Business and Economy - 2013

January:
Airbus bags deal to supply six refuelling aircraft
European Airbus A 330 MRTT aircraft has emerged as the lowest bidder for the 8,000-crore contract for
six mid-air refueling tanker aircrafts for the IAF edging out its Russian rival IL-78. The new aircraft will join
the fleet of six IL-78 mid-air refuellers now in IAF service and enhance the reach of fighter jets.
MukeshAmbani 18th richest man in world
According to the Bloomberg Billionaires Index, Indian business magnate, MukeshAmbani, is the 18th
richest person in the world with a personal wealth of USD 24.7 billion in 2012. The Index is a daily ranking
of the world's 100 wealthiest individuals. Mexican telecommunications magnate Carlos Slim remained the
world's richest person holding a personal fortune of more than USD 70 billion.
Panel recommends average global prices for domestic gas
Rangarajan Committee, appointed by the Prime Minister, has suggested mandating a price of
domestically-produced natural gas at an average of international hub prices and cost of imported LNG,
instead of the present mechanism of market discovery.
Y.V. Reddy to head 14th Finance Commission
The government has announced the constitution of the 14th Finance Commission under the chairmanship
of former RBI Governor Y. V. Reddy. The Commission would look into issues like disinvestment, GST
compensation, sale of non-priority PSUs and subsidies among others. Apart from Dr. Reddy in the chair,
other members of the Commission are former Finance Secretary SushmaNath, NIPFP Director M.
Govinda Rao, Planning Commission Member Abhijit Sen and Former Acting Chairman of National
Statistical Commission SudiptoMundle.
Govt considers Vijay Kelkar Committee report
The government is considering Vijay Kelkar Committee recommendations on cutting fiscal deficit. The
Kelkar Committee, which was appointed by Finance Ministry to suggest a roadmap for fiscal
consolidation, has suggested immediate hike in fuel prices and complete deregulation of diesel prices by
start of 2014-15 fiscal. It has also suggested raising kerosene and LPG rates.
Special offer for women from LIC Housing
LIC Housing Finance has launched a new home loan product called Bhagyalakshmi for women homeseekers. It is offered at an interest rate that begins at 10 per cent for the first two years.
India ranks low on tackling economic, environmental risk
India ranks lowest among the world's major economies for its preparedness to tackle global
environmental risks and second-lowest for economic risks, while Switzerland is on the top. As per the
annual Global Risks Report published by Geneva-based World Economic Forum (WEF), the biggest
global risk in terms of likelihood is 'severe income disparity' for the next 10 years, while 'major systemic
financial failure' will be the top-most risk before the world in terms of impact.
Steve Jobs tops list of worlds best chief executives
Late visionary Apple co-founder Steve Jobs has topped a list of the worlds best chief executives. The
global list, compiled by French business school INSEAD for Harvard Business Review, ranked the former
Apple head first.
Diary of Events

Page 1

R. K. Dubey takes over as Canara Bank CMD

R.K. Dubey has assumed charge as the Chairman and Managing Director of Canara Bank.
Toyota retakes global auto sales crown from General Motors
Toyota has once again dethroned General Motors as the world's top-selling automaker.
Companies cant trade in ESOS, ESPS shares
The Securities and Exchange Board of India (SEBI) has amended its Employee Stock Option Scheme
(ESOS) and Employee Stock Purchase Scheme (ESPS) Guidelines, 1999, by prohibiting companies from
dealing in their own shares in the secondary market under these schemes, with immediate effect.
India Inc tops R&D investment growth global charts
Indian companies have come on the top globally when it comes to growth in their research and
development (R&D) investments, leaving their counterparts in the US and Europe far behind, according to
a new study by the European Commission. However, Indian firms rank far below when it comes to
absolute R&D investments made by them and the top-ranked company from the country, IT major Infosys,
is ranked at 329th place globally, as per the latest annual global R&D Scorecard for 2012 prepared by
European Union's executive body, the European Commission.
OVL's project wins award in Russia
According to ONGC Videsh Ltd, the overseas arm of state-owned Oil & Natural Gas Corp (ONGC), the
De-Kastri oil terminal of its Sakhalin-1 oil and gas project in Russia has bagged the best oil terminal
award of Russia. OVL holds 20 per cent stake in the Sakhalin-1 oil and gas fields in far-east Russia.
China confers top science award on noted scientist Dr C N R Rao
Noted Indian scientist Dr C N R Rao has been conferred with China's top science award for his important
contributions in boosting Sino-India scientific cooperation. Chinese Academy of Sciences (CAS) gave its
2012 Award for International Scientific Cooperation to three scientists from India, Germany, and Russia.
Just one of ten MBA graduates gets suitable jobs
An Assocham study claims that merely 10 per cent of graduates from business schools manage to get
"suitable" jobs in the country as MBA courses are not adequately designed to meet the skill-set required
by industry.
Thailand surrendered its crown as the world's top rice exporter
Thailand has started the New Year by surrendering its crown as the world's top rice exporter, and is
saddled with an ever-growing stockpile of the grain as the costs of its subsidy scheme has mounting.
According to US Department of Agriculture (USDA) said in the report. India is the new number one rice
exporter, taking the title for the first time since 1983, with exports likely to be about 8.5 million tonnes to
the end of March 2013.
eBiz portal launched
Commerce and Industry Ministry has launched eBiz portal to provide Government-to-Business (G2B)
services for Indias investor and business communities. The portal was developed by Infosys in a publicprivate partnership (PPP) mode.

BK Srivastav named Corporation Bank's new executive director

Bibhas Kumar Srivastav has assumed charge as the Executive Director of Corporation Bank.

Diary of Events

Page 2

February:
Tata Power can trade carbon credits earned from Guj plant
Tata Power has said its 25 MW solar project in Gujarat has been registered under the United Nations
Clean Development Mechanism, a move that would allow the company to trade carbon credits from the
plant.
India's per capita monthly average income rises to Rs. 5,130 in 2011-12
The per capita monthly income, a measure to assess standard of living, grew at a slower rate of 13.7 per
cent to Rs. 5,130 in 2011-12 at current prices compared to Rs. 4,513 in 2010-11. The per capita income
at current prices is estimated at Rs. 61,564 (per annum) in 2011-12 as against Rs. 54,151 for the previous
year depicting a growth of 13.7 per cent, as against an increase of 17.1 per cent during the previous year.
NTPC signs loan pact worth $250 mn with SBI, Japanese bank
State-run NTPC has signed a loan agreement worth $250 million with State Bank of India (New York
branch) and Japan-based Mizuho Corporate Bank (Singapore branch) for financing its expansion plans.
The loan carries a floating rate of interest linked to LIBOR and has a door to door maturity of seven years.
India's per capita income rises to Rs 5,729 per month
India's per capita income, a gauge for measuring living standard, is estimated to have gone up 11.7 per
cent to Rs 5,729 per month in 2012-13 at current prices, compared with Rs 5,130 in the previous fiscal.
Indian-American receives prestigious business award
An Indian-American businessman has been selected for a corporate award given by a prestigious US
journal. Based out of Dallas in Texas, Ashok Mago, the chairman of USINDIA Forum, was felicitated with
the 'Minority Business Leader Award' by the Dallas Business Journal for his accomplishments in the field
of business. The other Indian-Americans who had been selected for the award earlier are Pete K Patel,
Shaji K Daniel, Krishnakant Dave.
Taj Lake Palace named top romantic hotel
Rajasthan tops as the state with the most number of romantic hotels followed by last year's winner
Kerala. Taj Lake Palace (Udaipur), regains its place of pride as the top romantic hotel in India, after falling
down to number 4 in the list of 2012. Other than Taj Lake Palace, Honeymoon Inn Manali is the other
property which has been consistently on the list, making them both enduring romantic escapes.
Micky Jagtiani tops billionaires rich list on Gulf Indians
According to the first-ever GCC Indian Rich List published by financial weekly magazine 'Arabian
Business', Micky Jagtiani, Landmark Group founder who once worked as a London cab driver topped
the list with an estimated wealth of USD 4.5 billion.
China becomes biggest trading nation, pips US
China surpassed the US to become the world's biggest trading nation as measured by the sum of exports
and imports of goods, a milestone in the Asian nation's challenge to the US dominance in global
commerce that emerged after the end of World War II. US exports and imports of goods amounted to a
total of $3.8 trillion in 2012. China's customs administration reported that the country's total trade in goods
in 2012 amounted to $3.9 trillion.
The solar war heats up
The United States action of complaining against India in the World Trade Organisation over the Indian
governments so-called domestic content requirement, for solar modules used in the projects awarded
Diary of Events

Page 3

under the Jawaharlal Nehru National Solar Mission, has brought to the fore a major divide in the Indian
solar industry and the governments predicament over it. Indian manufacturers want protection against the
much cheaper products from abroad, especially from the Chinese crystalline silicon manufacturers and
the American thin film manufacturers, both of whom often bring in cheap funding for their buyers. In
India, the solar power industry is a 3-year-old baby.

Gold demand falls in 2012 for first time in three years

Global gold demand fell last year for the first time since 2009 as jewelry buying abated in the key Indian
and Chinese markets and US and European coin and bar investment dropped, the World Gold Council
said.
Dabhol-Bangalore gas pipeline of GAIL goes on stream
GAIL (India) commenced delivery of gas through its 1,000 km-long Dabhol-Bangalore pipeline. The first
recipient of the gas was Toyota Kirloskar Auto Parts, which will utilise the fuel for its captive 6.5 MW
power plant.
ONGC sets world record in drilling well at deepest water depth
State-owned Oil and Natural Gas Corp (ONGC) has drilled a well in record water depths using a rig it had
hired from Reliance Industries. The rig DDKG1 has spudded well NA7-1 in exploratory block KG-DWN2004/1 in east coast India at a water depth of 3165 metres (10,385 feet).
Bihar potato farmer sets new world record
A potato farmer, Rakesh Kumar Sohdih village of Bihar's Nalanda district has set a new world record in
potato production through organic farming. He has harvested 108.8 tonnes of potato per hectare and set
a new world record in potato production.
Vijayan takes over as IRDA chief
Former LIC chief T. S. Vijayan, has taken over as the Chairman of the Insurance Regulatory and
Development Authority (IRDA).
E-payments added $1.5 bn to India's GDP during 2008-12
Rise in electronic payments such as credit and debit cards and other mode of paperless transactions
have added around USD 1.5 billion to the country's GDP during 2008-12 period. On a global note,
increased electronic payments have added USD 983 billion to the GDP of 56 countries during this period,
which is equivalent to creating 1.9 million jobs, said the Visa-Moody's Analytics study. However, the
findings point out that India lags behind other emerging nations like China, Brazil and Russia among
others in e-payments as the third largest Asian economy is still cash-driven.
India's first social sector pvt equity fund gets SEBI nod
India's first social venture fund, Incube Connect Fund (Incube), has been accorded registration by market
regulator SEBI.Incube is an Ahmedabad-based social venture fund and has been accorded registrations
under SEBI Alternative Investment Fund (AIF) regulation 2012.
Co-op banks told not to give loans for gold purchase
The Reserve Bank of India has directed State and Central co-operative banks not to grant loans for
purchase of gold in any form to check the significant rise in import of the precious metal in recent years.
Parle-G becomes Indias first home-grown Rs 5K crore FMCG brand
When Parle Products launched Parle-G in 1939 during the British rule, the firm considered it a
responsibility to sell affordable biscuits to Indians. Today, the same value plank has helped the glucose
Diary of Events

Page 4

biscuit brand become the first Indian FMCG brand to cross the Rs 5,000-crore mark in retail sales in a
year. In 2012, Parle Products sold Rs 5,010 crore worth of its flagship glucose biscuit brand at retail price,
besting the entire domestic sales of Dabur or Godrej products and selling three times more than Maggi
noodles.
NCR, Maharashtra got half of total FDI inflows in last 12 years
The National Capital Region and Maharashtra have cornered over half of the total foreign direct
investment inflows of USD 186.82 billion since April 2000. Maharashtra has attracted maximum foreign
inflows at USD 61.23 billion, 33 percent of total FDI inflows during April 2000-November 2012, according
to industry ministry data (DIPP). Karnataka has attracted the third highest FDI inflows worth USD 10.43
billion during the period, followed by Tamil Nadu (USD 9.72 billion), Gujarat (USD 8.53 billion), Andhra
Pradesh (USD 7.58 billion) and West Bengal (USD 2.14 billion).

RBI not to allow MFIs to charge interest of more than 26%

The Reserve Bank of India (RBI) has said micro-finance institutions (MFIs) cannot charge interest rate of
more than 26 percent. MFIs are basically relevant because the banking system in the country is
inefficient.
India beats Belgium in rough diamond import
Speculative buying and the rising China threat have shot up the import of rough diamonds from India. In
fact, Indian diamantaireshave imported more roughs than Belgium in 2012
Tata Group signs MoU with UKIBC
The Tata Group has signed a memorandum of understanding (MoU) with the U.K. India Business Council
(UKIBC) for skill development and delivery in India. Tata Group said the MoU will initially include projects
in Odisha and Mumbai for replicable skills training across India.

March:
Lowest Defence Budget increase in over 30 years
India will spend its lowest on defence expenditure in over three decades. The Union government has
proposed a modest hike in the annual Budget that amounts to just over 5 per cent over the year 2012.
Defence spending is one of the hardest hit with the projected Budget of Rs 2.03 lakh crore coming up to
barely 1.79 per cent of the Gross Domestic Product. This is a record low for India in at least three
decades, with the figure dropping considerably from 3.16 per cent of the GDP in 1987.
Govt to set up two ports in Andhra Pradesh, West Bengal
The government has decided to set up a port each at Andhra Pradesh and West Bengal in 2013-14, to
effectively handle increased cargo traffic. At present there are 12 major ports in India Mumbai, Jawaharlal
Nehru Port Trust (JNPT), Kolkata (with Haldia), Chennai, Cochin, Paradip, New Mangalore, Marmagao,
Ennore, Tuticorin, Kandla and Visakhapatanam.
India ranks 28th in women representation on cos boards
Women account for nearly 40 percent of the total workforce of India Inc, but their presence is less than
seven percent when it comes to board-level positions. India is ranked at 28th in terms of the presence of
women directors in, a slight improvement from 30th position of 2013, according to Women On Board
2013. The ranking is better than that of a few major countries like Japan. The survey was conducted on
more than 1,400 companies in India and it found that the women constituted just 6.81 percent of the total
number of board members in 2013. The female presence on company boards is highest in Norway (37.23
Diary of Events

Page 5

percent), followed by Sweden (27 percent), Finland (24 percent), South Africa (17.31 percent) and the US
(16.67 percent). The countries having lower women representation on company boards include Italy (4.23
percent) and Japan (1.26 percent).

ONGC is No 1 profit-making PSU, BSNL worst performer

ONGC has retained the top position in the coveted list of 10 most profit-making PSUs, while BSNL was
the biggest loss-making state-run company in 2011-12, according to a government survey. Power major
NTPC is the second biggest profit-making state-run company, the same position as in 2010-11 survey.
The world's largest coal producer Coal India jumped to third position in 2011-12 from seventh rank in the
previous survey, pushing Indian Oil Corporation (IOC) down to the seventh position. In 2010-11, IOC was
at the third position. Largest iron-ore producer NMDC was fourth.
Telecom Minister approves Rs 350 cr penalty on Bharti Airtel
Telecom Minister KapilSibalseems to have approved the recommendation of a Department of Telecom
committee to impose Rs 50 crore penalty each on seven licences of Bharti Airtel that entered into 3G
roaming agreements with other operators to offer services beyond permitted zones.
SEBI forms panel to review insider trading norms
Market regulator Securities and Exchange Board of India (SEBI), to curb the menace of insider trading,
has set up a new committee headed by former chief justice of Karnataka High Court Justice N. K. Sodhi
to review insider trading norms.
China overtakes US as worlds largest oil importer
China has overtaken the US as the world's largest net importer of oil. US net oil imports dropped to 5.98m
barrels a day in December 2012, whereas China's net oil imports surged to 6.12m barrels a day. The US
has been the world's largest net importer of oil since the mid-1970s.

About 30% people were below poverty line in 2009-10

About 30 per cent of people in India were below the poverty line in 2009-10 that was based on the
monthly per capita consumption expenditure (MPCE) of Rs. 673 for rural areas and Rs. 860 for urban
areas. As per the latest available information, the percentage of people living below poverty line in the
country in 2009-10 has been estimated at 29.8 per cent.
Wipro recognised as one of the world's most ethical company
Wipro Ltd said it has been recognised by the Ethisphere Institute, a leading business ethics think-tank, as
one of the 2013 World's Most Ethical (WME) Companies, for the second year in a row. This recognition is
for Wipro's strong commitment to ethical leadership, compliance practices, and corporate citizenship.
Award for SJVN
Public sector major Sutlej JalVidyut Nigam was presented the Social Development and Impact award by
the National Statistical Organisation in Shimla.
Final unit of Mundra UMPP synchronised
Tata Power, through its wholly-owned subsidiary Coastal Gujarat Power Limited (CGPL), announced the
synchronisation of 800 MW Unit 5 of its Ultra Mega Power Project (UMPP) at Mundra in Gujarat to the
grid. This makes the countrys first UMPP 4,000 MW plant fully operational.

Diary of Events

Page 6

World Bank bans L&T for forgery

The World Bank has barred Larsen & Toubro (L&T) from doing any business with it or the projects funded
by it for six months, after finding that a senior executive of the conglomerate has indulged in fraud.
United Bank ties up with SIDBI
United Bank of India (UBI), which has recently eased loans for the MSME (micro, small and medium
enterprises) sector, has now signed a memorandum of understanding with the Small Industries
Development Bank of India (SIDBI) to ensure smooth credit flow to the MSME sector under the
programme Collaboration for facilitating Enterprise Loans (COFEL).
Monaco, Hong Kong most expensive cities to buy luxury residential properties
Monaco, Hong Kong and five other cities have been found to be the most expensive cities in the world to
buy luxury homes, leaving New York far behind. According to a report by Knight Frank, a London property
consultancy,the most expensive homes in New York average between 2,030 dollars and 2,240 dollars per
square foot. Monaco leads the way, with high-end residences ranging between 5,350 dollars and 5,920
dollars per square foot.
MukeshAmbani to join Bank of America Global Advisory Council
Bank of America Corporation has announced that MukeshAmbani would join the Bank of America Global
Advisory Council.

Hinduja brothers are the richest Asians in Britain

Leading NRI businessmen SrichandHinduja and GopiHinduja, chairman and co chairman of the Hinduja
Group, have emerged as the richest Asians in Britain in 2013. After playing second fiddle for years to
steel tycoon Lakshmi Mittal, the London-based Hinduja brothers have come out top this year with net
wealth assessed at 12.5 billion pounds up 3 billion pounds on the 2012 figure.
India among worlds top 20 real estate investment markets
A recent study by Cushman & Wakefield has ranked India as the twentieth largest real estate market, with
an investment volume of $3.4 billion in 2012. China was at the top position with an investment of $304.1
billion, followed by the U.S. ($267.1 billion) and the U.K. ($56.3 billion). India was (20th) among the top 20
real estate investment markets globally with investment volume of Rs.19,000 crore ($3,466 million)
recorded in 2012.
India No. 4 in MasterCard Consumer Confidence Index
India ranked fourth on the MasterCard Consumer Confidence Index as a market whose consumer
confidence is less affected by changes in its merchandise exports, while Japan and Hong Kong topped
the list.
BRICS bank, $100 billion contingency fund get nod
The BRICS summit endorsed the setting up of a BRICS Development Bank and creation of a $100 billion
contingency relief arrangement (CRA) in a bid to sow the seeds of an alternate financial structure for
developing countries. China will be the largest contributor with $41 billion while India, Russia and Brazil
will pledge $18 billion each. South Africa will pledge $5billion.
Srikrishna panel moots Indian Financial Code Bill
Aiming to reform financial sector regulations for the longer term in keeping with systemic risks involved in
financial management, the government-appointed Financial Sector Legislative Reforms Commission
(FSLRC) headed by Justice B. N. Srikrishna, has proposed an Indian Financial Code Bill to enable
Diary of Events

Page 7

creation of a unified financial regulator while limiting the role of the Reserve Bank of India (RBI) to
monetary management. As per the proposed regulatory architecture recommended by the Commission,
the unified financial agency (UFA) and not a unified financial regulator, the commission has asserted -will
comprise four existing agencies which will be merged into one. These are the Securities and Exchange
Board of India (SEBI), the Forward Markets Commission (FMC), the Insurance Regulatory and
Development Authority (IRDA) and the Pension Fund Regulatory and Development Authority (PFRDA).
TCS ranked top employer in Europe for 2013
IT major Tata Consultancy Services (TCS) has been adjudged the top employer in Europe for this year by
CRF Institute.

April:
Supreme Court dismisses plea of Novartis for patent of cancer drug
The Supreme Court has dismissed Swiss drugmaker Novartis AG's attempt to win patent protection for its
cancer drug Glivec, a serious blow to Western pharmaceutical firms who are increasingly focusing on
India to drive sales. India's domestic drugs market is the 14th largest globally.
Madhya Pradesh pips Bihar to clock highest growth: Report
Madhya Pradesh has de-crowned Bihar from its number one position in terms of highest growth of gross
state domestic product. Quoting the provisional data released by the Central Statistical Organisation for
2012-13, the paper said that Bihar registered single digit growth of 9.48% this fiscal as compared to
13.26% in 2012. However, Madhya Pradesh has registered 10% growth in 2013.Bihars GDP growth
stands at Rs 157,957 crore in the current fiscal which is up Rs 13,679 crore from its previous fiscals
growth at Rs 144,278 crore.
Vijaya Bank gets certification from BSI
Vijaya Bank has announced that its Risk Management Department has received ISO 27001 certification
from the British Standards Institute. The public sector bank claimed that the banks department is first
among Indian banks to receive such certification.
S. Gopalakrishnan is CII President
Infosys co-founder and co-Chairman S. Gopalakrishnan has taken over as President of Confederation of
Indian Industry (CII) for 2013-14, succeeding Godrej Group Chairman Adi Godrej.
Foreign tourists can use credit cards to get rupees
Tourists or visitors from abroad can now use their debit or credit cards to obtain Indian rupees. The
Reserve Bank of India has decided to let authorised money changers (AMCs) to sell Indian rupees to
foreign tourists / visitors against international credit/debit cards.
India Inc second in Asia in raising funds through overseas bonds
India Inc has taken second position among Asian countries in terms of funds raised through overseas
bonds in 2013 next only to China.
Krishnakumar Natarajan is new Chairman of Nasscom
Mindtrees Managing Director and CEO Krishnakumar Natarajan has taken over as Nasscom Chairman
for the year 2013-14 and succeeded N Chandrasekaran, MD and CEO of TCS.

Diary of Events

Page 8

Steel consumption grows by 3.3% in FY'13

Steel consumption in the country grew by just 3.3 percent to 73.3 million tonnes in 2012-13 on subdued
demand due to slackening economy and high interest rates. The consumption growth is the lowest in the
last three years.
SBI hits international bond market to raise $1 billion
State Bank of India has hit the international bond market to raise about $1 billion (Rs.5,430 crore) in a
five-year dollar-bond sale programme.
Bank of America pays MukeshAmbaniRs 1.3 cr as director pay
Indian billionaire industrialist MukeshAmbani has been paid USD 240,000 (about Rs 1.3 crore) as director
compensation for 2012 by global banking giant Bank of America.
RBI to cancel licences of 26 loss-making cooperative banks
The Reserve Bank of India will shortly cancel licences of 26 loss-making cooperative banks, including 16
in Uttar Pradesh.
Cipla launches first biosimilar of 'etanercept' for rheumatic disorders
Cipla has announced the launch of the first biosimilar of 'etanercept' in India under the brand 'Etacept' for
the treatment of rheumatic disorders.

Bugatti Veyron is the world's fastest car

Guinness has pulled a U-turn, confirming Buggati Veyron, with a top speed of 431.072 km per hour, as
the world's fastest car.
Exports decline 1.76% to $300.6 billion
India's exports during 2012-13 declined 1.76 per cent to USD 300.6 billion mainly on account of slowdown
in the global economy. The declining exports have also pushed up the trade deficit during the fiscal to
USD 190.91 billion from USD 183.4 billion in the previous financial year. The decline in exports has been
on account of global slowdown and negative growth in sectors like engineering and textiles. Exports had
stood at USD 307 billion during 2011-12. The government had fixed an export target of USD 360 billion
for 2012-13 which had been missed by a wide margin.
India accounts for 33% of world poor
India accounts for one-third of the world poor, people living on less than USD 1.25 (about Rs 65) per day,
a World Bank report on poverty has said. The report said that 1.2 billion people are still living in extreme
poverty across the world, despite a 59 per cent increase in the developing world population. However, a
new analysis of extreme poverty released by the World Bank shows that there are still 1.2 billion people
living in extreme poverty, and despite recent impressive progress, Sub-Saharan Africa still accounts for
more than one-third of the world's extreme poor. India contributes another third (up from 22 per cent in
1981) and China comes next, contributing 13 per cent (down from 43 per cent in 1981).
Poorest states have highest small savings
Poorest states, with highest BPL population, have been contributing the most in nation-building. That is
what the data on small savings through post office deposits, which form part of the scheme of financing
annual plans of states, reveals. Collections from post deposits are annually to the tune of Rs 2.5 lakh
crore. Among 30 states and UTs, collection from West Bengal, at around Rs 30,000 crore a year, has
Diary of Events

Page 9

been the highest. And all these deposits are credited to the National Small Savings Fund (NSSF). The
gross small savings from all states was Rs 2.5 lakh crore in 2009-10, and it went up to Rs 2.74 lakh crore
in 2010-11. The provisional figure for 2011-12 was Rs 2.21 lakh crore. These deposits are close to 3% of
the GDP at current prices.
Microsoft most attractive employer in India
IT and software major Microsoft has emerged as India's most attractive employer for the third straight
year in 2013, according to a survey by HR service firm Randstad. The company was followed by Hewlett
Packard and Google India in the second and third positions, respectively. Others in the top 10 most
attractive employer list included IBM (4th), ONGC (5th), Sony (6th), Larsen & Toubro (7th), Steel
Authority of India (8th), SBI (9th) and Tata Consultancy Services (10th).
Sunil Mittal to be ICC Vice-Chairman
Bharti Enterprises Chairman and Group CEO Sunil Bharti Mittal has been appointed as Vice-Chairman of
the International Chamber of Commerce (ICC), becoming the third person from India to be appointed to
this position in the history of ICC. The ICC is one of the world's oldest global business organisations.
Founded in 1919, it represents private-sector views to national governments and intergovernmental
bodies around the world.
India, China sign pact for promoting handicraft
Export Promotion Council for Handicrafts (EPCH) has inked a pact with China Council for the Promotion
of International Trade (CCPIT) to explore possibilities of enhancing exports of Indian handicrafts to the
neighbouring nation. A Memorandum of Understanding (MoU) was signed between EPCH and CCPIT,
which is the largest institution for the promotion of Foreign Trade in China to explore the possibilities of
enhancing for exports of handicraft from India.

May:
China pips US to become world's biggest PC market
China has become the world's biggest market for personal computers with industry specialists saying it
has received 69 million shipments of PCs in 2012. In the process, China trounced the US which was the
biggest PC market till 2011. China has already become the biggest internet market in the world with more
than 500 million users.
Buy property over Rs 50 lakh, pay 1% of value as tax
Even if a buyer of a flat or land does not have Tax Deduction and Collection Account Number (TAN), he
will have to deduct 1% of the gross amount he pays to the seller and deposit it with the revenue
department. The onus of deducting and depositing 1% of the gross value of the property lies with the
buyer. This provision will apply for a property value of over Rs 50 lakh, with effect from June 1, 2013. The
seller can claim 1% tax paid by the buyer from the revenue department. While depositing the amount, he
has to mention the Permanent Account Number (PAN) of the seller. The seller, while filing his I-T return,
can take credit for the amount.
RBI includes urban areas in lead bank scheme
There are millions of unbanked people even in urban areas, the Reserve Bank in a significant move has
asked banks to bring all districts in metropolitan areas under the lead bank scheme (LBS) fold. The lead
bank scheme, launched way back in 1969, is an integrated mechanism to extend banking services to the
doorsteps of consumers, especially the poor.
Tea Board Chairman elected to International Tea Committee
The International Tea Committee (ITC), a global tea body, which held its annual general meeting (AGM) in
London on May 2, has flagged supply constraints and labour productivity as some of the emerging areas
Diary of Events

Page 10

of concern for the global tea industry. At the AGM, it also elected M. G. V. K. Bhanu, Chairman, Tea Board
of India, as its Vice-Chairman with Norman Kelly of the U.K. being elected the Chairman. It was learnt that
Mr.Bhanus name was proposed by the U.S. and supported by China and Sri Lanka.
Brazilian diplomat elected WTO chief
In a big boost to Brazil's global clout and a major victory for BRICS group, Roberto Azevedo was chosen
as the next director-general of the World Trade Organization (WTO). With his election, the Brazilian
diplomat becomes the first Latin American to lead the group since its creation in 1995. Azevedo will
succeed Pascal Lamy, the current head of WTO who goes out after two four-year terms.

Women's Bank to begin operations in November

The blueprint of the country's first Women's Bank is ready and the venture is likely to start off with six
branches across the country by November. With an initial outlay of Rs 1,000 crore, the bank will open
with six branches- one each in the four metro cities, while a fifth would be in central India and the sixth in
the north east.
India unveils rotavirus vaccine
In an important breakthrough, Indian scientists have successfully developed a low-cost vaccine that has
proved to be effective in preventing the deadly diarrhoea-causing rotavirus which is responsible for the
deaths of over 1.6 lakh children under the age of five in the country annually. Vaccine producer Bharat
Biotech is likely to launch the vaccine Rotavac in the first quarter of 2014 in the market for around Rs5055 per dose much cheaper than other rotavirus vaccines.
U.S. clears shale gas export to India
Opening up the prospects of export of shale gas to energy-starved India, the U.S. has granted conditional
authorisation to export domestically-produced liquefied natural gas (LNG) to countries that do not have a
free trade agreement (FTA) with it.
Amway India Chairman arrested
Network marketing firm Amway Indias Chairman and CEO William S Pinckney and Directors Sanjay
Malhotra and AnshuBudhraja were arrested at Kozhikode in three cases of financial irregularities.
Tata Steel, SAIL better positions in world steel rankings
Tata Steel and SAIL have bettered their rankings in list of top 25 global producers of the metal in 2012 to
stand at 11th and 24th positions, respectively, according to data prepared by World Steel Association
(WSA). With 23 MT production, Tata Steel positioned itself in the 11th rank along with Chinese steel
maker Shandong Group in 2012.

June:
India's fiscal deficit down at 4.89% on higher revenues
Helped by higher revenue mop up, India's fiscal deficit for 2012-13 worked out to be at 4.89 per cent of
GDP, down from revised estimate of 5.2 per cent. The government had budgeted revenue realisation for
2012-13 fiscal at Rs. 10.38 lakh crore. Committed to fiscal prudence, the government in the Budget had
proposed to lower fiscal deficit to 4.8 per cent of GDP in 2013-14 and reduce it gradually to 3 per cent by
2016-17.
NSDA set up as autonomous body
The government, has constituted the National Skill Development Agency (NSDA) for coordinating and
Diary of Events

Page 11

harmonising the skill development efforts of the Centre and the private sector to achieve the skill targets
of the XII Plan and beyond. The NSDA, set up by subsuming the Prime Ministers National Council on
Skill Development (PMNCSD), the National Skill Development Coordination Board (NSDCB), and the
Office of the Adviser to the PM on Skill Development, will strive to ensure that the disadvantaged groups
are able to bridge the gaps in their skill requirements.

India to provide $150 million to set up SEZ in Myanmar

India has offered USD 150 million of credit for project exports to set up a SEZ in Myanmar and has
expressed hope that the neighbouring country would permit Indian banks to set up branches there.
Madhusudan to be next CMD of RINL
RashtriyaIspat Nigam Limited (RINL) Director (Finance) P. Madhusudanhas emerged successful in the
selections conducted by the Public Sector Enterprises Board (PESB) for the post of Chairman-cumManaging Director of the Navratnacompany.
Ratan Tata is chief adviser to AirAsia
The low-cost carrier AirAsiahas announced that industry leader Ratan Tata would serve as chief adviser
to the board of its Indian venture and promised Nano airfares once it started operating flights in the
country.
Mayaram panel bats for FDI hike in defence, telecom, retail
Proposing a comprehensive overhaul of the country's foreign direct investment (FDI) regime, a key panel
led by economic affairs secretary ArvindMayaram has called for hiking the foreign investment caps across
nearly all sectors, including defence and telecom, and permitting automatic approval to proposals
entailing 49 per cent foreign equity infusion. The high-powered committee has also called for permitting
up to 49 per cent FDI in single brand retail under the automatic route as well as hiking foreign investment
cap in telecom to 100 per cent from the existing limit of 74 per cent. The panel has proposed raising the
foreign investment limit in sectors that are currently limited to 26 per cent to 49 per cent.
Exim Bank gets licence to open representative office in Myanmar
Export-Import Bank of India (Exim Bank) has received a banking licence to open a representative office at
Yangon in Myanmar. Exim Bank has extended seven lines of credit (LoCs) worth $247.43 million to the
Myanmar Foreign Trade Bank for projects or contracts such as upgradation of the railway system, setting
up refinery projects, a manufacturing plant for assembly and manufacture of Tata vehicles in Myanmar
and setting up of three transmission lines in Myanmar, among others.
Aircel offers special prepaid services for AmarnathYatris
Telecom operator Aircel has announced the launch of special short-term prepaid SIM cards for
AmarnathYatris. Aircel will also set up special counters in Jammu, Pahalgam, Baltal and many more
locations in J&K to make these special SIM cards available to the yatris.

Non-food bills overtake food spend

Families are spending more than half of their monthly spend on non-food items on an average, data from
the National Sample Survey for 2011-12 show. This is true for rural as well as urban households; families
bought over 51 per cent of non-food items in their monthly bills worth Rs.1,430 in rural areas and about
62 per cent out of an urban monthly spend of Rs.2,630. Back in 1993-94, Indian families non-food bill
was almost 37 per cent in rural areas and about 45 per cent in urban areas.

Diary of Events

Page 12

BSNL signs four international roaming agreements

State-run telecom operator BSNL has signed four international roaming agreements in May with service
providers in Bahrain, Guinea and Saudi Arabia. The company provides international roaming service to its
post-paid service users.
FDI inflows to India down 29 % in 2012
Foreign direct investment (FDI) inflows to India declined by 29 per cent to $26 billion in 2012 due to slow
economic growth and high inflation, the United Nations Conference on Trade and Development
(UNCTAD) has said. The Indian economy experienced its slowest growth in a decade in 2012, and also
struggled with risks related to high inflation.
Lulu Group boss tops Forbes list of Indian leaders in UAE
Lulu Group boss Yusuff Ali MA has topped the inaugural Forbes 100 top Indian leaders in the United Arab
Emirates. Mr. Ali, who heads the Abu Dhabi-based Lulu Group, also is featured in the latest Forbes
Billionaire list at a net worth of $1.5 billion.

July:
Hindustan Aeronautics Limited delivers 'Lakshya-1' aircraft to Bharat Dynamics Limited
Defence PSU Hindustan Aeronautics Limited said it has delivered the Pilotless Target Aircraft Lakshya-1
to Hyderabad based Bharat Dynamics Limited (BDL). The aircraft was delivered on July 26 by HAL which
is the only company in the country producing UAVs (Unmanned aerial vehicles) like Lakshya-1.
India Ranks 66th
India ranked 66th in the Global Innovation Index 2013, published by Cornell University, INSEAD, World
Intellectual Property Organization (WIPO) and Confederation of Indian Industry (CII) as a knowledge
partner. The study ranked 142 economies across the world on their innovation capacity and efficiency.
India ranked 1st in the Central and South Asia region followed by Kazakhstan and Sri Lanka, and 11th
overall in Innovation efficiency ratio. (Innovation efficiency reflects the Innovation output per unit of
Innovation input in the economy). The strength areas for India has been its Gross Capital formation (% of
GDP) (Rank: 9), Investment in new business (Rank: 20), Industrial Cluster Development (Rank: 29),
Growth rate % of PPP GDP/Worker (Rank:14), Computer & Info. Services exports (Rank:1), Creative
goods exports (%) (Rank:11). India ranked poor in the areas such as political stability (Rank:123), Ease of
starting business (Rank: 128), School life expectancy (Rank: 109), Pupil-teacher ratio (Rank:108),
Knowledge absorption (Ran:122) and others.
After 28 months, UTI finally gets MD in Leo Puri
Leo Puri has became the first non-IAS officer to lead UTI Mutual Fund, which has been headless since
February 2011 after then chief U K Sinha moved out to head SEBI.
Raghavan takes over as CMD of IDBI Bank
IDBI Bank said M. S. Raghavan has taken charge as its chairman and managing director.
Ganesha coins minted in Germany
Dubbed as the first "currency coin" on Lord Ganesha, a limited collectors' edition minted in Germany is
being issued by the government of the Ivory Coast in West Africa. The coins from Germany's Mayer mint
are made of pure silver with a coloured image of Lord Ganesha on 'peepal' leaves inscribed with the
Diary of Events

Page 13

Sanskrit 'sloka' 'VakratundaMahakaya'.

Axis Bank to open branch in UK
Axis Bank, India's third-biggest privately owned lender, has been granted a banking licence in Britain and
will open its first branch in the London.
Lenovo becomes world's top PC supplier
Chinese computer maker Lenovo said it has pipped US-based Hewlett-Packard (HP) to become the
world's number one personal computer supplier.
India tops list of Dubai's food import partners
India has been ranked the first among Dubai's food import partners with a share of 14 percent, amounting
to over Rs 95 billion.
ONGC Videsh most internationalised Indian company
ONGC Videsh has emerged as the Indian company having the most international exposure, replacing
Tata Steel.
TCS India's most admired company
TCS has emerged as India's most admired company ahead of Hindustan Unilever, ITC. According to the
findings of the second edition of India's Most Admired Companies (IMAC) compiled by Hay Group in
association with Fortune India, TCS replaced Tata Steel by scoring highest on parameters such as
corporate governance, financial soundness, and talent management.

Ambassador, the worlds best taxi

Indias virtually indestructible Hindustan Ambassador car has won the crown for the worlds best taxi at
the Beaulieus World of Top Gear motorsport show.

August:
Louis Vuitton tops 2013 global luxury brand list
Louis Vuitton, Hermes and Gucci were the top three global luxury brands of 2013, with Fendi and Coach
entering the top 10 for the first time. The 2013 BrandZ Top 100, a ranking of the most valuable global
brands compiled by research firm MillwardBrown, found luxury firms struggling with the need to balance
exclusivity with attracting new customers through use of social media.
Rajeev Rishi is new CMD of Central Bank
Rajeev Rishi, has took over as the Chairman and Managing Director of Central Bank of India. Cabinet
approves 100% FDI in telecom
In a major reform push, government has approved 100 percent foreign direct investment (FDI) in the
telecom sector. It has been decided to increase FDI cap in telecom to 100 percent from 74, up to 49
through automatic route and beyond that FIPB.

Diary of Events

Page 14

India ranked lowest in basic money management skills

India has been ranked lowest in basic money management skills among Asia-Pacific countries, according
to MasterCard's latest Index of Financial Literacy. India with 59 index points was ranked at the 15th place
among the 16 countries surveyed ahead of Japan which was at the bottom with 57 index points.
National award for BHEL
The Bharat Heavy Electricals Limited, Electronics Division, has won the Champion progress through
participation award from the Indian National Suggestion Scheme Association (INSSAN).
State Bank gets new Managing Director
State Bank of India (SBI), said the government had appointed Arundhati Bhattacharya as Managing
Director of the bank.
India out of trillion-dollar club
India has slipped out of the elite global league of stock markets with a trillion-dollar valuation, as total
value of all its listed companies fell to USD 989 billion amid huge selling pressure on the bourses. India
had first entered the trillion-dollar club in June 2007.
Singapore has record number of billionaires
Singapore has a record number of 21 billionaires, according to the latest Forbes rich list. The number was
16 in 2012.

September:
India slips to lowest ever rank on global competitiveness
India has slipped to 60th position in terms of its competitiveness globally, while Switzerland has retained
its top rank. This is India's lowest ever rank and also 31 places below its peer emerging market China.
Releasing the annual Global Competitiveness Report 2013-2014, Geneva-based World Economic Forum
(WEF) said highly innovative countries with strong institutions continue to top the rankings.
Changes in FDI policy notified
The government has notified changes in the foreign direct investment (FDI) policy, paving the way for
larger overseas investments in sectors such as multi-brand retail and telecom. It has also widened the
definition of the term control for mergers and acquisitions involving overseas companies, a move that will
provide more clarity to foreign investors.
KYC norms for foreign investors eased
Making Indian capital markets an easier place to invest, the Securities and Exchange Board of India
(SEBI), has relaxed registration and disclosure norms for low-risk foreign investors and exempted low-risk
overseas entities from tedious paper work. SEBI has also classified foreign investors eligible to make
portfolio investments in the country under three broad segments as per their risk profile, while putting the
government and other sovereign entities in the lowest-risk Category I. Well-regulated entities such as
mutual funds, insurers, investment trusts, banks, university funds and pension funds have been put in the
medium-risk Category II, while others such as corporate bodies, individuals and family offices have been
classified in the Category III.
Asia Index set up
Premier stock exchanges BSE and S&P Dow Jones has announced a joint venture company, Asia Index,
to provide an array of indices enabling global and domestic investors to participate in South Asias vibrant
economies. The 50:50 partnership would bring together BSEs closely-watched India index suite, which
Diary of Events

Page 15

includes the Sensex, with S&P Dow Jones Indices 115 years of experience in publishing transparent and
independent global benchmarks.
Indias first CSR index on its way
In an effort to facilitate greater corporate participation in corporate social responsibility (CSR) areas, BSE
(formerly Bombay Stock Exchange Ltd.),has signed a memorandum of understanding (MoU) with Indian
Institute of Corporate Affairs (IICA) to collaborate and develop a CSR index and increase awareness
about CSR. The new Companies Act 2013 has mandated eligible companies to spend 2 per cent of their
profits on CSR activities.
WGC new Chairman
The World Gold Council (WGC), said it had elected Randall Oliphant as its new Chairman, succeeding
Ian Telfer, who steps down from the board. The U.K.-based WGC is the market development organisation
for the gold industry working within the investment, jewellery and technology sectors, as well as engaging
in government affairs, whilst stimulating and sustaining demand for gold.
RBI governor RaghuramRajan receives Deutsche Bank Prize
Reserve Bank of India governor Raghuram G Rajan has been awarded the Fifth Deutsche Bank Prize for
Financial Economics 2013, in recognition of his ground-breaking research work which influenced financial
and macro-economic policies around the world.

October:
Net NPAs of banks rise to 1.68 per cent 2012-13
Reflecting deterioration in economic activities, net non-performing assets (NPAs) of all banks have
increased to 1.68 per cent of the total loan at the end of 2012-13. Net NPAs of all banks were 1.28 per
cent at the end of 2011-12, according to the Reserve Bank of India. Net NPAs of the 26 public sector
banks, including State Bank of India (SBI), rose to 2.02 per cent during the year as compared to 1.53 per
cent in the previous fiscal.
New CMD for BPCL
S. Varadarajan, has taken over as Chairman and Managing Director of Bharat Petroleum Corporation Ltd.
(BPCL) from R. K. Singh.
Human Capital Index
India has been placed at a low 78th slot on a global Human Capital Index, which ranks countries on the
basis of economic potential of their labour force, while Switzerland has topped the ranking. According to
the list of total 122 countries released by Geneva-based World Economic Forum (WEF), India has been
ranked lower than three of its BRICS peers China (43rd), Russia (51st) and Brazil (57th), while South
Africa is placed at 86th place. While India has scored well on parameters like workforce and employment,
it has fared poorly for health and wellness of its labour force.
China to be worlds top gold buyer
China is set to overtake India to become the worlds top gold consumer this year, as the driving forces in
the market shift from West to East.
India tops global chart of remittances
India has topped the global chart of remittances with a whopping USD 71 billion in remittances in 2013,
just short of three times the FDI it received in 2012, according to a revised World Bank forecast issued.
Top recipients of officially recorded remittances for 2013 are India (with an estimated USD 71 billion),

Diary of Events

Page 16

China (USD 60 billion), the Philippines (USD 26 billion), Mexico (USD 22 billion), Nigeria (USD 21 billion),
and Egypt (USD 20 billion).
RINL to set up forged wheel plant in Rae Bareli
Railway Minister MallikarjunKharge and Steel Minister Beni Prasad Verma, has finalised a deal for
RashtriyaIspat Nigam Limited (RINL) to set up a forged wheel factory at Lalganj in Rae Bareli.
Arundhati Bhattacharya, first woman to head SBI
Arundhati Bhattacharya, who took over as the new chairperson of the State Bank of India (SBI) is the first
woman to be appointed to the top job at the countrys largest lender. She succeeds PratipChaudhuri who
retired.
Richest 1% owns 46% of global wealth: Credit Suisse
Global Wealth has risen by 68% over the past 10 years to reach a new all-time high of $241 trillion and
the United States accounts for nearly three quarters of the increase, as per Credit Suisse in its World
Wealth Report.Average global wealth has hit a peak of $51,600 per adult but this is spread very unevenly,
with the richest 10% owning 86% of the wealth. The top 1% alone own 46% of all global assets. Global
wealth will jump a further 40% by 2018 to reach $334 trillion, the report added.
IFC launches $1 b bond programme for India
The International Finance Corporation (IFC), a member of the World Bank Group, has announced the
launch of a $1 billion offshore rupee bond programme to strengthen Indias capital markets and attract
greater foreign investment. The largest of its kind in the offshore rupee market, the IFC under the
programme will issue rupee-linked bonds, and use the proceeds to finance private sector investment in
the country.
Govt raises wheat MSP by Rs 50 to Rs 1,400 per quintal
The government of India has raised the minimum support price (MSP) for wheat by Rs 50 to Rs 1,400 per
quintal to encourage farmers to cover more area under the crop in the ongoing rabi season. Wheat MSP
is the rate at which government buys the grain from farmers.
India tops new global slavery index
About 14 million Indians are living in conditions of modern-day slavery, nearly half of 30 million across the
world, according to the first Global Slavery Index published. The Global Slavery Index 2013, which
surveyed 162 nations, was compiled by Australia-based rights organisation Walk Free Foundation using a
definition of modern slavery that includes debt bondage, forced marriage, trafficked into brothels and the
use of children in the military. India (13,956,010), China (2,949,243), Pakistan (2,127,132) and Nigeria
(701,032) have the highest numbers of people enslaved, the rights group claimed.
Mandatory cover for public deposits mooted
To safeguard investors from fraudulent money-collection schemes, the government, has proposed
mandatory insurance cover for public deposits garnered by companies and hefty penalty of up to 18 per
cent annual interest for defaulters. The premium of the deposit insurance cover would need to be paid by
companies themselves and a penalty at an annualised interest rate of 15 per cent would be slapped on
those which do not provide deposit insurance to their depositors.
Best business destinations in India: Bangalore tops list
Bangalore tops the list of 21 best business destinations in India ranked on the basis of socio-economic
and infrastructure factors. Chennai is at the second position, followed by Mumbai and Pune, in the list
made by Global Initiative for Restructuring Environment and Management (GIREM) and property
consultant DTZ. Ahmedabad is ranked 8th behind Indore (5th), Bhubaneshwar (6th) and Coimbatore
(7th). Kolkata is placed towards the bottom of the list at 18th position Visakhapatanam in at 21st place.
Diary of Events

Page 17

Kolkata, Chennai, Mumbai airports among world's worst airports in 2013

Kolkata's NetajiSubhas Chandra Bose International Airport has come third on the list of the world's worst
airports as compiled by the survey by an online travel company, ahead of Islamabad's Benazir Bhutto
International Airport, which is in the fourth place. Chennai International Airport has been awarded the
sixth place, while Mumbai's ChhatrapatiShivaji International Airport has come eighth on the list. According
to the Express Tribune, the Philippines' main Manila airport terminal was declared by the survey as the
world's worst airport for the second year in a row.
LIC is India's most attractive BFSI brand
State-run insurance behemoth LIC has emerged as India's top-notch brand in banking and financial
services industry (BFSI) category.
Parikh panel wants diesel price hiked by Rs. 5
The Government-appointed Kirit Parikh Committee has recommended a price increase of Rs. 5 per litre in
diesel, Rs. 4 per litre in kerosene, and Rs. 250 in LPG cylinder with immediate effect.

November:
Jignesh Shah resigns from MCX board
The founder of Multi-Commodity Exchange (MCX), Jignesh Shah, has resigned from its board as nonExecutive Vice-Chairman. The commodity exchange regulator, Forward Markets Commission (FMC), had
issued show-cause notices to Mr. Shah; former Managing Director and CEO of MCX
ShreekantJavalgekar; and another board member Joseph Massey on October 4, questioning their fit and
proper' status to operate MCX. Mr. Javalgekar and Mr. Massey have already resigned from the MCX
board.
Cairn India ranked fastest growing energy firm in the world
Cairn India has been ranked as the fastest growing energy company in the world while Reliance
Industries is the top ranked Indian energy firm in the global ranking.
G. K. Pillai appointed Chairman of MCX-SX
The troubled Financial Technologies-promoted stock exchange, MCX-SX, said it had appointed former
Union Home Secretary G. K. Pillai as its Chairman. Also, former acting Chairman of the Life Insurance
Corportion, Thomas Mathew T, has been appointed as the Vice-Chairman.
Jalan committee on new bank licenses
The BimalJalan panel, entrusted with scrutinising applications for new bank licences, held its first meeting
in New Delhi.
5kg LPG cylinder sales allowed at petrol pumps nationwide
Oil minister M VeerappaMoily has approved sale of 5kg cooking gas cylinders from all petrol pumps
across the country.
Sunita Sharma is MD of LIC Housing Finance
Sunita Sharma has taken over as Managing Director & Chief Executive Officer of LIC Housing Finance
Ltd. She is the first woman MD & CEO of the company since its inception in 1989.

Diary of Events

Page 18

December:
Punching PIN must for debit card transactions
Debit card holders will from December 1, 2013 be required to punch in their PIN numbers every time they
use the card, a move aimed at minimising frauds.
11 people honoured at Forbes India Philanthropy Awards
As many as 11 people, including members from the influential Nilekani, Bajaj and Godrej families, were
honoured for their outstanding contribution towards the good of the society at Forbes India Philanthropy
Awards in Bangalore. RohiniNilekani, founder of Arghyam, and NandanNilekani, Infosys co-founder who
presently heads the Unique Identification Authority of India, won the second Forbes India Philanthropy
Award in Outstanding Philanthropist category for the year 2013. The Godrej and the Bajaj families won
the awards in the Outstanding Corporate Foundation and the Distinguished Family categories. The
philanthropy awards were instituted by Forbes India to recognise the efforts of individuals who have given
time, money, skill and expertise to solve some of the most pressing societal issues, to create model
institutions and inspire others.
Yuan is the second most-used currency in trade finance
Chinas Yuan currency overtook the euro in October, becoming the second-most used currency in trade
finance, global transaction services organisation SWIFT.
Narendra Kothari to be NMDC's new CMD
Narendra Kothari, currently CEO of SAIL's Burnpur plant, will take over as the new Chairman and
Managing Director of state-run iron ore producer NMDC, which is running without a full-time head for the
last two years.
India 2nd largest supplier of overseas students for Australia
India has emerged as the second largest supplier of higher education students for Australian universities,
according to latest data.
India has highest inflation rate in Asia
The Indian economy, Asia's third-largest, faces a difficult situation where growth has slowed to a decade
low but price pressures have remained stubborn. It has one of the highest inflation rates in the world, and
the highest in Asia.
Aakash 2 goes on sale in U.K.
A commercial version of Indias low-cost Aakash 2 tablet computer has been launched in Britain at a cost
of 30 pound.
A cheaper kit to diagnose thalassemia
India has launched a low-cost, indigenously-manufactured Thalassemia and Sickle Cell diagnostic kit that
will simplify the identification of seven common beta-thalassemia mutations and two common abnormal
hemoglobins common in India.
Bhanwala takes charge as NABARD Chairman
Harsh Kumar Bhanwala has taken charge as Chairman of the National Bank for Agriculture and Rural
Development (NABARD). Mr. Bhanwala succeeds Prakash Bakshi.
Diary of Events

Page 19

Kothari Sugars unit bags award

Kothari Sugars and Chemicals Ltd.s plant in Tamil Nadu has bagged the National Energy Conservation
Award for 2013 from the Union Power Ministry.
Sidharth Birla takes charge as FICCI chief
Chairman of Xpro India Ltd. SidharthBirla, has took over as the President of FICCI succeeding HSBC
India Country Head NainaLalKidwai. Chairperson and MD of Bharat Hotels JyotsnaSurihas been elected
Senior Vice-President, and Chairman of AmbujaNeotia group HarshavardhanNeotia Vice-President of
th
FICCI after its 86 annual general meeting in New Delhi.
International tourist arrivals to India rise 13%
International tourist arrival in India grew by 13 per cent during the first nine months of 2013, United Nation
World Tourism Organization (UNWTO) data showed. India is among the top 25 largest international
tourism earners.
Arun Tiwari to head Union Bank
Union Bank of India has appointed Arun Tiwari as its new Chairman and Managing Director.

Diary of Events

Page 20