General Affairs
Indian men’s hockey team created history by winning the bronze medal at the FIH Hockey World League Final on 6 December 2015 as they claimed their first medal at a major FIH event after 33 years. Which team they defeated in the play-off match?
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Netherlands
India avenged their 3-1 defeat to Netherlands in pool games to come out victorious in the third-place playoff in the FIH Hockey World League Finals played at Raipur. India came back from a 2-0 deficit to stun the world No.2.
- The match was tied at 5-5 at the end of regular time (60 minutes) and the match was decided by penalty shoot-out. India defeated the Netherlands 3-2 in the penalties to win a historic bronze medal. Indian goalkeeper Sreejesh played important role in this win making three brilliant saves.
Netherlands
India avenged their 3-1 defeat to Netherlands in pool games to come out victorious in the third-place playoff in the FIH Hockey World League Finals played at Raipur. India came back from a 2-0 deficit to stun the world No.2.- The match was tied at 5-5 at the end of regular time (60 minutes) and the match was decided by penalty shoot-out. India defeated the Netherlands 3-2 in the penalties to win a historic bronze medal. Indian goalkeeper Sreejesh played important role in this win making three brilliant saves.
Which team won the FIH Hockey World League title for 2015 on 6 December 2015?
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Australia
World champions Australia defeated Belgium by 2-1 to win the prestigious FIH Hockey World League title 2015 on 6 December 2015. With this win they stamped their authority in men’s hockey.
- Australia, who finished fourth in the last edition of the tournament two years back, showed why they are considered as the most consistent team in world hockey. Australian team took control of the match from the word go to dominate the world number seven Belgians.
-Belgium had defeated hosts Indian in the semi-finals to reach the finals while Australia pipped the Netherlands.
- The tournament was played from 28 November to 6 December 2015 at the Sardar Vallabh Bhai Patel Stadium in Raipur (Chhattishgarh).
Australia
World champions Australia defeated Belgium by 2-1 to win the prestigious FIH Hockey World League title 2015 on 6 December 2015. With this win they stamped their authority in men’s hockey.- Australia, who finished fourth in the last edition of the tournament two years back, showed why they are considered as the most consistent team in world hockey. Australian team took control of the match from the word go to dominate the world number seven Belgians.
-Belgium had defeated hosts Indian in the semi-finals to reach the finals while Australia pipped the Netherlands.
- The tournament was played from 28 November to 6 December 2015 at the Sardar Vallabh Bhai Patel Stadium in Raipur (Chhattishgarh).
What is the name of the Karnataka village that came to limelight as it became India’s first smokeless village during December 2015?
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Vyachakurahalli
Vyachakurahalli village (in Gauribidanur taluk of Chikkaballapur district) in Karnataka came to limelight as it was officially declared as India’s first smokeless village. This village is around 77 km from Karnataka capital Bengaluru. This came to reality as all the households in the village gained access to LPG connections. Altogether 274 households in the village have this facility.
- This became possible as Indian Oil Corporation (IOC) piloted the ‘Mission Smokeless village’ project. For over four decades, firewood had been the only fuel for the most of the village’s women. Hence cooking was an ordeal for womenfolk with bouts of cough caused by the soot-filled air in the blackened kitchens.
- Now, the kitchens have got swanky steel gas stoves and red cylinders. On 4 December 2015 the Union petroleum ministry officially declared Vyachakurahalli as India’s first smokeless village, owing to its conversion from conventional fuel to LPG.
Vyachakurahalli
Vyachakurahalli village (in Gauribidanur taluk of Chikkaballapur district) in Karnataka came to limelight as it was officially declared as India’s first smokeless village. This village is around 77 km from Karnataka capital Bengaluru. This came to reality as all the households in the village gained access to LPG connections. Altogether 274 households in the village have this facility.- This became possible as Indian Oil Corporation (IOC) piloted the ‘Mission Smokeless village’ project. For over four decades, firewood had been the only fuel for the most of the village’s women. Hence cooking was an ordeal for womenfolk with bouts of cough caused by the soot-filled air in the blackened kitchens.
- Now, the kitchens have got swanky steel gas stoves and red cylinders. On 4 December 2015 the Union petroleum ministry officially declared Vyachakurahalli as India’s first smokeless village, owing to its conversion from conventional fuel to LPG.
Which South American country on 5 December 2015 claimed to have found the shipwreck of a storied Spanish galleon laden with gold and precious stones, which is said to be the most valuable treasure that has been found in the history of humanity?
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Colombia
Colombian President Juan Manuel Santos made this announcement from the northern port city of Cartagena, close to where experts made the hugely valuable find.
- The Spanish ship ‘San Jose’ was sunk in June 1708 near the Islas del Rosario, off Colombia’s Caribbean coast, during combat with British ships attempting to take its cargo, part of the War of Spanish Succession. It was the main ship in a treasure fleet carrying gold, silver and other valuable items from Spain’s American colonies to King Philip V. Only a handful of the ship’s crew of 600 survived when the San Jose sank.
- This ship was found on 27 November 2015 by a team of Colombian and foreign researchers, including a veteran of the group that discovered the wreck of the Titanic in 1985. The discovery of this ship ended over 300-year old mystery surrounding the ship.
Colombia
Colombian President Juan Manuel Santos made this announcement from the northern port city of Cartagena, close to where experts made the hugely valuable find.- The Spanish ship ‘San Jose’ was sunk in June 1708 near the Islas del Rosario, off Colombia’s Caribbean coast, during combat with British ships attempting to take its cargo, part of the War of Spanish Succession. It was the main ship in a treasure fleet carrying gold, silver and other valuable items from Spain’s American colonies to King Philip V. Only a handful of the ship’s crew of 600 survived when the San Jose sank.
- This ship was found on 27 November 2015 by a team of Colombian and foreign researchers, including a veteran of the group that discovered the wreck of the Titanic in 1985. The discovery of this ship ended over 300-year old mystery surrounding the ship.
The French car giant Renault will return to Formula 1 of 2016 session as a constructor, as announced by the company management during December 2015. It will replace which F1 team from the circuit?
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Lotus
Renault sold the team to investment group Genii Capital at the end of 2009 after deciding to quit as a constructor but remained involved as an engine builder. The company will now make a comeback in 2016 session as a constructor.
- Renault has won four world drivers’ titles, two as Benetton with Michael Schumacher in 1994 and 1995, and two as Renault with Fernando Alonso in 2005 and 2006.
Lotus
Renault sold the team to investment group Genii Capital at the end of 2009 after deciding to quit as a constructor but remained involved as an engine builder. The company will now make a comeback in 2016 session as a constructor.- Renault has won four world drivers’ titles, two as Benetton with Michael Schumacher in 1994 and 1995, and two as Renault with Fernando Alonso in 2005 and 2006.
Business Affairs
Singapore displaces Mauritius as top FDI source
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Singapore has displaced Mauritius as the top source of foreign direct investment (FDI) in India during the first half of this fiscal.
Figures compiled by the Department of Industrial Policy and Promotion show that during April-September, India attracted $6.69 billion (Rs 43,096 crore) FDI from Singapore and $3.66 billion (Rs 23,490 crore) from Mauritius. FDI from Singapore has more than doubled from $2.41 billion in the year-ago period.
According to experts, the Double Taxation Avoidance Agreement (DTAA) with Singapore has provided comfort to foreign investors based there to invest in India as the limitation-ofbenefit clause is not applicable to companies which have paid their tax in Singapore. On the other hand, the Narendra Modi government has stepped up pressure on Mauritius to stop accommodating companies with merely post-office addresses in the island nation which were being used for round-tripping of black money.
FDI from Singapore during the first six months of the current financial year is also more than what it had invested in India for the whole of 2013-14 ($5.98 billion). India had attracted $6.74 billion foreign investment during 2014-15. Sectors that attracted highest foreign investment during April-September 2015 include computer software and hardware ($3.05 billion), trading ($2.30 billion), services and automobile ($1.46 billion each) and telecommunications ($659 million).
Foreign investment is crucial for India, which needs about $1 trillion by March 2017 to overhaul infrastructure such as ports, airports and highways and boost growth. Mauritius on Friday assured India that it would not allow shell companies to operate from its soil.
Singapore has displaced Mauritius as the top source of foreign direct investment (FDI) in India during the first half of this fiscal.
Figures compiled by the Department of Industrial Policy and Promotion show that during April-September, India attracted $6.69 billion (Rs 43,096 crore) FDI from Singapore and $3.66 billion (Rs 23,490 crore) from Mauritius. FDI from Singapore has more than doubled from $2.41 billion in the year-ago period.
According to experts, the Double Taxation Avoidance Agreement (DTAA) with Singapore has provided comfort to foreign investors based there to invest in India as the limitation-ofbenefit clause is not applicable to companies which have paid their tax in Singapore. On the other hand, the Narendra Modi government has stepped up pressure on Mauritius to stop accommodating companies with merely post-office addresses in the island nation which were being used for round-tripping of black money.
FDI from Singapore during the first six months of the current financial year is also more than what it had invested in India for the whole of 2013-14 ($5.98 billion). India had attracted $6.74 billion foreign investment during 2014-15. Sectors that attracted highest foreign investment during April-September 2015 include computer software and hardware ($3.05 billion), trading ($2.30 billion), services and automobile ($1.46 billion each) and telecommunications ($659 million).
Foreign investment is crucial for India, which needs about $1 trillion by March 2017 to overhaul infrastructure such as ports, airports and highways and boost growth. Mauritius on Friday assured India that it would not allow shell companies to operate from its soil.
Suzuki Motorcycle launches 2 ATV models priced up to Rs 8.5 lakh
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Suzuki Motorcycle India on Saturday launched two all terrain vehicle (ATV) models in the country, priced up to Rs 8.50 lakh (ex showroom, Delhi).
While the Ozark 250 model is priced at Rs 5.45 lakh, the Quadsport Z400 model will cost Rs 8.5 lakh, the company said in a statement.
"With the goal of expanding our product line in India, we have decided to launch two of our popular ATV models in the market, hence showcasing our expertise across various categories," Suzuki Motorcycle India, Managing Director, Masayoshi Ito said.
The company intends to make a strong foothold in this growing market and pave the way for future launches in India.
In the first phase, Suzuki will sell their ATVs through authorised dealers in Delhi, Mumbai, Bangalore, Pune, Kolkata, Jodhpur and Hyderabad.
While the Ozark 250 model is apt for leisure activities, the Quadsport Z400 is the sporty ATV for high-performance off-roading with sporty chassis, torque loaded performance.
Suzuki Motorcycle India on Saturday launched two all terrain vehicle (ATV) models in the country, priced up to Rs 8.50 lakh (ex showroom, Delhi).
While the Ozark 250 model is priced at Rs 5.45 lakh, the Quadsport Z400 model will cost Rs 8.5 lakh, the company said in a statement.
"With the goal of expanding our product line in India, we have decided to launch two of our popular ATV models in the market, hence showcasing our expertise across various categories," Suzuki Motorcycle India, Managing Director, Masayoshi Ito said.
The company intends to make a strong foothold in this growing market and pave the way for future launches in India.
In the first phase, Suzuki will sell their ATVs through authorised dealers in Delhi, Mumbai, Bangalore, Pune, Kolkata, Jodhpur and Hyderabad.
While the Ozark 250 model is apt for leisure activities, the Quadsport Z400 is the sporty ATV for high-performance off-roading with sporty chassis, torque loaded performance.
Brent trades near 2015 lows as OPEC decides to keep output high
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Crude prices fell on Monday in the first trading session after OPEC-members failed to agree on output targets to reduce a bulging glut that has resulted in oil prices falling by more than 60 per cent since June 2014.
The Organization of the Petroleum Exporting Countries failed to agree on an oil production ceiling on Friday at a meeting that ended in acrimony after Iran said it would not consider any production curbs until it restores output scaled back for years under Western sanctions.
This compounded an oil glut that sees production exceed demand between 0.5-2 million barrels per day and that has resulted in a more than 60 per cent price drop since 2014.
US crude was trading at $39.58 a barrel at 06:08 am IST, down 39 cents. Internationally traded Brent futures were down 16 cents at $42.84 per barrel. This left both benchmarks near 2015 lows and not far off levels seen during the peak of the global financial crisis of 2008/2009.
Analysts said that OPEC would likely maintain its production around current levels of 31.5 million barrel per day and that a decision on how to handle new volumes expected to come to the market once western sanctions against Iran are dropped would be delayed until the group's next meeting in June 2016.
"Past communiques have at least included statements to adhere... or maintain output in line with the production target (of 30 million barrels per day). This one glaringly did not," Barclays bank said.
Not only did OPEC decide to keep its output target high, but analysts said that it would likely continue to exceed its quota as individual members offer discounts to customers in defense of market share.
Barclays said that OPEC faced an "impossible trinity of achieving higher market share, higher prices and higher demand through a nominal target which members continue to breach."
As a result of ongoing oversupply, analysts said that prices would fall further, with Goldman Sachs seeing a possibility of $20 per barrel.
"The effective removal of the OPEC quota leaves the market in a more vulnerable position. Prices are likely to weaken this week as the market turns its attention back on US supply," ANZ bank said, referring to near record US crude inventories of almost 490 million barrels.
"The formal production target was not even discussed, essentially signalling to the market that members would continue production at individual requirements. With Iran exports likely to start increasing next year, this increases the likelihood of further weakness in crude oil markets," it added.
Crude prices fell on Monday in the first trading session after OPEC-members failed to agree on output targets to reduce a bulging glut that has resulted in oil prices falling by more than 60 per cent since June 2014.
The Organization of the Petroleum Exporting Countries failed to agree on an oil production ceiling on Friday at a meeting that ended in acrimony after Iran said it would not consider any production curbs until it restores output scaled back for years under Western sanctions.
This compounded an oil glut that sees production exceed demand between 0.5-2 million barrels per day and that has resulted in a more than 60 per cent price drop since 2014.
US crude was trading at $39.58 a barrel at 06:08 am IST, down 39 cents. Internationally traded Brent futures were down 16 cents at $42.84 per barrel. This left both benchmarks near 2015 lows and not far off levels seen during the peak of the global financial crisis of 2008/2009.
Analysts said that OPEC would likely maintain its production around current levels of 31.5 million barrel per day and that a decision on how to handle new volumes expected to come to the market once western sanctions against Iran are dropped would be delayed until the group's next meeting in June 2016.
"Past communiques have at least included statements to adhere... or maintain output in line with the production target (of 30 million barrels per day). This one glaringly did not," Barclays bank said.
Not only did OPEC decide to keep its output target high, but analysts said that it would likely continue to exceed its quota as individual members offer discounts to customers in defense of market share.
Barclays said that OPEC faced an "impossible trinity of achieving higher market share, higher prices and higher demand through a nominal target which members continue to breach."
As a result of ongoing oversupply, analysts said that prices would fall further, with Goldman Sachs seeing a possibility of $20 per barrel.
"The effective removal of the OPEC quota leaves the market in a more vulnerable position. Prices are likely to weaken this week as the market turns its attention back on US supply," ANZ bank said, referring to near record US crude inventories of almost 490 million barrels.
"The formal production target was not even discussed, essentially signalling to the market that members would continue production at individual requirements. With Iran exports likely to start increasing next year, this increases the likelihood of further weakness in crude oil markets," it added.
Tata Group eyes buyout route to achieve $350 bn market cap by 2025
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With its listed firms adding over $100 billion to market capitalisation in the last 15 years, the Tata Group is looking at an increase of nearly $250 billion by 2025, including through acquisitions.
The group will not shy away from global buyout activity and will continue to make significant investments in both existing as well as new businesses, including in the digital space to meet its vision 2025 targets.
It is looking to build on the platform set up by its previous Chairman Ratan Tata, who made "the difference" and transformed the group from a largely India-oriented entity into a global multinational.
"At the turn of the century, we had a relatively small market cap of just under $8 billion. We have added a 100 billion dollars plus to that in the last 15 years. I am quite confident that this will continue to grow," Member - Group Executive Council and Brand Custodian, Tata Sons, Mukund Rajan told PTI.
The Tata group has over 100 independent operating companies out of which 29 are publicly-listed. The listed entities had a combined market capitalisation of about $134 billion as on March 31, 2015. It has presence in over 100 countries across six continents.
The main listed Tata group companies, include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.
When asked about the target M-cap under the group's 2025 vision, Rajan said: "Today we are well over $100 billion. By 2025, if we want to be amongst the 25 most valuable companies in the world, the number we would need to hit would be around $350 billion."
As per its 2025 vision, Tata group aims to be amongst "the 25 most admired corporate and employer brands globally, with a market capitalisation comparable to the 25 most valuable companies in the world".
Recollecting how the Tata group has grown, Rajan said: "In 2000, we were principally an India-based group with 20 per cent of our turnover generated outside India. Fast forward 15 years, and we are now substantially a global group with $108 billion of turnover, 70 per cent of it generated outside of India."
The group has been growing both in the publicly listed space and also in the unlisted space, he added.
"If you look at the true valuation of Tata enterprises (today) as a group, it would in fact be substantially higher than what the additional $100 billion of market cap represents," he said.
Elaborating on the role played by Tata Sons Chairman Emeritus Ratan Tata in transforming the group, Rajan said: "Where we are today, owes much to the critical strategic choices that Mr Tata made after India started liberalising and opening up its market."
Tata had decided to benchmark the group with the best in the world and "not just confine the group to the domestic market but to become an international player".
"What was clear to Mr Tata in the 1990s was unless we were able to hold our own against the best in the world, foreign competition would come into the domestic market and encroach on our market share and business," he added.
Underlining Tata's risk-taking ability and strong leadership, Rajan said: "Very often you say that one man can make the difference. I can confidently assert that for Tatas that one man was Ratan Tata. If we had not had him as our leader, I do not believe we would be in the position that we are in today."
With the group taking the acquisition route successfully, such as Tetley, JLR and Corus to expand globally, it will not shy away from such activity again.
"I can't predict what the future will bring to us but what I can certainly say is that thanks to Mr Tata we have the courage to make such acquisitions and when opportunities present themselves, we will appropriately deploy our learnings from the past in any future acquisitions," Rajan said when asked if there could be as big an acquisition as Corus or JLR by the Tata group again.
Clearly stating the group's appetite for inorganic route of growth, he said: "We have significant cash on the books of many of our companies. When we contemplate acquisitions, the timing will have to be picked carefully and we will need to pick the right moment in the economic cycle to close those acquisitions."
Rajan, however, said apart from acquisitions the group would need to continue to make significant investments in both existing businesses and some of the new businesses, including in the digital space to meet its vision 2025 targets.
"There are new markets that we need to expand our footprint in. Obviously, markets like China will continue to grow in stature and size and we need to correspondingly ensure that our focus in those markets is also enhanced," he said.
Besides, Rajan said: "We need to see growth in multiple domains, and multiple markets, including India. India also offers dramatic growth opportunities, and with the kind of projections being made for India, a significant part of our growth will come from this market also."
With its listed firms adding over $100 billion to market capitalisation in the last 15 years, the Tata Group is looking at an increase of nearly $250 billion by 2025, including through acquisitions.
The group will not shy away from global buyout activity and will continue to make significant investments in both existing as well as new businesses, including in the digital space to meet its vision 2025 targets.
It is looking to build on the platform set up by its previous Chairman Ratan Tata, who made "the difference" and transformed the group from a largely India-oriented entity into a global multinational.
"At the turn of the century, we had a relatively small market cap of just under $8 billion. We have added a 100 billion dollars plus to that in the last 15 years. I am quite confident that this will continue to grow," Member - Group Executive Council and Brand Custodian, Tata Sons, Mukund Rajan told PTI.
The Tata group has over 100 independent operating companies out of which 29 are publicly-listed. The listed entities had a combined market capitalisation of about $134 billion as on March 31, 2015. It has presence in over 100 countries across six continents.
The main listed Tata group companies, include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communications and Indian Hotels.
When asked about the target M-cap under the group's 2025 vision, Rajan said: "Today we are well over $100 billion. By 2025, if we want to be amongst the 25 most valuable companies in the world, the number we would need to hit would be around $350 billion."
As per its 2025 vision, Tata group aims to be amongst "the 25 most admired corporate and employer brands globally, with a market capitalisation comparable to the 25 most valuable companies in the world".
Recollecting how the Tata group has grown, Rajan said: "In 2000, we were principally an India-based group with 20 per cent of our turnover generated outside India. Fast forward 15 years, and we are now substantially a global group with $108 billion of turnover, 70 per cent of it generated outside of India."
The group has been growing both in the publicly listed space and also in the unlisted space, he added.
"If you look at the true valuation of Tata enterprises (today) as a group, it would in fact be substantially higher than what the additional $100 billion of market cap represents," he said.
Elaborating on the role played by Tata Sons Chairman Emeritus Ratan Tata in transforming the group, Rajan said: "Where we are today, owes much to the critical strategic choices that Mr Tata made after India started liberalising and opening up its market."
Tata had decided to benchmark the group with the best in the world and "not just confine the group to the domestic market but to become an international player".
"What was clear to Mr Tata in the 1990s was unless we were able to hold our own against the best in the world, foreign competition would come into the domestic market and encroach on our market share and business," he added.
Underlining Tata's risk-taking ability and strong leadership, Rajan said: "Very often you say that one man can make the difference. I can confidently assert that for Tatas that one man was Ratan Tata. If we had not had him as our leader, I do not believe we would be in the position that we are in today."
With the group taking the acquisition route successfully, such as Tetley, JLR and Corus to expand globally, it will not shy away from such activity again.
"I can't predict what the future will bring to us but what I can certainly say is that thanks to Mr Tata we have the courage to make such acquisitions and when opportunities present themselves, we will appropriately deploy our learnings from the past in any future acquisitions," Rajan said when asked if there could be as big an acquisition as Corus or JLR by the Tata group again.
Clearly stating the group's appetite for inorganic route of growth, he said: "We have significant cash on the books of many of our companies. When we contemplate acquisitions, the timing will have to be picked carefully and we will need to pick the right moment in the economic cycle to close those acquisitions."
Rajan, however, said apart from acquisitions the group would need to continue to make significant investments in both existing businesses and some of the new businesses, including in the digital space to meet its vision 2025 targets.
"There are new markets that we need to expand our footprint in. Obviously, markets like China will continue to grow in stature and size and we need to correspondingly ensure that our focus in those markets is also enhanced," he said.
Besides, Rajan said: "We need to see growth in multiple domains, and multiple markets, including India. India also offers dramatic growth opportunities, and with the kind of projections being made for India, a significant part of our growth will come from this market also."
Government appoints IIT panel to analyse Volkswagen emission issue
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A government appointed committee comprising experts from the Indian Institute of Technology (IIT) would be set up to look into the Volkswagen (VW) emission test cheating case before the Centre decides to slap penalty on the German auto giant.
On Monday, the VW Group had announced recall of 3,23,700 vehicles sold in India between 2008 and 2015 across Audi, Skoda and VW brands after a government-ordered probe found violation on the part of the company.
Road transport and highways minister Nitin Gadkari said on Friday that the committee will be formed in a day or two and its findings will be submitted within a month or two. "The committee will be tasked to analyse and understand the VW issue and submit the findings to the ministry," he told the media on the sidelines of a Confederation of Indian Industry (CII) event in New Delhi.
Gadkari clearly adopted a more cautious stance than heavy industries minister Anant Geete, who had said on Thursday that violation of emission norms by VW was detected when on-road vehicles were tested and described it as a "well thought-out crime".
Geete claimed that tests conducted by the Automotive Research Association of India found that VW violated emission norms in India to the extent of eight-to-nine times of the current levels. He had said that his ministry would refer the matter to ministry of road transport to take action against the company.
However, VW had refuted Geete's claim and stated that its cars sold in India were not equipped with the 'defeat device' and they did not violate BS-IV emission norms, but added that it would start recall of the vehicles in India in the first quarter of 2016.
The automaker has been found to have deployed this device to cheat on emission tests in cars sold in various countries, including the US, where it faces a fine of up to $18 billion. VW has already admitted that 11 million diesel engine cars worldwide were fitted with the software, which helped manipulate emission tests.
Volkswagen sales tumble 20 per cent in UK
- Sales of new Volkswagen cars collapsed in Britain by nearly a fifth last month it was plagued by fallout from the emission cheating scandal.
- There were 12,958 new registrations of Volkswagen branded vehicles in November, down almost 20 per cent from the same month in 2014, the Society of Motor Manufacturers and Traders said.
- Sales of other key VW brands also fell sharply with Audi down 4.4 per cent, SEAT 23.8 per cent and Skoda 11 per cent in November year on year.
- The scandal has sent shockwaves around the global automobile sector and plunged VW into its deepest-ever crisis.
A government appointed committee comprising experts from the Indian Institute of Technology (IIT) would be set up to look into the Volkswagen (VW) emission test cheating case before the Centre decides to slap penalty on the German auto giant.
On Monday, the VW Group had announced recall of 3,23,700 vehicles sold in India between 2008 and 2015 across Audi, Skoda and VW brands after a government-ordered probe found violation on the part of the company.
Road transport and highways minister Nitin Gadkari said on Friday that the committee will be formed in a day or two and its findings will be submitted within a month or two. "The committee will be tasked to analyse and understand the VW issue and submit the findings to the ministry," he told the media on the sidelines of a Confederation of Indian Industry (CII) event in New Delhi.
Gadkari clearly adopted a more cautious stance than heavy industries minister Anant Geete, who had said on Thursday that violation of emission norms by VW was detected when on-road vehicles were tested and described it as a "well thought-out crime".
Geete claimed that tests conducted by the Automotive Research Association of India found that VW violated emission norms in India to the extent of eight-to-nine times of the current levels. He had said that his ministry would refer the matter to ministry of road transport to take action against the company.
However, VW had refuted Geete's claim and stated that its cars sold in India were not equipped with the 'defeat device' and they did not violate BS-IV emission norms, but added that it would start recall of the vehicles in India in the first quarter of 2016.
The automaker has been found to have deployed this device to cheat on emission tests in cars sold in various countries, including the US, where it faces a fine of up to $18 billion. VW has already admitted that 11 million diesel engine cars worldwide were fitted with the software, which helped manipulate emission tests.
Volkswagen sales tumble 20 per cent in UK
- Sales of new Volkswagen cars collapsed in Britain by nearly a fifth last month it was plagued by fallout from the emission cheating scandal.
- There were 12,958 new registrations of Volkswagen branded vehicles in November, down almost 20 per cent from the same month in 2014, the Society of Motor Manufacturers and Traders said.
- Sales of other key VW brands also fell sharply with Audi down 4.4 per cent, SEAT 23.8 per cent and Skoda 11 per cent in November year on year.
- The scandal has sent shockwaves around the global automobile sector and plunged VW into its deepest-ever crisis.
General Awareness
Delhi Assembly passes Delhi Jan Lokpal Bill, 2015
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The Delhi Janlokpal Bill, 2015 passed by the assembly after encompassing two amendments proposed by activistAnna Hazare. The anti-corruption bill was passed with 64 votes in the 70-member Delhi Assembly. Aam Aadmi Party (AAP) government described it as the strongest anti-graft legislation in the country.
First amendment:
A seven-member panel would select two members and chairperson in the institution of Jan Lokpal.
Second amendment:
- Jan Lokpal would be impeached only after a high court monitored probe against the ombudsman.
- Lokpal will have powers to probe acts of corruption against Union ministers and central government officials working in the National Capital Territory of Delhi, which may spark another round of conflict between the Kejriwal government and the Centre.
Jan Lokpal Bill:
Drafted by Justice Santosh Hegde (former Supreme Court Judge and former Lokayukta of Karnataka), Prashant Bhushan (Supreme Court Lawyer) and Arvind Kejriwal, the draft Bill envisages a system where a corrupt person found guilty would go to jail within two years of the complaint being made and his unlawful wealth being seized.
- It also seeks power to the Jan Lokpal to prosecute politicians and bureaucrats without government permission.
- Anna Hazare, anti-corruption advocate, went on a fast-unto-death demanding this Bill drafted by the civil society to be adopted.
The Delhi Janlokpal Bill, 2015 passed by the assembly after encompassing two amendments proposed by activistAnna Hazare. The anti-corruption bill was passed with 64 votes in the 70-member Delhi Assembly. Aam Aadmi Party (AAP) government described it as the strongest anti-graft legislation in the country.
First amendment:
A seven-member panel would select two members and chairperson in the institution of Jan Lokpal.
Second amendment:
- Jan Lokpal would be impeached only after a high court monitored probe against the ombudsman.
- Lokpal will have powers to probe acts of corruption against Union ministers and central government officials working in the National Capital Territory of Delhi, which may spark another round of conflict between the Kejriwal government and the Centre.
Jan Lokpal Bill:
Drafted by Justice Santosh Hegde (former Supreme Court Judge and former Lokayukta of Karnataka), Prashant Bhushan (Supreme Court Lawyer) and Arvind Kejriwal, the draft Bill envisages a system where a corrupt person found guilty would go to jail within two years of the complaint being made and his unlawful wealth being seized.
- It also seeks power to the Jan Lokpal to prosecute politicians and bureaucrats without government permission.
- Anna Hazare, anti-corruption advocate, went on a fast-unto-death demanding this Bill drafted by the civil society to be adopted.
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