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Govt withdraws four directors from Satyam board
The Union government has withdrawn four of the six directors appointed by it on the board of Satyam Computer Services Limited. The government has taken this decision following the permission granted by the Company Law Board (CLB) to this effect.

India, China show how to compete globally: IFC
India’s policies for the software sector and China’s promotion of special economic zones (SEZs) for the manufacturing sector suggest that well-designed and sector-specific government policies can overcome weaknesses in investment climate and allow developing countries to compete globally in new fields, according to a study by the International Finance Corporation (IFC), the private lending arm of the World Bank.

News of the day

Despite advisory, banks park funds with MFs
In spite of the Reserve Bank of India (RBI) missive advising banks to reduce their exposure to mutual funds (MFs), banks pumped in an additional Rs 6,261 crore in these instruments in the week up to November 6. The total outstanding investment by banks in MFs stands at Rs 1,60,483 crore compared with Rs 36,781 crore on March 27.
Business Ideas

PM may soon clear policy to help MSMEs

The Prime Minister’s Office (PMO) is taking a final view on the report of a task force which suggested easy access to bank finance and preference in public sector procurement to the micro, small and medium enterprises (MSMEs). - Orissa govt to develop four MSME clusters - Credit flow to MSME sector up 100% in two years: RBI - MSME ministry to fund innovative entrepreneurship ideas - Indian SMBs lead in green spending - SMEs" share in GDP to be 22% in 3 years: Assocham - MSME institute "hand-holds" candidates The task force, headed by Prime Minister Manmohan Singh’s principal secretary, TKA Nair, held its meeting today, which was attended by senior officials of different ministries and public-sector banks. “PMO is working on the report. It may be put up before the prime minister within the next few days,” an official said. The group, set up by the prime minister in August, has recommended the intervention of the finance ministry and the Reserve Bank of India to step up bank credit to the sector that employs 42 million people. It is also considering a mechanism at the district level for early detection of sick units. The task force has also supported a demand for procurement policy, under which it would be made mandatory for public sector units to procure 20 per cent of their total purchases from MSMEs. MSMEs, which bore the brunt of the global economic slowdown, have been suffering due to reasons such as shortage of working capital and technology obsolescence. The task force has set up 7 sub groups in the areas of credit, marketing, labour relations, insolvency and exit policy, taxation issues, infrastructure, technology/skill development and special issues of North East/Jammu and Kashmir, to look into the issues faced by the sector.


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