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Major News and Events of 10 July 2015

What Happened on 10 July 2015


Kamat says BRICS Bank will Raise Money from International as well as Local Markets

President of New Development Bank (bank of BRICS that started operation with $100 billion pledged reserve fund from the constituent countries in coming couple of years) KV Kamath said that this bank will raise funds from both international markets and local markets. Currently, the NDB has $50 billion (at the time of introducing the bank at the BRICS summit). Kamath said different markets will be explored by NDB for raising resources. When media asked erstwhile ICICI executive about getting ratings of the new bank, Kamath said that NDB has a “clean sheet of paper” and the sequencing will be done after he visits Shanghai “this week or next week”. Reports say some of the biggest banks and oil companies such as Sberbank, Novatek, and Rosneft may approach New Development Bank for required funds because of fund unavailability from West due to the sanctions on Russia by USA.

BSE says Mechanism of Public Offer of Government Bonds to be in Place in coming 6-9 Months

Bombay Stock Exchange has said that they are in the process of implementing a mechanism for “public offer” of government bonds in the coming 6 to 9 months time span. Reports say that this move is contemplated for enhancing retail participation in such secured debt instruments. Ashish Kumar Chauhan, CEO and Managing Director of BSE, has said that with the implementation of this new system, government will be able to follow the initial public offer (IPO) route for government bonds through the well-awaited e-IPO system for raising funds. He went on to add that this route will give the cash strapped government an additional avenue for raising funds. Chauhan made these statements during the 140th anniversary celebrations of Bombay Stock Exchange. He also said that RBI and Union Government are currently discussing with stock exchanges for offering IPOs on government bonds.

IMF says Economic Growth of India will Surpass that of China's in 2016

International Monetary Fund (IMF) has said yesterday that India is going to increase at the rate of 7.5 per cent in 2016 and will therefore be one of the fastest growing economies of the world. IMF also noted that in the current financial year, the world economy will grow at the rate of 3.3 per cent. In the IMF’s World Economic Outlook Update, it has been mentioned that the growth rate of India for 2015 will be higher than that of China – 7.5 per cent in relation to 6.8 per cent of China. The report also points out that in 2016 too India’s economic growth rate will be higher than that of China’s 6.3 per cent. It is noteworthy that IMF projected economic growth rate of India is lower than that of the predictions of RBI (7.6 per cent) and Finance ministry (8-8.5 per cent).

Tax Information Sharing Agreement signed by India and USA to Close in Tax Evaders

A tax information sharing agreement has been signed by India and the USA under US law, Foreign Account Tax Compliance Act (FATCA), for strengthening efforts of automatically exchanging financial information of tax evaders between the two countries. Some crucial financial information that will be shared between India and USA on tax evaders includes details of bank account details along with numerous financial products such as insurance, mutual funds, and equities. This agreement has been signed to check the black money menace as most of the tax evaders have been found to be stashing their money in foreign lands with the intent of evading tax. This agreement signing comes within a short period of time after India became a signatory of OECD pact on sharing information automatically. Shaktikanta Das, revenue secretary, has referred signing of this agreement as a great breakthrough as well as significant development in India-US cooperation.

Ravi Shankar Prasad says Postal Department likely to get Payment Bank Licence by September

Telecom and IT Minister Ravi Shankar Prasad has said that postal department is likely to get a nod from Reserve Bank of India in getting payment bank licence for operating Post Banks by September 2015. Prasad said that Union Government is committed to honour the post man. The minister went on to add that this initiative will help government to provide banking services to the remotest areas through its vast network of post offices across the country. Data shows that there are 1,25,000 post offices in rural areas itself. Ravi Shankar Prasad pointed out that core banking facilities in post offices has been increased in the last year of NDA rule from just 236 post offices to 2,590 post offices. He also said that working style of DoP has changed and in last 5-6 months span they have achieved Rs. 500 crore turnover.

ISL Auction: Ten Players Sold for 7.22 Crore Rupees

The auction for the Indian Super League took place today in Mumbai in which ten football players have been sold for a sum of Rs. 7.22 crore. Sunil Chhetri, the Indian national football captain, has been sold for the maximum amount of Rs. 1.20 crore to Mumbai City FC. Eugeneson Lyngdoh is the second player to be sold for a higher amount of Rs. 1.5 crore. He was purchased by Pune FC. Rino Anto was purchased by Atletico de Kolkata for Rs. 90 lakh which made him the third player to be sold for a huge amount.

Met Department says India Experiencing Overall Deficit Rainfall till now

Indian Meteorological Department has said that till now there has been deficient rainfall throughout India. The only part of India that didn’t register negative precipitation is the North West region. Reports say that the total rainfall registered throughout India from 1 July to 8 July 2015, is deficient by 4 per cent than normal. One of the worst hit areas that registered maximum negative precipitation is the Central India region where the deficiency is 8 per cent. The second lowest rainfall is registered in Southern peninsula where the rainfall is minus 7 per cent than normal during 1 to 8 July. East, as well as North East states, also registered deficient rainfall of 4 per cent. Though negative precipitation has not been registered in North West region but declining rainfall is witnessed. IMD has already predicted 8 and 10 per cent deficient rainfall in July and August 2015.    

PM Modi-Nawaz Sharif's Meeting stresses Increasing Bilateral Trade and Cooperation in Combating Terror

Prime Minister Narendra Modi today met his Pakistani counterpart in Russia’s Ufa city on the sidelines of BRICS and SCO meets. Reports say they discussed wide array of issues including that of Lakhvi, trade, and others for extended period of time. Sources say Pakistan has shown interest in increasing bilateral trade with India and Kashmir issue is expected to take a back seat for now. It is learnt that both the countries have agreed to discuss all pending issues. Pakistan and India have condemned all forms of terrorism and assured each other of extending proper cooperation in eliminating the menace of terrorism. Pakistan has agreed to provide India with the voice samples of 26/11 Mumbai terror attack’s accused and also agreed finding ways of expediting trial. PM Modi has accepted invitation of Sharif for attending 2016 SAARC summit in Pakistan.

Union Finance Minister Hopeful of Passing GST Bill during Monsoon Session

With parliament’s monsoon session approaching, Union Finance Minister Arun Jaitley expressed hope on passage of the “very important” Goods and Service Tax Bill during coming session. He particularly noted that probability of the bill getting passed is very high. In a Doordarshan programme, Jaitley acknowledged the spirit of parliamentary democracy by saying that some people will try to oppose the GST bill and it will go on in a fully functioning democracy. Monsoon session of the parliament is all set to kick start on 21 July and analysts believe this will be a stormy session as many opposition parties are rolling up their sleeves to give government a tough time by raising the contentious issues like release of Socio Economic Caste Census (SECC), Lalit Modi fiasco, and multi-crore Vyapam scam. While boasting about the resurging Indian economy, Jaitley called the economy a “bright spot” in slowing world economy.

Bihar's Election Potboiler thickens as Lalu avoids Sonia's Iftaar Party

Pre-assembly election scenario in Bihar got a new twist as Rashtriya Janata Dal’s supremo Lalu Prasad Yadav decided to skip the Iftaar party organised by Congress President Sonia Gandhi in Delhi. Sources say that Laloo is avoiding the event to give a signal to Congress about the currently strained relationship in RJD-Congress alliance in Bihar. However, as an alibi, RJD’s office has reportedly said that their supremo will be busy with the Iftaar party, to be hosted by Lalu Prasad Yadav himself in Patna. Chief Minister Nitish Kumar has also rung the assembly poll bell by promising complete ban of liquor if he assumes chief minister’s office again. The promise was made at Village Dialogue Programme, organised by Social Welfare Department, after some women urged banning alcohol. Nitish also said that his government is aiming to link 1.5 crore women with Self Help Groups for women empowerment.

ISRO to make Heaviest Commercial Launch of 5 British Satellites Today at 9.58pm IST

Indian Space and Research Organisation (ISRO) is all set to make its biggest commercial launch today by launching 5 British satellites at one go. Kiran Kumar, Chairman of ISRO, has said that this launch of Polar Satellite Launch Vehicle-XL variant (PSLV-XL) is the heaviest launch done by the Indian space agency till now. He also informed the press that many countries are approaching India for satellite launch because of the viability issue here. Reports say that counting of the launch had already started at 7.28 am IST on Wednesday and the launch is scheduled to take place today at 9.58pm IST. In terms of satellite launch, this is the second one in 2015 but in terms of commercial launch this is going to be the first one this year. PSLV-C28 rocket, having a total mass of 1,440kg will be launched from Sriharikota’s Satish Dhawan Space Centre.    

PM Modi tells Brazilian President that FDI limit in Special Technology area increased to 100 Per Cent

While briefing media, Navtej Sarna, Secretary (West), Ministry of External Affairs, said that during Prime Minister Narendra Modi’s meeting with Brazilian President Dilma Rousseff, the former assured that his government will increase the FDI limit on special technology area to 100 per cent. Sarna also said that Union Defence Minister Manohar Parrikar is in favour of increasing defence cooperation with Brazil and also noted that some Brazilian jets have already started using Indian equipment. PM Modi has urged Brazilian President Dilma Rousseff and South African President Jacob Zuma in the two meetings that the three countries (India, Brazil, and South Africa) should come to a common ground and also have a definite strategy on climate issue before participating in the Climate Change meeting. PM Modi has written to all countries on climate change issue with India favouring greater technology transfer by developed countries for meeting climate change challenges.

Paes-Hingis advance to Wimbledon Mixed Doubles Semis, Bopanna-Mergea Crash Out

India had a mixed bag yesterday at Wimbledon. While India’s Leander Paes along with his Swiss partner Martina Hingis advanced to the semi-final match in the Mixed Doubles, Rohan Bopanna with his men’s doubles partner from Romania Florin Mergea crashed out of the tournament after a marathon match of 3 hours and 23 minutes. In another mixed doubles game, India’s Sania Mirza, partnering with Brazil’s Bruno Soares, lost in the quarters after a 2 hours and 21 minutes fight. Yesterday, Leander Paes-Martina Hingis duo humiliated their Polish-Russian opponents Marcin Matkowski and Elena Vesnina by defeating them in straight sets 6-2, 6-1 in just 44 minutes. Bopanna-Mergea pair lost to Dutch-Romanian duo Jean-Julien Rojer and Horia Tecau in a five setter 6-4, 2-6, 3-6, 6-4, 11-13. Sania Mirza and Bruno Soares duo lost to Austrian-Hungarian pair Alexander Peya and Timea Babos 3-6, 7-6(6), 9-7.




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