Current Affairs -Finance Business & Economy : January 1, 2010

1. With production of 46.77 million tonnes of crude steel during the period January-October, 2009, India emerged as the fourth largest steel producer in the world.
2. India is expected to become the 2nd largest producer of crude steel in the world by 2015, provided all requirements for creation of fresh capacity are adequately met.
3. India also maintained its lead position as the world’s largest producer of direct reduced iron (DRI) or sponge iron. Sponge iron production for sale was 20.8 million tonnes in 2008-09 which was higher by 2.1% over 2007-08.
4. The country is likely to achieve a crude steel production capacity of 124 million tonnes by theyear 2012.
5. 222 Memorandum of Understanding (MoUs) have been signed by the investors with various State Governments for setting up additional 276 million tonnes of steel capacity in the country.Major investment plans are in the States of Orissa, Jharkhand, Karnataka, Chhattisgarh and West Bengal. (PIB)

India’s External Debt:
India’s total external debt stock at US$ 242.8 billion as at end-September 2009 recorded an increase of US$ 18.2 billion or 8.1 per cent over end-March 2009 estimates. The long-term debt increased by US$ 19.2 billion (10.6 per cent) to US$ 200.4 billion, while short-term debt was lower by US$ 985 million (-2.3 per cent) to US$ 42.4 billion. Over the previous quarter, the increase in external debt as at end-September 2009 was US$ 13.0 billion or 5.7 per cent.

Rosa Power Plant:
Rosa in Shahjahanpur district in Uttar Pradesh has witnessed the launch of Rosa Power Plant of Anil Dhirubhai Ambani Group recently.
It is a 300 MW unit. It is a coal based plant and coal for the project would be sourced from the Ashoka mines in Jharkhand.It will supply the entire power to Uttar Pradesh Power Corporation Ltd (UPPCL) for which a power purchase agreement was signed on November 12, 2006.
Company now is heading towards commissioning of the two remaining 300 MW units by March 2012, including a 600 MW plant at Butibori near Nagpur in Maharashtra and a 1300 MW plant at Sasan in Madhya Pradesh.

Pardi People’s Cooperative Bank & IBM Deal
The Pardi People’s Cooperative Bank was established in Guajarat on Dec 23, 1929 to provide loans with low interest rate to farmers, small traders and artisans. The bank was recognised as a scheduled cooperative bank in 2000 by the central bank. This bank has tied up with IBM for a 10-year information technology (IT) services agreement in which IBM will provide managed continuity services comprising server management, network and security management and back-up and database management.
Madhav Nagrik Sahakari Cooperative Bank in Rajasthan and Kurmanchal Nagar Sahkari Bank at Nainital in Uttarakhand are also being handled by IBM only.

Elm : The Green Mobile from Sony Erricson:
Elm, which can block background noise with the help of a noise shield, clear voice and volume adaptation is a new Green Product of Sony Ericsson launched recently with another set VH700. The company has announced that the company would make all accessories green compliant by 2011 and these products add up the company is “green portfolio”.

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Month: Current Affairs - January, 2010