Terms of the day

BTIA: Bilateral Trade and Investment Agreement

CBDT: Central Board of Direct Taxes

S&P: Standard & Poor’s

NASSCOM: National Association of Software and Services Companies

TCS: Tata Consultancy Services

ICICI: Industrial Credit and Investment Corporation of India

IT-BPO business set to cross $100 billion

The NASSCOM expects export revenue for 2012-13 to grow by 11-14 %. The domestic revenue is expected to grow by 13-16 %. NASSCOM on Wednesday released the key findings of the Indian IT-BPO sector performance for 2011-12. NASSCOM expects the aggregate revenue for the Indian IT-BPO sector to cross $101 billion in this financial year.

TCS-Mitsubishi form venture

Tata Consultancy Services (TCS) and Mitsubishi Corporation, Japan announced a new joint venture- Nippon TCS Solution Centre.

Tardy(slow) growth in direct tax collection

As per the data released the net direct tax mop-up during April-January this financial year went up by a mere 9.28% to Rs. 3.46 lakh crore.

Tension between Britain and Argentina over Falkland Islands

Argentine President Cristina Fernandez de Kirchner announced that she intended to make formal complaint to the United Nations about British militarization of the region while Britain curtly rejected any negotiation over its territorial claims. Both countries claim sovereignty over the Falkland islands(an island near Argentina) and went to war in 1980.