Major News and Events of 26 November 2014
What Happened on 26 November 2014
RBI to get Tough on Banks having Large Non Performing Assets and Restructured Loans
BJP-led Government got Support from INC on Labour Laws Amendment Bill, 2011 in Rajya Sabha
US asks India to Concentrate on Provision of Affordable Healthcare Beyond the Scope of IPR Issues
J&K Wins in First Phase Assembly Election, No Matter What's the Result
FDI on Insurance Divides Saffron Brigade
Fadnavis Government Vouches for 5 Years of GST Compensation Period rather than 3 Years
Suspended Boxer Sarita Devi gets Assistance from All Quarters in India
Sania becomes Goodwill Ambassador for South Asia of UN Women
'2014 Flagship Killer' will be Available in India from Dec 2
NaMo to SAARC Countries
RBI Chief Calls to Identitify Wilful Defaulters as Freeloaders and Not to Project them as Industry Captains
While delivering his speech during 2-day SAARC Summit, which started today, Indian Prime Minister Narendra Modi has announced that India will give business visas of anything from 3 years to 5 years to all SAARC countries. He also called for simplification of procedures, less paperwork, better facilities, and common standards by all SAARC countries so that trade becomes easy among the countries.
Reserve Bank of India has issued statement that it is going to be tough on those commercial banks that remain unsuccessful in recovering restructured debts as well as bad loans. That’s why the apex bank has asked the banks to step on the gas on recovery, otherwise lending restrictions will be imposed on them. RBI was forced to issue the warning as NPAs and Restructured Loans to total gross advances of public sector banks increased to 5.32 per cent and 7.25 per cent in September-end.
Congress supported the Labour Laws Amendment Bill 2011, placed by the BJP-led government in Rajya Sabha, yesterday. While Left Parties, Janata Dal (United), and TMC opposed the Bill, government succeded in passing it in RS with the help of INC. D Bandopadhyay of TMC didn’t stop calling it ‘anti-labour’ (as called by Left and JD-U) but went on to call it ‘Draconian’. From now on small establishments (10 to 40 employees) will not have to file returns or maintain registers. Government has to pass this in Lok Sabha, where BJP has a majority.
Officials from both India and USA met in India-US Trade Policy Forum and discussed about the pending bilateral investment and trade issues. Michael Froman (US Trade Representative) and Nirmala Sitharaman (Commerce and Industry Minister of India) jointly chaired the meeting. While discussion took place on IPR issues in broad terms, pharmaceuticals was one of the main issues. Michael Froman has categorically told India that the latter must concentrate on provision of affordable healthcare, which goes beyond the scope of compulsory licenses, patents, and IPR; and includes innovation, insurance reforms, logistics, and rates.
People of Jammu and Kashmir not only braved cold weather but also the election boycott call by separatists. The state witnessed an unprecedented voter turnout of 71.28 per cent during 1st phase election, held on November 25, out of the 5-phase Assembly Election. During 2008 election these 15 constituencies witnessed 61.23 per cent voter turnout. Sonawari seat in Kashmir Valley witnessed 80.10 per cent polling. Jharkhand’s Maoist affected areas, 13 constituencies that went to poll, also saw 61.92 per cent turnout yesterday.
Shiv Sena has announced that they are against increasing of FDI limit in insurance sector up to 49 per cent. They have also intensified their attack on the FDI related proposal of Narendra Modi led Union Government. Arvind Sawant of SS has said that insurance sector protects common people of India. Raising FDI cap to 49 per cent will lead to more entry of global financial private giants, who in turn will not protect the interests of average Indian and will only be interested in profit making.
Devendra Fadnavis led BJP government in Maharashtra has sent a fresh proposal of increasing the GST compensation period from 3 years to 5 years. The CM thinks that raising compensation period is important for achieving projected 12 per cent manufacturing growth of the manufacturing sector of Maharashtra. Officials have said that selection of the right compensation period will accelerate the process of implementing GST in all the states.
AIBA has barred rebel boxer of India Sarita Devi from participating in any competition. This verdict comes after she refused to accept her bronze medal during 2014 Asian Games. 4 MPs have asked whether IOA is doing everything to overturn Sarita’s suspension. Sarbananda Sonowal, Sports Minister of India, has replied in written that Boxing India is giving all kinds of assistance to help Sarita Devi. Sachin Tendulkar, after writing to the sports minister, is now all set to meet the minister today for discussing the ban on Sarita Devi.
United Nations has appointed leading Indian woman tennis player Sania Mirza as its Goodwill Ambassador for the region of South Asia. The selection was announced during International Day To End Violence Against Women event by UN Women. Sania reiterated her belief in Gender Equality during the event.
Science and Technology
The ‘2014 flagship killer’ smartphone OnePlus One is all set to be available in India from December 2. Though official price of One has not been announced by OnePlus, it was earlier confirmed that the 64GB version of this smartphone will be available at less than Rs. 25,000. The price will be made official during the launch event itself.
While addressing South Asian Association for Regional Cooperation Summit, organised in Nepal, Narendra Modi said that the two ominous words that are generally associated with the SAARC countries are skepticism and cynicism. He called for replacing these words with optimism. The issues which he stressed upon during his speech include increase of major trade agreements among SAARC countries, good neighbourhood, need for Indian companies to invest more in SAARC countries, etc.
Raghuram Rajan, Governor of RBI, has called for identification of the willful defaulters of public sector banks, recognising them as freeloaders, and then stop projecting them as industry captains. He went on to say that willful defaulters, especially the unscrupulous promoters, rob tax payers’ money by not repaying debt. Therefore the burden of the bad time in capitalism are borne by the public sector banks. He also accused the existing system for protecting the big borrowers, taking cue from the last economic downturn of the US.