current affairs july 2012

Derek O’ Brian: First Anglo-Indian to Vote in Presidential Election

July 25th, 2012

Derek o’ Brian, became the first Anglo Indian to vote in the Indian Presidential elections. Brian, a Rajya Sabha MP from West Bengal, belongs to Trinamool Congress.

The constitution of India says that an MP who has been nominated by the President to either of the house of the Indian Parliament is not eligible for casting vote in Presidential election.

President nominates 12 members in Rajya Sabha. However, these nominated members there cannot vote in Presidential election. As per article 331 of Indian constitution, the President can nominate not more than 2 members to the Lok Sabha from the Anglo-Indian community, if he finds that Anglo-Indian community is not adequately represented in the Lok Sabha.

As per Article 80 (1) of the Indian constitution 12 members are nominated by the President from persons with special knowledge or practical experience in areas like literature, science, art and social service. Article 84 (b) demands that a person shall be of not less than 30 years of age.

• Anglo-Indians:  These are people with mixed Indian and British ancestry, or people who have British descent born or living in the Indian Subcontinent or Burma, now mainly historical in the latter sense.

India, Mozambique inked pact on Bilateral Security Cooperation

July 25th, 2012

With the objective to discuss cooperation and enhance relationship in various fields for mutual benefits, India and Mozambique signed an agreement on Bilateral Security Cooperation.

According to estimates around 25,000 people of Indian origin are living in Mozambique for generations. The relations b/w both the countries have been warm and affable. When Mozambique achieved independence in  the year 1975, India was amongst the first countries to extend recognition to the country.

UN Resolution vetoed by China, Russia: Situation intensifies in Syria

July 24th, 2012

UN Security Council resolution on Syria has been vetoed by Russia and China. However, India and 10 other countries voted in favor. Pakistan and South Africa abstained from voting.

What could have been the effects of this UN resolution, if passed?

The resolution could have introduced fresh sanctions against Syrian President Bashar Al Assad’s rule. The resolution would have imposed economic sanctions on Syrian government under Chapter seven of the United Nations Charter.

How does the U.S. take the Vetoing by China and Russia

The U.S. was disgruntled with the move of Russia and China vetoing the UN Security Council resolution on Syria, and stated that the countries are standing on the wrong side of history. Now, the U.S has decided to work from outside of the council to oppose Assad’s regime.

Rs 57800 Cr Annual Plan for UP: Planning Commission

July 24th, 2012

The Planning Commission of India allocated Rs 57800 crore  for UP Annual Plan for fiscal year 2012-13. It marked an increase of 23 % over last plan. In addition, Rs 20000 crore funding for centre-sponsored schemes in the state has also been allocated.

A special one-time grant of Rs 800 crore for the upcoming Kumbh Mela and an additional central funding of Rs 9200 crore have also been allocated.

The UP government endeavors to hit the target of 10 % growth rate by 2016-17. Besides, it is also trying hard to attract Rs 12,00,000 crore private investment over the next 5 years.

EU intensifies arms embargo & sanctions against Syria

July 24th, 2012

The European Union intensified arms embargo and sanctions against the Syria government in reaction to rising violence in the country. The 27-member Union adopted the conclusion according to which vessels and aircraft heading to Syria will be inspected if it is suspected that the cargo contains arms or equipment for internal oppression. As per the conclusion, the obligation applies in member states’ seaports and airports as well as in their territorial sea, in line with international law.
This marks the 17^th round of EU sanctions against Syria since May 2011, which increases the total number of persons subject to sanctions to 155.

China promises $ 20 Billion Loan to Africa

July 24th, 2012

China has promised to provide $ 20 billion loan to African countries over the next three years. The announcement was made by the Chinese President Hu Jin Tao at the opening session of the 5^th Forum on China-Africa Cooperation (FOCAC) in Beijing. China had already pledged $10 billion loans at the previous China-Africa summit in 2009.

Chinese has promised to assist Africa by building agricultural technology demonstration centres, training 30000 personnel and offering 18000 scholarships. In order to improve the medical facilities in Africa, China will also send 1500 medical staffs to the continent.

In addition to this, various Chinese and African business majors signed economic cooperation agreements worth $ 341 million on the sidelines of the conference.

China-Africa bilateral trade was at around $ 166 billion in 2011, which is threefold to its 2006 figures. In 2009, China became Africa’s biggest trading partner. As per China custom data, Angola, South Africa, Sudan, Nigeria and Egypt are the five biggest trading partners of China in the continent. China is supporting numerous infrastructure projects in the continent. It gave $ 200 million for building the African Union’s new headquarters in Ethiopian capital Addis Ababa.

Sally Ride: First American woman astronaut passed away

July 24th, 2012

Sally Ride (61), the first US woman to travel into space passed away. In June 1983, at the age of 32, she blasted off in the US space shuttle Challenger. Ride graduated from Stanford University with master’s and doctorate degrees in physics. She became an astronaut in 1978.

• The First woman to travel into in space was Soviet cosmonaut Valentina Tereshkova in June 1963.

$ 3 billion compensation to Sudan for economic losses: South Sudan

July 24th, 2012

South Sudan has extended a compensation of more than 3 billion dollars to its neighbor Sudan for economic losses incurred due to the South’s independence. They are negotiating in Ethiopia to resolve bitter differences ahead of a U.N deadline on August 2, 2012. South Sudan gained independence from Sudan on July 9, 2011 , but many issues like border disputes and disagreements over oil fields, transport payments and divisions of the national debt still remain unsolved.

Renminbi, Rupee included in ADB’s TFP

July 23rd, 2012

Noticing the expanding influence of the economies of China and India among the Asian economies, the Asian Development Bank (ADB) decided to encourage and support deals denominated in their local currencies under its Trade Finance Programme (TFP) as intra-regional trade transactions using the Renminbi and the Rupee are projected to increase.

It is a remarkable change as the TFP, hitherto, used to cover transactions denominated only in the US dollar, the Japanese yen and the euro.

On account of widening trade finance gaps, tight credit supply and tougher regulatory requirements, ADB has decided to extend the TFP for an indefinite period.

What is Trade Finance Programme (TFP)?

• TFP is a programme under Asian Development Bank with an objective to fill the market gaps for trade finance by providing guarantees and loans to banks to support trade. ADB collaborates with 200 partners to provide companies with the financial support they require to carry on import and export operations in Asia’s most challenging markets.

In how many countries is TFP active?

• It is active in 16 countries. Five most active countries are Bangladesh, Nepal, Pakistan, Sri Lanka, and Vietnam

How will the move affect the trade scenario?

• The decision is expected to fill the market lacunae for trade finance by providing guarantees and loans to banks to support trade. It will promote the use of regional currencies in trade and reduce the dependency on the U.S. dollar as a settlement currency, which is not meeting the demand in several economies. Currently, 90 % of all foreign trade in Asia is settled in U.S. dollars, but this percentage is expected to shrink.

1st woman to head African Union Commission

July 23rd, 2012

African leaders elected Ms Nkosazana Dlamini-Zuma to head the African Union (A.U.) Commission. She is the first woman to gain such a position.

Ms. Dlamini-Zuma, South Africa’s Home Affairs Minister, defeated the incumbent, Jean Ping of Gabon, in a challenging election

Govt to uphold TUFS in the 12th plan

July 23rd, 2012

Commerce, Industry and Textiles Minister Anand Sharma announced that the Technology Upgradation Fund Scheme (TUFS) for the textile sector would be continued in the XII Plan. The scheme has been allocated Rs.15,886 crore. There is an increase in the amount granted to the scheme against XI Plan when it was Rs 12,000 crore.

What is TUFS?

• TUFS stands for Technology Upgradation Fund Scheme. This is a scheme run by the union govt under which it offers subsidies to the industry for the modernization by installing new machinery and adopting upgrade technology. The scheme is popular among the various textiles domains

What are the major problems being faced by the textile industry?

• The textile industry is grappling with soaring prices of raw material, high interest rates, besides slump in demand in major markets such as Europe and the U.S. The industry is also ailing with piled up debt, massive unemployment and closing businesses.

Yahoo appoints Marissa Maye as its New President and CEO

July 23rd, 2012

Marissa Mayer has been appointed as the new president and CEO of Yahoo – world’s 2^nd largest search engine by query volume. Prior to her appointment, she served as the top executive at Google. Mayer will lead the product innovation in distressed internet company by introducing new perspective.

Mayer, a Stanford University graduate, in her over a decade long spell at Google she led a number of its businesses, and was accredited for simplifying the Google search interface, a significant selling point for the company. Mayer played significant role in several projects at Google including Google Search, Google News, Google Images and Gmail.

Yahoo has been facing stiff competition from Google and Facebook. The user base of the company has significantly reduced over the past few years. According to a 2009 data, Yahoo’s share in global internet business contracted to 6.42 % while its main competitor Google gained 85.35 % of the query volume on the internet.

3% rise in Global Carbon Dioxide Emissions in 2011

July 23rd, 2012

As per the report “Trends in global CO2 emissions”, there is a 3% surge in the global carbon dioxide (CO2) emission in 2011. The 3 % increase took the total amount of CO2 in air at an all-time high of 34 billion tonnes. The report was published by the European Commission’s Joint Research Centre (JRC) and the Netherlands Environmental Assessment Agency (PBL).

As per the the report:

· The U.S. emits 17.3 tones per capita of CO2 . It is still one of the top emitters.

· China with an average of 7.2 tonnes per capita emission saw an increase by 9% in CO2 emission.

· The per capita emission of 27-nation European Union was 7.5 tonnes.

· The 34-nation Organisation for Economic Co-operation and Development (OECD) countries was responsible for only 1/3^rd of global CO2 emissions in 2011.

Arun Mishra will be the new Chief of DGCA

July 23rd, 2012

Former IAS officer Arun Mishra will be the new chief of DGCA. The decision has come from Appointment Committee of the Cabinet (ACC). Mishra will replace E. K. Bharat Bhusan. Arun Mishra has served as Joint Secretary, senior executive, SDO, Deputy Secretary of the Land and Revenue Management Cadre. He was the joint Secretary of Civil Aviation in the year 2009.

North Korea confers the Title of Marshal on its Top Leader Kim Jong Un

July 23rd, 2012

Democratic People’s Republic of Korea (North Korea) conferred the title of “Marshal” to its top leader Kim Jong Un. The nation’s top military brass and government officials decided to award the title to Kim.

After the death of his father Kim Jong Il in December 2011, Kim Jong Un attained the top position of supreme commander of the Korean People’s Army.

Earlier the title was with Kim Jong Il. But the position became vacant after his demise. Kim Jong Il was posthumously made grand marshal is which the top military title of the Communist nation.

Fall in the Incidents of Child Marriages in India: Annual Health Survey Report

July 23rd, 2012

As per Annual Health Survey (AHS), done by the census authorities, the incidents of child marriage declined considerably over the past few years.

The AHS was conducted by the Ministry of Health and Family Welfare in association with the Registrar General of India (RGI) and Ministry of Home Affairs of India. The survey was held in all 284 districts of the Empowered Action Group (EAG) states that include Rajasthan, Uttarakhand, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Bihar, Jharkhand, Odisha and Assam. About half of the country’s population lives in these states.The project was started to gauge the impact of National Rural Health Mission (NRHM) in all 284 districts. Until now, only National Family Health Survey was the means of getting reliable data, which has now been discontinued by the health ministrythe health ministry.

Major findings of the survey are:

• 1/5^th of marriages in Bihar b/w 2007-09 involved women under 18.
In Jharkhand, the proportion of child marriage declined from 60% to 18% earlier.

• Rajasthan, with 22 % cases of child marriage, has the highest proportion of women under 18 getting married.

• Use of Contraceptive is still low despite improvements in several regions.

• Among the 9 major states, Bihar has the lowest contraceptive use with just over 1/3^rd of women aged 15-49 using any method of contraception.

• Sitapur in UP is the district with the least contraceptive with only 20 % of women using any method of contraception.

• Less than 5% of women in UP had a full ante natal check-up.
Chhattisgarh, with 20 % full ante-natal check-up, came up as the best-performing of these states.

• Less than 50% pregnant women in Jharkhand and Chhattisgarh have safe deliveries.
UP, Bihar and Uttarakhand registered only 40 % of safe deliveries.

Fall in fresh HIV-Infection cases among Children: UNAIDS Report

July 23rd, 2012

As per the latest UNAIDS Report, there is a steady decline in the newly contracted HIV infections among children.

As per the UNAIDS Report:

About 330000 children were newly infected in 2011, which implied a drop of 24 % in the new HIV case among children since 2009.

Around 60 % of the 1.5 million pregnant women living with HIV in poor countries received effective anti-retroviral treatments in 2011, which reduced the probability of transferring the virus to their babies.

About 34.2 million people across the world were living with the AIDS virus at the end of 2011,

8 million people in low- and middle-income countries got the anti-AIDS treatment in 2011.

What is UNAIDS programme?

UNAIDS, is the Joint United Nations Programme to curb HIV/AIDS. It was proposed in 1994 by a resolution of the UN Economic and Social Council and unveiled in January 1996.The programme calls for accelerated, comprehensive and coordinated global action on the HIV/AIDS epidemic. The motto of UNAIDS is to lead, strengthen and support an expanded response to HIV and AIDS that includes prohibiting transmission of HIV, providing care and support to those already living with the virus, reducing the susceptibility of individuals and communities to HIV and mitigating the impact of the epidemic.

The headquarter of UNAIDS is in Geneva, Switzerland. Michel Sidibe is the Executive Chairman of UNAIDS.

Now Delhi will have 11 Districts

July 23rd, 2012

The Delhi govt has decided to divide Delhi into 11 sessions and revenue districts.

• The decision is taken to provide speedy justice and efficient administration to the Union territory.

Currently the number of districts is 9 which include Central, North, South, East, Northeast, Southwest, New Delhi, Northwest and West Delhi.

After reforming the boundaries the newly formed 11 districts will include Central, East, West, North, South, Najafgarh, Saraswati Vihar, Kalkaji, Preet Vihar, Seelampur and New Delhi. The Northeast, Northwest and Southwest districts will not exist.

The 5 newly formed districts will be:

1. Seelampur
2. Gandhi Nagar
3. Saraswati Vihar
4. Najafgadh
5. Kalka Ji

It was the proposal of law department to divide the capital into 11 districts so that the work of the judiciary and the revenue department gets distributed according to their respective areas. Presently, the work of the trial courts is divided into 9 districts for the civil cases, while, there is only one chief metropolitan magistrate for criminal jurisdiction. The revenue department has 9 districts and 27 sub-divisions.

China now relies on American exports

July 22nd, 2012

A deteriorating Chinese economy, affected by a further slowdown, has become a cause of concern for the United States officials and the two presidential campaigns, as Chinese companies is showing grater dependence on exporting to the American market.

What is reason of China becoming so much reliant on American exports?

• The decline in the real estate and widespread layoffs in the construction sector, accompanied with lethargic growth in retail sales and falling exports to Europe has resulted into greater reliance  on exports to the United States, the sector which is still little affected.

What has been the impact due to this?

• The increased export from china has resulted into rise in American trade deficit and that too in an election year. The bilateral deficit expanded 10.2% in the first five months of this year (2012). The deficit is expected to swell further. China is currently facing a slump in its growth. As per China’s official statement the country is growing at the rate of 7.6% which is much lower compared to the same period previous year when it was 9.5%.

How can this affect Presidential elections in U.S.?

• The rise in China’s exports to America has led to widening of trade deficit of the latter. This could adversely impact US economy. Further, increase in Chinese products selling in America will compete with US products and create pressure on them. The president administration is already under constant pressure from labor unions to take a more opposing stance toward China on trade. All these issues can become crucial in campaigns in presidential election.

EIB skeptical about recovery of Eurozone crisis within two years

July 22nd, 2012

The European Investment Bank (EIB) is doubtful about the recovery of Euro zone from its debt crisis within the next two years. As per the Bank the pressure on the European member state to settle the situation will remain for a longer time.

The bank, however, believes that the political framework to tackle with the crisis could improve within the next two to three years. According to the head of the bank, EIB which has been the European Union’s long-term lending source should not be considered as a panacea for the Euro zone crisis.

Very recently the European summit agreed to boost the EIB’s capital by euro 10 billion by the end of the year 2012, enhancing its lending capacity by euro 60 billion to assist stimulate the European economy.

“Jim Corbett – Friend of the Wild” – Book to pay tribute to Jim Corbett

July 22nd, 2012

To celebrate the 137^th birth anniversary of legendary conservationist Jim Corbett, Amar Chitra Katha will release a his graphic biography in bookstores across the country on July 25, 2012.

The book titled “Jim Corbett – Friend of the Wild” describes Corbett’s life of the famous hunter and nature protectionist.

Who was Jim Corbett?

• He was a famous British hunter who later became conservationist, author and naturalist.
• His full name was Edward James “Jim” Corbett
• Born: July 25, 1875 Nainital, India
• He held the rank of colonel in the British Indian Army and was often called upon by the government of the United Provinces, (now Uttar Pradesh and Uttarakhand), to kill man-eating tigers and leopards that were troubling people in the nearby villages of the Garhwal and Kumaon region. His hunting prowess earned him a high respect and fame amongst the people living in the villages of Kumaon.
• Corbett was also a photography enthusiast. He penned books like The Man-Eaters of Kumaon, Jungle Lore reminiscing his hunts and experiences, which gained much critical applaud and commercial success.
• Corbett put forward the need to save India’s wildlife from extinction and played a remarkable role in establishing a national reserve for the endangered Bengal tiger by using his influence to convince the provincial government to create it. The national park was renamed Jim Corbett National Park in his honor after his death in 1957.

Govt raises retirement age of Vice-Chancellors of 9 State universities from 65 to 70

July 22nd, 2012

• The govt has passed an ordinance that has raised the retirement age of Vice-Chancellors of 9 State universities from 65 years to 70.
• The ordinance will amend Tamil Nadu Universities Laws with effect from July 14, 2012.
• Currently, the Vice-Chancellors of Bharathiar, Bharathidasan, Mother Teresa Women’s universities, Alagappa University, Manonmaniam Sundaranar University, Periyar University, Tamil Nadu Open University, Thiruvalluvar University and Tamil Nadu Teachers Education University, can serve to the office up to the age of 65 as per the Acts of these universities.
• The amendment made is on par with the Central Universities Act, 2009.

Gujarat inks pact with Johannesburg Chamber of Commerce and Industry

July 22nd, 2012

• The Gujarat government signed an MoU with Johannesburg Chamber of Commerce and Industry (JCCI) to enhance the bilateral trade.
• JCCI has inked MoUs with many industry institutions such as the Confederation of Indian Industries (CII) at city level, but it was the first time they have signed an MoU with a state in India.
• Earlier, a high-level group from Gujarat had visited several South African cities to bring investments to the state.
• The delegation also plans to visit Tanzania and Kenya, where there are substantial Gujarati people in the business domain, to invite them to the 6^th edition of the bi-ennial Vibrant Gujarat Summit in January 2013.

Government extends Justice Shah Commission tenure by 1 year

July 22nd, 2012

The government extended Justice M B Shah Commission term, by one year till July 16, 2013. The extension for one year has been sought since the Commission is collecting and compiling information on mining from 7 important mineral producing states, which is quite huge.

When and why the commission was constituted?

Justice M B Shah Commission was set up in November 2010 to investigate into the cases of illegal mining. It was supposed to handover its report by May 18, 2012. The commission will identify cases of illegal mining and also to identify and rectify management, regulatory and monitoring system failures in thwarting illegal mining

U.S. slashes military aid to Pak by$650 m

July 22nd, 2012

In a latest jolt at Pakistan by the U.S., the House of Representatives has voted to slash American military aid to Islamabad by $650 million.

The Republicans had actually demanded a $1.3 billion cut, but settled for the $650 million cut. It will now be forwarded to Senate for approval. The Republicans alleged Pakistan of being disloyal, deceptive and dangerous to the United States.

The decision has been taken at the time when the relation b/w the U.S. and Pakistan are already fragile. The two had just overcame differences that resulted Pakistan shutting down important supply routes into Afghanistan that had cost U.S. about $100 million.

The passage of the amendment comes at a fragile time for relations between the U.S. and Pakistan, which only recently overcame differences that led Pakistan closing down a critical supply route into Afghanistan that had cost the U.S. about $100 million in additional war costs.

 

Cabinet approves Law ensuring rigorous punishment for sexual assault

July 22nd, 2012

The Union Cabinet approved the Criminal Law (Amendment) Bill, 2012, in Parliament to expand the reach of the legal offence of sexual assault to ensure more rigorous punishments for sexual offences including rape.

What are the key amendments in the Criminal Law (Amendment) Bill, 2012?

• The Bill replaces the word ‘rape’ with the phrase ‘sexual assault’ in order to make rape a gender-neutral offence.
• Under this Bill, the definition of rape has been expanded to include the cases of sexual assault where the victims are male and brings them under the same law along with cases where the victims were women.
• The punishment for sexual assault will be a minimum of 7 years which may be extended to imprisonment for life. For much severe sexual assault, the punishment will be rigorous imprisonment not less than 10 years which may extend to life imprisonment and also fine.
• It was also adjudicated to change the definition of a minor. Currently some sections of the IPC and the CPC (Criminal Procedure Code) consider those below 16 as minor. Subsequent to the the amendment a person below 18 would be considered as minor.
• The age of consent has been raised from present 16 years to 18 years.
• However, it is proposed that the sexual intercourse by a man with own wife being under 16 years of age will not be considered as sexual assault.
• Provision for enhancement of punishment under sections 354 and 509 of IPC and insertion of sections 326A and 326B in the IPC for making “Acid Attack” a particular offence has also been brought in.

Government’s clearance to 10.82 percent disinvestment of stake in SAIL

July 22nd, 2012

• The government has approved 10.82 % disinvestment of its hold in Steel Authority of India (SAIL).
• The SAIL public offer has got the clearance of the Cabinet Committee on Economic Affairs (CCEA).
• The share sale process, which will be done through auction route or offer for sale, is projected to generate over Rs 4,000 crore for the government exchequer.
• The government presently has 85.82 % stake in SAIL. After the disinvestment, the government of India’s shareholding in SAIL would get reduced to 75%.

Salaried employees to get more tax benefits

July 22nd, 2012

Now, salaried employees who are earning up to Rs 5 lakh a year, are not required to file income tax returns for assessment year 2012-13.
The immunity from filing I-T returns is valid in those conditions, when total income of the employee does not exceed Rs 5 lakh and the annual interest received from savings bank account is less than Rs 10,000. The exemption will be allowed only if the assessee has received a certificate of tax deduction in Form 16 from the employer. To become eligible for exemptions, the employees will be required to report their employer the income from interest on savings bank account. However, filing of income tax returns is necessary to claim

 

INS Sahyadri commissioned to Navy

July 22nd, 2012

• The Navy commissioned one of its most futuristic warships INS Sahyadri at Mumbai-based Western Naval Command headquarters. It will further embolden its stealth and anti-submarine warfare competence.
• INS Sahyadri is the last ship in the series of stealth warships after INS Shivalik and Satpura by the Mazgaon Dock Limited (MDL).
• Sahyadri is India’s first warship with major stealth feature and a western gas turbine as till now Indian Navy was using Russian one.
• The Navy commissioned first INS Shivalik and INS Satpura in the same class in April 2010 and August 2011. These ships are serving in the Indian Ocean Region.

Government tighten norms to tackle declining sex ratio

July 22nd, 2012

In the direction of effectively arresting the falling sex ratio at birth in the country, the Government has made it compulsory for MBBS doctors to go through training at recognized centres before opening up a sonography centre. The govt will monitor the efforts to curb the menace of foeticide at all levels, including the district level.

U.S. approves “Truvada”

July 21st, 2012

The U.S. Food and Drug Administration showed green signal to an anti-HIV drug, Truvada, by pharmaceutical firm Gilead Sciences. It can now be used as prophylactic drug. However, many people are skeptic with the decision, particularly AIDS Healthcare Foundation (AHF).

What is Truvada?

• Tenofovir/emtricitabine, trademark Truvada by Gilead Sciences.
• Truvada is an anti-HIV drug.
• It is a fixed-dose combination of 2 antiretroviral drugs (Tenofovir disoproxil fumarate and Emtricitabine) used for the treatment of HIV. By blending the 2 antiretroviral drugsinto one tablet, it cuts down the pill load and enhances conformity with antiretroviral therapy.
• Since 2004 it has been in use for the treatment of those already infected with the virus. However clinical studies showed that the drug could prevent people from contracting the infection.
• The drug could be a prophylactic measure for high-risk individuals such as those with HIV-positive partners — only when combined with sexual health counseling and the use of condoms.

Still what is the cause of concern for AHF?

• AHF is skeptic that if Truvada is used as a preventive medicine by infected individuals who have not yet been tested, it could result in formation of drug resistant strains. These strains might spread to their partners.

Producer Price Index (PPI): RBI proposes for PPI to measure inflation

July 21st, 2012

The Governor of RBI, D. Subbarao has mooted for a Producer Price Index (PPI) to measure the average change over time in the sale prices of domestic goods and services. Currently, it uses Consumer Price Index (CPI) and Wholesale Price Index (WPI) to aid in measuring inflation.

But WPI does not capture price movements of services and is also a hybrid of consumer and producer price quotes. CPI captures the prices of significant commodities at retail level but not at producer level.

What is PPI?

• Producer Price Index is the measure of the average change in selling prices received by domestic producers for their output over a period of time. The prices included in the PPI are from the first commercial transaction for many products and some services. It measures price changes from the perspective of the seller.

Advantages of having PPIs:

• Will be globally comparable
• Will not include hidden costs like shipping, taxes and other levies thus provides a much clear picture of inflation
• Will give a view of the economy’s efficiency in transferring goods and services from first level of transaction to other level.

Where do CPI and WPI fall short?

Loopholes in WPIs:

• Incongruent with global standards as most of the nations either use CPI or PPI
• Considers only goods and not services which is a huge part of our economy and can’t be neglected
• The rates are mostly captured from mandis or places of wholesale business. Hence they don’t include prices at household consumer level.

Loopholes in CPIs:

• Measures the change in the important commodities at the retail level but not at the producer level.
• The indices for rural labourers, agricultural labourers and industrial workers are badly targeted to be used for macro policy making.
• Started in January, 2011, it falls short of having sufficient history to aid data analysis and to be used as a sole headline measure of inflation.
• The prices determined at consumer level are affected by subsidies, sales and excise taxes and distribution costs.

Which one is better b/w CPI and WPI?

• CPI is still considered a better option over WPI as it gauges changes in the general price level of goods and services at the household level.

Person in News: Pinki Pramanik

July 21st, 2012

• Pinki Pramanik is an Indian athlete specialized in 400m and 800m.
• She grabbed the limelight after winning gold at 2006 Asian Games, gold at 2005 Asian Indoor Games and silver at 2006 commonwealth games.
• She also won three gold medals at 2006 South Asian Games
• On 14 June 2012, Pramanik was arrested after accusations by her 32-year old female partner of rape and of being male.
• The allegations led to medical tests to determine her gender. Initial private tests claimed to show her to be male. But she disagreed with the results and police ordered a separate government-led test as part of the trial.
• Her case is currently under investigation.

Actor Rajesh Khanna “Kaka” passes away

July 21st, 2012

Veteran Bollywood superstar Rajesh Khanna (69) passed away.

• Born in 1942 as Jatin Arora, his uncle changed his named to Rajesh Khanna when he decided to join films.
• He was not only a mega star but was also a Lok Sabha member of the Indian National Congress from New Delhi constituency from 1992 to 1996.
• He made his film debut in the 1966 film Aakhri Khat directed by Chetan Anand
• He was then noticed for his performances in films like Baharon Ke Sapne, Aurat (1967),Doli, Aradhana and Ittefaq.
• Khanna became a megastar after he gave 15 consecutive solo blockbuster movies b/w 1969 and 1972 including “Aradhana”, “Haathi Mere Saathi”, “Anand” and “Amar Prem”.
• Khanna was referred to, by the media, as the “First Superstar” of Indian cinema.
• In the film Anand, the word “Babu Moshai” used by Rajesh Khanna for Amitabh Bachchan (who played a Bengali doctor in the film), is so deeply engraved in the minds of Indians that it has almost become a synonym for Bengalis for the rest of the countrymen.
• His friends and his wife called him Kaka (Uncle).

Awards and Applauds he won:

• 3 Filmfare Best Actor Awards and was nominated for the same 14 times.
• BFJA Awards for Best Actor (Hindi) – 4 times and nominated 25 times
• In 2005, he was conferred with the Filmfare Lifetime Achievement Award

 

Inspirational writer “Stephen Covey” passes away

July 21st, 2012

• Eminent motivational author Stephen R Covey (79) passed away.
• Covey served as co-founder and former vice-chairman and director of Franklin Covey.
• He began his career as a professor in Brigham Young University before becoming world known author, speaker and consultant. He dedicated his life to teaching principle-centered leadership to diverse segments— from grade school and university students to chief executives of Fortune 100 companies and heads of states.
• In 1984, he gave up his full-time university professorship to set up his own business organization- Covey Leadership Center, to disseminate principle-centered leadership.
• Covey Leadership Center merged with Franklin Quest to form Franklin Covey Co, a global performance enhancement company that now functions in125 countries.
• He authored The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change, printed in 1989, sold about 20 million copies in 40 languages globally. It is still an international bestseller. Covey came to India on many times. In his 2008 visit he addressed government and business leaders.
• He quoted Mahatma Gandh, who was his idol, in many of his works.

Now, Obama advises India to bring economic reforms

July 21st, 2012

US President Barack Obama expressed concerns over deteriorating investment atmosphere in India and advised to endorse another wave of economic reforms. As per Mr Obama many American business community find it hard to invest in India due to limits india has imposed on foreign investments in several sectors like retail. Although he abstained from prescribing specific solutions, he suggested to bring another wave of economic reforms to make india more competitive and investment friendly.

IMF’s World Economic Outlook Update hews down India’s growth forecast to 6.1%

July 21st, 2012

The International Monetary Fund (IMF) in its World Economic Outlook Update, chopped down India’s economic growth projection from 6.8 % to 6.1% in 2012.

This is the result of slowdown in external demand and deceleration in domestic demand. The slow in domestic demand has been attributed to capacity constraints and monetary tightening by RBI.

It also cut the 2013 gross domestic product (GDP) growth estimate as well to 6.5 % from 7.2 % projected earlier as it didn’t see the situation to ameliorate significantly by 2013.

The IMF also noted the slowdown in the economies of Brazil, China, and India.

As per Fund, several burgeoning market economies had also been affected by increases in investor-risk aversion and perceived growth uncertainty, which has led to equity price fall, capital outflows and currency depreciation.

IMF uses different procedure to gauge economic growth against the official Indian method. India determines its growth at real GDP at factor cost (excluding indirect taxes), IMF projects it at GDP at market prices (including indirect taxes).

Core inflation is a better indicator of price trends: RBI

July 21st, 2012

According to RBI Governor, Core inflation is a better indicator of future price trends because of its less volatility. As per him an analysis of longer series of over three years shows that core inflation has statistically significant predictive power. However he added that headline inflation will surely have a larger momentum than core inflation.

Girls organize ‘Panchayat’

July 21st, 2012

Amid pandemonium over the Taliban-style decree against women by a village in Baghpat, girl students from different villages in the district organized their own ‘community panchayat’ and vowed not to use mobile phones till they reached Class XII or wear jeans.

current affairs july 2012

RIL warns of KG-D6 shutdown, govt shows CAG’s red card

July 21st, 2012

The tussle b/w Reliance Industries and the petroleum ministry over the future of India’s significant gas acreage reached to a full blown confrontation. Reliance and its partner BP have indicated the shutdown of the country’s biggest gas discovery- KG-D6 in 2015 if the government did not approve its long-pending investment proposals and revised capital expenditure plans.

Petroleum Ministery promised fast clearance but said the Comptroller and Auditor General (CAG) had suggested withholding of sanction to the work programme if it was denied access to RIL and BP’s accounts.

Gas output from the basin has been under pressure for more than a year. Both RIL and BP attributed the sharp decline in the output to the delay in approval by the ministry. The fall in the gas output has cut down power generation and industrial production in the country. Both companies told the government output would continue to decline if corrective measures were not incorporated. Usually, before the start of the year, oil-ministry controlled Oversight Committee approves the spending. However, in case of KG-D6, budgets and work programmes for 2010-11, 2011-12 and 2012-13 have not yet been approved.

Not only this, the management committee (MC) has also not approved the revised field development plan for the MA oilfield in the same Krishna Godavari basin KG-DWN-98/3 or the KG-D6 block in the Bay of Bengal. Besides, MC has denied to recognize at least 3 gas discoveries in the block, encumbering preparation of a field development plan to bring them to production.

Solar flare reaches earth caused no damage

July 18th, 2012

Earth recently embraced a power solar storm in last 5 years but caused no damage.
What are Solar flares?

• A solar flare or solar storm is a abrupt brightening observed over the Sun’s surface or the solar limb, which is understood as a huge energy release of up to 6 × 10²⁵ joules of energy (about a sixth of the total energy output of the Sun each second).
• The flare ejects clouds of electrons, ions, and atoms through the corona of the sun into space. These clouds typically reach Earth a day or two after the happening.

What could have been the possible hazards of these Storms?

• The solar storm could have impacted Earth’s magnetosphere and energy released in the form of X-rays can be hazardous to spacecraft, astronauts, and cosmonauts.
• It could also have disrupted the function of Power grids, Satellites and Airplane routes.

Gujarat Health Department proposes to grant autonomy to CMSO

July 18th, 2012

Gujarat is gearing up for another leap in the sector of public health. The Gujarat Health and Family welfare department has put forward a proposal to the state government to grant autonomy to the Central Medical Stores Organization (CMSO). The move if executed will make it an independent body similar to Tamil Nadu Medical Services Corporation (TNMSC).

How will it benefit the health sector?

• The move is thought to make the process of procurement of drugs and distribution faster and more efficient.
• It would bring more services under its purview, like procurement and installation of medical equipment in state run institutions etc.
• The number of drugs in the list of essential drugs would increase.
• Cut down the long Bureaucratic and Administrative processes.
• The CMSO now operates with funds solely from the state exchequer.

What is the current status?

• Currently, the CMSO has a list of 100 essential drugs that also include life saving drugs.
• The agency floats open tenders to procure drugs from both public and private sector pharmaceutical companies, and channelizes them to state run hospitals.

Why the state government trying to follow the footprints of TNMSC?

• The TNMSC model is regarded as one of the most efficient systems in the country for procurement and distribution of drugs at affordable costs.
• As per a study conducted by Planning Commission, TNMSC had bought medicines at up to 1/20^th of the retail price through bulk procurement and distributed it to people at an affordable price.
• Around 100 companies supply over 450 different drugs and surgical equipment to the TNMSC for distribution.

Mission Mode Project (MMP): By 2014, Govt plans Pan-India roll out of e-Courts

July 18th, 2012

With an aim to deliver speedy justice and cut the backlog of pending cases, the Government has decided to have pan-India roll out of e-Courts by 2014

What is e-courts Mission Mode Project?

• Under the e-Courts Mission Mode Project (MMP), the Govt of India plans to implement ICT in Indian Judiciary in 3 phases over a period of 5 years.
• The e-Courts are expected to bring transparency in the judicial system and help in speedier and efficient disposal of cases.
• Under this project, 14,049 courts in 3,069 court complexes across the country are expected to be computerized by 2014
• The MMP targets to develop, deliver, install, and implement automated decision-making and decision-support systems in 700 courts across Delhi, Bombay, Kolkata and Chennai; 900 courts across 29 State/ Union Territory capitals; and 13,000 district and subordinate courts across the nation.

‘Structuring the Dedicated Freight Corridor Project: A Lost Opportunity’; IIM-A study criticizes Indian Railways

July 18th, 2012

The Indian Railways has been criticized by a study conducted IIM- Ahmedabad. As per the study the Railways have failed to grant autonomy to the Dedicated Freight Corridor Corporation of India Ltd (DFCCIL), and has instead become its single owner and customer. This has resulted into lack of risk-sharing and guaranteed completion of project.

The study titled ‘Structuring the Dedicated Freight Corridor Project: A Lost Opportunity’, asserts that the unbundling that has been done in other infrastructure domains (aviation, maritime and road) to bring in greater autonomy and accountability, has not done in the railways. The study points at the railways Achilles’ heel in areas such as ownership structure, contracting strategy, role and market access of DFCCIL.

It points out that the Railways’ task force did not consider a third party ownership through an open competitive bid, a model that has been embraced by the roads, ports and airports sector. The model could have a generated more commercial and entrepreneurial energy into the project.

Sunita Williams took off for her 2nd space journey

July 18th, 2012

Indian-American record-making astronaut Sunita Williams along with her two other astronauts took off for her second space odyssey on a Russian Soyuz rocket. It took off successfully from a cosmodrome in Kazakhstan. The other two members on board are Russian Soyuz Commander Yuri Malenchenko and Japan Aerospace Exploration Agency flight engineer Akihiko Hoshide. They are on a four-month mission on the International Space Station (ISS).

Sunita Williams:

• Born: September 19, 1965, in Euclid, Ohio
• Williams is American astronaut and United States Navy officer who holds the record for longest spaceflight by a woman.
• She was assigned to the International Space Station as a member of Expedition 14 and then joined Expedition 15.
• She holds the record of the longest space flight (195 days) among female space travelers
• She is of Slovenian descent from her mother’s side and Indian descent from her father’s which shows she is an Indian-Slovenian American.

Education:

• Bachelor of Science degree in Physical science from the United States Naval Academy
• Master of Science degree in Engineering Management from Florida Institute of Technology.

Her major space voyages:

• Williams took off to the International Space Station (ISS) with STS-116, aboard the shuttle Discovery, on December 9, 2006 to join the Expedition 14 crew.
• Williams became the first person to run the Boston Marathon from the space station on April 16, 2007
• Currently she is on a 4-month trip to the ISS

Jeev Milkha Singh clinches Scottish Open Golf title

July 18th, 2012

Jeev Milkha Singh won the Scottish Open golf title after a final round with Italy’s Francesco Molinari.
This is his 4^th European Tour title.

Gujarat govt rejects Centre’s ‘Jan Aushadhi’ project

July 18th, 2012

Gujarat has rejected central govt’s ‘Jan Aushadhi’ model saying it has better self developed model of providing free treatments for segments of population.

Gujarat government currently runs a scheme to provide free medicines, and bears the entire cost of treatment for children below the age of 18 years at public hospitals.

The scheme is also extended for all below-poverty-line (BPL) families and also offers treatment at private institutions for BPL families up to a maximum limit of Rs 30,000. The state has been practicing the open tender procedure to procure drugs since a long time.

In Gujarat, Central Medical Stores Organization (CMSO) procures drugs through open tender, which are then analyzed by the state Food and Drugs Control Authority (FDCA) officials. Over 100 drugs are included in the list of essential medicines which include life saving drugs.

What is centre’s plan?

• The Centre is considering reviving its Jan Aushadhi scheme, and now plans to extend open tenders for the procurement of drugs for the Jan Aushadhi stores with the aim to boost the supply chain for these stores across the country. Presently, there are 117 Jan Aushadhi stores across India, and the department of pharmaceuticals plans to increase the number to 600 over the next two years, and further up to 3,000 by 2016. The Centre has plans to commercialize its Jan Aushadhi scheme by incorporating private sector pharma players to supply essential drugs.

 

Amid visa interruption, Indian youth delegation visits China

July 18th, 2012

An Indian youth delegation of students, young politicians, sportspeople and artists are on a visit to three Chinese cities. The trip is organized in the direction to bridge fallacies and communicate to China’s next generation. But the trip marred with controversy as Chinese Embassy denied visa to a student from Arunachal Pradesh who was part of the group. The trip was also on the verge of postponement due to bureaucratic delays.

China has a history of a rigid policy of not providing visas to residents of Arunachal Pradesh, which it has claims on and refers to as “South Tibet.” In 2011, members of a karate team from the State who were travelling to China for a competition were issued stapled visas.

Two students from Jammu and Kashmir, who are also part of the delegation, received regular visas, which suggest a change in China’s earlier stapled visa policy.

Indian Army and DRDO collaborate to develop tank-killer Nag missile

July 18th, 2012

Despite differences running b/w the Army and DRDO, the two are trying cooperate in the development of world-class tank-killer missile.

What are the problems?

The problem with the DRDO’s anti-tank guided missile (ATGM), Nag (Hindi for cobra), is its range and weight. Currently, the Nag accurately hits its targets out to 4 km, the range that the army asks for. But in extreme heat, especially in summer afternoons in the desert, the missile cannot strike a target beyond 2.5 km. The seeker of the missile cannot work in high temperatures. The DRDO is trying to develop a seeker that can work through the hottest desert temperatures.

The Army is unhappy with the 40 kg weight of the missile. It has demanded for about 30-35 kg.

The Army is ready to buy 13 Nag carriers (NAMICA, being developed by BEL and L&T), and 443 Nag missiles in the current form. These will be positioned in regions of Punjab, where close-set villages, groves and electricity transmission cables do not allow visibility beyond 2.5 km. It will order larger consignment only after DRDO demonstrates better performance with an efficient Seeker.

What is the exigency of these missiles?

• The delay in the development of the missile is a disappointment to the army. Indian infantry formations is urgently looking for a capable ATGM to tackle Pakistani tank forces that now have potent Ukrainian T-80 and Chinese T-85 tanks.

How does the missile function?

• With the help of thermal imaging telescopes, the Nag missile pilots scan the battlefield for enemy tanks. After having set up an enemy tank, the Nag pilot locks the seeker onto it. Instantly, a digital snapshot of the target is taken, which funtions as a reference image. As the Nag heads towards the target, at 230 m/s, the seeker takes repeated snapshots of the target; each one is compared with the previous image. The deviations are translated into corrections to the Nag’s control fins, which automatically guide the missile onto the target. The missile is also called as “fire-and-forget” missile as it eases the pilot of the need to expose himself to enemy fire after launching the missile.

What are the other types of “Fire and Forget” missiles?

• Only a few countries carry these kinds of sophisticated missiles.

– FGM-148 Javelin is manufactured by American companies, Lockheed Martin and Raytheon.

– The Spike is built by Israel’s Rafael Advanced Defense Systems. The Javelin and the Spike are lighter, “man-portable” missiles that can be carried by an infantry soldier, whereas, the Nag is heavier and more powerful missile that operates from vehicles and helicopters.

Bret Lee declares retirement from international cricket

July 16th, 2012

One of the fastest bowlers in the world of cricket, Australia’s Brett Lee, announced retirement from international cricket after serving it for 13 years.
He had already taken retirement from Test cricket in 2010. He had been facing difficulties in performing due to a calf injury. However, he will continue to play in Australia’s Twenty20 Big Bash and the Indian Premier League.

Rs. 4,575-crore investment to perk up 5 PSUs

July 16th, 2012

In order to revitalize five Public Sector Units (PSUs), a total investment of Rs.4,575 crore are under consideration of the government. This will also revive Lucknow-based Scooters India without inducting any strategic partner.

Govt funds will be inducted into Companies like HMT, HMT Bearings, HMT Watches, newsprint maker NEPA and Nagaland Pulp and Paper for their revival.

The govt has decided to revive Scooters India Ltd (SIL) on its own  instead of offering it for sale. However, investment requirement for the same has not yet been disclosed.

PFRDA eases registration norms for Fund Managers of NPS

July 16th, 2012

With an objective to give impetus to the National Pension System (NPS), the Pension Fund Regulatory and Development Authority (PFRDA) eased norms for registration of pension fund managers. This move will induce greater competition by removing cap on the number of Pension Fund Managers (PFMs).
It has notified a revised set of guidelines for registration of PFMs to manage the Pension System for the non-government and private sector.
The revised guidelines have done away with the earlier bidding process, wherein a pre-determined number of slots were bid for by the PFMs.
The process has now been replaced by a system which lays down the eligibility criteria for registration as PFMs

India extends energy & mining sector support to Cuba

July 16th, 2012

India extended its proficiency and support to Cuba in energy and mining sectors. Minister of State for Commerce and Industry assured this to Cuba. Indian companies can engage in Cuba through investment in exploration, production, refining and marketing. Recently, the complete outlook of India- Cuba relations was reviewed with the goal of adding larger economic dimension to existing strong political and cultural ties. Cuba has impressive growth of around 5% at a time when most of the western economies have contracted. Cuba expressed gratitude for India’s aid in establishing a milk processing plant in Cuba through a $5 million Line of Credit.
Both sides felt disappointment at the low level of annual bilateral trade at about $ 40 million as it is far below the true potential. India asked to facilitate and speed up the request of ONGC Videsh Limited for extension of their contract in Cuba which is expiring in September 2012.

“Rupaantar” Project

July 16th, 2012

• Project: Rupaantar (Transformation)
• Implemented by: Oil India Ltd and the State institute of Rural Development, Assam
• Place: Assam

In Assam, the project “Rupaantar” (Transformation) has been able to bring a social and economic transformation in the operational areas of Oil India Ltd. Specially in Dibrugarh and Tinsukia district. The project is being collaboratively implemented by the Oil India Ltd and the State institute of Rural Development, Assam.
The project is aimed at eradicating poverty through income generating activities by social mobilization and capacity building among the rural people. In just 9 years the project “Rupaantar” is now being considered as a landmark of rural development initiatives across the country.
Objective:

• The principle objective of the project was to assist the unemployed youth and women to find out alternate source of income
• To attain this goal the Oil India Ltd signed an MoU with the State Institute of Rural Development (SIRD).
• Under this project Self Help Groups (SHGs) are developed and SIRD imparts these groups the required training and technical assistance whereas the OIL helps them in the form of revolving fund and margin money.
• The focus of the project is to develop agro-based industries, diversify handloom products, poultry farming, pig breeding, duck rearing, fishery, sericulture, organic farming etc.

Till date over 2000 SHGs have been set up and a large number among them are getting financial aid from various banks.
This joint project of OIL and SIRD has not only helped in enhancing the income level of the rural people but also built a good rapport between authorities and the beneficiaries.

India declines to 5th spot in ICC Test rankings

July 16th, 2012

India slipped a position to the 5^th spot in the ICC Test Championship rankings. The Indian team swapped positions with Pakistan. India was at no.1 position in 2011.
The ICC test team ranking is as follows:

1. England
2. Australia
3. South Africa
4. Pakistan
5. India
6. SriLanka
7. New Zealand
8. West Indies
9. Bangladesh

India to build 43,000 housing units for dislocated Tamils in Sri Lanka

July 16th, 2012

• India will build 43,000 housing units for resettlement and rehabilitation of the war affected and dislocated Tamils in Sri Lanka’s former troubled areas in the northern and eastern provinces, as part of a $ 270 million project. A pilot project has already been implemented with the construction of 1,000 houses in Jaffna, Killinochchi and 3 other districts of the Northern Province.
• The High Commission of India inked pact with four implementing agencies that will supervise the implementation of the next phase of the Indian Housing Project for 43,000 housing units.
• The construction is part of the India’s overall commitment to build 50,000 houses, which was promised by the Prime Minister Manmohan Singh during the State visit of the Sri Lankan President Mahinda Rajapaksa to India in June 2010.
• It is one of the biggest overseas projects being implemented by India under the full grant assistance with a total expend of approx $ 270 million.

Charges for NEFT rationalized by RBI

July 16th, 2012

The RBI rationalized charges that banks can put on customers for transfer of funds through National Electronic Funds Transfer (NEFT). As per the new rate system by RBI, banks can charge not more than Rs 2.50 for funds transfer up to Rs 10,000. Charges for transfers beyond this limit would remain unaffected at Rs 5 for transfers b/w Rs 10,001 to Rs 1 lakh; Rs 15 for transfers b/w Rs1 lakh to Rs 2 lakh and Rs 25 for transfers beyond Rs 2 lakh.

Vietnam offers ONGC Videsh Ltd contract for exploration in South China Sea

July 16th, 2012

In order to sustain Indian presence in the hydrocarbon-rich South China Sea, Vietnam has decided to extend the contract for exploration of oil and gas resources in a significant oil block in the region to ONGC Videsh Ltd (OVL).
OVL is thinking over to terminate operations in the 128 blocks as it could not start oil exploration due to hard sea bed and looks to quit for techno-commercial reasons. A formal announcement to extend the contract for exploration of hydrocarbons in the block to the overseas arm of ONGC, will happen soon.
All this is happening amid upsurge in tension in the South China Sea with US, India and a number of ASEAN countries, asking China to resolve the confrontation through negotiations with the concerned countries according to international law.

What is the controversy over South China Sea?

• The whole controversy is over territory and sovereignty of several regions in South China Sea, particularly the Paracels and the Spratlys group of islands which are being claimed by a number of countries.

What is claimed by whom?

• The largest share of the territory is claimed by China. The area claimed stretches several hundred miles south and east from its most southern province of Hainan. It puts forward a historical claim. It said that from 2,000 years the Paracel and Spratly island chains were considered as integral parts of China.
• Earlier, in 1947, China issued a map which showed the two islands fully lying in its territory. Those claims are imitated by Taiwan as the island regards itself the Republic of China and has the same territorial claims.
• Vietnam strongly confronts China’s historical ground, asserting China never claimed sovereignty over the islands until the 1940s. According to Vietnam both island chains are under the purview of its territory. The country gives document proofs of having ruled over both the Paracels and the Spratlys since the 17th Century.
• The Philippines is another nation on the scene to claim the islands, which cites its geographical propinquity to the Spratly Islands as the central basis of its claim for part of the grouping.
• Scarborough Shoal (known as Huangyan Island in China) is claimed by both the Philippines and China. The island is a little more than 100 miles (160km) from the Philippines and 500 miles from China.
• Malaysia and Brunei also extend claim to region in the South China Sea as they claim it falls under their exclusive economic zones, as stated in the United Nations Convention on the Law of the Sea in 1982.
• No disputed islands are claimed by Brunei, but Malaysia claims a few islands in the Spratlys.

Why these nations are so interested in these archipelagoes?

• The secret is the presence of huge natural resources around the Paracels and the Spratlys. Although no detailed exploration has been done in the region, the estimates are basically projected taking into account the mineral wealth of neighboring areas.
• As per Chinese estimate the area contains oil reserves of 213 billion barrels – 10 times the proven reserves of the US. But America estimates the amount of oil at 28 billion barrels.
• The region is also estimated to have about 900 trillion cubic ft (25 trillion cubic m) of natural gas, the equivalent of the proven reserves of Qatar.
• The area is also one of the region’s main shipping routes, and is home to a fishing ground that provides livelihoods to thousands of people.

How many times the dispute has erupted in past and why?

• In the recent decade, the worst skirmish has occurred b/w Vietnam and China. The Chinese captured the Paracels from Vietnam in 1974, and killed more than 70 Vietnamese troops. In 1988 both sides collided in the Spratlys, when Vietnam again bore the brunt of China, and lost about 60 sailors.
• The Philippines has also been involved in a few minor scuffles with Chinese, Vietnamese and Malaysian forces.
• The latest rise in tension has overlapped with powerful posturing from China. Chinese officials have sent out a number of strongly worded statements, and have warned their rivals to stop any mineral exploration in the area.
• China has also been accused by the Philippines of establishing its military presence in the Spratlys. The two countries have involved in a maritime confrontation, accusing each other of invasions in the Scarborough Shoal. Chinese and Philippine vessels are not ready to leave the area, and tension has surged, leading to rhetoric and protests.

What interventions have been made to resolve the issue?

• Over the years, China has remained inclined to arrangements negotiated behind closed doors with the individual leaders of other countries. But the other countries have called for international interventions.
• US Secretary of State Hillary Clinton had called for a binding code of conduct. The suggestions were vehemently rejected by China.
• Agreements such as the UN’s 1982 convention seemed to lay the framework for a solution. However, the convention resulted in more overlapping claims, and did nothing to dissuade China and Vietnam in pushing their historical claims.
• Even the agreements signed among Philippines, Vietnam and China to put in place codes of conduct in the area made little difference.
• ASEAN concluded a code of conduct deal with China in 2002.
• Under the pact, the countries decided to resolve their territorial and jurisdictional disputes by peaceful means, without resorting to the threat or use of force, through friendly consultations and negotiations.
• But current events show that Vietnam and China have failed to follow the spirit of that agreement. ASEAN still ponders over to bring new ideas for resolving the dispute.

Fresh sanctions imposed on Iran

July 16th, 2012

• The US imposed fresh sanctions against Iran increasing pressure on Tehran to take seriously concerns about its suspected nuclear weapons programme. The Treasury and State Department actions target more than 50 entities linked to Iran’s procurement, petroleum, and shipping networks.
• According to US Treasury and State Department the move is directed towards disrupting Iran’s nuclear and ballistic missile programs as well as its deceiving endeavors to use front companies to sell and move its oil.
• The U.S. and EU have recently implemented an oil embargo which resulted in significant reduction in exports of crude from which the Iran draws 2/3^rd of its foreign exchange income.
• Iran has seen stringent international economic sanctions over its controversial nuclear programme, which Western powers believe hides an atomic weapons programme despite repeated denials by Tehran.
• The Treasury is trying to check the evasion of sanctions by dismantling numerous front companies, ships and banks that are part of the government of Iran. It blacklisted 20 Iranian financial institutions.

India violated WTO norms: United States

July 16th, 2012

The U.S. administration accused India of infringing WTO norms by allowing Hyderabad-based Natco Pharma to produce a generic version of cancer drug Nexavar.

The administration has called India’s move an ‘egregious’ violation of WTO norms.

• For a quick recall, India for the first time India had introduced a law allowing Natco Pharma to produce and sell cancer-treatment drug Nexavar at a price, over 30 times lower than charged by its patent-holder Bayer Corporation.

The government’s Compulsory Licensing allowed Natco to sell the drug at a price not more than Rs.8, 880 for a pack of 120 tablets compared as compared to Rs.2.80 lakh per month charged by Bayer for its patented Nexavar drug.

Banana genome sequenced to assist crop improvement

July 16th, 2012

Banana is a vital crop which is cherished across the globe and also serves as staple food in some poor countries. The complete genome of the banana has been successfully sequenced.

Why the sequencing was needed and how will it help?

As pests and diseases are imminent threats to Banana, by determining the whole sequence studies can be guided in direction of identifying those genes which can aid in disease resistance. In addition it will also help in recognizing other significant traits such as fruit quality.

How will it be helpful, particularly to India?

The study has big benefits for India at it is world’s largest producer of banana. However, most of the country’s production is consumed locally and exports contribute to only 0.5 % of the world trade in the fruit.

India has huge potential for its exports if India increases its productivity both in terms of quantity and quality. As most of the present day cultivated varieties are vulnerable to fungal, bacterial and viral diseases, it is essential to develop disease-resistant varieties.

DH Pahang:

The sequencing of DH-Pahang (Musa acuminata) has been done. DH Pahang is short for ‘doubled haploid Pahang’. DH-Pahang is a banana variety popular in south-east Asia and which is able to resist the destructive Panama disease fungus that has been spreading in Asia. If we characterize the disease resistant genes, they can be transferred to other cultivated varieties.

Tamil Nadu draws FDI faster, states study

July 16th, 2012

As per a latest study, Tamil Nadu has left behind states like Gujarat and Andhra Pradesh in attracting Foreign Direct Investment (FDI). The state has attracted investments of around Rs 6,711 crore in 2011-12, which is 66 % higher than Andhra Pradesh and 41 % more than Gujarat.

As per the study conducted by Frost & Sullivan and the Associated Chambers of Commerce and Industry of India (Assocham):

• FDI equity inflows in Tamil Nadu surged from Rs 3,653 crore in 2009-10 to Rs 6,711 crore in 2011-12. The FDI inflow to the state expanded by around 10 % during the fiscal, compared to Rs 6,115 crore during 2010-11.
• Tamil Nadu has attracted FDI at a faster rate than Andhra Pradesh and Gujarat
• Maharashtra leads the country in attracting FDI to the tune of Rs 44,664 crore during the fiscal, as against Rs 27,669 crore during 2010-11
• Tamil Nadu provides better infrastructure in the form of special economic zones (SEZs) and offers tax benefits. FDI is permitted in the manufacturing industries based in the SEZs.
• Gujarat attracted an FDI investment of Rs 4,730 crore during 2011-12, registered a growth of 43.6 % in FDI inflow during the fiscal
• Andhra Pradesh attracted investment of Rs 4,039 crore during the fiscal exhibited a decrease of around 30 % in FDI inflow in 2011-12.
• Karnataka registered FDI of Rs 7,235 crore during 2011-12, rising from Rs 6,133 crore in the previous year.
• The total FDI inflow into India was at Rs1,73,946 crore during 2011-12, which shows an increase of 96.5 % from Rs 88,520 crore in the previous fiscal year.

Double-cropping in Assam to enhance farm yield

July 14th, 2012

Assam government is planning to bring around 5 lakh hectares under double cropping pattern. In 2011, the Agriculture Department had launched double cropping in about 2, 90,000 hectares of mono-cropping land to enhance production and reach self-sufficiency in agriculture.

Objective: To boost agriculture production and attain self-sufficiency in agriculture.

Manipur seeks extension of provisions of Bengal Eastern Frontier Regulation 1873

July 14th, 2012

Manipur government has decided to approach the Centre to extend the provisions of the Bengal Eastern Frontier Regulation 1873 to the state.

Why this decision ?

• The decision follows rising demands from public to bring in the Inner Line Permit (ILPS) system under the Regulation.

 

India to trim diplomatic ties with Denmark

July 14th, 2012

(Purulia Arms Drop Case, Person in News: Kim Davy)

India has decided to downgrade its diplomatic links with Denmark.

Why India has decided for trimming diplomatic relations with Denmark? (Purulia Arms Drop Case, Person in News: Kim Davy)

• India has decided over this after Denmark’s refusal to take action against the main accused in the Purulia arms drop case accused Kim Davy.
• India is upset over Denmanrk’s refusal to act on India’s consistent request to appeal in their apex court to assist Davy’s extradition to India.
• Indian government has issued a circular that directs all senior officials not to meet or entertain any Danish diplomat posted in India.
• Denmark has shown obdurate attitude to despite India’s promise to put Davy in a special jail if extradited.

Simmtronics an Indian firm unveils World’s most affordable tablet PC

July 14th, 2012

Simmtronics, an Indian company unveiled what it says World’s most affordable tablet PC in Dubai. Simmtronics launched its multi touch X Pad series worth $100. The firm has target is to increase its market share in the Middle East over the next 5 years.
Companies like Apple and Samsung are trying to tap this sophisticated segment but they falter on account of affordability. Simmtronics India launched its multi touch X Pad series in 7,9,10 and 11 inch models. The most affordable 7 inch model is priced around $100.

Salient features:

· 3G Connectivity

· One Giga Hertz CPU and

· 4 GB of internal and flash drive memory for data storage

· High Definition display

· Wi-Fi enabled

· Google’s Android 4 OS

· connectivity to the internet, printers, high density TV or external devices like USB and others for easy access to email, movies, video, music and photos.
The XPad’s 7-inch model is about $30 more costly than the world’s cheapest Tablet Aakash tablet PC

Planning Commission approves Rs. 3,535 cr annual plan 2012-13 for Arunachal Pradesh

July 14th, 2012

Planning Commission approved the Annual Plan Size 2012-13 for Arunachal Pradesh at Rs. 3,535 crores. The plan has seen a 20.1%, increase over last year’s revised outlay of Rs. 2942.6 crores. The state was highly praised by Planning Commission for its outstanding performance in third party monitoring and agriculture and horticulture sectors. The Commission looked immensely satisfied with the performance of PM Package Projects in the State. The increment in the Annual Plan Size has been made possible as the State has registered an average annual growth rate of 10.8% during the first 4 years of the 11th five Year Plan compared to the national average growth rate of 8.15%.

CCI approves two laning of Raibarelly – Jaunpur section on NH-231

July 14th, 2012

Cabinet Committee on Infrastructure (CCI), approved the proposal for the development of the two laning of Raibarelly – Jaunpur section on NH – 231 in Uttar Pradesh under NHDP Phase IV on Design, Built ,Finance, Operate and Transfer (DBFOT) model.
The main aim of the project is to accelerate the enhancement of infrastructure in Uttar Pradesh and also in cutting the time and cost of travel for traffic, particularly heavy traffic, commuting b/w Raibareilly – Jaunpur. It will also raise the employment prospective for the local laborers for the project activities. The project will cover the districts of Raebareilly, CSM Nagar, Pratapgarh and Jaunpur in Uttar Pradesh.

M-SIPS: Special incentive package for ESDM sector

July 14th, 2012

ESSDM-Electronic System Design and Manufacturing

The Union Cabinet approved the proposal to grant a special incentive package to encourage large-scale manufacturing in the ESDM sector.
It will promote the manufacturing of indigenously designed and manufactured chips building a more cyber secure network in the country.

• The scheme is named the Modified Special Incentive Package Scheme (M-SIPS).

It will facilitate India to utilize huge economic potential that this knowledge segment offers. The increased development and manufacturing in the sector will convert into greater economic growth through more manufacturing and thereby generating greater employment in the sector.
The scheme gives subsidy for investments in capital expenditure – 20 % for investments in Special Economic Zones (SEZs) and 25 % in non-SEZs. The incentives are provided for investments made in a project within a period of 10 years from the date of approval.

Uttar Pradesh gets a package of Rs 45,000 crore from Centre

July 14th, 2012

The Centre approved a package equivalent to Rs 45,000 crore for Uttar Pradesh. The package includes release of fresh installments of funds for centrally-assisted projects which are pending due to various reasons, including inability on the side of the state government to provide utilization certificates.
Uttar Pradesh was demanding a package of Rs 93,000 crore. The entire fund will not be provided in one go but in installments.

India seeks early conclusion of FTA with ASEAN

July 14th, 2012

India robustly insisted on early conclusion of a Free Trade Agreement (FTA) with ASEAN in services and investment and expansion of communication links with the member States of the 10-nation group which is considered one of the world’s fastest growing regions. While addressing the ASEAN-India Ministerial meeting at Phnom Penh the capital of Combodia, External Affairs Minister S M Krishna stressed on the need for supporting private sector participation and promoting cross-country private-public partnerships for the betterment of connectivity b/w ASEAN nations and India.

Bilateral trade b/w ASEAN and India in 2011-12 touched $ 80 billion.

India believes that the early conclusion of the ASEAN-India Services and Investment Agreements would provide strong impetus to the economic engagement.
India and the ASEAN have already implemented an FTA in goods and are having intense negotiations to expand its base and include services and investments.

Mithali Raj regains No:1 position in ICC Women’s ODI rankings

July 14th, 2012

India Women Cricket Team’s Captain Mithali Raj has jumped on the top slot in the ICC Women’s ODI Rankings for batters. She scored 251 runs in the recent series against England.

Mithali was earlier displaced by ICC Women’s Cricketer of the Year 2011, West Indies’ Stafanie Taylor.
Jhulan Goswami has maintained her 4^th position in the ICC Women’s ODI Rankings for bowlers

India successfully test fires Agni-1 nuke missile user trial

July 14th, 2012

India successfully test-fired its home-built nuclear potent Agni-I ballistic missile off Integrated Test Range at Wheeler Island, Odisha coast.

Highlighting features of Agni-1:

• Strike range: 700 km
• Surface-to-surface
• Single-stage missile
• Powered by solid propellants
• Weighs 12 tonnes, 15-metre-long
• Carrying capacity: Up to 1000 kg (1 Tonne)
• With specialized navigation system

Objective behind the launch of Agni-1 Nuke Missile:

• To train the army user team to launch the missile.
• The missile has already been inducted into the Indian Army.

Digital mapping of Punjab villages

July 14th, 2012

The Punjab govt approved the project for digital mapping of all the villages in the state. The digital mapping would be done in collaboration with the Remote Sensing Department of the Punjab Agriculture University, Ludhiana. This project would be completed within a period of 6 months. The project would cover over 12,000 villages in the state.

Objective:

• Effective governance in rural areas.
• The digital mapping would give a clear pictorial view of location and measurement of village’s common land (Shamlat) and the extent of encroachments on such land.
• Aid the state government to determine the common facilities available in all villages like road network and other necessities of villages.

Telemedicine technology to be commercialized by DRDO

July 14th, 2012

Soon experts’ diagnosis and advises will be available for people living in rural and remote areas in India. They will not need to go to hospitals located in urban centers.

The DRDO will soon commercialize its telemedicine technology which was primarily developed for the armed forces that will make it accessible to civilians especially in the remote and rural areas. The Union Ministry of Rural Development and DRDO are negotiating on the modalities to implement the new technology for the use of civilians. The Army and the Navy have expressed their satisfaction with the system during the last 6 months trial.

Telemedicine Technology by DRDO

Telemedicine technology is used to provide clinical healthcare at a distance using information technologies and telecommunication, nullifying distance hurdle particularly in remote areas. DRDO developed it primarily for the armed forces. The technology facilitates patient and medical practitioners to communicate despite them being in different locations and transmit and share medical, imaging and health informatics data from one site to another.

“S/2012” – 5th moon orbiting Pluto discovered by NASA

July 14th, 2012

United States space scientists have discovered a 5^th moon orbiting Pluto. According to NASA the irregular-shaped moon, nicknamed S/2012 for now, measures around 10 to 24 km across.

Astronomers, last year found the 4^th moon around the Pluto some 5 billion km away.

Charon is Pluto’s biggest moon which measures 1,030 kilometres across. US Naval Observatory discovered Charon in 1978.

The two other moons, Nix and Hydra, are b/w 32 and 113 km in diameter.

Hubble – a powerful space telescope that has brought transformation the arena of astronomy since it was first launched in 1990 – discovered Nix and Hydra in 2005.

Pluto was removed from the list of full-fledged planet in August 2006 and was placed in the new category of dwarf planets. With a diameter of about 2,301 kilometres , it is about2/3^rd the size of the moon and has a mass less than 1% of the Earth’s.

“Rustam-e-Hind” Dara Singh passes away

July 12th, 2012

Wrestler-turned-actor and Former Rajya Sabha member Dara Singh(84) passed away.

Rustam-e-Punjab, Rustam-e-Hind:

• Singh won the titles of ‘Rustam-e-Punjab’ and ‘Rustam-e-Hind’ for his wrestling competence.

Wrestling Career:

• Singh had over 500 professional fights to his credit, all undefeated.
• In the world of wrestling, he contended against some of the biggest names like King Kong (Australia), George Gordienko (Canada), John Desilva (New Zealand)
• He went to Singapore in 1947 and became the Champion of Malaysia (Indian style wrestling) by defeating Tarlok Singh in Kuala Lumpur.
• He toured almost all far-east countries as a professional wrestler.

Acting Career:

• He started his acting career in 1952 with Sangdil
• He is widely known for the role of Hanuman he played in the epic serial Ramayan
• His last Hindi movie was Jab We Met
• He was also famous for his roles in “King Kong” and “Faulad“.

Member of Parliament:

• He was the first Indian sportsman to be nominated to the Rajya Sabha by Bhartiya Janata Party.
• Singh had a distinguished record as member of the Rajya Sabha.

Australia agrees to provide uranium to India

July 12th, 2012

Australia has agreed to supply uranium to India. It is making internal arrangements to ensure the supply.
It is known that earlier Australia had denied supply of uranium to India as it was not a signatory to Non-Proliferation Treaty (NPT) although India signed treaties with more than 8 countries including the US for nuclear trade.

Pakistan’s parliament passes bill to save top leaders from contempt of court

July 12th, 2012

The upper house of Pakistan’s Parliament has passed a bill to protect top leaders from contempt of court and thwart the Supreme Court’s efforts to push the Prime Minister into reopening graft cases against President Asif Ali Zardari.
The government has decided to delay the submission of response to the Supreme Court attributing to the NRO implementation case.

DGCA chief Bharat Bhushan told to quit; Prashant Narain Sukul takes charge

July 12th, 2012

• Civil aviation ministry has asked Directorate General of Civil Aviation (DGCA) chief E K Bharat Bhushan to quit as head of the aviation regulator with immediate effect. Bhushan was recently granted an extension as the head of DGCA. However, he would continue to serve as additional secretary in the ministry. Official explanation to his removal has not been given.
• Bhushan handed over the charge to Prashant Narain Sukul, a joint secretary in the ministry, who would also officiate as DGCA chief. Mr. Sukul is also a director on the Air India board.
• Bhushan, an IAS officer of the 1979 batch from the Kerala cadre, had assumed charge in December 2010. Bhushan had brought in strict measures to prevent airlines from compromising on safety, even when they were struggling with financial problems. During his tenure he handled various cases of flouting of aviation rules, including the fake pilots scam and fudging of records by flying schools, and had implemented various corrective measures.

India and Singapore extend military training pact

July 12th, 2012

• India and Singapore inked 3 major pacts including one on continuing the military training that Indian armed forces extend to their Singaporean counterparts. These agreements coincide with the state visit of Singapore PM Lee Hsien Loong to India.
• India is already imparting training to the Singaporean air force personnel at the Kalaikunda air base in West Bengal.

MoUs on Co-operation in area of Vocational Education and Skill Development:

• A MoU was also signed b/w the Indian labor and employment ministry and Singapore’s education ministry regarding cooperation in the area of vocational education and skills development.
• Another MoU inked b/w the Delhi government’s training and technical education department and Singapore’s Institute of Technical Education on cooperation in the field of vocational education and skills development.

Tower companies get respite from paying license fee

July 12th, 2012

Department of Telecommunications (DoT) has provided some relief to tower firms by keeping suspended the proposal to bring telecom infrastructure providers under the uniform annual license fee rule.

• It implies that companies such as GTL Infrastructure, Indus Towers and American Tower Corp (ATC) will not have to pay any license fee on their income (generating from the telecom operators for the use of their infrastructure) till further notice from the government on this issue.

Telecom infrastructure providers do not pay any license fee to DoT. However, under the new regime, it was proposed to bring all of them under a uniform licence fee rule, starting July 2012. Under the regime, by April 1, 2013, all licensees would be required to pay 8% of their adjusted gross revenues as annual fees.

Mobile operators utilize the passive infrastructure such as tower, building and antenna made available by infrastructure providers, who are registered with DoT. DoT had notified for including the unified service access licence providers, internet service providers, national long distance licences and international long distance licences under the uniform annual licence fee regime structure. However the decision on telecom tower companies has not yet been solidified. Govt is facing opposition from Tower and Infrastructure Providers Association (Taipa)

• However if the government imposes the license fee, it would generate additional revenue of Rs 1,400 crore annually for the government. In that case tower companies will have to pass on the costs of the license fee to the operators in increased rentals.

RBI extends flexibility on FX forward contracts

July 12th, 2012

The RBI has extended the relaxation of cancelling and re-booking of forward contracts with tenures of more than 1 year, for companies and exporters to hedge their FOREX transactions.

IOC, RIL figure in Fortune’s top 100

July 12th, 2012

· 8 Indian companies appear in the list of world’s 500 largest companies by Fortune magazine.

· Among those 8 companies, 5 are state-run

· Indian Oil Corp and Reliance Industries Limited stand among the top 100.

· Indian Oil, with annual revenues of 86.01 billion dollars, stands at 83^rd rank an increment from 98^th position in 2011.

· RIL is the 1^st Indian private firm to be ranked in the top 100.

· RIL, with annual revenues of 76.119 billion dollars, improved its ranking to 99 from previous year’s 134.

· The other Indian companies featuring in the list are Bharat Petroleum at 225^th position, followed by Hindustan Petroleum (267), State Bank of India (285), Tata Motors (314), ONGC (357) and Tata Steel (401).

· American companies occupy132 places in the chart, followed by China, with 73 places and then Japan with 68 positions

Top 5 companies in the list are:

1. Royal Dutch Shell (The Netherlands)
2. Exxon Mobil
3. Wal-Mart Stores (United States)
4. BP (United Kingdom)
5. Sinopec Group (China)

Lee Hsien Loong, the Singapore PM finds Indian Business environment complicated

July 12th, 2012

Singapore PM Lee Hsien Loong on his visit to India asserted that Business environment in India is complicated. From the term “Complicated” he was referring to red-tapism. Although he didn’t point to the proposed GAAR or retrospective Income Tax Act amendments, he held that companies investing in India look for predictability of rules.

• After Mauritius, Singapore is the second country to send a high-level delegation to India after the the issuance of draft guidelines on the General Anti-Avoidance Rules (GAAR)

India, however, has assured Singapore to remain an investment- friendly country

India and Singapore are reviewing the Double Taxation Avoidance Agreement (DTAA) between the two countries. A ‘limitation of benefit’ clause has already been added to the DTAA to avoid its misuse by companies not genuinely based in Singapore.

The Importance of Singapore to India:

· Among the group of ASEAN, Singapore is India’s largest trading partner

· After India signed Comprehensive Economic Cooperation Agreement (CECA) in 2005, the bilateral trade is reported to have been expanding at 20% per annum

· B/w 2006-07 and 2010-11, trade has increased by 51%, and it is projected to touch $32 billion by 2015

· Singapore has a share of 10% of India’s total incoming FDI, which makes it 2^nd largest investor in Indian economy.

· Singapore is India’s doorway to ASEAN, China and APEC. Many Indian companies using Singapore as a platform for functions in South East Asia

Assam gives awards to ‘Best Performing’ PSUs

July 12th, 2012

It is for the first time that Assam has awarded three of its “best performing” state level public sector undertakings (PSUs)

The initiative is aimed at boosting performances of its companies.

The three state PSUs that have been awarded are:

· Assam Gas Company Ltd. (AGCL)

· Assam Petrochemicals Ltd. (APL)

· Assam Co-operative Jute Mills Ltd (ACJML)

INS Tanaji Naval Base Station commissioned by Indian Navy

July 11th, 2012

• Indian Navy commissioned a Naval Base Station – INS Tanaji in Mumbai’s Eastern suburb of Mankhurd.
• The base depot ship INS Tanaji will look after berthing and ship lift facilities of the Indian Navy.
• INS Tanaji is named after Maratha warrior Tanaji Malusare.

Who was Tanaji Malusare?

• Tanaji Malusare was a Maratha warrior and military leader in the army of Shivaji.
• Tanaji Malusare was also known as Simha (Lion).
• Tanaji was one of Shivaji’s closest friends heralding from Malusare Clan; the two knew each other since childhood.
• Tanaji is famously known for the Battle of Sinhagad in 1670.
• At Shivaji’s request, Tanaji pledged to recapture the fortress of Kondana near Pune.
• Tanaji lost his life in the battle of Sinhagad.
• Shivaji renamed the fort from Kondana to Sinhagad Tanaji’s honor.
• Shivaji’s words after hearing about the demise of Tanaji were “Gad ala pan Sinha gela”(Meaning: although the fort was captured a lion was lost in the battle).

Government taking measures to breathe life into loss making CPSEs

July 11th, 2012

The government is taking several measures to revive loss making Central Public Sector Enterprises (CPSEs). The Department of Heavy Industries, DHI has 17 CPSEs now, which are running in loss.
Government is appointing renowned consultants through competitive bidding for formulation of appropriate revival plan and strategy so as to strengthen them to minimize their losses and become profit earning organizations.
In addition to reviewing the performance of each CPSE periodically, the Department also extends budgetary assistance. It also provides support for financial investment plans for technological advancement of the manufacturing processes of these CPSEs.
Out of 15 Public Service Enterprises (PSEs) which were revived and restructured recently, 8 PSEs have started making profit. Some of the ailing PSEs like HMT, NEPA, NPPC, SIL are undergoing process for approval of the government for revival and restructuring.

India, ADB inked $ 67.6-m loan agreement to aid agriculture

July 11th, 2012

A loan agreement of $ 67.6-million has been signed b/w India and Asian Development Bank to support agriculture and foster investment for agri-business infrastructure in Bihar. The loan is the first part of a $ 170-million multi tranche financing facility under the Agribusiness Infrastructure Development Investment Programme.

Objective:

• The loan will be used to expand agricultural value chains and assist better linkages for small scale farmers with processors, agri-business entrepreneurs and service providers in Muzaffarpur and Patna-Nalanda regions of the state.
• This will aid farmers, traders and other value chain stakeholders to enhance their products and processes, become competitive and acclimatize to changes in end markets.
• The programme will also create additional employment thus it will improve livelihoods of farmers, the landless poor and women.
• ADB Board had approved this programme to give an impetus to private sector investment in agri-business infrastructure in selected regions of Bihar and Maharashtra.

Mark Boucher bids adieu international cricket

July 11th, 2012

Mark Boucher, the South African wicket keeper, has retired from international cricket after undergoing surgery for eye injury he received on the opening day against Somerset when a googly from Imran Tahir, hit the stumps and a dislodged ball hit Boucher in the left eye.
South African captain Graeme Smith read Boucher’s statement announcing his retirement. Boucher concluded his international cricket journey with a record 998 international dismissals.

EU offers Spain bank financial aid and more time to cut deficit

July 11th, 2012

• European Union has offered ailing Spain more time and 30 billion euro to save the country’s banks and protect Europe from more debt crises.
• EU ministers promised to provide the funds with 100 billion euro ($123 billion) potentially available in all.
• EU finance ministers have also agreed to extend a deadline for Spain to reduce its public deficit to the EU’s 3 % limit by 1 year to 2014
• The rescue package will be finalized at a special euro zone meeting as countries such as Germany are required to get parliamentary consent for the agreement.

SEBI permits MCX-SX to operate as full-fledged bourse

July 11th, 2012

Securities and Exchange Board of India (SEBI) granted permission to MCX Stock Exchange (MCX-SX) to function as a full-fledged stock exchange,

What effect this decision will bring ?

• With this nod MCX-SX would be able to offer additional asset classes such as equity and equity F&O (Futures and Options), interest rate futures and wholesale debt segments.
• The long awaited decision will now bring in more competition in markets.

Person in News: Thomas Lubanga

July 11th, 2012

Thomas Lubanga gets 14-year imprisonment

The International Criminal Court awarded a Congolese warlord 14-year imprisonment.

Who is Thomas Lubanga ?

• Thomas Lubanga Dyilo (born 29 December 1960) is a convicted war criminal from the Democratic Republic of the Congo (DRC).
• He is the first person ever convicted by the International Criminal Court (ICC).
• He founded and led the Union of Congolese Patriots (UPC) and was a key player in the Ituri conflict (1999–2007).

Why was Thomas Lubanga awarded punishment by the International Criminal Court ?

• Thomas Lubanga was found guilty of recruiting and using children under the age of fifteen years in his Union of Congolese Patriots militia sending them to kill and be killed during fighting in Congo’s eastern Ituri region in 2002-2003.
• This trial is seen as a potential milestone in the struggle to protect children during wartime.

Facebook unveils Application Center in India and six other countries

July 11th, 2012

Facebook unveiled its application centre -App Center — in India and 6 other countries.

Objective: This step will assist users to search games, music services and media content easily.
The App Center is now accessible to everyone in the US, Australia, Canada, India, Ireland, New Zealand, South Africa, and the UK. Facebook will also be launching App Center to users in Brazil, France, Germany, Russia, Spain, Taiwan, and Turkey very soon. Itplans to expand its user base users, with 80 % residing outside the US and Canada. It has over 900 million monthly active users across the globe.

App Center icon displayed on the left side of the home page on Facebook.com recommends apps to users based on their interests.

Tokyo conference promises $16 billion aid to Afghanistan

July 10th, 2012

International donors pledged $16 billion development aid for war-torn Afghanistan over the next 4 years, when most NATO-led foreign troops will leave the country.

Tokyo Conference: About 70 countries and organizations attended the one day Tokyo conference in Tokyo, Japan which was aimed at setting aid levels for the crucial period through and beyond 2014, when most foreign troops will leave and the country will take responsibility for most of its own security.

L&T acquires Henikwon Corporation

July 10th, 2012

Engineering giant Larsen & Toubro (L&T) acquired Malaysia-based electrical equipment manufacturer Henikwon Corporation.

The acquisition was made by L&T’s wholly-owned subsidiary Tamco Switchgear, a part of the engineering major’s electrical and automation (E&A) business.

Henikwon Corporation manufactures low and medium voltage bus duct systems.

Bus duct is a cost effective means of providing power and replaces the conventional cabling system.

India-US unveil Millennium Alliance

July 10th, 2012

India and Unites States launched the Millennium Alliance (MA).

MA – a platform to bring together Indian creativity, expertise and resources to source and intensify innovations being developed and tested in the country.

The partnership for global development is focused at improving lives of vulnerable populations in India and around the world by supporting innovations that have capability to be replicated to maximize their benefit. The focus of alliance is on areas such as basic education, health, food security, clean energy, water and sanitation. The alliance promotes entrepreneurs, innovators, NGOs and local partners to put forward proposals for innovative development solutions.

US Agency for International Development (USAID) is providing $7.7 million to the MA. Earlier, the Government of India’s Technology Development Board promised $5 million to the MA.
MA will facilitate social innovators with indispensable resources such as business incubation services, seed funding, networking opportunities, and technical assistance. It will also assist them to access equity, debt, and other capital.

Britain brings tough visa rule for Non-EU students

July 10th, 2012

Britain introduced tougher targeted interview system for student VISA applicants from India and other non-EU countries to screen entry of students for education to the country. UK has taken this step to ensure genuine students benefit from Britain’s education sector. The new system will be active for a year, and focus on high-risk students in India and other non-EU countries. The move follows a study carried out in India, Pakistan and 11 other countries, which disclosed that some applicants could not answer basic questions in English without an interpreter, but had claimed in documents that they had the ability to study at UK universities.

Miss Nepal is WWF Young Conservation Ambassador

July 10th, 2012

• Miss Nepal 2012 Shristhi Shrestha has been appointed as Young Conservation Ambassador of World Wild Fund (WWF).
• She is 7^th Conservation Ambassador. She replaced former Miss Nepal Malina Joshi.
• WWF Nepal started appointing the Miss Nepal pageant winners as the Young Conservation Ambassador from 2004.

India to provide humanitarian food assistance to Yemen

July 10th, 2012

India will provide humanitarian food aid comprising rice to Yemen. The United Nations has urged the international community to help the Arab country in the period of political developments impacting its economy. The first consignment of the grain is scheduled to reach the Port of Hodaidah on July 13, 2012.

Over Rs 150 cr grant for sports infrastructure gets Centre’s approval

July 10th, 2012

A grant of more than Rs 150 crore for 14 states and one union territory has been approved by the centre to develop basic sports infrastructure. It will be done under the Panchayat Yuva Krida Aur Khel Abhiyan (PYKKA) scheme. The states include Assam, Chattisgarh, Goa, Kerela, Manipur and union territory of Dadar and Nagar Haveli. The amount is meant for developing and maintaining playfields in 12,836 at village and block panchayat levels in these states.

Bihar to get Rs 560 cr credit from the World Bank for project Jeevika

July 10th, 2012

The Central Govt and the Bihar Government inked pact with the World Bank for $ 100 million additional credit to intensify the ongoing Bihar Rural Livelihoods Project, Jeevika.

Objective of Project Jeevika:

The Project is targeted at enhancing the social and economic status of the rural poor in Bihar. The supplementary financing will help strengthen and expand the Project to cover all the blocks in the existing 6 districts covered under the Project. The aid will also provide a comprehensive district wide model for poverty alleviation in the state.

The Project in convergence with other government programs, has introduced a number of interventions on a pilot basis and facilitated access to public entitlements for the poor. These include access to social security pensions for nearly 29,000 households in partnership with the social welfare department and access to wage employment under the MGNREGA in collaboration with the rural development department for nearly 5000 Self Help Group women.

Indian Railways introduces New Tatkal guidelines to tackle tout menace

July 10th, 2012

New Tatkal guidelines have been introduced by the Indian Railway to deal with the menace of touts cornering the tatkal tickets meant for common passengers.

As per the new guidelines

• Tatkal tickets booking will start at 10 AM on the previous day of journey from train originating station instead of current timing at 8 AM
• The Tatkal tickets will be exclusively made available at all computerized reservation counters and unreserved ticketing system counters between 10 AM to 12 noon
• Maximum 2 tickets can be booked per IP address between 10-12 AM. IP address check has helped in preventing multiple bookings from same office complex or internet café
• Tatkal tickets cannot be booked on internet reservation system during the special time of 10 AM to 10.30 AM for next day trains
• A limit of booking of a maximum of 4 passengers per PNR on Tatkal ticket has been imposed.
• During this exclusive period, no unauthorized agent including of IRCTC and RTAs will be allowed to book Tatkal tickets.
• CCTV’s installed at booking centres will monitor any unusual activity
• Passengers who want to book tatkal tickets must bring self-attested Id proof as well as authenticate their mobile numbers by the concerned authority.

‘Ernest Borgnine’ – Oscar-winning American actor passes away

July 10th, 2012

Ernest Borgnine (95), Oscar-winning American actor passed away. He won an Oscar in 1955 for his role in the film Marty. Borgnine was also lauded for his roles in films The Wild Bunch and The Poseidon Adventure. His TV series McHale’s Navy was also a great success in the United States.

current affairs july 2012

‘Delphinus’ – IAF swimming team creates English Channel record

July 10th, 2012

Delphinus – An Indian Air Force, swimming team that has set a record by successfully crossing the English Channel b/w the UK and France twice within a fortnight.

The team has already crossed the Channel in 12 hours and 14 minutes on the June 26, 2012. The team became the fastest Asian relay team ever. The team once again successfully crossed the Channel on July 5, 2012 in 11 hours, 25 minutes, breaking its own record. The stunning achievement makes Delphinus the first team in the world to have crossed the Channel twice in the same year and that too in the first tide which is considered the toughest. Delphinus is the first team from the Indian armed forces to swim the English Channel. It will also compete for the Endurance Trophy
Team members:

· Wing Commander Paramvir Singh

· Flight Lieutenant Narayanpethkar

· Corporal AK Patel

· Corporal S Srihari

Enrique Peña Nieto will be new President of Mexico

July 9th, 2012

The leader of Institutional Revolutionary Party, Enrique Peña Nieto has been elected as the new President of Mexico. He beat Party of the Democratic Revolution (PDR) candidate Andrés Manuel López Obrador. Enrique Peña Nieto, 45, was earlier the governor of the State of Mexico.

As per the Mexican Constitution:

• The President is the head of both the state and the Government.
• President is also the Supreme Commander of the Mexican armed forces.
• Mexico holds Presidential elections every 6 years since 1934 (earlier it was every 4 years).
• The President is elected via direct and universal adult voting system, where the candidate who gets maximum number of votes is announced winner.
• The constitution of Mexico does not provide any runoff election.

Government’s Cloud Computing panel to be chaired by Gopalakrishnan of Infosys

July 9th, 2012

Infosys’ Executive Co-Chairman S.Gopalakrishnan will head the committee that will suggest framework for cloud computing services. The members of the committee include representatives from Department of Information Technology, National Informatics Centres, NASSCOM, industry chambers CII, FICCI and others.

• Cloud computing is one of the major areas of the proposed National IT Policy that visualizes to increase revenues of IT and ITES Industry from USD 100 billion at present to $300 billion by 2020.
• As per research firm Zennov, the public cloud market in the country is expected to touch USD 685 million by 2014

What is Cloud Computing?

• Cloud computing is the delivery of computing and storage capacity. In cloud computing, end users are not required to buy software or devices as they are provided by service providers on a rental basis.

What are different types of Cloud Computing?

• There are three types of cloud computing:

– Infrastructure as a Service (IaaS)

– Platform as a Service (PaaS)

– Software as a Service (SaaS)

What is the potential benefits of Cloud Computing?

• Cloud computing has the potential to bring affordable services in sectors like healthcare, education, e-governance and banking to masses.

What is the major concern in implementation of Cloud Computing?

• Data integrity, confidentiality and too many participants relying on single service provider are some major concerns in implementing cloud computing.

New Free Drug Policy by Govt

July 9th, 2012

What is New Free Drug Policy launched by Govt of India?

Objective: To provide medical benefits to country’s 121 Crore population, the Govt of India has launched Free Drug policy.

• Under this policy every citizen of the country will be entitled to free medicines in all public health centers spread across the country. Only generic drugs will be provided. Branded drugs have been kept out of the policy.
• The Policy will be effective over the next 5 years and it will support around 40% population, which spends less than $1.25 a day on health.
• The policy will cost the exchequer around $5.4 billion.

Currently, India spends only around 1.2 % of its GDP on health. As per the report of Organisation for Economic Co-operation, only seven countries in the world have public health expenditure less than India in terms of share of GDP. India faces serious shortage of medical facilities. The country also has a high infant mortality rate of 66 as compared to 19 in China and 21 in Brazil.

Anup Sankar Bhattacharya is the new Director of IBPS

July 9th, 2012

Anup Sankar Bhattacharya has been appointed as the Director of the Institute of Banking Personnel Selection (IBPS). He took the place of M Balachandran.

Mr.Bhattacharya was the part of Advisory Board of Central Vigilance Commission. He was overseeing security issues at IBPS.

After the abolition of Banking Services Recruitment Board, IBPS plays a pivotal role for candidates who are looking for Bank Jobs.

IBPS has been authorized by all the nationalized banks to conduct a common written test to get entrance in the government banks. It conducts separate test for SBI and its associate banks.

Eminent Assamese Poet Hiren Bhattacharyya passes away

July 9th, 2012

The most celebrated Assamese Poet Hiren Bhattacharyya, who was famous as Hiru-da, passed away.

Hiren Bhattacharya was also called as Prem aru Rodalir Kobi (Poet of Love and Sunshine) in the Assamese literature.
He was born in Jorhat district in Assam in 1932

He wrote poems on various shades of emotions such as love, patriotism, rebellion, loneliness and humanity

He also wrote several poems for the children. Lora Dhemali (1991) and Akon Dhemali (1991) were two of his most famous collections of children writing.

Some of his renowned poetry works:

· Xugondhi Pokhilaa

· Roudro Kamona

· Bibhinno Dinor Kobita

· Kobitar Rod

· Mor Desh aru Mor

· Premor Kobita

Awards Received:

· Bishnu Rava Bota

· Rajaji Puroskar awarded by Bharatiya Bidya Bhawan,

· Soviet Desh Neheru Bota

· Sahitya Akademi Award

· Asom Upotyoka Sahitya Bota (Assam Valley Literary Award)

Project Seabird Phase IIA: Rs 10,000 crore for expansion of Karwar base

July 9th, 2012

The Navy has plans for expansion of its strategic Karwar naval base in Karnataka under the Project Seabird Phase IIA which involves construction of a wide range of new facilities and augmentation of certain existing facilities. The expansion project will cost over Rs 10,000 crore. Navy will be capable to berth around 30 major warships at Karwar after the completion of Phase-IIA by 2017-18.

What is Project Seabird ?

• First approved in 1985 at an initial cost of Rs 350 crore, since then it has been hindered by long delays and fund insufficiencies.
• Phase-I has already been completed, has made the Navy capable to deploy more than 15 warships at Karwar.
• Phase-II will empower the Karwar naval station with an airbase, armament depot, dockyard complex and missile silos, apart from additional jetties, berthing and anchorage facilities.

What are the objectives of Project Seabird ?

• The Project Seabird aims to ease the naval dockyards in Mumbai which is clogged due to increased traffic and pollution.
• Another major reason is to establish a major base at some distance from Pakistani cities and range of their missiles.
• The base will be used for deploying Russian-origin aircraft carrier Admiral Gorshkov, Scorpene submarines and carry out military aircraft operations.

Jagadish Shettar to be the new Karnataka CM

July 9th, 2012

The continuous pressure from former Karnataka chief minister (CM) B S Yeddyurappa has resulted into the resignation of present chief minister Sadananda Gowda. Mr Gowda handed over his resignation to BJP president NitinGadkari.

BJP announced that Sadananda Gowda will be replaced by Jagadish Shettar, state cabinet minister.

• Karnataka set to get 3rd CM in four years.

Roger Federer clinches Wimbledon Open Title 2012

July 9th, 2012

Swiss Tennis star Roger Federer defeated British player Andy Murray to win the Wimbledon Open Championship 2012 in London on. With this win Federer reclaimed the world No. 1 rank breaking Pete Sampras’ record of 286 weeks at the pinnacle of the game.

• If we include this title then Federer now keeps 17 Grand Slam.
• He had clinched earlier Wimbledon titles on 6 different occasions.
• William Renshaw’s and Pete Sampras are the only players who have won the prestigious Wimbledon singles title on 7 occasions.

Highlights of Wimbledon 2012

• Serena Williams of US conquered Ladies’ singles title by beating Agnieszka Radwanska of Poland.
• In mixed doubles Mike Bryan and Lisa Raymond beat the pair of Leander Paes and Elena Vesnina to lift the Mixed Doubles final.
• Jonathan Marray and Frederick Nielson won Men’s doubles by defeating Robert Lindstedt.
• The pair of Serena Williams and Venus Williams won Ladies’ doubles title as they defeated Andrea Hlavackova and Lucie Hradecka.

A brief on Wimbledon

• Wimbledon is one of the oldest and most coveted sporting events in the world.
• It has been held at the All England Club in Wimbledon, London since 1877.
• It is played on a grass court
• There are 4 major grand slams in the world: Wimbledon, Australian Open, French Open and US Open.

Europe’s most recent spacecraft to track weather in orbit

July 8th, 2012

The most recent spacecraft in Europe’s long-running Meteosat series has moved into orbit on an Ariane rocket. The spacecraft being guided into a position about 36,000 kms above the Earth from where it can keep an unceasing eye on developing weather systems.

Since 1977, this spacecraft is the 10^th Meteosat platform to go into service.

Its images will shortly be feeding into the daily forecasts furnished to the public by national meteorological agencies throughout Europe. It is anticipated to publish the first image on August 6, 2012.

Pulinaharani Village in Assam: 2nd in India to have full life insurance coverage

July 8th, 2012

Place in NEWS: Pulinaharani Village

• Pulinaharani under Narayanpur Revenue Circle in Lakhimpur district, Assam became the 2nd village in India to have full life insurance coverage. The village achieved this accomplishment under the Ministry of Finance’s Financial Inclusion plan which is being carried out by various Banks in affiliation with insurance companies. 625 people of 201 families of Pulinaharani have been covered under the horizon of insurance facilities.

Assam Grameen Bikash Bank

• It is the 2nd instance of the Narayanpur branch of the Assam Grameen Bikash Bank. Earlier being the Rangati Misamara Village.

Rangati Misamara Village:

• In January 2012, Rangati Misamara became the first village in the India achieve the status of being the first village in India to have 100% Insurance coverage (for 18-65 years age group). All the adult villagers of 18-65 years age group had been covered under Financial Inclusion programme.

The Financial Inclusion programme was initiated by Finance Ministry and RBI and has been carrying out over 2000 villages of Assam having a population of 2000 and above. The principal norm to gain the insurance coverage is that each villager should have a bank a/c.

Tourism Ministry inks MoU with Railway ministry for carrying out Clean India campaign

July 8th, 2012

The Ministry of Tourism inked a MoU with the Railway Ministry for carrying out ‘Clean India campaign’ in the Indian Railways to encourage the nation as a favored tourist destination abroad.

There are also efforts being made to connect the Golden triangle tourist circuit of Delhi-Jaipur- Agra via Sathabdi trains.The Railways will conjointly work with the Tourism ministry for ascertaining better cleanliness at Railway premises and trains. In order to spread awareness, the Messages on Cleanliness as part of the Clean India campaign will also be printed on Railway tickets.

Planning Commission setting target of reducing poverty by 10% by end of 12th plan

July 8th, 2012

• By the end of the 12^th plan, the Planning Commission is setting a target of bringing down poverty by 10%.
• The Commission had set a like target during the 11th Five Year Plan (2007-12).
• As per the data, the rate of poverty reduction b/w 2004-05 to 2009-10 was 1.5% every year whereas it was 0.7% b/w 1993-94 to 2004-05.
• Later on, the Commission had accepted there was discrepancy in NSSO data and national accounts which led to fixing such a poverty criteria.
• In May 2012 the Planning Commission constituted an expert group headed by renowned economist C. Rangarajan to reexamine the Tendulkar Committee methodology for figuring poverty. The expert group is anticipated to table its report in 7-9 months.

“Major Non Nato Ally” status to Afghanistan

July 8th, 2012

US bestowed Afghanistan with Major Non-NATO Ally (MNNA) status in the wake of drawdown of the international forces from the country. The US President Barak Obama signed a Presidential order assigning Afghanistan a MNNA. This is the first such designation by Obama Administration.

The two nations had inked long term strategic partnership agreement in May 2012 which also includes commitments on promoting democracy, good governance, advancing long-term security with the provision of foreign funds for the Afghan forces.

What is MNNA?

• Major non-NATO ally (MNNA) is a designation given by the United States government to close allies who have strategic working relationships with US armed forces but are not members of the North Atlantic Treaty Organization. While the MNNA status does not automatically include a mutual defense pact with the United States, it does confer a variety of military and financial advantages that otherwise are not obtainable by non-NATO countries.

What does MNNA signifies?

• The MNNA status will provide for a long term security and defence cooperation b/w the two countries after the departure of international forces from Afghanistan. MNNA status represents deepening strategic partnership b/w Afghanistan and the US. . The MNNA status provides a range of privileges, such as eligibility to participate in cooperative research and development programmes, expanded bilateral training opportunities and eligibility for priority delivery of excess defence articles.

The other countries (apart from Afghanistan now) having MNNA status are:

1. Argentina
2. Australia
3. Bahrain
4. Egypt
5. Israel
6. Japan
7. Jordan
8. Kuwait
9. Morocco
10. New Zealand
11. Pakistan
12. Philippines
13. Republic of Korea
14. Taiwan
15. Thailand

India gets Olympic berth in swimming

July 8th, 2012

FINA, the world swimming body has granted India an Olympic berth in swimming. FINA awarded the berth to Karnataka swimmer Gagan AP Ulalmath in the men’s 1,500 metres freestyle event of the London Olympics under the ‘Universality’ quota.

FINA

• Fédération Internationale de Natation (International Swimming Federation)
• FINA is recognized by the International Olympic Committee (IOC) for administering international competition in the aquatic sports
• Based in Lausanne, Switzerland.
• FINA currently oversees competition in five aquatic sports: swimming, diving, synchronized swimming, water polo and open water swimming.

Bollgard II Roundup Ready Flex – Monsanto’s next-gen cotton technology

July 8th, 2012

Monsanto:

• St Louis, US-based seed technology company.
• World’s leading producer of the herbicide glyphosate, marketed in the Roundup brand, and in other brands.
• 2^nd largest producer of Genetically Engineered (GE) seed; it provides the technology in 49% of the genetically engineered seeds used in the US market.

 

Almost 10 years after it brought in the second generation Bollgard-II technology that furnished twin protection to the cotton plants, Monsanto is all set to roll out BOLLGARD II Roundup Ready Flex technology for cotton in 2013. This third generation biotechnology product would offer protection against weeds, besides continuing protection against insects.

Bollgard II Roundup Ready Flex (BGII RRF) would provide protection against weeds, besides extending protection against insects.

Roundup-Ready Flex (RRF): The new technology is called the RRF technology which will provide the plant the internal strength to withstand herbicides. While other weeds around the plant die after application of herbicide, those with this technology will live on.

Monsanto’s controversial history in India

Monsanto India Limited (MIL): A subsidiary of the Monsanto Company, USA.

Monsanto has had a controversial history in India.

• Usage of Terminator genes: Monsanto has been accused of using terminator genes in its seeds, causing demonstrations against the company in India.
• Higher Cost: Monsanto’s GM cotton seed was the subject of NGO agitation because of its higher cost. In 2009, high prices of Bt Cotton were accused for pushing farmers of the district Jhabua into severe debts when the crops went bad due to deficiency of rain.
• Child labor: A subsidiary of Monsanto is alleged to employ child labor in the manufacture of cotton-seeds in India.

• Farmer suicides: A short documentary by Frontline (U.S. TV series) suggested that farmers using genetically modified seeds promoted by Cargill and Monsanto have led to rising debts and forced them to commit suicides.

• Seed Piracy: Indian farmers cross GM varieties with local varieties using plant breeding to yield better strains, an illegal practice termed “seed piracy”.
• Bio Piracy: In February 2012, European and Indian activists started opposing a patent on virus resistant traits of indigenous melon varieties in India which was awarded to Monsanto. The activists lay claim it was not an innovation of Monsanto but instead bio-piracy. Employing conventional breeding techniques, certain virus resistance was carried out from an Indian melon to other melons. European law forbids patents on conventional breeding, in this case, traits on indigenous Indian melons. The activists lay claim it is bio-piracy since the plants originated in India and were registered in international seed-banks.

U.S. takes China to WTO on dumping row

July 8th, 2012

The US-China trade pettifoggeries might now be an eternal issue at the WTO as US announced that it would be “challenging China’s imposition of antidumping and countervailing duties on more than $3 billion in exports of American-produced automobiles”.

The U.S. had called for dispute settlement consultations with China at the WTO in an effort to rule out these unjust tariffs, which seem to typify heretofore another exploitation of trade remedies by China.

In one case it earns grip at the WTO, the current clash would stage the 3rd case of the U.S. officially complaining about averred abuse of trade remedies by China during the President’s tenure in office.

AUVs-India is all set to take a giant leap forward

July 8th, 2012

India is all set to take a giant leap forward with the development of multipurpose Autonomous Underwater Vehicles (AUV) and submadrones, underwater drones.

DRDO) has come a long way in indigenously designing and building a batch of multiple AUVs to meet the Navy’s quality requirements of 10 such platforms primarily for intelligence, surveillance, and reconnaissance (ISR), mine mitigation and sensor deployment.

The Naval Science and Technology Laboratory (NSTL), a DRDO firm based in Visakhapatnam has transformed a bunch of AUVs from handheld slow-speed ones, to military-class with the competence to serve in the whole range of maritime security, spanning coastal and port defence to deep-sea operations.

For the time being, the NSTL’s motivated programme ‘Autonomous Sea Vehicle’ (ASV), strives for building under-water vehicles ranging from Micro-AUVs weighing 10 Kg to giant Unmanned Combat Undersea Vehicles (UCUV) weighing over 12 tonnes on the tune of the US Navy’s ‘Manta Unmanned Underwater Vehicle’ programme.

Indian companies can continue to buy back FX convertible bonds

July 6th, 2012

The Reserve Bank of India has allowed companies to continue to buy back foreign currency convertible bonds (FCCBs) under the approval route.

The central bank will consider proposals from Indian companies for buyback of FCCBs, if the buyback value is at a minimum discount of 5 percent on the accreted value, it said in a statement.

The buyback scheme would lapse after March 31, the RBI.

Indian companies face convertible bond redemptions of nearly $5.5 billion this year. A sharp economic and corporate growth slowdown, weakening of the rupee that hit record lows last month and a plunge in stock values have made the debt obligation very costly for some companies.

Mitchell to be first US Ambassador to Myanmar in 22 years

July 6th, 2012

Myanmar and the United States have agreed to re-establish diplomatic relations at the ambassadorial level. Myanmar has agreed to the appointment of Derek J Mitchell as US Ambassador Extraordinary to the country. Mitchell will be the first ambassador of the U.S. to Myanmar in 22 years following the country’s historic election in April. Myanmar’s acceptance of the appointment of Mitchell, who has been serving as US Special Representative and Policy Coordinator for Myanmar, signified the re-establishment of diplomatic relations between the two countries.

FIFA concocting to vote on introduction of Goal Line Technology

July 6th, 2012

FIFA, the Football’s governing body is concocting to vote on the initiation of GOAL LINE TECHNOLOGY. Pressure is developing on the football authorities following a series of high profile errors by referees, including one in the latest European Championships. A goal by Ukraine against England was disallowed in spite of television footage indicating that the ball had undoubtedly crossed the line. FIFA is anticipated to sanction two systems – a camera based system and one which uses a censor in the ball.

UK bans IM

July 6th, 2012

The UK has banned IM (Indian Mujahideen) quoting the undiscerning mass casualty attacks carried out by the LeT-linked terror group in India and the risk it posed to British nationals in the country. British MPs voted nem con to ban IM, placing it on the list of 47 organizations that have been banned from operating in the UK. The decision was taken after thoroughly reviewing all the available information and evidence about the India-based terror group. The IM is also banned in other countries, including the United States and New Zealand.

India had banned IM in June 2010 after it was suspected of involvement in the attack on a Pune bakery.

Thorat Committee tables its recommendations

July 6th, 2012

The Committee formed by the HRD Ministry to probe dissents to political science textbooks egressed by the NCERTas submitted its 39-page report, which has come in for predictable criticism. The Thorat committee advocated that 21 cartoons be blue-pencilled and some other changes be made to the textbooks for following year.

• The Thorat Committee report will now be analyzed by NCERT’s textbook-monitoring committee.

Reports of the Thorat committee’s recommendations also bring out that, evidently, some of the selections that went into the drafting of the textbooks were dubious, particularly, it is clear that there was a hyper-trust on editorial cartoons as a pedagogical instrument.

India, Poland to heighten bilateral cooperation in Film sector

July 6th, 2012

India and Poland are to increase bilateral cooperation in the Film sector. In this connection, the Information and Broadcasting Minister Ambika Soni is on a 3-day visit to Poland. India will ink an audio visual co-production agreement that will furnish a legal framework for encouraging audio-visual productions. Ms. Soni will also push India as a filming destination and exhibit the policy initiatives attempted to ease co-production arrangements.

For transparency in bank lending rates, RBI forms a committee

July 6th, 2012

In order to address the issue of lack of transparency in bank lending rates, the RBI has formed a committee. The working group headed by the RBI Deputy Governor Anand Sinha will shape the rationales that must regulate proper, transparent and non-discriminatory pricing of credit. The working group is anticipated to present its report by August 2012.

CERN physicists discover the GOD Particle

July 6th, 2012

In the field of Physics a quantum jump was made as the scientists at the Switzerland’s CERN research centre near Geneva discovered a sub-atomic particle ‘Higgs boson’, prevalently known as the “God particle”, conceived to be an essential building block that contributed to the shaping of the universe. A declaration to this effect was made by the CERN’s Scientists.

The subtle particle is conceived to have been responsible for imparting mass to the particles that finally formed the stars and the planets after the Big Bang 13.7 billion years ago.

The breakthrough of a particle consistent with the Higgs boson is probable to elucidate other secrets of our Universe. The particle was conjectured in 1964 by six physicists, including Briton Peter Higgs, from whose name the word ‘Higgs’ has been taken. The word ‘Boson’ has been taken from the surname of the famous Indian physicist, Satyendra Nath Bose, a contemporaneous of Albert Einstein.

Indian Scientists also contributed to the discovery

A lot of Indian scientists, representing the Saha Institute of Nuclear Physics, Kolkata, Tata Institute of Fundamental Research, Mumbai, Harishchandra Research Institute, Allahabad and Institute of Physics, Bhubaneswar, were involved in the experiment.

• CERN Director: General Rolf Heuer
• Higgs Boson named after: Briton Peter Higgs and Indian Scientist Satyendra Nath Bose

Disposal of Bhopal toxic waste approved

July 6th, 2012

The government sanctioned removal of about 350 metric tonnes of Union Carbide toxic waste in Bhopal. The sanction was given subsequent to commendations from a Group of Ministers (GoM) on the Bhopal Gas tragedy chaired by Home Minister P C Chidambaram.

As per the proposal, the Central Govt will pay Rs 25 crore towards the cost of airlifting the waste, to be carried out by German agency-GIZ IS. The waste is projected to be moved out within a year.

Approximately 346 mt toxic waste is lying within the site of the former M/s Union Carbide India Ltd (UCIL) at Bhopal. The worst-ever industrial disaster had taken place at the Union Carbide plant on the intervening night of December 2-3, 1984.

Deutsche Gesellschaft für Internationale Zusammenarbeit (German Agency for International Cooperation) or GIZ

– An international enterprise owned by the German Federal Government, operating in many fields across more than 130 countries. It primarily works for public-sector organizations. Its headquarter is located in Bonn and Eschborn, Germany.

Person in News: Oscar Pistorius

July 5th, 2012

 Oscar Pistorius named for Olympics in 4×400 race, is the first ‘disabled athlete’ to qualify for an able bodied event in the 2012 London Olympics in 400 metres race.

• Full name: Oscar Leonard Carl Pistorius
• Pistorius named South Africa’s 4×400 relay team for the London Olympics.
• Oscar Leonard Carl Pistorius is a double amputee (i.e. doesn’t have his both limbs) South African sprint runner.
• Famous as the “Blade Runner” and “The Fastest man on no legs”.
• He is the world record holder in the 100, 200 and 400 metres (sport class T44) events and runs with the aid of Cheetah Flex-Foot carbon fibre transtibial artificial limbs by Ossur.
• Pistorius is set to become the first amputee track athlete ever to compete at the games.
• The 25-year-old South African runs on carbon fiber blades.
• Pistorius made history in 2011 by qualifying for the world championships, where he won silver in the 4×400. The decision to leave him out of the final race caused controversy.
• Pistorius won medals at the Beijing and Athens Paralympics.

 

SC: ‘No commercial, tourism activity in Jarawa Reserve’

July 5th, 2012

With a view to protecting the indigenous people, the Supreme Court has banned all commercial and tourism activities within a 5-km radius of the Jarawa Tribal Reserve on the Andaman and Nicobar Islands. Supreme Court upheld an October 30, 2007 notification declaring an area up to a 5-km radius of the Reserve a ‘Buffer Zone’ and prohibiting entry of any person other than a member of the aboriginal tribe into it.

Disposing of the appeal filed by the Andaman and Nicobar Administration against a Calcutta High Court order which had quashed the notification, the Supreme Court Bench held: “Henceforth no commercial and tourism-related activities shall be carried out by the administration or any private individual in violation of the prohibition contained in the notification.”

Union Cabinet gives a green signal to the Kochi Metro Rail

July 5th, 2012

The Union Cabinet gave the green signal for the Rs.5,128-crore Kochi Metro Rail project, one of the largest social infrastructure initiatives to be launched in in recent years.

• The project would be completed in 3 years.
• The most significant part of the approval is that the Kochi metro project would be implemented on the Chennai model, ideating a joint venture by the Central and State governments.
• Centre-State JV scheme without private participation, on the lines of the Chennai metro.
• 25.6-km-long rail project
• 22 stations connecting Aluva to Thripunithura
• Estimated Completion Cost: Rs 5146 Cr

Barclays CEO Bob Diamond quits

July 5th, 2012

Person in News: Bob Diamond

Bob Diamond, Barclays Chief Executive resigned.

Mr. Diamond and COO Jerry del Missier stepped down the day after Barclays Chairman Marcus Agius resigned and b/w an intense and deepening political row over standards in the City of London financial sector.

Why was Mr. Diamond pressurized to leave?

• There was an increased pressure on him to resign following the global interest rate manipulation scandal. The scandal, which may entail other international banks and spark off criminal prosecutions, pertains to manipulation of the Libor and Euribor inter-bank lending rates.
• These yardstick rates play a vital role in global markets, affecting what banks, businesses and individuals pay to borrow money and serving as a standards for contracts.

What are LIBOR, EurIBOR and MIBID/MIBOR?

· Libor is a flagship London instrument used throughout the world and Euribor is the eurozone equivalent. The London Interbank Offered Rate is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks. It is a benchmark, along with the Euribor, for interest rates all around the world.

· The Euro Interbank Offered Rate (Euribor) is a daily reference rate based on the averaged interest rates at which Eurozone banks offer to lend unsecured funds to other banks in the euro wholesale money market (or interbank market).

· On June 15, 1998, NSE launched the NSE Mumbai Inter-bank Bid Rate (MIBID) and NSE Mumbai Inter-bank Offer Rate (MIBOR) for the overnight money market.

– The feat of the Overnight NSE MIBID MIBOR encouraged the Exchange to develop a benchmark rate for the term money market and on November 10, 1998, NSE launched the 14-day NSE MIBID MIBOR.

– On December 1, 1998, NSE launched the longer term money market benchmark rates for 1 month and 3 months.

– NSE then introduced a 3 Day FIMMDA-NSE MIBID-MIBOR on all Fridays with effect from June 6, 2008 in addition to existent overnight rate.

– The MIBID/MIBOR rate is used as a bench mark rate for majority of deals struck for Interest Rate Swaps, Forward Rate Agreements, Floating Rate     Debentures and Term Deposits. MIBOR is calculated by the average of the interbank offer rates based on quotations at nearly 30 major banks.

Railways to step-up limit for e-Ticket bookings

July 5th, 2012

The Indian Railways have adjudicated to step-up the limit for online bookings per day from 3.5 lakhs to about 5 lakhs in the next four months and later to 8 lakhs. Both IRCTC and CRIS along with Railways IT wing are working jointly in this direction.

• This has been done in view of enhanced demand for rail e-Tickets.

Jawahar Thakur: New CGA

July 5th, 2012

• Jawahar Thakur appointed as the new CGA (Controller General of Accounts) with effect from July 1, 2012.
• He belongs to the 1979 Indian Civil Accounts Services batch.
• Before this he was the principal Chief Controller Of Accounts in Central Board of Direct Taxes (CBDT) which is a part of the Department of Revenue in the Ministry of Finance.
  He succeeded C R Sundaramurti as the CGA.

India drops to 64th position on Global Innovation Index

July 5th, 2012

• India dropped in the Global Innovation Index (GII) ranking of 2012 to 64th position from 62nd in 2011.
• Lowest among the BRICS nations in the 2012 GII.
• Nonetheless, the nation ameliorated its position in innovation efficiency from 9th position (just behind China).

Country	GII Rank	Rank in Innovation Efficiency
Brazil	58	38
Russia	51	43
India	62	2
China	34	1
South- Africa	54	116

• GII exhibits nations that are innovating in spite of a weaker innovation environment.
• Switzerland, Sweden and Singapore secured the top 3 positions in the GII rankings.
• The Global Innovation Index 2012 was released by France-based internation

Govt. sanctions export of 2 million tonnes of wheat

July 4th, 2012

In order to clear storage space for new crops, the government approved export of 2 million tonnes of wheat from its buffer stock with floor price of about Rs 12,400 per tonne. The decision was taken by the Cabinet Committee on Economic Affairs, CCEA.

India, Bangladesh to jointly celebrate 90th anniversary of legendary poem, “Bidrohi”

July 4th, 2012

India and Bangladesh will conjointly lionize the 90th Anniversary of the publication of the legendary poem, “Bidrohi”, by Poet Kazi Nazrul Islam for 3 days beginning from Wednesday July 4, 2012 in Kolkata and Burdwan in India.
Before in the last week of May 2012, India and Bangladesh had conjointly feted the 90th Anniversary of the publication of “Bidrohi” by Kazi Nazrul Islam by organizing a 2 day programme in Dhaka.
The decision to conjointly lionize the 90th anniversary of the publication of the poem “Bidrohi” by Poet Kazi Nazrul Islam was taken by the Prime Ministers of the two nations during the visit of Prime Minister Manmohan Singh to Dhaka in September 2011.

“Hunar” the NIOS skill development program to be extended to more Muslim girls

July 3rd, 2012

“Hunar” – the skill development programme – under the National Institute of Open Schooling (NIOS) will be extended to more girls from the Muslim community to enable them to nurture their skills.

About 1,613 girls took admission and 218 learners passed from 14 centres in the old city area of Delhi in different trades such as tailoring, basic computing, preservation of vegetables and fruits and embroidery under the programme.

“Hunar” was launched in February 2011 as part of an effort to encourage school education and skills among disadvantaged communities

World’s longest cable-stayed bridge unveiled by Russia

July 3rd, 2012

Russia has brought out the world’s longest cable-stayed bridge (1,104 m) linking Vladivostok to Russky Island.
Russia is spending 20 billion US dollars in pursuit of its Soviet-era dream of turning the port into a Russian version of San Francisco to pull massive investment.

This troubled multi-billion investment is directed at reviving the country’s distant Far East.

E-file returns compulsory if income exceeds Rs 10 Lakhs

July 3rd, 2012

People with income of Rs 10 Lakhs per annum will have to file their tax returns electronically beginning 2011-12 Financial year. The CBDT (Central Board of Direct Taxes) has issued a notification making e-filing compulsory for assessment year 2012-13 onwards for an individual or a Hindu undivided family if his or its total income exceeds Rs 10 Lakhs. Yet, digital signature will not be mandatory for these tax payers.

E-filing for such assesses was optional till 2010-11.

The Income Tax Department had received record 1.64 crore E-returns in 2011-12 financial year.

UN assigns ‘World Heritage Site’ status to the Western Ghats

July 3rd, 2012

1600-km long India’s Western Ghats mountain chain, which possesses forests older than the Himalaya Mountains, has been added to list of world heritage sites by the UN.
UNESCO held that the Western Ghats mountain chain is discerned as one of the world’s 8 hottest hotspots of biological diversity.
The World Heritage Committee meets once a year, and is liable for the enactment of the UNESCO World Heritage Convention, which defines the kind of natural or cultural sites which can be considered for dedication on the World Heritage List.

Anil Goswami: New secretary, Ministry of Social Justice

July 3rd, 2012

Anil Goswami, a 1978-IAS officer took over as the new Secretary of the Department of Social Justice and Empowerment in the ministry of Social Justice and Empowerment. He was Special Secretary (Foreigners) in the ministry of Home Affairs.

Mr Goswami replaces KM Acharya, who retired on 30th of last month.

Biyearly meeting b/w BSF and Pakistan Rangers commences

July 3rd, 2012

A 5-day biyearly meeting b/w the BSF (Border Security Force) of India and Pakistan Rangers, has started in New Delhi to sort out border related issues.

The issues which are anticipated to be discussed during the meeting include motiveless firing in Jammu and Sialkot Sector and the death of one BSF personnel due to sniper firing, smuggling of Heroin, arms and ammunitions and illegal crossing of Pakistani Nationals to Indian Territory and return of accidental border crossers.

The issue of trepidation of fishermen and capture of fishing boats in Gujarat is also probable to be pictured during the talks.

India may also enkindle the issue of defence construction close to International Border.
The biyearly event which earlier used to take place at Amritsar, Chandigarh and Jalandhar, is taking place in New Delhi for the first time.

Spain clinches Euro Cup 2012

July 3rd, 2012

• Spain defeated Italy 4-0 in the finale.
• Becomes the first nation to retain crown.
• Spain confirmed their status as one of the greatest national teams in football history by overwhelming Italy 4-0 in the Euro Cup 2012 final in Kiev, Ukraine to retain their European crown.
• Spain became the first side to successfully defend a European Championship title, as well as the first to win three consecutive major tournaments after their triumphs at Euro 2008 and the 2010 World Cup.

ICAR scientists discover wonder seeds

July 3rd, 2012

A group of scientists from the ICAR (Indian Council for Agricultural Research), ICAR, Agartala, Tripura have made the breakthrough of wonder seeds which need less land and give high yield. The unit of Tripura has been experimenting these seeds for the last 8 years.

A.R.Rahman & Danny Boyle to pen London Olympics song

July 3rd, 2012

• Oscar-winning composer A. R. Rahman who is reuniting with Danny Boyle, to compose a song for London Olympics opening ceremony, will celebrate Indian influence in UK, by including a Punjabi track in it.
• The 46-year-old Indian musician has teamed up again with Danny Boyle, the Artistic Director of the games, for the jamboree ceremony.

New Service Tax regime comes into force

July 3rd, 2012

• A new service tax regime has come into force.
• All services, except 38 services in the negative list, will now attract 12% service tax.
• The government has also broadened the definition of ‘Services’ to bring in more activities under the tax net but services such as metered taxis, auto rickshaws, betting, gambling, lottery, entry to amusement parks, transport of goods or passengers and electricity transmission or distribution by discoms have been kept in the negative list and will not attract the tax.
• Coaching classes and training institutions will nevertheless come under the tax net, via the tax will not be levied on school and university education and approved vocational courses.
• The new approach to taxation of services is intended to take the country and the economy a step closer towards the introduction of Goods and Service Tax, GST.

India’s new buzzword: “Policy Paralysis”

July 2nd, 2012

‘Policy Paralysis’ is the new exhortation echoing in the news media. According to news search conducted via Factiva, the catchphrase hit over 590 mentions in June 2012.

The references soared as the rupee plunged to a record low of 57.32 against the dollar on June 22, 2012

Advance Pricing Agreement Scheme gets clearance of FM

July 2nd, 2012

Finance ministry approved the Advance Pricing Agreement (APA) scheme, related to transfer pricing regulations.

The APA scheme, proposed in Budget 2012-13, is being considered as one of the major industry-friendly initiatives.

The finance ministry’s green signal to the provisions devised by the Central Board of Direct Taxes (CBDT) would assist implementation of the APA scheme from July 1, 2012. CBDT will release notification of the scheme, after taking approval of the law ministry

The scheme would cover the norms for coverage of cases under APA and also forms for accessing the facilities offered. The applicant has to pay a fee of Rs 10 lakh for international transactions not exceeding Rs 100 crore, Rs 15 lakh for transactions up to Rs 200 crore and Rs 20 lakh for transactions above Rs 200 crore

The Budget introduced new sections in the I-T Act to provide a framework for APA. It strengthened CBDT to enter into an advance pricing agreement with any person undertaking an international transaction.

Advance Pricing Agreement
Advance Pricing Agreement is an agreement inked b/w a taxpayer and a taxing authority on an apt transfer pricing methodology for a set of transactions over a fixed period of time in future. It offers better assurance on transfer pricing methods and is friendly in providing certitude and unanimity of approach

US court blocks Apple in Google battle

July 2nd, 2012

As per the ruling from Chicago federal court, US:

• Apple Inc. cannot pursue an injunction against Google’s Motorola Mobility unit.

– The court dismissed the lawsuit b/w Apple and Motorola Mobility with prejudice, implying that it can’t be re-filed.

Apple had hoped a decision against Motorola that would have helped it gain ascendancy in the smartphone market against Android.

Both parties have the option to appeal the ruling.

Background:

• Motorola filed lawsuit against Apple in October 2010, a move that was widely considered as a preventive strike against an imminent Apple lawsuit.
• Apple filed its own claims against Motorola the same month.
• Apple had claimed an injunction banning the sale of Motorola products that use Apple’s patented technology.

– But the court ruled that neither party is entitled to an injunction.

– The court found the injunction inapt since Motorola could design around the minor technological features covered by Apple’s patents.

– The Court also noticed that imposing an injunction would be an inappropriate bonanza for Apple and would be major damage to Motorola.

– As per the court Apple could not clearly prove that Motorola phones caused a loss of consumer goodwill significant enough for an injunction.

– The court was still asserting the Motorola claim against Apple

Indian fishermen again attacked by Sri Lankan Navy

July 2nd, 2012

• Sri Lankan Navy attacked four Indian fishermen off Katchatheevu. A few days before it had detained nine others for “straying” into their waters
• The four fishermen were allegedly beaten by Sri Lankan navy personnel off Katchatheevu, an islet ceded to Lanka in the 1970s
• The fishermen were warned of life imprisonment if they entered the Sri Lankan territory
• A court in Kankesanturai in northern Sri Lanka later released nine Indian fishermen who were detained by the island Navy for “straying” into their waters. The fishermen told the court that they had strayed into Sri Lankan waters due to wind and rough sea, the court considered their statements and freed them with a warning
• The fishermen were handed over to Indian Coast Guard personnel at the international maritime boundary line and brought to Mandapam.

India displaying delayed effects of anti-inflation policies: Fitch

July 2nd, 2012

According to Global rating agency Fitch, India, China and Korea — three most powerful emerging Asian economies — are exhibiting delayed effects of tight monetary policies introduced in 2010-11 to tackle inflation.

According to Fitch:

• Slow upgrading in financial position of countries including India and China has come in the way of positive credit rating drive in rising Asia.
• India’s WPI inflation was 7.55% and the Consumer Price Index (CPI) inflation for was 10.36% for May 2012
• B/w March 2010 and October 2011 RBI had slashed repo rates 13 times to battle against inflation
• India’s GDP plunged to nine-year low of 5.3% for the three months ended March 2012
• The overall growth for 2011-12 stood at 6.5%
• China has a negative outlook on but it is positive for Korea

Positive rating momentum in emerging Asia has come to a standstill amid lethargic improvement in sovereign balance sheets and for a few countries, concerns over high and rising leverage in the private sector
Fitch had downgraded GDP growth projections to 6.5% in 2012-13, reduced from a previous projection of 7.5%. It has already downgraded India’s credit outlook to negative and attributed it to corruption and lack of reforms.

Market regulator SEBI fine-tunes norms for OFS, IPP

July 2nd, 2012

Working in the direction of making the process of disinvestment hassle free, capital market regulator SEBI fine-tuned norms governing Offer For Sale (OFS) & Institutional Placement Programme (IPP).

IPP and OFS are the two new share sale tools initiated by the regulator in January, 2012 primarily to assist the corporate enhance their public float.

According to SEBI:

· The mandatory 12-week time gap requirement b/w two consecutive Offer for Sale (OFS) or Institutional Placement Programme (IPP) will be relaxed. However, promoters who have already offloaded their shares through OFS or IPP will have to maintain a gap of 2 weeks b/w two successive OFS or IPP. The decrease in the time gap will facilitate companies to offload shares in more than one tranches depending on market conditions.

· The indicative price should be displayed during the last 60 minutes of the close of bidding session irrespective of the book being built. However, as per the current norms, bids were invited without revealing indicative price during the trading hour. The disclosure of indicative price could also lead to bidding taking place at the last one hour of trade.

· After these changes in the norms, modification or cancellation of bids can be done in the last 60 minutes instead of last 30 minutes of the trade.

· The minimum size of the offer should be Rs 25 crore. However, the size of offer can be less than Rs 25 crore so as to accomplish minimum public shareholding in a single tranche. Such alterations have been made to enable the companies achieve the minimum 25% public holding guideline by June 2013.By June 2013, all listed companies are required to have at least 25% public holding, while in case of state-owned company the limit is 10% to be achieved by August 2013.

· Around12-13 PSU companies which have to meet the public holding guidelines can gain from the alterations in norms.

· Institutional investors will have the choice of applying with 100% upfront margin in cash or with an ad hoc margin of certain lower percentage to be determined by the exchanges.

The government will be able to promptly offload its stake in PSUs and generate funds for reaching the disinvestment target of Rs 30,000 crore for the fiscal 2012-13. ONGC, Wipro, Godrej Properties and DB Corp are some major companies to have conducted share sales through these two new routes

Centre planning for Sixth Economic Census as a Central Sector Plan Scheme

July 2nd, 2012

The Centre is planning to carry out the Sixth Economic Census as a Central Sector Plan Scheme in collaboration with all states and Union territories.
Objective:

• It will provide the official count of entrepreneurial units located in geographical boundaries of the country involved in economic activities.
• The database would assist policy makers to evaluate the impact of the economic liberalization process on entrepreneurial activities, especially in the unorganized sector.

Pakistan releases Surjeet Singh

July 2nd, 2012

• Pakistan freed Indian prisoner Surjeet Singh who has served a life term following his arrest on charges of spying in the 1980s.
• Singh was freed from Kot Lakhpat Jail.
• Indian team present at Wagah will receive over 300 fishermen being repatriated.
• Surjit Singh was arrested by Pakistani police on allegations of spying during the rule of military ruler Zia-ul-Haq. Initially, Singh was awarded the death sentence under the Pakistan Army Act in 1985. Later, in 1989, the death sentence was commuted to life imprisonment by then President Ghulam Ishaq Khan.

Banking sector growth contingent on Innovative delivery model: PwC

July 2nd, 2012

According to a report by PwC (PricewaterhouseCoopers):

· Innovative service delivery models, including mobile banking and ATMs, and the ability to satisfy customers will drive the growth of banking sector in the near future

· The concerns over data security and lack of regulation clarity seeks urgent govt attention in order to encourage innovation in banking technology

· Alternate channels of banking, especially internet banking and ATMs, have achieved deeper penetration

· Mobile banking is burgeoning as a strong delivery channel

· Cost optimization has been the primary factor in green banking. Major Green banking initiatives have all basically dependent on cost savings, including paperless customer communication, electronic payments etc.These have resulted in a lower branch footfall through enhanced acceptance of alternate delivery channels

Tamil Nadu will use biometric details for government exams

July 2nd, 2012

In order to make the recruitment process transparent, the Tamil Nadu Public Service Commission (TNPSC) has decided to introduce an online interactive system, under which biometric details of the candidates will considered

As per TNPSC chairman a Centre will be considered as sensitive if it accommodates more than 1,000 candidates, and it will require web-casting and video recording of the exam process
The TNPSC has plans to upload answers to the questions on their official website soon after the exam is over, to facilitate the candidates in assessing the correctness of the answers and send an argument if they do not agree with an answer.An expert panel will go through the disputed answers and finalize on the correct answer and then load it online.

Nomura slashes India GDP growth projection to 5.8%

July 2nd, 2012

• Nomura has lowered the country’s growth estimate for this fiscal to 5.8%, from 6.7% earlier.
• Nomura has also hacked its India GDP prediction for 2013-14 to 6.6% from the earlier 6.9%.
• The government is targeting at GDP growth rate of around 7.6% this fiscal. India’s economic growth plunged to 6.5% in 2011-12 from 8.4% in the previous two fiscals.
• As per Nomura, India’s monetary and fiscal policies are at “loggerheads” and in impasse.
• It pointed to India government policies as inflationary which reduced the possibility for rate cuts, hurting growth and in turn intensifying the fiscal deficit.
• It has also revised fiscal deficit forecast for India increasing it to 5.8% of GDP in the current fiscal from 5.2%.
• Government aims to curtail the fiscal deficit to 5.1% in 2012-13 from 5.76% in the previous fiscal.

NOMURA:

A Japanese multinational conglomerate, or zaibatsu of financial services, financial management consulting companies and related organizations, headquartered in the Nihombashi district of Tokyo, Japan.

The Nomura Group is involved in diversified industries, such as oil and gas, construction, chemicals and FMCG, but internationally the group is known as a financial services, financial management consultancy group, through the global presence of its holding company – Nomura Holdings, Inc. & its direct, indirect subsidiaries.

RBI elevates foreign investment limit in govt bonds

July 2nd, 2012

In a move targeted at preventing the continuous decline of Rupee, the Reserve Bank of India increased the limit of foreign investment in government bonds by $ 5 billion to $ 20 billion. The regulator also elevated limit of external commercial borrowing (ECB) to $ 10 bilion.

Currently, foreign institutional investors (FIIs) are permitted to invest upto $ 20 billion in Indian corporate bonds. While the limit in government bonds is at $ 15 billion, FIIs are not allowed to invest in infrastructure bonds upto $ 25 billion. The RBI also curtailed the time period for the maturity of government securities (g-secs) to 3 years from earlier 5 years.

External Commercial Borrowings

External Commercial Borrowings (ECB) denote commercial loans in the form of bank loans, buyers’ credit, suppliers’ credit, securitized instruments (e.g. floating rate notes and fixed rate bonds) obtained from non-resident lenders with minimum average maturity of three years.

Govt bonds or Govt securities

These are the bonds issued by the Govt of a country in its own currency. The bond assists the government to generate money which is used to support various programmes and activities like constructing roads, hospitals, infrastructure etc. Hence, the govt bonds are a sort of loan against which the govt of a country gets a certain amount of money, for a definite amount of time, on a definite interest rate.

Indian Scientist Rao Papineni gets US Patent for Cancer Treatment

July 2nd, 2012

In a breakthrough innovation Rao Papineni, the nanotechnology scientist, in collaboration with his colleagues invented a cancer treatment system in which a nano-particle acts as a carrier of anti-cancer drug and releases it only in the cancerous cell, thus safeguarding the healthy cells around from the damage.

The patent is titled ‘High Capacity Non-Viral Vectors.’ The nano-particles act as non- viral vectors. The nano-particles assist the drug particle to target the cancer affected site with high accuracy. These particles will allow the drug to be released inside the diseased cell. They will boost the function of the drug with minimal collateral damage to healthy cells.

Dr. Rao Papineni and Alan Pollack is the chairman of the Department of Radiation Oncology at the University of Miami. Papineni is currently the chief scientist and senior principal investigator in medical applications of nanotechnology at Carestream Health, Inc USA

Government reconstitutes National Advisory Council

June 30th, 2012

The government reconstituted the National Advisory Council (NAC) headed by Mrs. Sonia Gandhi

It inducted Mihir Shah, Member, Planning Commission, and Ashish Mondal, founder of the Bhopal-based NGO, Action for Social Advancement.

The renominated members are:

• N C Saxena
• Narendra Jadhav
• Pramod Tandon
• Aruna Roy
• A K Shiva Kumar
• Deep Joshi
• Anu Aga
• Farah Naqvi
• Mirai Chatterjee

The tenure of the members of the reconstituted panel is till May 31, 2013.

current affairs june 2012

 

Government reconstitutes National Advisory Council

June 30th, 2012

The government reconstituted the National Advisory Council (NAC) headed by Mrs. Sonia Gandhi

It inducted Mihir Shah, Member, Planning Commission, and Ashish Mondal, founder of the Bhopal-based NGO, Action for Social Advancement.

The renominated members are:

• N C Saxena
• Narendra Jadhav
• Pramod Tandon
• Aruna Roy
• A K Shiva Kumar
• Deep Joshi
• Anu Aga
• Farah Naqvi
• Mirai Chatterjee

The tenure of the members of the reconstituted panel is till May 31, 2013.

Neeraj Kumar: New Commissioner of Delhi Police

June 30th, 2012

• Mr. Neeraj Kumar will be the new Commissioner of Delhi Police.
• He was earlier serving as the Director General of Tihar Prisons
• Kumar to take place of Police Commissioner B. K. Gupta.
• Mr Kumar is a 1976-batch IPS officer from AGMU cadre held various significant posts during his career

CBSE will give photocopy of OMR Sheet, answer keys & calculation sheet

June 30th, 2012

The Central Board of Secondary Education (CBSE) will make available photocopy of the OMR Sheet, answer keys and calculation sheet to students who took AIEEE -2012 examination. As per the CBSE, these sheets will be provided to the candidates on request along with a fee of Rs 500. The candidates may send the request for the same along with the prescribed fee on or before July 31, 2012.

Japan to provide Rs 400 Crore financial assistance to WB Government for Social forestry

June 30th, 2012

Japan will offer Rs 400 crore financial aid to the West Bengal Govt for social forestry in the state. The state Government has increased the amount of compensation to Rs 2 lakh for the families who died in tusker attacks. The State Government has also raised compensation for damage of crops due to elephant menace.

Need to educate public about nature of gold investments: RBI Deputy Governor

June 30th, 2012

Reserve Bank deputy governor KC Chakrabarty held that:

• In order to bring down the high import of gold, RBI considers educating and disseminating awareness in the people about the speculative nature of gold investments and that it is not proper investment for the poor.
• RBI is against the implementation of free of cost electronic fund transfer as it believes the plan in commercially unviable
• RBI criticized lenders for attributing their abrupt decrease in profits to migration to system-recognized NPA generation saying this is equivalent to misleading investors.

Union Carbide, Warren Anderson not liable for claims: US court on Bhopal gas tragedy

June 30th, 2012

As per the ruling of US court, neither Union Carbide nor its former chairman Warren Anderson are liable for environmental remediation or pollution-related claims  at the firm’s former chemical plant in Bhopal. The lawsuit that accused Union Carbide of causing soil and water pollution around the Bhopal plant due to the disaster has been dismissed by the court. As per the the court it was Union Carbide India Ltd, and not its parent company UCC that was accountable for the generation and disposal of the waste that polluted drinking water, and the liability rests with the state government. The worst industrial disaster in the Indian history led to the leak of toxic methyl isocyanate, killing thousands of people in Bhopal.

India and S.Korea to foster co-operation in civil nuclear energy & space activities

June 30th, 2012

India and South Korea agreed to bolster civil nuclear energy cooperation as well as space activities, including the launch of Korean satellites by India. Both sides judged the developments and expansion of their Strategic Partnership during the second India-Republic of Korea, Foreign Policy and Security Dialogue in New  Delhi. The two sides reviewed the status of bilateral relations and exchanged views on regional and global matters of interest including the position on the Korean Peninsula.

European Union to utilize Eurozone’s permanent bailout funds to help troubled banks

June 30th, 2012

The EU leaders have decided to use the Eurozone’s permanent bailout funds to support struggling banks directly, without raising government debt.
EU leaders also agreed that bailout funds could be utilized to stabilize financial markets, which implies buying government debts or bonds. These are steps that Spain and Italy desired, to curtail their borrowing costs , which both consider as their most serious economic problem.

Objective: The move is targeted specifically at rescuing Spain’s troubled banks.

Finance Ministry suggests monetary limit in draft guidelines to invoke GAAR

June 30th, 2012

To attend to investor apprehensions over taxation issues, the Finance Ministry has proposed a monetary limit for invoking the contentious General Anti-Tax Avoidance Rules (GAAR) in its draft guidelines. As per the guidelines, GAAR provisions would be invoked only in cases where FIIs choose to take the advantage of double tax avoidance agreements and the provisions will apply only to the income earned by taxpayers on or after April 1, 2013. Therefore, the rules would not apply retrospectively, as many investors had feared. An income threshold also has been suggested for invoking the GAAR. The draft guidelines also recommend establishing a 3-member Approving Panel to decide whether a particular case would attract the provisions of the GAAR. The Ministry proposed a monetary limit for invoking the controversial General Anti-Tax Avoidance Rules (GAAR) in its draft guidelines issued. Albeit the draft didn’t specify the monetary limit, it mentioned that those deals which are over a prescribed limit should be covered by GAAR provisions.

The guidelines held that the onus of proving tax liability lies with the Indian authorities and have proposed time limits for completion of various actions under the GAAR.

Coca Cola to invest 5 billion dollars in India by 2020

June 30th, 2012

Coca-Cola Company announced that it would invest $5 billion in the country between 2012 and 2020.

The company aims to double its business visualizing vast growth opportunities in the country.

The company directly hires more than 25,000 people in India creating indirect employment for more than 1.50 lakh people in related industries through its vast procurement, supply-chain and distribution system.

The Indian Embassy in UAE to hold Open Days

June 30th, 2012

The Indian Embassy in UAE decided to organize Open Days on a regular basis on the first Sunday of each month. The move aims to attend to the grievances of the local Indian community regarding consular, community and other matters.

India, Israel sign agreement to enhance bilateral relation in the Tourism Sector

June 30th, 2012

India and Israel signed an MoU to promote the bilateral relation in the tourism sector. Israel, under this pact, will set up a tourism office in Mumbai and amplify the frequency of flights to India. Israel will invest $ 660000 to attract more Indian tourists to the country. The agreement also laid the foundation to create a tourism development forum, which will invite advice from various stakeholders including travel agents, hoteliers, tour operators and from the media, to enlarge tourism market in both the countries.

The two countries have a huge potential of tourism development by entering into mutual cooperation as nearly 40000 Indian tourists travel Israel every year, and approximately equal number of Israeli citizens visit India annually.

South Africa to host Champions League T20

June 30th, 2012

South Africa will host the 4th edition of the Champions League Twenty20 to be held in October, 2012 with Pakistan’s Sialkot Stallions being the new entrant.

The tournament has been shifted out of India due to the Monsoon and the Durga Pooja celebrations will coincide with the event.

The Mumbai Indians would participate as the 4th Indian team in the 8-team tournament.

Pakistan’s Sialkot Stallions has been approved as the new entrant in the tournament. They will participate in the qualifiers to make the cut in the main draw, which will feature 4 teams from India, 2 from Australia and 1 from South Africa.

The confirmed participants of CL T2o are Kolkata Knight Riders, Chennai Super Kings and Delhi Daredevils.

Google launches $ 199 “Nexus 7” tablet

June 28th, 2012

Google, at a conference in Sat Francisco, unveiled the Nexus 7 to contend with Apple’s iPad as well as the latest Microsoft’s Surface. It is built by and in co-branded with Taiwan’s Asus.

Salient features of Nexus 7:

• Has a 7 inch (17.8 cm) screen
• Weighs just 340 grams, thus more portable and lighter than its main competitors
• features an Nvidia Tegra quad core processor
• allows 9 hours of video play, or 300 hours of standby
• has 1280×800 pixel screen
• will have the new 4.1 Jelly Bean version of Google’s software
• has Nvidia Tegra 3 processor
• Priced at $199

The tablet stands in direct competition with Amazon’s Kindle Fire tablet, which has been the most successful running on Google’s Android OS.

NFSM-RICE: North East to receive Rs.100 Crore to boost rice cultivation

June 28th, 2012

NE states of the country will be given Rs100 crore for supporting rice cultivation under the National Food Security Mission (NFSM).

• All the 8 north-eastern States, including Sikkim, are being covered under NFSM-rice.
• Till 2011, only Assam was covered under NFSM-Rice.
• The programme will also aid in attaining Self-Sufficiency in Rice Production.
• Under NFSM-Rice, States are provided aid for a large number of activities including seed distribution, soil management, pest control, machines and tools, training and field demonstrations. The interventions strategized under NFSM are also likely to enhance rice yield, which is low in the northern-eastern states.
• 476 Districts Covered under NFSM: The National Food Security Mission (NFSM) is implemented in 476 Districts of 17 States of the country.

The crop-wise identified districts are as follows:

NFSM-Rice: The NFSM-Rice is implemented in 138 district of 14 States, i.e., Andhra Pradesh (11districts), Assam (13districts), Bihar (18 districts), Chhattisgarh (10 districts), Gujarat (2 districts), Jharkhand (7 districts), Karnataka (7 districts), Kerala ( 1 district), Madhya Pradesh (9 districts), Maharashtra ( 6 districts), Orissa (15 districts), Tamil Nadu (5 districts), Uttar Pradesh (26 districts) and West Bengal (8 districts).

NFSM-Wheat: The NFSM-Wheat is implemented in 141 districts of 9 States i.e. Bihar (25 districts), Gujarat (4 districts), Haryana (7 districts), Madhya Pradesh (30 districts), Maharasthra (8 districts), Punjab (10 districts), Rajasthan (15 districts), Uttar Pradesh (38 districts) and West Bengal (4 districts).

NFSM-Pulses: Under NFSM-Pulses, 467 districts of 16 State are included. All the districts in 4 states of Andhra Pradesh, Bihar, Haryana, Gujarat, Uttar Pradesh, Madhya Pradesh, Maharashtra, West Bengal, Rajasthan, Chhattisgarh, Orissa, Punjab, Tamil Nadu, Karnataka and 10 districts of Assam and 15 districts of Jharkhand are included under NFSM-Pulses.

NFSM-Rice is being implemented in 138 identified districts of 14 States. NFSM-Wheat is under implementation in 141 identified districts of 9 States. After merger of pulses component of ISOPOM with NFSM from the year 2010-11, the NFSM-Pulses has been extended to all district of 14 States. In addition, NFSM-Pulses is also being implemented in 10 identified districts of Assam and 15 identified districts of Jharkhand from the year 2010-11.

The districts under NFSM have been identified based on certain criteria i.e. for NFSM-Rice, those districts which have more than 50,000 ha area under rice and productivity is less than the State’s average productivity, were identified; for NFSM-Wheat, the districts in which irrigation coverage under wheat was more than 50% and productivity less than State’s average, were identified. The districts for implementation of NFSM-Pulses were selected based on the existing large area under pulses, potential for area expansion through inter-cropping and utilization of rice fallows.

Draft of SPA gets finalized b/w Afghanistan & Norway

June 28th, 2012

Afghanistan and Norway gave final shape to the draft of the Strategic Partnership Agreement (SPA) b/w the two countries. The draft of the agreement is ready for signature and the two countries will ink it in September 2012.

• Afghanistan has already inked SPAs with the US, Britain, India, Germany, France and Italy.
• China is also eager to sign similar agreement with Afghanistan.

current affairs june 2012

Regulators in Europe, US and Asia investigating financial institutions

June 28th, 2012

Regulators in the United States, Europe and Asia are scanning a number of key financial institutions for manipulating Inter-Bank Lending rates. In this context, Barclays Bank was fined $ 452 million which is the first company to admit such fault. Regulators in the US, Europe and Asia are looking into other major names including City Group, JPMorgan and Deutsche Bank. British Banks, HSBC and Royal Bank of Scotland are also under scanner.

Delhi Investment Summit on Afghanistan in New Delhi

June 28th, 2012

• Delhi Investment Summit on Afghanistan in New Delhi – This was the first ever investment summit in India for another country.

External Affairs Minister, S M Krishna while addressing the Delhi Investment Summit on Afghanistan in New Delhi assured that India will continue to follow its vision of stabilizing Afghanistan through trade, investment and regional cooperation. S M Krishna encouraged international investors and regional countries to pursue this vision for Afghanistan individually or in partnership with others.

Objective: To attract, foreign investment into Afghanistan in the light of new opportunities opening up in areas like mining, hydrocarbons and infrastructure, and badly needed investments in traditional sectors like agriculture, industry, capacity-building, health and services, after three decades of conflict.

The summit witnessed overwhelming response of the Indian business community.
India has loosened up customs duties for Afghanistan’s exports as part of an enterprise for Least Developed Countries in the SAARC

India considers Afghanistan’s mineral resources, agricultural products and human resources as potential drivers of growth and regional economic development. This vision needs international support in the form of institutional finance and foreign investment.

Greece gets new Finance Minister ‘Yannis Stournaras’

June 28th, 2012

• Greece Prime Minister Antonis Samaras declared Greek economist Yannis Stournaras as the country’s new Finance Minister. He took the place of Vassilis Rapanos who had submitted resignation due to health reasons.
• Stournaras, 55, is a cherished laissez-faire pro-reform economist who served as Development and Shipping Minister in the custodian government that led Greece to the 2^nd round of national elections after the first inconclusive poll.

Rs 28,000 cr Annual Plan outlay for Bihar: Planning Commission

June 28th, 2012

The Planning Commission approved an Annual Plan outlay of Rs 28,000 crore for Bihar for the current fiscal. The plan was finalized at a meeting in New Delhi between the Commission’s Deputy Chairman Montek Singh Ahluwalia and Bihar Chief Minister Nitish Kumar. According to Planning Commission Bihar is rapidly catching up with other developed states.

Government and IITs reach consensus on admission formula

June 28th, 2012

The government and IITs resolved the issues on the entrance exam by reaching a compromise formula over organizing the common exam from 2013 academic year. According to the agreement, from 2013, class 12^th marks will be used only as cut-off to screen students for eligibility for admission the IITs. Aspirants will have be in the top 20 percentile of their respective boards to be eligible. The IIT merit list will be decided by JEE Advanced. JEE Advanced will be organized on a separate date from JEE Main and only IITs will conduct and manage this test. Joint Admission Board and Joint Implementation Committee on JEE Advanced will coordinate with organizing body for JEE Main.

Finance Minister Pranab Mukherjee resigns to contest President poll

June 28th, 2012

FM Pranab Mukherjee submitted his resignation to Prime Minister Dr. Manmohan Singh.
Mukherjee, the UPA candidate for the Prez polls enjoys the support of the SP, the BSP, the JDU, the Shiv Sena, the CPI(M), Forward Block and some other parties.
Mr Pranab Mukherjee will file nomination papers for the Presidential election on June 28, 2012.
The returning officer rejected the nomination of Jeevan Kumar Mittal of Delhi for not submitting certified copy of electoral roll entry. He has also not deposited the security money of 15000 rupees.
33 nominations have been filed by 31 candidates, but 8 candidate’s nominations were rejected by the Returning Officer. Former speaker P A Sangma have also not filed his nomination for the Presidential Election yet.

RBI announces measures to revive Rupee

June 28th, 2012

The Reserve Bank of India announced a number of steps, to aid revive the currency and the economy

The measures include increasing limits for external commercial borrowings and government securities .The initiatives are in consultation with the government to liberalize capital account transactions.These measures will permit Indian companies in the manufacturing and infrastructure sector and earning foreign exchange to access External Commercial Borrowing (ECB) for reimbursement of outstanding rupee loans towards capital expenditure and/or fresh Rupee capital expenditure under the approval route.

RBI has fixed the ceiling for such ECBs at $10 billion. The current investment limit by SEBI registered Foreign Institutional Investors (FIIs) in Government Securities (G-Secs) has been elevated further by $5 billion. This will jack up overall limit for FII in G-Secs from $15 billion to $20 billion.

To broaden the base of non-resident investor for G-Secs, it decided to permit long term investors like Sovereign Wealth Funds (SWFs), multilateral agencies, endowment funds, insurance funds, pension funds and foreign central banks to be registered with SEBI, to also invest in G-Secs for the entire limit of $20 billion.

SEBI to make it mandatory for top 500 listed companies to provide e-voting

June 28th, 2012

With Market regulator, Securities and Exchange Board of India (SEBI) decision to make it mandatory for the top 500 listed companies to provide e-voting, it will be easier for shareholders to participate in key decisions without being physically present at the meetings.

As per the SEBI:

• This step is along the lines of the budget proposal
• The decision would be put into practice in a phased manner, starting with top 500 listed companies at BSE and NSE based on market capitalization
• To enhance the quality of financial reporting by listed entities, it would set up a Qualified Audit Report Review Committee represented by accounting regulator, Institute of Chartered Accountants of India(ICAI) and stock exchanges
• The committee would go through qualified annual audit reports filed by the listed entities with stock exchanges, and reports where accounting irregularities have been pointed out by the Financial Reporting Review Board, FRRB, of the ICAI. Cases wherein the qualifications are important and the explanation given by the company is unjustified would be sent to the ICAI-FRRB.If the ICAI-FRRB suggests that the qualification is acceptable, SEBI may mandate a restatement of the accounts of the entity and require the entity to put it across to the shareholders by making the announcement to stock exchanges.

SEBI has changed the minimum subscription requirements for infrastructure companies coming out with IPOs. The minimum subscription shall not be less than 90% of the offer, conditional on allotment of minimum 25 %, or 10 %, as the case may be, of the securities offered to the public

Moody’s rates India’s sovereign credit outlook stable

June 28th, 2012

• Global Rating Agency, Moody’s Investment Services has kept India’s sovereign credit outlook stable.
• As per the agency a slowdown in growth and investment is expected to be transitory.
• As per its report, certain recent negative trends, lower growth, sluggish investment and poor business sentiments are unlikely to become permanent or even medium term features of the Indian economy.
• The company rated India’s long term foreign currency and local currency debt at Baa-3, the lowest grade.
• Moody’s opinion is opposite to Fitch Ratings and Standard and Poor which have downgraded credit outlooks for India to negative from stable.

West Bengal Govt to amend Panchayati Act

June 28th, 2012

The West Bengal Government has decided to amend the current Panchayat Act for better performance of 3-tier local bodies. According to the Panchayat and Rural Development Minister Mr. Subrata Mukherjee the present Act will be amended after the coming Panchayat Elections in the state.

International conference on maritime piracy kicks off in Dubai

June 28th, 2012

An international conference to tackle the issues pertaining to maritime piracy and the ways to counter them starts in Dubai. A high level Indian delegation is taking part in the conference to convey the Indian perspective at the rear of a large number of Indian hostages held in captivity by the Somali Pirates.
According to the International Maritime Bureau report, maritime piracy is over $7 to $12 billion industry run by the ransom seeking Somali Pirates off the coast of Oman, Gulf of Eden and the Indian Ocean. Although the number of hostages taken by pirates declined to 555 in 2011 from 645 in 2010, the attacks and hijackings still happen.

India to talk over BITA with European Union

June 28th, 2012

India is expected to discuss a Bilateral Investment and Trade Agreement (BITA) with the European Union by the end of year 2012. This was agreed at a meeting b/w the Commerce minister Mr Anand Sharma and the EU Trade Commissioner Karel De Gucht in Brussels, Belgium. During the meeting, the Indian side sought comfort and clarity on the market access being made available to it and asked for an assurance that they are really effective on the ground.

India stressed for better access and elimination of safeguard clauses that may hinder the actual realization of concessions given by the EU. India also demanded more access for domestic industry and agricultural products. The European part put across its concern regarding market access and patent issues.
As per an estimate, the bilateral trade b/w India and the EU stood at over $108 billion in 2011. In exports, it was over 41 billion US dollars in 2010, which increased to around $ 55 billion in 2011.

Screenwriter and director Nora Ephron passes away

June 28th, 2012

• Hollywood screenwriter and Director Nora Ephron passed away. She was suffering from acute myeloid leukemia.
• Among the eminent films written by her include When Harry Met Sally and Sleepless in Seattle
• She was nominated for Oscars 3 times

India becomes Dubai’s top trading partner

June 28th, 2012

India has come out as Dubai’s top trading partner as its total trade reaches over USD 10 billion during the quarter ended March, 2012. As per the newest statistics released by Dubai Customs, India also evinced as Dubai’s top exporting and re- exporting country at USD 5.7 billion and stood 2^nd in terms of imports at USD 5.17 billion, following China at USD 6.94 billion. The US was at 3^rd place at USD 4.35 billion.

PM’s Office to set up coordination committee to provide e-governance to gram panchayats

June 28th, 2012

The PMO has planned to establish a coordination committee to attend to diverse aspects of broadband services for panchayats. This will be implemented through a network being set up at an expense Rs 20,000. The creation of the network is a part of the government’s endeavor to provide e-Governance at the panchayat level as it will help electronic delivery of services. It has been recently reviewed by the PMO to create the National Optical Fibre Network to provide broadband connectivity to 2.5 lakh gram panchayats.

June 26: World observes International Day against Drug Abuse and Illicit Trafficking

June 27th, 2012

The International Day against Drug Abuse and Illicit Trafficking observed across the globe.

Objective: The day is observed each year to disseminate awareness about the harms and problems that illicit drugs cause to the society.

The theme for 2012 – : “Global Action for the Healthy Communities Without Drugs”.

To mark the day, various functions and events were organized across the globe to generate awareness about the devastating effects of drugs.

International Day against Drug Abuse and Illicit Trafficking:-

• A United Nations International Day against drug abuse and the illegal drug trade.
• Held since 1988 on June 26 every year.
• June 26 was the date chosen to commemorate Lin Zexu’s dismantling of the opium trade in Humen, Guangdong, just before the First Opium War in China.
• The observance was instituted by General Assembly Resolution 42/112 of 7 December 1987.

Law for ‘Prohibition of Employment as Manual Scavengers and their Rehabilitation’ on the anvil

June 27th, 2012

• The Centre is progressing on a new law for ‘Prohibition of Employment as Manual Scavengers and their Rehabilitation’, and revising the current Schemes for Rehabilitation of Manual Scavengers and Total Sanitation Campaign.
• It is also planning a new scheme for conversion of insanitary latrines in urban areas.
• Social Justice and Empowerment Minister Mukul Wasnik urged the states to devise a time-bound action plan to ensure abolition of insanitary latrines and rehabilitation of remaining manual scavengers on priority basis

SEBI notifies norms for Listing of Stock Exchange

June 27th, 2012

Securities and Exchange Board of India (SEBI) has notified new rules for ownership and governance of stock exchanges to encourage the establishing of new bourses and facilitate exchanges to get listed. The amendments were announced following the legal battle b/w the regulator and MCX Stock Exchange, which had earlier sought approval to launch an equity platform.

As per fresh norms:

• The recognized stock exchange should have a minimum net worth of Rs 100 crore at all times and at least 51 % of stake has to be held by public
• The ownership of a single investor is capped at 5% with an exemption for stock exchanges, depositories, insurance and banking companies and public financial institutions, which has been allowed to posses up to 15 %.
• The shareholders who possess stake in excess of the new limits would have to observe the new norms within a period to be decided by SEBI and such period could be of up to 3 years.
• Stock exchanges are allowed to list on any recognized stock exchange other than itself and its associated stock exchanges, within 3 years of starting operations
• Direct and indirect exposure to any stock exchange will be taken into account while calculating the preThe new scribed shareholding limit.
• For a stock exchange that is not listed, an FII may acquire shares through transactions outside of a recognized stock exchange provided it is not an initial allotment of shares.
• For listed bourses, the FIIs can transact through the exchange where the shares are listed.

The market regulator had earlier approved amendments to the Manner of Increasing and Maintaining Public Shareholding (MIMPS) in recognized stock exchanges.

285 million working Indians require retraining

June 27th, 2012

As per a study report by McKinsey Global Institute (MGI) India faces a new challenge as it needs to retrain at least 285 million working citizens who lack secondary education. Out of these, 150 million have not even completed primary education. Imparting job-relevant vocational skills to these workers is a mammoth task before India.

Some of the excerpts from the Report:

• India would replace China and developing economies of South Asia and Africa as the new global source of new workers (middle level workers with secondary education).
• However, India and younger developing countries may have around 58 million surplus low-skill workers in 2020.
• Due to slow pace of high school enrollment and completion, India could have 13 million too fewer such workers; younger developing economies could have 31 million fewer of them.
• India trails behind China in generation of higher value-added manufacturing and export-oriented jobs. 41 % of India’s job creation in the past decade was in low-skill construction, compared with 16 %in China.
• The Indian labor force was around 260 million in 1980 which grew to approximately 470 million in 2010, and India created millions of non-farm jobs—but much fewer than what China accomplished.
• India also has trails behind China in enhancing the skills of its workforce.
• While the numbers of workers with a tertiary education in both China and India are competitive, the share of people with secondary education in India is less than half the ratio in China and many other developing economies.

India at 6th slot in Inclusive Wealth Index (IWI) per capita

June 27th, 2012

India ranked 6^th on Inclusive Wealth Index (IWI) per capita that listed top 20 selected countries on the basis economic performance assessed between 1990 and 2008. The focus on this new measure gained attention in Rio+20 as it emphasized on the “Green Economy”.

As per the IWI report:-

• 4.3 % per year GDP per capita during this placed India 2^nd only to China, which registered high growth of 9.6%. India also stood next to China in the HDI, with an average 1.4%per head annually. However, it ranked 6^th in the ‘Inclusive Wealth Index per capita’ with 0.9 % per year
• The 20 countries together responsible for around 3/4^th of global GDP during this twenty-year time. This was disclosed by the United Nations University and UN development Programme in the run-up to Rio+20.
• Despite having GDP growth, China, the US, South Africa and Brazil were found to have considerably eroded their natural capital base. This includes both renewable and non-renewable resources, such as fossil fuels, forests and fisheries. Natural resources per capita declined in the US and in China by 20% and 17 % respectively.
• Of the 20 countries surveyed, Japan was the only country which did not registered decline in its natural capital base, due to significant increase in forest cover/
• If only GDP is considered, China and the US grew by 422 % and 37 % respectively. Once the IWI was applied, the corresponding figures decline to 45 %and 13 % respectively
• India is among the high population growth countries, including Nigeria and Saudi Arabia, which have shown considerably lower IWI growth. This negative trend will keep on going unless steps are taken to enhance natural the capital base or cut population growth.
• Six countries who witnessed decline in their inclusive wealth are Russia, Venezuela, Saudi Arabia, Colombia, South Africa and Nigeria.

Inclusive Wealth Report 2012:-

• The Inclusive Wealth Report 2012 is the first of a series of biennial reports on the sustainability of countries. It looks at the productive base of economies, based on capital assets – produced or manufactured capital, human capital, and natural capital.
  The IWR 2012 is a joint initiative of the United Nations University International Human Dimensions Programme on Global Environmental Change (UNU-IHDP) and the United Nations Environment Programme (UNEP), in collaboration with the UN-Water Decade Programme on Capacity Development (UNW-DPC) and the Natural Capital Project.

Inclusive Wealth Index (IWI)

• The IWI is a more holistic measure which considers full range of assets such as manufactured, human and natural capital, which shows a country’s actual wealth and sustainability.
• The Inclusive Wealth Index (IWI) seeks to measure the social value of capital assets of nations beyond manufactured capital. The index is inclusive in the sense that it accounts for other key assets as important components of the productive base of the economy, such as natural capital and human capital. The total value of capital assets – or wealth – is concretely measured by adding up the social worth of each capital type of a nation, where the social (or shadow) prices per unit of capital form act as a weight in its index of inclusive wealth.Further, the index measures changes in wealth (or per-capita wealth) over a period of time. Thus, changes in wealth – or inclusive investment – are measured by assessing the changes in the physical asset base of a nation over time, and subsequently adjusted for population.

What is the role of natural capital in inclusive wealth?

• Natural capital represents an essential pool of resources that can induce the building of other capital assets, such as education, health or manufactured capital.

The report, which will be produced every two years, makes the following specific recommendations:

• Countries witnessing diminishing returns in natural capital should invest in renewable natural capital to improve their IWI and the well-being of their citizens. Example investments include reforestation and agricultural biodiversity Nations should incorporate the IWI within planning and development ministries to encourage the creation of sustainable policies Countries should speed up the process of moving from an income-based accounting framework to a wealth accounting framework Macroeconomic policies should be evaluated on the basis of IWI rather than GDP per capita Governments and international organizations should establish research programmes to value key components of natural capital, in particular ecosystems.

Pinky Karmakar will be Indian ‘torch bearer’ at London Olympics

June 27th, 2012

Pinky Karmakar, a 17 year old girl and a student of class X from a remote tea garden in Assam will be among India’s ‘torch bearer’ at the London Olympics. She will represent India among 20 countries at the Olympic torch relay in Nottinghamshire on June 28, 2012.

Her father is a painter and her mother a tea-leaf plucker in a tea garden.Pinky runs a daily sports programme at her school and teaches for about 40 women, including her mother. She has also actively participated in the programmes that create awareness about child marriage, adult literacy and alcoholism.

Pinky is part of the International Inspiration Programme, a sports legacy project of London 2012, run in partnership with UK Sport, Unicef and the British Council.
The motto of the programme is to reach young people all around the world and connect them to the inspirational power of the Games so they are inspired to choose sport.

Moody’s cut credit outlook of 28 Spanish banks

June 27th, 2012

Global ratings agency Moody’s downgraded the credit ratings of 28 Spainish banks a week after Spain asked for money to aid them. As per the Moody’s Spain’s declined creditworthiness means a fragile credit profile for Spanish banks.

Among those who have been downgraded is Banco Santander. Its long-term rating has been slashed to BAA 2 from A3 and that may further downgrade. But Santander is still one notch above the sovereign rating of BAA3, because of the bank’s geographic diversity and its manageable exposure to Spanish sovereign debt.

• Spain had formally asked for monetary help to aid its banks after an independent audit of Spain’s banks discovered that they will require up to 62 billion euros additional funding.
• European authorities had already agreed to provide up to 100 billion euros ahead of assessments of the banks’ needs.

I-T department to set up Special Tax Kiosks to aid taxpayer related services

June 27th, 2012

The Income Tax department to set up special Tax Kiosks in residential areas and localities providing a host of taxpayer related services in big cities. The measure has been taken in view of the forthcoming tax returns filing season. The move ensure that the taxpayers are not bound to travel to I-T offices or other special camps to perform tasks like filing of returns, tracking refunds and applying for fresh PAN cards. The department also has plan to introduce Mobile Vans in smaller cities, manned by I-T trained personnel. These vans would assist taxpayers perform their tasks.

IRDA unveils portal to educate public on insurance

June 27th, 2012

Insurance Regulatory and Development Authority (IRDA) started a website to educate consumers for buying insurance services.

Website: www.policyholder.gov.in

The website will offer valuable information for the benefit of policyholders and prospects. It provides guidelines on buying insurance, standard claim procedures and documentation, and Do’s and Don’ts for a policyholder. The website would also provide general alerts to consumers, ways to deal with intermediaries and answer general queries (FAQs).

Joint River Commission of India and Bangladesh hold meeting in Tripura

June 27th, 2012

The Joint River Commission of India and Bangladesh organized a meeting at Belonia district in Tripura. The Joint River commission negotiated on the issues pertaining to embankment in Belonia on Indian side and Amzadnagar in Bangladesh. The members thoroughly discussed the issues related to the two embankments and are supposed to submit their report to the respective governments. Both India and Bangladesh have objection for building of embankments in each other’s area. The embankment at Indian side is in Belonia town and the embankment at Bangladesh side is at Amzadnagar.

current affairs june 2012

Local Body Tax to come into effect in Maharashtra from July 1, 2012

June 21st, 2012

The Local Body Tax (LBT) will come into effect in Maharashtra from July 1, 2012. The tax will be effective at Ahmednagar, Amravati, Chandrapur, Nashik, Akola, Parbhani, Ulhasnagar, Kalyan-Dombivali, and Latur municipal corporations of Maharashtra.

Sukhoi fighters to be integrated with BrahMos missiles

June 21st, 2012

India is heading towards joining the power club of few countries having air-launched cruise missiles with a proposal to equip the Indian Air Force’s vanguard fighter aircraft Su-30 MKI with BrahMos. The Cabinet Committee on Security is likely to mull over the proposal of the Defence Ministry to procure the air-launched version of the 290-km-range BrahMos supersonic cruise missiles for the IAF

The proposal entails approval of funds to integrate and test the BrahMos missile on the Su-30MKI of the IAF. Plans are in place to conduct 1^st test of this version developed jointly by India &Russia, by December 2012. Hindustan Aeronautics Limited (HAL), at its Nasik unit, will modify and integrate two SU-30MKI with aerial launcher developed by the BrahMos.

What will be the advantages of this version on the battle field?

• The BrahMos missile integrated Su-30s will aid the IAF in attaining the potential to deliver a deadly-blow to enemy structures from a range of around 300 km. It will be lighter and smaller than the land-based version of the missile so that it can be fitted to the aircraft.

AV Chaturvedi is new Joint Secretary, Cabinet Secretariat

June 21st, 2012

Alok Vardhan Chaturvedi, IAS batch 1986, Madhya Pradesh cadre has been appointed as Joint Secretary, Cabinet Secretariat.

G20 concurs to boost infrastructure investment

June 21st, 2012

In a big advantage to India, the G20 countries agreed to give precedence to investment in infrastructure in developing countries in order to fuel global growth which has been hindered due to the weakening world economy and the Euro zone crisis.

As per the Los Cabos declaration all the G20 countries will escalate efforts to build a more favorable environment for development, including supporting infrastructure investment and it recognized the impact of the ongoing crisis on developing countries, principally low income countries.

India need not transfer $10 bn into IMF right away

June 21st, 2012

• India may not be required to infuse $10 billion (Rs 55,000 crore) it promised at the G20 to the International Monetary Fund (IMF) for bailing out debt-trapped Euro zone if the global economic situation gets better
• The amount to be transferred will be completely liquid and will remain part of our reserves as the IMF guarantees contributors that it will be obtainable if the need arises
• As per the officials the circumstances have not arrived a point where the amount promised by India would have to be injected into the IMF
• The G20 countries reacted to the need to augment the resources of the IMF to facilitate it to play its part in the current situation.
• Out of $75 billion pledged by the BRICS group, India committed $10 billion
• Total commitments that have been made so far amount to almost $460 billion

As per PM Manmohan Singh :

• There was consensus among all countries to shift policies to strengthen growth and reduce uncertainty over Euro zone
• The summit restated to resist protectionist measures and extended it to 2014
• Los Cabos Declaration reflected India’s views that investment on infrastructure in developing countries could play a major role in strengthening development and in invigorating global recovery. For this to happen Multilateral Development Banks should be strengthened
• Significant Issues including progress in regulatory reform, food security, agricultural productivity, anti-corruption measures and green growth were also talked over

GOOGLE: 49% increase in the Online content censorship demands from India

June 19th, 2012

  Internet behemoth Google registered 255 instances of India requesting for online content censorship, posing a sharp increase of 49% in the second half of 2011. India’s request formed part of 1,000 demands from governments around the world to remove objectionable materials such as YouTube videos, web searches, and blogs. India objected to 133 YouTube videos, including those made on national security considerations and defamation.

Who tops the chart in Online content censorship demands?

• Govt around the world primarily target political comments and request internet companies to remove objectionable content from the Internet
  US topped the global chart in demand for user data with 6,321 requests.
• US is followed by India in demand for user data with more than 2,207 requests. Google acquiesced to about 66% requests from India

Google and some other Internet majors are already battling lawsuits in India for objectionable contents on their websites. A major issue in the argument is whether intermediary can be held responsible for third party content on its websites.

Govt initiates 10% stake sell off in Nalco

June 19th, 2012

The government has started the process of 10% stake sale in National Aluminium Company Ltd (Nalco, based in Bhubaneshwar) which may enrich the exchequer  with around Rs 12,000 crore.

• Nalco is also thinking over to come out with a fresh issue of shares.
• Currently, government’s equity in Nalco is 87.15%
• The company reported a 20% decline in net profit to Rs 849.50 cr for the fiscal ended March 2012, as compared to the same period a year ago, on account of lower realization from sale of aluminium.

In the forthcoming disinvestment plans, the Union Government targets to fetch Rs 30,000 crore in the current fiscal by selling some of its stake in PSUs such as Oil India, BHEL, RINL, SAIL, Hindustan Aeronautics and Hindustan Copper.

• Due to high volatility in the market the government could not initiate the sell off process of its equity in RINL via IPO which was expected to hit the domestic market on July 3, 2012.

Fitch cuts down on India’s credit rating outlook

June 19th, 2012

After Standard and Poor’s another global rating agency Fitch degraded India’s credit rating outlook to negative. As per Fitch:

• corruption, inadequate reforms, high inflation and slow growth are major reasons behind the fall in ratings
• sluggish growth and rising inflation in combination with corruption and lack of economic reforms are major the deteriorating agents
• the economic outlook may further deteriorate if structural reforms are not quickly introduced, including measures to improve the efficaciousness of the government and create a conducive operational environment investments

Farmers to avail loans directly from commercial banks

June 19th, 2012

Farmers in Maharashtra who are yet to obtain loans from cooperative banks can now expect them from commercial banks. The state govt will soon take measures to assist Regional Rural Banks (RRBs) utilize the infrastructure of primary agriculture cooperative societies, which would distribute crop loans from commercial banks.To ensure availability of crop loans from commercial banks District Central Cooperative Banks (DCCBs) would function as business correspondents of the Maharashtra State Cooperative Bank.

The commercial banks demanded the government to examine the recovery of stamp duty on loan for amounts more than Rs1 lakh granted for agriculture-allied activities in the state.Presently, according to the government resolution of 1990, stamp duty is exempted only for loans worth Rs 10,000 granted for agriculture-allied activities. State-level bankers’ committee fixed crop loan target of Rs 25,000 cr for 2012-13. Out of this around 55 % would be provided by commercial banks, 35 % by the cooperative banks and the rest by the RRBs.

The government’s endeavor to increase the share of commercial banks has led to rise in the crop loan target. There is an increase of Rs 5,000 crore in the crop loan target compared to 2011-12.

Government increases MSP of major Kharif crops

June 19th, 2012

The government increased Minimum Support Price (MSPs) of primary kharif crops for the 2012-13 by up to 53 % that triggered concerns about further rise in food inflation.

Why this rise in MSP (as it will trigger concerns about further rise in food inflation)?

• The raise was recommended by Commission for Agriculture Costs and Prices (CACP) after taking into account the cost of production.
• “As per the CACP”:

a) High MSP of paddy would not affect the majority of the population, as after implementation of the Food Bill, 60% of the population would get grains at subsidized rates.

b) The government also has sufficient grain in its storage to control on any surge in rates.

c) As market rates are already higher the rise in MSPs would not lead lo increase in retail prices of oilseeds and a few pulses.

d) MSPs are already almost 50 per cent less than market prices.

• Objective: The move is taken to incentivize the farmers and to encourage them to shift towards non-cereals crops, production of which is below the demand

The support prices of moong and tur, has not been raised due to stiff opposition from the Department of Consumer Affairs, which feared higher MSPs would lead to a increase in retail prices. The CACP had suggested raise of 29% and 25 %in the MSPs of Moong and Tur, respectively. Fearing surge in retail prices, a proposal providing an equity bonus of Rs 100 a quintal on paddy, over and above the MSP, was also rejected.

Are MSPs the primary reason behind allocating sown area for a crop?

• No. MSPs were thought to be the primary reason behind allocating sown area for a crop, but according to Religare Commodities, the last few years had show barring soybean, cotton and paddy, farmers did not respond satisfactorily to a rise in MSPs.

Crop	Previous MSP	Current MSP	Increase	% Change
				(Rs per Quintal)
Paddy	1080	1250	170	15.74
Jowar	980	1500	520	53.06
Bajra	980	1175	195	19.90
Maize	980	1175	195	19.90
Ragi	1050	1500	450	42.86
Urad	3300	4300	1000	30.30
Groundnut	2700	3700	1000	37.04
Soyabean (b)	1650	2200	550	33.33
Sunflower Seed	2800	3700	900	32.14
Sesamum	3400	4200	800	23.53
Nigerseed	2900	3500	600	20.69
Cotton (MS)	2800	3600	800	28.57
Cotton (LS)	3300	3900	600	18.18

First time in the country- Tamil Nadu to print RTI replies in Braille

June 19th, 2012

As a first in the country, Tamil Nadu State Information Commission (TNSIC) will provide RTI replies in Braille.

Objective: As per the TNSIC more than 7 lakh visually challenged people would get the benefits through this step. Thus it would help blind people file RTI applications or receive replies without depending on others.

If an RTI application seeks information in Braille, the printed reply from the commission will be forwarded to National Institute for the Visually Handicapped for its conversion into Braille. For each page of information the applicant will be charged Rs 1 as the financial constraints do not allow TNSIC to furnish information free-of-cost.

Kurbanpur (Haryana): First village of India to have lands records on satellite

June 19th, 2012

• Haryana’s Kurbanpur village of district Ambala became the 1^st village of the country to put the land records of all its farmers on satellite
• The technique is developed by the combined efforts of Haryana Space Application Centre, Hisar and NIC Haryana
• Benefit: Now the farmers need not go to Patwari to get copy of their land records, they can download a copy of their land records from the year 1957 to till date
• The programme is a part of pilot project running in 6 villages of 6 districts of Haryana and it is expected to be implemented in the entire state.
• It is being run with the cooperation of Union Ministry of Rural Development.

K C Chakrabarty re-appointed as RBI Deputy Governor

June 19th, 2012

The Government of India today re-appointed Dr. K C Chakrabarty as the Deputy Governor of the Reserve Bank of India for a further period of three months beyond June 14, 2012 or until further orders, whichever is earlier.

Dr. K C Chakrabarty was appointed as Deputy Governor in 2009 for a period of three years from the date of his taking charge or until further orders, whichever was earlier. Dr. K C Chakrabarty took charge as Deputy Governor of the Reserve Bank on June 15, 2009.

North East asks to revise NEIIPP to focus on micro, small sectors

June 19th, 2012

North Eastern states have insisted on “revision” of the centre sponsored North East Industrial and Investment Promotion Policy (NEIIPP), 2007 to shift attention from heavy industry to micro and small scale sector. As per the North East Industry Ministers’ Forum (NEIMF) there is a constraint of availability of land for big investment in the North Eastern states. NEIMF has demanded the Centre to form MSME (Micro, Small and Medium Enterprises) Bank to finance business endeavors of 1^st generation entrepreneurs in the region. NEIMF held that the next Assam Industrial Policy (the current policy will expire in 2013) would be focused on micro and small sector. In the last 5 years pharmaceuticals, cement, hotels and resorts, plastic based industry, power plants and healthcare sector have attracted big investment proposals for the region.

Assam signs agreement with Microsoft

June 18th, 2012

The State Govt of Assam inked a pact with Microsoft Corporation India Private Ltd (MCIPL).

Objective: To speed up Information and Communication Technology (ICT) adoption in schools.

It is a one year association that will assist the Assam school education system to use ICT towards improving the standard of learning in schools.

There will be vehemence on professional development for 5,760 school teachers in Assam and will dower them with skills necessary for integrating IT (Information Technology) in classroom teaching to achieve better learning results for the students under Microsoft’s Partners in Learning (PiL) program through training sessions held at 6 state-run District Institute for Education and Training (DIETS)

Microsoft’s Partners in Learning (PiL) program: PiL was introduced in 2008. It is a global Microsoft program aimed at providing teachers with tools to enhance their IT skills and integrating ICT into teaching and learning in a meaningful way. Since the introduction of this programme, 708,017 government school teachers in India have been successfully trained in 17 states of India, including: Andhra Pradesh, Bihar, Chhatisgarh, Delhi, Gujarat, Karnataka, Madhya Pradesh, Punjab, Rajasthan, Tamil Nadu, Uttaranchal and Uttar Pradesh

Govt to do away with multi-level TDS on software services

June 18th, 2012

Giving respite to the software industry, the government announced that it would remove the complex multi-level system of Tax Deduction at Source (TDS) for the IT sector from July 1, 2012.

As per the notification, no deduction of tax shall be made on payment by a person (transferee) for acquisition of software from another person (transferor), being a resident.

The current mode of TDS levies10 % tax at every level of the software distribution chain, starting from master distributor to retailer and then to the final consumer.

• Section 194J of the Income Tax Act, 1961, will be amended to avoid multi-level TDS on the IT sector.
• The above section deals with fees for professional and technical services and covers royalty and non-compete fees. The exemption from multi-level TDS would be applicable in cases where the software is acquired in a subsequent transfer, without any modification.
• Besides, the exemption will also be entitled in cases where tax has been deducted under 194J on payment for any previous transfer of such software or under Section 195 on payment for any previous transfer of such software from a non-resident

Govt lifts hefty tax on rupee payments for Iran oil

June 18th, 2012

Govt of India officially exempted hefty tax on payments to National Iranian Oil Co (NIOC) for settling part of its oil purchases in Indian rupees. Now oil payments to Iran in rupees will be exempted from a 40% tax in order to make the payments hassle free which have been hit by western sanctions against Tehran.

• Earlier, India and Iran had agreed to settle 45% of oil trade in Rupees, which are not smoothly traded on international markets.
• Iran intended to use rupees to pay for imports from India but refiners were not agree to make payments due to hefty tax.

Indian economy is facing stagflation: Moody’s

June 18th, 2012

As per the Global financial services firm Moody’s Analytics:

• Indian economy is going through stagflation, with slow growth and high inflation.
• RBI can’t be too aggressive in slashing interest rates.
• WPI inflation rising up to 7.5% every year in May due to supply-side factors may impose further challenges for the RBI.
• Recent descend in the rupee is increasing the prices, especially imported goods priced in dollars.
• WPI related inflation to remain b/w 7% to 8% for next 6 months

What is Stagflation?

• Stagflation is a condition when economic growth of a country slows down while inflation is rising. It is a combination of sluggish economic growth, high unemployment and high inflation.

1991-like crisis highly improbable: D Subbarao

June 18th, 2012

As per RBI governor D Subbarao, despite high fiscal and current account deficit it is highly improbable that India could witness the replication of the 1991 economic crisis that was caused by similar reasons. As per him factors like floating exchange rate, robust and sophisticated financial markets and a stronger economy are preventing the country from slipping back to same situation. He held that our currency is depreciating against the dollar as we have market-driven exchange rates and to have a market-driven exchange rate is a plus point for us. The RBI has intervened to contain the rupee depreciation on several occasions. Whilst the rupee has corrected by 25 %, no corresponding correction has been made in trade account, which is a key economic problem.

Satish Balram Agnihotri: New Add. Secretary and Financial Advisor to Dept. of Agriculture &Cooperation

June 18th, 2012

Satish Balram Agnihotri IAS batch1980 from Odisha cadre, appointed as Additional Secretary and Financial Advisor to Department of Agriculture &Cooperation

He is currently serving as Director General, Shipping Mumbai, Ministry of Shipping

Amita Sharma is the new Additional Secretary, Department of Higher Education

June 18th, 2012

• Ms. Amita Sharma IAS batch of 1981 from Madhya Pradesh appointed as Additional Secretary, Department of Higher Education.
• She is presently serving as Resident Commissioner, Madhya Pradesh Bhawan New Delhi

Uttar Pradesh invites investors for its “Lucknow IT park

June 18th, 2012

Uttar Pradesh govt has accelerated its efforts to attract the private sector to invest in a software technology park that is being developed in Lucknow at an estimated cost of Rs. 285 crore (US$50 million)

Lucknow Industrial Development Authority (LIDA) invited expression of interest (EoI) for the selection of an anchor investor to develop the Information Technology Park on the grounds of public-private partnership (PPP)

Anchor investor to be selected by a ‘Developer Selection Committee’ on the basis of minimum criteria decided for this purpose

LIDA will verify and approve the design

After approval selected developer would be required to develop the IT Park on DBOOT- Design, Build, Own, Operate and Transfer model.

The IT Park:

• The Park will be built at an estimated cost of Rs. 285 crore (US$50 million)
• It be developed in an area of about 1,30,000 sq metre
• It will be provided with cutting-edge technology and will have apartments based on ‘walk to office’ concept
• In addition to official space, service apartments would be built that would be leased exclusively to employees of IT businesses established there
• The Park will include IT towers, conference and banking facilities and other amenities like restaurants, kiosks, guest houses, waiting/transit areas, travel services, power subs-station, export related facilities, training centres and health clubs.

India, Brazil to boost trade to $15 billion by 2015

June 18th, 2012

India and Brazil set to enhance bilateral trade to a target of $15 billion by 2015. Presently, the bilateral trade stands at $10 billion.

• India seeks investments from Brazil for establishing the National Manufacturing and Investment Zones (NMIZs).

Objective: To augment the share of the manufacturing sector in the GDP to at least 25% by 2020 from 16 % at present. For the same, a new National Manufacturing Policy (NMP) was announced recently, supporting setting up of NMIZs.

What are NMIZs?

• NMIZs will be mega industrial zones with top-notch supporting infrastructure. The government is providing incentives and a liberalized labour and environment norms to promote these zones.

India needs about $1 trillion investments in the infrastructure sector in the next 5 years.

• Brazilian industry is also looking for investments from India in infrastructure sector in light of Brazil hosting 2016 Olympics game.

Which among the following place in Rajasthan is making news for becoming the site for first National Manufacturing and Investment Zones” of India?

• Neemrana

Indians ranked low on financially literacy survey

June 16th, 2012

As per the Visa’s 2012 Global Financial Literacy Barometer survey conducted among over 25,000 people in 28 countries Indians are among the least financially literate people in the world with youth and women struggling most with their finance literacy due to lack of discussions within the families on money management issues.

As per the survey:

• India stood at 23^rd position among the 28 countries surveyed, with only 35% of its Population Financially Literate (PFL)
• Brazil topped the chart with 50.4% PFL
• Mexico: 2^nd position with (47.8%) PFL
• Australia: 3^rd (46.3%) PFL
• US: 4^th (44.6%) PFL
• Canada: 5^th (43.8%) PFL
• Indian families devote only 10 days a year to discuss money management issues with their children compared with the global average of 19 days a year
• 41% younger respondents aged b/w 18-24 were more likely to have no emergency savings at all compared to the older respondents
• Average savings kept by Indians for an emergency is 1.9 months which is close to the survey average of 2 months
• China led in this section with 3.9 months of savings for an emergency, followed by Taiwan with 3.7 months, Hong Kong with 3.5 months and Japan with 3.3 months
• 34% Indian women respondents have no savings at all, in comparison to 29% of the male respondents
• As per the survey 43% women and 20% men agreed that they did not comprehend personal finances

Conference of ministers of the ‘Heart of Asia’ countries starts in Kabul

June 16th, 2012

Conference of ministers of the ‘Heart of Asia’ countries began in Kabul, Afghanistan

• Delegations of 15 ‘Heart of Asia’ countries and the countries supporting Istanbul Process along with regional and international organizations are taking part in the conference
• Countries favoring the Istanbul Process are United States, Britain, Canada, Japan, Egypt and Germany along with several other European countries

Which are the Countries under “HEART OF ASIA”?

• There are 15 Countries in HEART OF ASIA region
• The Countries are:-

1. Afghanistan
2. Azerbaijan
3. Kazakhstan
4. Kyrgyzstan
5. India
6. Iran
7. Pakistan
8. Russia
9. Saudi Arabia
10. Tajikistan
11. Turkey
12. Turkmenistan
13. UAE
14. Uzbekistan

Oil Ministers of OPEC to meet in Vienna

June 16th, 2012

Oil Ministers of the 12 oil exporting group OPEC will meet in Vienna

• It is expected that the group will maintain the ceiling of 30 million barrels oil production per day for the member nations
• International Energy Agency based in Paris asserted in its report that the market is better supplied and it would be wise for OPEC to maintain the crude output at the existing levels
• OPEC meeting is held in the wake of 24 % decline in crude oil prices over the last one month
• Brent Crude plunged to around $83 a barrel
• Iran and Venezuela inclined to cut the output to increase the prices
• However, Saudi Arabia and majority of the other OPEC nations do not intend to disturb the current oil O/P in order to aid the global economic recovery
• As per experts several factors like Eurozone crisis, imminent oil sanctions on Iran, increase in crude oil produce by Saudi Arabia, Iraq and Libya have helped maintain the prices below $100 barrels per day and OPEC is likely to maintain the trend to help the global economic recovery

 

Australia plans to create World’s largest network of protecting marine areas

June 16th, 2012

Australia announced the creation of the world’s largest network of protecting marine areas. It will cover the 1.7 million sq km of Ocean around its coast. Planned network puts limits on oil and gas exploration of Western Australia and extends re-protection in the coral seas to the east. Oil, Natural gas and fishing industry are objecting to the plan.

Objective: To create an ocean network of national parks and it is said to be the largest network of marine reserves in the world.

‘Shahenshah-e-Ghazal’ Mehdi Hassan passes away

June 16th, 2012

• Ghazal maestro Mehdi Hassan passed away
• Born -July 18, 1927, Luna village Rajasthan
• Belonged to a family of traditional musicians
• He migrated to Pakistan at the time of Partition in 1947
• Began his career initially as ‘Thumri’ singer , earned prestige within the musical sorority at the time when Ustad Barkat Ali Khan, Begum Akhtar and Mukhtar Begum were regarded as the masters of ghazal singing

Awards conferred on him:

Awards (Conferred by)

• Tamgha-i-Imtiaz (Gen Ayub Khan)
• Pride of Performance (Gen Ziaul Haq)
• Hilal-i-Imtiaz (Gen. Pervez Musharraf)
• Saigal Award (India)
• Gorkha Dakshina Bahu Award (Nepal)

Centre passes proposals worth Rs. 23 Crore to build sports infrastructure facilities

June 16th, 2012

Govt approved the proposals financial assistance worth Rs 23 crore under the Urban Sports Infrastructure, to build sports infrastructure facilities in 4 states.

This include:

• Rs 6 crore to construct a multi-purpose hall in the tribal district of Kondagaon in Chhattisgarh
• Rs 5 crore to the Haryana state government to lay a synthetic hockey playfield in the sports complex at Hisar.
• Rs 12 crore to buid a multi-purpose indoor hall one each in Karauli district,Rajasthan and Senapati district,Manipur

“NuSTAR” successfully launched by NASA

June 15th, 2012

NuSTAR (Nuclear Spectroscopic Telescope Array)

NASA successfully launched NuSTAR

Launched from: Kwajalein Atoll in the Marshall Islands

Launched after a 2-stage aircraft-to-rocket takeoff

NuSTAR:-

• A space-based X-ray telescope that will use a Wolter telescope to focus high energy X-rays from astrophysical sources, especially for nuclear spectroscopy
• The first space-based direct-imaging X-ray telescope at energies beyond those of the Chandra X-ray Observatory and XMM-Newton

Primary Objective:

• Conducting a deep survey for black holes a billion times more massive than our sun,
• Understanding how particles are accelerated to within a fraction of a percent of the speed of light in active galaxies,
• Understanding how the elements are created in the explosions of massive stars by imaging the remains, which are called supernova remnants

June 14: World Blood Donor Day

June 15th, 2012

June 14: World blood donor day observed across the globe

Objective:

• To spread awareness about the need for safe and secure blood supplies.
• The day provides an opportunity to draw public attention to the importance of blood donation for saving lives.

Theme for 2012: “Every blood donor is a hero”
Union Health Ministry of India is planning a countrywide database of blood donors linked through email and social media.

US announces $ 6million grant to Nepal

June 13th, 2012

US announced a $ 6million dollar grant to Nepal. It is for the school feeding program in Nepal. It will continue to provide mid-day meals for over 2 lakh children at 1,800 schools in 11 districts of Nepal for the next 3 years.

Govt to fine-tune Persons with Disability Act 1995

June 13th, 2012

Govt will introduce a fresh law to substitute the current Persons with Disability Act 1995

Objective: To synchronize the rights and facilities entitled to persons with disabilities at par with international standards. Ministry of Social Justice and Empowerment is working on a draft legislation for empowerment of persons with disabilities in line with the United Nations Convention on Rights of Persons with Disabilities (UNCRPD)

Govt to open Nuclear Energy Sector for FDI

June 13th, 2012

Government will open nuclear energy sector to foreign direct investment (FDI). India expects to attract foreign investment of over $100 billion in nuclear energy in the next 20 years. One-fourth of the above investment is expected to come from France. French nuclear energy companies like Areva and Alstom are in an active manner pursuing business interest in India. The policy on FDI in nuclear energy is still to be evolved and the final decision has still to be taken.

Agreement signed b/w India & Finland to boost cooperation on social security

June 13th, 2012

India and Finland inked pact in New Delhi to boost bilateral cooperation on social security.

Subsequent to the agreement:

• No social security contribution will be paid by detached Indian nationals working on a short term contract up to 5 years in Finland, provided they continue to make payment in India and the benefit will be provided even if an Indian company sends its employees to Finland from a third country.
• Indian workers will be entitled to the export of social security benefit if they are relocated to their home country after completing their service in Finland.
• Self-employed Indian nationals can also avail same benefits on their relocation to India
• The period of contribution in one contracting state will be added to the period of contribution in the second contracting state for determining the eligibility of social security benefits.

No decision on Siachen confrontation between India-Pak

June 13th, 2012

No progress was achieved on resolving the military dispute on the Siachen glacier b/w India and Pakistan and both the sides stuck to their stated positions.

• Pakistani restated its call for demilitarization of the Siachen and moving the troops back to the positions in 1984 and also called for the resolution of the dispute in the light of arrangements discussed in 1989 and 1992
• Indian government cleared that any settlement must include the authentication and demarcation of current military positions on Siachen.The decision is targeted at foiling the possible re-induction of troops by Pakistan after any demilitarization of the glacier

Gram Tarang wins National Skill Development Award

June 13th, 2012

Gram Tarang conferred with the overall best performer by the National Skill Development Corporation (NSDC) for the year 2011-12

What is Gram Tarang?

Gram Tarang is a social entrepreneurial extension of Centurion University, which operates in some of the most difficult environments of Odisha and Andhra Pradesh. With a mission of catalyzing sustainable livelihoods in the less developed markets across the globe it is currently providing training across trades like industrial sewing machine operator, fitter & machinist, welder, CNC operator other and production-related functions, as well as trades in the services sector like financial inclusion (banking correspondents) and data entry operators.

NSDC Awards:

• Overall top performer: Gram Tarang
• Best corporate prize: IL&FS consultancy firm
• Best non-corporate award: Talent Spirit
• Best start-up award: Edubridge

What is NSDC?

NSDC is a first-of-its-kind Public Private Partnership (PPP) in India set up to facilitate the development and upgrading of the skills of the growing Indian workforce through skill training programs. A large part of the organisation’s efforts are directed at the private sector and towards developing the skills in the unorganised sector in India. NSDC supports skill development efforts, especially in the unorganised sector in India by funding skill training and development programmes. It also engages in advocacy and training programmes, in-depth research to discover skill gaps in the Indian workforce, and developing accreditation norms.

India, US start ‘Open Government Platform’

June 13th, 2012

India and the United States inaugurated the Open Government Platform (OGPL)

Objective of OGPL:

• It is a bilateral effort focused at foment transparency and increase citizen engagement by making government data, documents, tools and processes publicly available.
• It was launched at US-India joint commission meeting on science and technology Cooperation
• OGPL is built on open source code and will be freely available to any government around the world.
• India and US have expanded collaboration b/w the National Science Foundation (US) and Department of Science and Technology (India)

India initiates to instill more transparency in foreign aid

June 12th, 2012

Indian has initiated a number of steps, including the establishment of a central aid agency, to bring greater transparency and swiftness in delivery structures. In the last 4-5 years India has emerged as one of the big donors among developing countries to less developed and smaller countries. But allegations of lethargic delivery and fund diversion have been made from many sides. To overcome this situation India has taken some key initiatives. Setting up of Development Partnership Administration (DPA) is one among those positive moves.

• DPA is a department of the External Affairs Ministry,
• Headed by P.S. Raghavan (additional secretary in the External Affairs ministry)
• Department aims at augmenting India’s soft power and economic diplomacy through swifter aid delivery.
• Provides structural framework for dispensing and channelizing aid
• Currently consists of around 20 officials including professionals from different countries
• It integrates all aspects related to project implementation, ranging from monitoring implementation and auditing impact assessment
• Specialists from other ministries, including the railways, telecommunications, agriculture and human resource development, are being incorporated into it.
• Experts also join from outside the government as consultants on a project-to-project basis.

With China’s expanding its diplomatic reach in the developing world, India has also expanded aid and soft loans of over US$11 billion to developing countries as a mean to further India’s strategic interests through economic diplomacy and soft power projection.

Leh celebrates Sindu Festival

June 12th, 2012

A 3-day annual Sindhu Festival starts on the bank of Indus River in Leh district of Jammu and Kashmir

Sindhu Festival:

• A 3-day festival starts on the full moon day (Guru Poornima) in the month of June
• The festival endorses the Indus River (Sindhu River) as an idol of the communal harmony and unity of India. The festival is also a symbolic salutation to the brave soldiers of the country, who endanger their life to safeguard the nation.
• Sindhu Darshan Festival was celebrated 1^st time in the year 1997
  People from different parts of the country participate in Sindhu Darshan Festival. They follow a unique ritual of bringing water from the river of their own state in earthen pots and immerse these pots in the Sindhu River. Consequently, the waters of all rivers get mixed together, thereby representing the multi-dimensional cultural identity of the country

India exempted from US financial sanctions on Iran oil imports

June 12th, 2012

• US exempted India and 6 other countries from financial sanctions because they have significantly cut purchases of Iranian oil.
• The group includes India, Malaysia, South Korea, South Africa, Sri Lanka, Turkey and Taiwan.
• Japan and some of the European countries are already exempted from Iran sanctions

June 12: World Day against Child Labor

June 12th, 2012

June 12, observed as “World Day Against Child Labor” worldwide to draw attention to the need to defend Child Rights.

Objective: To eradicate child labour and other violations of fundamental rights of children, in all forms.
National Commission for Protection of Child Rights (NCPCR) in collaboration with UNICEF and ILO, organized several programmes to address the issue

Theme of the year: “Justice for children – end child labour”

• As per ILO reports there are 218 million child labourers worldwide.
• As per Government’s 2001 census 12.7 million are entangled in child labour and children constitute 3.6% of the total labor force in India

Government integrates LLP with MCA

June 12th, 2012

• The government merged e-Governance project for Limited Liability Partnership (LLP) under the portal of Ministry of Corporate Affairs (MCA)
• The merger will provide for all state of the art services like credit card payment, online banking from six banks, payment though NEFT from any bank and host of other services.
• Any user willing to avail any LLP related service for which payment of fees is required need to register on MCA21 system.
• The portal provides superlative online experience with, almost all the services available on the click.
• The portal is 1^st to achieve 100 % e-filing and provides e-stamps services for company registration for all the states and Union Territories of the country
• User’s guide /information and Instruction kit of all LLP forms is available at the website

current affairs june 2012

India might be 1st BRIC to lose investment rating: S&P

June 13th, 2012

As per the ratings agency Standard & Poor’s India may become the 1^st BRIC country to be degraded in investment grade rating.

What is the reason that might lead India loose its investment rating?

Slow GDP growth and degree of susceptibility to economic shock are reasons behind the possible fall in ratings

Rating prospects shows negative trend from stable in April 2012 because of India’s slower GDP growth scenario and the risk of erosion of its external liquidity and fiscal flexibility. The Negative stance also points to the risk that Indian authorities may be unable to respond to economic shocks quickly and decisively enough to safeguard the country’s current creditworthiness. But Indian economy still remains in much better form to endure this period of severe global uncertainty than it was in the early 1990s, when it underwent a balance-of-payments crisis

SBI violates RBI norms on RIL loans

June 12th, 2012

SBI temporarily exceeded RBI-set credit exposure limit for the consecutive 4^th year in 2011-12 in case of loans given to Reliance Industries Limited (RIL).

It also infringed RBI’s single borrower exposure rules in case of loans to two state-run entities — Indian Oil Corp (IOC) and Bharat Heavy Electricals Ltd (BHEL).

The exposure was brought down within the RBI-prescribed limits for all the three borrowers (RIL, IOC and BHEL) at the end of the financial year on March 31, 2012

SBI surpassed the limit by about Rs 500 crore, Rs 4,000 crore, Rs 3,000 crore for certain periods in case of loans to RIL, IOC and BHEL respectively

At the end of the fiscal, the bank’s outstanding loan to RIL, IOC and BHEL was Rs 6,867.32 crore, Rs 24,374.33 crore and Rs 13,522.21 crore respectively, all within the RBI’s prudential single borrower exposure limits.

According to RBI Norms:

• A bank can’t give loans in excess of 15 % of its capital funds to a single borrower, but can exceed this limit by 5 % in exceptional cases with prior approval of their boards
• The exposure ceiling limits is fixed at 15 % of capital funds in case of a single borrower and 40 % of capital funds in the case of a borrower group
• The credit exposure to a single borrower can extend up to 20 %, if the additional 5 % exposure is on account of extension of credit to infrastructure projects.
• The credit exposure to borrowers belonging to a group may go up to 50 %, if the additional 10 per cent exposure is for credit to infrastructure projects

Government wants to plug leakages in PDS

June 12th, 2012

• The government aims to plug loopholes in the Public Distribution System (PDS) before it implements the ambitious National Food Security Bill and has asked states to complete the process of computerization of data of beneficiaries by October 2012
• The proposed bill aims to provide legal right to low-priced food grain to 63.5 % of the population.
• States are advised to complete digitization of the Supply Management System by 2013 and connect all the Fair Price Shops (FPS) online by 2014
• Around 180 million households – 65 million BPL and 115 million APL households – avail subsidized rations under the PDS through the FPS
• Planning Commission study showed that in 2005 about 58 % of the subsidized food grains released from the central stock did not reach the BPL families because of identification errors, non-transparent operation and unethical practices in the implementation of the PDS.
• Computerization of the PDS will be done on a cost-sharing basis in the 12th Five-Year Plan (2012-17)
• Digitization of PDS beneficiary database has been completed in Andhra Pradesh, Karnataka, Delhi, Kerala, Puducherry, Tamil Nadu and Chandigarh
• To utilize the experience of the United Nations World Food Programme(UNWFP), the food ministry has signed an MoU with the UNWFP for development and implementation of additional PDS pilot projects in Rayagada district of Odisha
• A team, formed by Food Ministry, is supervising implementation of the information technology infrastructure for digitization of the PDS network

India and Pakistan negotiate on Siachen

June 12th, 2012

• Pakistan and India initiated 2-day talks search for a solution to the dispute over Siachen Glacier, the world’s highest battle field.
• The Indian side headed by Defence Secretary Shashikant Sharma while the Pakistani side led by Defence Secretary Nargis Sethi.
• The Siachen Glacier dispute was highlighted when Pakistan lost 140 soldiers in a massive avalanche that struck a Pakistan Army camp
• Pakistani Army chief General Ashfaq Pervaz Kayani called for a solution to the confrontation and demilitarization of the glacier.

Gazzette of India publishes Anand Marriage Act, 2012

June 12th, 2012

• After Anand Marriage (Amendment) Bill, 2012 received assent of the President it was published as corresponding Act in the Gazzette of India
• According to the Act Sikhs can now register their marriages under a separate act.
• Although the Anand Marriage Act was enacted in 1909, there was no provision for registration of marriages, which were registered under the Hindu Marriage Act, 1955
• According to the Act, couples whose marriages have been registered under this Act, will not be required to get their marriage registered under the Registration of Births, Marriages and Deaths Act-1969 or any other law for the time being in force.

India initiates to instill more transparency in foreign aid

June 12th, 2012

Indian has initiated a number of steps, including the establishment of a central aid agency, to bring greater transparency and swiftness in delivery structures. In the last 4-5 years India has emerged as one of the big donors among developing countries to less developed and smaller countries. But allegations of lethargic delivery and fund diversion have been made from many sides. To overcome this situation India has taken some key initiatives. Setting up of Development Partnership Administration (DPA) is one among those positive moves.

• DPA is a department of the External Affairs Ministry,
• Headed by P.S. Raghavan (additional secretary in the External Affairs ministry)
• Department aims at augmenting India’s soft power and economic diplomacy through swifter aid delivery.
• Provides structural framework for dispensing and channelizing aid
• Currently consists of around 20 officials including professionals from different countries
• It integrates all aspects related to project implementation, ranging from monitoring implementation and auditing impact assessment
• Specialists from other ministries, including the railways, telecommunications, agriculture and human resource development, are being incorporated into it.
• Experts also join from outside the government as consultants on a project-to-project basis.

With China’s expanding its diplomatic reach in the developing world, India has also expanded aid and soft loans of over US$11 billion to developing countries as a mean to further India’s strategic interests through economic diplomacy and soft power projection.

Leh celebrates Sindu Festival

June 12th, 2012

A 3-day annual Sindhu Festival starts on the bank of Indus River in Leh district of Jammu and Kashmir

Sindhu Festival:

• A 3-day festival starts on the full moon day (Guru Poornima) in the month of June
• The festival endorses the Indus River (Sindhu River) as an idol of the communal harmony and unity of India. The festival is also a symbolic salutation to the brave soldiers of the country, who endanger their life to safeguard the nation.
• Sindhu Darshan Festival was celebrated 1^st time in the year 1997
  People from different parts of the country participate in Sindhu Darshan Festival. They follow a unique ritual of bringing water from the river of their own state in earthen pots and immerse these pots in the Sindhu River. Consequently, the waters of all rivers get mixed together, thereby representing the multi-dimensional cultural identity of the country

India exempted from US financial sanctions on Iran oil imports

June 12th, 2012

• US exempted India and 6 other countries from financial sanctions because they have significantly cut purchases of Iranian oil.
• The group includes India, Malaysia, South Korea, South Africa, Sri Lanka, Turkey and Taiwan.
• Japan and some of the European countries are already exempted from Iran sanctions

June 12: World Day against Child Labor

June 12th, 2012

June 12, observed as “World Day Against Child Labor” worldwide to draw attention to the need to defend Child Rights.

Objective: To eradicate child labour and other violations of fundamental rights of children, in all forms.
National Commission for Protection of Child Rights (NCPCR) in collaboration with UNICEF and ILO, organized several programmes to address the issue

Theme of the year: “Justice for children – end child labour”

• As per ILO reports there are 218 million child labourers worldwide.
• As per Government’s 2001 census 12.7 million are entangled in child labour and children constitute 3.6% of the total labor force in India

Government integrates LLP with MCA

June 12th, 2012

• The government merged e-Governance project for Limited Liability Partnership (LLP) under the portal of Ministry of Corporate Affairs (MCA)
• The merger will provide for all state of the art services like credit card payment, online banking from six banks, payment though NEFT from any bank and host of other services.
• Any user willing to avail any LLP related service for which payment of fees is required need to register on MCA21 system.
• The portal provides superlative online experience with, almost all the services available on the click.
• The portal is 1^st to achieve 100 % e-filing and provides e-stamps services for company registration for all the states and Union Territories of the country
• User’s guide /information and Instruction kit of all LLP forms is available at the website

India to export electricity to Pakistan

June 12th, 2012

• India will supply 500 MW electricity to energy deficient Pakistan.
• The power will be supplied through Punjab at International rates

Bharat Chettri to captain Indian hockey team in London Olympics

June 12th, 2012

• Goalkeeper Bharat Chetri will be the Captain of the 16-member team in the Olympic Games.
• Ace midfielder Sardar Singh will be the Vice Captain.
• Other members on the squad: P R Sreejesh, V R Raghunath, Ignace Tirkey, Sandeep Singh, Gurbaj Singh, Birendra Lakra, Manpreet Singh, S V Sunil, Gurwinder Singh Chandi, Shivendra Singh, Danish Mujtaba, Tushar Khandker, Dharamvir Singh and S K Uthappa.
  Standby players: Sarvanjit Singh and Kothajit Singh.
• 8-time Olympic Champ India will clash with the Netherlands in their 1^st match at London Olympic Games

IIT-Kanpur urges for PM’s intervention on proposed CET

June 12th, 2012

IIT-Kanpur wrote a letter “The Faculty Forum” seeking direct and exigent intervention of Prime Minister Manmohan Singh to settle the issue of newly proposed Common Entrance Test by HRD ministry

• According to IIT- Kanpur the current format of CET can endanger the prestige & status of IITs
• The Faculty Forum suggested that by replacing the AIEEE, NIT, IIT-JEE exams and changing the exam format to a single CET, would burden the engineering aspirants with pressure and tension.
• It urged the PM to use his “good offices” to quash the proposed CET format
• IIT-Kanpur announced that it would hold its own entrance test from 2013
• IIT-Kanpur is resent with the HRD ministry’s move to merge IIT-JEE with the AIEEE
• The institute finds that the move is in violation of the Institutes of Technology Act (1961) and IIT Kanpur Ordinances (Ordinance 3.2 (Admissions)

Rafael lifts French Open

June 12th, 2012

Spain’s Rafael Nadal beat Serbia’s Novak Djokovic in the final of French Open. With this win he overtook Sweden’s Bjorn Borg who won 6 Roland Garros titles
Shattered Djokovic’s dream of becoming the 3^rd man to win 4 consecutive grand slams.

Indian Coast Guard Hovercraft H-187 Commissioned

June 11th, 2012

Indian Coast Guard Hovercraft H-187 commissioned in the force. It is first of the series of 12 Air Cushion Vehicles (ACVs) designed and built by Griffon Hoverwork Limited (GHL), UK.

Key Specifications of Hovercraft H-187 :

• 21meters long Air Cushion Vehicle
• Displaces 31 tonnes
• Maximum speed of 45 knots

Some of its key utilities:

• Surveillance
• Interdiction
• Search and rescue
• Providing assistance to small boats/craft in distress at sea.

Person in News: V S Sampath

June 11th, 2012

V S Sampath takes charge over Chief Election Commissioner

As per him, on his priorities are to:

• Clean electoral rolls
• Free registration for eligible persons
• Strike out ineligible persons from the voters list

Tax concessions to private employers of persons with disabilities: NAC

June 10th, 2012

National Advisory Council, NAC has suggested providing tax benefits to private employers of persons with disabilities.
Some of the key recommendations by the NAC are:

• Incorporating measures like extending subsidies and financial benefits for initiating small-scale income generation activities by household of persons with disabilities while drafting Rights of Persons with Disabilities Bill (RPDB)
• Law Ministry to review all statutes in order to bring an acknowledgement of full legal capacity for such persons.
• Formation of stronger anti-discrimination provisions to remove obstacles in their productive employment, thus facilitating increased participation of the disabled in the workforce
• During survey of poor households and Below Poverty Line and food insecure households, higher weightage should be given to the families with disabled members.
• Establish a single National Disabilities Commission and State Disability Commission to replace various other institutions concerned with the rights of persons with disabilities

Saina Nehwal conquers Thailand open Grand prix gold Badminton Tournament

June 10th, 2012

 Saina Nehwal defeated Ratchanok Inthanon of Thailand to win the Thailand Open Grand Prix Gold title held in Bangkok, Thailand.

Indian GDP to crawl at 6.7% in 2012: UN

June 10th, 2012

The UN hewed down its growth predictions for India for the year 2012 by predicting a 6.7% growth rate rather than a 7.7% rise estimated earlier. UN declared Eurozone Debt Crisis as the biggest threat to the world economy. As per UN:-

• Global economy to grow by 2.5% in 2012 and 3.1% in 2013. It registered growth of 2.7% in 2011
• Most of the world economies are likely to expand at a rate below potential
• South Asian economy to perform moderately with 5.6% growth in 2012, sliding down from 6.1% in 2011
• Indian economy is predicted to expand by 6.7% in 2012, after expanding by 7.1% in 2011
• Debilitating demand in developed countries and a slowing Chinese economy may impact economic growth in East Asia.
• Average regional growth is likely to slow from 7.1% in 2011 to 6.5% in 2012.
• China’s growth to decline from 9.2% in 2011 to 8.3% in 2012

NEERI develops indigenous De-fluoridation kit

June 10th, 2012

• National Environmental Engineering Research Institute (CSIR-NEERI) has developed indigenous and economically feasible method to reduce high fluoride content in potable water, which has possible domestic and community applications.
• The method can be used for reduction of fluoride concentration from 5-8 mg/L to less than 1.0 mg/L (miligram per litre).
• The process does not affect the taste of water.
• The household unit costs about Rs 2000 and the cost of treatment is around 20 paise/ litre.
• The units are appropriate for the small fluoride-affected villages where community water supply schemes are not economically feasible
• 30 household defluoridation units distributed in Chichkavatha village in Nagpur district in cooperation with the Nagpur Zila Parishad, Sonegaon (Lodhi) Gram Panchayat and Bharat Nirman Cell, Nagpur

Apparatus:

• The defluoridation domestic apparatus consists of a steel container fitted with a sand filter at its bottom.

The Process:

• The fluoride containing water (30 L) is poured in the container followed by some dose of the salts of calcium and phosphorous chemical coagulants with constant stirring. The salts get dissolved and then get precipitated absorbing fluoride from water. The water along with the precipitate is then passed through the sand filter to collect the treated water with fluoride less than the permissible limit of 1.0 mg/L.

Maintenance:

• The filter should be manually cleaned monthly by removing the top layer of the precipitate settled on the sand bed.

What can be harmful effects of excessive fluoride intake?

• The excessive fluoride component causes Bone deformations of children, dental fluorosis, toxicity and it is hazardous if it comes in direct contact with skin or eyes.

What is the permissible limit of concentration of Fluoride in water?

• According to the WHO level of fluoride can be from 0.5 to 1.0 mg/L (milligrams per litre), depending on climate.

“Panchayat Yuva Krida Aur Khel Abhiyan”: Sports Ministry apportions Rs 77 crore

June 9th, 2012

The Sports Ministry granted Rs 77 crore to 26 states for organizing annual sports competitions under the Panchayat Yuva Krida Aur Khel Abhiyan (PYKKA) scheme.  The states include Andhra Pradesh, Assam, Bihar, Chhattisgarh, Gujarat, Haryana, Karnataka, Madhya Pradesh, Nagaland, Uttar Pradesh and West Bengal. The Scheme has so far covered around 52,000 village panchayats and more than 1,500 block panchayats.

Objective:

• To develop playfields at block, district, state and national levels
• To conduct Yearly sports competitions at block, district, state and national levels

PYKKA:

• A rural sports go-ahead introduced by the Ministry of Youth Affairs and Sports, Govt of India to promote youth and social development via sports.\
• Launched on 1 April 2008
• 3 decision making bodies of PYKKA and their respective heads

1. General Council – Union Sports Minister of the Government of India
2. Executive Committee – Secretary of Sports, Ministry of Youth Affairs & Sports
3. Mission Directorate – Joint Secretary of Sports, Ministry of Youth Affairs & Sports

• A Central Government sponsored scheme and it is implemented by State and Union Territory administrations.

Funding Structure:-

• Union Govt : State Government = 90 : 10 (For North Eastern States)
• Union Govt : State Government = 75 : 25 (For Rest of India)

Modus Operandi:-

• PYKKA furnishes funds for the development and maintenance of sports grounds in villages and block panchayats.
• For several sporting disciplines, PYKKA alleviates the conduct of district-state and national level competitions.

UP to test national eBiz project

June 9th, 2012

The ebiz project of the Central government aims at catering to prospective investors and Uttar Pradesh is ready to play a pilot state in this eBiz Mission of the central government. UP govt will constitute a ‘Programme Management Committee’ headed by Infrastructure and Industrial Development Commissioner for timely execution of the project.

Objective: To provide single-window clearance to prospective investors

What is eBiz mission?

• The eBiz mission is part of the 27 Mission Mode Projects under the National e-Governance Plan (NeGP) being implemented by the Department of Industrial Policy and Promotion (DIPP) of the Union Ministry of Commerce and Industry.
• The core objective is to provide investors and entrepreneurs an online single-window clearance.
• The program will metamorphose business atmosphere in the country by providing efficient, expedient, transparent and integrated electronic services to investors, industries and businesses in the areas of information on forms & procedures, licenses, permits, registrations, approvals, clearances, permissions, reporting, filing, payments and compliances throughout the life-cycle of an industry or business unit.
• The central theme around which the eBiz revolves is the major shift of Government in its service approach, from being department-centric to customer-centric, in offering services to the business community.

Govt to revisit Watershed management guidelines

June 9th, 2012

The guidelines provided for Integrated Watershed Management Programme to be revised as State Governments found the current guidelines rigid and inflexible to their requirement.

• The States have demanded that the cost of Rs 15,000 per hectare allocated for Naxal affected areas to implement watershed management programme should also be extended to areas with special problems.
• It is also recommended that the money for the programme on rural development tol be released on NREGA model twice a year based on the yearly action plan of the state government with the first installment of 60% of the amount and the second installment of 40% following the completion of phase-I.
• Ministry of Rural Development also felt the need for authentic data to satellite imagery for efficient programme implementation.

Road shows in Gulf nations to attract investors

June 9th, 2012

The Government has taken up a series of initiatives to attract investors to India. With the recent launch Qualified Foreign Investors route & the changes made in external commercial Borrowing Guidelines, Govt is keen to exhibit plethora of investment opportunities available in the infrastructure sector. In this context, Gulf region keeps immense potential to seek investments in India. To tap the potential the Ministry of Finance is organizing a series of road shows in Saudi Arabia, United Arab Emirates, Oman, Bahrain and Kuwait. The first road show starts in Riyadh.

• Capital flows is in the form of FDI from Gulf Cooperation Council to India. It was around $2.6 billion by January 2012

Banks to Create “Unique Customer Identification Code”

June 9th, 2012

The RBI has asked all banks to generate a Unique Customer Identification Code (UCIC) for each of their customers.

Objective: The Unique Identification Code will fortify Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating the Financing Of Terrorism (CFT) instruments.

Since it will take a long time to generate entire KYC Registry, banks are instructed to immediately commence creating the UCIC and allot the code whilst making any new customers. RBI has suggested banks to provide UCIC to existing individual customers by end-May 2013

As per RBI, the UCIC will:

• Help banks to identify customers
• Help to track the facilities accessed & monitor financial transactions
• Empower banks with a better approach while risk profiling their customers

Aviation Ministry sets up committee for the Employees’ seniority issue of NAA, IAA

June 9th, 2012

To resolve the issue of seniority of the employees of erstwhile NAA (National Airports Authority) and IAA (International Airports Authority), Civil Aviation minister Ajit Singh formed a committee.

Objective: To determine the inter-se seniority of all employees in various cadres after identifying principles and parameters for fixation of seniority

The inter-se seniority will be determined in accordance with the guidelines of Justice Jain Committee (1995), Krishnamurthy Committee (2005) and the Department of Personnel and Training. The committee will finalize the list of cadre wise seniority within 45 days and will publish the provisional list on the website within 15 days

• NAA and IAA got merged into Airports Authority of India through an Act of Parliament in 1995.

India, Kazakhstan ink agreement to encourage textiles

June 9th, 2012

India and Kazakhstan signed a pact to promote growth of textiles, particularly garment manufacturing, to strengthen their domestic industries. MoU inked b/w the Apparel Export Promotion Council (AEPC) and State Authority Directorate of SEZ ‘Ontustyk’ . Both the countries decided to collaborate in segments like wool and cotton along with exchanging information.

Russia test fires Topol RS -12M

June 8th, 2012

Russian Strategic Rocket Forces, RVSN, test-fired a Topol RS-12M. The missile launched from Kapustin Yar launch site in the southern Russian region of Astrakhan, hit the target successfully in Sary Shagan range in Kazakhstan.

Some facts about Topol RS –12M:

• New version of Topol M Series
• Single-warhead Inter-continental Ballistic Missile (ICBM)
• Weighs 45-ton
• 3-stage missile
• Range: 10,000 km
• Carrying capacity of nuclear warhead: 550 kilotons

What could be the possible hidden agenda behind this launch by Russia?

• Recent NATO declared that it placed an interim missile defense shield in Europe. Now, Russia test-fired RS-12M, a move that came amidst the tensions about the US-developed Missile Shield System.
• The interim system by NATO will link the allies’ missile defense systems i.e. satellites, ships, radars and interceptors under NATO control from a U.S. base in Ramstein, Germany.
• The New Generation of Topol-M Family is aimed at countering the US-developed Missile Shield System being deployed in Western Countries.

What went wrong at the dialogue b/w NATO and Russia over the Missile Defence System?

NATO has invited Russia to be a part of the Missile Defence System but negotiations were deadlocked over Russia’s demand for a legally binding treaty undertaking that the Missle Defence Shield would not be used as an impediment to Russia’s own systems. However, US refused to put any such guarantee in writing.

Tensions over the same matter in recent past:

• In 2011, the then-Russian President Dmitry Medvedev periled to recede from the START treaty on nuclear weapons reductions and position ballistic missiles in its dominion of Kaliningrad on its border with Europe, if NATO went on with the plans for missile defence.
• Tensions further rose in December 2011, when Russia’s ambassador to NATO held that Russia would shut transit routes that send life-sustaining supplies to troops in Afghanistan.

Home Ministry to assist UIDAI in bio-metric data-collection

June 8th, 2012

As per the Union Cabinet, the Home Ministry and the Unique Identification Authority of India (UIDAI) will together collect biometric data of 1.2 billion Indians.

What was the issue?

Home Ministry and the UIDAI were debating over the issue of collection of biometric data which necessitates the right to scan people’s eyes and fingerprints. The issue was settled by a cabinet committee on UIDAI which directed UIDAI (which comes under the Planning Commission) to issue 600 million cards in 16 states and union Territories and asked the Home Ministry to cover the remaining 600 million people as part of the National Population Register (NPR) being prepared by the Registrar General of India. NPR project again came to halt because of the UID scheme. NPR programme is facing hurdles in collection of photographs and biometric information on account of UIDAI. UIDAI is objecting to the conduct of NPR camps in certain states and is also refusing to accept the biometric data of NPR for de-duplication and generation of Aadhaar number. NPR would manifest into resident identity card which will culminate in a citizenship card.

• The UID project aims to provide unique identity numbers to the marginalized sections of society and reinforce equity.

Govt sets up Metro Advisory Board; board to be headed by Mr. Sudhir Krishna

June 8th, 2012

Government establishes Metro Advisory Board.

Objective: To formulate and co-ordinate the development plans for several metro rail networks all over India. To aid and advise the central government in matters relating to Metro Railways.

The Board will be headed by the Urban Development Secretary Sudhir Krishna and will have 5 members.

In its starting phase the Board will carry studies in 12 cities with over 20 lakh population. The cities are Ahmedabad, Bhubneswar, Delhi, Dharwad, Jaipur, Jammu, Kohima, Mysore, Nanded, Patna, Surat and Vijaywada.

Company in News: “Interviewstreet”

June 8th, 2012

“Interviewstreet” provides Technical platform to US Govt

Interviewstreet played a key role in preparing technological platform to the US government’s Equal Pay program. The US govt hired Interviewstreet to develop a technology platform on which to build the tools that would promote President Obama’s initiative to promote equal pay for women in corporate America. The startup provided them a product that programmers could use to build the best mobile or software applications for a national contest on the equal pay initiative.

Interviewstreet: A brief

• An Indian IT start-up company cofounded by two alumini of NIT Trichy- Vivek Ravisankar & Harishankaran K
• The startup helps companies to sift out best programming talent from the larger pool with the help of their web based tools
• It assists companies to create customized programming tests (in any language) and evaluate candidates based on their programming skills before proceeding for an interview. It saves the precious time of companies as only individuals with optimum skiil set will be interacted with.
• The idea of this startup originated when two engineers rolled out a platform for mock interviews with college students during placement season to churn out best programming talents. Both of them were hired by Amazon and IBM but they quit their job in order to expand their startup.
• Currently Interviewstreet’s customers include US space agency Nasa, game developer Zynga, Facebook and Amazon

What is so unique with Interviewstreet?

• First Indian company to be selected for an incubation programme at Y Combinator, the iconic Silicon Valley seed fund.

Govt approves for establishing NECTAR

June 8th, 2012

Govt approved for establishing an autonomous organization North-East Centre for Technology Application and Reach (NECTAR) at an estimated cost of Rs 292 crore. It will be established at Shillong and will be completed in 12th Plan period.
Objective: The motive behind NECTAR is to promote application of carefully selected technologies originating from the public funded research institutions under the government

Union Cabinet approves Rs 632 crore capital infusion in RRBs

June 8th, 2012

Government approved capital infusion of Rs 632 crore in some RRBs (Regional Rural Banks).

Objective: To improve CRAR [Capital to Risk (Weighted) Assets Ratio] for RRBs. Thus to improve their capital adequacy and lending capacity to the agriculture sector.

Adopting good word of RBI deputy governor K C Chakrabarty, the Govt had started recapitalization process in 2009-10 for 40 financially weak RRBs, which chiefly furnish credit to rural and agriculture sectors. Yet, till March 2012, capitalization was done only in 16 of the banks as various states didn’t furnish their share. To complete the process of recapitalization, the Cabinet has determined to stretch the scheme by 2 years. The Union Cabinet sanctioned the release of 50% share of the central government for recapitalization of the remaining RRBs.

The issue of central government’s share is subject to the release of state government’s and sponsor bank’s share.

• The capital of RRBs is apportioned by Centre, states and the sponsor bank in the ratio of 50%, 15% and 35% respectively.

Thus, in principle, these 16 RRBs would receive Rs 1,264 crore of fresh capital if all stakeholders contribute in proportion to their shares for recapitalization.

• There are around 82 RRBs in India and nearly all of them are outfitted with core banking solutions.

Planning Commission approves Meghalaya’s yearly plan of around Rs 4,000 crore

June 8th, 2012

• Planning Commission approved the annual plan of around Rs 4,000 crore for Meghalaya for the current fiscal
• In the 12^th the Planning commission will have focus on, use of Science and Technology in improving pace of development, encourage public private partnership in all sectors of economy and water management
• The state government has decided to transfer funds and functionaries of key departments to Panchayati Raj institutions, as factor of inclusive growth strategy

Rs 36,000 Crore in order to ameliorate sanitation in rural areas in 12th Plan: Planning Commission

June 8th, 2012

• Planning Commission allocates Rs 36,000 crore in the 12^th Five Year Plan for improving sanitation in Rural Areas
• It is an increment from Rs 7,800 crore in the previous Plan
• About 60% of open defecation in the world are in India
• Government targets to achieve total sanitation in the country in the next 10 years
• Amount allocated for construction of individual household latrines has been doubled from existing Rs 4,600 to nearly Rs10,000
• Total Sanitation Campaign is rechristened as Nirmal Bharat Abhiyan.

French Open: Sania, Bhupathi clinch maiden mixed doubles title

June 8th, 2012

Sania Mirza and Mahesh Bhupathi won their 2^nd Grand Slam title together and first French Open trophy. They defeated the Mexican-Polish duo of Santiago Gonzalez and Klaudia Jans Ignacik in the mixed doubles final held in in Paris. Earlier, Sania and Bhupathi had won the 2009 Australia Open as their first Grand Slam title. Individually, it is 2^nd career Grand Slam title for Sania and 12^th major trophy for Bhupati. Bhupati has 8 mixed doubles trophies.

Connotation of amendments in Indian Copyright Act 1947

June 7th, 2012

The Govt of India brings in Copyright (Amendment) Bill, 2010 to updateCopyright Act, 1957 with the demands of the contemporary times. In its inception the law was enacted to provide protection to the copyright of the authors and creators of original literary, dramatic, artistic and cinematographic work. However with the advent of latest electronic ecosystem (including Internet and other sophisticated e-devices) the archaic law of 1957 falls short to efficiently and effectively protect copyright and other intellectual property rights of the owners as it did not deal with electronic format since that was not the preferred format at the time of the passing of such legislation. The new Copyright (Amendment) Bill, 2010 tries to overcome these shortcomings by incorporating new items.

Highlights of the Copyright (Amendment) Bill, 2010:

• All activities done using computers, computer systems, computer networks, computer resources and communication devices, as also data and information in the electronic form will fall within the ambit of the applicability of the Copyright Act
• Lyricists and Artists will be provided a level-playing field with respect to music companies and producers and allows them to negotiate the terms of the royalty for their literary and artistic creation
• Radio and Television broadcasters to pay royalty to the owners of the copyright each time the work of art is broadcast
• Effective protective framework for physically challenged or disabled persons by exempting works prepared for the good of the physically challenged in special formats such as Braille, from copyright
• Compulsory license to be granted for a certain number of copies in non-special formats to not-for-profit organisations which are working in the field of protecting and benefitting disabled persons
• Safeguards of performers in the digital and electronic world by allowing performers to make their sound of visual recording of their performances and reproduce the same in any medium.
• The term “visual recording” is modified to include the recording in any medium by any method including the storing of it by any electronic means, moving images or the representations thereof, from which they can be perceived, reproduced or communicated by any method
• Evasion of effective technological measures applied for the purposes of protecting any rights conferred by the Copyright Act with the intention of infringing such rights will attract a punishment of 2 years and fine
• Advertently tampering with any rights management information without authority is put under new offence.
• Students are exempted to use the artistic, literary or dramatic or cinematographic works for research purposes under expanded concept of “Fair Use”.

Under scanner Rajat Guptas’s wealth at trial

June 7th, 2012

Rajat Gupta’s net worth at $84 million, a trust at $38 million and $11 million in cash, is under the lens of the jurisdiction. Gupta, currently, is on trial for benefitting from inside tips he provided to Raj Rajaratnam, the co-founder of the Galleon. Gupta, a former director of Goldman Sachs and Procter & Gamble, is on trial facing allegation that he revealed secret information about those two companies to Raj Rajaratnam, the Galleon co-founder who was found guilty.

Who is Rajat Gupta?

• Rajat Kumar Gupta, is an Indian American Businessman.  He was global head of McKinsey & Company, the management consulting firm from 1994 to 2003 and a business leader in India and the United States.
• After his rise in McKinsey, he was known as the “First India-born CEO of a global corporation”.
• Gupta also chaired as corporate chairman, board director or strategic advisor to a variety of large and notable organizations including Goldman Sachs, Procter and Gamble and American Airlines, and non-profits including The Gates Foundation, The Global Fund and the International Chamber of Commerce.

He co-founded 4 different organizations:

• Indian School of Business (ISB)
• American India Foundation
• New Silk Route
• Scandent

He served on board of directors of following academic institutions

• Harvard Business School
• Northwestern’s Kellogg School of Management
• MIT Sloan School of Management
• Tsinghua University School of Economics and Management
• Lauder Institute at Wharton

He also headed the following organizations:

• The Global Fund to Fight AIDS Tuberculosis and Malaria
• Public Health Foundation of India
• World Economic Forum

What is the controversy related to Rajat Gupta?

In 2007 when Gupta was serving as Director of Goldman Sachs, he leaked confidential information about the company’s investment plan and earning details, which are considered Non-Public information, to Raj Rajaratnam. He leaked the information of $ 5 billion investment which was to be made by Berkshire Hathaway into Goldman Sachs. Rajaratnam traded on the information and made profits. It is alleged that Gupta also had some vested interest in Rajaratnam company- Galleon and he also got some benefits through that trading which is considered as Insider Trading- a corporate crime. It is also alleged that Gupta passed on non- public info about Procter & Gamble to Rajaratnam where he leaked info about company’s sale of its assets worth $ 3 billion and about its quarterly earnings which were not made public.

Government to introduce financial literacy in school education

June 7th, 2012

  The government plans to launch financial literacy in the school curriculum very soon. The knowledge of Financial & Capital markets will be disseminated in the form of primary and secondary curriculum.

Objective:

1. Enhance the household contribution into equity markets
2. Reduce over-dependency of the economy on foreign capita
3. Promote domestic investment and make Retail investors feel more confident of corporate India

Some latest crucial Facts:

• In India domestic saving has a share of 37-40% of the total savings
• Only 5% of domestic savings comes into capital markets

Why the Govt wants to introduce such course in school education?

With only 5 % of total domestic savings being invested in capital market, Govt sees a huge opportunity to bring in more untapped domestic capital. This can be possible by educating people about the financial and capital markets. It can seen as a long-term initiative as youth who get this education will understand the importance of these markets and also become more comfortable with such investment. Thus the programme will encourage them to invest in these markets in future. This will in turn infuse domestic capital and reduce the over-dependency on FIIs. A large part of Indian economy is being driven at the mercy of foreign investors which has recently resulted into greater volatility and instability in the market. For instance, in the 1^st quarter of 2012, FIIs inflated the equity markets by infusing about $8.84 billion (Rs 50,000 crore). But after April 1, 2012 the stocks fumbled as a result of foreign investors pulling out $504.2 million (Rs 2,800 crore) from the equity markets.

New Board to implement Manufacturing policy soon

June 7th, 2012

With an aim to revive manufacturing sector, Government announces of establishing a new board, Manufacturing Industry Promotion Board (MIPB).

• It will aid operationalize the national manufacturing policy
• It will be headed by Commerce and Industry Minister Anand Sharma
• It targets to create 100 million additional jobs and enhance the contribution of manufacturing from the present 16 % to 25% of the GDP within 10 years

As per CSO (Central Statistics Office), India’s economic growth has reduced to 9-year low of 5.3 % in January-March quarter, dragged by narrowing in manufacturing sector.

For the 2011-12 financial year, GDP has plummeted to 6.5%, lower than 6.7 % noticed during the global economic crisis period of 2008-09.

MIPB’s core functions will be :

• Periodically review the overall scenario of the manufacturing sector in the country. This will include review of state-wise and sector-wise performance of the manufacturing sector
• Review the implementation of the National Manufacturing Policy in general and the development of National Industrial Manufacturing Zones (NMIZs), wherever approved, in particular
• Resolve co-ordination issues among central ministries and between state governments and central ministries

The MIPB will have secretaries of:

• Department of Economic Affairs
• Revenue
• Labour and Employment
• Micro, Small and Medium Enterprises
• Road Transport and Highways
• Heavy Industry and Public Enterprises
• Science and Technology
• Environment and Forests and Member-Secretary
• National Manufacturing Competitiveness Council
• It will also have 2 industry representatives and Secretary Industry will be the Member Secretary of the Board

In addition Board of Approval, Green Manufacturing Committee and High Level Committee will also be set up to assist effective execution of the national manufacturing policy

What will be the role of Board of Approval, High Level Committee and Green Manufacturing Committee?

• The main function Board of Approval will be to examine applications for establishment of NIMZs and suggest such proposals for consideration to the High Level Committee that fulfill the criteria of the National Manufacturing Policy. After contemplation by the High Level Committee, the proposals will be forwarded for approval to Commerce and Industry Minister.
• The Green Manufacturing Committee will suggest objective criteria for categorizing a technology as “clean and green”. The criteria will be in line with the objective of the National Action Plan on Climate Change and the strategy for inclusive sustainable development.

What is the central theme of National Manufacturing Policy?

• The focus of National Manufacturing Policy is to create world class industrial infrastructure, a bonhomie in business environment, an ecosystem for technological innovation – particularly in the arena of green manufacturing, institutions for industry relevant skill upgradation, and mechanisms for making finance easily accessible for entrepreneurs.

Stop foreclosure penalty on home loans: RBI

June 7th, 2012

Reserve Bank of India asked banks to forthwith stop charging penalty on pre-payment of home loans taken on floating interest rates. RBI held in its notification that abandoning prepayment penalty on home loans would lead to reduction in the bias between existing and new borrowers. The action can aid in finer pricing of the floating rate home loans. It was observed by Committee on Customer Service in Banks that foreclosure charges imposed by banks on prepayment of home loans were disliked by home loan borrowers as it works like a prohibitive practice deterring the borrowers from selecting cheaper available source. As per the committee the banks were found to be reluctant in passing on the advantage of lower interest rates to the existing borrowers in a falling interest rate situation.

Xinjiang evinces interest to trade directly with India

June 7th, 2012

China’s Muslim dominated, Xinjiang Uyghur province looks effervescent to open up direct border trade with India. Currently, trade is carried out through Pakistan as there are no border posts. India and Xinjiang traders meet annually at Rawalpindi to discuss the trade volume and items. Xinjiang in keen on developing direct trade links between New Delhi and Kashghar, a border town in Xinjiang, located at 1200 km from Delhi. In 2011, Xinjiang overall turnover was at $22.8 billion with neighbouring countries, thus it promises huge potential of trade.

• Xinjiang is experiencing ethnic turmoil for the past several years with the Uyghurs protesting against the increasing settlements of Han Chinese.

India recycles less than 5% of its total e-waste: Assocham

June 7th, 2012

As per the industry body Assocham, less than 5% of India’s total electronic waste (e-waste) gets recycled due to deficient infrastructure, legislation and framework.

• Growing at a compounded annual growth rate of about 20%, India annually produces over 4.4 lakh tonnes of e-waste
• In India, over 90% of e-waste is managed by unorganized sector it is generally dismantled and not recycled
• The organized sector’s contribution is less than 10% of the recycling business

Percentage of e-waste generated by various means:

• Computer equipment: 68%
• Telecommunication equipment: 12%
• electrical equipment: 8%
• medical equipment: 7%
• other equipment + household crap: 5%

Suggestions by Assocham:

Assocham suggests that used computers and discarded items be collected and donated to schools and orphanages run by non-profit organizations and other agencies involved in social cause. Assocham also requested the government to work together with industry through the chambers to create social awareness among consumers to protect environment, thereby ensuring safe management of e-waste

June 6, 2012: IPV6 version of the Internet launched globally

June 7th, 2012

World’s major Internet service providers, networking equipment manufacturers and web companies around the globe are switching to the latest version of Internet Protocol address from June 6 onwards.

• World IPV6 launch Day is set on June 6, 2012
• In India transformation will be complete in a phased and time bound manner by 2020
• All the Government websites to adopt new technology by the year end
• Presently, India has 35 million IPV4 addresses against 360 million data users
• Govt sets a target of 160 million by 2017 and 600 million by 2020

current affairs june 2012

Corroding Howrah bridge to get a Fiber glass makeover

June 6th, 2012

Howrah Bridge- The busiest cantilever bridge in the world connecting the twin cities of Kolkata and Howrah, set to undergo a major makeover and maintenance. The Kolkata Port trust (KoPT) — which is in charge of the bridge, is likely to spend more than Rs 20 lakh for this maintenance. KoPT is inviting bids for installing fibre glass casing on the 74 columns of the bridge hanger base to protect it from human spitting. A similar effort was made in 2004 also when KoPT spend about Rs 65 lakh to repaint the bridge with two coats of aluminium paint, to combat corrosion happened due to bird droppings.

• For the mean time, the authorities have started painting primer Zinc Chromate which is in Yellow color as a temporary measure.

Why the Bridge needs a make-over?

• The bridge requires a makeover as it faces threat of corrosion.
• Major factors of the corrosion are: Urinating, Human Spitting and Bird Droppings. To a minor extent, salt content in air also.
• As per a recent report, spitting had reduced the thickness of steel hoods covering the pillars from 6 mm to less than 3 mm since 2007.

Highlights of Howrah Bridge:

• The Howrah Bridge is a cantilever bridge that spans the Hooghly River in West Bengal, India.
• Commissioned: 1943.
• Oiginally named: New Howrah Bridge
• On 14 June 1965 it was renames as “Rabindra Setu”, after Rabindranath Tagore
• Yet popularly known as the “Howrah Bridge”.
• Make: High-tensile alloy of steel Tiscrom.
• Tata Steel was the supplier of the steel.
• The busiest cantilever bridge in the world
• Currently the sixth longest cantilever bridge in the world.

What is a Cantilever Bridge?

A cantilever bridge is a bridge built using cantilevers, structures that project horizontally into space, supported on only one end.

New Zealand wins 21st Azlan Shah Hockey tournament; India clinches Bronze

June 6th, 2012

New Zealand grabbed the 21st Azlan Shah Cup hockey tournament in their maiden final. They defeated Argentina in the top clash at Ipoh, Malaysia. 5-time champions India beat Great Britain and won the bronze medal.

WEF meet on West Asia, North Africa & Eurasia begins

June 6th, 2012

The World Economic Forum (WEF) meeting on West Asia, North Africa and Eurasia began in Istanbul, Turkey

The theme of the forum is: “Roadmaps for Reform, Pathways to Inclusive Growth”

Nepal gets $20 million as loan from OFID

June 6th, 2012

The OPEC Fund for International Development Fund (OFID) will provide a loan help of $20 million to Nepal.

• The loan is aimed at assisting Nepal’s Rural Connectivity and Community Development Project
• It will be utilized to promote rural, economic and social development through small scale infrastructure and capacity building sub- projects

June 5: World Environment Day

June 6th, 2012

• “World Environment Day” is being observed across the globe
• Theme for this year: “Green Economy: Does it include you?”
• Government flagged-off the ‘Science Express-Biodiversity Special’ train in New Delhi to mark the day. The train highlights the bio-diversity zones in the country will also focus on a range of Biological diversity and livelihood. The train will stop at 100 stations during two years travelling almost 18000 Km.
• The Indira Gandhi Paryavaran Puraskar awards conferred upon two organizations that made substantial contribution in the protection of environment.

Russia & Bangladesh ink MOU’s for Bangladesh’s first nuclear power plant

June 6th, 2012

Bangladesh and Russia inked two MoU’s as a measure to step up co-operation to build Bangladesh’s first nuclear power plant. According to the MOUs:

• Russia will assist Bangladesh in developing the human resource required in nuclear power sector which include different tiers of managerial, technical and operational personnel, and finally developing broad-based academic and training capabilities in Bangladesh
• Information Centres will be established in Bangladesh to generate awareness among people, especially the younger generation, on various aspects of nuclear energy and nuclear power plants, including functioning, maintenance and safety measures in the nuclear plants
• Bangladesh has passed its first Atomic Energy Control Bill-2012 containing provisions to set up the Bangladesh Atomic Energy Regulatory Authority in direction to build the country’s first Nuke plant in Roopur with 2 Nuclear reactors each with a capacity of 1000 Megawatt

JIMEX 12 : India, Japan to have first bilateral naval exercise off Tokyo

June 6th, 2012

JIMEX 12 = Japan India Maritime Exercise 2012

India and Japan will hold their first bilateral naval exercise off Tokyo. 4 Indian warships including the INS Rana, INS Shakti and INS Shivalik are in Tokyo harbor to celebrate 60 years of establishment of diplomatic relations between the two countries. The basic bilateral exercises with Japanese self-defence force will be held while Indian warships return from there.

Objective:

• Maritime Security Cooperation.
• These include Humanitarian Aid & Disaster Relief (HADR) operations and Visit, Board, Searchand Seizure (VBSS) drills, which form a part of Anti-Piracy operations.
• The two countries also intend to increase cooperation in anti-piracy operations off the coast of Somalia in the Gulf of Aden and launch a maritime dialogue mechanism. The warships of the two navies are coordinating in patrolling in the Gulf of Aden to help escort a larger number of cargo vessels sailing through the troubled waters there. Thus permitting Indian and Japanese navies to swimmingly operate together in the arena of maritime security / HADR operations, should the need bob up.

Diamond Jubilee celebration in Britain: 60 years reign of Queen Elizabeth II

June 6th, 2012

Britain is celebrating 60 years reign of Queen Elizabeth II. Thousands of people gathered along the historic river Thames and on streets across the country to mark this occasion.
The Diamond Jubilee pageant along Thames has played a critical role in Britain’s history evoked a wave of patriotism among greater sections of the population, while some republicans protested against the monarchy, calling for democracy.

 

AIR & DD to meet technical challenges to improve programme

June 6th, 2012

As per CEO of Prasar Bharti, Mr. Jawhar Sircar, All India Radio and Doordarshan need to meet the technical challenges to get better its programme quantum.
A separate Recruitment Board of Prasar Bharti will be established soon after receiving approval of the recruitment rules by the Union Cabinet.

MOSPI to conduct Impact study of RGGVY execution

June 6th, 2012

The Ministry Of Statistics And Programme Implementation (MOSPI) will oversee an impact study in the districts across the country where the Central government’s programme- Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) has already been executed.

The nodal agency for implementing the programme– Rural Electrification Corporation (REC), is already conducting an impact study in 20 states of the country.The study is being conducted to identify loopholes in the execution of the project.

India unfurls 7-point strategy to boost exports to $360 bn in 2012-13

June 6th, 2012

The Govt with an aim to thrust exports up by 20% in 2012-13 announced a series of initiative as part of 7-point strategy including interest subsidy and market diversification programmes. It announced extension of Interest Subsidy Scheme by 1 year till March 31, 2013 for labour intensive sectors. The government also decided to bring new guidelines to refurbish Special Economic Zones (SEZ) and Export Oriented Unit (EOU) schemes to further boost the shipments. In 2011, the government had introduced a special allowance for labour intensive industry by extending the facility of 2 % interest subvention to handlooms, handicrafts, carpets and small and medium enterprises (SMEs). Now the Govt targets to expand its coverage to include other labour intensive sectors namely toys, sports goods, processed agricultural products and ready-made garments. India’s exports increased by 20.94 per cent to $303.71 billion in the financial year ended in March 31, 2012, exceeding the government’s target of $300 billion. However, a steep decline in exports growth in the last few months depicts that sustaining a similar growth this financial year would be a tedious job.

West Bengal to modify agricultural marketing act

June 6th, 2012

The West Bengal government is preparing a draft to amend the Agriculture Produce Marketing Committee (APMC) Act in line with a ‘Model Act’ of the central government, but it will not go after the centre’s advice on adopting contract farming. The state is not getting the grants to the tune of Rs 500 crore for not amending the act. The WB govt is interested in PPP model for development of ‘mandis‘ and ‘cold chains’ in the state, but it would not allow private players to set up ‘mandis’.

Why is Bihar Rising?

June 5th, 2012

Even with a lower base, Bihar has emerged as the fastest growing state in India. What are the key factors responsible for the same?

The growth of Bihar is attributed to:

• Secondary and Tertiary activities like construction and services like communication (CAGR 27.23% b/w 2004-05 and 2010-11). Secondary and tertiary activities grew by 15.04% and 14.07%, respectively, b/w 2004-05 to 2010-11, compared to 3.82% and 5.70% between 1999-2000 and 2004-05.
• Trade and Hotels (20.22%)
• Banking & Insurance (16%)

Related News

Below Figures gives an illustration of the break-up of the Bihar’s GSDP CAGR Growth (%).

GSDP – Gross State Domestic Product at constant prices (2004-05)

Source: Economic Survey, Government of Bihar, 2012

at constant 1999-2000 prices

** at constant 2004-05 prices

IT Investment Region (ITIR) to come up in Bangalore, Karnataka

June 5th, 2012

India’s first IT Investment Region (ITIR) for knowledge-based industries, including software and hardware firms with entire supply chain, to come up in Bangalore. The high-powered committee of the Ministry of Communications and Information Technology has sanctioned the ITIR proposal from Karnataka and forwarded it to the Union Cabinet for clearance, which is expected soon.

• Proposed to pull in global investments to the tune of Rs 2 trillion and create a million direct jobs over the next 10 years.
• To be built under the PPP (Public-Private Partnership) model with joint investment by the central and state governments.
• The knowledge park will be a self-sustainable integrated investment region for setting up software firms, back offices
• Will have a hardware park for electronics cluster, including chip designing and manufacturing units, with world class infrastructure facilities.
• Will also have a residential township, an airstrip, high-speed rail network, shopping plaza, hospitals, schools and recreational facilities for the communities living there.
• Companies in the region will be entitled to tax benefits and other incentives akin to the SEZ policy by the central government.

Two other States which have also proposed for a similar proposal in their regions:

• Andhra Pradesh and Tamil Nadu

 

“MCA21 e-Gov plan”- Govt planning an overhaul

June 5th, 2012

Indian Govt is contriving to overhaul its “e-Governance program MCA21”

Objective of Overhauling of MCA21: To check corporate frauds.

• Work has been started by the MCA on the fresh version of the program. Key IT companies such as Infosys, TCS and Wipro are anticipated to contend for the mega project. The push is on revamping the MCA21 in order to make the system further argus-eyed so that suspected activities of corporates can be traversed as soon as possible.
• The focus will be to make the whole system transparent and make it a tool that acts as an early warning system against fraud.

What is MCA21?

• A key flagship e-Governance initiative by the Ministry of Company Affairs India under the National e-Governance Plan (NeGP).

Objective:

• Tofulfil the ambitions of its stakeholders in the 21 st century via implementation of a service centric approach. The decisive point of this unparalleled go-ahead is the enhanced speed and certainty in the delivery of the services by Ministry of Corporate Affairs (MCA).
• The improvement is chiefly enabled via the mechanism of secure electronic-Filing (e-Filing) for all the services provided by the Registrar Of Companies (ROC) including incorporation of a company, yearly filing, registration of charges and other event based filings.
• A niftier push on computerization in regular corporate filings will let the government to keep a check on illegal or slack activities by companies.

Where was the programme rolling out?

• In 2006, the programme was launched at Coimbatore on February 18, 2006.

Significance of MCA21 for Banks and Financial Institutions:

MCA21, services the interests of the Banks and Financial Institutions via the process of “Registration of Charges”. This specific process of “Registration of Charges” amounts to a sizable transaction volume each year of MCA. The Charge Registration information is an invaluable input for credit evaluation. There are hardships experienced in this regard in obtaining accurate information in a timely manner. Switching over to e-Governance mode will mitigate these difficulties. However, this change is expected to be only gradual.

The MCA21 system is designed to encompass a database which would be of brobdingnagian value to organisations in their business operations. The database in particular will relate to the creation/ subsistence of charges created against advances sanctioned and released by banks/Financial Institutions to the corporate world.

At present MCA21 payments are allowed via Credit Card, Internet Banking & Physical Challan. The Ministry of Corporate Affairs has authorized 5 banks (Indian Bank, HDFC, ICICI, PNB and SBI) for collection of MCA21 fees, i.e. only the account holders of these banks can avail Internet banking facility. Further, payment via challan can only be made in the authorized branches of these above 5 banks. Although this was a key advancement equated to the earlier manual system, it induced delays in incorporation of companies and processing of other e-Forms. In order to wipe out discommodes induced due to payment processing delays, Ministry of Corporate Affairs is introducing payment of MCA fees via NEFT (National Electronic Fund Transfer) mode, in addition to already existent payment methods.

4000 year old Harappan civilization ruined due to the climate change: Study

June 4th, 2012

As per a latest study published in the journal Proceedings of the National Academy of Sciences , the 4000 year old Harappan civilization ruined due to the climate change. The study reveals that decline in monsoon rains led to weakened river dynamics, and played a critical role both in the development and the collapse of the Harappan culture which was dependent on river floods to fuel their agricultural surplus. Harappan civilization was one of world’s largest and oldest urban civilizations It was spread over an area of more than 386000 sq miles (1 million sq km) covering plains of the Indus River from the Arabian Sea to the Ganges. It is believed that 10% of the world population lived in the civilization.

Assam to create a “Science City” : “Mini Assam”

June 4th, 2012

• Govt of Assam is setting up a Science City at Sonapur
• Project titled: “Mini Assam”
• Set up at the cost of Rs 100 crore with the help of Centre in collaboration with the National Council of Science Museum
• Includes establishing a Tribal Research Centre and tourist facilities in order to promote research on the lives and culture of various tribes living in the state

Objective: To promote Science education in Assam

Sachin’s new innings, takes oath as member of Rajya Sabha

June 4th, 2012

Master Blaster Sachin Tendulkar started the new innings as member of Parliament. He took oath as member of Rajya Sabha to which he was nominated on April 2. He took oath in the chamber of Rajya Sabha Chairman Hamid Ansari.

• Tendulkar had created history by smashing 100 international centuries in March 2012

India is coping with serious economic crisis, needs key reforms: FICCI

June 4th, 2012

As per the FICCI, the economic situation is grave with its low growth, high inflation, high fiscal deficit and the highest ever trade account deficit and it needs urgent addressal in the form of refoms. The body has called for bold steps like allowing FDI in multi-brand retail, Rate-cuts, and limit funding of welfare programs to instill growth.

Suggestions by FICCI:

• Timely implementation of Goods and Services Tax (GST) which can change the dynamics of Indian industry and exports. It can also add 2% to the GDP. It will also increase Tax administration and Tax collection
• Immediate moderation of monetary policy and reduce interest rates by 2% points ,CRR by 1% point, Repo rate by 1%
• Re-examine the Land Acquisition Bill, as the bill restricts the use of irrigated multi-cropped land for infrastructure development
• To decontrol the prices of diesel and other oil products
• Repatriation of black money immediately that could alleviate the balance of payment situation
• immediate halt on any additional welfare spending with efficacious distribution of already allocated fund
• To take measures to provide accelerated depreciation and to scrap MAT for infrastructure projects
• Setting up of a coal regulator and allowing coal swapping as an instrument to optimize physical movement of coal in the country
• To bring new policies including the National Manufacturing Policy and the National Electronics Policy to foster manufacturing

Govt sets up panel to implement “Dharmadhikari report”

June 4th, 2012

Government announced the formation of a panel to implement the Dharmadhikari Committee Report.

What does Dharmadhikari Committee Report relates to?

• It relates to matters relating to integration of erstwhile Air India and Indian Airlines employees including pay, allowances and career progression structure.
• Government had set up Dharmadhikari Committee to examine and make recommendations regarding the issues concerned with the integration of staff of erstwhile Air India and Indian Airlines into Air India Ltd.

UN Human Rights Council approves for an investigation into Houla Killings in Syria

June 4th, 2012

The UNHRC (United Nations Human Rights Council) approved an investigation into the mass killing of civilians at Houla, Syria. UNHRC also objurgated Syria for the mass murder of about 100 civilians. UNHRC, the 47-nation body sanctioned the resolution with  41 votes in favour and 3 against it. This was the fourth emergency session meeting called by UNHRC in order to discuss the situation Syria.

The UNHRC (United Nations Human Rights Council) approved an investigation into the mass killing of civilians at Houla, Syria. UNHRC also objurgated Syria for the mass murder of about 100 civilians. UNHRC, the 47-nation body sanctioned the resolution with  41 votes in favour and 3 against it. This was the fourth emergency session meeting called by UNHRC in order to discuss the situation Syria.

Houla: Located in the north of the city Homs in Syria.

What was the stance of various nations on this resolution by UNHRC (including India)?

• Russia, China and Cuba voted against the U.S.-backed resolution.
• 2 countries abstained and one member did not vote.
• India voted in favour of the UNHRC resolution.

 

India’s Fiscal Deficit comforted to 5.7% of GDP in the fiscal 2011-12

June 4th, 2012

As per the estimates issued by CAG on May 31, 2012, the Fiscal Deficit (FD – the difference between the government’s total receipts and expenditure) of India relieved to 5.7% of GDP, lower than 5.9% anticipated in the revised estimates in the Budget 2012.

• Fiscal Deficit: Rs 5.09 trillion rupees.
• Tax revenue receipts: Rs 6.31 trillion (against the projected figure of Rs 6.42 trillion)
• Govt’s non-plan expenditure: went down at Rs 8.84 trillion.
• Govt’s plan expenditure: went down at Rs 8.84 trillion Rs 4.13 trillion.
• Revenue deficit: 4.3% of GDP.

Now, what the Govt is aims at for the fiscal 2012-13?

• The government is putting toil to cut short the widening Fiscal Deficit and targeting to bring it down to 5.1% in the fiscal year 2012-13. For meeting this aim, the finance ministry is looking forward to cut the subsidy bill to below 2% of GDP in the fiscal year 2012-13and 1.75% in the subsequent years.

Actually, the slow-down in the Economy is making it hard for the government to accomplish its fiscal deficit aim.

Forex Reserves of India tumble, looses 1.74 Billion Dollar

June 3rd, 2012

• India’s Foreign exchange reserve plunged by $1.74 billion to $290 billion
• The RBI data showed a sharp fall in the India’s Forex reserves
• The Forex reserves has slipped by 1.80 billion dollar, 1.37 billion dollar and 2.18 billion dollar, respectively, in the last 3 weeks
• The drop in forex reserve mainly attributed to sale of dollar by the RBI to rescue continuously falling rupee.
• The Indian rupee marked a record low in recent weeks and stood at 55.54 against the dollar on June 1, 2012

Kevin Pietersen retires from Limited-Overs edition of International Cricket

June 3rd, 2012

Star England Batsman Kevin Pietersen declared to retire from limited-overs edition of International cricket. However, he will continue to play test cricket

Kevin Pietersen

• South African- born English cricketer
• Right handed batsman and occasional off-spin bowler
• Debut: 2004
• ODIs: 127, Total ODI Runs: 4184, Avg: 48.14
• T20: 36
• Quickest batsman to reach both 1,000 and 2,000 runs in ODI cricket

India Bahrain ink accord to prevent tax evasion

June 3rd, 2012

India inked an agreement with Bahrain to tackle issues related to tax evasion and avoidance. The Agreement for Exchange of Information with respect to taxes usurps worth viewing Indian government’s attempts to chase black money.

Plan to merge Tobacco control programme with NRHM

June 3rd, 2012

Central govt is looking forward to integrate National Tobacco Control Programme (NTCP) with the National Rural Health Mission (NRHM) workforce for anti-tobacco programmes.

• Synergizing NTCP with the NRHM at state and district levels has been stressed upon in the plan.
• It also suggests involving workforce under other Non-communicable Disease Programmes for prevention of cancer, diabetes, cardiovascular disease and strokes, in the tobacco control programme.
• The plan is under consideration as tobacco has been identified as the reason behind several communicable and non-communicable diseases

Bihar prohibits Sale and Manufacturing of All Tobacco Products for next 1 year

June 3rd, 2012

Bihar Government prohibited the sale and manufacturing of all the tobacco products for next one year. The decision came on the occasion of ‘World No-Tobacco Day’.

• This move makes Bihar the 3^rd state in the country after Madhya Pradesh and Kerala to ban tobacco

The decision is based on Food Safety and Standards Authority of India Regulation number 2.3.4 which seeks to ban tobacco or nicotine products. The regulation was issued by the Union Government of India on 1 August 2011. Those found violating the order would be awarded with a punishment ranging from monetary fine of upto Rs 3 lakh to imprisonment of 1 year.

 

Bihar tops the growth chart with 13.1 % GSDP 2011-12

June 3rd, 2012

As per the latest data released by Ministry of Statistics of India, Bihar has the highest economic growth rate in the country.

• Recorded a remarkable 13.1%growth in 2011-12
• Topped the list for 2^nd consecutive year
• Bihar’s economy has left Punjab behind in terms of growth
• Bihar is followed by Delhi and Puducherry with 11.3 % and 11 % respectively
• Chhattisgarh with its 10.8%and Goa 10.7 % are at 4^th and 5^th position respectively
• Tamil Nadu and Gujarat registered growth of 9.4%and 9.1% respectively
• Punjab, AP, Karnataka and UP registered growth rate lower than India’s GDP of 6.5% for 2011-12

Draft of “National Youth Policy 2012” released

June 3rd, 2012

Minister of State Youth Affairs & Sports, Ajay Maken released the draft of the National Youth Policy, 2012.

Objective of the Policy:

• To focus on empowering youth via skill development,
• Enhancing employability and facilitating entrepreneurship opportunities via convergence with other Ministries and Departments.

Some key highlights:

• Special attention to National values, social harmony, national unity, and empowering youth through employable skills, education, health, sports and recreation.
• Policy proposes to alter the target age group from the existing 13-35 years to 16-30 years
• Youth Development Index (YDI) to be a part of the policy that will serve as baseline and ready-estimator for evaluators and policy makers.

India successfully test fires Air Force version of ‘Akash’ missile

June 3rd, 2012

India successfully test fired 2 indigenously-developed surface-to-air ‘Akash’ missiles of Air Force version from Integrated Test Range (ITR) at Chandipur in Odisha. The anti-aircraft missiles have a strike range of 25 km with potential to carry 60 kgs of warhead.

UP budget: 500cr waiver farm loans

June 3rd, 2012

Uttar Pradesh Chief Minister Akhilesh Yadav presented state Budget for 2012-13.

Some key highlights of the UP Budget:-

• Budget does not incorporate any new tax
• Provision of Rs500 crore for waving farm loans
• Unemployment allowance and laptops to school students
• For the first time the state’s Budget crossed the figure of Rs 2 lakh crore
• Projects a deficit of over Rs 21,570 crore
• The size of the budget is Rs 2 lakh 110 crore

TGC sequences genomes of domesticated tomato & its wild ancestor

June 3rd, 2012

TGC: Tomato Genome Consortium

TGChas sequenced the genomes of the domesticated tomato and its wild ancestor, ‘Solanum pimpinellifolium’.

How this sequencing can benefit us?

The genome sequencing will:

• Lower costs and speed up efforts to improve the worldwide tomato production
• Make it more potent to fight pests & pathogens,
• Increase its endurance to drought and diseases affecting the vegetable

About Tomato Genome Consortium:

• Tomato Genome Consortium (TGC) is a group of more than 300 scientists from 14 countries- India,UK, US,China, Belgium, France, Germany, Japan, Israel, Italy, Korea, Spain, Argentina,and the Netherlands. The group came into existence during a scientific conference organized in 2003 in Washington, DC.

Life imprisonment to Hosni Mubarak

June 3rd, 2012

Former President Hosni Mubarak of Egypt sentenced to life imprisonment for allegedly killing over 900 protesters protesters during the revolt against his regime in  2011. Mubarak and his sons Alaa and Gamaal Mubarak acquitted of charges of corruption and financial irregularities. Former Minister of Interior Habib al-Adly also sentenced life imprisonment. Former military regime key functionaries who were alleged for killings of protesters acquitted of the charges of complicity.

• Mubarak is the first Arab leader to be sentenced after the Arab Spring.

Panel for clearance of film shootings soon

June 3rd, 2012

The Government has planned to up a Film Cmmission to aid speedy clearance of all film shooting-related permissions. The commission will help to make the country an attractive shooting destination to the foreign as well as local film makers. Rs 500 crore planned under the National Heritage Mission in the 12th Plan to preserve the classic Indian films. Government has decided to introduce an award to celebrate the centenary of Indian cinema.

Indian Tennis Team will take part in 2012 Euro Africa Circuit, Swedish Open & Brazil Open: Sports Ministry

June 3rd, 2012

Sports Ministry approved the participation of Indian Tennis Team in the 2012 Euro Africa Circuit, Swedish Open and Brazil Open tournament. It will be 13 member team that includes: Sharath Kamal, Achanta Kamail, Subhajit Saha, Sanil Shankar Shetty, Mouma Das, Harmeet Rajul Desai, Divya Deshpandey and Monika Batra

• The Euro Africa Circuit and Swedish Open will be organized at Helsingborg, Sweden.
• Brazil Open will be held at Santos of Brazil.

Gujarat gets Annual Plan of Rs. 51,000 cr by Planning Commission for yr 2012-13

June 3rd, 2012

The Planning Commission finalized the Annual Plan of Rs51,000 crore for Gujarat for the year 2012-13. The plan size is 34.2% higher than last years allocation at Rs 38,000 crore.

• The Child Sex Ratio (0-6 years) though improved marginally i.e. by 3 points in Census 2011 but it is still low at 886 against the all-India average of 914.
• Agriculture sector’s contribution to the state GSDP has steadily declined from 16.1% in 2004-05 to 12.7% in 2010-11.
• Share of industrial sector to GSDP is around 40%
• Share of Service sector to GSDP is showing a rising trend and has risen from 43.9% in 2004-05 to 46.0% in 2010-11.

Sikkim gets a Biotechnology park

June 2nd, 2012

The Union Science and Technology Ministry sanctioned a biotechnology park for Sikkim. The park will be established at Pakyong in East districta @ cost of Rs 5 crore. It will be endowed with all facilities including research centre at regional level for NE States.

Govt withdraws embargo from export of Skimmed Milk Powder

June 2nd, 2012

The Government lifts the ban on exports of Skimmed Milk Powder (SMP).

• The decision comes when there is surplus availability of SMP.

Objective: The decision will perk up the finances of dairy firms and help milk producers.

Export of SMP was banned in February 2011 to control rise in domestic milk prices. Commerce Ministry is analyzing the possibility of imposing import duty on SMP. The dairy industry is gripping with liquidity crunch as it made little profit via sale of SMP due to sharp fall in domestic prices following surplus supplies. Domestic prices of SMP declined from Rs 190-200 per kg to Rs150 per kg in the same period in 2011.

Navis acquires full ownership of Indian fast-food Chain “Nirula’s”

June 2nd, 2012

After buying out Nirula’s’ co-owner Samir Kuckreja’s stake, Malaysia-based private equity Navis Capital Partners has taken complete control of homegrown fast food chain Nirula’s.

Nirula’s:

• Among the first fast-food chains in India which made ‘big boy burgers’ and ‘hot chocolate fudge’ famous.
• It also pioneered the concept of family-style restaurant when it opened its first outlet in Delhi in 1934.
• With sales estimated at Rs. 100 crore, the 77-year-old Nirula’s operates largely on the franchisee structure, mainly in the Northern states.
• The chain’s 80-odd stores include dine-in restaurants, pastry shops, ice-cream parlours, hotels and coffee shops.
• Navis bought Nirula’s for close to 90 crore in 2006. Post-acquisition, it invested Rs. 30 crore directly, while another Rs. 20 crore was infused by the franchisees for store rollouts, equipment and kitchens.

Why Naruala’s could not could not capitalize on its first mover advantage in India?

• Over the years, Narula’s could not capitalize on its first-mover advantage and began losing ground to multinational fast food chains such as Yum Foods’ Pizza Hut and McDonald’s, which started investing heavily in India.

As per a white paper by the National Restaurant Association of India, the restaurant industry is estimated at Rs 7000-8500 crore with organized players accounting for a meagre 2-3% of the overall business.

Govt to bring Regulations on Andaman’s buffer zone

June 2nd, 2012

A Presidential order will soon be placed to ban tourist and other commercial activities in the proposed buffer zone in the Andaman and Nicobar Islands.

Objective: The move is targeted to protect native tribes such as the Jarawas.

Area of up to 5 km radius around the Jarawa tribal reserve was declared as a buffer zone and commercial activity was banned within it. Subsequent to this order, the violations of this zone will invite imprisonment of 3 to 7 years and a fine of Rs 10,000.

The Andaman and Nicobar Islands (Protection of Aboriginal Tribes) Amendment Regulation 2012 would be promulgated under article 240 of the constitution.

What does Article 240 of the Constitution say?

The Article 240 of the constitution is about President’s power to make regulations for certain Union Territories:

(1) The President may make regulations for the peace, progress and good government of the Union territory of—

• The Andaman and Nicobar Islands;
• Lakshadweep;
• Dadra and Nagar Haveli;
• Daman and Diu;
• Puducherry:

provided that when any body is created under article 239A to function as a Legislature for the Union territory of Puducherry, the President shall not make any regulation for the peace, progress and good government of that Union territory with effect from the date appointed for the first meeting of the Legislature:

Provided further that whenever the body functioning as a Legislature for the Union territory of Puducherry is dissolved, or the functioning of that body as such Legislature remains suspended on account of any action taken under any such law as is referred to in clause (1) of article 239A, the President may, during the period of such dissolution or suspension, make regulations for the peace, progress and good government of that Union territory.

What is a Buffer Zone?

• In the current context, a buffer zone is a protected area which intends to prevent the effect of negative environmental or human influences, whether or not it embodies great natural or cultural value itself.
• Generally created for better management and protection of biodiversity

Govt to establish Investment Tracking System

June 2nd, 2012

An Investment Tracking System (ITS) has been approved to ensure speedy execution of major investment projects getting delayed for a number of reasons.It has been decided that major projects will be specially tracked to implement them faster to give a thrust to the economy.The decision has come at a time when projects are getting delayed on multiple fronts -environmental clearances, security clearances, other clearances, land related matters etc.

Under Investment Tracking System:

• National Manufacturing Competitiveness Council (NMCC) will track all Public Sector projects with an investment of Rs 1000 crore and above
• NMCC will submit a quarterly statement of all projects examined and any issues identified that seek resolution
• Department of Financial Services will watch projects with an investment of Rs 1000 crore and above in the private sector. The department may also use data available with the banking sector for this purpose

Gates’ Foundation inks MoU with UP on health, agro-based issues

June 2nd, 2012

Microsoft co-founder and co-chairman of Bill and Melinda Gates Foundation, inked an MoU with the Uttar Pradsesh Govt in order to work on health and development related issues.

Objective: MoU will aim at providing technical, management and programme design support in Neonatal, Child health, Vaccination and other health and agriculture related issues. The foundation also intends to provide support in agriculture and develop financial services for the poor by expanding digital payment systems into poor and rural communities, and linking those payments to improved savings, credit and insurance services.

The foundation is already supporting the following projects in Uttar Pradesh:

• Sure Start : promotes healthy pregnancy practices for mothers to reduce neonatal and maternal death
• Manthan: with partners PATH and Population Council , it aims to improve the health of the mothers and newborns in Northern India. Uttar Pradesh has the highest percentage of maternal and neonatal deaths in India. This project provides technical help to the Department of Family Welfare, Government of Uttar Pradesh, to implement evidence based maternal and newborn health (MNH) interventions during antenatal, delivery and the immediate postpartum period, and the first 28 days of life. The Department of Family Welfare, GoUP, has helped the project identify two districts—Jhansi and Bahraich—to demonstrate and propagate ways to bring evidence based maternal and neonatal health interventions to scale in Uttar Pradesh; the results and experiences of which are expected to serve as a basis for future resource allocation to maternal and neonatal health programs in Uttar Pradesh
• Urban Health Initiative: a consortium of organizations working together to improve the health of the urban poor. It is also active in Nigeria, Kenya, and Senegal

Shouryya Ray: 16-year-old Indian-origin student solves 350-year old Mathematics Problem

June 2nd, 2012

• Shouryya Ray, 16-year-old, Indian-origin student from Germany has solved a 350-year old mathematics problem.
• The mathematics problems had puzzled mathematicians around the world for more than 350 years.
• The boy also solved 2 fundamental particle dynamics theories which physicists used to calculate only by using powerful computers.
  The solutions he has given will now help scientists to calculate the flight path of a thrown ball and then predict how it will hit and bounce off a wall.

Rahul Bhattacharya wins Ondaatje Prize 2012

June 2nd, 2012

• Rahul Bhattacharya won the prestigious Ondaatje Prize 2012 for his book ‘The Sly Company of People Who Care’
• First Indian author to bag this award.
• He also received the Hindu Literary Prize for Best Fiction, 2011 for the same book.

Ondaatje Prize 2012:

• The prize is given by Royal Society of Literature annually in order to recognize a work in fiction, non-fiction or poetry which evokes the “spirit of a place”.
• The award is conferred on to the author who is a citizen of or who has been resident in the Commonwealth or Ireland.

National Telecom Policy 2012 gets Cabinet approval

June 2nd, 2012

The fresh National Telecom Policy (NTP), 2012 got approval from the Union Cabinet.

NTP 2012 aims at:

• Abolishing roaming charges on mobile phones
• Allow users to hold the same number across the country without paying any extra charge
• Delinking spectrum allocation from Licensing
• Increasing Tele-density in rural areas
• NTP mentions Cloud computing, Next-Generation Networks, IPV6 and Voice over Internet Protocol (VoIP) as thrust areas of future technologies.

The policy also allows national number portability, but again, with no visible timelines.

CAG rebukes UP for high cost of tax collection

June 2nd, 2012

The Comptroller and Auditor General (CAG) rebuked the Uttar Pradesh government for higher cost of tax collection as compared to the national average.

As per the the CAG Report:

• Gross collections related to trade tax/VAT receipts during 2008-09, 2009-10 and 2010-11 stands at Rs 17,482 crore, Rs 20,825 crore and Rs 24,836 crore respectively, on which respective cost of collection borne was Rs 272 crore, Rs 358 crore and Rs 406 crore respectively. Cost of gross collection in during these years found at 1.56, 1.72 and 1.64 % in UP whereas the national average is 0.83, 0.88 and 0.96 % respectively.
• There is an increasing trend in generation of UP’s own revenues during 2006-11 period.
• Ratio of Tax revenue to Gross State Domestic Product (GSDP) remained constant around 7 %
• Ration of non-tax revenue to GSDP significantly decreased from 2.77% in 2009-10 to 1.90 % in 2010-11.
• UP’s GSDP stands at about Rs 588,000 crore (at current prices) during 2010-11.
• The debt-GSDP ratio is at 38 % at the end of 2010-11 is on lower side, especially in view of the target of Fiscal Responsibility and Budget Management (second amendment) Act 2011 to contain it to 42 per cent by the end of 2014-15.
• Nearly 92 %of borrowed funds in UP used for discharging debt liabilities during 2008-11.
• The state maintains a sinking fund, but it may not be adequate for amortization of loans.
• UP’s fiscal outlook showed improvement in 2010-11. Despite reduction in revenue surplus by Rs 3,539 crore, the fiscal deficit reduced to 2.93% of GSDP during 2010-11 due to low capital expenditure over the previous year.

Q4 GDP growth drops sharply to 5.3%, lowest in 9 years

June 2nd, 2012

Yearly economic growth of India dipped to a 9-year low of 5.3% in the January-March 2012 quarter. Even during the 2008-09, the year when India was facing the hit by the global financial meltdown, growth rate was higher at 6.7%. It is the lowest growth rate since 4.0% in 2002-03.

Some of the factors being attributed to for the low GDP growth rate:

• Euro zone debt crisis
• Lack of economic reforms
• High interest rates
• Poor investment and widening trade gap
• Low performing manufacturing sector
• Swelling Current Account Deficit
• Governments unpredictable regulations and tax

No sub-quota for religious minorities: AP High Court

May 31st, 2012

Andhra Pradesh High Court quashes Central Government’s decision of the creation of 4.5 % sub-quota for religious minorities including Muslims, Sikhs, Christians, Buddhists and Parsis, within the 27% OBC quota

AIIMS to assist in setting up Multiple Sclerosis database

May 31st, 2012

The Neurology centre at All India Medical Institute of Sciences (AIIMS) will aid in building a National Registry for Multiple Sclerosis (MS).It will help in maintenance of epidemiological data of MS patients from across India for evidence based research, treatment, and education.

What is Multiple Sclerosis?

• Multiple sclerosis is an autoimmune disease that affects brain and spinal cord.
• An inflammatory disease in which fatty myelin sheaths around the axons of the brain and spinal cord are damaged, leading to demyelination and scarring as well as a broad spectrum of signs and symptoms.
• In this disease the body’s own immune system attacks and damages the myelin. When myelin is lost, the axons can no longer effectively conduct signals.
• The name “multiple sclerosis””” refers to scars (scleroses—better known as plaques or lesions) particularly in the white matter of the brain and spinal cord, which is mainly composed of myelin.

When does MS usually occurs?

• Disease onset usually occurs in young adults, and it is more common in women than men. MS affects youth in the age of 20-40 years.

Symptoms:

• numbness & weakness in the limbs
• sudden loss of balance
• blurred vision
• paralysis
• Dysphagia
• Fatigue
• Cognitive Impairment

What is the “Reaching Out” Project?

• ‘Reaching Out’ is a 3-year pilot project has been initiated all over cities in Uttar Pradesh to collect more data on MS patients. The project will also be implemented in other states as well in the years to come.

current affairs may 2012

No sub-quota for religious minorities: AP High Court

May 31st, 2012

Andhra Pradesh High Court quashes Central Government’s decision of the creation of 4.5 % sub-quota for religious minorities including Muslims, Sikhs, Christians, Buddhists and Parsis, within the 27% OBC quota

AIIMS to assist in setting up Multiple Sclerosis database

May 31st, 2012

The Neurology centre at All India Medical Institute of Sciences (AIIMS) will aid in building a National Registry for Multiple Sclerosis (MS).It will help in maintenance of epidemiological data of MS patients from across India for evidence based research, treatment, and education.

What is Multiple Sclerosis?

• Multiple sclerosis is an autoimmune disease that affects brain and spinal cord.
• An inflammatory disease in which fatty myelin sheaths around the axons of the brain and spinal cord are damaged, leading to demyelination and scarring as well as a broad spectrum of signs and symptoms.
• In this disease the body’s own immune system attacks and damages the myelin. When myelin is lost, the axons can no longer effectively conduct signals.
• The name “multiple sclerosis””” refers to scars (scleroses—better known as plaques or lesions) particularly in the white matter of the brain and spinal cord, which is mainly composed of myelin.

When does MS usually occurs?

• Disease onset usually occurs in young adults, and it is more common in women than men. MS affects youth in the age of 20-40 years.

Symptoms:

• numbness & weakness in the limbs
• sudden loss of balance
• blurred vision
• paralysis
• Dysphagia
• Fatigue
• Cognitive Impairment

What is the “Reaching Out” Project?

• ‘Reaching Out’ is a 3-year pilot project has been initiated all over cities in Uttar Pradesh to collect more data on MS patients. The project will also be implemented in other states as well in the years to come.

5th International “Sagarmatha Day” (Mount Everst Day) celebrated in Nepal

May 31st, 2012

5th International Sagarmatha (Mount Everest) Day celebrated in Nepal.

Objective: To mark the first successful climb to the world’s highest peak Mount Everest. The day is celebrated every year to propagate the message of Nepal across the world not only as a heart of mountaineering but also a centre of adventure activities.

• Mount Everest is locally known as Sagarmatha in Nepal.
• On May 29, 1953 Sir Edmund Hillary and Tenzing Norgay Sherpa Tenzing reached the zenith of the mountain.

Madhya Pradesh, the state with maximum forest cover area

May 31st, 2012

As per latest India State of Forest Report 2011, amongst all the Indian states, MP has the maximum Forest Cover area in country.

As per latest India State of Forest Report 2011:

• Geographical area of the country is under Forest and Tree cover: 23.81% i.e. 78.29 million hectare
• Madhya Pradesh has 11.24% of the total forest land in the country
• Arunachal Pradesh with 67,410 kms under forest cover stands, second
• Chhattisgarh with a forest cover of 55,870 kms, stands third
• As compared to the data of 2009 there is a decline of 367 sq km in country’s forest cover
• 15 states registered aggregate increase of 5000sq km in their forest cover with Punjab at the forefront with an increase of 100sqkm
• 12 states/UTs (mainly the NE states) show a loss of 867sqkm forest
• Decrease of 281 sq km in Forest cover of Andhra Pradesh is mainly related to harvesting of mature plantation of Eucalyptus & other species
• Fall in Forest cover of North East is attributed to the practice of shifting cultivation in this region
• In terms of % of forest cover in compared to total geographical area, Mizoram tops the chart with 90.68% followed by Lakshadweep with 84.56%

*Some path-breaking chapters added in 2011 report are concerned with:

• Assessment of bamboo resources
• Production-consumption assessment of wood based on data stock in India’s forests
• Assessment of carbon stock in India’s forests

Rs 35,000 Cr debt restructuring package for textile sector

May 31st, 2012

The Centre agreed upon a Rs 35000 crore debt restructuring package to the textile sector. Step is taken to support the textile industry in this moment of crisis. The total outstanding debt of the textiles sector is Rs 1,55,809 crore of which debt of Rs 35,000 crore requires restructuring. Govt would issue directives to Banks to consider Restructuring on priority and case to case basis. The Finance Ministry would examine, in consultation with RBI, a 2-year moratorium on term loans, special provision in NPA norms to avoid asset reclassification and working capital eroded to be converted into working capital term loans repayable over a period of 3-5 years.

India to be second largest producer of crude steel by 2015

May 31st, 2012

As per the Government, India is expected to become the 2^nd largest producer of crude steel in the world by 2015
Steel Industry in India:

• Contributes over 2% to the GDP.
• Production has escalated from 66 million tonne per annum in 2008-09 to 89 million tonne per annum in 2011-12
• Per capita steel consumption has increased from 38 Kg in 2005-06 to 55 Kg in 2010-11

World Chess Championship: Viswanathan Anand keeps the crown

May 31st, 2012

• Indian Grand Master Viswanatan Anand retained the FIDE ( Federation Internationale des Echec) World Chess Title for the record 5^th time
• Defeated Boris Gelfand of Israel after 2^nd round of tie breaker game in Moscow
• The title has been held by Anand since 2007

Committee on review of functioning of PSCs

May 31st, 2012

Govt constitutes committee to review the functioning of Petroleum Service Companies (PSCs) in the country.

Who will head this Committee?

• The committee will beheaded by the Prime Minister’s Economic Advisory, Dr. C. Rangarajan

Objectives:

• Review the current profit-sharing mechanism with the Pre-Tax Investment Multiple of PSCs
• Provide recommendation for necessary modification for the future PSCs
• Recommend appropriate mechanism for managing the contract implementation of the companies
• Review the structure and elements of the guidelines for determining the formula for the price of domestically produced gas and for monitoring actual price fixation

Indo-Bangladesh Trade Fair 2012 in Dhaka

May 31st, 2012

The 3^rd Indo-Bangladesh Trade Fair 2012 to begin Dhaka. The Trade Fair is being organized by the India Bangladesh Chamber of Commerce and Industry.

Process begins to amend Works of Defence Act, 1903

May 30th, 2012

The Ministry of Defence has started the process of bringing about amendments to The Works of Defence Act, 1903 to meet the requirements of the changed scenario.

About Work of Defence Act, 1903:

• Works of Defence act is a 109 year old Act that provides for imposing restrictions on use and enjoyment of land which are in proximity to Works of Defence in order to keep the land free from buildings and other obstructions.

Why have amendments been proposed to this Act?

• It has been observed that the Act of 1903 has proved problematic for those civilians living in vicinity to defence depots because of its stringent and restrictive provisions. Some of defence establishments especially the defence depots were set up over a century ago in deep jungles or vacant lands far away from human habitations. But due to increased human activity and expansion in habitations certain areas have come very close to the depots.

What has been decided by the govt?

The Defence Ministry has decided to modernize all depots and develop them by taking cognizance of the best practices followed in some of the advanced countries in the world.

Hari Ram Grand Prix: India at the top

May 30th, 2012

India bagged the top position at the Hari Ram Grand Prix wrestling tournament held in New Delhi

Results:

• India (1^st position):2 golds, 3 silvers, and 5 bronze
• USA (2^nd position): 1 gold, 5 silvers, 1 bronze
• Korea (3^rd position): 1gold, 2 silvers, 3 bronze

Indian Winners:

• Gold : Praveen Rana, Rajneesh
• Silver: Nitin, Neha Rathi
• Bronze: Vinod Kumar, Kamlesh, Manoj, GursharanPreet Kaur,Pawan Kumar

About Hari Ram Grand Prix:

• A wrestling tournament organized with collective efforts of the International Federation of Associated Wrestling Styles (FILA), the Asian Associated Wrestling Council (AAWC) and the Ministry of Youth Affairs & Sports, Government of India.
• Includes both male and female wrestling.
• Presently it is the only Grand Prix tournament being held in any Asian Country.

Santosh Trophy: Services beat Tamil Nadu

May 30th, 2012

Services clinched their second National Football Championship for the Santosh Trophy beating Tamil Nadu in the finals.

It is an annual Indian football tournament which is participated by states and government institutions

• Trophy named after late Maharaja Sir Manmatha Nath Roy Chowdhary of Santosh, which is now part of Bangladesh
• First Tournament: 1941
• The first winners of the tournament Bengal top list with 31 titles till date

Committee to examine profitability of AI routes

May 30th, 2012

A 4-member committee constituted to examine the profitability of routes of Air India and suggest ways to rationalise them in order to make them profitable for the national carrier. The committee will:

• Report the profitability of the routes except for mandatory areas as per route dispersal guidelines
• Recommend route wise withdrawal or continuance of flights
• Provide guidelines to make them profitable

President Patil to Unveil New Logo for Rashtrapati Bhavan’s Green Initiative, Roshni

May 30th, 2012

What is “Roshni”?

• A green innovative concept with a vision to turn all urban habitats eco-friendly and sustainable.
• Concept evolved at the behest of the President of India, which encompasses environment management and empowerment of local communities to create eco-friendly sustainable urban habitats via participation of stakeholders and union of partnership programmes.
• Started on July 25, 2008, the programme aims to make the President’s Estate a model in green, energy efficient and zero waste model township for all other habitats across India.

Objectives:

• Conserve water and promote its reuse and recycling.
• Conserve energy and encourage use of new and renewable sources of energy.
• Improve waste management systems and to promote the 3 R’s viz; Reduce, Reuse and Recycle.
• Control air & noise pollution.
• Expand Green cover and conserve biodiversity.
• Make residents of urban habitats more responsive to eco-friendly life styles.

HAL to design & develop Transport Aircraft in India

May 30th, 2012

Hindustan Aeronautics Limited (HAL) inked a tripartite deal to design and develop the Multirole Transport Aircraft in India. The parties to the agreement:

1. HAL
2. United Aircraft Corporation
3. Multirole Transport Aircraft Limited, Russia.

The Aircrafts produced will be useful for cargo and troop transportation and airdrop of supplies.

• The project will make India self-sufficient in this segment.

“FLAME”

May 30th, 2012

Iran reported substantial damage and huge data lost due to malicious software dubbed as Flame. It could be 3rdmost powerful virus after Stuxnet and Duqu viruses. Largest number of infected machines is in Iran, followed by the Israel/Palestine, then Sudan and Syria.

What is Flame?

• Flame is a complex data stealing Virus that contains about 20 times as much code as Stuxnet about and about 100 times as much code as a typical virus designed to steal financial information.

What is the potential of Flame?

Flame is capable of:

• gathering data files
• remotely change settings on computers
• turn on PC microphones to record conversations
• take screen shots
• log instant messaging chats

Thus it can steal sophisticated data from computers by exploiting flaws in the Windows O/S.

What are Stuxnet and Duqu?

• Stuxnet: A computer worm. Basically spies on and subverts industrial systems. It is notorious for attacking and damaging centrifuges of an Iranian uranium enrichment facility in 2010.
• Duqu: Also a computer worm which is often related to the Stuxnet. It was named “Duqu” as it gives prefix “~DQ” to the names of files it creates.

 

To understand the potential of FLAME more, lets see the 5 dimensions of FLAME:-

1. Complexity
2. Breadth
3. Network
4. Victims
5. Perpetrator

Complexity:

• One of the most complicated pieces of malicious software ever discovered.
• Nearly 20 times as much code than Stuxnet.
• Built with some 20 modules which even the researchers can’t fully understand.

Breadth:

• Most complete data-stealing tools found to date.
• Can record sounds, access Bluetooth communications, capture regular screenshot images and log Internet Messaging conversations.

Network:

• A network of over 80 servers across the world used by the FLAME creators to remotely access infected machines.
• Can change settings on PC
• Can quietly gather the stolen data
• Largest such Command and Control network identified to date.

Victims:

• Most number of infected infected systems found in Iran, followed by Israel and the Palestinian territories.
• Also found in Sudan, Syria, Lebanon, Saudi Arabia and Egypt.
• Estimated 1,000-5,000 machines infected worldwide.

Perpetrator:

• Kaspersky Lab, which claimed credit for uncovering Flame, believes the virus may be the work of the same nation or nations that built the Stuxnet worm that attacked Iran’s nuclear program in 2010. But the Kaspersky researchers declined to say which nation or nations they believe are behind Flame.

Why the needle of suspicion points towards the same nation states that build Stuxnet?

Actually, the creators of Stuxnet and Flame employed similar techniques to infect computers, which suggests that they were “parallel” projects backed by the same nation state.

Axis Bank ties up with Ahli United Bank for remittance

May 30th, 2012

Axis bank, the 3^rd largest private sector lender tied up with Bahrain’s Ahli United Bank for inward remittances.

What does this tie up would bring in for customers of Ahli United Bank?

• Any person having an a/c with Bahrain’s Ahli United Bank can transfer money to a bank account holder in India using the Internet banking platform.
• If the recipient account holder is an Axis customer, the amount will be credited the same day but if the account is in any other bank branch covered under the NEFT network, it can take up to two days.
• Customers can initiate transactions of up to BHD 5,000 (Rs 732,000 roughly) a day.

S R Rao: New Commerce Secretary

May 30th, 2012

S.R. Rao appointed by the Government as the new Commerce Secretary.

• Replaces Rahul Khullar who was shifted as the telecom regulator
• S.R. Rao is a Padma Shri awardee for his commendable role in combating 1994 Surat plague
• He will be responsible of presenting the yearly review of the Foreign Trade Policy 2009-2014

Kavivar Gopal Singh “Nepali”

May 28th, 2012

Kavivar Gopal Singh Nepali’s birth centenary celebrated. President Ms Pratibha Devisingh Patil received the book “Meri Rahi Kahani Kewal” from Kavivar Gopal Singh Nepali Foundation, on the occasion of the Birth Centenary Celebration of Kavivar Gopal Singh ‘Nepali’.

Born in 1913 at Bettiah, Gopal Singh Nepali was one of the most renowned Hindi poets of all time. His poems evoke patriotism, love for nature and humane values. He also wrote lyrics of a few Hindi films. His famous poetry collection includes – ‘Umang’, ‘Panchhi’, ‘Ragini’ and ‘Nilima’. He died in 1963.

Was Kavivar Gopal Singh Nepali an Indian or Nepali?

• Poet Gopal Singh was not a Nepali but has taken this as a part of his literary name.

Nepali and his 1962 Indo-China war connection:

• During the 1962 Indo-China war, Nepali lifted the spirits of Indian citizens and Indian soldiers via his Patriotic Poems and Songs and he went to the border in order to recite them. The patriotic songs and poems include Savan, Kalpana, Neelima, Naveen Kalpana Karo,etc.

Controversy: “Darshan Do Ghanashyam” v/s Slumdog Millionaire

• Son of Gopal Singh Nepali: Mr. Nakul Singh Nepali filed a suit at the Bombay High Court against the makers of Slumdog Millionaire, asserting that Director of the movie Danny Boyle has wrongly credited poet Surdas for writing the song Darshan Do Ghanashyam. As per Mr. Nakul his father Gopal Singh Nepali originally wrote the song. Actually, the song is originally from the movie Narsi Bhagat (1957) written by Gopal Singh Nepali. But in the movie Slumdog Millionaire the author of the song “Darshan Do Ghanshyam” is said to be the blind poet Surdas.

Cannes Film Festival: Austrian Director Haneke grabs top prize for a 2nd time

May 28th, 2012

• Director: Michael Haneke (Haneke previously won this award for The White Ribbon in 2009)
• Movie: Love
• Prize: Palme d’Or
• Best Actor: Mads Mikkelsen
• Movie: Hunt
• Best Actress: Cristina Flutur and Cosmina Stratan ( shared )
• Movie: Beyond the Hills
• Jury Prize Director: Ken Loach
• Jury Prize Movie: The Angels’ Share

MoU signed between India & Myanmar with $500 mn credit line for Myanmar

May 28th, 2012

MoU inked b/w the EXIM bank of India and Myanmar Foreign Trade Bank
MoU on:

· Border area development

· Setting up Myanmar Institute of Information Technology

· Setting up Advance Centre for Agricultural Research and Education at Yezin Agriculture University.

· Establishing Rice Bio Park

· Establishing of border haats across the border between the two countries

· Cooperation b/w Indian council of world affairs and Myanmar institute of strategic and international Studies.

· Kolkata University and Dagon University Yangon to collaborate on higher studies and research.

India and Myanmar will also launch bus service from Imphal to Mandalay.

Nay Pyi Taw is the new capital of Myanmar, earlier it was Rangoon

Princess Tower: World’ tallest Residential skyscraper in Dubai

May 28th, 2012

Dubai has set a new record with Princess Tower as the world’s tallest residential building.

• Building: “Princess Towers” in Jumeriah , Dubai
• Height: 413.4 metres (1,356 feet)
• Area: 37,410 square feet
• Floors: 101 floors

Dubai already has famous Burj Khalifa, the 2720 ft high tallest structure in the world.

Nepal unable to resolve differences on constitution drafting

May 28th, 2012

Consensus could not be reached among Nepal’s main political parties, the UCPN (Maoist) , Nepali Congress , CPN-UML and the union of the Samyukta Loktantrik madhesi Morcha as they were unable to resolve the differences in the constitution drafting.

Major cause of opposition: Differences on restructuring of states. Formation of 14 states based on ethnicity was proposed but the idea has been rejected.

DTAC modifications between India & the Netherlands

May 28th, 2012

DTAC: Double Taxation Avoidance Convention

Both India and the Netherlands have concluded a Protocol to amend the Article 26 of the DTAC concerning exchange of information to bring it in line with international standards.

What does this article 26 of DTAC relates to?

• Article 26 (Exchange of Information) of the DTAC deals with sharing of information between the signatories.

Article 26 of DTAC has been amended to:

• facilitate sharing of bank details and tax-related information
• allow use of information for non-tax purpose if allowed under the domestic laws of both the countries

India has inked Double Tax Avoidance Agreements (DTAA) with 82 countries and is in the process of modifying the agreements in line with the international norms. Amidst the key countries, India has already amended DTTA with Switzerland, Australia and Singapore. The talks for amending the pact with Mauritius are on.

China to destroy unsafe drug capsules

May 28th, 2012

• 254 pharmaceutical enterprises (~ 12%) of all capsule makers in China were discovered to be producing unsafe drug capsules.
• 5.8 % were found to contain excessive levels of chromium, of the 11,561 batches of drugs tested.
• China’s food and drug watchdog ordered substandard drugs to be immediately taken off shelves, sealed, recalled and destroyed.

Hazards of chromium :

• Rashes on skin
• Stomach problems and ulcers
• Respiratory problems
• Weakens immune systems
• Kidney and liver damage
• Changes in genetic material
• Lung cancer
• Death

Is every form of chromium is toxic to human beings?

No. Actually Chromium(III) which occurs naturally in many vegetables, fruits, meats, yeasts and grains is consumed by us, hence it is not the the pernicious form. Rather it is an essential component and its shortage may cause heart conditions, disruptions of metabolisms and diabetes. But too much intake is not good. Chromium can be toxic and carcinogenic if ingested in large amounts.

Toxic forms of Chromium

• Chromium(IV)
• Chromium(VI)

Some Applications

• Metallurgy
• Dye and pigment
• Wood preservative
• Tanning
• Refractory material
• Catalyst (Several chromium compounds are used as catalysts for processing hydrocarbons.)
• Chromium(III) oxide is a metal polish known as green rouge.
• Chromic acid is a powerful oxidizing agent and is a useful compound for cleaning laboratory glassware of any trace of organic compounds.

Biological role

• No verified biological role
• Classified as not essential for mammals.
• Use of dietary supplements (containing Chromium) is disputed on account of absence of any verified biological role, the expense of these supplements, and the complex effects of their use.

India-Bangladesh celebrate 90th anniversary of Nazrul’s ‘Bidrohi’

May 26th, 2012

 Who was Nazrul?

• He was a famous Bengali poet, musician and revolutionary who pioneered poetic works invoking powerful spiritual rebellion against fascism and oppression.
• Full name was Kazi Nazrul Islam, sobriquet, ‘Bidrohi Kobi’ (Rebel Poet).
• Period: Birth May 25, 1899 – Death August 29, 1976
• His intense poetic work and nationalist activism earned him the popular title of Bidrohi Kobi.
• ‘National poet of Bangladesh’: Accomplishing a plethora of highly praised works through his life, Nazrul is officially known as the ‘National poet of Bangladesh’ and celebrated in India.
• Nationality: Bangladeshi (Invited by the Government of Bangladesh, Nazrul and his family moved to Dhaka in 1972, where he died four years later.)

His relation with Indian Independence Movement:

• He was an ardent activist in the Indian independence movement
• He was often imprisoned by British authorities.
• While in prison, Nazrul wrote the “Rajbandir Jabanbandi” (“Deposition of a Political Prisoner”). Exploring the life and conditions of the downtrodden masses of India , Nazrul worked for their emancipation.

Famous works of Nazrul (Bidrohi):

• Bidrohi (The Rebel)
• Bhangar Gaan (The Song of Destruction)
• Dhumketu (The Comet)
• Nazrul Geeti (Nazrul songs)
• Rajbandir Jabanbandi (Deposition of a Political Prisoner)

Poverty Estimation: Expert Group under Rangarajan to review methodology

May 26th, 2012

Planning Commission constitutes an expert group headed by noted Economist C. Rangarajan to review the Tendulkar Committee methodology for estimating poverty.

Why this group has been constituted?

• After the controversy triggered by the Tendulkar Committee methodology that people consuming more than Rs 28.65 per daily in cities and Rs 22.42 in rural areas are not poor, the group has been constituted to look into the changed perspective of peoples views about poverty. Based on Tendulkar Committee methodology poverty has come down from 37.2 per cent in 2004-05 to 29.8 per cent in 2009-10 and the number of poor persons in the country has reduced from 40.7 crore in 2004-05 to 35.5 crore in 2009-10.
• The group will also suggest ways to link these estimates to eligibility and entitlements for government’s social sector schemes and programmes.

IVFRT Central Processing Office inaugurated in New Delhi

May 26th, 2012

IVFRT: Immigration, Visa and Foreigners Registration & Tracking

What will be its core functions?

The IVFRT will hold importance in immigration related matters. The office will

• Help in bringing more efficiency in immigration, visa and online registration of foreigners, security and other services.
• Develop and implement a secure and integrated service delivery framework that facilitates legitimate travellers while strengthening security.

The project includes 176 Indian Missions abroad, 80 Immigration Check Posts, 10 FRROs Foreigners Regional Registration Offices, and over 650 Foreigners Registration Offices in the State, District Headquarters

Indian-Americans clinch top 4 positions in 2012 National Geographic Bee in US

May 26th, 2012

Indian-American students made a podium finish by sweeping top four positions in the renowned National Geographic Bee in United States. This year’s competition was different as US President Barack Obama himself played a quizmaster.
Winners:

• 1^st Position: Rahul Nagvekar from Texas
• 2^nd Position: Vansh Jain from Wisconsin
• 3^rd Position: Varun Mahadevan from San Francisco
• 4^th Position: Raghav Ranga from Arizona

Kerala bans gutka, pan masala products

May 26th, 2012

Kerala bans gutka, pan masala products. The ban on gutka and pan masala containing tobacco and nicotine is imposed under the provisions of Food Safety and Standards Regulation Act, 2011.

Is Kerala the first state to impose such ban?

• No. After Madhya Pradesh, Kerala is the second state to ban the use of gutka and pan masala.

Dragon joins ISS

May 26th, 2012

What is Dragon?

• Dragon is an unmanned Cargo capsule of The SpaceX company.
• In 2010 it became the first commercially-built and operated spacecraft to be recovered successfully from orbit.

What is unique with this mission?

• With this rendezvous with the International Space Station (ISS), Dragon has become the first became the first commercial spacecraft that has achieved this success.

What role is assigned to Dragon?

• Dragon carried half a tonne of food and spares for the ISS.
• It has the capability to carry upto 7 astronauts or a mixture of personnel and cargo, to and from low Earth orbit.
• Mission: Dock with the ISS and delver 521 kg of Cargo, return to Earth with 660 kg load
• Launched: May 22, 2012 atop aFalcon 9 rocket
• Launching site: Cape Canaveral Air Force Station in Florida

“SpaceX”

• Has a US $1.6 billion contract with US Space agency NASA
• To provide 12 minimum flights, with option for additional missions for cumulative contract value of $3.1 billion
• First Commercial outfit to send a spacecraft into orbit and back in 2010

PM with C Rangarajan, D Subbarao & Montek Singh reviews decline in rupee and its impact

May 26th, 2012

Prime Minister Manmohan Singh reviewed the plummeting trend of rupee value and its impact on the economy with: D Subbarao , RBI Governor; Montek Singh Ahluwalia, Planning Commission Deputy Chairman and C Rangarajan, Chairman of Prime Minister’s Economic Advisory Council (PMEAC).

They attributed rupee depreciation to mismatch b/w the Current Account Deficit (CAD) and capital flows in India. They agreed upon:

• The need of further RBI intervention, in short term, to tackle market rumours
• Bringing down the CAD and increasing the capital flows in the medium-term
• Direct sale of dollars to oil marketing companies (OMCs) to ease pressure on the rupee

The oil firms buy dollars in large quantities to import crude from the international market. India’s crude oil import bill was 155.6 billion US dollar in 2011-12

Meet organized to look into the ‘Ashok Chawla Committee report’

May 26th, 2012

Ashok Chawla Committee on Allocation of Natural Resources.

A meet organized to look into the ‘Ashok Chawla Committee report’.

Central theme of the meet: To examine the report of Ashok Chawla Committee on Allocation of Natural Resources.

The Group of Ministers on corruption headed by the Finance Minister, examined the report. The GoM welcomed 69 of the 81 recommendations given by the Ashok Chawla committee. All the accepted recommendations will be pursued for implementation by individual ministries in a time bound manner.

Why Ashok Chawla Committee was constituted?

The goal was to examine the approach to allocating natural resources such as land, coal, minerals, petroleum and natural gas. The major purpose was to obtain recommendations to:

1. Enhance transparency, effectiveness and sustainability in the allocation, pricing and utilization of natural resources through open, transparent and competitive mechanisms
2. Suggest changes in the legal, institutional and regulatory framework to implement the recommendations

Agreement signed for manufacture of Railways spare parts

May 26th, 2012

An Agreement inked for manufacture of Railways spare parts.

Objective: ManufactureRailways spare parts at Jalingham near Nandigram in West Bengal

Main signatories:

• Indian Railways
• Steel Authority of India Limited (SAIL),
• State Government
• Burn Standard Company

What will be manufactured?

Railway coaches and couplings

Square Kilometre Array Project

May 25th, 2012

A verdict on where to site the Square Kilometre Array (SKA) radio telescope will be taken soon. The choices under considerations are:

• South Africa
• Australia and New Zealand

The SKA will be built in the southern hemisphere, in South Africa or Australia and New Zealand, where the view of our own galaxy, the Milky Way, is best and radio interference least

What is “Square Kilometre Array Project”?

• It is a radio telescope project
• Approximate cost: $2 billion
• Will assist answer fundamental questions about the origin and evolution of the universe, and whether it contains life beyond our planet
• 50 times more sensitive than any other radio instrument
• Will be able to survey the sky more than 10,000 times quicker than any other existent telescope.
• SKA’s primary computer will have the processing power equivalent to 100 million PCs.
• SKA’s produced data will far go beyond current internet traffic and it will produce sufficient raw data to fill 15 million 64 GB iPods every day and would take nearly 2 million years to playback on an iPod.
• Will be fully operational by 2024.
• Project is under Britain-based consortium which includes Canada, China, Germany, Italy, the Netherlands, the United Kingdom as well as Australia and South Africa.
• The SKA is a global collaboration of 20 countries which is aimed to provide answers to fundamental questions about the origin and evolution of the Universe
• The project has its headquarters in Manchester, UK

Which are the parties to the Project SKA Organization?

As of May 2012 the members of the SKA Organization are:

1. Australia: Department of Innovation, Industry, Science and Research
2. Canada: National Research Council
3. China: National Astronomical Observatories of the Chinese Academy of Sciences
4. Italy: National Institute for Astrophysics
5. New Zealand: Ministry of Economic Development
6. South Africa: National Research Foundation
7. The Netherlands: Netherlands Organisation for Scientific Research
8. United Kingdom: Science and Technology Facilities Council

What are the challenges while choosing the site for SKA?

• Issue is in finding a site that has “radio quietness”.
• The major obstacles are Radio frequency interference (RFI) and physical characteristics including climate and subsurface temperatures.
• Other Challenges include: Connectivity across the vast extent of the telescope itself as well as to communications networks for worldwide distribution of data produced by the SKA.
• Apart from these problems, there is a clash b/w South Africa and Australia. South Africa has accused Australia of playing dirty tricks as Australia has raised security concerns of building such an expensive project in South Africa owing high rate of violent crime in South Africa.

What is Radio Quietness?

• Radio Quietness means the place should be free from Radio Frequency Interference (RFI).

What is Radio Frequency Interference (RFI)?

• RFI refers to man-made radio signals – including those signals created by radio and television stations that can surpass the signals astronomers are interested in detecting.

current affairs may 2012

Government plans Rs 7000 Crore fund to clean Ganges

May 25th, 2012

A fund of more than Rs 7000 crore is being considered by the Govt for the conservation and cleaning of river Ganga. The National Ganga River Basin Authority (NGRBA), constituted for the purpose under the chairmanship of the Prime Minister, is fully operational. The Centre had already sanctioned projects worth more than Rs 2,600 crore. Of these projects, Rs 1,342 crore had been earmarked for setting up of sewage treatment plants and other related works in Uttar Pradesh.
NGRBA in collaboration with the Central and State governments had to ensure that by year 2020, no untreated municipal sewage or industrial effluent flew into the river Ganga.

Haryana mulls to introduce ‘Right to Play’ Bill

May 25th, 2012

Keeping in view that access to sports facilities should be the right of every person, Haryana’s CM has ordered to constitute a 5-member committee headed by Chief Secretary to consider various aspects of the Right to Play Bill 2012, before its introduction.

Government hikes interest rate on SDS, SPF, GPF to 8.8% for 2012-13

May 25th, 2012

Interest rates have been increased on the following Schemes for the year 2012-13 to 8.8% from 8.6% currently:

• Special Deposit Scheme (SDS)
• State Provident Fund (SPF)
• General Provident Fund (GPF)

New rate will be applicable from April, 1, 2012.

Rate of interest on GPF is generally fixed after taking into consideration the average secondary market yields on government securities of similar maturity.

The benefit of increased interest rate will be available to subscribers of:

• All India Services Provident Fund
• Contributory Provident Fund (India)
• State Railway Provident Fund
• General Provident Fund (Defence Services).
• Contributors to Indian Ordnance Department Provident Fund, Indian Ordnance Factories Workmen’s Provident Fund, Indian Naval Dockyard Workmen’s Provident Fund, Defence Services Officers Provident Fund and Armed Forces Personnel Provident Fund will also benefit from the move.

What is SDS?

• SDS is a scheme in which the Non-Government Provident Funds like Employees’ Provident Fund Organization (EPFO) invest. At present, EPFO funds of about Rs 55,000 crore are parked in the SDS.

Govt constituted Task Force on National Security submits report to PM

May 25th, 2012

The Task Force, constituted by the government to review the working of the national security, presented its report to Prime Minister Manmohan Singh.

Task Force headed by Naresh Chandra

Why this task force was constituted?

• To review existing processes, procedures and practices in the national security system
• To suggest measures to strengthen the national security apparatus.

‘Review Central Acts, Articles of Constitution extended after Delhi 1952 Agreement’:J&K interlocutors

May 25th, 2012

The Jammu and Kashmir interlocutors report has called for a review of all central Acts and articles of constitution extended to the state after the Delhi Agreement, 1952 . As per the report, if state government is dismissed, Assembly elections should be held in 3 months.
The ministry had formed the team after youth unrest in J&K in 2010 and it was given a year’s time to suggest ways to arrive at a permanent solution to the Kashmir problem.

The 3 interlocutors who had submitted their report to the ministry in 2011 were:

• Mr. Dileep Padgaonkar
• Ms. Radha Kumar
• Mr. M M Ansari

 

Akash missile test fired successfully

May 25th, 2012

Akash test fired from the Integrated Test Range (ITR) at Chandipur, about 15 km from Balasore in Odisha coast.

Akash

• Surface-to-surface air missile System
• Indigenously-developed under Integrated Guided Missile Development Programme
• An anti-aircraft defence system
• Strike range: 25 km
• Warhead capacity: 60 kg
• Similar to the American MIM-104 Patriot surface-to-air missile system, the Akash is capable of neutralizing aerial targets such as unmanned aerial vehicles (UAVs), fighter jets, cruise missiles

What is Rajendra?

Rajendra is a radar developed by the Electronics and Radar Development Establishment at DRDO. Akash can simultaneously engage several targets with the help of this Radar. Rajendra does the surveillance, tracks the target, acquires it and guides the missile towards it. It is “passive phased array radar” which is multifunction and it can track as many as 64 targets and control up to 12 missiles simultaneously.

Polio a global health emergency: WHO

May 25th, 2012

WHO may declare Polio a global health emergency.

Why WHO might declare Polio a Global Health Emergency?

• WHO may declare this owing to complacency in efforts to eradicate the virus forever.
• Polio is still endemic to Afghanistan, Pakistan and Nigeria because of recent outbreaks in countries once declared polio free.
• Albeit India has achieved success in stopping active polio virus circulation but the threat of importation is still worrying countries across the world.

Persons in News:

May 23rd, 2012

Nisha Rani Dutta

• Archery player
• The Ministry of Sports and Youth Affairs approved an ex-gratia of Rs 5 lakh (from National Welfare Fund for Sportspersons) to archery player Nisha Rani Dutta who is living in a poor condition.
• Nisha (21) is from Pathmada village in the Jamshedpur district of Jharkhand.
• The move follows a news report that Ms Dutta, who has played in national and International archery competitions, was forced to sell her bow to repair her mud house. She had been trained by Tata Archery Academy and won gold medal at international archery championships, but discontinued the sport because of poverty. Her house collapsed during last year’s monsoon.
• She won a silver medal at the 2008 South Asian Federation Championship in Jharkhand, a bronze medal at the 2006 Bangkok Grand Prix, and the Best Player Award in the 2007 Asian Grand Prix in Taiwan.

Rafael Nadal: Wins Italian Open

Tennis Player: Rafael Nadal. Currently ranked World No: 2

Spain’s Rafael Nadal won the Men’s Singles title of the Italian Open Tennis tournament at Rome.

He won the title for a record 6^th time.

In the finals Nadal defeated Serbia’s World Number One Novak Djokovic.

Sunny Varkey

• One of the leading NRIs and Private education providers.
• The Founder and Chairman of GEMS Education Group of institutions in the gulf region.
• Conferred the title of UNESCO Goodwill Ambassador for Education Partnerships.
• Sunny Varkey is the second Indian to become a UNESCO Goodwill Ambassador.
• He was lauded for his contribution in innovative public-private partnerships to ensure that underprivileged children across the world receive a good quality education, especially in Africa.
• Sunny Varkey began the Varkey Group in 1980 with ‘Our Own English High School’. Since 1980, the organisation has since evolved to include a number of schools internationally. The Varkey group has also grown to include separate divisions in healthcare and construction in addition to their large role in education under the title GEMS Education. GEMS Education is the largest private school operator in the world for students from kindergarten to grade 12. There are over 100,000 students in GEMS Education schools from well over 100 countries.

Tomislav Nikolic

New President of Serbia 

Replaces Boris Tadic as the President of Serbia

The contest had been seen as a vote on EU membership and the newly-elected President promised that Serbia will not wander off from its European path.

Donna Summer

• American Pop star
• Donna Summer (63) passed away in Florida, USA.
• Grammy Award winner
• Summer was one of disco’s biggest stars and also had a huge influence on the synth pop and dance music scenes.

Chen Guangcheng: Chinese Activist Leaves China

Chinese activist

Visually challenged activist

Chen Guangcheng and his family have left China on a flight headed for the US

Chen and his wife with their two children, obtained their passports at Beijing’s international airport, shortly before boarding a United Airlines flight. The flight is due to land at Newark airport, just outside New York City, tomorrow evening. He has been offered a place at New York University.

Tamae Watanbe

• Japanese mountaineer
• Became the oldest woman to climb Mount Everest at the age of 73 years.

 

S.K. Thorat

 Chairman of the Indian Council of Social Science Research

He will be the Chairman of the committee to review NCERT’s political science textbooks for schools.

The committee will submit its report within one month.

The Government has set up a committee in the wake of the cartoon row to review NCERT’s political science textbooks for schools. The committee, comprising 5 members from a social science background, will review the textbooks from the point of view of identifying educationally inappropriate material in them.

No Govt decision yet on doing away with LPG subsidies for rich

May 23rd, 2012

The Minister of State for Petroleum and Natural Gas R.P.N. Singh held that the Standing Committee on Petroleum and Natural Gas had advocated that the government may consider doing away with furnishing subsidized domestic LPG cylinders to those people having an income of more than Rs 6 lakh per annum. The panel had also proposed not to supply subsidized cylinders to those persons who are holding constitutional posts and public representatives like MPs, MLAs and MLCs.

But, the government has not yet taken any verdict on the suggestions of the panel to do away with furnishing subsided LPG cylinders to rich and well-off section of population.

‘Medara community’ included in K’taka ST list

May 23rd, 2012

The Constitution (Scheduled Tribes) Order (Amendment) Bill, 2012 seeks to amend the Constitution to include the Medara community in the list of Scheduled Tribes in Karnataka.
It received Parliament’s approval with the Rajya Sabha adopting it. The Lok Sabha had passed it earlier. In 2002, the Medara community was omitted in the list.

Complete automation of Fair Price Shops by March ’14: Centre to States

May 23rd, 2012

The Central Govt has directed all the States and UTs to finish automation of Fair Price Shops (FPS) by March 2014.

• The automation of FPS is part of the exercise of end-to-end computerisation of Public Distribution System, PDS.
• At present, there are over 5.06 lakh FPS in India.

New Zealand authorities: Govt to scrap foreign ownership limits on its airlines

May 23rd, 2012

At the launch of a discussion document on New Zealand’s international air transport policy, New Zealand authorities held that the government is proposing to scrap foreign ownership limits on New Zealand airlines. They held that the policy review purported extending to seek inter-government agreements with liberalized investment criteria, provided certain conditions were met. The review suggested removing limits on foreign ownership of New Zealand airlines, which were currently set at 25% ownership by any one foreign airline or 35% by foreign airlines in total.

 

May 22: International Day for Biological Diversity (IDB)

May 23rd, 2012

‘International Biodiversity Day’ observed across the world on May 22.

Objective:

• To step-up understanding and awareness about biodiversity issues.
• To make people aware about the importance of biodiversity on the one hand and its unprecedented loss on the other.
• The day is an opportunity to promote conservation and sustainable use of biodiversity.

Theme for 2012: “Marine Biodiversity”

Marine Biodiversity is the theme for this year’s International Day for Biological Diversity (IDB). Designation of IDB 2012 on the theme of marine ecosystems provides Parties to the Convention on Biological Diversity (CBD) and everyone interested in marine life, the opportunity to raise awareness of the issue and increase practical action.

Biodiversity:

It refers to the variety of flora and fauna that make up the ecosystem and the preservation of the ecosystem is vital to natural balance and human existence.

Background:

The United Nations proclaimed May 22 The International Day for Biological Diversity (IDB) to increase understanding and awareness of biodiversity issues. When first created by the Second Committee of the UN General Assembly in late 1993, 29 December (the date of entry into force of the Convention of Biological Diversity), was designated The International Day for Biological Diversity. In December 2000, the UN General Assembly adopted 22 May as IDB, to commemorate the adoption of the text of the Convention on 22 May 1992 by the Nairobi Final Act of the Conference for the Adoption of the Agreed Text of the Convention on Biological Diversity. This was partly done because it was difficult for many countries to plan and carry out suitable celebrations for the date of 29 December, given the number of holidays that coincide around that time of year.

May 21: Anti-Terrorism Day Observed

May 23rd, 2012

May 21, the death anniversary of ex-PM of India, Shri Rajiv Gandhi is also observed as Anti Terrorism Day all over the country. It was on May 21, 1991 that former Prime Minister Rajiv Gandhi fell to the designs of terrorists.
Objective:

• Observe Death anniversary of ex-PM of India Mr. Rajiv Gandhi
• The Day is observed to bring forth awareness in the nation among all sections of people, about the danger of terrorism, violence and its dangerous effect on the people, the society and the nation as a whole.

On this day an Anti-terrorism pledge is taken in all government offices, PSUs and other public institutions.

Andaman & Nicobar: All children of primitive tribe ‘Onges’ enrolled into school under SSA

May 23rd, 2012

• A land mark achievement has been made under Sarva Shiksha Abhiyan (SSA) in Andaman and Nicobar islands, by enrolling all the children of the Primitive tribe Onges in to school.
• The Primary School established exclusively for the Onges tribe in Little Andaman has been upgraded to Elementary school to ensure uninterrupted education to one of the rarest primitive tribes in India.

Who are Onges?

The Onge (also Önge or Ongee) are one of the Andamanese adivasi indigenous peoples of the Andaman Islands, located in the Bay of Bengal. They are sometimes classified as “Negritos”. They were formerly distributed across Little Andaman Island and the nearby islets, with some territory and camps established on Rutland Island and the southern tip of South Andaman Island. This semi-nomadic tribe used to be fully dependent on hunting and gathering for food.

Why there is a concern for their population count?

Onge population numbers were substantially reduced in the aftermath of colonisation and settlement, from 672 in 1901 to barely 100. The surviving members are confined to two reserve camps on Little Andaman, Dugong Creek (northeast) and South Bay. A major cause of the decline in Onge population is the changes in their food habits brought about by their contact with the outside world.

What are the Demographic troubles of Onges people?

• The Onge are one of the least fertile and most sterile people in the world. About 40% of the married couples are sterile.
• Onge women rarely become pregnant before the age of 28.
• Infant and child mortality is in the range of 40%.
• The net reproductive index for the Onge is 0.91.
• For comparison, the net reproductive index among the Great Andamanese is 1.40.

Onges and their Tsunami connection

The semi-nomadic Onges have a traditional story that tells of the ground shaking and a great wall of water destroying the land. Taking heed of this story, all 96 tribesmen of the semi-nomadic Onges survived the tsunami caused by the 2004 Indian Ocean earthquake, by taking shelter in the highlands.

US House of Representatives passes bill placing conditions for aid to Pak

May 23rd, 2012

The US House of Representatives with the Republican-majority passed the US $643 bn defence authorization bill for 2013 defying the White House veto threat.

The Bill places some conditions for American aid to Pakistan.

As per the Bill:

• US economic and military aid to Pakistan should be based on Islamabad’s action against terrorists and Improved Explosives Devices attacks.
• The Bill prohibits preferential procurement of goods or services from Pakistan till Islamabad re-opens the crucial NATO supply routes to Afghanistan. The routes were closed after the death of 24 Pakistani soldiers on November 26, 2011 in a NATO cross-border fire.
• The bill also necessitates the construction of an East Coast missile defence system in the United States by the end of 2015 and has budgeted 100 million dollars for this.
• The White House had held that conditions and certification regarding aid to Pakistan will be counter-productive. The Bill now heads for a showdown with the Democrat-majority Senate.

India, Lanka ink pact of exposition of Kapilavastu Relics from Aug 20, 2012 to Sept 5, 2012

May 23rd, 2012

India and Sri Lanka inked an agreement regarding the organization of an exposition of the Sacred Kapilavastu Relics in Sri Lanka from August 20, 2012 to September 5, 2012.

• This would be for the second time since their discovery 113 years ago, the Sacred Kapilavastu Relics will travel to Sri Lanka from India’s National Museum situated in New Delhi. The first Exposition of Sacred Relics in Sri Lanka was in 1978.

The Exposition is being organized in Sri Lanka at the request made by the President of Sri Lanka to the PM of India to furnish a chance to the followers of Buddhism in Sri Lanka to pay homage to the Kapilavastu Relics.

• Background:

The Sacred Kapilavastu Relics were excavated by Alexander Cunningham, the first director of the Archaeological Survey of India, in the late 19^th century from ruins in Piprahwa, in present day Bihar; Piprahwa was known as Kapilavastu in ancient Indian history.

SBI posts nearly 200-time increase in profit for Jan-March period

May 23rd, 2012

SBI, India’s largest bank posted nearly 200-time increase in profit at over Rs 4,000 crore for January-March period.

• This is the highest ever quarterly profit in SBI’s history and is on the back of a sharp fall in provisioning for bad loans. SBI’s net profit of over Rs 11,707 Crore for the entire fiscal ended March, 2012 is the third highest profit of any corporation in India.

The total provisioning for bad loans for the quarter was down to Rs 5,547 Crore from 6,059 crore rupees in the comparable period. In the period under review, the loss from sale of equity stood at Rs 26 Crore rupees as against Rs 335 crore in the previous corresponding quarter.

Parliament approves Railway Property Unlawful Possession Amendment Bill 2011

May 23rd, 2012

The Railway Property Unlawful Possession Amendment Bill 2011 was approved by the Parliament with the Lok Sabha adopting it with a voice vote. The Rajya Sabha had already passed it.

Objective:

• The Act seeks to protect railway property and give punishment to offenders.

Railway Protection Force, RPF has been given more power via this legislation so that it can inquire into cases of encroachment of railway property and take action against the errant.

7 young Indian scientists bag World Science Research Competition Prizes in US

May 23rd, 2012

7 young Indian scientists awarded Inter World High School Science Research Competition Award in USA. The award carries a cash prize of US $75,000.

Copyright Amendment Bill, 2010 passed; Artists interests protected with newer issues addressed

May 23rd, 2012

The Rajya Sabha cleared the Copyright Amendment Bill, 2010.

Objectives:

• The Bill amends the Copyright Act, 1957.
• To remove operational difficulties and address fresher issues related to the digital world and Internet.
• To bring Indian laws originally enacted in 1957 in conformity with international norms and World Intellectual Property Organisation, n order to protect the interest of artists.

The Bill changes to the rights of the authors of several types of work. The Amendment Bill:

a) Changes copyright provisions for films

b) Furnishes artists such as lyricists or composers greater control over rights in their work,

c) Widens the ‘moral’ rights that authors enjoy over their work and extends this right to performers.

The Bill also makes the following alterations to the rights of users of several types of works:

a) Now, Copyrighted works can now be produced in ‘special’ formats for the usage of disabled persons without infringing copyright

b) The Bill allows the free import of copyrighted works from other nations

c) The Bill dictates penalties for persons who outfox technologies used to protect copyright

d) The Bill furnishes for statutory licences to be issued to broadcasters and producers of version recordings.

India, Trinidad ink MoU in coconut sector

May 23rd, 2012

• MoU inked b/w India and the Republic of Trinidad and Tobago to boost and develop technical cooperation in the coconut sector.

Objective:

• Transfer of technologies in production, post harvest management, value added products and mechanized palm climbing for a period of 2 years.
• The Coconut Development Board will provide technical support to rehabilitate coconut plantation in 10,000 acres in Trinidad and Tobago, for which 6 lakh superior quality seedlings will be produced. Shipment of these seedlings will take place next year.
• The MOU will also provide marketing opportunities for India in Trinidad and Tobago

EC inks MoU with Washington based IFES

May 23rd, 2012

The Election Commission (EC) inked an MoU with the Washington based International Foundation for Electoral Systems (IFES), for developing and strengthening democratic institutions and processes.
Objective:

• To make available the knowledge and experience of the commission to election managers and practitioners around the world.
• To promote working partnership between EC and IFES for joint initiatives, exchange of information, experiences, training and research.

Cabinet approves proposal to permit GAIL to sign agreement on TAPI Gas pipe line project

May 23rd, 2012

The Union Cabinet approved the proposal of the Ministry of Petroleum & Natural Gas to permit GAIL India Limited to ink the Gas Sale & Purchase Agreement (GSPA) with Turkmenistan’s national oil company Turrnen-Gas, for the Turkmenistan-Afghanistan-Pakistan-India (TAPI) Gas Pipeline Project.

The provisos of the GSPA have been structured to safeguard India’s commercial interests as India is at the tail end of the pipeline. Afghanistan and Pakistan have committed to the safety and security of the pipeline via the Inter-Governmental Agreement and the Gas Purchase Framework Agreement inked amongst the 4 countries in December 2010.
TAPI Gas Pipeline:

• To be 1680 Km in length (144 Km in Turkmenistan, 735 Km in Afghanistan & 800 Kms in Pakistan)
• Capacity of 90 MMSCMD (Million Metric Standard Cubic Meter Definition) of gas
• 38 MMSCMD each for India and Pakistan and the remaining 14 MMSCMD for Afghanistan.
  Expected to be operational in 2018
• Expected to supply gas over a 30 years period.
• Source of the gas: South Yoiotan Osman field, recently renamed ‘Galkynysh’
• Galkynysh certified to be holding proven recoverable gas reserves of 16 trillion cubic metres.

Sitakant Mahapatra Report

May 23rd, 2012

The government is examining the Sitakant Mahapatra Report and a report given by Union Public Service Commission, UPSC in order to take a decision on the inclusion of Bhojpuri language in the 8^th schedule of the Constitution. Sitakant Mahapatra on the issue had submitted its report in 2004 but a final decision was yet to be taken.

Union Home Minister Mr. Chidambaram acknowledged the fact that there was “no established set of criteria” for inclusion of languages in the Eighth schedule.

Govt sets up committee to review NCERT’s textbooks

May 23rd, 2012

The Government has set up a committee in the wake of the cartoon row to review NCERT’s political science textbooks for schools. The committee, comprising 5 members from a social science background, will review the textbooks from the point of view of identifying educationally inappropriate material in them.

Who will head this Committee?

• S K Thorat, who is now chairman of the Indian Council of Social Science Research, will be the Chairman of the committee and will submit his report within one month.

The committee is setup following uproar over the cartoon of B R Ambedkar in NCERT textbooks, which made it clear that cartoons on the political class should not find a place in textbooks as they influence the sensitive minds of students.

National Welfare Fund for Sportspersons:

Under this scheme, the Ministry of Sports and Youth Affairs provides lump sum financial assistance to outstanding sportspersons of the past, who are facing financial distress.

India largest importer of arms during 2007-11

May 23rd, 2012

As per a report published in March 2012 by the Stockholm International Peace Research Institute, India has become the largest importer of arms, surpassing the Chinese share of 5% of global arms imports during 2007-11. India became the largest importer of arms during 2007-11 and accounted for 10% of global arms import.

Some Persons in News :

May 17th, 2012

Margaret Alva:

Margaret Alva sworn in as the 19^th Governor of Rajasthan. She is the 3^rd woman Governor of the state after Ms. Pratibha Devisingh Patil and Ms. Prabha Rao, who had served earlier.

Rahul Khullar:

• Commerce Secretary Rahul Khullar appointed the new chairman of the Telecom Regulatory Authority of India (TRAI).

Eduardo Saverin:

Co-founder of Facebook Inc.

Before an IPO that values the social networking site Facebook at as much as $96 billion, the billionaire co-founder of Facebook Inc. Eduardo Saverin renounced his US citizenship.

The move may decrease his tax bill. Saverin’s stake is 4%, as per the website Who Owns Facebook. At the high-end of the IPO valuation, that would be worth about $3.84 billion. His holdings aren’t listed in Facebook’s regulatory filings.

Saverin, joins a growing number of people giving up US citizenship, a move that can cut their tax liabilities in US. Saverin lately found it more useful to become a resident of Singapore.

Francois Hollande:

• Mr. Francois Hollande sworn in as President of France.
• Became the First Socialist in 17 years to occupy the Elysee Palace.

Rekha:

Cine superstar Rekha took oath as a member of the Rajya Sabha.

 

Direct tax revenue doubled to Rs 4.46 lakh crore in 5 yrs to FY11

May 17th, 2012

• During 2010-11, the government’s revenue from direct tax collection rose by 94% to Rs 4,46,935 crore in from Rs 2,30,181 crore in 2006-07.
• During the same period, the Indirect tax collection rose to Rs 3,45,127 crore from Rs 2,41,538.

But, the number of tax assesses fell in 2008-09 and 2010-11 from the previous years for the 5 years under review. During these years, the number of income tax assesses were:

• 3.19 million (2006-07)
• 3.37 million (2007-08)
• 3.27 million (2008-09) (Decrease)
• 3.41 million (2009-10)
• 3.37 million (2010-11) (Decrease)

IIM, IIT graduates to help Centre plan in Naxal-hit areas

May 17th, 2012

Under the Centre’s Integrated Action Plan (IAP), the Union Rural Development Ministry has deputed a team of fresh IIM and IIT graduates in Jharkhand to support the senior Bureaucrats in implementation of development plans across 11 naxal-hit districts. The IAP operates in 17 districts of Jharkhand.

As per the fellowship programme worked out by PM Manmohan Singh and Union minister Jairam Ramesh, each IAP runs districts will get two fellows to assist respective Deputy Commissioners.

The posts of fellows were advertised by the Union Rural Development Ministry a few months ago. Over 8,000 Engineering, Management and other degree holders responded and from amongst them 800 were shortlisted. To begin with 156 were selected for 78 left wing extremism-hit districts across 9 states including Jharkhand. In Jharkhand, 34 fellows were appointed and of them from the first batch 22 have joined recently. The fellows were appointed with a beginning honorarium of Rs 50,000 a month that will be raised to Rs 75,000 after 2 months.

TRAI limits advertisement duration on TV channels to 12 min/hr

May 17th, 2012

As per TRAI’s Standards of Quality of Service Regulation 2012:

• Duration of advertisements limited on Television channels to 12 minutes per hour and any shortfall of advertisement duration in any clock hour can’t be carried over.
• Min. time gap b/w any two consecutive advertisement breaks should not be less than 15 minutes, while in case of movies, this time gap should be a minimum of 30 minutes.
• These conditions shall not apply live broadcast of a sporting event.
• During live broadcast of a sporting event, ads can be telecast only during the breaks in the sporting action.
• The audio level of the ads carried in TV channels cannot be higher than the audio level of the programmes being broadcast in the channel.
• Ads can only be full screen with part screen and drop down ads not permitted.

‘Sharing a Cup of Tea Mission’

May 17th, 2012

A pilot project launched by the department of trade and commerce in the Arunachal Pradesh.

Objective:

• To encourage tea cultivation in the Arunachal Pradesh
• For small and marginal tea growers in the state.
• Scheme being implemented for the first time in the state.
• Project in particular engineered to help provide financial assistance in the form of supplying of tea saplings to small and marginal tea farmers.

BCCI allows Pak team to play in Champion league T20 in India

May 17th, 2012

The Board of Control for Cricket in India (BCCI) gave its nod to permit a team from Pakistan to play in Champions League-T20 Championship to be held in India in October. Thus it would be the first time that a team from Pakistan would play on Indian soil after the 26/11 Mumbai Terror attacks.

Govt approves package of around Rs. 14,000 crore to revamp cooperative credit structure

May 17th, 2012

A package of around Rs 14,000 Crore approved by the Govt in order to revamp the cooperative credit structure in India.

Agriculture Minister Sharad Pawar held that the government has also enacted a law to ascertain democratic, autonomous and professional function of the cooperatives. Govt has sanctioned the National Policy on cooperative aimed at providing essential support and fillip.

Former President, Dr. A.P.J Abdul Kalam held that cooperative should work for inclusive growth in India and with more than 6 lakh cooperative societies and 250 million members, the Indian cooperative sector is one of the largest cooperative movements in the world and it can play a big role in India’s development.

Cabinet clears 3 Bills

May 14th, 2012

The Union Cabinet 3 Bills:

1. The Universities for Research and Innovation Bill, 2012
2. Copyright (Amendment) Bill
3. National Accreditation Regulatory Authority for Higher Educational Institutions Bill, 2012

The Universities for Research and Innovation Bill, 2012:

Key Objectives:

• To set up world-class institutes focussed on high-quality research.
• Allow existing varsities to conditionally upgrade to Innovation University status.
• These Universities can be fully public-funded, fully private-funded or in the PPP mode.
• The previous target of setting up 14 such varsities has been cut down on grounds of non-feasibility and the debate that even a couple of them will serve the purpose of rearing a research ecosystem as aimed.

National Accreditation Regulatory Authority for Higher Educational Institutions Bill:

Key Objectives:

• To provide mandatory assessment of human and physical infrastructure of higher educational institutions before they commence academic operations, besides accreditation of academic quality of their programmes after completion of 6 years of existence by independent accreditation agencies.
• To establish a statutory authority for registering and licensing the accreditation agencies and regulating the process of accreditation.

Copyright (Amendment) Bill:

Key Objectives:

• To amendment to the Copyright Act, 1958
• The Bill makes the following changes to rights of authors of different types of work:

a) Changes copyright provisions for films

b) Gives artists such as lyricists or composers greater control over rights in their work

c) Broadens the ‘moral’ rights that authors enjoy over their work and extends this right to performers.

• The Bill also makes the following changes to the rights of users of various types of works:

a) Copyrighted works can now be produced in ‘special’ formats for the use of disabled persons without infringing copyright

b) Allows for the free import of copyrighted works from other countries

c) Prescribes penalties for persons who circumvent technologies used to protect copyright

d) Provides for statutory licences to be issued to broadcasters and producers of version recordings.