• Moody’s Investor Service retains a stable outlook for India
• Inflation edges to a 7 week high of 0.48 percent for week ended May 2.
• India’s index of industrial production falls 2.3 percent in March 2008 its worst fall in last 16 years.
• Indian Exports and imports getting hit big time with exports declining by 33 percent in March 2009
to US$11.5 billion against US$17.2 billion for corresponding period last year.
• IMF: Indian economy to rebound near the end of the current calendar year.
• FDI worth US$11 billion flows into the country during October 2008 and March 2009.
• INR rises from 49.41/USD to 47.92 /USD, the sharpest rise in 23 years.
• The Government has cleared the way for the Navi Mumbai international airport by amending the coastal zone notification.
• Mr. Manmohan Singh sworn in as India’s Prime Minister. Mr. Pranab Mukherjee , Finance Minister, Mr. S M Krishna , External Affairs, Mr. Chidambaram, Home and Ms. Mamta Banerjee, Railways .
• Former Democratic Congressman Timothy J Roerner new US Ambassador to India.
Business
• The Korean Register of Shipping opens its first branch office in India.
• Jaguar Land Rover which has been bought over by Tata Motors to start selling their premium saloon cars and sports utility vehicles in the Indian market by 2009 year end.
• Larsen and Toubro announce the formation of a JV with EADS Defence and Security o develop and design defence electronics products, including radars, avionics and electronic warfare.
• Following the retail collapse global brands from US, UK, Thailand and Europe look to India for opening up of Franchise outlets.
• UB Group to form a strategic partnership with UK based Snow Leapard vodka.
• Tata Consultancy Services has been awarded a five year outsourcing contract by the Volkswagen group UK for IT transformation and support system across the company’s commercial vehicles and passenger car brands.
• Eveready Industries to spend Euro 10 million on buying a major stake in French firm Uniross SA.
• India’s largest tyre manufacturer Apollo Tyres acquires Dutch tyre maker Vredestein Banden.
• Bharti Enterprises Ltd. To import and sell Philippines based Del Monte Pacific Ltd’s processed food products, including packed fruits and drinks in Indian market.
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