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Major News and Events of 15 January 2015

What Happened on 15 January 2015

RBI Chief Finally Cuts Repo Rate by 25 Basis Points; India Inc Lauds RBI Move

Reserve Bank of India today surprised almost everyone when it announced a Repo rate cut by 25 basis points, thereby cutting the rate to 7.75 per cent. However, Raghuram Rajan has not tinkered with CRR, which remains at 4 per cent. India Inc has welcomed the move by referring it as correct move towards the right direction. Though Realty Developers have welcomed the development, Lalit Kumar Jain (Chief of CREDAI) told media that reduction of 25bps is not enough.

Market Responds Positively after Surprise RBI Rate Cut

Market has reacted sharply after the sudden and unexpected RBI announcement of 25 basis points in its Repo rate. Till 4pm, BSE Sensex increased by 729 points today. While major banking stocks increased anything from 3 to 6 per cent, bank Nifty hit all time high level today. Perhaps the major gainer today was the realty stocks including DLF, Unitech, HDIL, Godrej Properties, Indiabulls Real Estate, and others. CNX Realty index increased by more than 6 per cent during morning trade. While bond yields fell sharply after the announcement of repo rate cut, Indian currency also increase against US Dollar sharply.

SEBI Mulling Idea to Bring in Crowd-Funding Guidelines

Securities and Exchange Board of India, the securities watchdog, is in the process of consultations to make concrete guidelines on newly evolved crowd-funding initiatives. Crowd-funding initiatives are generally explored by young entrepreneurs for floating their new start-ups. Rajeev Agarwal, whole-time member of SEBI, has briefed media that the watchdog is consulting Union government to arrange funds for young entrepreneurs who want to start their new ventures. However, he also said that the concept of crowd funding in India is in a nascent phase and the country should wait for some more time before bringing in regulations on crowd-funding.   

Delhi Assembly Election Roundup

Three prominent women activists – ex-top cop Kiran Bedi, ex-AAP activist Shazia Ilmi, and actor-turned-politician Jayaprada - have shown interest in joining Bharatiya Janata Party, just after the announcement of February 7 Assembly election in Delhi. It is learnt that initial talks are already done and the announcement of their joining is only a matter of time. Shazia Ilmi has told media that she will not contest this Assembly election. Sources have revealed that faction-ridden Congress in Delhi is all set to field Kiran Walia against AAP supremo Arvind Kejriwal. Left Parties have decided to contest this Delhi Assembly election unitedly.

Kejriwal on a Combative Mood before Delhi Election

Kejriwal has increased his aggression and volley of attack on BJP leaders including PM. He alleged that Satish Upadhyay, chief of BJP’s Delhi unit, has unholy nexus with the power companies operating in the capital. Kejriwal also sent the verbal volley back to Narendra Modi, who accused Kejriwal of resorting to anarchism and also suggested him to join ‘Maoists’ for continuing anarchist activities. The ‘muffler man’ during an interview asked whether he at all looks like a ‘Naxal’. He also asked BJP to focus on issues rather than focusing on his attire including slippers and mufflers.  

CBI Summons TMC's General Secretary; Mukul Flies Back to Delhi after getting 7 days Buffer

CBI has summoned All Indian General Secretary of TMC, Mukul Roy, for questioning on his alleged involvement in multi-crore Saradha chit fund scam. Though he initially told media that he will meet the sleuths today, after meeting West Bengal Chief Minister and TMC supremo Mamata Banerjee yesterday he asked for a 15-day time from CBI. However, CBI gave him 7-days. Meanwhile former Additional Director of CBI, Upendra Nath Biswas, has been appointed by TMC as a consultant for pointing out loopholes in the charges framed by CBI, Partha Chatterjee told media. After getting a 7-day buffer from CBI Mukul Roy flew back to Delhi.

Modi to Meet Ministers and Officials to Assess Progress in Skill Development

Indian PM Narendra Modi has called a high profile meeting of ministers and officials, first of its kind, for assessing progress in skill development initiatives, one of the prerequisites to make NaMo’s pet project ‘Make in India’ a success. This high profile meeting will be attended by Rajiv Pratap Rudy (Skill Development Minister), Smriti Irani (HRD Minister), Bandaru Dattatreya (Labour Minister of India), and officials of newly formed NITI Aayog.

Militant-Security Forces Gun Battle in J&K

At a time when India-Pakistan bilateral relation has touched a new low with repeated ceasefire violation along the international border by Pakistani Rangers and volley of allegations from both sides, gunbattle started between security forces and armed terrorists in J&K’s Shopian district. Police officials have informed media that the gun battle started when militants fired at security personnel during the latter’s ‘cordon and search operation’ in Kellar’s Kadar forest. Till now there are no reports of casualty.

Indian PM Narendra Modi gets Relief from US Court just before Obama's India Visit

Just a few days before US President Barack Obama’s visit to India, US District Judge Analisa Torres has dismissed lawsuit against Indian Prime Minister Narendra Modi that alleged NaMo’s failure to control Gujarat Riots of 2002 when he was Chief Minister of the state. It is learnt that New York based rights’ group American Justice Centre has filed the case against Narendra Modi. However, the US judge said that Narendra Modi deserves immunity, as he is now the incumbent PM of India and dismissed the lawsuit.  

Patent Office of India Rejects Application of Gilead Sciences for Sovaldi Patent

Patent Office of India has rejected application of Gilead Sciences on their research for treating Hepatitis C with Sovaldi. This patent application was earlier countered by a non-profit organization named Initiative for Medicines, Access & Knowledge and generic drug manufacturer of India Natco Pharma. The application is rejected because the Patent Office believes the concerned drug is not a significant improvement over a similar drug manufactured by another company. Indian drug manufacturers will now be able to sell generic medicines of same composition at comparatively low cost than Sovaldi.  

BlackBerry Classic to be Available in India from Today

The new Blackberry Classic smartphone has been launched in the Indian market at an official price of Rs. 31,990. This BlackBerry 10 OS run smartphone comes with a touchscreen display of 3.5 inches, 16GB ROM, 8MP primary camera, and ability to expand storage capacity to 128GB. Blackberry has hold on to the basics and has put traditional keyboard instead of touchscreen board, usually found in Android and Apple smartphones. Main target audience of this Blackberry Classic is business users or professionals.

Indian Cricket Squad gets New Apparel

BCCI has unveiled Indian Cricket team’s new apparel for the upcoming World Cup cricket tournament 2015. BCCI’s official partner Nike has made the new apparel kit. Available information say that the every new apparel kit, containing jersey as well as lower, is manufactured from thirty-three recycled plastic bottles. Nike while manufacturing the ultra-lightweight kit has used latest technology so that the Indian cricket team is able to give its best during the game.

FAQs and Answers on Indian History and Geography
Which Indian state is the largest producer of bauxite?The state of Odisha is the largest producer of bauxite in India. India has abundant resources of bauxite and serves as a raw material in the production of aluminium. As per the report of the Ministry of Mines, India stood at the 7th position in… Read More...
Which Indian city is famously known as the "Manchester City of India"?The city of Ahmedabad in the Gujarat state is famously known as the "Manchester City of India". This name was given to this city by a popular textile center in the Manchester of Great Britain, adhering to the striking similarities of Ahmedabad's prospering cotton textile… Read More...
Which Indian state is the largest producer of coffee?Karnataka state is the largest producer of coffee in India. The state contributed about 70% of the total production of coffee in India during 2016-17 with 2.33 lakh MT coffee production. The main variety of coffee grown in Karnataka is Robusta, but the state also… Read More...

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