11 DECEMBER 2014: Indo-Russia co-operation in Diomond begins

Ø  Chairman of the Rajya Sabha Select Committee Chandan Mitra tabled the report on the Insurance Laws (Amendment) Bill, 2008, recommending a hike in FDI in insurance sector from 26 to 49 per cent.

Ø  The Government has decided to decriminalise ‘attempt to suicide’ by scrapping it from the Indian Penal Code. Section 309 of the Indian Penal Code, 1860, prescribes one year imprisonment and a fine if a person is found guilty of attempting to commit suicide. The decision comes six years after the Law Commission of India recommended the repeal of Section 309 saying the act of taking one's own life should be treated as a manifestation of “deep unhappiness” rather than a penal offence.

Ø  A technical survey to restore a 496-km-long historic road link between Guwahati and Dhaka via Shillong and Sylhet, snapped during Partition, began. Assam Public Works Department Minister Ajanta Neog flagged off the trial run of the Guwahati-Dhaka bus service. India and Bangladesh started the first bus service between Kolkata and Dhaka in 1995 and another one between Agartala and Dhaka in 2002.

Ø  India ranks behind China and other BRICS nations in a comprehensive index aimed at measuring the Internet’s contribution to social, economic and political progress. Though China is notorious for its great Internet firewall, the nation is far ahead of India when it comes to translating the power of the Internet into economic potential, says the Web Index released by the World Wide Web Foundation. India’s low ranking among BRICS countries in the “economic impact” sub-index is especially stinging, coming as it does on the heels of the Delhi government’s decision to ban all app-based taxi services. India’s Internet penetration rate is comparable to Nepal or Namibia’s, and despite promises of a digital revolution, the Web is still inaccessible to a large swathe of the population. Affordability is India’s biggest concern as the cost of broadband access in the country is greater than in countries in the neighbourhood such as Bangladesh.

Ø  Diamonds, not defence and strategic ties, will be the highlight of the summit-level meetings between Russian President Vladimir Putin and Prime Minister Narendra Modi. The two leaders will make a rare joint appearance at the World Diamond Congress at Vigyan Bhavan, where Mr. Modi is expected to announce measures for direct import of rough diamonds from Russia that will significantly reduce transaction costs for Indian traders. In addition, Mr. Putin and Mr. Modi will witness the announcement of a dozen deals with Russian state-controlled company Alrosa. The government has already announced the setting up of a special economic zone for processing diamonds. The focus on diamonds marks a shift in previous annual summits between India and Russia that had been dominated by strategic cooperation, big defence deals and major energy agreements. While the two countries are expected to sign 15 agreements in these fields.

Ø  The Union Cabinet gave its approval to allow Public Sector Banks (PSBs) to dilute government holding up to 52 per cent in a phased manner to raise over Rs 1.68 lakh crore to meet their additional capital requirements under BASEL-III capital adequacy norms. It also approved the insurance amendment bill that raises the foreign investment cap in the sector to 49 per cent from the current 26 per cent. Out of 27 PSBs, Government of India (GoI) controls 22 through majority holding. In the remaining 5 banks, State Bank of India holds majority stake. These 27 PSBs control 70 per cent of total branches, deposits and credit in the Indian banking system. GoI has regularly been infusing incremental capital in PSBs. Basel-III capital adequacy norms will be fully phased in and applicable by March 31, 2019.

Ø  A goods train from China completed the world’s longest rail journey when it reached Madrid, its final destination. The train connecting China to Spain passed through seven nations in Asia and Europe, covering a mammoth 13,000 km. The train was flagged off from China’s international commodity hub of Yiwu on November 18 with 40 wagons, carrying 1,400 tonnes of cargo, consisting of stationery, craft products and Christmas market products. It will return to China filled with luxury Spanish produce such as cured ham, olive oil and wine.