Indian Economy and Business – Performance Review 2009
2009 has been a fantastic year for India. Indian Business has maintained positive growth during 2009. It has been an year where India had tried to come out of the shadow of global business gloom. World’s top industrial nations were struggling to come out of the recession. But the focus of India on domestic growth and strong financial/banking system paved the way for the economy maintaining a strong growth even during the troubled times.
India’s Top business news for 2009
The list of major Indian business news in 2009 is as follows:
1. 15-year low IIP – As per the Index of Industrial Production (IIP), India’s factory output has condensed to a record 15-year low of 1.2% in February 2009 on a Y-o-Y basis as against 9.5% growth in February 2008.
2. Launch of the much-awaited cheapest car of the world by Tata Motors – the ‘Nano’ – March 23, 2009, was that eagerly awaited day when the curtain was actually raised from the cheapest small car in the world – the Nano by Tata Motors.
3. Mahindra takes over Satyam – Tech Mahindra Ltd. has placed the highest bid for acquiring the scandalous Satyam Computer Services Ltd on 13th April, just after four months of the financial scam being detected.
4. India’s inflation hits negative mark – The Indian economy experienced a negative inflation (deflation), touching a minus 1.61% for the week ended June 6, 2009.
5. India to have Mobile Number Portability – Mobile Number Portability, a step to allow consumers change their mobile operator without giving up the phone number is possible to be implemented in 2010, which was slated to be introduced this year.
6. Reliance gas deal dispute takes Ambani brothers to court – The Reliance gas dispute took the Ambani brothers to court again in July this year.
7. Gold prices hits massive highs – Due to the global commodities market trends, the gold prices surged to set a new high of Rs 17,999 per 10 gram for the last week in November.
8. Wipro second time in WB – After Tata going out of West Bengal, it was turn for Wipro to take another chance and re-enter West Bengal by accepting the land offer by the WB Government in December this year.
9. Reliance Industries becomes top wealth creator again – Mukesh Ambani-led has become India’s largest wealth creator for third consecutive time by generating a wealth of Rs. 1,51,400 crore.
10. Jindal Power plans second biggest IPO – The second biggest initial public offer is on its way planned by the Naveen Jindal-promoted Jindal Power Ltd for raising around Rs 10,000 crore in this financial year.