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FSDC decides to take steps to make Corporate Bond Market more vibrant – On the issue of Sovereign Credit Rating of India, it was decided that it would be necessary for the government to strengthen its interaction with the rating agencies. The Council noted the recent structure that has been put in place in the Ministry of Finance for the exchange of information with the credit rating agencies. For better interaction with the agencies, it was decided to further broad base the process and present India’s case for higher rating by studying the methodologies adopted by the rating agencies.
The Union Finance Minister Shri Pranab Mukherjee said that by announcing a 50 basis point increase in the policy repo rate, raising it from 7.50 per cent to 8.0 per cent, Reserve Bank of India (RBI) has sought to give a strong signal to further moderate inflation and check inflationary expectations. The Finance Minister Shri Mukherjee was reacting here today to the 50 basis points increase made in the policy repo rate under Liquidity Adjustment Facility(LAF) by RBI in its First Quarter Review of Monetary Policy 2011-12 which was announced today in Mumbai.
The Ministries and Departments of Union Government are gearing up for legislative business in view of the forthcoming Session of Parliament. The Monsoon session will begin on 1st August 2011 and will continue up to 8th September 2011.Original and amendment bills are either being drafted or the readied bills are being sent for cabinet nod for consideration and passing in Parliament. The Minister of Parliamentary Affairs Shri P K Bansal along with the three Ministers of state today reviewed the progress and preparedness of various ministries and departments of Union Government for taking up their legislative business.
The Union Minister for Steel, Shri Beni Prasad Verma said that India will become the world’s second largest producer of steel by 2013. With an installed annual production capacity of 120 million tonnes up from the present the present 80 million tonnes. Addressing the 5th India steel Summit in New Delhi today, he said that currently, India has the fourth largest steel sector in the world, both in terms of capacity and production. He said, further the capacity is expected to be over 150 million tonnes by 2020.
UK Chancellor of the Exchequer Mr.George Osborne and the Union Finance Minister Shri Pranab Mukherjee, attended the fourth round of Ministerial level India – UK Economic and Financial Dialogue, which was held yesterday in London. Both the Leaders were assisted by Senior Officials of their respective Ministries and regulatory bodies. They discussed ways to strengthen mutual cooperation and further boost trade and investment between the two countries.
The Cabinet today approved the proposal for moving an official Amendment to the Constitution (One hundred and Tenth Amendment) Bill, 2009 for enhancing reservation for women in Panchayats at all tiers from 1/3rd to at least 50%. The Constitution (One hundred and Tenth Amendment) Bill, 2009 was introduced in the Lok Sabha on 26.11.2009. The official Amendment proposes to add word ‘rural’ before the word ‘population’ as and where the same occur in 1st Proviso of Clause (2) (iii) of the Constitution (One hundred and Tenth Amendment) Bill, 2009. This Provision will apply to the total number of seats filled by direct election, offices of Chairpersons and seats and offices of Chairpersons reserved for Scheduled Castes and Scheduled Tribes.
Union Home Minister Shri P. Chidambaram released the book on Disaster Management in India prepared by Disaster Management Division in the Ministry of Home Affairs, here today. Speaking on the occasion, Shri Chidambaram urged the stakeholders to come together by contributing their knowledge and experience in mitigating disaster in the country. He said that disaster management must become part of the general administration at the district level and first and second response at the ground level in States must be prepared. The Home Minister expressed the hope that the Book will be useful in disseminating knowledge on disasters and disaster management in the country.
Can a Chernobyl type accident take place in Indian Nuclear Power Plants? Nuclear power has a very good safety record for a period spanning more than three decades. The Three Mile Island (TMI) accident in March, 1979 and the Chernobyl accident in April, 1986, Have raised apprehensions in the minds of the public all over the world. In the case of TMI, no radiation injury had occured to any member of the Public. In fact all the safety systems had worked as designed and no radioactivity was released to the atmosphere. At chernobyl, 31 people died and they are all plant personnel.new
The Appointments Committee of the Cabinet (ACC) has approved the appointment of Shri R.S. Gujral, IAS (HY:76), Secretary, Department of Revenue, Ministry of Finance as Finance Secretary and Secretary, Department of Revenue, Ministry of Finance.
CBI today raided the office of the Paramount Group and residence of Paramount Airways Managing Director M Thiagarajan in connection with alleged financial transactions. CBI officials said the raids were conducted in connection with non-repayment of a large amount of bank loans, but refused to give details.
