Key Economic Milestones for India in 2008

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<ul><li><p>7/29/2019 Key Economic Milestones for India in 2008</p><p> 1/3</p><p>Key economic milestones for India in 2008</p><p>Following are some key economic, business and financial milestones in India</p><p>during 2009:</p><p>Jan 10: Tata Motors unveil Nano, the jelly-bean shaped small car touted as the world's cheapest,</p><p>costing all of $2,500 at factory gates.</p><p>Jan 10: Sensitive index (Sensex) of the Bombay Stock Exchanges touches all-time, intra-day high of21,206.77 points.</p><p>Jan 16: Supreme Court paves way for Reliance Power's initial public offering.</p><p>Jan 21: Investors lose $170 billion as Sensex crashes over 2,000 points to register steepest everintra-day fall.</p><p>Feb 20: Report says Indian companies have invested $10 billion in US, creating 30,000 jobs.</p><p>Feb 20: Anil Ambani's Reliance Communications acquires Ugandan telecom firm.</p><p>Feb 23: PepsiCo's Indian-born chief executive Indra Nooyi among Forbes' list of 10 best women CEOs.</p><p>Feb 26: Railway Minister Lalu Prasad announces across-the-board cut in fares and projects recordprofits in his first fifth rail budget.</p><p>Feb 29: Finance Minister P. Chidambaram presents national budget with most ambitious loan-waiverscheme amounting to Rs.600 billion (Rs.60,000 crore) to benefit 40 million farmers.</p><p>March 2: Richard Branson's Virgin Mobile enters Indian telecom market.</p><p>March 11: A fresh graduate of the Indian Institute of Management in Ahmedabad offered record paypacket of Rs.14.4 million.</p><p>March 31: India's external debt rises to $201 billion.</p><p>April 1: International Monetary Fund warns of spiraling inflation and cooling of Indian economy.</p><p>April 11: Official data says India has second largest telecom subscriber base of over 300 million,ahead of the US and behind China.</p><p>April 29: India imposes export tax, bans overseas sales of some commodities like steel and cement tocalm prices.</p><p>May 6: Bharti Airtel and South Africa's mobile phone giant enter consolidation talks.</p><p>May 11: Ratan Tata named by Time magazine among 73 biggest brains in business for conceivingsmall car Nano.</p><p>May 24: Bharti Airtel and MTN call off consolidation talks.</p><p>May 26: Reliance Communications and MTN say they have started talks for possible consolidation.</p><p>May 30: India's economic growth rate for 2007-08 revised upward to nine percent against provisionalestimate of 8.9 percent.</p><p>June 2: Tata Motors formally takes over two iconic British automobile brands Jaguar and Land Roverfrom Ford Motors.</p></li><li><p>7/29/2019 Key Economic Milestones for India in 2008</p><p> 2/3</p><p>June 4: As crude prices spiral, India allows Rs.5 a litre increase in prices of petrol and Rs.3 on diesel.</p><p>June 11: Japan's Daiichi Sankyo says it is buying majority stake in India's largest pharmaceuticalscompany Ranbaxy for $4.6 billion.</p><p>June 20: India's annual rate of inflation scales the double digit level and touches 11.05 percent.</p><p>June: Heightened protests by farmers against Tatas' Nano project at Singur in West Bengal who claim</p><p>their land was forcibly acquired.</p><p>July 11: International crude prices touch all-time high of $147.27 a barrel on the New York Mercantile</p><p>Exchange.</p><p>July 12: Vodafone and Airtel say they will launch Apple's 3G iPhone in India.</p><p>July 13: Anil Ambani's wife Tina Ambani and L.N. Mittal's spouse Usha Mittal named by Forbes amongtop 10 billionaires' wives.</p><p>July 16: Hindustan Computers Ltd acquires British outsourcing firm for undisclosed amount.</p><p>July 17: Survey says revenues of top 20 Indian IT firms fell 24 percent in 2007-08 due to globalslowdown.</p><p>July 18: Air India announces 15 percent cut in airfares to Gulf.</p><p>July 19: Reliance Communications stops consolidation talks with MTN.</p><p>July 29: India's central bank tightens monetary policy to tame inflation by hiking key lending rate andcash reserve ratio.</p><p>Aug 12: India's industrial growth halves to 5.2 percent in first quarter of current fiscal.</p><p>Aug 18: India's telecom regulator permits computer-to-computer voice calls.</p><p>Aug 21: India's annual rate of inflation spirals to 16-year high of 12.63 percent.</p><p>Aug 26: Overseas arm of Oil and Natural Gas Corp says it is acquiring British firm for $1.4 billion.</p><p>Aug 29: Government approves new Companies Bill, 2008, to fine-tune legislation to reflectdevelopments in and requirements of present-day corporate world.</p><p>Sep 1: Finance Secretary Duvvuri Subbarao named next governor of the Reserve Bank.</p><p>Sep 7: Department of Telecommunications starts auction of frequencies for 3G telephony.</p><p>Sep 11: Government eases norms for FM broadcast to push growth.</p><p>Sep 17: US Food and Drug Administration blocks import of 30 generic drugs made by Ranbaxy.</p><p>Sep 18: India's cabinet clears proposal for foreign news magazines to start Indian editions.</p><p>Sep 20: Anil Ambani group and Steven Spielberg to set up $1.5 billion Hollywood studio.</p><p>Sep 23: Abu Dhabi-based Etisalat says it will acquire 45 percent stake in India's Swan Telecom for$900 million.</p></li><li><p>7/29/2019 Key Economic Milestones for India in 2008</p><p> 3/3</p><p>Oct 1: UN report says India is sixth largest investor in Britain.</p><p>Oct 3: Tatas say they are pulling the "Nano" project out of West Bengal despite investing Rs.15 billion.</p><p>Oct 7: Gujarat is chosen as new home for launch of Nano.</p><p>Oct 8: Indian rupee crashes to six-year low of Rs.48 to a dollar.</p><p>Oct 9: International Monetary Fund predicts seven percent growth for India in 2009.</p><p>Oct 9: Report says India Inc. finalised overseas mergers and acquisition deals worth $26 billion in firsthalf of current fiscal.</p><p>Oct 10: Reserve Bank eases monetary policy, cuts cash reserve ratio by 150 basis points.</p><p>Oct 10: India's industrial production logs just 1.3 percent growth in August, says report.</p><p>Oct 15: Government says Indian civil aviation industry is $300 billion investment opportunity.</p><p>Oct 15: Central bank takes steps to inject Rs.650 billion into system to increase liquidity.</p><p>Oct 15: Jet Airways, Kingfisher announce pact to reduce costs, synergise operations and improveservices.</p><p>Oct 15: Jet Airways says it is sacking 1,900 employees (but withdraws steps a day later).</p><p>Oct 15: US president-elect Barack Obama tells IANS India will be top priority during his tenure.</p><p>Oct 27: Sensex crashes to 7,697.39 points, lowest level since November 2005.</p><p>Oct 29: Norway-based Telenor, the world's seventh largest telecom operator, says it is buying 60percent stake in Indian telecom start-up Unitech Wireless for $1.29 billion.</p><p>Nov 10: Satyam acquires Motorola's software unit in Malaysia.</p><p>Nov 10: International Monetary Fund lowers India growth projection for 2009 to 6.3 percent.</p><p>Nov 12: Japan's DoCoMo says it will acquire 26 percent stake in Tata Teleservices.</p><p>Nov 13: Forbes rich list says Mukesh Ambani has ousted L.N. Mittal as richest Indian.</p><p>Nov 19: Rupee falls to its lowest-ever level, below 50 to a dollar.</p><p>Dec 1: Data on foreign trade says India's merchandise exports fell 12.1 percent in October.</p><p>Dec 8: Government unveils Rs.30,000-crore (Rs.300-billion/$6-billion) package to pump prime</p><p>economy.</p><p>Dec 12: Fresh data on industrial production says index fell 0.3 percent in October.</p><p>Dec 16: Satyam Computer Services says it is acquiring two infrastructure firms run by founder's sons</p><p>for $1.6 billion, but withdraws move a day later following investor outrage.</p><p>Dec 19: Chanda Kochhar named ICICI Bank chief executive with effect from next May 1.</p><p>Dec 23: Wipro says it is acquiring Citigroup's Indian outsourcing arm for $127 million.</p></li></ul>


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