Major News and Events of 03 September 2014
What Happened on 03 September 2014
Supreme Court Dissatisfied with the Government's Ganga Clean-up Plan
Modi's Successful Japan Visit Ends with a Positive Note
Dhoni Becomes Most Successful ODI Captain
India won by 9 Wickets against England in Birmingham
Upbeat NSE and BSE on Improved Global Signals
India's Sovereign Rating Limited by Inflation and Fiscal Deficit: Moody's
Government Blames CIL for not Increasing Output
Despite Improved GDP Growth Indian Economy Faces many Issues
Australian PM announces Uranium deal with India for Peaceful Power Generation
National Green Tribunal gives Go ahead to Science City Project
$22 Billion Deal for Rafale Fighter Jets
A new controversy has cropped up with finalisation of former Chief Justice P Sathasivam as the next Kerala Governor. The current government move has been criticised by legal as well as political fraternity by terming it as a bad precedent. Former Chief Justice of India VN Khare has slammed the move and said that this will pave the way for more intervention in judiciary by political parties.
The Supreme Court today expressed its dissatisfaction with the affidavit submitted by Narendra Modi government for cleaning river Ganga. The apex court asked the government to come up with a realistic, achievable, and time-bound stage wise plan. Court also asked the government why they were not able to come up with a 2-week timeline for making the 2500 kms stretch of Ganga pollution free, even when it was one of the most important agendas in BJP’s poll manifesto.
Indian PM ended his Japan visit with a positive note and is returning to New Delhi today. He bagged $34 billion investment promise over the coming 5 years from Japan. Japan has also lifted its ban on HAL or Hindustan Aeronautics Limited after its imposition since 1998, following India’s nuclear tests.
After the emphatic win of Indian Cricket Team, Indian Skipper Mahendra Singh Dhoni has become the most successful Indian ODI captain. The visitors beat England by 9 wickets in the fourth One-Day International at Birmingham. Dhoni thanked the former as well as present team for helping him achieve this feat. He now has 91 ODI wins to his credit.
Shikhar Dhawan and Ajinkya Rahane were the real architects of India’s win over England. They followed a planned approach while chasing 207 runs. While Rahane scored a ton, Dhawan remained unbeaten at 97 runs.
With reports of easing geopolitical tension between Russia and Ukraine pouring in, both BSE Sensex and NSE Nifty breached 27,213 and 8,138 points respectively. A ceasefire agreement has been signed by both Russia and Ukraine, indicating easing tensions between the two countries. The major gainers were midcap and small cap indices. Asian stocks got shot in the arm due to reports on upbeat activities by Chinese services. Report of the US economy’s continuation of gradual momentum also boosted the economy.
Credit rating agency Moody’s feels that sovereign ratings of India are constrained by high inflation and fiscal deficit. However, it has acknowledged that Indian economy is on the recovery path. Moody’s also expect that India will be able to achieve the 4.1 per cent fiscal deficit target of Financial Year 2015. Moody’s gave Baa3 rating with a stable outlook to India. This rating is considered as lowest investment-grade rating.
The Union government has alleged that Coal India Limited is not increasing output, thereby worsening the coal stock in power generation centres. Moreover, CIL has been accused of not being serious about the impact of coal mining on environment. Currently, Coal India Limited accounts for India’s 80 per cent production of coal.
Though GDP has grown at the rate of 5.7 per cent during the June quarter in comparison to same period last year, many Economists are still wary about painfully slow structural reforms, creaking infrastructure, weak business investment, and definitely slack consumption. An economist with HSBC, Izumi Devalier, has said that 5.7 per cent GDP growth has been attained mainly through increased government expenditure. Now, curtailment of expenditure to contain fiscal deficit may become a challenge for companies to sustain growth.
Australian Prime Minister Tony Abbott has said that his country is going to sign a uranium export deal with India this week for power generation through peaceful means. He is upbeat about deepening friendship between India and Australia.
Science and Technology
National Green Tribunal (South Zone) has given a go ahead to ambitious Science City project at Challakere taluk of Chitradurga district in Karnataka that will be spread over 10,000 acres. This green signal removes obstacle from setting up key projects of Bhabha Atomic Research Centre (BARC), Indian Space Research Organisation (ISRO), Defence Research and Development Organization (DRDO), and Indian Institute of Science (IISc).
After much delay and missed deadlines, India has entered into a deal of $22 billion for fighter jet with French company Dassault Aviation, Air Chief Marshal Arup Raha said. As per the deal, the French company will supply 126 Rafale fighters.