Current Affairs India - 10 November 2015

1. Indian Government has taken s significant step towards economic reform today after relaxing Foreign Direct Investment norms in 15 major sectors of the economy to further boost the foreign direct in the country. These sectors include mining, civil aviation, defence, broadcasting, construction, manufacturing and private sector banking.

The reforms including opening up more sectors for FDI, further easing, rationalising and simplifying the FDI process and to put more FDI proposals on automatic route instead of Government route to boost foreign investment.

2. Reserve Bank of India Governor, Raguram Rajan, has been elected vice-chairman of the Bank of International Settlement (BIS) and he will have a three-year term as vice-chairman of the BIS. With this, he has also become the first Indian central bank Governor to become the vice-chairman of BIS. BIS is headquartered in Basel, Switzerland, and acts as a coordinating body among central banks to ensure global monetary and financial stability.

The BIS board comprise all central bankers including Federal Reserve Chair Janet Yellen, Bank of England Governor Mark Carney and Bank of Japan Governor Haruhiko Kuroda.

3. India was re-elected by the General Assembly to a six year term on the United Nations Commission on International Trade Law (UNCITRAL) from 2016 to 2022. Along with India, 22 other countries including the United States and Pakistan were also re-elected to the UNCITRAL.

4. Former Chief Justice of Delhi High Court, Justice Ajit Prakash Shah, was appointed as the ethics officer (ombudsman) at Board of Control for Cricket in India. With this, he will preside as the key decision maker on all conflict of interest related to Indian cricket which is also considered to be a cleanup operation by the BCCI after the IPL Spot fixing scandal.