Daily GK Update: May 5th, 2016.

Telecom sector sees over USD 4 bn FDI in nearly two years.

Telecom sector attracted over USD four billion worth foreign direct investments in nearly two years since April 2014, Telecom Minister Ravi Shankar Prasad said today. Emphasising that the government has taken many pro-active steps to promote growth in the sector, he said in Lok Sabha that “the quality of service issues has never been looked into so seriously and monitored, as is being done now”.

Airlines oppose govt.’s move to cap fares during crises.

India’s airline industry has termed the government’s proposal to cap air fares during periods of crisis such as natural calamities or agitations as an impractical and misinformed idea.

Centre may appoint independent regulators for professional services.

The government is planning to appoint independent regulators for services such as medicine, law, chartered accountancy, cost accountancy and company secretaryship. According to sources in the commerce ministry, the existing structure of a regulator-cum-professional body for these services has resulted in several alleged instances of conflict of interest.

Bangladesh approves Reliance Power proposal to set up 750 MW gas-based power project.

Reliance Power has received in-principle approval from the Bangladesh government for the first phase of a 3,000 megawatt gas-based power plant, paving the way for the largest Foreign Direct Investment in the neighbouring country with a potential investment of over Rs 8,700 crore ($1.3 billion).

Overseas air routes may see auction.

The government’s plan to auction international traffic rights to foreign airlines may find its place in the final version of the civil aviation policy that will be submitted to the Cabinet soon, despite opposition from domestic airlines.

Activist Facebook video about WTO pact completely wrong: Govt.

Dismissing allegations made against the government on social media, the Commerce Ministry said India has not signed any agreement in the WTO which could lead to closure of ration shops and discontinuation of farm subsidies. It said the Department of Commerce has come across a Tamil video posted on Facebook where activist Thirumurugan Gandhi has made factually incorrect statements regarding signing of an agreement to stop distribution of rice and other provisions through public distribution system, discontinuation of agricultural subsidies and allowing import of food items.