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Internet giant, Google has surpassed Microsoft in market value on Monday, to become the second largest technology firm in the world after rival, Apple.

The shares of Google increased 1 percent to $761.78 at the close in New York, making up an market capitalization of about $249.9 billion. On the other hand, Microsoft's shares fell less than one percent to $29.49 and valued the software giant at $247.2 billion.

India's union Finance Minister P Chidambaram has announced plans to revive the insurance industry in the country with a host of measures.

The measures include relaxation of investment norms allowing insurance companies. Under the current rules, the insurance companies are required to hold 75 per cent of their debt market investments in AAA rated instruments, which do not include government securities.

The upcoming festive season in India has appeared to have not succeeded in lifting the auto sector in the country indicating a continuation of weak demand scenario.

In the sector, only two players, Maruti Suzuki and Mahindra & Mahindra have reported an increase in sales in the country in the month of September. Maruti Suzuki recorded an increase of 13 per cent in sales while the sales of Mahindra & Mahindra rose 22 percent during the month.

The industry players in India are supporting a government's plan to make corruption in private sector a criminal offence in order to control the menace.

The Indian government is considering amending the Indian Penal Code (IPC) for making private sector bribery a criminal punishment with stricter punishment. The amendment will make both giving and taking bribery in private sector dealings, a criminal offense under the Indian law.

The Moody's Investors Service has said that the total capital shortfall of the banking sector in Spain could touch $135 billion or 105 billion euros, which about double the amount estimated by the government in the previous week.

According to the latest estimates, the banks in the country might need infusion of between 70 billion euros and 105 billion euros for absorbing losses and making sure that their capital ratios do not go under the threshold set by the lawmakers in the previous year.

According to a new study by the Boston Consulting Group (BCG), the combined consumer market of India and China will touch $10 trillion in net worth by the year 2020, emerging as a major part of the Asian economies.