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Sunil Jain: Stop picking winners
Sunil Jain / New Delhi February 1, 2010, 1:24 IST

Letters: Justice delivered
Finally, after all these years, the soul of Ruchika Girotra will get some rest. The Central government has stripped SPS Rathore of his police medal and the Haryana Police has slapped an abetment to suicide case against Rathore. Some action now needs to be taken against those policemen and other officials who aided and abetted him in his nefarious deals. The policemen who filed fake charges against Ruchika’s brother must have known they were fake charges, and yet they went along. If complete justice is to be done, these men must also be punished.

News of the day

Novartis moves SC against Glivec order
Swiss drug major Novartis has approached the Supreme Court against a decision of the country’s apex patent complaint redressal forum, the Intellectual Property Appellate Board (IPAB), to deny patent protection for its cancer medicine, Glivec. The court is expected to take up the case for hearing on August 31.
Public Relations

Banks credit offtake rises 13.34%

Credit growth of banks remained at 13 per cent for the fortnight ended January 1 compared to 24 per cent in same period a year ago. - China raises banks" reserve ratio to cool economy - SBI scales down credit growth estimate - "Banks to take cue from RBI policy to decide rates" - Bank deposits contract on advance tax payment - Low bank credit growth won"t hit recovery: RBI - Credit growth of 18% possible, says K V Kamath According to data released by the Reserve Bank of India (RBI) today, credit offtake increased by 13.34 per cent at Rs 29,95,396 crore compared to Rs 26,42,774 crore in the year-ago period. In absolute term, credit expansion was to the tune of Rs 3,52,622 crore. In this fortnight, credit growth has been higher compared to the previous fortnights. For the fortnight ending December 18, credit offtake increased by 11.08 per cent at Rs 29,20,759 crore compared to Rs 26,29,253 crore in the year-ago period, while it was over 10 per cent for the two previous fortnights. According to analysts, with a pick-up in industrial growth, credit off-take should rise in the remaining months of the current fiscal. "With the economic activities increasing, credit growth is likely to increase from here onwards. I expect it around 15 per cent by March," rating agency Crisil Principal Economist D K Joshi said. According to HDFC Bank Chief Economist Abheek Barua, credit growth is likely to rise to 15-16 per cent by March. Normally, the second half of a fiscal is expected to be a busy season and the credit offtake should increase, otherwise it could in the way of of the economic revival. The economy grew by 7.9 per cent in the second quarter of the fiscal, beating street expectations and fuelling hope that the economy on the upswing. In the first quarter, the growth stood at 6.1 per cent. Industrial growth has gathered pace with factory production rising 11.7 per cent in November 2009, fuelled by stimulus-backed demand for manufactured goods, particularly consumer goods. Finance Minister Pranab Mukherjee has pegged the economic growth for the current fiscal at 7.75 per cent.


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