Week in Review

Week in Review

New Delhi: The chief minister of Andhra Pradesh YSR Reddy died on Wednesday when his helicopter crashed in the hills of Andhra’s Kurnool district. Four others including the two pilots also died in the crash. The state finance minister K Rosaiah is now the caretaker chief minister. In Delhi, the Prime Minister Manmohan Singh said the Reddy’s death was a great loss.

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Officials from 35 countries met in Delhi on Thursday and Friday, hoping to find common ground on global trade negotiations. At the end of the talks commerce minister Anand Sharma said the deadlock in trade negotiations had been broken and that there was a strong consensus on completing the Doha round. The two-day meet was meant to act as a boost to WTO negotiations and set a timetable for completing the Doha round of trade talks, which started eight years ago.

Maytas Infra has a new promoter. The Company Law Board has ruled that Infrastructure Leasing and Financial Services or IL and FS will get a 37.1% of the company’s shares. The ruling requires some of the other shareholders of Maytas Infra to pledge their shares with IL and FS. Maytas was founded by the Raju family that set up fraud-hit Satyam Computers. The latest changes at Maytas have been prompted by the company’s losses of Rs490 crore in the previous year. Earlier IL and FS’s request for a place in the board was turned down by the government.

On Monday the government released figure showing India’s economy grew 6.1% in the quarter ending June. But the data also showed India’s agriculture was in trouble. While the industrial sector grew 4.5% in quarter and services grew 7.8%, the farm sector grew just 2.4%. Weak monsoons this year are have already affected crops across the country.

The Planning Commission met on Tuesday to discuss the impact of the poor monsoons. It concluded that economic growth would reduce in the second and third quarters only to pick up in the fourth.

On Wednesday the government released the findings of a study on greenhouse gas emissions that it hopes will strengthen India’s stance on climate change. The report says that while India’s per capita carbon emissions will rise by 2030, it will still be much lower than the average in developed nations today.

On Monday the Election Commission declared assembly elections in Maharashtra, Haryana, and Arunachal Pradesh. All three states are ruled by the Congress and are now set to go to polls on the 13 October.

Tata Motors has reported a consolidated net loss of Rs328 crore for the quarter ending June. Tata Motors say much of the losses came after the company acquired Jaguar and Land Rover for $2.3 billion last year.

Inflation has fallen again, but has declined more slowly. The Wholesale Price Index dropped 0.21% compared to a year earlier in the week ending 22 August.

India’s exports declined for the tenth straight month in July with merchandise shipping declining 28.4% from a year earlier to $13.6 billion.

Manufacturing has done better. Domestic demand drove up India’s manufacturing output for the fifth straight month with the Purchasing Managers’ Index standing at 53.2 in August.