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News Round Up : Government Prepares A Rs 75,000 Cr Stimulus Package

04 December, 2008

Govt. Mulls A Rs75,000 Cr Economic Stimulus Package : A high-level committee headed by Prime Minister Manmohan Singh is planning a Rs 75,000 cr economic stimulus package that is likely to be announced by the end of this week. The committee, which includes industry minister Kamal Nath, RBI governor D Subba Rao and planning commission deputy chairman Montek Singh Ahluwalia, is planning to utilize these funds to support infrastructure projects, provide lines of credit to banks and allow non-banking financial companies (NBFCs) to access foreign loans. Special packages are to be announced for badly affected sectors such as export and real estate. Under this proposal, RBI will use up to $10 bn from its reserves to buy bonds issued by foreign subsidiaries of the Indian Infrastructure Finance Corporation Ltd (IIFCL). The subsidiary will then bring this money into India and the parent company will use the rupee resources thus generated to lend to infrastructure projects.

 

Dainik Bhaskar To Clinch A Deal With INX Soon : D B Corp, the owner of the Hindi daily Dainik Bhaskar, is in advanced discussions with broadcaster INX Media to acquire a stake in the company that operates the entertainment channels as well as a majority stake in its English language news channel NewsX. Both companies are promoted by Indrani and Peter Mukerjea, the former Star India CEO.

 

Goldman Continues Sacking More In India offices, In A Staggered Fashion This time : After reportedly laying off 200 employees over a month ago, international investment banking firm Goldman Sachs has continued handing out pink slips at its Bangalore office, this time in a staggered way to avoid attention. Employees are being asked to leave within 24 hours and those with less than two years’ experience are the worst-affected.

Gopinath’s ex-allies Support Him In His New venture : Captain GR Gopinath, the pioneer of low-cost aviation in India, may have moved on to fresh entrepreneurial pastures, but the core team for his new venture isnot very different from the previous one..Among those who are back with him is John Kuruvilla, who was the chief revenue officer in Deccan Aviation in its heydays. He quit the budget airline to join Oberoi Hotel as executive vice-president. Two years on, Kuruvilla is back with the Captain as a chief commercial officer at Deccan Charters. Captain P B Devayya, Deccan Aviation’s chief business co-ordinator, has also chosen to follow Gopinath. He is now the chief operating officer (COO) of Deccan Charters. Captain Pritam Phillip, who was Deccan Aviation’s deputy COO, has taken charge of the aviation business of Deccan Express Logistics (DEL).

 

Canada Based Learning Career And Crux Management Form A JV : Canada-based Academy of Learning Career and Business College and Crux Management Services Private Limited, have formed a joint venture — Learning Works – to develop franchisee-based skill development institutes in India. Crux is a Hyderabad-based human resources, training and BPO organisation. Academy of Learning chairman Ben Shtang said about 300 institutes would be developed in India. The institutes would impart short-term certificate courses in insurance, business administration, customer service, healthcare, hospitality among others besides provide the learning material. The courses will span from six to 18 months and the fee is Rs 3,000 a month.

 


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News Round Up : Government Prepares A Rs 75,000 Cr Stimulus Package

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