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Major News and Events of 03 November 2014

What Happened on 03 November 2014


PMI Report Shows Marginal Improvement in Manufacturing Sector in October 2014

PMI or Purchasing Managers Index report released by HSBC shows that manufacturing activity in India has improved marginally in October 2014 when compared with the figure of September 2014. In September, PMI decreased to 51, which in itself is a 9 month low figure. However,it has improved to 51.6 in October. Export orders for Indian manufacturing increased to 55.3 in October from 54.5 in August.

Stock of Apollo Tyre Rallies after USA's Delaware Court Rules in its Favour

Renowned Indian company Apollo Tyres had forged an agreement with Cooper Tire & Rubber. However, the merger agreement of US$ 2.5 billion was terminated by the latter on December 31, 2013. Consequently, Apollo filed Entry of a Declaratory Judgment at Delaware Court of USA. The court ruled in favour of Apollo Tyres, which helped its stock gain 5 per cent at BSE in a single trading day.

World Economic Forum Rekindles Love with Confederation of Indian Industry

World Economic Forum had a strong bond with Confederation of Indian Industry for 27 years, till the former snapped ties with CII 2 years back. Both of them are reviving their relationship by organizing India Economic Summit, a 3-days programme, that will start on November 4, 2014. Around seven hundred participants from forty five countries are expected to attend this grand summit.  

Congress will Support 3 Reform Moves of NDA Government

Union government has decided to bring in constitution amendment Bill for reforming three important legislation on coal mines (e-auction), insurance, and GST or Goods and Services Tax. They will place these reform bills in the parliament during winter session that starts on November 24. As NDA government has not got a majority in Rajya Sabha, Congress has decided to help the government pass these 3 important legislation.

Fadnavis Keeps 14 Departments; Shiv Sena Yet to Join

Chief Minister of Maharashtra Devendra Fadnavis has kept 14 departments under his control including urban development, general administration, home, environment, housing, and others. It is learnt that some of these important departments may be distributed among Shiv Sena ministers, if they decide in favour of joining the government. However SS chief Uddhav Thackeray has said that his party is in no hurry of joining the government.

Nitish is Still the Leader: Bihar CM Acknowledges

Jitan Ram Manjhi, current CM of Bihar, has declared that his party Janata Dal (United) will contest Bihar election under the leadership of Nitish Kumar. Assembly election in the state are expected to be held early 2015. He also said that leadership issue of the grand alliance (INC, JD-U, and RJD) in Bihar will be decided by the high-commands of respective parties through extensive discussion among themselves.

NPR and UIDAI to be Completed in 5 Months

Prime Minister’s Office has issued a new deadline to NPR and UIDAI departments for completing the process of registration and issuance of Aadhaar numbers. Official reports show that it took the bureaucrats and associated officials 4 years to collect biometric data and issue the cards. However, per the new deadline (changed from June 2015 to March 2015) they will get just 5 months to complete the entire process for around 350 to 400 million Indians.

NaMo Assures to bring back Black Money

As the chorus against Narendra Modi government for shying away from bringing back black money from abroad increased in the last few days, Indian PM has to step in and assure that his government is serious about bringing back billions of dollars of black money deposited illegally in various foreign banks abroad. However, he also acknowledged that correct estimate of the money stashed abroad is still unavailable with the government.

Planning Commission Loses Shine Again

NDA Government seems to be doing everything to curtail significance of Planning Commission (PC) more and more. To expedite the process of approving infrastructure building (predominantly roads) Narendra Modi government bypassed the Planning Commission to approve Rs. 8000 crore support for the project. Another example of scuttled power of PC is the still pending Mid-Term Appraisal for Twelfth 5-Year Plan.

Nobel laureate George Smoot: Expanding Economy of India needs More Scientists to Infuse Technical Spurt

Nobel laureate George Smoot has recently said in an telephonic interview with IANS that India has a dearth of scientists inspite of the fact that it has produced excellent academics at present as well as past. With the vision of growing India, the country will need lots of scientists to provide the extra needed technological innovation to give the required spurt in Indian economy. He also pointed out that lack of initiatives in India is leading to brain drain.

OnePlus One will soon be Available in India

The phone that promises the ‘best specs’ will arrive in India soon as One Plus India appoints its first GM, Vikas Agarwal. The company, headquartered in Shenzen of China, is cautious about moving ahead with their plans in India as they first want to test waters before going full throttle. Vikas said that its availability in India will be limited to specific invites only for assessing initial reaction of the market.

Probe Panel on IPL 2013 Submits Report to Special Bench of SC

After the ruckus surrounding match fixing and betting allegation in Indian Premier League tournament of 2013, a probe panel was set up under Justice Mukul Mudgal. The panel gave its final report to SC’s special bench, which is chaired by Justice Ibrahim Kalifulla and Justice T.S. Thakur. The concerned case will be heard on November 10. Many say that the report will nail N. Srinivasan, president-in-exile of BCCI, and his son-in-law. Others say that this will depend upon the interpretation of the facts produced by the panel.