Major News and Events of 25 November 2014
What Happened on 25 November 2014
Xiaomi to Invest in India; Redmi Available in India for Pre-Order
Indian PM to Meet Heads of SAARC Countries in Nepal
TMC Increases Aggression along with other Opposition Parties to bring back Black Money
1st Phase Assembly Election going on in Jharkhand and Jammu & Kashmir
BJP Sweeps Rajasthan Civic Poll
US Investors Give Priority to India over Other Emerging Markets as India ETFs Add $2 Billion New Assets
Bharati Airtel Agrees to Sell 4800 Towers in Nigeria; Stock Market Approves the Move
Government in a Rush to Meet Disinvestment Plan
Nomura Expects Big from India
Insurance Bill will not be Tabled this Winter Session
Hindalco Coal Block Allocation Case: Court asks CBI why Manmohan Singh was Not Questioned
N Srinivasan, former President of BCCI, requested Supreme Court for separating issues put forward by Mukul Mudgal committee report from that of BCCI’s election. However, SC didn’t agree to this request. T S Thakur, heading SC Bench, observed that both IPL and BCCI are mutually beneficial entities. A Sundaram, BCCI’s counsel, said that on the basis of the report submitted BCCI will take action. Experts believe that reinstatement of Srinivasan as chief of BCCI will be a problem after this.
Science and Technology
Xiaomi has expressed its interest to invest in Indian start-ups to boost its innovation. Hugo Barra, Vice President of Xiaomi has said that his company has invested whooping $100,000 to million dollars in start-ups throughout the world. They are now looking forward to investing in innovative firms in Delhi-NCR and Bengaluru. It is also announced that Xiaomi Redmi Note will be available in India from Nov 25 (6pm onwards) for pre-order at Rs. 8,999 at Flipkart. It will be available for the customers from December 2.
Indian PM Narendra Modi is preparing to fly off to Nepal for attending SAARC Summit (November 26 and 27). Though there is no official plan of meeting Pakistan PM Nawaz Sharif on the sidelines of the Summit, India has kept its door open for all possibilities. Modi’s schedule includes meetings with Mahinda Rajapaksa (Sri Lanka President), Sheikh Hasina (Bangladesh PM), and Ashraf Ghani (President of Afghanistan). Two important issues that will be discussed are development cooperation and areas of connectivity. Before leaving for the summit, Indian PM reiterated the need for close ties with the neighbouring countries.
After TMC along with other opposition political parties (including JD-U, RJD, INC, AAP, and SP) pressed for returning black money from abroad, Union government has agreed (sent a written note to the Lok Sabha Speaker Sumitra Mahajan for discussion) for a debate in Lok Sabha. TMC and JD-U have even submitted notice for suspending Rajya Sabha’s Question Hour for discussion on black money. Political analysts believe that TMC’s sudden aggression over bringing back black money may be the political retaliation Mamata Banerjee promised after CBI arrested some TMC leaders on Saradha Chit Fund scam.
Inspite of extreme cold in J&K, people brave the cold to exercise their franchise. Till noon, the turnout was 34 per cent. 1st phase election is also going on in Jharkhand. Till 1pm, just over 48 per cent turnout was registered in the Maoist-infested 13 constituencies where election is going on today. BJP is aiming to reach the majority mark in Jharkhand along with its allies.
BJP’s Vasundhara Raje, CM of Rajasthan, has tightened her grip over the Rajasthan party after securing yet another emphatic win in the civic poll. Civic body election was held in the state on November 22 and the counting is going on today. This poll was held across forty six cities. As per last available information, BJP has already got majority in 5 municipal corporations and is leading in one. Poll results of 22 municipalities and 18 municipal councils are yet to be announced.
India ETFs listed in the USA have added $2 Billion new assets till now, outstripping performance of other emerging countries’ (including Russia, China, Brazil, and South Africa) ETFs. This has increased optimism among US investors on India. It is learned that they are parking more money in India ETFs. Market analysts believe that the market sentiments have improved after reform friendly Narendra Modi’s win in the last Lok Sabha election. Investors expect that the reforms will not only increase earnings but also create jobs, thereby expanding economy’s aggregate demand and therefore economic growth.
Bharati Airtel announced on 24 November that they have decided to sell Nigeria’s 4800 towers for reducing their debt. Accordingly, an agreement has been reached with American Tower Company. As the announcement was made after closing of Indian bourses, no effect was witnessed yesterday. However, today Bharati Airtel’s stock opened 2 per cent higher at NSE.
As per Finance Ministry officials, Union Government is going to disinvest four major Public Sector Units (NHPC, SAIL, ONGC, and Coal India) by the end of January 2015. Sources reveal that ONGC and Coal India will go under the hammer in the coming 2 weeks. Disinvestment budget estimates had pegged the disinvestment proceeds at Rs 43,425 crore. However, after disinvestment of these 4 major PSU’s, the combined proceeds will reach Rs. 42,361.60 crore.
Nomura, financial major of Japan, has said that India has the potential of becoming the fastest growing economy in entire Asian continent by the year 2016. It also expects India’s GDP to grow at a rate of 6.4 per cent in 2015. The optimism has been expressed on the expectation of implementation of 'productivity-enhancing reforms’ in India.
BJP’s Chandan Mitra is Chairman of the select parliamentary committee that is currently exploring the various aspects of Insurance (Laws) amendment Bill. This committee was expected to submit its report by November 28, 2014. However, its Chairman has written to the Chairman of Rajya Sabha to extend the timeline till December 12. This means Insurance Bill will not be placed during ongoing winter session of the parliament.
A Special Court, while questioning on Hindalco coal block allocation case, asked CBI the reasons why the then Coal Minister as well as the Prime minister were not questioned regarding the matter. CBI answered that they thought it was not important to interrogate the coal minister after questioning the PMO officials. Court has asked for the case diary along with other documents. Thecase will be heard on November 27.