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Major News and Events of 11 November 2014

What Happened on 11 November 2014


Moody's Upbeat on Indian Growth Potential

Globally renowned rating agency Moody's has shown positive outlook on India, Britain, and USA. It expects all the three countries to have robust and steady growth. This statement has been done by Moody’s in their Global Macro Outlook report. However, the same agency has rated India with the lowest Baa3 rating, when it comes to investment outlook in India.

RBI Deputy Governor on Foreign Bank Regulation: RBI's Approach is Non-Discriminatory

R Gandhi, the Deputy Governor of RBI, has said recently that the foreign banks are not treated in a discriminatory manner by RBI through various regulations. He also said that India has always allowed foreign banks to do business in India but the country remains cautious while allowing them to expand. While delivering his speech at Singapore’s ASIFMA Annual Conference 2014, Gandhi stressed upon RBI’s non-discriminatory approach towards foreign banks.

Sunil Mittal: Indian companies need More Government Support to Face Chinese Competition

Sunil Mittal, Chairman of Bharati Enterprises, has said that Indian companies need more assistance from Government of India, especially in foreign countries, to face Chinese competition. He stressed on the fact that Chinese government has always given its full support to its indigenous companies when they expand in foreign countries.

10 day Foreign Tour of Indian PM

Indian PM Narendra Modi starts his ten day foreign visit today. During these days he will visit Australia, Myanmar, and Fiji. He will attend G20 summit, to be organised on 15 and 16 November, and is expected to stress on the need of more international cooperation for returning black money, stashed by many Indians in foreign banks. He will first visit Myanmar, then Australia, and end the tour by visiting Fiji.

Manohar Parrikar Assumes Office

New Defence Minister, Manohar Parrikar, started his office on 10 November 2014 and told the press that it is always desirable for a country to have a strong manufacturing base in India, which helps in employment generation too. He also admitted that his administrative abilities may not be sufficient for running an important office like that of Defence because many things need to be learnt while managing a sensitive office such as Defence.    

New Railway Minister Assumes Office

Suresh Prabhu, the new inductee in BJP and the new railway Minister of India, assumed his charge on November 10,2014. He stressed upon three things that he will try to implement and they are railway’s all-round development, customer satisfaction, and safety. Prabhu also said that he will give priority to the concerns put forward by workforce of the national transport.

Coal Scam: CBI Changes Finds many Evidences against the Accused

CBI has changed their earlier position of closing the case hurriedly and told a special court on Coal scam that there are enough evidences against the alleged persons involved in coal scam. The list includes names such as P. C. Parekh, former coal secretary, and industrialist Kumar Mangalam Birla,Chairmand of Aditya Birla Group. It needs special mention here that CBI had earlier filed closure report in this scam case.

Non-Bailable Warrant Issued Against Kanimozhi

Kanimozhi, Member of Parliament and daughter of DMK Chief Karunanidhi, didn’t appear before the special court that is hearing 2G Scam case. After Kanimozhi’s non-appearance, O P Saini, the Special CBI Judge, issued non-bailable warrant against her. Neither her counsel, nor Kanimozhi herself, appeared before the court.

NBFC Rules Tightened by RBI

Norms and regulations of Non-Banking Financial Companies have been made more in sync with that of the banks. The norms have been tightened in order to create level playing field for all financial institutions. Minimum capital requirement has now been increased for NCFCs. Two norms that have been changed include proper criteria (which should be approved by a board) for appointing director and lesser time for bad loan declaration.  

New Ministers for Science and Tech Ministry

Science & Technology and Earth Science ministry has received its new minister - Harsh Vardhan. He replaced Dr. Jitendra Singh. This department also got its new Minister of State - Y S Choudhary, who is a Rajya Sabha MP from TDP. After assuming office, Dr. Harsh Vardhan said that his first task will be to make Indian Science Congress’s 102nd session a success. Vardhan also said that he will not leave a single stone unturned to put new energy in government research institutions.

Opera Mini's Feat in India

Opera Mini browser is the third most popular application available in India currently. The company’s official press statement reads that there are now 50 million users in India itself. In Delhi’s Ambience mall, Opera Mini browser’s CEO Lars Boilesen made the announcement in a unique manner – through a Flash Mob. His app is behind two other behemoths – Facebook and WhatsApp.

Virat Kohli to Lead Test Series in Australia

Virat Kohli is going to lead Indian Cricket team against Australia during the 4-match test series, which is going to start on 4 December 2014. This announcement was made because Mahendra Singh Dhoni, the regular captain, has suffered a wrist injury. These matches will be played at Brisbane, Adelaide, Melbourne, and Sydney respectively. The series is scheduled to end on January 7, 2015.