Major News and Events of 28 November 2014
What Happened on 28 November 2014
India Lags behind USA, China, and South Korea when it comes to R&D Investment
India Plans to Enter FIFA 100 Rank by 2019
RBI Clears Deck for Setting Up Payment Banks/Small Banks and Entry of Corporate Houses
Kejriwal Goes American Way: Raises Rs 91 lakh by Hosting Dinner
CAG Gives Go Ahead to RIL; Stock Makes Major Gain
Fiscal Deficit is all set to Breach Estimated Fiscal Deficit Target of 2014-15
Sitharaman Claims a Major Win in WTO without any Compromise
Union Government to Raise Rs. 89,120 crore by Offloading Stake at Banks
Firing Resumes in J&K's Arnia Sector
Maharashtra: Last Effort to Mend Ties between Saffron Parties
Retail investors can get loans up to Rs 10 lakh against infra bonds
Pakistan’s Prime Minister was seen shaking hands with Indian PM Narendra Modi on last day of SAARC Summit. However, Nawaz Sharif again raised Kashmir issue and indicated that issues between India and his country will never be solved until and unless the issue of Kashmir is discussed seriously. Analysts believe that Pakistan’s internal political dynamics along with prevailing international situations has made Nawaz drag Kashmir issue again. However, he also stressed that India shouldn't have stalled discussions at Foreign Secretary-level.
Science and Technology
Harsh Vardhan, Union Minister of Science And Technology, acknowledged that India’s investment in research and development is negligible when compared with that of United States of America, South Korea, and China. While furnishing figures he pointed out that in 2011-12 India invested just 0.88 per cent in R&D. However, during the same period USA and South Korea invested 4.04 per cent and 2.76 per cent respectively in R&D. Harsh Vardhan emphasised on the fact that India is all set to increase its R&D investment to 2 per cent of GDP during 2012-17.
India has made an ambitious plan of making into the top 100 position of FIFA ranking by the year 2019. Currently, India’s rank is 149. In addition, the plan aims to make India one of the top 15 football playing nations in Asia. All India Football Federation’s General Secretary, Kushal Das, said that to renew interest of people back to football India will be organising Under-17 World Cup.
RBI announced final guidelines to set up small banks as well as payment banks. Per the guidelines, corporate entities will now be able to set up payment banks. RBI also gave option to the corporate houses of going into joint ventures with banks. However, the corporate entities or the promoters of big NBFCs will not be able to enter the domain of small banks. RBI allowed India Post to set up payment banks, subjected to approval from Government of India, owner of India Post.
Arvind Kejriwal of Aam Aadmi Party is known to do something different from the usual in Indian politics. He hosted a dinner for bankers, diamond merchants, and young professionals, where the per plate cost was Rs. 20,000. From this American style of fund raising event AAP collected Rs 91 lakh, which will be spent to finance upcoming Delhi Assembly election, to be held in Januray-February next year.
Mukesh Ambani led RIL received a major push from CAG’s end when the latter asked Union Government to sort out all issues with RIL and at the same time recover the funds it spent (amounting to $160 million) on KG-D6 block. Market responded sharply to the news and the RIL stock gained 2.5 per cent, a two month high.
Fiscal deficit during April-October 2014 reached Rs. 4.76 lakh crore, which accounts for 89.6 per cent of the total estimated fiscal deficit (FD) target of Rs. 5.31 lakh crore for 2014-15. During corresponding period last year, it was 84.4 per cent of the estimated total FD target. Tax revenue collection (37.7 per cent of the total Rs 9.77 lakh crore budget estimate of 2014-15) as well as non-tax revenue (52.3 per cent of estimated Rs 2.12 lakh crore) were slow till October 2014. Analysts believe revenue collection will not pick up because of weakening import and industrial output.
Nirmala Sitharaman, MoS (Independent Charge) of Commerce And Industry said that India has been able to clinch a big win in WTO by making the organisation extend 'Peace Clause' on Food Security, which was the main demand of Indian government. She also claimed that the deal was clinched without having to make any compromise. This means India will be able to continue giving Minimum Support Price to its farmers.
Union Government holds stakes ranging from 56 per cent to 84 per cent at twenty four state-runs banks. It has been learnt that the total amount of outstanding loans in India amounts to US$1 trillion, among which these 24 state-run banks have lent 70 per cent of the total loan amount. The new MoS to Finance Ministry said that they want to offload stakes in these banks to 52 per cent, which will help the ministry to raise Rs. 89,120 crore.
A day after security forces killed 4 terrorists, Jammu and Kashmir’s Arnia Sector is witnessing heavy firing, which started when Army started cordon and search operation to hunt down suspected terrorists hiding in bunkers and recover civilians’ bodies killed during crossfire. Till now ten people have died, which includes 4 terrorists, 3 army men, and 3 civilians.
After RSS pushing BJP to restart dialogue with its estranged partner Shiv Sena, BJP will today resume discussions with SS for convincing the latter in joining the government. Current CM Devendra Fadnavis not only said before the press that his party is willing to partner Shiv Sena again, he also reminded that on a national level SS is still a part of National Democratic Alliance as well as Union Government. Talks are expected to resume today berween the two saffron parties.
RBI's recent move by tagging considerable amount of loan with investment in infra bonds is one step ahead to give impetus to retail investors. Per the apex bank's guidelines, commercial banks will now be able to provide loans amounting to Rs. 10 Lakhs to persons who have made significant investment in bonds for raising funds for affordable housing projects and infrastructure.