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GKCA Update st th 1 to 30 June Starred Articles 05 CII announces 10-point plan for economic revival June Economy > GDP India The Confederation of Indian Industry (CII) voiced its concern over the stagnant state of the Indian economy and in a bid to rescue her, has unveiled a 10-point agenda for its revival. The remedies include fast-tracking the implementation of Goods and Services Tax (GST) and easing of FDI (foreign direct investment) regulations in aviation and other sectors. Addressing a press conference on 5th June 2012, CII President, Adi B. Godrej, said that the primary concern for the nation was its GDP growth rate which was a mere 5.37 per cent in the last quarter was lowest in nine years. Some of the important reform to improve GDP growth as suggested by him are - early introduction of GST, the Government and the RBI inclusion of a strong monetary stimulus, correcting the current account deficit by encouraging exports and containing imports, arresting rupee slide, reducing subsidies, implementing financial sector reforms and removing bottlenecks in infrastructure growth. 06 Venus Transits between Sun and Earth June World > Space Planet Venus passed directly between the Sun and Earth on 6 June 2012, an astronomical rarity that sky watchers were eager to witness. Such a transit will not occur until 2117. The Transit of Venus, as it is called, appeared like a small dot on the Sun's elaborate circumference. This transit, which bookended a 2004-2012 pair, began at 6:09 p.m. EDT (2209 GMT) and lasted for six hours and 40 minutes. Sky watchers on seven continents, including Antarctica, were able to see all or part of the Venus transit, which could only be observed with telescopes outfitted with solar filters to protect the eyes. Transits of Venus happen in pairs eight years apart, with more than a century between cycles. During the pass, Venus appears as a small, dark round spot moving across the face of the sun, like a beauty spot on the Sun’s face. GKCA Update st th 1 to 30 June 07 Sania Mirza and Mahesh Bhupathi win French Open mixed doubles crown June Sport > Tennis Mahesh Bhupathi gifted himself the French Open mixed-doubles championship on his 38th birthday as he and Sania Mirza won the mixed doubles title at the French Open on 7th June 2012, defeating Santiago Gonzalezof Mexico and Klaudia Jans-Ignacik of Poland 7-6 (7/3), 6-1 in the final. The Indian pair were seeded 7th in the competition. This was the third time that Mirza and Bhupathi had reached a Grand Slam final together. They won the 2009 Australian Open after being runners-up at the same tournament in 2008. Bhupathi has a good record at Roland Garros. He first won the mixed doubles title at here in 1997, when he teamed up with Japan's Rika Hiraki to become the first Indian player to lift a Grand Slam trophy. Bhupati completed a career Grand Slam in mixed doubles in 2006. Bhupathi also has four men's doubles majors, including two in Paris. Both Sania and Mahesh said this win will give a boost to their Olympics journey. 10 Saina Nehwal wins Thailand Open Grand Prix Gold title June Sport > Badminton Saina Nehwal clinched her 16th title with a 19-21, 21-15, 21-10 win over Thailand's Ratchanok Inathon in the Thailand Open Grand Prix Gold title in Bangkok on Sunday 10th June 2012. Saina, who won the Swiss Open two months ago, had faltered in the two major tournaments prior to the Swiss Open and critics had serious doubts about her preparation for the London Olympic Games. However, Saina showed her detractors that she is in fine form and her firstwin in Bangkok will boost her confidence as she tests the waters in the Indonesia Super Series later this week. "I am extremely happy with this victory. But I have no time to celebrate now. It was a very tough week as almost all matches were quite close and tiring. I want to get as much sleep as possible before the Indonesia Super Series," she told TOI from Bangkok. "Though this win will make me a bit stronger I don't know if it enhances my chances at the Olympics. There are more than five weeks for the Games and I am not thinking about them now," she added. The World No. 5 also won the Indonesia Super Series on 16th June 2012 by defeating Chinese Li Xuerui to record a 13-21, 22-20,21-19 in the 64-minute final to clinch her third title in four final appearances in Jakarta. GKCA Update st th 1 to 30 June 19 CCD founder buys 3.84% stake in IT firm Mindtree June Corporate > Acquisition VG Siddhartha, founder of Cafe Coffee Day Group, has acquired an additional 3.84% stake in IT services firm MindTree through a block deal at the Bombay Stock Exchange (BSE) on 18th June 2012 morning. With this deal, Siddhartha has increased his overall stake in the company to 21.63%, making him the single largest shareholder in the company. Prior to this deal, Siddhartha held 18% stake in MindTree through two holdings - venture capital firm, Global Technology Ventures and Coffee Day Resorts. 20 India has reasons to smile after G-20 summit June World > G-20 India has reason to be pleased with the outcome of the 7th G20 Summit, which concluded here on 20th June 2012. Prime Minister Manmohan Singh cleverly conveyed to the Europeans for landing themselves and the world economy in such a big mess and expecting ‘hand-outs’ from even poor countries. Singh was consistent with his ‘growth and austerity have to be combined’ stand which found favour in the Summit. The 14-page Declaration strongly emphasises the need for growth because, by itself, austerity will not solve the debt problem of the Eurozone. Additionally, the Summit declaration included for the first time investment in infrastructure in the developing countries – something that India has been pushing for a long time. Overall, the non-European members of the G20 have succeeded in sending a strong message to Europe and making its impact felt around the world. The G20 has also explicitly recognized the progress made by China in market-determined exchanged rates, and the gradual appreciation of the Renminbi. The U.S. will now stop targeting China’s exchange rate policies. The next G20 Summit will be held in 2013 in Russia. GKCA Update st th 1 to 30 June 21 Fire in Maharashtra Mantralaya building in Mumbai injures 11 June India > Maharashtra Fire Mantralaya saw a major fire breaking out today at around 2.30 in the afternoon. The fire damaged three floors of the seven floors in the Mantralaya including the offices of the Chief Minister. The fire injured about 7 to 15 people. The fire ignited the floors for more than four hours after it was first noticed on the fourth floor near the office of Tribal Welfare Minister Babanrao Pachpute. 27 Ratan Tata gets Lifetime Achievement Award June Awards > Philanthropy Ratan Tata has been awarded a Lifetime Achievement Award by the prestigious Rockefeller Foundation for his innovation in philanthropy. The Rockefeller foundation celebrated its centenary year of global innovation and as part of the celebration awarded global individuals and institutions with its Awards in New York. Mr Tata was elated on receiving the award. In his thanksgiving speech he said that businesses must be sensitive to the needs of people and the areas they are functioning from, they have to do things to help the community prosper. The Foundation honoured Ratan Tata for incorporating public good into the business model of the Tata Group. GKCA Update st th 1 to 30 June Bank Specific 21 RBI gives nod for white label ATMs June Bank News Reserve Bank of India has decided to allow non-bank entities to set up and operate their very own automated teller machines (ATMs). The Bank of banks said that all such non-bank entities should have a minimum net worth of Rs 100 crore as per the latest financial year’s audited balance sheet, which is to be maintained at all times. Non-bank entities that intend setting up, owning and operating ‘White Label ATMs’ (WLAs) would be of service to customers of banks located in India, based on the debit/ credit/prepaid cards issued by the respective banks. Non-bank entities will have to obtain authorisation from the RBI under the Payment and Settlement Systems Act 2007 within four months from the date these guidelines being announced. The authorisation can be sought under three schemes. Under Scheme A, a minimum of 9,000 WLAs in a period of three years, under Scheme B, a minimum of 5,000 WLAs to be installed every year for three years and under Scheme C, a minimum of 25,000 WLAs in the first year. Corporate 07 Samsung Electronics names Kwon oh Hyun as new boss June Asia One of the world's largest electronics makers - Samsung Electronics, has named a new chief executive officer. Kwon Oh-Hyun who until now was head of Samsung Electronics’ component business was given this honour and responsibility as he is credited with turning things around for the company. Choi Gee-sung, who is the current chief executive, will become head of corporate strategy at the parent company - Samsung Group. GKCA Update st th 1 to 30 June 16 Lodha Group buys Washington House for Rs 375 crore June Acquisition Washington House, the United States consulate, is learned to have finally sold, its three-storey residential building at Altamount Road, which it put up for sale nearly 2 years ago, to Lodha Group for over Rs 375 crore.