.The number of PSEs having Navratna status has been raised to 18, the most recent addition being Coal India Limited. CRITERIA Navratna status is conferred by Department of Public Enterprises. To be qualified as a Navratna, the company must obtain a score of 60 (out of 100). The score is based on six parameters which include net profit to net worth, total manpower cost to total cost of production or cost of services, PBDIT (Profit Before Depreciation, Interest and Taxes) to capital employed, PBDIT to turnover, EPS (Earning Per Share) and inter-sectoral performance. Additionally, a company must first be a Miniratna and have four independent directors on its board before it can be made a Navratna.
MINIRATNAS
In addition, the government created another category called Miniratna. Miniratnas can also enter into joint ventures, set subsidiary companies and overseas offices but with certain conditions. In 2002, there were 41 government enterprises that were awarded Miniratna status. CATEGORY I This designation applies to PSEs that have made profits continuously for the last three years or earned a net profit of Rs. 30 crore or more in one of the three years. These miniratnas granted certain autonomy like incurring capital expenditure without government approval up to Rs. 500 crore or equal to their net worth, whichever is lower. CATEGORY II This category include those PSEs which have made profits for the last three years continuously and should have a positive net worth. Category II miniratnas have autonomy to incurring the capital expenditure without government approval up to Rs. 300 crore or up to 50% of their net worth whichever is lower. CHINA SET TO OVERTAKE INDIA AS WORLD’S BIGGEST GOLD CONSUMER China, the world’s largest producer of gold, is set to overtake India as the metal’s biggest consumer for the first time in history.
China’s gold consumption in 2009 has now been estimated at 450 tonnes, according to data released this week. This exceeds estimates for India’s net consumption last year, which is forecast at around 380 tonne.
According to recently released statistics by the China Gold Association, the estimated demand for gold touched 450 tonnes last year, up from 395.6 tonnes in 2008. China has been the world’s largest gold producer since 2007, when the country overtook South Africa.
ALL IT RETURNS OPEN TO PUBLIC SCRUTINY  Are income-tax returns filed by individual citizens open to public scrutiny under the Right to Information? Yes, says the Central Information Commission. 

 The ruling by Information Commissioner Shailesh Gandhi came on a specific application filed under the RTI Act, 2005 
EURO IV FUEL FOR 13 CITIES FROM APRIL 1 He held that filing tax returns was a statutory obligation and must be treated as a public activity open to scrutiny. As a tax assessee had already provided information to the state as part of his or her legal duties, its disclosure to "another person cannot be construed as an unwarranted invasion of privacy of the individual."  The government announced that the state-run oil firms will start supplying Euro-IV grade petrol and diesel in 13 big cities and Euro-III compliant petrol in rest of the country from April 1.  Euro-IV petrol and diesel will be supplied for sure in 13 designated cities that include Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad and Ahmedabad from April 1.  As per fuel specifications committed to the Supreme Court, oil firms are to sell petrol and diesel meeting the stringent Euro-IV specifications in 13 major cities from April 1 while Euro-III grade fuel is to be supplied in rest of the country. In a controversial December 14 ruling with far-reaching implications, the CIC held that individual assessees could not invoke privacy concerns to prevent an unrelated "third party" from inspecting returns filed with the Income-Tax Department. Sources in the Commission said the ruling must be seen as a trendsetter that could eventually lead to the tax returns of all citizens being put up on the department’s website.