capsule nov
TRANSCRIPT
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Economy
The central bank will initiate the process for
cancellation of CoR against such NBFCs.
NBFCs primarily engaged in lending against gold
jewellery, will have to maintain a minimum Tier I
capital (or equity capital) of 12 per cent effective
from Apr 1, 2015 as against existing requirement of
10 per cent.
NBFCs have to raise the Tier I capital to 8.5 per cent
by end of Mar 2016 and 10 per cent by Mar 31, 2017.
In the interest of harmonisation, the asset
classification norms for NBFCs-ND-SI and NBFCs-
D will be brought in line with that of banks At present, an asset is classified as non-performing
asset when it has remained overdue for a period of
six months or more for loans; and overdue for twelve
months or more in case of lease rental and hire
purchase instalments, as compared to 90 days for
banks.
NBFCs-ND with an asset size of less than Rs 500 cr
shall not be subjected to any regulation either
prudential or conduct of business regulations if they
have not accessed any public funds and do not
have a customer interface.
Aiming to leverage technology to provide cost-effective
and innovative solutions, the govt is planning to equipIndia Post to handle not only savings and insurance
services, but also payments and data registration. With
the world’s largest postal network, India Post has about
1.55 lakh post offices spread across the country. On an
average, a post office serves an area of 21.21 sq km and
a population of 7,175 people. Former Cabinet Secretary
TSR Subramanian is the Chairman of the Task Force.
Automobile Tata Motors on 19 Nov celebrated 60 years of truck
manufacturing at its first manufacturing and engineering
facility in Jamshedpur. Set up in 1945, Tata Motors
Jamshedpur started with manufacturing steam
locomotives, later foraying into truck manufacturing,
bringing global trucking technology to India in 1954.
Banking Tightening norms for non-banking financial companies
(NBFCs), the Reserve Bank of India (RBI) has raised thecapital adequacy requirement and the net owned fund
limit, among others, with an objective to mitigate risks in
the sector.
Highlights
With a view to streamlining the regulations for the
sector, the RBI also revoked temporary suspension
on issuance of Certificate of Registration (CoR) to
companies that want to conduct business of non-
banking financial institution (NBFI).
The RBI has raised the limit for NBFCs to maintain
the net owned fund (NOF) requirement by 2017 to
Rs 2 cr.
At present, the NOF requirement is at Rs 25 lakh.
In a phased manner, the NBFCs would be required
to raise it to Rs 1 cr by Mar 2016, and to further
double it to Rs 2 cr by 2017.
NBFCs failing to achieve the prescribed ceiling
within the stipulated time period shall not be eligible
to hold the CoR (Certificate of Registration) as
NBFCs.
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Nearly three months after financial inclusion mission
Pradhan Mantri Jan Dhan Yojana was launched by Prime
Minister Narendra Modi on Aug 29, the target of opening75.16 mn bank accounts for the un-banked has been met.
This is a notable achievement as it comes two months
ahead of the target of Jan 26, 2015. According to the
latest data available with the finance ministry, State Bank
of India tops the list with 13.4 mn accounts opened across
its branches till Nov 15. Bank of Baroda, which opened
4.04 mn accounts, came in second, closely followed by
Canara Bank with 3.92 mn bank accounts.
Among private lenders, HDFC Bank stood on top
with 600,000 accounts followed by ICICI Bank that
opened 490,000 accounts. Jammu & Kashmir Bank came
next with 270,000 accounts and Axis Bank opened 190,000.
Federal Bank opened 130,000 accounts as of Nov 15 this
year.
Highlights
The plan envisages universal access to banking
facilities with at least one basic banking account for
every household, apart from access to credit,
insurance and pension facility.
This plan offers a RuPay debit card with in-built
accident insurance cover of Rs 100,000.
Under this scheme, upon opening a bank account,
holders are eligible for an overdraft facility of Rs
2,000 each, which can be extended to Rs 5,000 based
on credit and transaction history of account holders. Those opening accounts before Jan 26, 2015, will
get Rs 30,000 life insurance cover from Life
Insurance Corporation of India.
Indian Renewable Energy Development Agency (IREDA)
and US-Exim Bank on 19 Nov signed a Memorandum of
Understanding (MoU) on cooperation on clean energy
investment. US-Exim Bank will provide USD 1 bn for
medium and long-term loans to finance US technologies,
products and services utilised during commercial
development activities within the clean-energy sector
by IREDA.
The govt needs to infuse as much as Rs 2.4 lakh cr into
state-owned banks by end-Mar 2019 to meet differentkinds of capital requirements, including Basel III,
provisioning for asset quality, and additional risks. Indian
govt’s holding in state-run banks ranges from 56.26 per
cent to 88.63 per cent, and one of the options to generate
capital is to lower stakes in banks. According to the
Banking Regulation Act, govt holding in state-run banks
cannot fall below 51 per cent.
The Rajasthan High Court has barred the credit co-
operative societies from carrying out banking business
without licence from the Reserve Bank of India (RBI).The court has also prohibited these societies from
carrying out banking activities like ATM and loaning.
The petitioner had objected to these societies
“functioning parallel to banks in violation of co-operative
laws, which permit them to accept limited deposits of
members with an objective of financial independence.
The Foreign Investment Promotion Board (FIPB)has
cleared the long- pending proposal of HDFC Bank to
hike foreign holding in the bank to 74 per cent.
Telecom giant SoftBank has pledged an investment of
$10 bn (over Rs 60,000 cr) in India’s IT and
communications space, one of the biggest investment
commitments from a Japanese firm after Prime Minister
Narendra Modi’s visit to that country.
The World Bank in its “India Development Update”
released recently has said that India’s economic growth
is expected to rise to 5.6 per cent in FY15, followed by
further acceleration to 6.4 per cent and 7 per cent in FY
2016 and FY 2017, identifying the goods and services tax
(GST) as the most important economic reform that the
new govt should undertake to attain faster growth.
In a bid to encourage the habit of small savings among
citizens, Union govt re-launched the once-successful
Kisan Vikas Patra (KVP) on 18 Nov.
Highlights Union Finance Minister Arun Jaitley re-launched
the Kisan Vikas Patra (KVP) in New Delhi on 18 Nov.
The re-launched KVP will be available to the
investors in the denominations of Rs 1000, Rs 5000,
Rs 10,000 and Rs 50,000.
There will be no upper ceiling on investment.
The certificates can be issued in single or joint
names and can be transferred from one person to
any other person/persons, multiple times.
The facility of transfer from one post office to
another anywhere in India and of nomination will
be available.
The certificate can also be pledged as security toavail loans from the banks and in other cases where
security is required to be deposited.
Initially the certificates will be sold through post
offices, but the same will soon be made available to
the investing public through designated branches
of nationalised banks.
KVPs have unique liquidity feature, where an
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Energy
The Bombay High Court has quashed the IT department’sRs 18,000-cr tax order against oil major Shell India. The
judgement comes in the wake of two similar transfer
pricing cases, which were ruled in favour of the Indian
subsidiary of Vodafone, in which the I-T department had
sought adjustments of over Rs 4,500 cr.
The major disputes so far
Leighton India Contractors: Tax authorities slapped
a notice on the company for subscribing to the
shares of its Indian arm; it was a Rs 900-cr transfer-
pricing dispute.
IBM: The US technology major was asked to pay
Rs 5,753 cr as income tax for under-reporting revenue
for 2008-09. Nokia: Received a Rs 13,000-cr tax demand for
transfer-pricing violations. The company has since
moved court and shut its Chennai unit.
Cairn India: Cairn Energy transferred shares of
Jersey-based Cairn India Holding to Cairn India in
2006. The share transfer in India was valued at about
Rs 26,000 cr. Authorities claimed this led to capital
gains for Cairn UK Holdings taxable in India. The
matter is still under consideration.
The Coal Minstry on 18 Nov released draft guidelines
for allocation of 74 coal blocks. The Central Govt plans
to conduct two-stage bidding under the Coal Mines
Special Provisions Ordinance. Qualified bidder in stage
one would be asked to put in financial bid under an
electronic auctioning process. The bidding would be
open to specified end-use projects in power, steel and
iron, and cement sectors.
Manufacturing The Steel and Mines Minister Narendra Singh Tomar
has said that India is expected to become the second
largest producer of crude steel in the world soon.
Currently, India is the 4th largest producer.
The steel sector contributes nearly two per cent of
the country’s GDP and employs over 6 lakh people.
Power JSW Energy, controlled by billionaire Sajjan Jindal, has
acquired two of Jaiprakash Power Ventures’ hydro
power plants, with a combined capacity of 1,391 mw, for
Rs 9,700 cr.
investor can, if he so desires, encash his certificates
after the lock-in period of 2 years and 6 months and
thereafter in any block of six months on pre-determined maturity value.
The investment made in the certificate will double
in 100 months.
The KVP was launched by the Govt on 1st Apr,
1988. The scheme provided facility of unlimited
investment by way of purchase of certificates from
post offices in various denominations.
The maturity period of the scheme when launched
was 5 ½ years and the money invested doubled on
maturity.
The scheme was very popular among the investors
and the percentage share of gross collections
secured in KVP was in the range of 9 % to 29 %
against the total collections received under all
National Savings Schemes in the country.
The infrastructure conglomerate Adani Enterprise has
signed a memorandum of understanding (MoU) for a
loan of up to $1 bn from State Bank of India (SBI) to build
a $7-bn coal mine, rail and port project, which it aims to
build by the end of 2017.
Capital Market
The board of Securities and Exchange Board of India
(Sebi) on 19 Nov cleared big bang market reforms
including repealing of the two-decade-old insider tradingrules with new prohibition of insider trading (PIT)
regulations and amending the delisting regulations.
The delisting timeline has been reduced to almost
half from the existing 137 days to just 76 days. The
delisting shall be considered successful only when the
shareholding of promoter together with shares tendered
by public shareholders reaches 90 per cent of total share
capital.
The Securities and Exchange Board of India (Sebi) has
withdrawn the recognition granted to Delhi Stock
Exchange (DSE) upon finding ‘serious’ irregularities at
the functioning of the exchange.
Corporate The Enforcement Directorate (ED) has issued a Rs 660-
cr show-cause notice to consumer electronics major
Videocon group on charges of violation of foreign
exchange laws.
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Taxation
The govt has raised excise duty on petrol and diesel byRs 1.50 a litre each to help it achieve the fiscal deficit
target for this year.
Telecom
The Department of Telecommunications (DoT) and the
defence ministry have finally resolved the contentious
issue of swapping spectrum for commercial use. The
Communications and Information Technology Minister
Ravi Shankar Prasad met newly appointed defence
minister Manohar Parrikar and the two reached an
agreement on the matter. Defence Ministry would give
15 MHz of spectrum in the 2,100 band (which is currently
used for 3G) and, in return, it would get a similar amountin the 1,900 band, which is with the DoT. With this
understanding, telecom firms, who feared shortage of
spectrum would lead to competition and high prices, can
breathe easy. The unders tanding between the two
ministries comes a few days after Telecom Regulatory
Authority of India (TRAI) Chairman Rahul Khullar said
the tussle between the Defence Ministry and the DoT
had to be resolved politically.
Trade The govt plans to replace bilateral investment protection
treaties (BIPTs) with a new pact that seeks to plug
loopholes and enhance legal protection of foreign
investors in India as well as Indian investments abroad.
The Finance Ministry is moving Cabinet with a draft of a
new agreement called the Bilateral Investment Treaty
(BIT), saying there is a need to revisit existing BIPPAs
as they do not take into account the socio-economic
objectives of govt policy.
India and the US have resolved differences over public
stockholding of foodgrains as the US has agreed to an
indefinite “peace clause” pending a permanent settlement.
This development will make possible the most significant
global deal, trade facilitation agreement (TFA), at World
Trade Organization (WTO) since the 1990s.
The 34th edition ofIndia International Trade Fair (IITF)
began at Pragati Maidan in New Delhi on 14 Nov and
ended on 27 Nov. It was inaugurated by President Pranab
Mukherjee. This year the theme of the fair is Women
Entrepreneurs. Over 6500 exhibitors from 25 countries,
including China, Germany and Japan, are participating in
the annual event. Thailand is the focus country while
South Africa will be the partner country in the fair. This
year, Delhi is participating as a focus state.
China and Australia sealed a landmark free-tradeagreement on 17 Nov more than a decade in the making.
The pact will significantly expand ties between the
world’s second-largest economy and one of
Washington’s closest allies in Asia. The deal, which
Australia called the best ever between Beijing and a
Western country, will open up Chinese markets to
Australian farm exporters and the services sector while
easing curbs on Chinese investment in resource-rich
Australia.
Others The Organisation for Economic Cooperation and
Development (OECD) has said that India’s economy will
accelerate in 2015 but will fail to attain the heady growth
rates of the past decade without sweeping structural
reforms. In a country survey, the Paris-based think tank
forecast that Asia’s third-largest economy would grow
by 6.6 per cent in 2015, up from its last forecast of 5.7 per
cent growth in May, and the growth would edge higher
to 6.8 per cent in 2016.
Higher prison term and hefty penalty of Rs five lakh, 20
times higher than the existing fine for violating terms of
mineral excavations, are among the proposals contained
in the draft Bill to amend the 57-year-old Act governing
India’s mineral sector.Highlights
The proposed Mines and Minerals (Development
and Regulation) (Amendment) Bill, 2014 seeks to
make illegal mining of notified minerals as a
cognisable offence.
It is silent on 26 per cent profit-sharing clause by
the mining companies with the project-affected
people in the lapsed MMDR Bill.
Provided that where the contravention of the
provisions of sub-section (1) or sub-section (1A) of
Section 4 is in relation to a notified mineral,
punishment shall be imprisonment for a term which
may extend to five years or with fine, which mayextend to five lakh rupees or with both.
In the case of a continuing contravention, with
additional fine which may extend to fifty thousand
rupees for every day , during which such
contravention continues after conviction for the first
such contravention.
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The purpose of the new Bill is to make the
concession regime more investor-friendly by
simplifying procedures. The new Bill seeks to bring comprehensive
amendments to the MMDR Act 1957, and proposes
to increase efficiency by allowing transfer of
reconnaissance and prospecting licences and
associated data without restrictions.
The bill, if passed in Parliament, would amend the
1957 Act under the same name.
Driven by softening prices of fuel and food items, the
Wholesale Price Index (WPI) inflation cooled to a five-
year low of 1.77 per cent in Oct. This raises hopes of
rate cut by the Reserve Bank of India (RBI) in Dec to
boost economic growth.
Six infrastructure projects in Delhi and Gujarat figure
among the 100 most innovative infrastructure
investments in the world. The KPMG International’s
Infrastructure 100: World Markets Report has selected
six Indian projects. These are Delhi Metro, Yamuna
Expressway and Interceptor Sewage System (the three
are in Delhi), Gujarat International Finance Tec-City
(GIFT), Mundra Ultra Mega Power Project and Narmada
Canal Solar Project (the three are in Gujarat).
The G20 has cited India among other countries for launch
of major investment initiatives and for having asustainable growth. A Brisbane Action plan released as
part of the G20 communique also said that the state of
the global economy calls for a comprehensive and
coherent policy response that restores near-term demand,
removes medium-term supply constraints and builds
consumer and business confidence.
The Special Investigation Team (SIT) on black money
has decided to create a rich national database where
multiple agencies probing tax and financial crimes will
pool in vital classified information to be shared for
seamless investigation.
Japan’s economy unexpectedly slipped into recession
in the third quarter, setting the stage for Prime Minister
Shinzo Abe to delay an unpopular sales tax hike and call
a snap election half-way through his term. The Gross
domestic product (GDP) fell at an annualised 1.6 per
cent pace in Jul-Sep, after it plunged 7.3 per cent in the
second quarter following a r ise in the national sales tax,
which clobbered consumer spending.
Centre With a view to uplifting rural India, the govt is set to
launch a new programme, the Unnat Bharat Abhiyan.
The programme is being launched in collaboration with
the Indian Institutes of Technology (IITs) and the
National Institutes of Technology (NITs) across the
country. Although the programme is an initiative of the
Ministry of Human Resource Development, it will be
coordinated and steered by IIT Delhi.
The programme will involve engaging withcommunities around each institute and for their
upliftment. Each IIT will identify 10 villages in its
neighbourhood and work out technologies to solve the
most pressing issues of the region. Different teams from
these institutes will visit the villages, identify problems
and then aim to find financially-viable schemes. The
programme, with the help of IITs, NITs and other “leading
technical institutions”, will prepare a roadmap for holistic
rural development. A date for the launch is yet to be
finalised.
For the benefit of lakhs of households, the Central Govt
has launched a modified Direct Benefit Transfer of LPG
(DBTL) scheme in 54 districts in 11 states, including all
in Kerala starting Nov 15, 2014.
In these districts LPG consumers will be able to get
cash subsidy amount transferred into their accounts to
buy Liquefied Petroleum Gas (LPG) cylinders at market
price. Every time they book a cylinder the govt will
transfer Rs 568 to the customers’ bank account so thatthe money would be there in the account before gas
reaches their homes. Each household is entitled to get
12 subsidised cylinders a year. So those who have
already exhausted the quota will not get any subsidy
this year. This scheme will be implemented in the rest of
India on Jan 1, 2015. Post implementation of this scheme,
India’s LPG subsidy burden of Rs 48,000 cr is expected
Nation
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the production stock and the entire launch activities
were carried out by Strategic Force Command
(SFC) and monitored by scientists of DefenceResearch and Development Organisation (DRDO)
as part of training exercise.
It was inducted into the SFC in 2003 and is the first
missile to be developed by DRDO under India’s
prestigious Integrated Guided Missile Development
Program (IGMDP) and is now a proven technology.
Such training launches clearly indicate India’s
operational readiness to meet any eventuality and
also establishes the reliability of this deterrent
component of India’s strategic arsenal. India on 18
Nov successfully test-f ired its indigenously
developed surface-to-air ‘Akash’ missile from a test
range in Odisha as part of user trial by the Air Force.
Highlights
The missile is a medium-range surface-to-air anti-
aircraft defence system with a strike range of 25
km.
It can carry a warhead of 60 kg.
It has the capability to target aircraft up to 30 km
away and is packed with a battery that can track and
attack several targets simultaneously.
With its capability to neutralise aerial targets like
fighter jets, cruise missiles and air-to-surface
missiles, defence experts compare ‘Akash’ to the
similar weapons of many other advanced countries. It has been developed by Defence Research and
Development Organisation (DRDO) as part of the
Integrated Guided Missile Development Programme.
While the Air Force version has already been
inducted, the Army version is in the final stage of
induction.
The fourth India-China joint training exerciseHand-in-
Hand 2014 was held in Pune from 17 Nov to 25 Nov.
Defence projects worth a whopping Rs 80,000 cr were on
Oct 25, 2014 cleared by the govt which decided that six
submarines will be made indigenously and over 8,000
Israeli antitank guided missiles and 12 upgraded Dornier
surveillance aircraft will be purchased. The Central Govt has granted approval to four out of the
14 identified strategic rail lines. The building of the lines
will be commissioned only after the survey, which acts
as a blueprint. The four rail lines which have been
identified are along the China border. They are in
Arunachal Pradesh, Assam, Himachal Pradesh and
J&K . The identified lines are Missamari-Tawang (378
to come down by 15 per cent.
The Kendriya Vidyalaya Sangathan (KVS), which runs
500 Central Schools across the country, has decided tooffer German as a “foreign language” instead of third
language.
The Union Cabinet chaired by the Prime Minister has
given its approval for Ahmedabad Metro Rail Project
Phase-1 covering a length of 35.96 km at a total project
cost of Rs 10,773 cr. The Ahmedabad Metropolitan Area,
which has a population of 6.3 mn, will be benefited.
States The Gujarat Local Authorities Laws (Amendment) Bill,
which makes voting in municipal corporation,
municipality, and panchayat polls compulsory, was finally
approved by the Gujarat governor OP Kohli, paving the
way for it to become law.
Taking a cue from the Polavaram Project Authority, the
Centre is considering creating a special purpose vehicle
for implementing the Ken-Betwa River Linking Project.
Touted as the first project to be taken up under the NDA
govt’s ambitious plan to interlink rivers of the country,
the project envisages diversion of surplus water from
the Ken basin to the water-deficit Betwa basin.
Justice Nanavati Commission on 18 Nov submitted more
than 2,000 pages final report on the 2002 Gujarat riots
to state Chief Minister Anandiben Patel. The commission
members – Retd Supreme Court Justice GT Nanavati andRetd High Court Justice Akshay Mehta – submitted the
report to CM.
Bamboo-based industry in Assam and North-East is up
for a major transformation as Assam will soon have the
country’s first state-of-the-art Bamboo Technology Park
to boost bamboo cultivation in the state and the region.
Defence India has successfully test-fired its Prithvi-II surface-to-
surface missile from a test range at Chandipur near
Balasore as part of a user trial by Army.
Highlights
The indigenously developed nuclear-capable
missile has a strike range of 350 km.
The state-of-the-art missile is capable of carrying
500 kg to 1000 kg of warheads.
It is thrusted by liquid propulsion twin engines and
uses advanced inertial guidance system with
manoeuvring trajectory.
The sophisticated missile was randomly chosen from
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km) in Assam-Arunachal Pradesh, North Lakhimpur-
Along-Silapathar (248 km) in Assam, Murkongselek-
Pasighat-Tezu-Parashuram Kund-Rupai (256 km) inAssam-Arunachal Pradesh and Bilaspur-Mandi-Manali-
Leh (498 km) in Himachal Pradesh-J&K. The rail lines are
expected to be used by the Armed Forces for transporting
supplies for the Army and troops movement.
The Director General for Aeronautics from DRDO K
Tamilmani has indicated that Final Operational
Clearance (FOC) for indigenous Light Combat Aircraft
(LCA) Tejas will be given in Jun next year. The HAL
Tejas is a single-seat, single-engine, multi-role light
fighter developed by Hindustan Aeronautics Limited
(HAL) for India.
India and Israel successfully test-fired on 10 Nov a long-
range surface to air missile (LR SAM) jointly developed
by them, marking a milestone in bilateral cooperation in
developing advanced weapon systems.
The final version of the two-seater trainer jet Tejas (PV-
6) made its maiden flight on 9 Nov, in a milestone for
India’s overall indigenous Light Combat Aircraft
programme.
Judiciary The Supreme Court has permitted Non-Resident Indians
(NRIs) to cast their votes through Electronic Voting
Machines (EVMs).
The Centre has named 627 Indians holding illegal bank accounts abroad in a sealed cover to the Supreme Court,
which had rapped the govt for not revealing all the
information in the case earlier.
The Bombay high court has stayed implementation of
the controversial decision of the erstwhile Congress-
Nationalist Congress Party (NCP) govt in Maharashtra
to provide reservation to Marathas in govt jobs and
educational institutions announced ahead of the state
Assembly elections.
Five armymen, including two officers, were sentenced to
life for gunning down three youths and labelling them as
militants in 2010. The incident came to light on Apr 30,
2010 when bodies of three youths were shown by Armyas militants who were trying to sneak into the Valley
from higher reaches of Machil in North Kashmir with
arms and ammunition.
The Supreme Court-appointedMudgal Committee has
cleared N Srinivasan, the president of the Board of
Control for Cricket in India (BCCI), of allegations of
match-fixing, paving a way for a possible return by him
to the top post in Indian cricket. The report of the
committee, headed by former judge Mukul Mudgal and
publicised in full for the first time on 17 Nov, also absolvedSrinivasan’s son-in-law Gurunath Meiyappan of charges
of match-fixing although it did find him, and Rajasthan
Royals co-owner Raj Kundra, guilty of betting in last
year’s Indian Premier League (IPL) tournament. That
raises questions about the future of Chennai Super Kings,
the team owned by Srinivasan’s India Cements Ltd, and
Rajasthan Royals.
Others The Indian Space Research Organisation (ISRO) will
launch Aditya in 2017, its first satellite aimed at studying
the sun.
PM Narendra Modi has announced that the PIO
(Persons of Indian Origin) and OCI (Overseas Citizen
of India) status would be merged ahead of the Pravasi
Bhartiya Divas to be held from Jan 7 in Ahmedabad.
The Law Commission of India has recommended the
repeal of 30 more laws in its fourth report under the
banner of ‘The Legal Enactments: Simplification and
Streamlining’, submitted to the Law Ministry on 14 Nov.
For the first time in the country’s history, a special squad
of women troops has been deployed deep inside jungles
to undertake active and prolonged operations against
Naxalites. With the induction of these Central Reserve
Police Force (CRPF) commandos in their trademark camouflaged ‘Khaki’ uniform, India has become one of
those few countries to deploy women personnel in live
combat situations in one of the most violent and high
threat theatres of conflict.
External Affairs Minister Sushma Swaraj revealed that
India is the third largest passport issuing country after
China and the US. India accounts for 14 per cent of
passport issuance across the world. She said India was
attaining one cr mark in issuance of passport during
2014.
The former Union Health Minister Harsh Vardhan
outlined the broad contours of India’s new thrust against
tuberculosis (TB), and stressed that he was determinedto take the country substantially down the road to
elimination of the disease by 2020. Underlining the plans
of the Indian govt to eliminate tuberculosis from the
country, he announced ‘TB-Mission 2020’.
The Mahatma Gandhi National Rural Employment
Guarantee Act (MGNREGA) workers in around 477
blocks across all States will get their wages regularly
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after introduction of Very Small Aperture Terminal
(VSAT) connectivity by the end of 2014.
After the Supreme Court asked the National GreenTribunal (NGT) to shut down polluting industries on
the banks of river Ganga, the tribunal issued directions
to the Central and State pollution boards to act against
such industries. The tribunal asked the Central Pollution
Control Board (CPCB) to place on its website the criteria
for defining an industry as ‘seriously polluting’ and ‘not
so seriously polluting’ and to categorise them as red,
green and orange, depending on the pollutants
discharged.
The TSR Subramanian committee, constituted about
three months ago to review laws related to environment
and forest protection, has recommended some big-ticket
changes to the rules and legislation. These include a
complete overhaul of certain laws, special fast-track
dispensation for power, mining and linear projects, self-
certification of compliance by industry and diluting the
powers of the National Green Tribunal (NGT).
The govt has allocated Rs 5,000 under AYUSH Mission
for promoting traditional methods of treatment in the
country. Through the mission, the govt will provide
assistance to States in strengthening infrastructure for
promoting Ayurveda, Yoga, Unani, Siddha andHomeopathy, which together forms AYUSH.
The Centre has set up a review committee to look into
restructuring of the All India Council of Technical
Education (AICTE) to enable it to address the challenges
arising in the wake of growing complexities and the
expansion in technical education sector. The four-member
committee will be headed by former Education Secretary
MK Kaw.
The Union Agriculture Minister Radha Mohan Singh
launched National Dairy Development Board (NDDB)’s,
Golden Jubilee Year Celebrations at Anand in Gujarat.
Speaking on the occasion, he said that India’s milk
production had touched 137-mn-tonne mark from 20 mn
tonnes in 1951. This has resulted in rise of per capita milk
availability from 120 gram to 300 grams. India has been
the largest milk-producing nation of the world since 1998.
Operation Flood, the world’s largest food and
development programme, formulated and implemented
by NDDB, resulted in phenomenal growth of dairy sector
in India.
In an overwhelming response to Prime Minister Narendra
Modi’s call for commemorating an International Day of
Yoga, about 130 countries have joined as co-sponsors
to an India-led UN General Assembly resolution
recognising yoga’s benefits. The resolution would also
proclaim Jun 21 as the ‘International Day of Yoga’.
The World Health Organization (WHO) announced its
first-ever guidelines for indoor air pollution related to
cooking, heating and lighting, a problem estimated to
kill more than four mn people per year.
With an aim to end child labour and encourage children
to go to school, Child Rights and You (CRY) has
launched ‘Project Unlearn’ on the eve of Children’s Day
(14 Nov).
China presented its best face at APEC summit by lifting
ban on social networking websites like Facebook and
Twitter for the first time and even allowing web search of
the Dalai Lama at the conference venue.
China and Myanmar signed deals worth $7.8 bn for
energy, agriculture, telecommunications, infrastructure
and finance during Chinese Premier Li Keqiang’s visit
to the Southeast Asian country. The deals made include
an agreement to build natural-gas power plants as well
as $300 mn in small-scale loans for agriculture. China
and Myanmar also agreed to set up an electricity
cooperation committee, with the aim of keeping energy
projects on track.
China has warned that it will firmly oppose any
exploration activity in South China Sea if it undermines
its “sovereignty and interests”, immediately after India
inked a pact with Vietnam for exploration in two
additional oil and gas blocks in the resource-rich area.
Vietnam offered additional blocks for oil exploration
during the current visit by Vietnamese Prime Minister
Nguyen Tan Dung to New Delhi. China refers to Spartly
islands, which comprise more than 750 reefs, islets and
World
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atolls as Nansha islands. China’s claims of sovereignty
to almost all of the South China Sea put it on collision
course with Vietnam, the Philippines, Malaysia, Bruneiand Taiwan.
India was re-elected by the UN General Assembly
(UNGA) to a three-year term on theEconomic and Social
Council (EcoSoc). The UN Charter gives the EcoSoc a
broad mandate covering human rights and economic,
social, cultural, educational and health matters. The
54-member body is empowered to make
recommendations on these subjects to the UNGA and
member states and convene conferences. It also
cooperates with non-governmental social, cultural,
developmental and religious organisations and gives
selected ones a consultative status. Pakistan was also
among the 18 countries elected to the EcoSoc.
India has dropped down two places to stand at 142nd
out of 189 countries ranked by the World Bank for ease
of doing business. Singapore stood first overall for the
ninth year in succession, and is followed by New Zealand,
Hong Kong, Denmark, and South Korea.
Fresh from its success in injecting a spacecraft into the
orbit of Mars, India has signed a pact with Mexico for
cooperation in remote sensing, satellite communication
and areas related to the peaceful use of outer space.
Mitsubishi Aircraft has rolled out Japan’s first commercial
jet in half a century, amid doubts it can attain an ambition
to sell more than 2,000 aircraft in a competitive marketsegment.
In a three-page statement issued at the end of G20 Summit
in Brisbane, Australia, on 16 Nov, the world leaders,
including Prime Minister Narendra Modi and US
President Barack Obama, said, “Raising global growth
to deliver better living standards and quality jobs for
people across the world is our highest priority.”
Highlights
They vowed to boost global GDP by over USD 2 tn
over next five years by investing in infrastructure
and increasing trade, aimed at boosting the global
recovery amid geopolitical tensions.
The G20 leaders agreed to set up a GlobalInfrastructure Hub with a four-year mandate to
contribute to developing a knowledge-sharing
platform and network between govts, the private
sector, development banks and other international
organisations.
They also welcomed the launch of the World Bank
Group’sGlobal Infrastructure Facility (GIF).
The leaders agreed to reduce the gap in participation
rates between men and women by 25 per cent by
2025, aimed at bringing more than 100 mn womeninto the labour force.
They committed to take strong practical measures
to reduce the global average cost of transferring
remittances to five per cent and to enhance financial
inclusion as a priority.
The leaders endorsed the 2015-16 G20 Anti-
Corruption Action Plan that will support growth
and resilience.
They vowed to work together to adopt successfully
a protocol that is applicable to all parties at the 21st
Conference of the Parties in Paris in 2015.
Pakistan and Afghanistan have pledged to begin a new
era of economic cooperation. The newly elected Afghan
President Ashraf Ghani made Pakistan his first overseas
destination and said that his three days of talks with Pak
leaders has ended 13 years of differences.
On Nov 12, the European Space Agency (ESA)’s
spacecraft Rosetta’s Philae Lander successfully landed
on the surface of the comet 67P/Churyumov-
Gerasimenko.
At the close of PM Narendra Modi’s three-day visit to
Australia, New Delhi and Canberra announced a new
“Framework for Security Cooperation” that will guide
close collaboration in defence, counter-terrorism, cyber
security and maritime security. During the visit to NewDelhi in Sep by the Australian PM Tony Abbott, the two
countries announced they would hold their first bilateral
maritime exercise in 2015, which is likely to extend into
joint training on a regular basis. The Indian Navy is keen
on making this a sophisticated exercise that coordinates
combat drills instead of a non-controversial, ceremonial
one.
Israel and India have signed a series of defence and
technology deals in recent time that have underscored
their burgeoning commercial and political relationship.
India is now the largest buyer of Israeli military
equipment, while Israel is India’s largest customer after
Russia. In the first nine months of 2014, bilateral tradereached $3.4 bn, on target for a record this year. India is
steadily catching up with China as it buys more Israeli
defence and cyber-security technology, an area where
China is limited since the United States frowns on Israel
dealing too freely with Beijing in defence matters.
The Sri Lankan Govt on 19 Nov released the five Indian
fishermen, sentenced to death in a case of alleged drug
trafficking.
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Appointed Surya Prakash: The govt has appointed him as the
chairman of Prasar Bharti..
E Sreedharan: He has been appointed as one-man
committee by the Ministry of Railways to suggest a
“proper system and procedure to ensure proper
accountability and transparency” at General Manager
level and other functionaries level for taking all
commercial decisions.
N Gopalaswami: The Union Ministry of Culture has
named him as the Chairman of the governing board of
the Kalakshetra Foundation.
Persons in News
India’s Pacific Ocean outreach gained traction on 19 Nov
with the announcement of a slew of Lines of Credit and
development assistance totalling USD 80 mn for Fijiand a visa-on-arrival for all the 14 island countries in
the region during Prime Minister Narendra Modi’s visit
to Fijian capital Suva.
Highlights
PM Modi held talks with his Fijian counterpart
Frank Bainimirama and announced a USD one mn
Special Adaptation Fund for the Pacific nations and
a proposal to develop Pan Pacific Islands Project
for tele-medicine and tele-education.
His trip is the first by an Indian premier to Fiji in 33
years after Indira Gandhi in 1981.
India and Fiji agreed to expand their security anddefence cooperation during Modi’s day-long visit
to the country, which is considered as a hub in the
Pacific Ocean region.
Modi also addressed a meeting of leaders of 12
Pacific Ocean countries.
He also addressed the Fijian National University,
the first by a world leader.
The decision to an increase in Grant-in-Aid to Pacific
Island Countries from USD 125,000 annually to USD
200,000 to each Pacific Island country was taken.
Bainimarama was sworn in as Prime Minister on Sep
22 after the first parliamentary elections in the Pacific
nation since he seized power in a coup in 2006. Seeking stronger engagement with Fiji, India will
give a lines of credit of USD 70 mn for a co-
generation power plant, USD 5 mn for upgrading
the sugar industry, besides a USD 5-mn fund to
develop its small business and villages.
India will set up a Parliament library, and double the
scholarships and training slots for Fijians.
Out of the 849,000 population in Fiji, 37 per cent
people are of Indian-origin. Many Indians arrived
in Fiji as indentured labour in the 19th century. Modi also addressed Fijian parliament, the first by a
foreign leader, after parliamentary elections, during
which he said that India was prepared to work with
Fiji to build a “Digital Fiji”.
PM Modi proposed a Forum for India Pacific
Islands Cooperation (FIPIC) to be held on a regular
basis and invited the Pacific Island leaders for next
meeting in New Delhi in 2015.
A new global study by London-based Institute for
Economics and Peace has ranked Pakistan third on the
Global Terrorism Index list. The report said Iraq was the
country hit hardest by terrorism, with 2,492 attacks that
killed more than 6,300 people. It was followed by
Afghanistan and Pakistan, with Nigeria and Syria in
fourth and fifth place respectively.
The top world leaders at the APEC summit agreed to
work towards possible adoption of a “historic” free-trade
deal proposed by China, in a victory for the Communist
giant as it strives for a bigger role in formulating global
trade policy. The 22nd Asia-Pacific Economic Cooperation
(APEC) summit was virtually deadlocked over US-China
differences on different free trade area arrangements.
While Xi pushed hard for Free-Trade Area of the Asia
Pacific (FTAAP), Obama stuck to Trans Pacific
Partnership (TPP), which US is firming with 12 countriesexcluding China.
UN chief Ban Ki-moon has launched a global campaign
to end the often deadly practice of female genital
mutilation (FGM) within a generation.
Libya’s internationally recognised parliament has
rejected the ruling of a Supreme Court of the country to
invalidate the govt, saying it was elected based on the
will of the Libyan people.
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Jairam Ramesh: The former Union Minister has been
designated to chair a global research platform panel on
sustainable development called ‘Future EarthEngagement Committee,’ instituted by an alliance of
organisations including the UNEP, the UNESCO and the
World Meteorological Organisation (WMO).
Michel Kafando: The veteran diplomat has been chosen
as interim president in the west African countryBurkina
Faso.
Hasmukh Adhia: The Gujarat-cadre IAS has been
appointed as Financial Services Secretary.
Died Oscar de la Renta: The legendary fashion designer who
shaped the wardrobe of socialites and film stars in USand elsewhere for four decades, died at the age of 82.
Jagdish Sharan Pande: The prominent freedom fighter
passed away in Almora, Uttarakhand at age 95. He was a
part of Netaji Subhash Chandra Bose’s Azad Hind Fauj.
Sadashiv Amrapurkar: The veteran Bollywood actor
who essayed villainous and comic roles with equal ease
and gave powerful performances in Ardhsatya and
Sadak , died in Mumbai after battling lung infection. He
had won two Filmfare awards. He was last seen on the
big screen in 2012 film Bombay Talkies.
Warren Anderson: The former Union Carbide chief,
wanted in India in connection with the 1984 Bhopal gas
tragedy which claimed over 3,000 lives in one of theworld’s most lethal industrial accidents, died in the US
state of Florida aged 92.
MV Raghavan: The Marxist Communist Party (CMP)
founder leader, a prominent figure in Kerala politics for
decades, died after prolonged illness.
Elected Dilma Rousseff: Brazil’s incumbent president has won
a second term, defeating her opposition rival Aecio Neves
with a narrow margin in an election that largely split the
country between the poor north and wealthier south.
She is the first woman president of the world’s seventh-
largest economy.
Jawhar Sircar: The Prasar Bharati CEO has been elected
vice-president of Asia Pacific Broadcasting Union (ABU)
in Macau.
Haribhau Bagde: Senior BJP legislator has been
unanimously elected as the Speaker of the Maharashtra
Assembly.
Devendra Fadnavis: He has been sworn in as the new
Maharashtra chief minister and also is BJP’s first chief
minister in the state.
Manohar Lal Khattar: He was administered the oath of office as Haryana’s first chief minister from the
Bharatiya Janata Party (BJP) by the governor Kaptan
Singh Solanki.
Laxmikant Parsekar: He has been sworn in as the new
Chief Minister of Goa along with nine other Ministers.
Francis D’Souza was sworn in as Goa’s Deputy Chief
Minister.
Felicitated Dalbir Singh Suhag: The Indian Army Chief has been
conferred the title of honorary rank of General of Nepal
Army by President Ram Baran Yadav.
Killed
Christophe de Margerie: The CEO of leading oil giant
Total was killed in an airplane collision with a snow
plough at Moscow’s Vnukovo International Airport.
Suspended Lee Chong Wei: Badminton’s governing body
Badminton World Federation (BWF) has confirmed that
the world number one has been suspended due to an
apparent anti-doping regulation violation. The
badminton body has identified him for the first time after
weeks of reports naming the Malaysian star. He isMalaysia’s most prominent male athlete.
Visited Nikki Haley: The South Carolina Governor visited India
on a ten-day visit starting from her home state Punjab.
She was born in Punjab as Nimrata Nikki Randhawa and
is the second Indian-American governor in the US after
Bobby Jindal.
RK Dhowan: The Navy Chief Admiral handed over the
second Indian Fast Attack Craft (FAC) INS Tarasa to
Seychelles during his four-day visit to the country.
Pranab Mukherjee: Aiming to further consolidate ties
with Bhutan, President visited the Himalayan countryon a two-day state visit, the first by any Indian head of
state in 26 years.
Others Farhan Akhtar: The Bollywood actor-director has
become the first man in UN Women’s history to be
appointed its Goodwill Ambassador for South Asia.
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Missouri: Emergency was declared in the American State
ahead of grand jury’s decision in the fatal shooting of anunarmed black teenager Michael Brown, who was killed
by a white police officer.
Barwala (Hisar): Clashes erupted at the ashram of
controversial self-styled godmanRampal here in Haryana
on 18 Nov as the Haryana govt was racing against time
to get hold of the so-called godman to meet the deadline
set by Punjab and Haryana High Court. As many as six
people, including five women and one child, died in the
clashes which ended with the arrest of Rampal.
Goa: The favourite tourist destination hosted the eleven-
day 45th edition ofInternational Film Festival of India
(IFFI). Amitabh Bachchan was the chief guest of the
opening function. Nay Pyi Taw: The Myanmar’s capital hosted two
summits, the East Asia Summit and ASEAN Summit in
the month of November. The 9th East Asia Summit was
held here on 13 Nov 2014.
Beijing: China hosted the 22nd Asia-Pacific Economic
Cooperation (APEC) Leaders’ Summit in its capital on
10-11 Nov 2014.
Brisbane: The Australian city hosted the G20 Summit
on 15 and 16 Nov at its Convention and ExhibitionCentre.
Kathmandu: The international conference on the theme
“Mountain People Adapting to Change” was held from
Nov 9 to 12 here.
Varanasi: Prime Minister Narendra Modi visited his Lok
Sabha constituency for the first time after assuming
charge. He also formally adopted a village in his
constituency name Jayapur, about 30 kilometres from
the ancient temple under his “Saansad Adarsh Gram
Yojana” (MPs’ model village scheme).
Nigeria: At least 47 people, most of them students, have
been killed and 79 injured after an explosion ripped
through a secondary school in northeast part of thecountry, as students gathered for morning assembly
before classes began.
Bilaspur: As many as 13 women died and several
hospitalised during a recent sterilisation drive here on 8
Nov in the Central Indian state of Chhattisgarh. Four
health officials, including Chief Medical Health Officer
of the district, have been suspended.
Places in News
Pritam Munde: The second daughter of late BJP leader
Gopinath Munde scripted Lok Sabha history, winning
the Beed seat in Maharashtra in a bypoll by a recordmargin of nearly seven lakh votes.
Ganpatrao Deshmukh: The longest-serving MLA in
Maharashtra created record by winning the 11th time in
recent assembly elections. He represented Sangola seat
in Solapur district and had in 2009 become the second
legislator in India after DMK Chief M Karunanidhi to
have won 10 elections. The Peasants and Workers Party
(PWP) politician has represented Sangola for a record 54
years.
Virat Kohli: The star batsman has become the quickest
cricketer in history to reach 6000 One-Day
International (ODI) run mark .
Mitchell Johnson: The Australian fast bowler has won
the top individual honour, ICC cricketer of the year
award, in the International Cricket Council’s annual
awards for 2014. He has also been chosen as the Test
cricketer of the year award for 2014.
Sachin Tendulkar: The legendary Indian cricketer has
added another feather to his cap when he entered the
Bradman Hall of Fame. Narendra Modi: The Indian PM has made his debut
among the world’s most powerful people, ranked 15th
on the Forbes list, topped by Russian President Vladimir
Putin, who pipped his US counterpart Barack Obama for
a second year.
Rohit Sharma: He has scripted history by notching up
the highest-ever individual score in ODIs, scoring a
breathtaking 264 against Sri Lanka in the fourth match
at iconic Eden Garden in Kolkata. Rohit not only
surpassed Virender Sehwag’s top score of 219 but also
became the only player in world cricket to score two
double tons.
Barack Obama: The government has invited him to be
the chief guest for the Republic Day cermony in 2015
and he has accepted the invitation.
Ranjit Sinha: The Supreme Court removed the Central
Bureau of Investigation (CBI) director from the 2G
spectrum case.
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Sports
Badminton Olympic bronze medallist Saina Nehwal clinched the USD
700,000 China Open Super Series Premier tournament
after beating young Akane Yamaguchi of Japan in the
summit clash in Fuzhou (China).
Young Indian shuttler K Srikanth clinched his maidenSuper Series title after defeating two-time Olympic
champion Lin Dan of China in the men’s singles events
of the USD 700,000 China Open Super Series Premier
in Fuzhou (China).
Boxing The International Boxing Association (AIBA) has
accepted Boxing India (BI) as one of its permanent
members. The decision was taken at AIBA’s quadrennial
congress in Jeju Islands, Korea.
Cricket
Virat Kohli’s superb ton in the final ODI against Sri Lanka
helped India whitewash the tourists 5-0.
Golf Indian golfer Anirban Lahiri notched up his second title
of the year, lifting the Venetian Macau Open with a
sparkling final round of the five-under 66.
Hockey With India’s men’s hockey team winning the fourth and
final Test against Australia by a 3-1 margin, it also clinched
the four-match series by 3-1.
Motorsports Pole sitter Raj Bharath of India led for most part of the
race, but GP3 driver Ryan Cullen of Great Britain edged
him out for the prime position on the podium in the
opening race in the second round of the MRF Challenge
at the Bahrain International Circuit.
Tennis Zimbabwean national Cara Black and Indian Sania Mirza
won the BNP Paribas WTA Finals Singapore Doubles
title. They defeated the defending champions Peng Shuai
and Hsieh Su-wei.
The 33-year-old defeated Simona Halep and secured the
WTA women’s singles title for the third consecutive time.
This feat is achieved for the first time a player since
Monica Seles in 1990-92.
World number one Novak Djokovic was crowned
champion of this year’s ATP World Tour finals after Roger
Federer withdrew from the title clash due to a back injury.
Russia’s Marina Melnikova defeated Tadeja Majeric of
Slovakia in straight sets to win the singles title in the
USD 25,000, CCI-ITF Women’s tennis tournament held
in Mumbai.
Sonepur: The world-famous cattle fair kicked off in
Bihar’s Saran district on 5 Nov.
Wagah: On 2 Nov 2014, a suicide bombing following the
daily parade took place at Wagah border in Pakistan,
killing at least 61 people, including 10 women, eight
children and three security personnel.
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Awards Indian-American student Neha Gupta won the 2014
International Children’s Peace Prize Award for her
exceptional work to raise money for underprivileged
children around the world.
Former India captain Dilip Vengsarkar has been chosen
for this year’s Col CK Nayudu Lifetime Achievement
Award. This is the highest award for cricket in India
given by the BCCI.
President Pranab Mukherjee on 19 Nov conferred the
Indira Gandhi National Service Scheme Awards to 69
personnel, including volunteers, in various categories
for the year 2013-14. The awards were given to them for their commendable social work for the community through
National Service Scheme.
The awards were instituted by Ministry of Youth
Affairs and Sports to recognise voluntary service
rendered by volunteers, programme officers and NSS
units and others.
Famed Hollywood actress Meryl Streep, music icon
Stevie Wonder and journalist Tom Brokaw are among
the 19 Americans who received Presidential Medal of
Freedom, the country’s highest civilian honour for their
“extraordinary contributions”.
Winners
Alvin Ailey (posthumous), James Chaney
(posthumous), Andrew Goodman (posthumous),
Michael Schwerner (posthumous), Isabel Allende,
Tom Brokaw, Mildred Dresselhaus, John Dingell,
Ethel Kennedy, Suzan Harjo, Abner Mikva, Patsy
Takemoto Mink, Edward Roybal (posthumous),
Charles Sifford, Robert Solow, Stephen Sondheim,
Meryl Streep, Marlo Thomas and Stevie Wonder.
ICC Annual Awards 2014
Awards list
ICC Cricketer of the Year: Mitchell Johnson
Test Cricketer of the Year: Mitchell Johnson
Women’s ODI Cricketer of the Year: Sarah Taylor
ODI Cricketer of the Year: AB de Villiers
Emerging Cricketer of the Year: Gary Ballance
Associate and Affiliate Cricketer of the Year: Preston
Mommsen
T20 International Performance of the Year: Aaron Finch
T20I Women’s Cricketer of the Year: Meg Lanning
Spirit of Cricket Award: Katherine Brunt
Umpire of the Year: Richard Kettleborough
LG People’s Choice: Bhuvneshwar Kumar
ICC Test Team of the Year
David Warner, Kane Williamson, Kumar Sangakkara, AB
de Villiers (wk), Joe Root, Angelo Mathews (capt),
Mitchell Johnson, Stuart Broad, Dale Steyn, Rangana
Herath, Tim Southee, Ross Taylor (12th man)
ICC ODI Team of the YearMohammad Hafeez, Quinton de Kock, Virat Kohli, George
Bailey, AB de Villiers, MS Dhoni (capt & wk), Dwayne Bravo,
James Faulkner, Dale Steyn, Mohammed Shami, Ajantha
Mendis, Rohit Sharma (12th man)