The US-based leading international credit rating agency, Moody’s, has upgraded India’s rating to “investment grade”. Indian companies would be able to get significantly better terms when borrowing in the global financial markets. The news was conveyed to the Finance Ministry early this morning by the New York-based agency cheering up top bureaucrats in the North Block. Coming at a time when the ruling party is fighting one of its toughest electoral battles, which itself has raised some anxiety over the kind of Union budget that is likely to be presented in two months from now, raising India’s credit status to investment grade should pep up North Block.

A director must uphold his position: Chugh

A company board is a sacred place and the director enjoys a privileged position as a member, but when such a privilege is abused there was nothing to say. Mr. Kishen Lai Chugh, Chairman, ITC Ltd, said it was indeed sad that a member of the board of directors should be going to town on the board proceedings, and thereby undermining his privileged position as a director.

MoUs with China for iron and steel projects

Four MoUs with China were signed on Friday to launch an integrated steel plant and three pig iron plants in West Bengal envisaging a total investment of over Rs. 2,300 crores. Chief Minister, Mr. Jyoti Basu, and the Minister for Commerce and Industry, Mr. Bidyut Ganguly, were present at the signing ceremony. The signatories were State-owned firms of China, China National Scientific Instruments and Materials Import and Export Corporation, Beijing, and the Central Iron and Steel Research Institute, Ministry of Metallurgical Industry, Beijing, and four Indian companies.

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