Nagendra Murthy appointed as the MD of TMB

Mr K.B. Nagendra Murthy has been appointed as the Managing Director and Chief Executive Officer of Tamilnad Mercantile Bank. He succeeds Mr K.T Jagannathan.

RBI released statistics of India’s total external debt

($ billion, % share of total debt)

Short-term Debt – 78.179 (22.6%)

Long-term Debt – 267.640 (77.4%)


Below is the details of different long term debt


ECBs – 104.397 (30.2%)

NRI Deposits – 58.608 (16.9%)

Multilateral – 50.453 (14.6%)

Bilateral – 26.757 (7.7%)

Trade Credit – 19.908 (5.8%)

IMF – 6.163 (1.8%)

Rupee Debt – 1.354 (0.4%)

Total Debt – 345.819

Government cleared export of 2 million tonnes of wheat

The Government cleared the export of 2 million tonnes of wheat from its buffer stock with floor price of $228 per tonne. This decision was taken to make storage space for fresh crop. The current stock of wheat and rice is about 82 million tonnes in Government godowns against the storage capacity of 64 million tonnes. India harvested 90.23 million tonnes of wheat in 2011-12 crop year (July-June). India is the world’s second largest wheat producer.

Singapore Prime Minister’s India visit

Singapore Prime Minister Mr Lee Hsien Loong, addressed a function jointly organized by the apex chambers of commerce and industry in New Delhi. He has expressed the hope that the investment and services agreement between India and the Association of South East Asian Nations (ASEAN), as part of the Free Trade Agreement, will be concluded soon. He also expressed the hope that the air transport agreement can be settled quickly.