New Delhi, The department of information technology (DIT) was Thursday formally named department of electronics and information technology by Minister of Communications and Information Technology Minister Kapil Sibal to give importance to the electronics sector. "India's electronics sector aims to achieve a turnover of about USD 400 billion, involving investment of about USD 100 billion and employment to around 28 million, by 2020," said Sibal at the ceremony to officially rerame the department. Recently, the cabinet secretariat amended the Government of India (Allocation of Business) Rules 1961 for change in the department's name. Sibal said that the introduction of the word 'electronics' in the department's name was a signal of embarking on the development of electronics in the country. It is essential to give this recognition to the sector if the country had to realise its dual objective of accelerating the growth momentum and enabling inclusive growth and development, said Sibal. The minister said that a new national policy on electronics was being finalised through the process of widespread consultations. Its draft was released last October. ...
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Washington, Several executives of Indian American chief executive Vikram Pandit led Citigroup were in open insurrection against top management over risky, speculative investments that failed in spectacular fashion in early 2008, according to a media report. Citi's own private bankers and financial advisors felt they themselves were duped by their fellow workers about the riskiness of these investments, Fox Business Network reported Monday citing newly uncovered emails and documents obtained by it. These documents reveal that investors couldn't have known the risks they were taking when investing in Citigroup's risky, speculative investments because the individuals peddling these products didn't even understand them, it said. Private bankers and financial advisers who invested clients' money in what were known as Falcon and ASTA/MAT funds believed that they were safe investments, according to various correspondence. It became clear that they were drastically misinformed after customers lost about USD 2 billion in what turned out to be speculative investments on mostly municipal bonds. "The issue is that clients got duped, and we as FAs [financial advisers] got duped on ...
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