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CURRENT AFFAIRS FOR 3 MAY 2016
May 4, 2016
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INDIAN-ORIGIN TYCOON SANJEEV GUPTA SUBMITS BID FOR TATA STEEL’S UK ASSETS

Sanjeev Gupta’s Liberty House group said it has submitted its letter of intent to acquire Tata Steel’s loss-making UK assets on Tuesday.

The company described this as an “indicative bid for the entire issued share capital of Tata Steel UK,” central to which is the Port Talbot steelworks in south Wales the UK’s largest and

VIJAY MALLYA RESIGNS FROM RAJYA SABHA

Vijay Mallya, facing a case of loan default of over Rs. 9,400 crore, on Monday resigned from Rajya Sabha, a day before Ethics Committee of the Upper House was set to recommend his expulsion.

In his resignation letter to Rajya Sabha Chairman Hamid Ansari, he said, “I am shocked that the Department of Financial Services, Ministry of Finance, Government of India has provided factually wrong information to a Parliament Committee.

  1. 3,000 CR. FOR PROJECTS TO CLEAN UP THE GANGA

Expenditure Finance Committee on Monday approved projects worth nearly Rs. 3,000 crore for the government’s flagship programme, Namami Gange.

This is the biggest-ever approval for projects meant to clean up the Ganga — till now a total of Rs. 4,000 crore has been spent on cleaning the river through many governments since 1985. A decision has been taken to fast-track the integrated Ganga conservation programme, a year after the Union Cabinet approved it in May 2015. Mr. Modi, who launched on Sunday environment friendly e-boats at the Assi Ghat of the Ganga in Varanasi, is expected to review the progress after the end of the current session of Parliament.

CORE SECTOR OUTPUT ACCELERATES TO 16-MONTH HIGH OF 6.4 %

India’s infrastructure sectors clocked their highest growth in 16 months in March 2016, with the index for core industries climbing 6.4 per cent, buoyed by a sharp uptick in the output of cement, electricity, fertilisers and refinery products.

The fertiliser sector grew at 23 per cent in March 2016, up from 16.3 per cent in February. The cement sector saw a growth of 11.9 per cent in March 2016, slower than the 13.5 per cent it saw in February.

The electricity sector grew at 11.3 per cent in March 2016, significantly faster than the 9.2 per cent seen in February.

RAJYA SABHA CLEARS MINING LAW AMENDMENT

The Rajya Sabha approved the Mines and Minerals (Development and Regulation) Amendment Bill of 2016 on Monday, paving the way for merger and acquisition activity involving firms holding captive mining leases that were allotted in the past without adopting the auction route.