Current Affairs news of 3rd July,2014

Defence sector opens up for FDI India has stepped up various measures to revive domestic manufacturing.One of them is opening up of defence production to FDI (Foreign Direct Investment). Raising the FDI cap to 49% from the present 26% could mean the entry of giants like EADS,Boeing,British Aerospace,Rolls Royce with investments running into billions of dollars.Saina Nehwal wins Australian Open Super Series title This seems to be a good time for the sports lovers in India. Jitu Rai grabbing the World No 1 spot in the men�s 10m air pistol category at the ISSF Rankings and now Saina Nehwal who is in the news again for a very good reson. Saina Nehwal played exceptionally well that helped her win the $750,000 Star Australian Super Series after beating Spain’s Carolina Marin in Sydney on Sunday. Finance minister to meet top officials of I-T and CBDT Finance minister Arun Jaitley will hold a meeting with the officials of Income Tax dept and CBDT(Central Board of Direct Taxes) later this month. The meeting is held every year to discuss on a variety of policy,administrative,and operational issues facing the tax dept which is mandated to collect taxes under various heads of Income tax,Corporate tax,wealth tax and similar other duties.