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Major News and Events of 17 September 2012

What Happened on 17 September 2012


BJP questions government contention on FDI in retail

BJP challenged the United Progressive Alliance (UPA) government's statement that the states will be free to decide whether they would allow foreign direct investment (FDI) in multi-brand retail. BJP spokesperson Prakash Javadekar specified thet the central government has got into bilateral investment agreements with 82 countries which meant assigning "national" treatment to foreign investors and it cannot impose any condition on foreign investors which is not applicable to domestic investors.Javadekar also said,"As there are no restritictions on local retail chains, the restrictions on foreign chains by the states would be declared by courts as "void"". He also stated that the nationwide strike against the recent measures of the government was gaining momentum.

US had welcomed the economic reforms in India

US Ambassador to India Nancy Powell said on Monday, September 17 that the US has welcomed the recent economic reforms announced by the Indian government. It is being expected that there will be greater trade and investment between the two countries and the fine print of the reforms are being discussed. In the last three years thebilateral trade between India and the US has gone up 40 percent and will exceed $100 billion this year.

CRR slashed, Rs.17,000 crore released into banking system;

The Reserve Bank of India (RBI) did not change the key interest rates but slashed the cash reserve ratio (CRR) releasing Rs.17,000 crore into the banking system. This measure ahead of the festive season has increased hopes of home and auto loans rates coming down.The CRR, which is the proportion of money banks need to keep with the central bank, has been slashed by 0.25 percent (or 25 basis points) to 4.50 percent. The new CRR rate will be in vogue from Sep 22, 2012. This would initiate Rs.17,000 crore liquidity into the economy,this was stated by the central bank specified in the mid-quarter review of the monetary policy. The key interest rates remained static as inflation still was a major concern. Repo rate ( rate at which the bank lends to commercial banks) also remained the same at 8 percent. The reverse repo rate was also static at 7 percent, this is the rate at which the apex bank borrows money from the commercial bank.

No rollback of diesel price hike, FDI in retail: Chidambaram

Finance Minister P. Chidambaram informed that the government would not rollback its decision to allow FDI in multi-brand retail and the price hike of diesel. He also specified that there was nothreat to the United Progressive Alliance (UPA) government because of the reforms and that the government would be able to convince its allies regarding the tough decisions it has to take under the difficult economic situations.

Sridevi on 'KBC 6' hot seat

Sridevi will sit on the hot seat of the game show "Kaun Banega Crorepati 6" (KBC). This is part of the promotion for "English Vinglish", in which Amitabh Bachchan has played a cameo.The two actors have earlier shared screenspace in movies like "Aakhree Raasta", "Inquilab" and "Khuda Gawah".Amitabh had tweeted Sridevi is "still the same... effervescent, spontaneous, delightful" after theshootingfor the movie."English Vinglish", directed by debutante director Gauri Shinde, wife of "Paa" director R.Balki will release on Oct 5.

Bhupathi to speculate legality of AITA ban

Mahesh Bhupathi has stated that he would speculate the legality of the All India Tennis Association (AITA) decision to sideline him and Rohan Bopanna from the Davis Cup squad till June 2014. This was when the pair defied the association's decision of pairing one of them with Leander Paes at the 2012 London Games. Bhupathi said he had played for the country for 18 years and Rohan for 10 years and this was not expected from the association. He also specified that he would go after the national body if the decision was not legal.

India's exploration of Mars begins in November 2013

India's exploration of the red planet's atmosphere will begin in November 2013. This journey would be a quest for life-sustaining elements at Mars. The date selected for the Mars mission launch is Nov 27, 2013 when the red planet will be come close to the earth, this was stated by Indian Space Research Organisation (ISRO) chairman K. Radhakrishnan. This mission will cost India Rs.470-crore and would showcase India's capability to send a spacecraft 55 million km away from earth and search for life-sustaining elements 500 km away from the Martian surface.A high-end rocket (PSLV-XL) will be used to launch the 1.4-tonne Martian spacecraft from the Sriharikota spaceport with nine instruments to study the red planet's various aspects.