Appointed: Nandan Nilekani, Co-Chairman of Infosys Technologies, as head of an expert panel to review the Pension Fund Regulatory and Development Authority (PFRDA) plan to extend a pension package to the private sector. The group is expected to submit its report soon.
Missed: By India’s textiles sector, the export target of $25.06 billion for 2007-08 as the appreciation of the rupee by over 13 per cent against the dollar during the year lowered the sector’s competitiveness in the global market. The country’s textiles exports during 2007-08 stood at $22 billion.
Extended: By the Reserve Bank of India, liquidity support to the mutual funds industry until further notice, instead of the 15-day period stipulated earlier. On October 14, RBI had provided this special window under which banks could borrow up to Rs 20,000 crore to lend to mutual funds to see them through the tight liquidity situation. So far, banks have borrowed only Rs 8,550 crore under this window.
Sanctioned: By banks, Rs 95,064 crore in agricultural loans in the first six months of this financial year. Banks had given credit worth Rs 2.4 lakh crore in 2007-08, Rs 2.29 lakh crore in 2006-07, and Rs 1.8 lakh crore in 2005-06 to the farm sector, according to Minister of State for Agriculture Kanti Lal Bhuria.
Risen: By 40 per cent, new investigations into unfairly priced imports in the first half of 2008 all over the world, reflecting an increase in global trade tensions as WTO members struggled to make progress in the long-running Doha Round to free world trade. Turkey, with 13, launched the most new investigations, followed by the US with 12, India with 11, and Argentina and the EU with 10 each.
Approved: By Ranbaxy Labs, the sale of shares and warrants on a preferential basis to Daiichi Sankyo. The Japanese company has acquired 52.5 per cent of India’s biggest drug maker, following its buyout of the stake owned by former promoter Malvinder Singh’s family and an open offer to the public.