12 November 2015 Current Affairs
Prime Minister Narendra Modi visit to UK
Indian Prime Minister Narendra Modi on 12 November reached London for a three day visit to UK. He was accorded a guard of honour by the 48 member F company Scots guard accompanied by the regimental band of Irish guards. He met the UK Prime Minister David Cameron and held talks with him. India and UK announced an enhanced defence and strategic partnership as well as a civil nuclear agreement. A trade deals worth 9 billion pounds would be signed during Modi’s visit. A brief stop to pay tributes at the Mahatma Gandhi statue in Parliament Square followed by speech at the Houses of Parliament.
India & UK signed a Civil Nuclear Pact
India and UK on 12 November, 2015 signed a civil nuclear pact and decided to collaborate in the field of defence and cyber security besides launching a railway rupee bond in UK. They also announced deals worth 9 billion pounds (Rs. 90,000 Crores) during the visit of Indian Prime Minister Narendra Modi to UK for three days.
Microsoft CEO Satya Nadella in top 50 global businessmen list of Fortune
Microsoft CEO Satya Nadella has been named among the top 50 global business leaders by Fortune Magazine. Three Indians are placed in the list of Fortune. Mater Card’s CEO Ajay Banga is ranked at fifth position, Cognizant’s CEO Fernandez D’Souza at 16th place and Microsoft’s Nadella is ranked at the 47th place. Nike’s Mike Parker topped the list followed by Facebook’s Mark Zukerberg at second place, Electronic Art’s CEO Andrew Wilson (3), Apple’s Tim Cook (4) and Alphabet’s Larry Page at 11th position.
IISc Bengaluru at 99th position in top 100 world university rankings
The Indian Institute of Science (IISc) Bangalore ranks in the world’s top 100 universities for engineering and technology. IISc made its entry at 99th spot in a list that remains dominated by US institutions with Stanford, CalTech and Massachusetts Institute of Technology (MIT) in the top three positions in the ‘Times Higher Education (THE) Ranking for Engineering & Technology’.
Subir Gokarn has been appointed as executive director at IMF
Former RBI Deputy Governor Subir Gokarn was appointed as an Executive Director on the board of the International Monetary Fund (IMF). He will present India, Bangladesh, Sri Lanka and Bhutan on the Washington-based IMF’s Executive Board. He replaces Mr Rakesh Mohan at the IMF.
Centre relaxes Foreign Direct Investments (FDI) norms in 15 main sectors
The centre announced Foreign Direct Investment (FDI) reforms, easing norms across 15 sectors including defence, banking, construction, single brand retail, broad casting and civil aviation. This is aimed at boosting the investment environment and bring in more foreign investments in the country. The governement also raised the threshold limit of approval by Foreign Investment Promotion Board (FIPB) from the earlier Rs. 3,000 crore to Rs. 5,000 crore. In defence sector foreign investment up to 49% has been allowed under automatic route from the earlier government approved route. In broad casting (FM Radio) and News Channels FDI up to 49 % is allowed through the FIPB route from the earlier 26%. In Banking sector investment up to sectoral limit of 74% provided.