Oil Minister M Veerappa Moily says RIL contract can't be terminated

The Oil Minister M Veerappa Moily has told Prime Minister Manmohan Singh that Reliance Industries' contract for KG-D6 gas fields cannot be terminated pending arbitration on issue of output lagging targets. Earlier, AAP leader Arvind Kejriwal earlier accused that he price increase was done to benefit RIL, Moily on February 14 wrote to Singh saying ONGC's average cost of producing natural gas was about USD 3.6 per million British thermal unit in 2012-13 and its newer finds in deepsea cost more than current rate of USD 4.2.

Egypt government resigns

Prime Minister of Egypt Hazem el-Beblawi said his government has resigned, paving the way for army chief Field Marshal Abdel Fattah al-Sisi to declare his candidacy for president 

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Beblawi, who was tasked by interim President Adly Mansour with running the government's affairs until the election, did not give a clear reason for the decision.

For Sisi to run for president he would first need to leave his post as defense minister.

He told news agencies that the cabinet had resigned en masse as Sisi did not want to appear to be acting alone.

The top military commander has unveiled a political roadmap meant to lead to elections after toppling Islamist President Mohamed Mursi of the Muslim Brotherhood in July following mass protests against his rule.

UN Security Council unanimously adopts Syria aid resolution

UN Security Council has unanimously adopted a resolution to boost humanitarian access in Syria that threatens to take 'further steps' in the case of non-compliance, demands cross-border aid access and condemns rights abuses by the Syrian government and opposition armed groups.

The 15-nation UNSC met to vote on the resolution, co-authored by Australia, Jordan and Luxembourg amid uncertainty that Russia and China could veto the draft

Equal Opportunities Commission for minorities

The Union Cabinet cleared a proposal for setting up the much- awaited Equal Opportunities Commission (EOC), a statutory body to check discrimination of minority communities in jobs and education.

The Justice Sachar Committee, which went into the socio-economic backwardness of Muslims, had recommended setting up of such a panel.

The proposal got the nod of the Union Cabinet on Thursday.

EOC will also deal with grievances like denial of accommodation or buying rights to minorities in housing societies.

AAP govt initiatives to stay in Delhi

Lt. Governor Najeeb Jung, indicated that the popular initiatives taken by the AAP government will not  be scrapped, including the 50 per cent subsidy on power tariff.

He is  now administering Delhi after President's rule was imposed.

He also directed the Chief Secretary to ensure speedy delivery of various services and provide good governance.

Finance Minister presents interim budget

Finance Minister P. Chidambaram presented  his 9^th   and  India's 83rd budget  for 2014-15 in the Lok Sabha on 18-Feb-2014. 

The main budget for the financial year 2014-15 will be presented by the new government that will come into power after the general elections, the schedule for which are likely to be announced by the Election Commission soon.

 HIGHLIGHTS :

GROWTH

* GDP expansion in 2013/14 third and fourth quarters will be at least 5.2 percent

FISCAL DEFICIT

* Fiscal deficit seen at 4.6 percent of GDP in 2013/14

* Says need to bring down fiscal deficit to 3 percent of GDP by 2016/17

CURRENT ACCOUNT DEFICIT

* Current account deficit for 2013/14 projected at $45 billion

* Forex reserves to rise by $15 billion by end of 2013/14

EXPORTS

* Merchandise exports seen at $326 billion in 2013/14, up 6.3 percent year on year.

Agriculture exports xxpected to touch $45 billion in 2013/14, up from $41 billion in 2012/13

SPENDING

* Plan expenditure for 2014/15 seen at same level as previous year

* Non plan spending estimated at about 12.08 trillion rupees in 2014/15

SUBSIDIES

* Total spending on food, fertilisers and fuel at 2.5 trillion rupees in 2014/15

DEFENCE

Spending raised to 2.24 trillion rupees in 2014/15, up 10 percent year on year

BANKS RESTRUCTURING

Govt to provide 112 billion rupees capital infusion in state run banks in 2014/15

Other Points to remember

Defence Ministry gets Rs 2,24,000 cr; 10 pc more than last time

Nirbhaya Fund gets additional Rs 1,000 crore in budget

Tejpal charged with rape

Tehelka founder editor Tarun Tejpal was on 17-Feb-2014 charged by Goa police with rape, sexual harassment and outraging the modesty of a junior colleague, 80 days after his arrest, and could face imprisonment of more than seven years if convicted.

Police filed a 2,684-page charge sheet against Tejpal, in jail since December 1, under sections354, 354-A (sexual harassment), 341 and 342 (wrongful restraint), 376 (rape), 376(2)(f) and 376 (2)(k) (taking advantage of official position and raping a woman in custody).