29 November 2014
National:
GDP rises 5.5% in first half of fiscal
The GDP growth in the first half of the financial
year, April-September, stands at 5.5 per cent as against 4.9 per cent in the
corresponding period last year. The September quarter registered a growth of
5.3 per cent, show data released by the Central Statistics Office. Growth in
government consumption expenditure during the quarter reflected in the pick-up
in community and social services growth that surged from 9.1 per cent to 9.6
per cent. Agriculture performed better than expected even in the face of a
lower kharif output and decreasing acreage cultivation. Farm sector growth
slipped only to 3.2 per cent from 3.8 per cent. Mining and quarrying growth
slowed to 1.9 per cent from 2.1 per cent. Electricity, gas and water supply
growth was down to 8.7 per cent from 10.2 per cent. Financial and real estate
services growth too fell to 9.5 per cent from 10.4 per cent.
Avinash Chander to continue as DRDO chief
Defence Research and Development Organisation
(DRDO) chief Dr. Avinash Chander will retire on November 30 but will continue
to occupy the position on contractual basis till May, 2016.“The President is
pleased to retire Dr. Avinash Chander, Secretary, Department of Defence Research
& Development, in the Ministry of Defence from Government service with
effect from November 30 on attaining the age of superannuation“The appointment
of Dr. Chander beyond his date of retirement — for 18 months — would be on
contract basis, with the same terms and conditions as he would be entitled to
Secretary (DRD) before the date of retirement.
Parliament cleared the Labour Laws (Exemption from
Furnishing Returns and Maintaining Registers by Certain Establishments) (LLE)
Amendment Bill, 2014, with the LokSabha giving its nod for the draft
legislation that reduces small establishments’ obligations to file returns.The
recommendations made by a Parliamentary Standing Committee in 2011. Echoing
trade unions’s views, the Committee recommended the number of employees be
maintained at 19 or be increased to 25 at the most.The 2014 Bill stipulates
“small” establishments would cover those employing between 10 and 40 workers as
against 19 in the Principal Act, and increases the number of laws under which
small establishments enjoy exemptions from nine to 16. It provides for
maintenance of registers and returns in electronic form.
ASI digging Chandayan site to find possible
Harappan link
The chance discovery of a broken copper crown on
the skull of a skeleton, a red ware bowl, a miniature pot and a sling ball at
Chandayan village, 100 km from New Delhi, has made the Archaeological Survey of
India (ASI) excavate the site. Carnelian and faience beads decorate the
crown.There is excitement in the air because Chandayan could turn out to be a
late Harappan site. The village is in Baraut tehsil, Baghpat district, Uttar
Pradesh, in the surrounding plains of the Hindon and another river.
International:
Thailand set to ban commercial surrogacy
Thailand’s parliament has voted to ban commercial
surrogacy after outrage erupted over the unregulated industry following a
series scandals including the case of an Australian couple accused of
abandoning a baby with Down’s syndrome. A draft bill which would see those
caught profiting from surrogacy punished with up to ten years in
prison passed its first reading in the country’s military-stacked
Parliament.Under its current wording it is unlikely foreigners will be able to
use Thailand as a surrogacy destination with the same ease they once enjoyed.
The murky industry came under intense scrutiny this summer after a series of
surrogacy scandals broke involving foreigners, prompting the promise of a crack
down by Thailand’s military junta, which took power in a May coup. Dozens,
possibly hundreds, of foreign couples are thought to now be in limbo after
entering into surrogacy arrangements through clinics in the kingdom. Commercial
surrogacy has always been officially banned by Thailand’s Medical Council, but
until recently even top fertility clinics were believed to offer the service.
Namibia goes to polls with EVMs made in India
Namibia became the first African country in Africa
to go to presidential and legislative polls using EVMs made in India.
Opposition parties had challenged the electronic voting machines (EVMs),
voicing concerns that lack of a paper trail could encourage vote rigging. But
the case was dismissed by the country’s high court earlier this week. Election
officials said the results would be available 24 hours after the poll ends. The
ruling South West Africa People’s Organisation (Swapo) is expected to win the
poll and Prime Minister Hage Geingob to become the President.
U.K. to reduce migrant numbers
U.K. Prime Minister David Cameron has set out a
raft of measures to reduce the number of migrants especially from the European
Union coming to the U.K.Figures which suggest that net migration in 2014 is now
16,000 higher than what it was when the coalition government was formed in
2010. This has thrown completely off track the Conservative Party’s promise to
bring down annual migration levels to the “tens of thousands.
Business &Economy:
Centre eases curbs on gold imports
The Reserve Bank of India (RBI) said the government
had decided to withdraw the 20:80 scheme and other restrictions placed on
import of gold. “All instructions issued about the scheme from time to time
starting with August 14, 2013, stand withdrawn with immediate effect,” said the
RBI.As per the August 14, 2013 circular, the RBI had prohibited the import of
gold in the form of coins and medallions.
RBI issues final norms for uniform payment
collection system
The Reserve Bank of India came out with the final
guidelines for the Bharat Bill Payment System (BBPS), which will help consumers
pay multiple bills like electricity, telephone and school fees at a single
point of transaction. “The BBPS is an integrated bill payment system offering
inter-operable and accessible bill payment service to customers through a
network of agents, enabling multiple payment modes, and providing instant
confirmation of payment. The RBI-promoted payment retail gateway and the issuer
of the Rupay debit Cards, the National Payment Corporation of India (NPCI) has
been appointed as the nodal body.
SEBI research analysts norms to be effective from
Dec. 1
he Securities and Exchange Board of India (SEBI) ,
the SEBI (Research Analysts) Regulations, 2014 (RA Regulations), would come
into effect from December 1. This was notified on September 1. “No person shall
act as research analyst or research entity or hold itself out as research
analyst unless he has obtained a certificate of registration from SEBI under
these regulations unless an exemption specifically applies.
