1. India ranked 7th largest player in Global Services Trade
India has been ranked by the World Trade Organisation (WTO) as the 7th largest player in the global services trade with value of exports and imports aggregating 261 billion dollars in 2011.
NOTE:- According to a WTO report, with exports at 137 billion dollar and imports at 124 billion dollar, India is among the 5 countries out of the top 10 players which ended the year 2011 with a surplus of trade in commercial services.The Indian economy is mainly driven by services with the sector contributing over 55 per cent of the country's Gross Domestic Product (GDP).
2. Mysore gets country’s First Intelligent Transport System
Cultural capital of Karnataka, Mysore now will be known for country’s first Intelligent Transport System, launched yesterday with the help of central government.
NOTE:- At present 500 buses, 105 bus stops and six major bus stands with 45 platforms are covered under the system in Mysore city. It is implemented in Mysore as a pilot project at a cost of Rs. 23 crore.Once successful, the project will be replicated in other cities of the country.
3. 21st ASEAN Summit opened in the Cambodian capital, Phnom Penh
21st Association of Southeast Asian Nations Summit opened in the Cambodian capital, Phnom Penh today, bringing together leaders from 10 ASEAN member countries.
India and ASEAN holded negotiations on a Free Trade Agreement in Services and Investment with ASEAN and are keen to conclude during the summit.This will ultimately pave the way for comprehensive economic partnership agreement with ASEAN grouping. India's trade volume with ASEAN has crossed 94 billion dollars.
NOTE:- The Association of Southeast Asian Nations is a geo-political and economic organization of 10 countries located in Southeast Asia, which was formed on 8 August 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand.Since then, membership has expanded to include Brunei, Burma (Myanmar), Cambodia, Laos, and Vietnam.
Its aims include accelerating economic growth, social progress, cultural development among its members, protection of regional peace and stability, and opportunities for member countries to discuss differences peacefully.
4. 7th East Asia Summit to be held in Cambodian capital, Phnom Penh
East Asia Summit is the foremost forum for promoting peace, stability and prosperity in the Asia-Pacific region. The 7th East Asia Summit will focus on 3 main topics including environment, labour standards and urbanization which are pressing challenges facing the region.
NOTE:- The East Asia Summit (EAS) is a forum held annually by leaders of, initially, 16 countries in the East Asian region. Membership expanded to 18 countries including the United States and Russia at the Sixth EAS in 2011. EAS meetings are held after annual ASEAN leaders’ meetings.
5. Decks cleared for setting up 6 more forensic labs in UP
U.P. Govt. has cleared the decks for setting up 6 more forensic laboratories in the state, by approving the expenditure worth Rs. 294.43 crore towards police modernisation.
NOTE:- Currently there are two 'Forensic Science Laboratories (FSL) in the state, one each at Lucknow and Agra. Chief Secretary has instructed officials to send the approved proposal to the Centre for ratification.
6. NTPC to start Skill Development Programme for J&K youth under the Centre's UDAAN initiative
National Thermal Power Corporation (NTPC), will start a skill development programme for 144 youngsters from Jammu and Kashmir next week. The 36-week training programme in thermal power plant engineering will be under the Centre's UDAAN initiative which is aimed at imparting skills to the youth from the state.
NOTE:- The trainees would be given a monthly stipend of Rs. 2,500. The company would also assist them in getting placements. Under the programme, NTPC aims to train 200 youths from Jammu and Kashmir every year for a period of 5 years.
7. Coal Ministry issued Order for Deduction of Bank Guarantees and de-allocation of 8 Coal Blocks
Coal Ministry of India issued orders for deduction of bank guarantees of the D B Power and decided on de-allocation of 8 coal blocks following a decision made by an Inter Ministerial Group.
NOTE 1 :- The Inter ministerial Group after its decision recommended a deduction of the bank guarantee of D B Power to an extent of 5.1 crore rupees. The calculated bank guarantee of the coal controller is to be deducted and deposited with the government.
NOTE 2:- Among the companies affected by the de-allocation are Grasim Industries, Gujarat Ambuja Cement, Lafarge, Electrotherm and Kesoram Industries. The blocks were deallocated by the government as they were not developed within a stipulated timeframe and for which satisfactory explanations were not given.
8. Dalit colony in Andhra Pradesh renamed after Myanmar leader Suu Kyi
A Dalit Colony in a remote village of Papasanipalli in Ananthapur district of Andhra Pradesh has been named after the visiting Myanmar democracy leader Aung San Suu Kyi to mark her visit.
NOTE:- The Nobel laureate has visited the tiny village yesterday to examine the implementation of the Rural Development programmes at grass roots level.
9. Indian-American NASA astronaut Sunita Williams returned to Earth
Record-setting Indian-American NASA astronaut Sunita Williams along with two other cosmonauts returned to Earth today, after four months in orbit.
NOTE:- Williams ceremonially handed over the command of the International Space Station to fellow NASA astronaut Kevin Ford on the eve of her departure from the complex yesterday.
10. Chinese Film "11 Flowers" won NETPAC Award at Kolkata Film Festival
Chinese film, 11 Flowers won the Network for the Promotion of Asian Cinema (NETPAC) Award at 18th Kolkata International Film Festival. The film won the best film award in Asian Select category-the only competitive category in Kolkata International Film Festival. A total of 13 films from 12 12 Asian Countries were selected to compete for the award of this category.
NOTE:- The film directed by the acclaimed filmmaker Wang Xiaoshuai describes the backdrop of the Cultural Revolution in form of a semi-autobiographical story of the rural Guizhou Province. Wang Jinchun and Wenqing Liu are the lead stars of the film.
NETPAC award is now a part of 44 film festivals of 28 different countries across five continents.
11. Assam Tribune’s Chairperson Tulsi Govinda Baruah passed away
Tulsi Govinda Baruah, the Chairman of Assam Tribune Group of Newspapers passed away on 17 November 2012 at his residence in Rajgarh. He was 87 year old.
12. US Lifted the Ban Imposed on Imports from Myanmar
US Lifted the Ban Imposed on Imports from Myanmar, before President Obama’s Visit to the Nati
The decade old ban on most of the imports from Myanmar in the third week of November was scrapped by the United States. The step of scrapping the bans on import of most of the products from Myanmar came ahead of the landmark visit of the U.S. President Barack Obama scheduled on 20 November 2012 to the long isolated nation. With this visit to Myanmar, Obama would turn-up to be the first sitting President of U.S. to visit the country.
NOTE:- The ban on imports from Myanmar was imposed in 2003 by the U.S. Congress and this scrapping of the ban by world’s largest economy may bring back a huge growth in the Garment industry of Myanmar, as U.S. at a point of time remained one of the largest buyers of cloths from Myanmar.
13. Tobacco Board went Hi-Tech, Launched e-auction in Karnataka
Tobacco Board becoming Hi-Tech launched the first tobacco e-auctioning platform located at Periyapatna in Mysore district in Karnataka.The Tobacco Board plans to introduce e-auctioning in all the 11 auction platforms in Karnataka by the by the end of November 2012.
NOTE:- The e-auctioning system is going to provide farmers an assured and remunerative price for their crop through a transparent bidding process.
14. India's retail industry to grow to $1.3 trillion by 2020: FICCI
The size of India's retail industry is expected to more than double to $1.3 trillion by 2020, led by an estimated 25 percent average annual growth in organised retail if overseas investment is permitted in the sector, industry body FICCI said.
R.V. Kanoria, president of the Federation of Indian Chambers of Commerce and Industry (FICCI) said "With the current market size estimated at $500 billion, this translates to an additional $800 billion in the next eight years."
NOTE:- The country's traditional retail industry is expected to grow at an average annual rate of 5 percent over the next year, while the organised retail is estimated to register a growth rate of around 25 percent during this period. Currently, almost 94 percent of India's retail industry is unorganised or traditional.
15. RBI must enter Forex market to support Rupee, curb inflation: BoA-ML
Leading US brokerage Bank of America-Merrill Lynch (BofA-ML) has called upon the Reserve Bank to enter the forex market and buy dollars to recoup the rupee and thus arrest the imported inflation, which is the main reason for the continued price spiral.
NOTE:- Stating that lending rate cuts and higher forex reserves hold keys to the market and growth recovery, a BoA-ML India report authored by its chief economist Indranil Sen Gupta said, "The rupee will remain volatile till RBI recoups the forex reserves of $ 65 billion, including the forwards which it had sold since the 2008 global credit crisis following the fall of Lehman Brothers."
16. GAAR amendments finalised: Finance Minister P Chidambaram
Finance Minister P Chidambaram disclosed today that amendments to GAAR, the controversial law against tax avoidance through foreign investments, have been finalised,
He said, "I have finalised the amendments to the Chapter 10A of the Income Tax Act. Now it will go to the PMO and then we should be ready with the amendments and then the GAAR rules will reflect the amended Chapter 10A.
NOTE:- Chapter 10A of the Income Tax Act deals with taxation of investments.
India has been ranked by the World Trade Organisation (WTO) as the 7th largest player in the global services trade with value of exports and imports aggregating 261 billion dollars in 2011.
NOTE:- According to a WTO report, with exports at 137 billion dollar and imports at 124 billion dollar, India is among the 5 countries out of the top 10 players which ended the year 2011 with a surplus of trade in commercial services.The Indian economy is mainly driven by services with the sector contributing over 55 per cent of the country's Gross Domestic Product (GDP).
2. Mysore gets country’s First Intelligent Transport System
Cultural capital of Karnataka, Mysore now will be known for country’s first Intelligent Transport System, launched yesterday with the help of central government.
NOTE:- At present 500 buses, 105 bus stops and six major bus stands with 45 platforms are covered under the system in Mysore city. It is implemented in Mysore as a pilot project at a cost of Rs. 23 crore.Once successful, the project will be replicated in other cities of the country.
3. 21st ASEAN Summit opened in the Cambodian capital, Phnom Penh
21st Association of Southeast Asian Nations Summit opened in the Cambodian capital, Phnom Penh today, bringing together leaders from 10 ASEAN member countries.
India and ASEAN holded negotiations on a Free Trade Agreement in Services and Investment with ASEAN and are keen to conclude during the summit.This will ultimately pave the way for comprehensive economic partnership agreement with ASEAN grouping. India's trade volume with ASEAN has crossed 94 billion dollars.
NOTE:- The Association of Southeast Asian Nations is a geo-political and economic organization of 10 countries located in Southeast Asia, which was formed on 8 August 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand.Since then, membership has expanded to include Brunei, Burma (Myanmar), Cambodia, Laos, and Vietnam.
Its aims include accelerating economic growth, social progress, cultural development among its members, protection of regional peace and stability, and opportunities for member countries to discuss differences peacefully.
4. 7th East Asia Summit to be held in Cambodian capital, Phnom Penh
East Asia Summit is the foremost forum for promoting peace, stability and prosperity in the Asia-Pacific region. The 7th East Asia Summit will focus on 3 main topics including environment, labour standards and urbanization which are pressing challenges facing the region.
NOTE:- The East Asia Summit (EAS) is a forum held annually by leaders of, initially, 16 countries in the East Asian region. Membership expanded to 18 countries including the United States and Russia at the Sixth EAS in 2011. EAS meetings are held after annual ASEAN leaders’ meetings.
5. Decks cleared for setting up 6 more forensic labs in UP
U.P. Govt. has cleared the decks for setting up 6 more forensic laboratories in the state, by approving the expenditure worth Rs. 294.43 crore towards police modernisation.
NOTE:- Currently there are two 'Forensic Science Laboratories (FSL) in the state, one each at Lucknow and Agra. Chief Secretary has instructed officials to send the approved proposal to the Centre for ratification.
6. NTPC to start Skill Development Programme for J&K youth under the Centre's UDAAN initiative
National Thermal Power Corporation (NTPC), will start a skill development programme for 144 youngsters from Jammu and Kashmir next week. The 36-week training programme in thermal power plant engineering will be under the Centre's UDAAN initiative which is aimed at imparting skills to the youth from the state.
NOTE:- The trainees would be given a monthly stipend of Rs. 2,500. The company would also assist them in getting placements. Under the programme, NTPC aims to train 200 youths from Jammu and Kashmir every year for a period of 5 years.
7. Coal Ministry issued Order for Deduction of Bank Guarantees and de-allocation of 8 Coal Blocks
Coal Ministry of India issued orders for deduction of bank guarantees of the D B Power and decided on de-allocation of 8 coal blocks following a decision made by an Inter Ministerial Group.
NOTE 1 :- The Inter ministerial Group after its decision recommended a deduction of the bank guarantee of D B Power to an extent of 5.1 crore rupees. The calculated bank guarantee of the coal controller is to be deducted and deposited with the government.
NOTE 2:- Among the companies affected by the de-allocation are Grasim Industries, Gujarat Ambuja Cement, Lafarge, Electrotherm and Kesoram Industries. The blocks were deallocated by the government as they were not developed within a stipulated timeframe and for which satisfactory explanations were not given.
8. Dalit colony in Andhra Pradesh renamed after Myanmar leader Suu Kyi
A Dalit Colony in a remote village of Papasanipalli in Ananthapur district of Andhra Pradesh has been named after the visiting Myanmar democracy leader Aung San Suu Kyi to mark her visit.
NOTE:- The Nobel laureate has visited the tiny village yesterday to examine the implementation of the Rural Development programmes at grass roots level.
9. Indian-American NASA astronaut Sunita Williams returned to Earth
Record-setting Indian-American NASA astronaut Sunita Williams along with two other cosmonauts returned to Earth today, after four months in orbit.
NOTE:- Williams ceremonially handed over the command of the International Space Station to fellow NASA astronaut Kevin Ford on the eve of her departure from the complex yesterday.
10. Chinese Film "11 Flowers" won NETPAC Award at Kolkata Film Festival
Chinese film, 11 Flowers won the Network for the Promotion of Asian Cinema (NETPAC) Award at 18th Kolkata International Film Festival. The film won the best film award in Asian Select category-the only competitive category in Kolkata International Film Festival. A total of 13 films from 12 12 Asian Countries were selected to compete for the award of this category.
NOTE:- The film directed by the acclaimed filmmaker Wang Xiaoshuai describes the backdrop of the Cultural Revolution in form of a semi-autobiographical story of the rural Guizhou Province. Wang Jinchun and Wenqing Liu are the lead stars of the film.
NETPAC award is now a part of 44 film festivals of 28 different countries across five continents.
11. Assam Tribune’s Chairperson Tulsi Govinda Baruah passed away
Tulsi Govinda Baruah, the Chairman of Assam Tribune Group of Newspapers passed away on 17 November 2012 at his residence in Rajgarh. He was 87 year old.
12. US Lifted the Ban Imposed on Imports from Myanmar
US Lifted the Ban Imposed on Imports from Myanmar, before President Obama’s Visit to the Nati
The decade old ban on most of the imports from Myanmar in the third week of November was scrapped by the United States. The step of scrapping the bans on import of most of the products from Myanmar came ahead of the landmark visit of the U.S. President Barack Obama scheduled on 20 November 2012 to the long isolated nation. With this visit to Myanmar, Obama would turn-up to be the first sitting President of U.S. to visit the country.
NOTE:- The ban on imports from Myanmar was imposed in 2003 by the U.S. Congress and this scrapping of the ban by world’s largest economy may bring back a huge growth in the Garment industry of Myanmar, as U.S. at a point of time remained one of the largest buyers of cloths from Myanmar.
13. Tobacco Board went Hi-Tech, Launched e-auction in Karnataka
Tobacco Board becoming Hi-Tech launched the first tobacco e-auctioning platform located at Periyapatna in Mysore district in Karnataka.The Tobacco Board plans to introduce e-auctioning in all the 11 auction platforms in Karnataka by the by the end of November 2012.
NOTE:- The e-auctioning system is going to provide farmers an assured and remunerative price for their crop through a transparent bidding process.
14. India's retail industry to grow to $1.3 trillion by 2020: FICCI
The size of India's retail industry is expected to more than double to $1.3 trillion by 2020, led by an estimated 25 percent average annual growth in organised retail if overseas investment is permitted in the sector, industry body FICCI said.
R.V. Kanoria, president of the Federation of Indian Chambers of Commerce and Industry (FICCI) said "With the current market size estimated at $500 billion, this translates to an additional $800 billion in the next eight years."
NOTE:- The country's traditional retail industry is expected to grow at an average annual rate of 5 percent over the next year, while the organised retail is estimated to register a growth rate of around 25 percent during this period. Currently, almost 94 percent of India's retail industry is unorganised or traditional.
15. RBI must enter Forex market to support Rupee, curb inflation: BoA-ML
Leading US brokerage Bank of America-Merrill Lynch (BofA-ML) has called upon the Reserve Bank to enter the forex market and buy dollars to recoup the rupee and thus arrest the imported inflation, which is the main reason for the continued price spiral.
NOTE:- Stating that lending rate cuts and higher forex reserves hold keys to the market and growth recovery, a BoA-ML India report authored by its chief economist Indranil Sen Gupta said, "The rupee will remain volatile till RBI recoups the forex reserves of $ 65 billion, including the forwards which it had sold since the 2008 global credit crisis following the fall of Lehman Brothers."
16. GAAR amendments finalised: Finance Minister P Chidambaram
Finance Minister P Chidambaram disclosed today that amendments to GAAR, the controversial law against tax avoidance through foreign investments, have been finalised,
He said, "I have finalised the amendments to the Chapter 10A of the Income Tax Act. Now it will go to the PMO and then we should be ready with the amendments and then the GAAR rules will reflect the amended Chapter 10A.
NOTE:- Chapter 10A of the Income Tax Act deals with taxation of investments.
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