Wednesday, May 28, 2014

Highlights of major events that took place this week:


Narendra Modi sworn in as India’s 15th Prime Minister, BJP keeps key ministries

Narendra Modi has been sworn in as India's 15th prime minister in a grand ceremony in the Rashtrapati Bhavan in Delhi on Monday, 26th May. Leaders and top diplomats of all 7 SAARC nations, who were invited for the first time in such a ceremony, attended the event. Forty-five MPs, including seven women, from Mr Modi's BJP party and their allies have also been sworn in as ministers. The Prime Minister will also be the Cabinet Minister of Personnel, Public Grievances and Pensions, Department of Atomic Energy Department of Space. He will also look after "all important policy issues" and all other portfolios not allocated to any Minister.


Flipkart acquires Myntra in India’s largest e-commerce deal

Flipkart, the largest consumer focused e-commerce company in India, has acquired Myntra Designs Pvt Ltd, the company which runs the online fashion and apparel shop As part of the deal, Myntra’s co-founder and CEO Mukesh Bansal will join Flipkart’s board and will also head its fashion vertical. However, both the entities will remain independent. The two companies have three common investors — investment firm Tiger Global, early-stage investor Accel Partners and Belgian family office Sofina. Flipkart's other investors are Naspers, Dragoneer, Morgan Stanley and Vulcan Capital. Myntra's investors also include Premji Invest, Kalaari Capital and IDG Ventures India.

The Flipkart-Myntra deal comes at a time when the sector is gearing up for consolidation due to stiff competition.


UKIP wins European polls upsetting conventional parties

The anti-EU UK Independence Party (UKIP) has upturned the status quo in British politics by topping the European polls in the UK. In the first time in 108 years, a party other than the Conservatives or Labour has topped a nationwide poll. The UKIP has won 24 ‘Member of the European Party’ (MEP) seats. The results, coming a year ahead of the General Election in May 2015 has great significance for India. With UKIP now a major political force in the UK, Indians wanting to immigrate to the UK might face hard times. UKIP is strongly against immigration to the UK and has called for an end to "the age of mass immigration from India". Seeking Britain's withdrawal from the European Union, UKIP wants to bring in a cap of 50,000 immigrants a year. In its agenda, UKIP says it wants to introduce a five year freeze on immigration for permanent settlement. Overstaying a visa would become a criminal offence under UKIP rule. Immigrants would not be able to apply for public housing or benefits until they had paid tax for five years.

To read these and more such Current Affairs news, go here


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