The Union Finance Ministry has asked the telecom department to double the floor price for 3G and wireless broadband spectrum. The move can further delay the 3G auction process scheduled for January 16.

The finance ministry has asked to submit fresh proposal to the Cabinet with the desired changes. Two anonymous executives of the telecom companies said that the move would make 3G services more expensive for the consumers. Telecom companies expressed reservations on the fresh move of 3G prices issue.

Vehicle sales witnessed decline in the month of December following the slow demand due to the global financial crisis. Sales of passenger as well as commercial vehicles posted slow growth rate. Maruti Suzuki, General Motors and two-wheeler makers Hero Honda and Bajaj recently released their sale figures which indicate the adverse state of automobile sector in the country.

Bharat Sanchar Nigam Ltd (BSNL) has made announcement about the launching of its ‘Interactive Personalised Television and Video Services’ (IPTV) services in Haryana.

In order to fulfill this initiative, State-run telecom operator (BSNL) has joined hands with Smart Digivision.

IPTV is a system delivering digital content services to subscribers using the Internet protocol over a broadband connection using closed network infrastructure.

Global rating agency Standard & Poor's forecasts negative outlook for the Reliance Industries Ltd (RIL). Increased debt and pressure on profitability may affect the growth of the company. The rating firm had earlier projected stable outlook for Reliance.

S&P's credit analyst, Mr. Mehul Sukkawala added, "Profitability however is expected to be adversely affected by lower fuel demand, especially in the developed markets."

Indian IT- ITeS segment is likely to register slowest ever growth rate since 2003 for the financial year 2009. Market research firm, IDC forecasts 13.4% growth rate of the technology sector in 2009. IT- ITeS market including hardware, software and services registered a growth rate of 17.3% in 2008 and generated revenue of Rs 1,01,031 crore.  

The largest private sector bank of the country, ICICI has slashed interest rates by 50 to 75 basic points with immediate effect. Now, people can enjoy low interest rates on home and auto loans.

The announcement has come after some public sector and private lenders have taken initiative to reduce interest rates in line with the interest rate cut by the apex bank.