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Foreign direct investment (FDI) in India”s services sector, which contribute over 50 per cent in the country”s economic growth, declined by 22.5 per cent to USD 3.4 billion in 2010-11, according to the industry ministry”s latest data. The services sector (financial and non-financial services) had attracted FDI worth USD 4.39 billion during 2009-10.
Mukesh Ambani has got company of at least 29 fellow corporate executives, including four from his own group Reliance Industries , in terms of annual salaries running into crores of rupees for the latest fiscal. These include JSW Energy’s Sajjan Jindal, Hindustan Construction’s Ajit Gulabchand, Raymond’s Gautam Hari Singhania, ICICI Bank’s Chanda Kochhar, Axis Bank’s Shikha Sharma, as also Infosys’ S Gopalakrishnan and S D Shibulal.
The National Consumer Helpline (NCH) received 10,170 calls during April 2011 for redressal of consumer complaints. In addition of these calls, 639 complaints were also received through online complaint system on NCH website. The maximum calls were received from Delhi followed by Uttar Pradesh,Maharashtra, Rajasthan and Haryana.
The OECD on Wednesday pegged India’s growth at 8.5 per cent for the current fiscal, indicating that economic expansion would be slower. The Organisation for Economic Cooperation and Development has projected the Indian economy to expand 8.5 per cent in 2011-12, much lower than the growth of 9.6 per cent witnessed in 2010-11 financial year.
The Madhya Pradesh government has come under the scanner of Lokayukta for allegedly organising a free dinner for about 250 serving IAS officers with taxpayers’ money. Official sources said about Rs 1.5 lakh was allegedly routed from the exchequer’s account to foot the bill of the dinner hosted late last year by State Chief Secretary Avani Vaish for IAS officers, most of them serving in MP, at a private club here.
Amid controversies over its use of US business visas, Infosys today said an American court has sought documents and records related to the company’s sponsorships and utilisation of B1 business visas. The development comes at a time when Infosys is facing a lawsuit by a former employee Jack Palmer, alleging that he was asked by the firm to sign on documents which said workers were heading to the US to have meetings rather than to work there.
Following 40 per cent decline in cotton prices during the past one-and-a-half month, industry body ASSOCHAM today called for lifting the ban on raw cotton exports to protect interests of farmers across the country. Cotton prices have tumbled from Rs 59,000 to Rs 65,000 per candy on March 31 to Rs 38,000 earlier this month.
The International Accounting Standards Board (IASB) has requested the government to adopt the global accounting standards IFRS in toto or at least allow companies to voluntarily do so and not go ahead with the convergence approach.Stating it is in India”s own interest to adopt the International Financial Reporting Standards (IFRS, as India”s problems will soon be the problems of the global community too, IASB Board member Prabhakar Kalavacherla said we (IASB) strongly encourage adoption as against convergence.
Five corporate honchos, including Unitech Group MD Sanjay Chandra and Group MD of Reliance ADAG Gautam Doshi, will remain in jail in the 2G case with the Delhi High Court today dismissing their bail pleas, saying the gravity of offence itself is sufficient to deny bail.
The merger of Mahindra Satyam and Tech Mahindra may get delayed on account of legal and procedural issues, a company official said today. ‘Integration involves some legal process. We have to approach the High Courts of Andhra Pradesh and Maharashtra for approvals and there can be delays. We are still looking at April-May of next year’, Mahindra Satyam Chairman Vineet Nayyar said after announcing the financial results.
