Major News and Events of 17 November 2014
What Happened on 17 November 2014
Largest Wi-Fi Service Deployment Done in New Delhi
BJP-Shiv Sena Tussle Continues on Bal Thackeray's Death Anniversary Too
Rs 9,700 Crore Acquisition by JSW Energy
India Inc Recovered Partially
Trade Deficit Soars
Differences Spark Up after NCP Support; RSS trying to Revive Estranged Ties between SS and BJP
Indian PM meet Business Persons from Australia
Ganga Rejuvenation Plan may Get German Help
Can Students Download Their Text Books?
Sydney Speech of Narendra Modi
Gain for Tata Motors
India has won 5-series One Day Tournament against Sri Lanka decisively. India won the series 5-0. India won the last match of the series by 3 wickets. Captain Virat Kohli’s 139 score out of 126 balls changed fate of the game and helped India reach the 286 target with ease. Kohli hit 3 sixes and 12 fours during the unbeaten knock.
Science and Technology
One of the largest Wi-Fi service deployment has been done in India. This facility has been provided in New Delhi’s commercial hub - Connaught Place. To make this process successful, New Delhi Municipal Corporation joined hands with Tata Docomo. As per the plan Wi-Fi services will be available not only in the business centres of the city but also at leisure centres. It should be noted that the concerned Wi-Fi service will be given absolutely free for the first 20 minutes. However, after this time, the users have to choose from the different recharge options available.
While Shiv Sena made grand arrangements to remember its founder Balasaheb Thackeray, large advertisements of Vibrant Gujarat Global summit were published prominently. Gujarat CM Anandiben Patel has chosen Bal Thackeray’s 2nd death anniversary to lead a high level delegation for wooing investors for the proposed summit, to be held in January of coming year.
Sajjan Jindal’s JSW Energy has bought 2 hydro power plants of Jaiprakash Power Ventures. Combined capacity of these power plants (Himachal Pradesh’s 300-MW Baspa-II hydroelectric and 1,091-Mw Karcham Wangtoo plants) is 1,391 MW. These plants have been acquired by JSW Energy by spending Rs 9,700 crore. However, some analysts believe that JSW Energy spent 700 crore more than their estimates.
Indian industries seem to have recovered during the quarter of July-September, but only partially. While they have achieved to overcome profit growth issue, the problems facing them currently is the issue of sales growth. On a year-on-year basis, net profit increased by 41.8 per cent, which is the fastest in the last three years. However, gloomy aspect is growth rate of annual sales decreased to 5.9 per cent.
Year-on-year merchandise export has decreased from October 2013’s US$27.48 billion to October 2014’s US$26.09 billion, a dip of 5 per cent. However, import has increased from October 2013’s US$38.07 billion to US$39.45 billion of October 2014. This caused Trade Deficit of India to increase from US$10.59 billion to US$13.35 billion during October 2013-October 2014.
Considering support of Nationalist Congress Party has become an issue of contention in BJP itself. A significant section within Maharashtra’s ruling party has started criticising the party’s decision to consider NCP’s support. In fact, Shiv Sena has also ruled out any support to Devendra Fadnavis’s government as the latter has taken support from NCP, which Modi called ‘Natural Corrupt Party’ during assembly election campaign. RSS has now jumped in to bring truce between the two estranged rightist parties.
While meeting business leaders of Australia on breakfast, Indian Prime Minister said that his government has made the procedures smooth and well defined so that no investor faces difficulty on Indian soil. Modi also emphasised that the policies have also being formulated in such a manner that they become predictable and transparent. He assured the business persons that his government is still in the process of making processes shorter and eliminate unnecessary/redundant laws/regulations.
Ganga rejuvenation plan may get help from Germany as the country has shown interest in this newly invigorated project. Germany has an amazing record of successfully completing the Rhine river rejuvenation project and India is also interested in seeking expert help in this area. A public-private partnership may be forged, which includes the pilot project, with the German experts for successfully completing the Ganga Clean-up Plan.
Union Government has planned to start a grand project of converting all school curriculum text-books to e-books. If the ‘e-basta’ project comes to existence, it could become one of the largest hosting platforms of e-books, quite similar to that of Amazon. Hosting of e-book program has been started by Centre for Development of Advanced Computing. The platform is expected to be completed in a month’s time.
Indian Prime Minister addressed a sixteen thousand strong audience (consisting of NRIs and Indians) in Sydney, Australia. During his speech, Modi emphasised upon skill development, Clean India movement, doing away with the police verification for PIOs/NRIs, Jan Dhan yojna (emphasised on the success of opening 71 million bank accounts in just ten weeks), and youth prowess in converting the economy to a powerful nation.
Consolidated operating profit margins of Tata Motors improved significantly (by 60 basis points or 15.8 per cent) in the quarter ranging from July to September 2014. This growth has good effect on Tata motors stock at NSE, which traded 2 per cent higher. 190 basis points of EBITDA margin expansion has been reported by Jaguar Land Rover, which means a growth by 19.4 per cent. The major reasons behind robust performance of JLR include robust market mix of products, especially in the emerging markets.