India to Pitch for Hosting G20 Meet

India is about to make a pitch to host its first ever G20 meet. The bid will need to be certified by G20 members, and is being seen as the Modi government’s aim to put the Indian economy into the bigger grounds. The G20 bid will create jobs and expand tourism opportunities.

Although Vigyan Bhawan in Delhi is assumed to be the natural host, the absence of a global-scale convention centre to host leaders from the world’s 20 largest economy, ranging from the US and Chinese presidents to the German chancellor and the British Prime Minister, is a concern.

The event will require massive security arrangements, and a space to host aircraft from 19 countries. The preparation for the G20 meet is enormous, and demands planning of budget for several other events through the year, including talks of central bank governors and finance ministers, along with ministerial gatherings for trade, energy and labour.
Pragati Maidan or the Greater Noida Expo Centre could be some of the options to have the meetings in, but compared to the G20 mark, it is a glitch.
Holding an event of international level like G20 summit, also means, that there has to be adequate accessibility of rooms in hotels, but this is not seen as a major problem, as Aerocity is coming up in the Capital.

Source: The Times of India.

Ex-Chief Justice of India appointed Kerala Governor

New Delhi: In a controversial decision, a former Chief Justice of India, P. Sathasivam has been appointed as the Governor to the state of Kerala after former Delhi Chief Minister, Sheila Dikshit, stepped down recently.

All the governors who were appointed during the UPA regime were being sacked, or transferred by the newly elected Narendra Modi government. This led to eight governors resigning from their post so far.

The decision, however, has not gone down well with many, especially among the members of Bar association and Congress party. For the first time in the history of this country, a non-political individual has been appointed as the Governor of a state. Besides, it is usually expected that a Judge refrain observe a ‘quarantine period’ during which he does not take up any responsibilities except for that of Judicial Inquiry Commission.

The Congress party members while protesting his appointment, are of the opinion that Justice Sathasivam was given such a plum post owing to his involvement in acquitting Amit Shah in the Sohrabuddin Sheikh fake encounter case. “Why was he made? This raises a question if he has done some work, for which they are pleased. Prime Minister Modi is pleased, Amit Shah is pleased and that is why he is being honoured?,” questioned Congress spokesperson Anand Sharma.

The 65-year-old who retired in April this year, will be appointed governor ‘with effect from the date he assumes charge of his office’ informed a communique from Rashtrapati Bhavan

Read more at: http://zeenews.india.com/news/nation/ex-chief-justice-of-india-p-sathasivam-appointed-governor-of-kerala_1464577.html

Sensex plunges 251 points as Reliance, oil stocks fall

Mumbai: After the government on Wednesday handed over the much awaited decision to hike prices of locally produced gas, Reliance industries and Oil and Natural Gas Corporation (ONGC) shares plunged down to a lower mark as a result.

Representational image. Reuters
Representational image. Reuters

The Government, while taking the decision to not hike locally produced gas prices, stated that the matter required further discussion as the cause for postponement. Though the Modi-government is justifying its decision, some investors are citing this as the first disappointment from the newly elected Government.

However, the finance ministry’s decision to extend the excise duty concessions for automobiles, consumer and capital goods, Capital goods resulted in the auto stocks climbing up.

Investors are now eagerly awaiting for the budget session that is scheduled for July 10. “Following the upcoming budget in July, the market is likely to grow up” said Vijay Kedia, Managing Director at Kedia Securities Pvt Ltd.

The Sensex closed at 25,062.67 points, 0.99 percent lower than its previous value. The oil and gas stocks along with BSE and oil-gas index showed a 3.88 percent decline after government deferred the gas price hike.

Shares in ONGC closed at 411.35 rupees after making a 2.8 percent decline. On the other hand, Reliance turn down to 3.8 percent while Cairn India ltd slipped by 1.35 percent. Among gainers, L&T with 4.2 percent rise, Bharat Heavy Electricals with 0.54 percent growth and ITC with 0.06 percent rise are beneficiary.

Sensex 26th a

Sensex 26th b

 

 

 

 

 

 

 

 

 

 

 

 

 

Read more at: http://in.reuters.com/article/2014/06/26/sensex-ongc-ril-gas-price-hike-idINKBN0F10AO20140626