ECONOMY AFFAIRS MAY 2009

ECONOMY AFFAIRS MAY 2009

• Indian Economy managed at 6.7% growth in 2008-09. Per capita Income, for the first time crossed Rs.3000/month at current prices.
• The Industrial growth for the whole of 2008-09 plunged to 2.4%from a high of 8.5% in 2007-08.
• According to Reputation Institute (RI), Tata Group, SBI and Infosys were among the 17 Indian companies listed in the World’s Most Reputable Companies in 2009. The top company was Italian Chocolate maker Ferrero followed by Swedish Creative design firm Ikea and US based Johnson & Johnson.
• Daiiichi Sankyo has acquired Ranbaxy. It bought 64% stake in Ranbaxy.
• National Aluminum Company Limited (NALCO) has bagged the Engineering Export Promotion Council Eastern Region’s Gold Trophy, as top exporter in the large Enterprises category, for its outstanding export performance during the year 206-07.
• The World Bank has approved a $400-million additional financing loan to Small Industries Development Bank of India (SIDBI).
• Confederation of Indian Industry (CII) forecasts GDP growth at 6.1% in 2009-10, agriculture expected to grow by 2.8-3%, industry by 5-5.5% and services by 7.5 – 8%.
• The Sensex, at the opening bell, surged 1306 points to 13479 and Nifty was 532 points up at 4203 and hit the first circuit for the day on May 18th and also for the first time in the history of the Indian stock exchanges and the markets were closed for two hours. At 11.55 a.m. when the market opened again, the Sensex gained another 700 points and Nifty 150 points and hit the second circuit of the day and the market was closed for the day.