Current Affairs Today - Current Affairs 2014 - Page 7

Joko Widodo wins Indonesian presidential polls

Jakarta (Indonesia) Governor Joko Widodo has been declared the winner of the Indonesian presidential polls. He received around 53% of the total valid votes cast in the election.

Indonesia’s General Elections Commission, known as the KPU, declared the final results of the polls. As per the results, Widodo won 53.15% of the nearly 133 million valid ballots cast. His rival Subianto won 46.85% votes.

Former General Prabowo Subianto withdrew from the presidential election as he alleged massive fraud which was unfair and undemocratic.

TCS is first Indian firm to achieve market capitalization of Rs 5 lakh crore

India’s largest software services exporter, Tata Consultancy Services (TCS) became the first Indian company to achieve a market capitalization of Rs 5 lakh crore.

In terms of market capitalization, TCS is followed by Oil and Natural Gas Corporation (ONGC) at Rs 3.5 lakh crore and Reliance Industries at Rs 3.3 lakh crore.

The market capitalization of TCS is bigger than the combined market capital of next four biggest Indian IT firms , viz. Infosys (Rs 1.90 lakh crore), Wipro ( Rs 1.39 lakh crore) and HCL Tech (Rs 1.07 lakh crore) and Tech Mahindra (Rs 45000 crore) which together make up market value approximately Rs 4.88 lakh crore.

TCS is also currently the country’s most valued company in terms of market valuation.

Union Cabinet gives nod to 49% FDI in insurance sector

The Union Cabinet approved the proposal of increasing the Foreign Direct Investment (FDI) limit in the insurance sector to 49% from the existing 26%. The move is in sync with the proposal made by Finance Minister Arun Jaitley in his maiden Budget speech to raise the FDI cap in insurance sector from 26% to 49%.

However, the management control of insurance firms will be with the Indian companies only. The step to enhanced FDI limit is expected to benefit private sector insurance companies, which require a huge amount of capital.

K. N. Tripathi takes oath as Governor of West Bengal

Former Speaker of Uttar Pradesh Legislative Assembly and five-time MLA Keshari Nath Tripathi was sworn-in as the Governor of West Bengal. Tripathi, was administered the oath of office by the acting Chief Justice of Calcutta High Court Asim Kumar Banerjee in the presence of Chief Minister Mamata Banerjee.

Tripathi superseded M K Narayanan who resigned after being pushed to do so by the NDA government at the Centre.

World Bank to extend $18 billion financial support to India

The World Bank will provide financial support of $15-18 billion to India over the next 3 years to help speed up economic growth and reduce poverty.

As per World Bank group president Jim Yong Kim who was on a visit to India, the Indian government has laid out a comprehensive plan to reduce poverty and regain over 9% GDP growth. He was impressed by the Modi government’s commitment to speed up growth. He assured Indian government that the World Bank Group will bring to bear all possible knowledge and financing to assist them in achieving this goal. India is the largest beneficiary of the World Bank’s financial assistance with a current portfolio of 85 projects having a commitment of $24.12 billion. This includes $12.86 billion aid from the International Bank for Reconstruction and Development (IBRD), $11.16 billion in active projects from the International Development Association (IDA).

India also accounts for the largest single portfolio exposure of the International Finance Corporation (IFC), the private sector arm of the World Bank Group, with commitments over $4.5 billion.

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