Current Affairs for IAS Exams – 24 September 2015

:: National ::

Mukesh Ambani tops for 9th year, Flipkart's Bansals debut at 86th slot, Forbes India rich list

Industrialist Mukesh Ambani has been named India's richest for ninth year in a row with a net worth of $18.9 billion even as his wealth dipped by $4.7 billion in a year, while ecommerce giant Flipkart's founders made their debut on the country's top 100 rich list.
As per Forbes magazines latest India rich list released on Wednesday night, Ambani was followed by Sun Pharma's Dilip Shanghvi as the second richest with a net worth of $18 billion, while Wipro's Azim Premji retained his third place with $15.9 billion.
Flipkart's co-founders Sachin and Binni Bansals made their debut at 86th position with a net worth of $1.3 billion each. The combined wealth of India's 100 richest persons remained largely unchanged at $345 billion, compared with $346 billion in 2014, Forbes said.
The magazine said the Indian economy was estimated to grow 7 percent this year, but the wealth of many of India's 100 richest has declined due to the fall in the stock markets and depreciation of the rupee over the past one year.
As many as 10 of them saw their net worth dip by over $1 billion each in one year, including Lakshmi Mittal, whose net worth dipped to $4.6 billion (ranked 8th with $11.2 billion). His rank also slipped three places.Agencies
At the same time, many of the billionaires also saw their net worth rise further. The list saw as many as 12 newcomers including Flipkart's founders and low-cost airline IndiGo's co-founder Rakesh Gangwal who has debuted at 70th position with a net worth of $1.6 billion ahead of his companys IPO.
Gangwal's partner Rahul Bhatia has moved up 12 positions to 38th with a net worth of $2.4 billion.
The biggest gainer was vaccine maker Serums Cyrus Poonawalla whose wealth rose from $6.2 billion to $7.9 million, pushing his rank to the 9th position. Forbes said the minimum threshold for making it to the list has increased from $1 billion to $1.1 billion in 2015.
In the top ten, Hinduja brothers were ranked 4th with $15.9 billion, followed by Pallonji Mistry at $14.7 billion, Shiv Nadar ($12. 9 billion), Godrej family ($11.4 billion), Lakshmi Mittal ($11.2 billion), Cyrus Poonawala ($7.9 billion) and Kumar Mangalam Birla ($7.8 billion).

:: International ::

Key Croatia-Serbia border crossing reopens after spat over migrants

Traffic began flowing through the major Serbia-Croatia border crossing at Bajakovo on Wednesday after a two-days blockade imposed to stem the flow of migrants across the two ex-Yugoslav republics' frontier, Croatian state radio reported.
Croatia imposed the blockade for cargo on Monday in retaliation for Serbia directing a flow of migrants across the border. On Tuesday Zagreb agreed to allow in trucks with perishable goods but their drivers refused to budge until all traffic resumed.

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:: Business ::

RBI draft proposes allowing cos to tap SWFs, pension funds for external debt

In order to encourage overseas funding, the RBI on Wednesday proposed to allow domestic companies to borrow money from pension funds, sovereign wealth funds (SWFs) and insurance funds as part of the ECBs.
The draft framework on External Commercial Borrowings (ECBs), however, proposed to lower the all-in cost borrowing by 0.50 percent to ensure that the funds are borrowed from abroad at a reasonable interest rate.
The modification in the ECB guidelines on which the RBI has invited comments till October 1 are aimed at replacing the ECB policy with a more rational and liberal framework, keeping in view the evolving domestic as well as global macroeconomic and financial conditions, challenges faced in external sector
management and the experience gained so far, the draft guidelines added.
The basic thrust of the revised framework, the RBI said, is to retain more qualitative parameters for the normal (foreign currency-denominated) ECB and to provide more liberal dispensation for long-term borrowings in foreign currency.
According to the draft guidelines, there will only be a small negative list which include stock market operations, real estate activity and purchase of land. They will not be allowed to raise resources through ECBs and rupee-denominated borrowing.
The framework for the rupee-denominated bonds will be announced separately, it said, adding the real estate investment trust and Infrastructure Investment Trust will be permitted to raise funds through these instruments.
The currency risk with regard to the rupee denominated ECB lies with the lender or investor and hence the modified framework provides for minimal control for these borrowings.
The RBI proposed to expand the list of recognised ECB lenders by including overseas regulated financial entities, pension funds, insurance funds, sovereign wealth funds and similar other long-term investors.

:: Sports ::

Ganguly looks set to replace Dalmiya as CAB boss

The race to succeed Jagmohan Dalmiya at the helm of Cricket Association of Bengal (CAB) gathered momentum on Wednesday with Sourav Ganguly and Dalmiya's son Avishek calling on chief minister Mamata Banerjee at Nabanna.
Sourav and Avishek insisted that it was a courtesy call to discuss the arrangements for the former BCCI chief's 'shraddh' ceremony to be held on October 2.
"To discuss something like this three days after his (Dalmiya's) death is not right. Speculation will be on, someone will run CAB.
It's too early to say anything," Ganguly said after emerging from the meeting that was also attended by three senior state ministers.
There was no official line on the succession issue at CAB, but according to a well-placed source, the chief minister is well aware of the factionalism in the CAB, and wants the members to sort out their differences and elect a candidate who is acceptable to all factions.