Major News and Events of 09 June 2015
What Happened on 09 June 2015
Moody's Investors Service Report says Weak Monsoon is Credit Negative for India
RBI takes Bold Step of Empowering Banks to Takeover Companies failing to meet Milestones under CDR Plan
President Pranab Mukherjee approves Appointment of New CIC and CVC
PM Narendra Modi to Formally Announce Rs. 98,000 crore Smart City and AMRUT Projects on 25 June
Conference of Congress Chief Ministers Begins, President Sonia Gandhi criticises Modi Government
Leander Paes-Daniel Nestor duo advance to Topshelf Open Quarter Finals
President Pranab Mukherjee Releases Yoga Manual in Braile
Union Government removes "Surya Namaskar" from International Yoga Day Asanas after Protest from Muslim Leaders
Environment Ministry boosts Mumbai Infrastructure by Clearing Rs 8500 crore Coastal Road Project
Cash for Vote Controversy Escalates as Arrested Telangana TDP MLA Revanth Reddy's House Raided by ACB
Police today arrested Delhi Law Minister Jitender Singh Tomar on charges of getting jobs on fake degrees. As per reports, he has been charged under IPC 420 (cheating), 120 (B) (criminal conspiracy), 467 (forgery), and 468 (forgery with cheating purpose). He was taken to Vasant Vihar police station. Reports say the police action was taken on criminal complaint filed by Bar Council of Delhi. Deepak Mishra, Special Commissioner (Law and Order), asked media not to take any other meaning or find conspiracy behind the arrest as the “case is based on pure FIR”. It is learnt the action was taken after thorough investigation. However, Saket court questioned conduct of Delhi police as the notice was served to Tomar on arrest day itself. Court went on to call it a "farcical exercise". Senior Congress leader Ajay Maken asked Arvind Kejriwal to take moral responsibility of his minister’s conduct and step down from Delhi CM’s post.
In its Investors Service report, Moody’s has said that they expect the weak monsoon to be credit negative for the Indian economy as it will increase prices of the food articles (pushing up food inflation), decrease overall agricultural output, and expand deficit of the government exchequer. The observation comes days after Indian Meteorological Department revised its forecast of monsoon rainfall in 2015-16 fiscal from "below normal" to "deficit". However, the report also highlighted the actual temporal and spatial rainfall distribution in determination of the negative effect magnitude. The report also says extent of negative effect of weak monsoon will depend upon the policy measures adopted by the government in tackling drought year. Moody’s said that the extent of low rainfall will increase food prices, thereby affecting each household as average Indian household are found to be spending 50 per cent of income on food items.
Reserve Bank of India has given more teeth to the lending banks for recovering bad loans by empowering them with taking controlling stake of a company that fails to meet specific milestones under CDR (Corporate Debt Restructuring) plan. With the new SDR or Strategic Debt Restructuring scheme, the lending banks can appoint a professional and run a company (by acquiring majority or 51 per cent stake of the company) that failed to pay-off its debts, followed by divestment of the stakes for recovering dues. A slew of measures have been proposed by the apex bank and one of them is setting up of a 30-days timeline from restructured loan account review to invoke SDR. Lending banks have to identify stress signs in a borrower company to form Joint Lenders’ Forum (JLF) for coming up with corrective action plan before the loan account becomes non-performing (NPA).
After the joint parliamentary committee consisting of members from both Union government and opposition leader in the Lok Sabha approved names for both Chief Information Commissioner (CIC) and Central Vigilance Commissioner (CVC) a week back, President Pranab Mukherjee gave assent to the decision. While Vijai Sharma has been appointed as CIC, K V Chowdary became CVC. Vijai Sharma is the senior-most information commissioner and Chowdhury is the chairman of the Central Board of Direct Taxes. President Pranab Mukherjee yesterday also gave approval to appointments of Sudhir Bhargava (ex- social justice and empowerment secretary) as Information Commissioner and T M Bhasin (Chairman of Indian Bank) as a Vigilance Commissioner. The newly appointed CVC, K V Chowdary, is the first non- IAS cadre official who has been selected for the position. However, his appointment was opposed by renowned lawyers Prashant Bhushan as well as Ram Jethmalani.
Urban Development Minister M Venkaiah Naidu told media that Prime Minister Narendra Modi is all set to launch the ambitious Smart City and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) projects, which is going to cost a whooping Rs 98,000 crore, on 25 June. Main aim of kick-starting this project is to provide advanced urban facilities to the ever-expanding population of India. Reports say that PM will make implementation guidelines announcement for both the ambitious project at Vigyan Bhavan, which will be attended by the senior officers from all the states and UTs along with mayors and municipal commissioners. Venkaiah Naidu also said that the real work of developing urban landscape of India will start after the announcement because the onus lies with the states and local bodies to properly utilise crores of money.
To rejuvenate Indian National Congress after the humiliating drubbing during 2014 Lok Sabha election, the main opposition party at the centre started its conference of Congress Chief Ministers chaired by President Sonia Gandhi. Though AICC has not said anything about main agenda of the meeting, sources say that they are going to take a decision on charting strategy for taking on the one year old Modi government at the centre. Today’s meeting started by observing one minute silence to pay respect to the martyrs of Indian military in Manipur. Sonia Gandhi in her speech accused Narendra Modi government of dismantling welfare state structure of India her party built over the years. She went on to say that “unprecedented centralisation of power and authority” is happening in India and the secular fabric of the country is already damaged.
Fleet footed ace Tennis player of India, 41-year-old Leander Paes, is striding ahead with his Canadian partner Daniel Nestor as they entered quarter finals of Euro 604,155 Topshelf Open men's doubles tournament. The Indo-Canadian duo started their campaign this season at grass court on a winning note. At Rosmalen’s Autotron Park, the second seeds took just 59 minutes to defeat Roberto Bautista Agut and Daniel Gimeno-Traver unseeded Spanish pair in the first round. The final result on board was 6-4, 6-3 in favour of Paes-Nestor pair. In the match the second seed pair won 58 points out of 108 points. In the quarter final match, Leander Paes- Daniel Nestor will play against the winners of the match between Garcia-Lopez (Spain) - Philipp Oswald (Austria) pair and Nicolas Mahut- Pierre-Hugues Herbert French duo.
Science and Technology
President Pranab Mukherjee has said that Yoga is a “priceless Indian heritage” and went on to endorse it by saying Yoga has holistic health benefits and provides answer to spiritual, mental, and moral well-being. He said this during an event at Rashtrapati Bhavan where senior BJP leader Murli Manohar Joshi’s daughter Nivedita Joshi presented the President first copy of “Yogi ka sparsh” book, which is a yoga manual in Braille for helping visually impaired persons. Mukherjee also said that Yogic discipline inspires people in pursuit of excellence and at the same time controls wavering mind. President called Yoga a medium of self realization and is a philosophy, science, and art, all at the same time. He stressed upon holistic aspect of healing and health benefits of Yoga, validated by modern medical science.
Union Government has taken the decision to remove “Surya Namaskar” from the list of “yoga asanas” that will be performed by PM Narendra Modi along with 35,000-40,000 volunteers on Delhi’s Rajpath on 21 June. The decision comes after Muslim Law Board asked the government to make International Yoga Day celebration optional and aired their reservation of praying to Sun (as Islam gives permission to worship only “Allah” and nothing else). AIMPLB’s official release said that they will approach court for justice “against Surya Namaskar and Yoga in schools” and will go on a nationwide campaign. Giving a political twist to International Yoga Day celebration, Congress spokesperson Shobha Oza said that participation in Yoga events should be optional rather than mandatory. Indian mission to UN has said that yoga exercises will be performed in New York and will be broadcast at Times Square.
A Ministry of Environment and Forests committee (headed by Environment Minister Prakash Javadekar) gave go ahead to Rs 8,500 crore Coastal Road Project. It will start in December 2015. As per the project, 35km coastal road will be built for connecting north Mumbai and south Mumbai. The project needed environmental clearance as it involves coast reclamation. The news was first flashed on Twitter by Maharashtra Chief Minister Devendra Fadnavis. He also said that this infra development will lead to traffic decongestion in Mumbai and will create green space of 91 hectares. Reports say that the draft notification will be issued on 15 June, followed by final notification on 15 August. In fact, on Saturday Maharashtra government signed a MoU with Netherlands government where the latter agreed to provide technical support for developing Mumbai coastal road and metro rail projects worth 9,000-crore.
Telangana’s Anti-Corruption Bureau (ACB) raided TDP MLA Revanth Reddy’s Jubilee Hills area residence in Hyderabad today for furthering investigation on allegedly bribing a fellow MLA so that he casts his vote in their favour during state legislative council elections. Reddy was earlier arrested red handed from a nominated MLA Elvis Stephenson’s Secunderabad home where the former was about to hand over Rs. 50 lakh in cash. Reports say residences of the mediators in this multi-crore deal - Bishop Harry Sebastian and Uday Simha – were also searched. A local court in Secunderabad extended judicial custody of Revanth Reddy till June 15. Andhra Pradesh police filed more than fifty cases against Telangana CM K Chandrasekhar Rao on alleged phone tapping of AP CM Chandrababu Naidu. Andhra CM will meet Prime Minister Narendra Modi tomorrow to demand thorough investigation on alleged phone tapping controversy.