Business News – Newsletter for February 28, 2011

Monday, February 28, 2011

221 mn Chinese travelled by train during spring festival

BEIJING – A whopping 221 million people travelled by train during China’s spring festival, which is also the largest migration of people anywhere in the world.

The railway ministry Monday said the trains carried a record 221 million passengers during the 40-day Spring Festival travel rush period that ended Sunday.
The figure represents an increase … Read more : 221 mn Chinese travelled by train during spring festival.

Budget leaves IT sector unimpressed

HYDERABAD – The information technology (IT) sector is disappointed at Finance Minister Pranab Mukherjee’s union budget for 2011-12 for not extending tax incentives and hiking the Minimum Alternate Tax (MAT).

The IT sector in Hyderabad, a key IT hub in the country, feels the finance minister failed to meet its expectations, especially on the demand … Read this article on Gaea Times at : Budget leaves IT sector unimpressed.

Budget conveys strong signal for reforms: Pranab

NEW DELHI – The budget for 2011-12 conveys a “strong signal towards reforms”, especially on taxation and fiscal consolidation, Finance Minister Pranab Mukherjee said Monday.

Through this budget I wanted to convey a strong signal towards reforms, and reforms not just in dramatic announcements but addressing those issues where governance and delivery can improve, Mukherjee …. Original source : Budget conveys strong signal for reforms: Pranab.

RBI releases its IT Vision Document for 2011-17

The Reserve Bank of India has today, placed on its website, the Report of the High Level Committee (HLC) on the IT Vision of Reserve Bank of India 2011-2017 (www.rbi.org.in/scripts/PublicationReportDetails.aspx?UrlPage=&ID=630) . The HLC report includes the IT Vision document for 2011-17 (www.rbi.org.in/scripts/PublicationVisionDocuments.aspx?ID=629) .

Main recommendations in the IT Vision document 2011-17
Focus for …. Source article : RBI releases its IT Vision Document for 2011-17.

Budget remembers Tagore, award to be instituted

NEW DELHI – The government will institute a new international award in memory of Nobel laureate Rabindranath Tagore, whose 150th birth anniversary is May 7 this year, Finance Minister Pranab Mukherjee announced Monday.

The award carrying a purse of Rs.1 crore will be awarded for exemplary contribution to promotion of world peace, brotherhood, amity and …. Original article : Budget remembers Tagore, award to be instituted.

Union Budget eyes upon result oriented economic management system

NEW DELHI – Union Finance Minister Pranab Mukherjee today said that the Union Budget is a transition towards a more transparent and result oriented economic management system in India.

Presenting the budget 2011-12 in the Lok Sabha today, Mukherjee said: “Huge differences between wholesale and retail prices are at the expense of remunerative prices … Read more »»».

RBI launches 23rd Round of Inflation Expectations Survey of Households

The Reserve Bank of India has today launched the 23rd round of Inflation Expectations Survey of Households. January-March 2011 is the reference period for the current survey. M/s Beaumont Consultancy Services, Mumbai has been engaged to conduct this Round of the Survey on behalf of the Reserve Bank of India.

The Reserve …. Source : RBI launches 23rd Round of Inflation Expectations Survey of Households.

World’s first 660 KV power cable in China

BEIJING – A 660-kilovolt direct current power transmission system, said to be the world’s first, began to supply energy Monday to a province that is located over 1,300 km away.

The transmission system began carrying power from northwest China’s Ningxia Hui Autonomous Region to the eastern Shandong Province.
The 10.4-billion-yuan ($1.58 billion) project is part … Read more : World’s first 660 KV power cable in China.

Disinvestment yield target set at Rs.40,000 crore

NEW DELHI – The government aims at raising Rs.40,000 crore from selling its stakes in public sector undertakings during fiscal 2011-12, Finance Minister Pranab Mukherjee said Monday.

I intend to maintain the momentum on disinvestment in 2011-12 by raising Rs.40,000 crore,” Mukherjee said while presenting the budget for 2011-12 in the Lok … Read more >>.

State-run banks get Rs.6,000 crore

NEW DELHI – To strengthen the banking sector in India, the government Monday said it will allocate Rs.6,000 crore to public sector banks and Rs.500 crore to regional rural banks.

“I propose to provide a sum of Rs.6,000 crore for the year 2011-12 to enable public sector banks to maintain a minimum tier I … Original source on Gaea Times at : State-run banks get Rs.6,000 crore.

China has 1.34 bn people

BEIJING – Wondering how many people does the world’s most populous country have? Well, China has a mind-boggling 1.34 billion people, latest official statistics show.

Neighbour India stands second in the global population tally with an estimated figure of 1.2 billion.
China’s National Bureau of Statistics (NBS) Monday said that preliminary data showed the country … Read : China has 1.34 bn people.

Indian stock markets give thumbs up to budget, Sensex soars (Second Lead)

NEW DELHI – Indian equities markets Monday continued to rise well after Finance Minister Pranab Mukherjee presneted the general budget as investors gave their thumbs-up to decisions like allowing foreign investment in mutual funds, and raising the cap on foreign institutional investment in corporate bonds.

Mukherjee raised the limit for funds to be invested by … Read more : Indian stock markets give thumbs up to budget, Sensex soars (Second Lead).

Pranab’s budget has Rs.8,000 crore for Kashmir’s development

NEW DELHI – Finance Minister Pranab Mukherjee Monday said Rs.8,000 crore would be given as special developmental assistance to the troubled Jammu and Kashmir in the current fiscal. This is in addition to the special support of Rs.28,000 crore already earmarked by the central government.

“The governments special support to Jammu and Kashmir is anchored …. Source : Gaea News Network.

Highlights of Pranab Mukherjee’s budget for 2011-12

NEW DELHI – Highlights of the budget for 2011-12 presented by Finance Minister Pranab Mukherjee in the Lok Sabha Monday:

* Expenditure in 2011-12 estimated at Rs.12,57,729 crore, an increase of 13.4 percent.
* Tax receipts in 2010-11 at Rs.932,440 crore, an increase of 24.9 percent; non-tax receipts at Rs.125,435 crore.
* Growth at 8.75 … Original article on : Highlights of Pranab Mukherjee’s budget for 2011-12.

Microsoft launches Microsoft Dynamics AX for retail in India

NEW DELHI – (ANI-Business Wire India): Microsoft India today announced the launch of Microsoft Dynamics AX for Retail, a focused offering for the Indian retail sector.

This solution offers a consolidated, integrated system that promises the capabilities of a stronger profitable retail supply chain and connected retailing to significantly reduce business complexities.

Microsoft Dynamics AX for … Read more »».