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Major News and Events of 27 March 2016

What Happened on 27 March 2016


President's Rule imposed in Uttarakhand after Political Crisis in Harish Rawat Govt Escalated

After political crisis in Uttarakhand escalated with rebel Congress MLAs bringing out "sting operation" footages showing Chief Minister Harish Rawat’s involvement in 'horse trading' and Congress crying foul, Prime Minister Narendra Modi cut short his Assam campaign trail and called a late night emergency cabinet meeting on the matter. After going through Governor K K Paul’s reports, the cabinet recommended imposition of emergency rule in Uttarakhand on grounds of "breakdown of governance". After proclamation being signed by President Pranab Mukherjee under constitution's Article 356, the Uttarakhand assembly was suspended today morning. Therefore, confidence vote scheduled tomorrow becomes redundant. Harish Rawat has, however, called the move "murder of democracy".

PM Modi addresses Nation through his 18th Edition of "Mann ki Baat" Programme

During 18th edition of “Mann Ki Baat”, Prime Minister Narendra Modi conveyed his Easter greetings and congratulate team India for winning against Pakistan and Bangladesh. PM Modi insisted that holding FIFA Under-17 World Cup in 2017 in India will instil passion of football among youth and help establish identity of India in the world. He vouched for potential of tourism in creating million of employment opportunities. Modi announced launch of "Kisan Suvidha app" for farmers and stressed on conservation of water. While stressing on the need of keeping healthy, PM reminded about upcoming World Health Day on April 7, whose theme will be diabetes. PM Modi concluded his “Mann ki Baat” by wishing upcoming Indian New Year (Vikram Samvat).

FPIs renew buying spree in Indian Capital Market

FPIs (Foreign Portfolio Investors) have started buying heavily in the Indian capital market in March 2016, after a 4 months (November to February) long massive pullout (to the extent of Rs 41,661 crore). So far in March 2016, FPIs have bought Rs. 16,500 crore (equivalent to US$ 2.5 billion). Experts say renewed faith of FPIs in the Indian capital market is due to their expectation of a lower monetary policy rate by RBI, to be decided on April 5, 2016.

UN Report says Investment Commitment in Renewable energy is led by India and China in 2015

UN Environment Programme's report "Global Trends in Renewable Energy Investment 2016" shows developing countries that led in renewable energy investment commitment in 2015 are India and China. Total investment committed by India, China, and Brazil to increase capacity of renewable energy in 2015 was US$ 156 billion, an increase of 19 per cent with respect to 2014. India itself has committed US$ 10.2 billion for renewable energy capacity building, which is an increase of commitment by 22 per cent.

Electrification of 7,008 out of 18,452 un-electrified villages Complete under DDUGJ Yojana

Prime Minister Narendra Modi announced (on Independence Day 2015) aim to electrify 18,452 un-electrified villages within 1,000 days (by May 1, 2018). Power Minister Piyush Goyal said his ministry has already achieved 2015-16’s target of electrifying 7,000 villages. GARV dashboard (indicating government’s performance under Deen Dayal Upadhyaya Gram Jyoti Yojana) shows electrification of 7,008 villages till date. This project has been taken on mission mode with shortened 12 months implementation schedule and division of the process into 12 stage milestones (having defined monitoring timelines).

DoT to start Biggest ever Spectrum Auction Bid around July 15

TRAI (Telecom Regulatory Authority of India) has suggested plan of holding biggest ever auction of spectrum (including that of 700 Mhz band) around July 15, 2016. It has the potential of fetching Rs. 5.36 lakh crore. During 2014-15, gross revenue for telecom service was Rs. 2.54 lakh crore. Base price for 700 Mhz band has been set at Rs 11,485 crore per Mhz by TRAI. Selling all available 700 Mhz band radio-waves has the potential of yielding Rs 4 lakh crore.




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