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Economy
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Banking
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The Rajasthan High Court has barred the credit cooperative societies from carrying out banking business
without licence from the Reserve Bank of India (RBI).
The court has also prohibited these societies from
carrying out banking activities like ATM and loaning.
The petitioner had objected to these societies
functioning parallel to banks in violation of co-operative
laws, which permit them to accept limited deposits of
members with an objective of financial independence.
The Foreign Investment Promotion Board (FIPB) has
cleared the long- pending proposal of HDFC Bank to
hike foreign holding in the bank to 74 per cent.
Telecom giant SoftBank has pledged an investment of
$10 bn (over Rs 60,000 cr) in Indias IT and
communications space, one of the biggest investment
commitments from a Japanese firm after Prime Minister
Narendra Modis visit to that country.
The World Bank in its India Development Update
released recently has said that Indias economic growth
is expected to rise to 5.6 per cent in FY15, followed by
further acceleration to 6.4 per cent and 7 per cent in FY
2016 and FY 2017, identifying the goods and services tax
(GST) as the most important economic reform that the
new govt should undertake to attain faster growth.
In a bid to encourage the habit of small savings among
citizens, Union govt re-launched the once-successful
Kisan Vikas Patra (KVP) on 18 Nov.
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The Enforcement Directorate (ED) has issued a Rs 660cr show-cause notice to consumer electronics major
Videocon group on charges of violation of foreign
exchange laws.
Power
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Taxation
The govt has raised excise duty on petrol and diesel by
Rs 1.50 a litre each to help it achieve the fiscal deficit
target for this year.
Telecom
The Department of Telecommunications (DoT) and the
defence ministry have finally resolved the contentious
issue of swapping spectrum for commercial use. The
Communications and Information Technology Minister
Ravi Shankar Prasad met newly appointed defence
minister Manohar Parrikar and the two reached an
agreement on the matter. Defence Ministry would give
15 MHz of spectrum in the 2,100 band (which is currently
used for 3G) and, in return, it would get a similar amount
in the 1,900 band, which is with the DoT. With this
understanding, telecom firms, who feared shortage of
spectrum would lead to competition and high prices, can
breathe easy. The understanding between the two
ministries comes a few days after Telecom Regulatory
Authority of India (TRAI) Chairman Rahul Khullar said
the tussle between the Defence Ministry and the DoT
had to be resolved politically.
Others
Trade
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Nation
Centre
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Defence
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India has successfully test-fired its Prithvi-II surface-tosurface missile from a test range at Chandipur near
Balasore as part of a user trial by Army.
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The missile is a medium-range surface-to-air antiaircraft defence system with a strike range of 25
km.
It can carry a warhead of 60 kg.
It has the capability to target aircraft up to 30 km
away and is packed with a battery that can track and
attack several targets simultaneously.
With its capability to neutralise aerial targets like
fighter jets, cruise missiles and air-to-surface
missiles, defence experts compare Akash to the
similar weapons of many other advanced countries.
It has been developed by Defence Research and
Development Organisation (DRDO) as part of the
Integrated Guided Missile Development Programme.
While the Air Force version has already been
inducted, the Army version is in the final stage of
induction.
The fourth India-China joint training exercise Hand-inHand 2014 was held in Pune from 17 Nov to 25 Nov.
Defence projects worth a whopping Rs 80,000 cr were on
Oct 25, 2014 cleared by the govt which decided that six
submarines will be made indigenously and over 8,000
Israeli antitank guided missiles and 12 upgraded Dornier
surveillance aircraft will be purchased.
The Central Govt has granted approval to four out of the
14 identified strategic rail lines. The building of the lines
will be commissioned only after the survey, which acts
as a blueprint. The four rail lines which have been
identified are along the China border. They are in
Arunachal Pradesh, Assam, Himachal Pradesh and
J&K. The identified lines are Missamari-Tawang (378
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km) in Assam-Arunachal Pradesh, North LakhimpurAlong-Silapathar (248 km) in Assam, MurkongselekPasighat-Tezu-Parashuram Kund-Rupai (256 km) in
Assam-Arunachal Pradesh and Bilaspur-Mandi-ManaliLeh (498 km) in Himachal Pradesh-J&K. The rail lines are
expected to be used by the Armed Forces for transporting
supplies for the Army and troops movement.
The Director General for Aeronautics from DRDO K
Tamilmani has indicated that Final Operational
Clearance (FOC) for indigenous Light Combat Aircraft
(LCA) Tejas will be given in Jun next year. The HAL
Tejas is a single-seat, single-engine, multi-role light
fighter developed by Hindustan Aeronautics Limited
(HAL) for India.
India and Israel successfully test-fired on 10 Nov a longrange surface to air missile (LR SAM) jointly developed
by them, marking a milestone in bilateral cooperation in
developing advanced weapon systems.
The final version of the two-seater trainer jet Tejas (PV6) made its maiden flight on 9 Nov, in a milestone for
Indias overall indigenous Light Combat Aircraft
programme.
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World
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Persons in News
Appointed
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Died
Felicitated
Killed
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Visited
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Sports
Badminton
Hockey
Boxing
Cricket
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Pole sitter Raj Bharath of India led for most part of the
race, but GP3 driver Ryan Cullen of Great Britain edged
him out for the prime position on the podium in the
opening race in the second round of the MRF Challenge
at the Bahrain International Circuit.
Tennis
Virat Kohlis superb ton in the final ODI against Sri Lanka
helped India whitewash the tourists 5-0.
Golf
Motorsports
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Awards
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