Major News and Events of 02 June 2015
What Happened on 02 June 2015
Report says Introduction of Simple Mobile Services will increase Farmers' Income by over Rs. 56,000 crore by 2020
Ravi Shahstri Selected Interim Cricket Coach of India for Bangladesh Tour
India-Sweden Sign Six Agreements during President Pranab Mukherjee's Three-day Sweden Visit
Delhi Government Appoints Bihar Police Officers in Anti-Corruption Bureau
Modi Reiterates Government Won't Tolerate Hate Speech
Indian Bourses Bleed as RBI keeps CRR Unchanged and Raises Inflation Forecast
Standard Chartered Report expects Indian Economy to Grow by 7.7 Per Cent in 2015-16
RBI Announces Monetary Policy Review Today; Cuts Repo Rate by 25 Basis Points
Government Widens Probe on Maggi's Food Safety Standards
Telengana Celebrates One Year of Statehood; Andhra Observes "Vow for Reconstruction"
Names of Chief Information Commissioner and Central Vigilance Commissioner Cleared; Awaits President's Assent
Vice President of Congress, Rahul Gandhi, today visited birthplace of Dr BR Ambedkar - Mhow - as INC plans to celebrate Ambedkar’s 125th birth anniversary. Rahul garlanded his statue in Mhow. Analysts believe that Congress is trying to resurrect the ideals of Ambedkar and at the same time reach the ‘dalit’ voters to meet the needs of its vote bank politics. While speaking in a public meeting today, INC VP said that Dr. Ambedkar’s dream of getting rid of the caste system remained incomplete till date. Rahul also raked up the IIT Madras issue and attacked Narendra Modi government by saying that they are stifling voices of people and the rights of people are taken away.
Science and Technology
Connected Farming in India report of Vodafone said that small-scale farmers in emerging markets will get a major boost if simple mobile services such as market prices and weather forecasts are introduced. The report claims that implementation of this programme in the coming five years will increase income of around seven crore Indian farmers (small as well as marginal) by more than Rs. 56,000 crore. Mohanbhai Kalyanjibhai Kundariya, MoS for Agriculture, said that his government is committed to provide Indian farmers with the benefits of technological advancements. The report also says that 2/3 rd of the farmers, who are living below Rs 250 per day household farming income, will witness an average income increase of Rs. 8,000 per year. Ministry of Agriculture’s Additional Secretary & Financial Advisor, Raghav Chandra, said that one of the major thrust areas under e-Kranti is “technology for farmers”.
BCCI secretary Anurag Thakur confirmed media reports that Ravi Shashtri is going to be Team India’s interim coach during Bangladesh tour, which starts on 10 June. Thakur went on to say that the three separate coaches for batting, bowling, and fielding will be Sanjay Bangar, B Arun, and R Sridhar. Sources say that Shashtri has been chosen as the coach because BCCI was not able to zero in on any one name unanimously and ultimately rested with the decision of appointing interim coach. Ravi Shashtri was the natural choice for interim coach as he was the Team India Director during ICC cricket World Cup 2015. The announcement comes one day after Sachin Tendulkar, Sourav Ganguly and VVS Laxman were inducted in BCCI’s newly-constituted advisory committee. Indian Test skipper Virat Kohli welcomed the decision.
In an effort to deepen ties between India and Sweden, the two countries have signed six agreements during the on-going three-day visit of President Pranab Mukherjee. The agreements signed are related to sustainable urban development, cooperation in scientific research, improvement in investment, boosting trade opportunities, and visa exemption for diplomatic passport holders. In a positive development for India, Sweden has supported India’s effort of getting a permanent seat in reformed UN Security Council. Sweden has also supported India’s entry into Missile Technology Control Regime. Swedish Prime Minister Stefen Lofven conveyed both these decisions to President Pranab Mukherjee, who is touring Sweden from 31 May to 2 June, followed by his visit to Belarus from 2 June to 4 June. Today Mukherjee was received by Speaker of Swedish Parliament Urban Ahlin when the former visited the parliament today.
The power tussle between Lieutenant Governor of Delhi and AAP-led Delhi Government is continuing as the former questioned the latter’s constitutional right of appointing Bihar Police officers in its Anti-Corruption Branch. A statement from L-G’s office said that police stations in Delhi work under their authority and not under Delhi government, a position clearly stated by the Home Ministry. L-G office is going to duly examine the issue. However, Deputy Chief Minister Manish Sisodia said that Delhi High Court has cleared the air on jurisdiction of Delhi government and ACB. He went on to say that both ACB and his government have complete power of appointing police officers from anywhere across India. Meanwhile, Union IT minister Ravi Shankar Prasad took potshot at Kejriwal government by saying that the Chief Minister must keep in mind the fact that governance is a serious business.
Prime Minister Narendra Modi made it clear that his government will go to any extent to stop violence against any community and will not tolerate any kind of discrimination against any community. While stressing upon the fact that religious freedom is a constitutional right of every Indian, he said there is no scope of discrimination in this matter. Modi went on to say that his government is determined to serve every citizen of the country, regardless of religion, caste, or creed that one belongs to. This is the second assurance of PM to the nation after opposition parties as well as a commission constituted by US government on International Religious Freedom questioned Modi’s ability to rein on his party members who made derogatory comments on minorities. PM also said that in the last one year his government has been able to provide efficient, transparent, and clean governance.
Indian bourses witnessed yet another bloodbath today as reserve Bank of India announced Bi-monthly Policy Statement where it cut repo rate by 25 bps, kept Cash Reserve Ratio unchanged, and raised inflation forecast for January 2016. Both Sensex and Nifty nosedived by over 2 per cent today. Analysts believe that the intensity of bloodbath increased as Met Department cut monsoon forecast. While BSE Sensex dipped to 27188.38 points (a fall of 660.61 points or 2.37 percent), NSE Nifty came down to 8236.45 points (a fall of 196.95 points or 2.34 percent). The biggest losers today are IndusInd Bank, Hero Motocorp, ITC, Hindalco Industries, Axis Bank, and State Bank of India. With RBI just cutting repo rate and keeping CRR unchanged (inspite of the expectation of the banks to get out of their current cash-strapped position), Bank Nifty went down by 639.70 points, a fall of 3.44 per cent.
Standard Chartered said in a recent report that they expect the Indian economy to grow at the rate of 7.7 per cent in the ingoing financial year. During last fiscal, the actual growth data missed the 7.4 per cent advanced estimate and settled at 7.3 per cent (per CSO data). However, in the current fiscal of 2015-16, the report expects acceleration of growth rate due to increased consumption by household and improved investment scenario. While they expect growth rate of household consumption expenditure to accelerate from 6.3 per cent in FY15 to 7.6 per cent in FY16, investment growth is expected to pick up from 4.6 per cent in FY15 to 7.2 per cent in last fiscal. The higher investment growth rate projection is based on the expectation of improved domestic business confidence, stronger global demand, lower interest rates, increased public investment, and improved policy clarity.
Reserve Bank of India during announcement of the monetary policy review cut the repo rate by 25 basis points to revise the rate to 7.25 per cent. It is the third time this year that the apex bank has brought down the repo rate. This rate cut is the signal to the commercial banks to bring down their EMIs (of auto loans and home loans), thereby giving relief to the consumers. Experts say that this move is in sync with the expectations of the government. However, RBI has kept Cash Reserve Ratio (CRR) unchanged at 4 per cent. While announcing Bi-monthly Policy Statement today, Raghuram Rajan (RBI Governor) said that on the basis of the current data available to them they have taken the decision and they believe this rate cut will “boost investment”.
Union Government said that they are collecting samples of Maggi noodles from various states and vouched to take strong action against the officials of Nestle as well as brand ambassadors who endorsed the product. Reports say that the samples are tested by Food Safety and Standards Authority of India (central food safety regulator) and the final report will be revealed in 2 to 3 days time. A case was lodged in UP’s Barabanki against Nestle India as well as against the brand ambassadors including Madhuri Dixit, Amitabh Bachchan, and Preity Zinta as UP FSDA found lead and monosodium glutamate in Maggi in excess of the permissible limit. As an aftermath, Kerala government temporarily stopped supply of Maggi to around 1,400 Supplyco outlets throughout Kerala. Sample lab-testing report in Delhi also said that Maggi samples are unsafe for consumption.
Telangana completed one year of statehood today, which marked the beginning of a one-week celebration and festivities. K Chandrasekhar Rao, Chief Minister of the newly formed state also completed one year in office. He started his day by offering tribute to Martyrs Memorial at Hyderabad’s Gun Park. Andhra Pradesh, from which Telangana was carved out one year back after a long history of protest, observed 'Nava Nirmana Deeksha' (vow for reconstruction) today to mark the day when the new Andhra Pradesh was formed. Andhra government said that such a ‘reconstruction day’ programme is observed because the government believes the bifurcation was done against the wishes of the people. This programme was attended by Chief Minister N Chandrababu Naidu. Telangana became the 29th state of India on 2 June 2014, which triggered massive protests in the Seemandhra region of erstwhile unified Andhra Pradesh.
A committee having representations from both Narendra Modi government and opposition agreed on the names of Central Vigilance Commissioner (CVC) and Chief Information Commissioner (CIC). Prime Minister Narendra Modi and Leader of Congress in Lok Sabha Mallikarjun Kharge agreed to appoint Vijai Sharma as CIC and KV Chowdary is likely to become CVC. This crucial meeting was also attended by home minister Rajnath Singh, Finance Minister Arun Jaitley, and MoS PMO Jitendra Singh. The proposal has been sent to President Pranab Mukherjee (who is currently on a five-day Sweden-Belarus tour) for assent and the final announcement will be done only after his assent. However, senior Supreme Court lawyer and ex-AAP leader Prashant Bhushan objected to CBDT chief KV Chowdary’s name for CVC by reasoning that the latter’s role in multiple cases yielded no result.