Major News and Events of 07 October 2014
What Happened on 07 October 2014
Narendra Modi Alleges Violation of Model Code of Conduct by Hooda Government
Nirmala Sitaraman on Foreign Investment and WTO Concerns
Ficci and CII Surveys Show Increased Confidence of India Inc in Indian Economy
Service Sector Activity in India Increased in September 2014
Flipkart Clinch over Rs 600 crore Sales in a day
Meteoric Rise of Aurobindo Pharma from 147th Position to 5th Position in One Year
Japanese Tourist in India Suspected to have Ebola Virus
Ceasefire Violation by Pakistan Continues
Almost 80 per cent of India's Cabinet Ministers are Crorepatis
Government to fund National Supercomputing Mission
Ravi Shastri Emphasises on Limited-Over Cricket World Cup
Karnataka High Court has rejected former Tamil Nadu Chief Minister’s bail plea. Jayalalithaa will remain in jail, as of now. The High Court referred to the Supreme Court's directive that cases of corruption should be put on fast track. The Court gave its verdict even when Bhavani Singh, Special Public Prosecutor, had no objection to granting conditional bail to the AIADMK chief. Jayalalithaa's lawyers are expected to move the SC against HC’s verdict tomorrow.
Narendra Modi while addressing a rally in Haryana alleged that Bhupinder Hooda’s government had violated the Model Code of Conduct by legitimising DLF-Robert Vadra land deal in between election process. He also asked Election Commission to take note of it and look into the matter. He also alleged that the current Haryana CM might have been pressurised into doing this.
Nirmala Sitaraman, Minister of State for Commerce and Finance, said that business outlook of foreign investors is favourably changing on India as an investment destination. Opening up of railways to FDI, increase of FDI investment in defence sector to 49 per cent from 26 per cent are two of the most important signals to foreign investors in changing their perspective. She also believes that both WTO and US are willing to hear India’s concerns on agriculture and subsidies.
Surveys done by both FICCI and CII have pointed out that India Inc’s confidence in the economy has increased after Narendra Modi assumed power. As per CII, the Business Confidence Index has improved from 45.7 points during 2013-14’s 2nd quarter to 57.4 points during the same quarter of the current fiscal. According to Ficci survey, BCI during the same period improved from 49 points to 72.7 points.
A report by Asian Economic Research shows that service sector activity has increased in September 2014, a reversal of trend witnessed in the previous two months. Purchasing Managers' Index rose from 50.6 during August to 51.6 during September. Flow of new businesses became stronger during September.
Flipkart announced that they grossed more than Rs 600 crore or $100 million sales in just ten hours time during the October 6 Big Billion Day offer. However, many users slammed this effort as nothing but marketing gimmick that resulted in record clicks of one billion. Many also feel cheated on the matter of discount. Snapdeal also claimed that they witnessed Rs 1 crore per minute sales on that day.
During last one week, Aurobindo Pharma’s market capitalisation increased by 21 per cent. In fact, its m-cap has increased five folds. On September 30, 2013, market capitalisation of Autobindo Pharma was Rs 5,882 crore, giving it a 147 rank. However, it has now come up the ladder and became the 5th most valuable Indian pharma company.
A 27-year-old Japanese woman tourist travelling in Manipur is suspected to have been suffering from Ebola as the symptoms (diarrhoea, pain in joints, and fever) she is suffering from are very similar to Ebola attack. Doctors have ruled out any kind of seasonal disease. The samples collected from her body were sent to Pune’s National Institute of Virology for verification.
Fresh rounds of firing from Pakistan’s side have been reported at Rajouri, BG sector, and Shahpur of Poonch. Consequently, 34 civilians were injured. The US has expressed its concerns regarding border violence between Pakistan and India. The LoC standoff is still continuing.
Arun Jaitley, Defence and Finance Minister, is the richest minister in Narendra Modi’s Union Cabinet, with a total asset value of Rs 72.1 crore. Out of the 22 ministers, 17 are crorepatis. Narendra Modi’s total asset value stands at Rs. 1.26 crore. Most modest of them all, in terms of asset valuation, is Urban Development Minister Venkaiah Naidu, with assets amounting to just 20.45 lakh.
Science and Technology
The Indian government has decided to clear funds to the tune of $730 million or Rs 4,500-crore for creating supercomputers, under the National Supercomputing Mission. As per the mission, 73 facilities of supercomputers will be built in research/academic institutions in different corners of India and then they will be networked into a grid.
During an interaction at the Press Club, Mumbai, Indian Cricket Team Director Ravi Shastri agreed with the view of Rahul Dravid that more emphasis should be given to limited over format of World Cup Cricket rather than T20 and bilateral ODI matches. Shastri opined that the economics of the game will not let Test cricket survive.