August 2003 -

Tamil Nadu Growth in Software

Posted by | Technology | No Comments

Tamilnadu has accounted for more than 20% growth in software for the fifth consecutive year, though it is less than the 60% increase in last year. With the given difficult market conditions, 20% is a huge effort. This has helped TamilNadu to gain 2nd rank (the first being Karnataka). More than 60% of the software industries are into software exports. Leading the pack is TCS. With the various infrastructure facilities improved it is upto the industries to make most of it. The other leading players are Wipro, Polaris, SSI.

It is of great pleasure that our sate has competed against the might of Karnataka and Andhra Pradesh. With the various facilities improved by the Government, and with less purchasing power Tamil Nadu has become the software destination of the

Indian Economy.

Posted by | World | No Comments

Indian Economy is all set to grow by 5.5% by 2003-04 according to IMF sources. The heavy fiscal deficit and public debt has burdened the Indian economy, will little scope for a major increase in the growth scale. IMF was concerned that the Indian Budget has done little in terms of providing relief to the fiscal deficit. Being the second largest populous country in the world and its growth percent not much improved than that of the 90’s level is a concern for IMF. These concerns should be tackled effectively with the help of fiscal policy and a measure to decrease inflation rate, which is at present is around 4.5%. The Government hence must adopt measures to better the situation and decrease the fiscal deficit through various policies especially in the agricultural and industrial sector.

Bimal Jalan’s view

Posted by | World | No Comments

Mr. Bimal Jalan, while giving one of his last speech as the RBI Governor of India, reitretated the fact that the foreign currency remittances in India, were more governed by the confidence in the Indian rupee than on any other factor. He is of the opinion that India is now having a fairly stable foreign currency exchange rate and the Domestic stock of bank deposits in rupees in India is currently close to $290 bn. He supported full capital account convertibility but was against the idea of residents converting domestic currency to foreign currency during time of crisis, saying this could lead to even greater crisis within the economy. Though he encouraged the residents to invest into profitable investments rather than keep their deposits idle.

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