Finance / Business


1. Morgan Stanley estimates India's economic growth at 6.3% next year


  • ·         India would have the fastest economic expansion among Asian countries and its gross domestic product is expected to grow by 6.3 per cent in 2015, according to Morgan Stanley forecast of global economies.
  • ·         The Indian rupee’s exchange rate to US dollar would be at Rs. 62.20 by end of next year compared with Rs. 62 in the current quarter (Q4 this year), according to a presentation made at the Morgan Stanley’s Annual Asia Pacific Summit held here from November 12-14.
  • ·         It is seen at Rs. 62.50 in the first two quarters of next year and Rs. 62.30 in the third quarter of next year.
  • ·         Meanwhile, Morgan Stanley has forecasted a sub-par global growth at 3.5 per cent in 2015, up nominally from 3.1 per cent this year. In Asia, China’s GDP is forecasted to contract to 7.1 per cent in 2015 from 7.3 per cent in 2014.
  • ·         Asia's GDP, excluding Japan’s, would grow to 6.3 per cent in 2015, up by a small proportion from 6 per cent this year. Japan’s GDP growth would be stagnant at 0.8 per cent in 2014 and 2015.
  • ·         Some 1,700 delegates, including representatives of 300 global corporations, are attending the summit.



2. RBI mulls all-India presence for proposed small banks


  • ·         The Reserve Bank of India (RBI) will allow small banks to have a pan-India presence, against its earlier proposal that they can have it only in a few districts.
  • ·         In its draft guidelines for small banks, the central bank proposed that small banks' presence should be restricted to contiguous districts in a homogeneous cluster of states/Union Territories so that the banks have a "local feel" and culture.
  • ·         "We have got a lot of useful comments when we had put them (draft norms) out. One of the suggestions was, instead of having local area banks which focus on 2-3 districts, we should allow, for the prosperity of all-India, small finance banks. We accepted this comment but it should be focused on small lending," said RBI Governor Raghuram Rajan at an event organised by National Bank for Agriculture and Rural Development, or Nabard.
  • ·         The move is seen as a huge relief for non-banking finance companies (NBFCs), particularly the large ones, which already have a pan-India presence. The previous stipulation failed to encourage NBFCs to convert themselves into small banks.



3. Six Indian infra projects in world's 100 most innovative list


  • ·         Six infrastructure projects in Delhi and Gujarat figure among the 100 most innovative infrastructure investments in the world. KPMG International’s Infrastructure 100: World Markets Report has selected six Indian projects. These are Delhi Metro, Yamuna Expressway and Interceptor Sewage System (the three are in Delhi), Gujarat International Finance Tec-City (GIFT), Mundra Ultra Mega Power Project and Narmada Canal Solar Project (the three are in Gujarat).
  • ·         A global panel of industry experts identified 100 of the world’s most innovative and impactful infrastructure projects, showing how governments are coming together with the private sector to overcome funding constraints to finance and build projects that can improve quality of life — both solving immediate needs and planning for future societal demands.



4. T R Ramachandran appointed Visa's Group Country Manager for India


  • ·         Global payments provider Visa has appointed T R Ramachandran as its Group Country Manager for India and South Asia, with effect from January, 2015.
  • ·         He is set to replace former Group Country Manager of six years, Uttam Nayak, who would move to his new global role as Head of Emerging Products Digital, the company said in a statement issued here.
  • ·         Prior to joining Visa, Ramachandran was Managing Director at Aviva Life Insurance. He has over 25 years experience across retail banking, payment products, wealth management and insurance in India and Sri Lanka. He was also associated with Citibank.



India


5. CRY launched Project Unlearn to end child labour

  • ·         Child Rights and You (CRY) launched Project Unlearn with an aim to end child labour and encourage children to go to school. It was launched on 14 November 2014 on eve of Children’s Day.
  • ·         Project Unlearn is a campaign which will help children in labour (28588) across the country to be able to free themselves from shackles of labour, go back to school and be hopeful of a bright future.
  • ·         The deprived basic rights of children in labour are minimum wages, long working hours, suffering abuse and exploitation. The CRY with Project Unlearn aims is to spread awareness about above issues of child labour and shake people out of their indifference towards the grim reality that India faces.



6. Nuclear capable Prithvi-II surface to surface missile test-fired



  • ·         Prithvi-II surface-to-surface missile was test-fired on 13 November 2014 at Chandipur, Odisha. The test-fired was part of a regular training exercise of Strategic Force Command of Defence (SFC) and monitored by Defence Research & Development Organisation (DRDO).
  • ·         Prithvi-II was developed indigenously which is nuclear-capable and has a strike range of 350 km. It is capable of carrying 500 kg to 1000 kg of warheads.
  • ·         It is powered by liquid propulsion twin engines and uses advanced inertial guidance system with manoeuvring trajectory. 
  • ·         Prithvi II was inducted into the SFC in 2003. This is the first missile to be developed by DRDO under India's prestigious Integrated Guided Missile Development Program (IGMDP).



7. Union MoEF launched GIS-based Decision Support System

  • ·         Union Ministry of Environment and Forest (MoEF) on 11 November 2014 launched Geographical Information System (GIS)-based Decision Support System to help take informed decisions. The portal was launched to bring the transparency and reduce delays in forest-related regulatory clearances.
  • ·         The first phase of system will incorporate geo-referenced layers of forest cover as per the latest State of Forest Report by Forest Survey of India, forest types, biological richness, landscape integrity, protected areas, tiger reserves and corridors.
  • ·         The second phase of the system will incorporate GIS layers of Net Present Value (NPV), hydrological layers and forest cover as per the previous state of forest reports. Besides, it will also cover almost 500 Eco Sensitive Zones (ESZs) across the country.


Importance of GIS-based Decision Support System

•       It will help fast track the process of regulatory forest clearances for speedier economic growth while ensuring that development and protection of environment go hand-in-hand.
•       It will help officials in getting relevant information while it will have the satellite imagery and details about the forest cover. Projects and other activities being carried out in the forests can be monitored.
•       It will also help save time and will facilitate in taking merit based decisions without delay and in a transparent manner.
•       It would facilitate informed and objective decision on forest clearance applications and it would also facilitate the ministry to identify the inviolate forest areas
•       It would also facilitate the government to classify forests of the country based on ecological significance.


8. Children’s Day observed across India on 14 November

  • ·         India on 14 November 2014 celebrated Children’s Day (known as Bal Diwas in Hindi). The day is observed to increase the awareness of people towards the rights, care and education of children.
  • ·         Children’s day in India is observed annually on the birthday of Pandit Jawaharlal Nehru, the first Prime Minister of India. The day is observed on Nehru’s birthday to showcase his love for children and he is also regarded as Chacha Nehru for children.

About Jawaharlal Nehru
  • •       He was the first Prime Minister of free India
  • •       He was born on 14 November 1889 at Allahabad
  • •       He pursued his MA from Cambridge, England
  • •       He was one of the follower of Mahatma Gandhi
  • •       He has written some books like :
  • Glimpses of World History
  • Discovery of India
  • His letters to his daughter, Indira were also compiled into a book, which reflects his philosophical outlook, his compassion and above all, his tender heart.
  •  
  • •       Apart from this, the Universal Children's Day is observed annually on 20 November by United Nations recommendation. United Nations adopted the Declaration of the Rights of the Child on 20 November 1958.
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9. Radio Kashmir Jammu won Gandhian Philosophy and Public Service Broadcasting award 2014

  • •       Radio Kashmir Jammu on 12 November 2014 won prestigious Gandhian Philosophy and Public Service Broadcasting award 2014 for its programme Jeevan Rekha.
  • •       Jeevan Rekha is a programme based on the live broadcasts done in the wake of flood situation in Jammu and Kashmir by Radio Kashmir Jammu. It was based on the based on the rescue operations carried out by Radio Kashmir Jammu during massive floods in the J & K region.
  • •       Jeevan Rekha was a production by Sanjeev Sharma, Programme Executive, written by Nitish Arora, Programme Executive.
  • •       The Award was instituted to commemorate the visit of Father of the Nation Mahatma Gandhi to the Studios of AIR at Broadcasting House, New Delhi on 12 November 1947.
  • •       The award is presented annually to the Best Programmes produced on Gandhian Philosophy and Public Services Programmes by AIR & Doordarshan.



10. Government launches modified DBTL scheme in 54 districts


  • •       For the benefit of lakhs of households, the Central government has launched a modified Direct Benefit Transfer of LPG (DBTL) scheme in 54 districts in 11 states including all in Kerala starting November 15, 2014 whereby LPG consumers who have not yet availed the benefit will be able to get cash subsidy amount transferred into their accounts to buy Liquefied Petroleum Gas (LPG) cylinders at market price.
  • •       Every time they book a cylinder the government will transfer Rs 568 to the customers’ bank account so that the money would be there in the account before gas reaches their homes. Each household is entitled to get 12 subsidized cylinders a year. So those who have already exhausted the quota will not be get any subsidy this year.
  • •       This scheme will be implemented in the rest of India on January 1, 2015. Post implementation of this scheme India’s LPG subsidy burden of Rs 48,000 crore is expected to come down by 15 per cent.
  • •       Under this scheme consumers who do not have Aadhaar number, can receive cash directly in their bank account without producing Aadhaar. However, as and when they get Aadhaar they need to shift to Aadhaar based cash transfer.
  • •       The scheme will cover 2.33 crore households in the first phase. The customers who have already given Aadhaar number to the LPG distributor but not to the bank are required to link their Aadhaar numbers with their banks immediately. The balance LPG consumers who have not given their Aadhaar number to LPG distributor or to banks must give their Aadhaar number to both if they have it.
  • •       If they don’t have Aadhaar number, they need to give their bank account details to the Oil Marketing Company distributor or in the alternative they can give their 17 digit LPG ID to their banks if they are accepting it.
  • •       The Aadhaar linked DBTL scheme was launched on June 1, 2013 and finally covered 291 districts. The government has comprehensively reviewed the scheme and after examining the difficulties faced by the consumer substantively modified the scheme prior to the launch.



11. India third largest passport issuing country


  • •       External Affairs Minister Sushma Swaraj on Friday said that India is the third largest passport issuing country after China and the US.
  • •       “India accounts for 14 per cent of passport issuance and is the third largest passport issuing country after China and the US, with over 5.7 crore passports users in the country,” Swaraj said at the inaugural function of a Passport Seva Kendra (PSK) here in her recorded speech as her helicopter could not land in the city due to bad weather.
  • •       She said India will reach the one-crore mark in issuance of passport during 2014.
  • •       Apart from Guwahati and Aizawl which have functional PSKs in the north eastern region, Swaraj said the government is planning to set up PSKs in Arunachal Pradesh, Manipur, Nagaland and Sikkim and make them operational by early 2015.
  • •       Meghalaya Chief Minister Mukul Sangma inaugurated the PSK in Shillong.




12. Google celebrates Children’s Day with Pune schoolgirl’s doodle on Assam



  • •       A doodle by a Pune schoolgirl, depicting the natural and cultural richness of Assam, has been featured on Friday on the Google India homepage on the occasion of Children’s Day.
  • •       Vaidehi Reddy, a class IX student of Army Public School, was adjudged the winner of this year’s India Doodle4Google (D4G) contest in which there were more than a million entries from over 2,100 schools across 50 cities.
  • •       The winning doodle titled “Natural and Cultural Paradise — Assam” in which Ms. Reddy depicted the State’s famed wildlife by sketching the one-horned rhino, the tiger, tea bushes and bamboo trees. A woman performing the Bihu dance carrying a japi (traditional hat) is also there in the doodle.
  • •       Since 1998 there have been over 2,000 doodles on Google homepages around the world. Themes based on India have featured on the Google page umpteen times and more recently on occasions like R.K. Narayan’s 108th birthday (October 10) and the Lok Sabha elections counting day (May 16). Independence Day and Republic Day are featured every year.



13. Ratan Tata to be on board of Interpol Foundation



  • •       Tata Sons Chairman Emeritus Ratan Tata has been appointed to the board of Interpol Foundation to contribute to its two new global initiatives aimed at combating organised crime and terrorist activities by the international police organisation.
  • •       Tata will be in the company of HSBC CEO Stuart Gulliver, Credit Agricole Chairman Jean-Marie Sander, Abraaj Capital Chairman and CEO Arif Naqvi and Renault-Nissan Alliance Chairman and CEO Carlos Ghosn -- the other members of the board, which is headed by Prince Albert II of Monaco and ex-Lebanese Deputy Prime Minister Elias Murr.
  • •       Interpol Foundation said it is "honoured that Tata Sons Chairman Emeritus Ratan Tata has accepted to sit on its board of trustee and contribute to the success of the Protecting Cultural Property and Modernising Channels of International Judicial Cooperation initiatives."
  • •       The initiatives are two of the five global initiatives backed by Interpol and aimed at combating organised crime and terrorist activities, the foundation said in a statement.




International

14. Republican Mitch McConnell elected as the Majority Leader of US Senate


  • •       Mitch McConnell was on 13 November 2014 elected as the Majority Leader of the 100-member US Senate. He is originally known by the name Addison Mitchell McConnell, Jr.
  • •       He became the Majority leader after he was unanimously re-elected by the Republicans. Republican Party gained majority in the mid-term elections held for the US Senate on 4 November 2014.
  • •       McConnell, the senator from Kentucky, will take over the position from current Senate Majority Leader Harry Reid of Democratic Party at the start of the new session of US Congress on 3 January 2015.
  • •       Meanwhile, Democrats re-elected Harry Reid as their Senate leader, though his election was opposed by some Democrats.
  • •       Moreover, Republicans elected John Cornyn as Senate Republican whip and John Thune as Senate Republican Conference chairman. Senator Roger Wicker of Mississippi was elected to helm the National Republican Senatorial Committee.



15. Islamic State announces its own currency Islamic dinar


  • •       The Islamic State group said its leader has ordered that the organisation start minting gold, silver and copper coins for its own currency the Islamic dinar.
  • •       A website affiliated with the militant group said late on Thursday that its leader, Abu Bakr al-Baghdadi, has instructed his followers to start minting the coins to “change the tyrannical monetary system” modelled on Western economies that “enslaved Muslims.”
  • •       The posting said the order was approved by the group’s Shura Council, an advisory board.



16. NASA tests 3D-printed rocket engine parts


  • •       NASA has successfully tested 3D manufactured copper parts for rocket engines and found they could withstand the heat and pressure required for space launches.
  • •       Aerojet Rocketdyne (AR) at NASA’s Glenn Research Centre in partnership with NASA successfully completed the first hot-fire tests on an advanced rocket engine thrust chamber assembly using copper alloy materials.
  • •       This was the first time a series of rigorous tests confirmed that 3D manufactured copper parts could withstand the heat and pressure required of combustion engines used in space launches, NASA said.
  • •       In all, NASA and AR conducted 19 hot-fire tests on four injector and thrust chamber assembly configurations, exploring various mixture ratios and injector operability points and were deemed fully successful against the planned test programme.



Sports


17. SC disclosed names involved in IPL spot fixing probe done by Mudgal Committee



  • •       Supreme Court (SC) on 14 November 2014 disclosed the names of persons involved in the Indian Premier League (IPL) spot-fixing probe done by Mudgal Committee.
  • •       The SC disclosed the names of seven persons. These names include BCCI president N Srinivasan and Gurunath Meiyappan, Rajasthan Royals team co-owner Raj Kundra, Chief Operating Officer of IPL Sundar Raman and cricketers Samuel Badree, Owais Shah and Stuart Binny.
  • •       Srinivasan already has been barred by the SC from carrying out his duties as the BCCI president but he continued to be chairman of International Cricket Council (ICC).
  • •       The Supreme Court on 16 May 2014 had given task to Mudgal committee to conduct a probe against ICC Chairman Srinivasan and 12 players.
  • •       Mudgal committee on 29 August 2014 filed its interim report in a sealed cover before the Supreme Court on allegations of spot-fixing and betting in the 2013 edition of the IPL.