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Asia recovering rapidly; but challenges ahead: IMF
The economic recovery in Asia is faster than the rest of the world and is projected to grow by 5.75 per cent during 2010, says the International Monetary Fund.

Markets at a glance
Gains in global markets and foreign buying helped Sensex move past 17,000 mark after 15 months. In a truncated week, BSE Sensex rose 440 points or 2.6 per cent to 17,135 and Nifty rose 125 points or 2.5 per cent to 5,083. Broader indices performed better than BSE Midcap and BSE Smallcap indices, each delivering 1.2 per cent and 1.8 per cent, respectively. The market was buoyed by IMF"s statement that India’s GDP would grow at 6.4 per cent for CY09 and that the world economy would contract less than expected.

News of the day

India's moon mission quite economical
India"s moon mission has proved to be quite economical and cost much less compared to what other countries have spent on their projects, mission director M Annadurai said here.
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Govt sets up trust to implement projects funded by diaspora

The Union government has set up a non-profit trust which would serve as a single-window platform to implement projects funded by overseas Indians in the social sector. - India Inc to hard-sell itself to the EU - Govt places 355 foreign employers under PAC for harassment - Govt identifies 355 foreign employers harassing Indians - 264,324 students spending $5.5 bn on overseas education - About 1.5 lakh Indian returns from UAE due to eco slowdown - Ministry demands addl budget support for eco crisis layoffs The India Development Foundation of Overseas Indians (IDFOI) will be a one-stop shop to channelise investment by the diaspora in diverse fields including micro credit for rural entrepreneurs. IDFOI has been set up by the Ministry of Overseas Indian Affairs after it was felt that capital flow from the diaspora for social development projects has been far short of the actual potential. “It has been realised that diaspora philanthropy has been sporadic in absence of a proper platform to attract funds. That is why we decided to set up this trust,” an official of the ministry said. According to a government figure, overseas Indians produce an economic output of about $400 billion worldwide. “The broad objectives of the trust are to lead overseas Indian philanthropy into India and establish a mechanism through which various social development projects could be undertaken,” the official said. The official said IDFOI would also provide a list of credible institutions, projects and programmes to the diaspora community to offer diverse choices to invest their money. The trust will be managed by a board of trustees consisting of 15 members. Minister of State for Overseas Indian Affairs Vayalar Ravi will be chairman of the board, while secretary in the ministry, K Mohandas, will look after day-to-day functioning. The official said the trust would also partner with states and encourage credible philanthropic organisations to project social development opportunities to overseas Indians in sectors that best match national priorities. To engage the diaspora in developmental programmes, the government had earlier announced setting up of ‘Prime Minister"s Global Advisory Council’. Nobel Laureate Amartya Sen, steel magnate L N Mittal and Pepsi chief Indra Nooyi were among the 20 global business leaders and economists of Indian origin who were made members of the council. The council was formed to serve as a platform to draw upon the experience, knowledge and wisdom of the overseas Indians.


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