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Major News and Events of 11 December 2014

What Happened on 11 December 2014


UN report expects major Indian Economic Growth in 2015 and 2016

The UN World Economic Situation and Prospects 2015 has reported a hopeful future for India, when it comes to growth potential assessment. The UN expects Indian economy to grow at a rate of 5.4 per cent in 2014, 5.9 per cent in 2015, and 6.3 per cent in 2016. When it comes to South Asian economies, the UN is hopeful of a gradual revival with India leading from the front. 

Cabinet approves plan of selling stakes at government managed banks to raise Rs 1.6 trillion

The Union cabinet has approved the government's plan of raising Rs 1.6 trillion by 2019 by offloading some of its stakes in public sector banks. The move comes at a time when the government managed banks are meeting the challenge of fulfilling new global regulations.As per available information, the state-run banks will need to raise $60 billion capital to cushion against expanding bad loans as well as meet new regulations in the coming four years.

Government officials get cover under new Coal Mines (Special Provisions) Bill

Minister of State (Independent Charge) for Power, Coal and New and Renewable Energy Piyush Goyal has introduced Coal Mines (Special Provisions) Bill for protecting government officials, involved in allotment of coal blocks, from any kind of legal hassles. The minister said in the Lok Sabha that  the Narendra Modi government has no intention of de-nationalising coal mines. As per the bill, maximum take that a private entity can have in public-private joint ventures is 26 per cent.    

Investment Arm of the World Bank invested over $1.9 billion in 2014 in India

International Finance Corporation, investment arm of the World Bank, has committed $150-million investment (equity as well as debt) in Axis Bank. After this commitment, IFC’s investment in India has crossed $1.9 billion in 2014 itself. In the entire investment till now this year, $800 million (accounting for 42 per cent of the total investment) has been done in equity itself, indicating high expectation of the company from Indian economy. Till now they have invested in 30 companies across multiple sectors including infrastructure, banks, telecom, microfinance institutions, and renewable energy.

Xiaomi in big trouble

On the charges of infringing Standard Essential Patents of Ericsson, Delhi High Court has issued injunction order against the Chinese tech behemoth Xiaomi. The repercussion effects of this order may bring doom for the company in India as the company will not be able to import, manufacture, advertise, or sell its gadgets in India. Manu Jain, head of Xiaomi India, has said that the company’s legal team will respond to the court order promptly once they receive the notice officially. Jain is also reported to have said that Xiaomi is prepared to settle the issue amicably with Ericsson, if the need be.

Sarita Devi receives her Asian Games bronze medal

Indian ace boxer Sarita Devi has ultimately received her Asian Games bronze medal. Rajeev Mehta, Secretary General of Indian Olympic Association, presented the medal to Sarita Devi on Wednesday at IOA Headquarters. International Boxing Federation had suspended Sarita provisionally after her refusal to accept the medal during the Asian Games of 2014 at South Korea’s Incheon. Rajeev Mehta has said that IOA is behind the suspended boxer and the organisation has also written to AIBA for taking a soft stand on the Manipuri boxer.

World Yoga Day to be celebrated on June 21

June 21 has been declared as the World Yoga Day by the United Nations. The decision comes after Prime Minister Narendra Modi, speaking at the United Nations General Assembly last September, appealed for celebrating Yoga at the international level. NaMo’s proposal got support from 170 nations including the 28-member European Union.

UN Secretary General seeks India's proactive role in climate change

Ban Ki-moon, Secretary General of United Nations has asked India to increase its engagement in the climate change issue, especially in solar power projects. After meeting with Minister of Environment, Forests and Climate Change, Prakash Javedkar,he said that the 'key and constructive' role of India will help successfully implement the climate agreement, to be signed in Paris in the coming year.

India and Russia Discuss to Take Relations to the Next Level

Russian President Vladimir Putin is on a one-day visit to India and is meeting Prime Minister Narendra Modi to take India-Russia cooperation in various fields to the next level. Both the countries are expected to sign anything from 15 to 20 agreements, ranging from nuclear energy, oil, gas, to defence. The bilateral relation got a major push as Russia signed an agreement to build twelve nuclear reactors over coming twenty years. Putin is in India a month before US President Barack Obama is expected to visit India in January.

Uproar in Parliament on UP Conversions

The Government and the Opposition locked horns on the issue of religious conversion of Muslims by RSS-backed VHP in Uttar Pradesh recently. After a huge uproar, the speaker agreed for a discussion on the matter. The situation became worse when Satish Gautam, MP from Aligarh, said that these were not conversions but homecoming of the Hindus. He also claimed that they have been doing this for many years now and will again do this on December 25. BSP’s Mayawati asked BJP to take proactive measures to stop these kinds of conversions.

Kins of 1984 riot victims to get additional Rs 5 lakh compensation

A cabinet meeting presided over by Prime Minister Narendra Modi has given nod to a proposal of increasing compensation to the kins of those killed during 1984 riots. The anti-Sikh riots were triggered by the then Indian Prime Minister Indira Gandhi’s assassination. As per the proposal, which was earlier cleared by the Home Ministry, the kin of each of 3,325 victims will get additional compensation of Rs 5 lakh.

Satyarthi and Malala receive Nobel Peace Prize

This year’s Nobel Peace Prize is won by two South Asians who risked their lives in protecting children from forced labour, extremism, and slavery. India’s 60-year old Kailash Satyarthi and Pakistan’s 17-year old Malala Yousafzai collected the prestigious award at a ceremony organised in Norway’s Oslo City Hall. Thorbjorn Jagland, Chairman of Nobel Committee, praised the brave-hearts for their exemplary work done for a better world.