Current Affairs: January 10, 2012

Government allows 100% FDI in single brand retail

  • The Government allows 100% FDI in single brand retail with immediate effect. A notification in this regard has been issued by the Ministry of Commerce.
  • The objective of this important move is to attract more foreign direct investment in production and marketing of consumer goods and improving their availability.
  • The 100% FDI will be allowed only when the products are sold in single brand internationally.
  • Due care has been taken to protect the interests of small village and cottage industries.
  • The government policy keeps mandatory sourcing of at least 30% of the total value of the products for proposals involving FDI beyond 51% from this sector. This would enhance competitiveness of Indian enterprises through access to global design, technologies and management practices.
  • Up till now, for single-brand retailers, 51 per cent was permitted.

Certificates By Unrecognised Teachers Training Institutes Invalid: Supreme Court

  • A bench of justices G S Singhvi and A K Ganguly of the Supreme Court has ruled that certificates awarded by unreognized private teachers’ training institutes will have no legality unless the courses are recognised by the National Council for Technical Education (NCTE).
  • SC ruled that it is duty of the Regional Committees of the NCTE to ensure that the institutions follow necessary norms in terms of infrastructure, curriculum and other stipulations contained in the NCTE 1993 Act to curb unregulated institutes.
  • Supreme Court has also ruled that no high court in the country can give any interim relief to such unrecognised institutions in such matters if their recognitions is rejected or withdrawn at any point of time.

India & Israel sign extradition treaty

  • In the recent visit of External Affairs Minister SM Krishna to Israel, the two countries have signed an extradition treaty and a pact on the transfer of sentenced persons.
  • India has given its go ahead for opening up of Israeli Consulate in Bangalore.
  • S.M.Krishna met the Israeli President Shimon Peres , Prime Minister Benjamin Netanyahu and Foreign Minister Avigadorv Liebernman.
  • The Israeli President Shimon Peres backed India for a permanent seat in the UN Security Council. Describing India as the greatest democracy on earth, President Shimon Peres said that Tel Aviv wanted New Delhi to become a permanent member of the expanded United Nations Security Council.
  • Prime Minister Benjamin Netanyahu says that India and Israel should move towards a free trade agreement to give a boost to bilateral trade and commerce.

PM Releases a report on malnutrition and hunger

  • Prime Minister Manmohan Singh releases a report on malnutrition and hunger in New Delhi. The report has been prepared by the Nandi foundation which conducted the survey to identify the levels of malnutrition.
  • PM announces that a multi-sectoral programme in 200 districts where malnutrition is very high will be launched soon.

Moody’s upgrades India’s short-term foreign currency rating

  • Global rating agency Moody’s upgrades India’s short-term foreign currency rating from speculative to investment grade.
  • The upgrading would help domestic companies to raise funds from overseas markets at better rates.
  • The latest upgrade comes less than a month after Moody’s had upgraded the credit rating of Indian government’s bonds from speculative to investment grade, a move that was expected to encourage Foreign Institutional Investors increase their exposure in gilts and help companies raise funds from abroad at competitive rates.

FIFA Awards: Lionel Messi bestowed with the FIFA Ballon d’Or award for 3rd Consecutive Year

  • Argentinean football player Lionel Messi has been bestowed with the FIFA Ballon d’Or award for the third consecutive year.
  • With this extra-ordinary achievement, Messi has become the second player, after reigning UEFA President Michel Platini, to win the game’s most prestigious individual honor, for the third consecutive time.
  • Barcelona coach Joseph Guardiola was adjudged FIFA Coach of the Year.
  • Japanese midfielder Homare Sawa claimed the women’s equivalent of the Ballon d’Or, after she won the Golden Boot for the top scorer and the Golden Ball for the player of the tournament. Japan had secured first ever women’s World Cup title in Germany. Japan coach Norio Sasaki was named Women’s Coach of the Year.
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