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Dilma Rousseff 2Nov Brazilians celebrated the election of their first-ever woman President, Dilma Rousseff, who pledged to extend policies implemented by popular outgoing leader Luiz Inacio Lula da Silva. Lula's tireless backing of Rousseff delivered her 56 per cent of the ballots in a runoff against opposition challenger Jose Serra, the former Governor of Sao Paulo state who scored 44 per cent. Rousseff an economist who served as Lula's Cabinet chief before he handpicked her as his successor, swore she would make eradication of poverty her priority in government as she sought to “honour the trust” voters had shown her. She also lambasted the world's leading economies for devaluing their monies in a “currency war” that was threatening the exports of Brazil and other countries, but promised she would not put up more protectionist barriers around Latin America's biggest country. Her biggest challenge will be preparing the country to host the 2014 football World Cup and the 2016 Olympic Games in Rio, both awarded under Mr. Lula's deft lobbying. She does not have the same solid support within the Workers Party that Lula had, presaging possible legislative troubles ahead. Lula himself has not said what he plans to do. He is retiring with a popularity rating above 80 per cent and a high global profile. “There is no possibility of an ex-President participating in a government,” said Mr. Lula on Sunday when he voted on Sao
Paulo's outskirts, where he started out as a factory metalworker and union leader. Sergei Ivanov 4Nov Deputy Prime Minister Sergei Ivanov has been appointed to head the Russian part of the Indo-Russian Inter-Governmental Commission (IRIGC) for trade, economic, scientific-technical and cultural cooperation. Ivanov was replacing the former Deputy Prime Minister, Sergei Sobyanin, who last month became the Mayor of Moscow. Ivanov's appointment is good news for the defence establishments both in India and Russia. As Russia's Defence Minister in 2001-2007, he co-chaired the IRIGC for militarytechnical cooperation and helped formulate Russia's arms export strategy, which calls for the supply of the most cutting-edge defence technologies to India, while exercising extreme discretion in selling weapons to China. Anand Sinha 10Nov Anand Sinha, Executive Director, Reserve Bank of India, is likely to be elevated as the new Deputy Governor following Usha Thorat, Deputy Governor. The portfolios (Legal Department, Department of Currency Management, Rural Planning & Credit Department, Urban Banks' Department, Department of Banking Operations, Department of Expenditure & Budgetary Control, Department of Banking Supervision, Premises and Central Security Cell) handled by Thorat will be temporarily looked after by the Deputy Governor, Shyamala Gopinath. Prithviraj Chavan 10Nov Union minister Prithviraj Chavan will be the next chief minister of Maharashtra succeeding Ashok Chavan who resigned in
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the wake of the Adarsh Housing Society scam. The announcement was made by Pranab Mukherjee, a day after Chavan's resignation. Congress president Sonia Gandhi has chosen Prithviraj Chavan as the Maharashtra Congress Legislature Party leader. Ajit Pawar 11Nov Union Agriculture minister Sharad Pawar’s nephew Ajit Pawar will be deputy of newly elected Maharashtra Chief Minister Prithviraj Chauhan. Ajit Pawar will replace deputy chief minister Chaggan Bhujbal in the office. The decision was taken in the NCP meet. Shyamoli Gupta 13Nov The Ninth National Conference of the AllIndia Democratic Women's Association (AIDWA) came to a close with the election of 101 Central Executive Committee members from among the delegates. In keeping with the three-term policy for office-bearers, Subhashini Ali was relieved from the post of President and Shyamoli Gupta from West Bengal was elected in her place. Sudha Sundararaman will continue as general secretary for another three-year term. Alpha Conde 16Nov In Guinea, Alpha Conde has won the presidential election. The National Independent Electoral Commission said in Conakry of Guinea that the preliminary results show Conde received 53.5 per cent of the 2.89 million ballots cast and his opponent, Cellou Dalein Diallo, got 47.5 per cent of the votes. A total of 4.2 million citizens had registered to vote. Mahindra Rajapaksa 19Nov Sri Lanka's President Mahinda Rajapaksa
was sworn in for a second term .The ceremony took place at the Presidential Secretariat before Chief Justice Ashoka de Silva. Rajapaksa opted for early elections in January 2010 - two years before his term was due to end - and received 57.81 per cent of the votes. He then delayed being sworn in for his second term by nine months, enabling him to gain the maximum period in power. R. Varadarajan 24Nov The Ministry of Home Affairs, Government of India, has appointed R. Varadarajan as the Managing Director of Repco Bank, a Government of India enterprise established for the rehabilitation of repatriates. Varadarajan is a Post-Graduate in Agriculture with CAIIB and Diploma in Management. He was earlier holding the post of Executive Director in the Bank for over four years and General Manager for six years. Kiran Kumar Reddy 25Nov N. Kiran Kumar Reddy, Speaker of the Andhra Pradesh Legislative Assembly, will be the new Chief Minister of Andhra Pradesh. The 50-year-old Kiran Kumar from Chittoor district of the Rayalaseema region will be sworn in as the 16th Chief Minister of the State by the A.P. Governor, E.S.L Narasimham at the Raj Bhavan. Nitish Kumar 26Nov Nitish Kumar and Sushil Kumar Modi were unanimously elected leaders of JD(U) and BJP legislature parties in Bihar, a day after NDA notched up a landslide victory. Kumar will be sworn-in as the chief minister with Modi as his deputy. Governor Devanand Konwar would administer oath of office and secrecy. V.K. Sharma 26Nov
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LIC Chairman T S Vijayan today said that V K Sharma will take over as the CEO of its housing finance arm. V K Sharma has been appointed as LIC Housing Finance CEO. Sharma is currently in charge of LIC's South Zone operations. LIC had convened an urgent board meeting yesterday in the wake of the arrest of Nair and the insurer's Secretary (Investment) Naresh K Chopra. S K Lal 29 Nov S K Lal has assumed charge as Chief General Manager of State Bank of Hyderabad (SBH). He had earlier held various assignments in State Bank of Bikaner & Jaipur, State Bank of Mysore, State Bank of Indore and SBH. The bank has also got a new General Manager, Jyoti Ghosh, who has also assumed charge. Nehchal Sandhu 30Nov Bihar-cadre IPS officer of 1973 batch Nehchal Sandhu will take over as new Intelligence Bureau chief on January 1 for a period of two years. Sandhu, currently special director, Intelligence Bureau has been appointed as Officer on Special Duty (OSD) in the IB with effect from December 1. He will take over as director, IB for a period of two years with effect from January 1, 2011. Sandhu will succeed Rajiv Mathur, an IPS officer of 1972 batch, who will retire on December 31.
co-founders of Aajeevika Bureau, have been awarded the Indian Social Entrepreneur award for the year 2010, by the Schwab Foundation and Jubilant Bhartia Foundation. Schwab Foundation said Kapil Sibal, Minister of Human Resource Development, Science and Technology of India, handed the award to the winners in New Delhi. Rajiv Khandelwal was honoured at the opening of the World Economic Forum's India Economic Summit. Aajeevika Bureau has introduced a unique photo identification card for inter-state migrants, allowing them to access banking, mobile telephone and other government services and citizenship entitlements. In addition, the organization offers skills training, job placement, legal aid and counselling. Banking Excellence Award 16Nov Andhra Bank, South Indian Bank and YES Bank have been adjudged the best banks in the respective categories of public sector banks, old private sector banks and private new generation banks in the country at the Banking Excellence Award instituted by the State Forum of Bankers' Clubs, Kerala. Among the public sector banks, Corporation Bank and Canara Bank stood at the second and third places respectively. Karur Vysya Bank was the second best private sector bank. Jammu & Kashmir Bank stood third in this category. Among new generation banks, IndusInd Bank bagged the second position; HDFC Bank and Axis Bank sharing the third slot. Union Bank of India Kalamassery Branch was adjudged as the best public sector branch in the State. Corporate Hotelier 16Nov
Social Entrepreneur Award 15Nov Rajiv Khandelwal and Krishnavtar Sharma,
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Oberoi Group Chairman P R S Oberoi was awarded the '2010 Corporate Hotelier of the World' award by HOTELS magazine in New York. In its 29th year, the annual 'Hotelier of the World' award winner is selected on the basis of votes cast by readers of the magazine in more than 150 countries. The cover story of the November edition of HOTELS magazine refers to Oberoi as "the founder father of modern luxury hospitality in India" and credits him with growing the company "into one of the world's most prestigious luxury hotel groups". Oberoi is credited with placing Oberoi hotels on international luxury travelers' map with the opening of several new luxury hotels in the Mauritius, Indonesia and Egypt, besides important tourist destinations in India, such as Jaipur, Agra, Udaipur, Ranthambhore and Mashobra in the Himalayas. Recently, The Oberoi Vanyavilas hotel at Ranthambhore was ranked the best hotel in the world in Travel + Leisure magazine's 2010 World's Best Awards readers' poll. Global Vision Award 18Nov Billionaire businessman and Reliance Industries Chairman Mukesh Ambani has received the Global Vision Award instituted by the Asia Society for helping to promote understanding between Asians and Americans. Ambani said that India has come a long way from being a third world county in the 1980s to become the world's third most important economy. General Electric's Chairman and Chief Executive Officer Jeffrey Immelt received the Global Leadership Award. Indira Gandhi Prize 19Nov
Outgoing Brazilian President Luiz Inacio Lula da Silva will get the prestigious Indira Gandhi Prize for Peace, Disarmament and Development for 2010. Lula has been selected by an international jury chaired by Prime Minister Dr Manmohan Singh. A statement from Indira Gandhi Memorial Trust said the prestigious prize will be given to Lula for his outstanding contribution to the cause of eliminating hunger and promoting inclusive growth in his country. Aga Khan Award 25Nov Projects as diverse as a textile factory in Turkey, a school built on a bridge in China and a wetlands project in Saudi Arabia are among the winners of the 2010 Aga Khan Award for Architecture. India too figured in this year's list of nominees for the 11th cycle of the Aga Khan Award for Architecture which were given at the Museum of Islamic Art in Doha, Qatar. The entry from India, ‘Palmyra House' in Alibag, near Mumbai, owned by industrialist Anand and Anuradha Mahindra, and designed by Mumbai-based architect Bijoy Jain, is included in the 19 nominees from across the world. The winning five projects are Wadi Hanifa Wetlands, Riyadh, Saudi Arabia, the Revitalisation of the Hypercentre of Tunis, Tunisia, the Madinat Al-Zahra Museum, Cordoba, Spain, the Ipekyol Textile Factory, Edirne, Turkey and the Bridge School, Xiashi, Fujian, China. His Highness Sheikh Hamad bin Khalifa Al Thani, the Emir of Qatar and Her Highness Sheikha Moza bint Nasser joined His Highness the Aga Khan in presiding over the ceremony. The winning projects were selected by an independent Master Jury from a shortlist of 19 projects announced in May 2010. A total
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S. as well as landscaping and environmental issues. State finances were in disarray as oil plunged to $9 per barrel. The Aga Khan Award for Architecture was established in 1977 by His Highness the Aga Khan. Prizes totalling up to $500. Viktor Chernomyrdin 4Nov The former Prime Minister. As Prime Minister. annual inflation measured in thousands of percentage points and whole industries were grinding to a halt. He was appointed India's Ambassador to the Copyright © 2010 Current Affairs Master. died.500 people held captive by Chechen rebels in Budyonnovsk in south Russia. Boris Nemtsov. reuse. Siddhartha Shankar Ray 7Nov Former West Bengal Chief Minister Siddhartha Shankar Ray passed away.CURRENTAFFAIRSMASTER. He served as West Bengal's Chief Minister between 1972 and 1977 during the Naxal movement. becoming the longest serving head of government in post-Soviet Russia. Ray was Governor of Punjab during the State's turbulent period in the 1990s. The Award is organised on the basis of a three-year cycle and is governed by a Steering Committee chaired by the Aga Khan. took the route of annihilation. encompassing concerns as varied as contemporary design. turning it into Russia's most powerful weapon in relations with the West. negotiating over the telephone in front of TV cameras the release of 1. Its method is to seek out and recognise examples of architectural excellence. who used to be a fierce liberal opponent of Chernomyrdin.000 constituting the largest architectural award in the world are presented every three years to projects. . He is credited with having quelled the movement which. He also served as a Union Minister and as India's Ambassador to the U. After Vladimir Putin became President. Viktor Chernomyrdin. he appointed Mr. Ray was a stalwart of the Congress Party. social housing. causing a rift within his party's ranks and leadership. All Rights Reserved.” said the former Deputy Prime Minister.COM of 401 projects were presented for consideration for the 2010 Award. community improvement and development. President Boris Yeltsin appointed Chernomyrdin as Prime Minister at the end of 1992 and he stayed in the post till 1998. and area conservation. Chernomyrdin as Ambassador to Ukraine in 2001 and he remained in this post until last year. Chernomyrdin displayed his superior leadership and political skills during a hostage crisis in 1995. Chernomyrdin resisted pressure from liberal radicals to split Gazprom. who steered the Russian economy through its stormy transition from Communism to capitalism in the 1990s. He took charge of the economy when it was in a nosedive triggered by incompetent “shock therapy” at the hands of radical reformers led by Yegor Gaidar. rising from a machine operator to the Oil and Gas Minister under Mikhail Gorbachev. to enhance the understanding and appreciation of Islamic culture as expressed through architecture. restoration. Chernomyrdin made his career in the gas industry. the natural gas monopoly. having started as a peasant uprising. “Chernomyrdin saved the country from total collapse.
Defence Electronics Application Laboratory and Electronics and Radar Development Establishment are involved in the prestigious project. in 1992. The Centre for Airborne Systems.COM U. Nielsen appeared in more than 100 films. He was being treated for pneumonia.C. his efforts to keep alive the legacy of the freedom struggle through the intervention of civil society led to him being awarded the Magsaysay Award in 1988. where he served from 1989 to 1990. Defence Avionics Research Establishment. which will be released on December 13. organiser. Jain spent more than six decades of his life as an impassioned crusader for what Mahatma Gandhi called India's second freedom struggle the fight against socioeconomic oppression. He worked at a number of stations including ESD Urdu. had a 60-year long career in television and film drama.C. Kabeer Ahmed 22Nov The former Station Director of AIR Hyderabad Kabeer Ahmed died in Hyderabad. commentator and activist. but it was Gandhi who remained a beacon throughout his career. The last years of his life were spent in documenting some of the struggles he had been associated with in a book called Civil Disobedience. state-of-the-art versions and the first of Airborne Warning and Control System (AWACS) is expected to be flighttested by the end of next year. Five frontline laboratories of the Defence Research and Development Organisation (DRDO) are working to develop the system which would be 85 per cent indigenous. The delivery of these AWACS to the IAF would begin from 2015. All Rights Reserved. New Delhi and AIR Srinagar. Nielsen. Known as a fierce opponent of overwhelming state control and an ardent advocate for social action. as High Commissioner to South Africa. An economist. Leslie Nielsen 30Nov The Hollywood comic actor Leslie Nielsen. Jain subsequently became a member of the Planning Commission. the aircraft on which the remaining six AWACS would be mounted was yet to be decided. The DRDO received the sanction for developing the six AWACS costing Rs. Jain passed away following prolonged illness. . Defence Electronics Research Laboratory. where he was plunged into that country's own struggles to build an inclusive society. Military aerostats Copyright © 2010 Current Affairs Master. L.10. He was above 70 years. Indigenous AWACS 2Nov India is in the process of developing nine home-grown. While three of the systems would be integrated on board the Brazilian Embraer EMB 145 jet and delivered by 2014. who was born in Canada. has died.000 crore. Jain 15Nov Well-known Gandhian and Magsaysay Award winner L.CURRENTAFFAIRSMASTER. star of Airplane and The Naked Gun. They would be used for air defence. Much of the first phase of his entry into public life was spent working on cherished Nehruvian projects. It was this association that led him to accept one of his few forays into official life.S. guiding and illuminating his responses. surveillance and network-centric operations.
the DRDO would be making two types of military aerostats the first type to carry military payloads up to an altitude of 1. Rasik Ravindra.000-metre aerostat was afloat and its functions were demonstrated to both the Army and Air Force.000-metre one would be up to 200 to 250 km. release of Kannada books and similar cultural events across the city marked the Rajyotsava celebrations. Centre for Policy Research.000 metres. and the Institute of Economic Growth and Centre for the Study of Developing Societies from India. has awarded $21 million in grants to 16 independent policy research institutions in South Asia.000-metre aerostat would have coverage of 150 km. The DRDO is simultaneously working on ArjunMark II. Scientific Expedition 2Nov The scientific establishment is all set to add one more feather to its cap with the Union Science and Technology Minister Prithviraj Chavan launching the first Indian scientific expedition to the magical South Pole. the indigenous engine and transmission will together be called Bharat Power Pack and it will meet the FMBT's mobility requirements. These include the Indian Institute of Dalit Studies. The volume occupied by the electronics package in the FMBT will be Copyright © 2010 Current Affairs Master. .' the Indian station on the Antarctica. Students from about 25 schools participated in the march past. Centre for Budget and Governance Accountability.CURRENTAFFAIRSMASTER. Research Institutes 2Nov The Think Tank Initiative (TTI).000 metres and the second up to a height of 5. The TTI is a multi-donor programme dedicated to strengthening independent policy research institutions in the developing world. renamed Ajeya.500-horsepower (HP) indigenous engine. All Rights Reserved. Yeddyurappa inaugurated the official celebrations this morning. while that of the 5.S. National Council of Applied Economic Research. jamming of electronic systems. is to leave ‘Maitri. Ajeva 5Nov The Defence Research and Development Organisation (DRDO) is working on India's future main battle tank (FMBT) with a 1. The DRDO is launching a project to develop the transmission for the tank. Public Affairs Centre. The first prototype of the indigenous engine would be ready in four to five years. The aerostats would be used for surveillance. Various specifications for the FMBT have been finalised. The radar of the 1. cultural programmes. Technology and Policy. State's Birthday 2Nov Colourful processions. This tank will replace beyond 2020 the imported T-72 tanks. nine of them from India. Students from about 125 schools in the city put up a magnificent and colourful cultural show at the Kanteerava stadium where Chief Minister B. Already a 1. with the Army. intelligence data gathering and for communication relay. for the South Pole on November 8 and return by the middle of December. a partnership of major donors. Center for Study of Science. Institute of Rural Management. The FMBT will weigh only 50 tonnes compared to Arjun-Mark II's 62 tonnes.COM With the three services requiring several aerostats. An eight-member team led by the Director of National Centre for Antarctic and Ocean Research.
The data generated was transmitted to Copyright © 2010 Current Affairs Master. By 2013-14. but all round it as well. Arjun-Mk-II would have a total of 93 upgrades. But we can prevent top attack and side attack. A number of taxiing trials were done with the engine integrated with the aircraft before the flight.400 HP. Kaveri Engine 5Nov Indigenously designed and developed Kaveri engine that will power fighter aircraft. they will explode and retard the energy of the projectile. The engine is being developed by the Defence Research and Development Organisation (DRDO). In phase I. 45 tanks will roll out with 56 upgrades. These 124 Arjun-Mk II tanks would cost Rs. The Army had placed an indent for production of 124 Arjun-Mk II tanks.5. When the enemy ammunition hits these bricks.000 crores.5 tonnes to the tank's weight. including the missile firing capability and the commander's panoramic sight with night vision. The flight-test took place at the Gromov Flight Research Institute (GFRI) in Moscow. The immediate task for the CVRDE [Combat Vehicles Research and Development Establishment] is to develop the Arjun-Mk II tank and demonstrate it to the user and go for the production of 124 numbers in the HVF (Heavy Vehicles Factory]. The CVRDE and the HVF are situated in Avadi. The penalty for using these bricks is that they will add 1. with the Kaveri engine replacing one of its four engines. which then cannot penetrate the tank's armour. The engine ran right from the take-off to the landing of the aircraft. All Rights Reserved. The modifications in the aircraft included instrumentation and integration of its mechanical. with all the 93 improvements. . fuel injection and filtration technologies will contribute to the reduction in the engine size without compromising on power. The FMBT's engine will be two-thirds the size of Arjun-Mark I's. In phase II. the remaining 79 tanks. Improvements in material. We can add to the tank's protection from missiles and rocket-propelled grenades. especially Light Combat Aircraft Tejas. was successfully flight-tested.6 Mach.COM less. The Arjun-Mk II tank will have a number of upgrades compared with Arjun-Mk I. Missiles can be fired from the former to destroy long-range targets and bring down attack helicopters.500 HP compared to Arjun-Mark I's 1. The tank's commander will have a panoramic sight with night vision. electrical and fuel systems. but will generate 1. will come off the assembly line. the first batch of around 30 tanks will go out. including the advanced air defence gun system for firing at attack helicopters. These bricks will be mounted not only on the front slope of Arjun-Mk-II tank. The fourth upgrade is that Arjun Mk-II will have an automatic target tracking system which will add to the accuracy when firing on a moving target. near Chennai. Another upgrade will see the introduction of an explosive reactive armour panel which will comprise explosives in metallic brick form. An Ilyushin-76 cargo aircraft was modified as a flying-test bed for the trial.000 metres at a speed of 0. .CURRENTAFFAIRSMASTER. It flew for about an hour up to an altitude of 6.
been kept out of the purview of the proposed law that also proposes a fine of Rs.000 if found violating the provisions of the law. customer. The Bill provides for safeguards in the case of false or malicious complaint of sexual harassment. as the need be. Under the proposed Bill. 50. The Bill provides for an effective complaints and redressal mechanism. It provides protection not only to women who are employed but also to any woman who enters the workplace as a client. in the organised and unorganised sectors. Students. . 2010. The Bill proposes a definition of sexual harassment. with support from other DRDO laboratories. both in the public and private sectors. however. daily wageworker. performance and health during the flight were found to be excellent. apprentice. The sense of security will improve women's participation in work. have access to a redressal mechanism. it has crossed a milestone in its development programme. and equality in working conditions everywhere. irrespective of its size or nature. The LCCs will enquire into the complaints of sexual harassment and recommend action to the employer or District Officer. Since a large number of the establishments (41. research scholars in colleges/universities and patients in hospitals have also been covered. life and liberty. as laid down by the Supreme Court in Vishaka vs State of Rajasthan (1997). 2005) in the country have less than 10 workers for whom it may not be feasible to set up an Internal Complaints Committee (ICC).COM the ground station by telemetry. The Bill. The move will contribute to realisation of their right to gender equality. she has been given the option to seek interim relief in the form of transfer either of her own or the respondent or seek leave from work. to be introduced in Parliament in the coming session beginning next week. it recognises the promise or threat to a woman's employment prospects or creation of hostile work environment as ‘sexual harassment' at workplace and seeks to prohibit such acts. Domestic help have. or in ad hoc capacity.2 million out of 41. Copyright © 2010 Current Affairs Master.83 million as per Economic Census. resulting in their economic empowerment and inclusive growth. every employer is required to constitute an Internal Complaints Committee. the woman may be subjected to threat and aggression. academic institutions and industries. The Complaint Committees are required to complete the enquiry within 90 days and a period of 60 days has been given to the employer/District Officer for implementation of the recommendations of the Committee. All Rights Reserved. Since there is a possibility that during the pendency of the enquiry. that ensures a safe environment for women at work place. The engine's control. a DRDO laboratory in Bangalore. Additionally. The engine is being developed at the Gas Turbine Research Establishment (GTRE). will help in achieving gender empowerment and equality. With this test. Bill for Women 5Nov The Union Cabinet has approved the Protection of Women against Sexual Harassment at Workplace Bill. This twin mechanism would ensure that women in any workplace.CURRENTAFFAIRSMASTER. it provides for setting up of Local Complaints Committee (LCC) to be constituted by the designated District Officer at the district or sub-district levels.
Copyright © 2010 Current Affairs Master. It would also bring to a virtual close a five-year-long process that began with the formation of the High Technology Cooperation Group (HTCG). Implementation of the Bill will be the responsibility of the Central government in case of its own undertakings/establishments and of the State governments in respect of every workplace established. And this is a very significant step forward.S. has passed its own export control laws and increasingly meets with international standards…. Through this implementation mechanism. and Bharat Dynamics Limited [BDL]. every employer has the primary duty to implement the provisions of law within his/her establishment while the State and Central governments have been made responsible for overseeing and ensuring overall implementation of the law. They are the organisations under Defence Research and Development Organisation [DRDO].S.S. and enable our governments to focus on other outstanding barriers that hinder the expansion of bilateral high-tech trade.44.S. Boeing is going to sell dozens of planes to India and GE is going to sell hundreds of electric engines.. The deals are worth $10 billion and will create more than 50.000 crore) have been reached between India and the U.A. It is primarily a matter of U. the four subordinates under the Indian Space and Research Organisation [ISRO]. Several landmark deals have been done shortly. owned. for creating more than 50. entity list.” observed Deputy National Security Advisor for International Economic Affairs Mike Froman. I believe. And there are only four left. Removing these entities from the list will allow for greater trade and cooperation in civilian space and defence.8 billion from Boeing and the Anil Dhirubhai Ambani Group purchased power equipment for 2. 7Nov Taking India-U. And today we will be announcing a removal of three.” said President Obama while addressing the U.. All Rights Reserved. has an impeccable non-proliferation record.S. . trade relations to new territory. The list at one point had. controlled or wholly or substantially financed by it as well as of private sector establishments falling within their territory.We have made considerable progress in that. India's Space Entities 7Nov The declaration of an export control reform package made by a senior United States official accompanying U.S.S-India Business and Entrepreneurship Summit. The U.S. has been positive to our argument that the older restrictions be changed now that India adheres to the Nuclear Suppliers Group (NSG) guidelines.S.COM However.CURRENTAFFAIRSMASTER. U.400 MW plants from GE for $2 billion. SpiceJet has purchased 30 737-800 aircraft with a total cost of $2.S. mere inability to substantiate the complaint or provide adequate proof would not make the complainant liable for punishment. The export control reform package being announced is that we will remove India's defence and space-related entities from the U. Deal with U. 220 Indian entities on it.000 jobs in the U. Among the deals.S.000 jobs back in the U.' own regime and systems being adjusted to reflect the contemporary reality. President Barack Obama had announced that deals worth $10 billion (nearly Rs. President Barack Obama would lead to greater exchanges in high-tech trade and dual-use items.
the mission envisages harvesting solar power in space for use on earth. surveillance for emerging infectious diseases. “There is no reason why India can't be our top trading partner. and the Centres for Disease Control and Prevention (CDC). currently $20.S.CURRENTAFFAIRSMASTER. has to be slashed to $2. Trade with India is less than with the Netherlands. The MoU would be implemented through an agreed plan between the National Centre for Disease Control (NCDC). both in epidemiology and research. The main challenge is to evolve methods to transmit solar power from space to earth and its distribution. was signed between the directors of the NCDC and the CDC. who was once a staunch critic of the US. To make it economical. All Rights Reserved. the cost of launching a spacecraft. Kalam said it was a 15-yearproject.S. The MoU also aims to build laboratory capacity in India for the diagnosis of emerging infectious diseases using well characterised reference material and advanced technology transfer. Kalam said both were concerned leaders ''interested in energy-related issues and energy independence''. He said Isro chairman K Radhakrishnan asked him to take the idea forward after a discussing the project. Solar Power 8Nov India and USA teamed up on a space-based energy initiative aimed at turning both countries into net energy exporters. Global Diseases Detection 9Nov The United States and India had signed a Memorandum of Understanding on establishing and operationalising a Global Diseases Detection Centre.000 a kg. It would also facilitate advanced training in the fields of epidemiology. The CDC's Global Disease Detection Copyright © 2010 Current Affairs Master. wherever required.'s largest trade partner instead of 12th”. Alex is the project's principal investigator from India. enable sharing of best practices for detection of and response to emerging infections. 48 hours before US President Barack Obama landed in India. . Atlanta.S. whose population and size is less than Mumbai. Referring to the Manmohan Singh-Obama summit in New Delhi. and National Space Society (NSS). and India is a “win-win situation for both nations. The agreement will facilitate the development of human resources. The initiative was announced has at Washington's National Press Club where Kalam and Isro Satellite Centre director T K Alex were present. “India can be U. The summit was jointly organised by U. President Obama said. is still untapped. a non-profit US-based space organization with chapters all over the world including India. Known as the Kalam-National Space Society initiative. and the health and mentoring of public health professionals internationally.S. The agreement.000 a kg. President Obama hoped that the trade between the two countries would be doubled in five years. the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce and Industry (FICCI). Saying that economic relationship between India and the U.-India Business Council. India. The project is led by former president of India A P J Abdul Kalam. for five years.COM Increase in trade between the U. Kalam told the US media that a team from Isro has been formed to carry out a feasibility study for this project.
Egypt and Kenya.CURRENTAFFAIRSMASTER. CEPA 10Nov India and Japan will ink a comprehensive market opening pact within a month. the two countries would each contribute $5 million every year for supporting collaborative R&D projects involving academics and private sectors of both nations. There are currently six regional centres across the world with varying capacity levels. Initially. training in field epidemiology and laboratory methods in addition to pandemic influenza preparedness and response. non-governmental organisations. The free trade agreement is likely to boost bilateral trade. academic institutions. India will host the seventh centre. and zoonotic disease research and containment at the human-animal interface. The pact will initially be valid for 10 years and can be renewed for blocks of five years at a time. Thailand. and other stakeholders. The treaty that was slated to be signed during Prime Minister Manmohan Singh's visit to Tokyo last month but the formal singing could not take place as both sides were not able to sort out their differences on some issues. Each consortium will be responsible for establishing its own internal governance structure.COM (GDD) programme is comprised of both headquarters and field-based components in the host country to develop core capacities in emerging infectious disease detection and response. The consortia are expected to bring together top talent and leverage existing resources and infrastructure to generate key technological advancements that can be deployed rapidly to have the greatest impact on the economy and society. amid indications that both sides had sorted out differences on contentious issues. It will work in the consortia mode. the private sector. China. second generation bio-fuels and energy efficiency of buildings. These are at Guatemala. whether the cause is an intentional act of terrorism or the natural emergence or reemergence of a deadly infectious disease. It is mandated to mitigate the consequences of a catastrophic public health event. Kazakhstan. Grant for Indian Students 10Nov Eight Canadian universities had announced a series of scholarships worth four million Copyright © 2010 Current Affairs Master. Under the pact. Each consortium will comprise entities or individuals from national laboratories. The GDD programme was established in 2004 to rapidly detect and contain emerging health threats. . All Rights Reserved. the focus will be on solar energy. who have the requisite knowledge and expertise of undertaking first-rate programmes. Clean Technologies 9Nov India and the United States has signed an agreement to establish a virtual centre to promote research. The focus of the GDD is to establish and expand its regional centres that build broadbased public health capacity in sync with International Health Regulations (IHR). This would be a move in the right direction for enhancing trade ties and reduce/eliminate tariffs on over 90 per cent of the goods traded between the two countries. development and deployment in the area of clean energy technologies. Formally the Comprehensive Economic Partnership Agreement (CEPA) will be signed in a month or so. which stood at around $11 billion in 2009-10.
000 from its international partnership fund to establish a new partnership between the UofS and Guru Angad Dev Veterinary and Animal Sciences University. The Singh-Obama statement said India and the US will seek ways to colloborate in future lunar missions. The Globalink Canada-India Graduate Fellowship Program will give up to 51 scholarships valued at more than 3. Guru Angad Dev University has also committed an equal amount for the project. in the areas of public health and toxicology.COM Canadian dollars for Indian students. The tentative time for completion of these stretches is up to year 2014. Orissa and Rajasthan will also benefit under the plan as the Ministry has identified 1. Both the sides will contribute $100.940 km of its single lane highway proposed to be upgraded to 2 lane``.000 each to train six scientists and offer scholarships. All Rights Reserved. in the presence of HRD minister Kapil Sibal and Canada's minister of state for science and technology Gary Goodyear.622 km under the scheme. which will see conversion of 1.CURRENTAFFAIRSMASTER. Ludhiana. president and vicechancellor of the University of British Columbia.000 crore) assistance from the World Bank for converting 3.738 km will be converted into double lane followed by Madhya Pradesh. Peter McKinnon of the University of Saskatchewan (UofS) announced the inaugural disbursement of $150. The Road Transport and Highways Ministry has identified 33 such single-lane stretches to be widened in the next four years. "Under this plan. The scholarships were announced by Stephen J Toope.5 million Canadian dollars for Indian students who have participated in the MITACS Globalink program in 2010. Uttarakhand. 1.255 km and 1.200 km Copyright © 2010 Current Affairs Master. The other states which would benefit the most from the scheme include Bihar where 1. The investments include the new Globalink Canada-India Graduate Fellowship.437 km.96 billion (over Rs 13.770 km of single lane national highways into double lanes. Six MoUs were also signed. The eight Canadian universities will provide graduate fellowships for top Indian students who wish to pursue a masters or PhD in Canada. Pact on ISS Bolt 10Nov The joint statement issued by Prime Minister Manmohan Singh and US President Barack Obama states that India will join 17-member US-led International Space Station (ISS). David Barnard of the University of Manitoba announced a new partnership with Indian Institute of Crop Processing Technology and the ministry of food processing industries. international space station and human space flight. . Another MoU was between the University of Ontario Institute of Technology and Amal Jyothi College of Engineering to jointly offer a Bachelor of Applied Science in Nuclear Power degree. Arunachal Pradesh will be the biggest beneficiary with 1. which involves undergraduate engineering students spending time at each others' institutions. Govt to Widen Roads 10Nov The government said it has sought $2. These included one is the University of British Columbia to renew a long-standing student mobility agreement with IIT Delhi. Six memoranda of understanding were also signed between Canadian and Indian educational institutes.
agriculture and food. security technologies and the effects of radiation exposure. risk assessment studies. the US Ambassador to India. is visualised to be a state-of-the-art facility based on international participation from IAEA and other interested foreign partners. secure. The programme modules will encompass reactor systems and applications. proliferation resistance and sustainability. The shipping ministry will carry forward the pending work under NMDP in its new decade-long project. A brand new programme – Perspective 2020 – will replace the existing plan. development of proliferation-resistant reactors. The Centre would also host short-term training courses for international nuclear experts in the field of nuclear security.702 km of single lane highways.COM highways in the respective states for upgradation to double lanes. would be undertaken under the National Highways Development Project (NHDP) phase IV where the government has already identified 19. Department of Atomic Energy and Timothy Roemer. accelerator driven systems. Secretary. The projects which are yet to be completed under NMDP will be included in the Perspective 2020. A Memorandum of Understanding for cooperation in building the Centre was signed by Srikumar Banerjee. It will conduct research and development of design systems that are intrinsically safe. National Maritime Policy 12Nov The government has come up with an answer to the delay in projects under the National Maritime Development Programme (NMDP). security. The Centre. Major ports have been able to complete only one-fifth of the 276 projects that were to be completed by 2012. The objective of the School of Advanced Nuclear Energy Systems Studies would be to pursue design studies and analysis of advanced nuclear energy systems with features to achieve intrinsically enhanced safety. as per information. It will consist of four schools dealing with Advanced Nuclear Energy System Studies. emergency planning and management and sustainability parameters assessment. which is expected to come up at Bahadurgarh in Haryana. proliferation resistant and sustainable. . Global N-Centre 10Nov The US had joined hands with India to set up a Global Centre for Nuclear Energy Partnership for research and development of secure and proliferation resistant reactor systems. and cooperating in programmes for capacity building of interested states. Nuclear Security. All Rights Reserved. Radiation Safety and application of Radioisotopes and Radiation Technology in areas of healthcare. India had announced at the Nuclear Security Summit in April in Washington to set up the Centre as part of its efforts to promote nonproliferation. fuel cycle studies. both India and the US would like to promote cooperation on initiatives aimed at strengthening global nuclear security and addressing threats of nuclear terrorism.CURRENTAFFAIRSMASTER. The Centre will facilitate deliberation and discussions of international experts on various issues including innovation in nuclear reactors and the nuclear fuel cycle. The projects. As countries having advanced nuclear technology. Copyright © 2010 Current Affairs Master.
of which eight projects have been completed in the current financial year. The Youth Summit will take place from November 19 to 24 at Vladivostok. The Forum will commit conservation and rehabilitation of tigers to global action. The new reserves would include one in the Satyamangalam forests in Tamil Nadu. With more incentives for banks and beneficiary from Nabard. The 2012 deadline for NMDP was only for award of contracts and not completion. Uttar Pradesh. The youth ambassadors will visit Siberian tiger trails and get a first-hand account of the state of wild tiger populations in Russia and measures being taken for their conservation. Tiger Reserves 13Nov The Government is looking at setting up eight more reserves as part of the tiger conservation efforts. The new plan would cover not just major ports but also state controlled non-major ports. the perspective 2020 would list target for the shipping sector. The beneficiary will get 30 per cent subsidy and 50 per cent as loan from the commercial banks and RRBs at 5 per cent rate of interest. which can be much more than our curent power requirement. .00. WWFIndia has selected students Anusha Shankar and Devanshu Sood to represent India at the summit. Maharashtra. The balance 20 per cent will be contributed by the beneficiary. Total investment involved under the programme was Rs1. it is Copyright © 2010 Current Affairs Master. Nabard will support the initiative by providing refinance to banks at an interest rate of 2 per cent.339 crore. Under the programme. there is a huge potential to tap. store and retrieve solar power. RRBs and commercial banks have already performed well in popularising Solar Energy Scheme. In Karnataka. 2003. All Rights Reserved. The Government has introduced India's Youth Tiger Ambassadors who will represent the country at the International Youth Summit being held alongside the high-level government meeting on tiger conservation. Madhya Pradesh and Orissa. 276 projects were to be taken up for ‘implementation’ but only 56 projects have been implemented so far.COM Former prime minister Atal Behari Vajpayee had announced the programme in his independence day speech on August 15. The involvement of youth at this important meeting is aimed at drawing attention to the importance of tiger conservation. They will be part of a delegation comprising representatives from all tiger ranges countries. The Ministry of New and Renewable Energy has introduced this scheme recently. The Maritime Policy will also be part of the new plan.CURRENTAFFAIRSMASTER. besides Karnataka. With over 300 sunny days available annually in our country. Solar Home Lighting Scheme 13Nov National Bank for Agriculture and Rural Development (Nabard) will disburse about Rs 200 crore under the solar home lighting system and thermal application devices (solar water heaters) to commercial banks and regional rural banks. NMDP was formulated for the period 200512. Besides. Initially.000. home to the Amur Tiger. The national tiger census report should also be available in within the next 15 days. the ministry identified eleven pre-approved models with the per unit indicative cost between Rs 3.000 and Rs 60.
Light Combat Aircraft (LCA) Tejas will be equipped with the ILSS from February 2011. Centre for Military Airworthiness & Certification (CEMILAC) in Bangalore. Dr. which will administer required quantities of oxygen at varying altitudes to pilots of fighter aircraft on long missions and protect them from losing consciousness due to severe gravity (G) forces. the DirectorateGeneral and Aeronautical Quality Assurance. has been developed by the Defence Bioengineering and Electromedical Laboratory (DEBEL) in Bangalore. Selvamurthy explained that the atmosphere contains 79 per cent nitrogen and 20 per cent oxygen. developed the ILSS. Padaki. After the United States. was assisted by K. Chief Executive. The ILSS can be customised to suit MiG-29. Padaki said the contraption has a novel electronic control unit which ensures proper OBOGS functioning with changing altitude. Aeronautical Development Agency in Bangalore for fitment into Tejas and for trials. Subramanyam. Sukhoi-30 and Mirage-2000 for their long-duration flights. An important constituent of the ILSS is the onboard oxygen generation system (OBOGS). All Rights Reserved. Tamilmani. free from the burden of re-charging the oxygen cylinders. Monsoon Forecasts 14Nov India's monsoon forecasting is expected to Copyright © 2010 Current Affairs Master. . It will provide 100 per cent oxygen to pilots in case of ejection from the fighter aircraft. The OBOGS enables the aircraft to undertake long-endurance missions. along with L&T as development-cum-production partner. The ILSS design caters to both single and dual-pilot operations. Director.COM expected that the new scheme will gain much more popularity during the current fiscal.C.S. Dr. Dr. Recently. the Institute of Aerospace Medicine and the CEMILAC. Selvamurthy handed over the ILSS prototype to P. which keeps the pilot's oxygen status at sea-level despite flying at high altitudes. It can be used in military hospitals in forward areas and at rarefied heights. DRDO Chief Controller (Life Sciences) W. Russia and France.CURRENTAFFAIRSMASTER. the National Flight Test Centre. thus obviating the need to carry oxygen cylinders. a laboratory under the Defence Research and Development Organisation. Life Support System 14Nov An integrated life support system (ILSS). Padaki said. monitors the ILSS and activates the back-up system in case of failure. The OBOGS in the ILSS will process the atmospheric air. Others who contributed to the ILSS' development include the Hindustan Aeronautics Limited. will manufacture the ILSS. Dr. India is the fourth country to possess this technology. Selvamurthy added. remove the nitrogen and administer the oxygen to fighter aircraft pilots on long missions. A team of DEBEL scientists. The DEBEL. The ILSS has another system called the Demand Oxygen Regulator (DOR) which will ensure that the breathing gas is delivered to the pilot as per the altitude requirements and also during anti-G straining manoeuvres that the pilot will undertake during combat missions. The DEBEL. led by its director V.
the U.K. part of NOAA's National Weather Service in Camp Springs. India and Germany 16Nov India and Germany have decided to intensify their cooperation in the area of environment and sustainable development. The Northampton University is to launch a master's degree in Environmental Technology at Madras University in February next year under a joint U. Addressing media after signing the pact. . But it is difficult to predict when the monsoon will begin. The Northampton University already has offices in India and recruits some 250 students every year. while also benefitting the United States and other nations through improvements in their own seasonal climate forecasts. Although the course would be delivered by teachers from both universities. U. holds great potential to improve the wellbeing of the people of India. A MoU was signed to this effect in New Delhi. The Monsoon Agreement. V. pointing out that it was a model that other British Universities were also likely to follow. Professor Petford said most institutions were likely to build on their existing links with their Indian counterparts rather than having their own independent infrastructure. by striving to improve long-range monsoon prediction.S. the Indian Ocean-Asia monsoon system represents one of the largest weather and climate features in the world. Degree 14Nov As India prepares to open its doors to foreign universities. These links would be developed further as India liberalised its policy on foreign universities. transporting energy between the northern and southern hemispheres and impacting weather and climate throughout the world.COM improve with its entering into a new agreement with the United States. at least one British university already has a foot in the door through a joint venture with the University of Madras and several other Indian institutions. India experiences monsoon weather. typically resulting in six months of rain beginning in early June. Thomas said that one of the components of this cooperation is in the area of consumer Copyright © 2010 Current Affairs Master. students will achieve an MSc in International Environmental Management from the University of Northampton. Maryland. Under the agreement. will create a monsoon forecast desk at the National Centres for Environmental Prediction. Minister of State for Agriculture K. In addition to the regional impacts. At the end of their studies. All Rights Reserved. how strong it will be or when it will end information that can help plan for seasonal crops and project surface water supplies. It also has links with the Central Leather Research Institute (CLRI) a part of Anna University in Chennai and the University of Mumbai.-India programme aimed at promoting research links between the two countries.CURRENTAFFAIRSMASTER. The agreement between the National Oceanic and Atmospheric Administration (NOAA) and India's Ministry of Earth Sciences is part of a series of food security agreements formalised during President Barack Obama's visit. the final degree would be awarded by the University of Northampton.K’s. Playing down the hype that British universities would rush to set up campuses in India once the “market” opened up.
to boost bilateral trade. both countries will benefit from the CECA and the gains for Indian and Canada will be of the order of 39 to 62 per cent. He said that India's GDP is likely to benefit by around 10 billion US dollar from the proposed free trade pact. Non-proliferation Efforts 16Nov The United States said. Khurja and Saharanpur.806-km eastern corridor will extend from Dankuni to Ludhiana and pass through several mining and industrial towns such as Asansol. it sees India as a partner in its global non-proliferation efforts and no more as a target. The steps President Obama announced in the course of his recent visit showed definitely that America now sees India as a partner in the global non-proliferation space not only in terms of the actions. Railway Minister Mamata Banerjee claimed at the inauguration of the work on the project. the eastern dedicated freight corridor will bring about an “industrial revolution” in West Bengal. foreign companies along with Indian companies can bid for these projects in the Major Ports under PPP Mode.COM protection. said bilateral trade between both the countries will increase to 15 billion US dollar in the next five years.000 crore during the current financial year. education and mining. India. but also in terms of our growing efforts in the nuclear area. Dhanbad. . It is being designed for a maximum train speed of 100 kmph. Russia 19Nov The high-level meeting to prepare for next month's summit meeting between Prime Copyright © 2010 Current Affairs Master. Anand Sharma said that as per a joint study group report. As per the current policy guidelines for PPP. Port Projects 17Nov The government has awarded two projects at the Tuticorin Port and the Ennore Port under the public-private-partnership mode and aims to award 19 more such project this year. At the beginning of the financial year 201011. The US Assistant Secretary of State for South and Central Asia. He said the scope of the joint working group has now been extended which include the subject of consumer protection also. The 1. He said that one of the criticisms in the past has been that US sometimes regarded India more as a target than a partner in non-proliferation. of which two projects have been awarded so far at Tuticorin Port and Ennore Port. CECA. The gains which are projected in the report were between $6 to $12 billion for the Indian GDP. Robert Blake told in Washington that India had an important role in strengthening the regime to check the spread of nuclear weapons. IT. Sonnagar. There are huge opportunities for Indian businesses in Canada in sectors like energy.CURRENTAFFAIRSMASTER. Peter Van Laon. Canada's International Trade Minister. All Rights Reserved. The targeted private investment through these projects is expected to be approximately Rs 14. Eastern Freight Corridor 17Nov Once completed. He said the US looks forward to working with India in new areas like nuclear smuggling. India and Canada 16Nov India and Canada formally launched negotiations for a Comprehensive Economic and Cooperation Agreement. the Ministry of Shipping has fixed a target of 21 projects under public private partnership (PPP) for the major ports.
a promising area for Indian exports.” While mentioning a new project civil aircraft the protocol. It was equipped with state-of-theart of technologies. Scientific Adviser to Defence Minister. He said the multirole fighter would be inducted into the Air Force early next year. This year the figure will almost touch $10 billions.S. Besides the civilian aircraft project. including fly-by-wire systems and communication. India and Russia have identified pharmaceuticals. which could help offset the trade balance in future due to increasing imports of Russian oil. “the idea is to reach $20 billions in trade by 2015. Dr.8. told that the aircraft flew for about an hour. made an announcement about the successful flight at the ongoing aviation conclave. Economic. Pharmaceuticals. Economic and Cultural Cooperation.CURRENTAFFAIRSMASTER. Called the Inter-governmental Commission on Trade. Its internal studies have shown that Russian stand of Indian companies having to conduct clinical trials may not be correct and Moscow could be persuaded to waive this requirement provided it is in conformity with the existing laws. to become a prominent stakeholder in this asset. Scientific.M. accentuated by Russian Prime Minister Vladimir Putin's interest. the ONGC Videsh is poised to invest five per cent equity in the bidding for gas in Yamal Peninsula and India hopes to use the political goodwill. India is in concurrence with Russia's vision document up to the year 2020 under which Moscow plans to reduce its import dependence from the present 80 per cent to 50 per cent through joint ventures. space and strategic spheres. India was also hoping to participate in the development of Russia's recently openend strategic reserves in Timan-Pechora province Trebs and Titov oil deposits but suffered a setback. IT and petroleum that are prime for cooperation. Tejas 20Nov The fifth limited series production Tejas Light Combat Aircraft successfully completed its first flight near Bangalore. India is aiming for a fast track registration process and argues that existing permissions to its companies by the U. Thursday's session It was chaired by External Affairs Minister S. All Rights Reserved. However. .K. Agri Help 20Nov India has pledged to provide a grant Copyright © 2010 Current Affairs Master. Krishna and Russian Deputy Prime Minister Sergei Ivanov. who is also the Director-General of Defence Research and Development Organisation. Saraswat. diamonds. the presence of top Russian officials from the atomic energy and space sectors enabled talks on these aspects as well to tie up the loose ends before the summit meeting. has seen concrete discussions over the past few months. Saraswat. V. Federal Drug Agency should suffice. Technical.COM Minister Manmohan Singh and Russian President Dmitry Medvedev saw progress in the expansion of ties beyond the traditional military. Both sides also touched on the military Fifth Generation Fighter Aircraft project for which a Cabinet note is being considered by the Central Ministries concerned. As Ivanov said during the signing of a protocol by the two sides. went up to an altitude of 8 km and achieved a speed of Mach 0. In petroleum. avoided naming the ill-fated Orissa Titanium project that is embroiled in court cases.
an executive search firm. An MoU was signed for providing the grant assistance under India-Nepal Economic Cooperation Programme.000 hectares of land and would uplift the socio-economic status of farmers by augmenting production of wheat.COM assistance of Rs 1. says an international recruitment firm. Many state universities.6 million hectares of cultivable land available. Delhi.35 per cent rise in global functional roles that came to India.619 crore to Nepal for construction of 350 tube-wells in the southern region of the country. the University of Madras has retained its seventh rank but significantly improved its H-index from 37 to 44. only about 1. is facing acute problem of irrigation due to low rainfall in the area. According to GlobalHunt. The University of Hyderabad which occupied the second position with an H-index score of 54 has now secured 62 points against Delhi's 61. Chennai and Pune. can now look forward to higher grants from the department of science and technology (DST) under its flagship Promotion of University Research and Scientific Excellence (PURSE) programme. the University of Hyderabad has unseated the Delhi University from the number one position. Kolkata. The improved Hindex scores indicate that quality of research pursued in many Indian universities has improved. Wide availability of talent and cost advantage has helped India emerge as a "skill hub" not only for back-office jobs but also global functional roles. there was a 25. Global Functional Jobs 22Nov Wide availability of talent and cost advantage has helped India emerge as a "skill hub" not only for back-office jobs but also global functional roles. India's advantage is that a large number of skilled professionals are available at very Copyright © 2010 Current Affairs Master. rice and seasonal fruits and vegetables. including some of the well-established ones in Hyderabad. . The University of Panjab has slipped from the third position to the fourth (tied with Jadavpur). out of total 2. as opposed to its earlier fifth rank. All Rights Reserved. Siraha. Shallow Tube Wells being developed with India's assistance would provide all season irrigation facility to over 1.CURRENTAFFAIRSMASTER. Though agriculture is the largest sector of the Nepalese economy with 39% contribution to country's GDP. In the latest H-index (provisional) sent by NISTDS to the DST in October. Down south. while Jadavpur University is ranked fourth. In last two-three years. H-index is a parameter used to assess performance of researchers and institutions based on number of times published research paper has been cited by peers or other researchers. Earlier. Banaras Hindu University has climbed up from sixth position to the third with an H-index of 58. Universities were able to improve their Hindex scores because of increased citations by peers/research scholars. one of the Eastern Terai Districts.2 million hectares has irrigation facilities. which the latter held in 2008. Top Varsities 22Nov Most of the top 50 Indian universities have remarkably improved their H-index scores in latest ranking by Delhi's National Institute of Science. the Delhi University boasted of an H-index of 56. Technology and Development Studies (NISTDS). University of Pune is now placed one step down at the fifth position.
was taken in the course of wide-ranging talks between President Pratibha Patil currently on a tour of the Middle East and UAE President Sheikh Khalifa bin Zayed Al Nahyan earlier in the day. which had failed to deliver desired results consecutively twice last year. The 8. Range integration has been completed. Having about 1. science and technology and regional security be taken up at the coming meeting in Abu Dhabi of the Joint Commission which is headed by the Foreign Ministers. All Rights Reserved. in the near future. It has strike range of nearly 2000 km. at a supersonic speed in a steep-dive mode. On September 5 last India created history by flight testing Brahmos cruise missile. We all are hopeful of test launching the missiles successfully. Security Cooperation Agreement 23Nov India and the United Arab Emirates will. The launching complexes at both the places have been readied for the first ever synchronized test in the recent times. The missile can travel at thrice the speed of sound and carry a conventional warhead weighing 200 kg to 300 kg. The lab authorization committee of the ministry of defence (MoD) has given necessary green signal for the proposed test-firings. This is for the first time that altogether five missiles have been lined up to be test-fired within next two months. the DRDO has planned to test-fire at least five sophisticated long range missiles within next two months. India's defence scientists are going to show more fire power at the country's best test facilities at Chandipur and Wheeler Island off the Odisha coast. BrahMos has become the only supersonic cruise missile possessing this advanced capability in the world.3-meter diameter. sign an agreement on security cooperation. Besides. Copyright © 2010 Current Affairs Master. including in the Railways. the two-stage solid-propelled Agni-II is one of the key weapon systems of the country's nuclear deterrence doctrine and had been inducted into the armed forces.COM competitive cost. 15–20 per cent of global workforces are reporting to Indian counterparts at various functions and hierarchy levels. The decision. The UAE was invited to participate in upstream and downstream activities in the petroleum sector to strengthen India's energy security. . Missile Tests 25Nov In a step forward to attain the minimum credible nuclear deterrence. it is 21 metres tall and capable of carrying a payload of one tonne. Similarly.CURRENTAFFAIRSMASTER. addressing issues specially relating to counter-terrorism and maritime security.4-meter long missile can hit a target at a distance up to 290 km. According to the sources at the integrated test range (ITR). for the first time in the world. The two leaders also agreed that specific proposals relating to enhancing the strategic relationship by focussing on education. After the scheduled test this version will be ready for induction. as well as in the infrastructure sector. About 20 per cent of companies have given India as 'region status' and India is no longer a part of Asia Pacific for them. she said. Secretary (East) Latha Reddy announced. was successfully tested in May this year. Next month there will be tests of BrahMos and Agni-II. Their skills are global in nature and they are best in technology and analytics. The missile.
The last one in March this year was a failure. Communication Satellite 25Nov India would launch a new communication satellite from its spaceport of Sriharikota next month to augment capacity and services in the field. The decision to provide 50 per cent quota for women in the panchayat system and bring OBCs under reservation had been taken earlier. would be launched by geosynchronous Satellite Launch Vehicle (GSLV-F06).CURRENTAFFAIRSMASTER. its height is just 15 metres and diameter is one meter. Ground radars. will bridge the gap between its longrange missiles Agni-II (2000 km) and AgniIII (3500 km). a part of the Agni series. It is powered by both solid and liquid propellants.10am. Compared to its longer-range cousins. 2002. the missile rose into the sky leaving behind a ribbon of smokes. GSAT-5 Prime. The DRDO will test the Advanced Air Defence (AAD) missile to shoot down an incoming "enemy missile" as pa rt of its efforts to build a credible ballistic missile defence shield. 2003 and July 4. . All Rights Reserved. It has several advanced technologies in comparison to its previous missile. Agni-I has a strike range of 700-900 kms. the first three were successful. Agni-1 was first test-fired on January 25. Of the four interceptor missile tests so far. up from 33 pc at present." informed the scientist. After a vertical lift-off from the launch pad at the ITR. Agni-I Missile 25Nov India had test-fired an upgraded version of the nuclear-capable surface-to-surface ballistic missile Agni-I from a defence base off the east coast. Weighing less but having the same thrust. This test was its eighth test. It got the cabinet's approval. This missile. the W Bengal cabinet had approved 50 pc quota for women in the panchayat system. which imparts it a speed of 2. and also brought OBCs under reservation for the first time. An exclusive C-band spacecraft. The test was to reconfirm the technical parameters set for the user associated launch.IV of the Integrated Test Range in Wheeler's Island at about 10. we have developed Agni-II+ missile which is completely a new missile having a strike range between 2750 km and 3000 km. The satellite. telemetry stations and naval ships. The Indian Space research Organisation said top space scientists would meet on December 10 to conduct a mission-readiness review and give the final go-ahead for the launch on December 20. positioned close to the intended impact point. Reservation for Women 25Nov In a bid to woo the fairer gender and backward classes ahead of the next year's state elections.COM Meanwhile. A bill to amend the West Bengal Panchayat Act-1973 would be placed before the Assembly in the next session. The missile with better re-entry technology and manoeuvrability was fired by the armed forces from a mobile launcher at the launching complex . GSAT-5P Copyright © 2010 Current Affairs Master. It can blast off from both road and rail mobile launchers. 2004 respectively from the same launching site.5 km per second. monitored the course of the missile. Its second and third tests were conducted on January 9.
some 200 km from here. and the 8. exhibiting significant improvement in two-way trade and is expected to reach $120 billion by 2010–11 and $240 billion by 2014. EW systems are tested in the IAF range in Gwalior in a limited way. Arab League Trade 25Nov The two-way commerce between India and the 22 League of Arab Nations is expected to reach $240 billion by 2014 on account of increasing cooperation in areas like infrastructure and real estate. It said that there is a huge potential for both the sides to cooperate in areas like oil and gas. especially in sectors such as telecom and infrastructure. defence and education are new areas of interest which will forge the relationship ahead. infrastructure and food processing. Libya.Exploring New Horizons" . Electronic Warfare Systems 25Nov India would build two ranges for testing radar-based electronic warfare systems as it seeks to strengthen its capability in the field. At present. he said an investment of Rs 200 crore each is expected in the two test ranges. Chief Controller. Somalia. Copyright © 2010 Current Affairs Master. Without electronic warfare. You may have all weapons but if somebody jams you (the weapons). Before firing the missile. They would be integrated with MiG-29 fighters and the light combat aircraft next year. Defence Research and Development Organisation.CURRENTAFFAIRSMASTER. you are as good as useless. All Rights Reserved. you cannot win a war. .COM carries 24 normal C-band and 12 Extended C-band transponders to augment communication services in areas like television broadcasting and telecom. Bahrain. The report . Oman."India & League of Arab States. which is being developed by Defence Avionics Research Establishment and Defence Electronics Research Laboratory. India and the Arab Nations will soon become major trading partners. India.also explores new horizons of collaboration to harness investment and trade between India and the countries in the Arab region.000-acre aeronautical test range in Chitradurga. He said the present EW systems have been integrated with MiG-27 fighters and operational flights are slated next year. The Arab League was founded in Cairo in 1945 and its members include Algeria. Once the two new testing ranges (in Chitradurga and Tandur) are operational in 2012-13. Qatar. One range would come up in Chitradurga in Karnataka and another in Tandur in Andhra Pradesh. experimental and R&D tests can be conducted. which would test "noncommunication" and "communication" EW systems. GSAT5P has a designed mission life of 12 years. Egypt. you are already decimated. you can't wait for a war to test it. Investments from the region into India have been on a continuous upswing. R&D (Ae & SI). chemicals. Sudan and United Arab Emirates. Security. These two would be part of the 4.000-acre one in Tandur. Saudi Arabia. Once you have it you have to test it. Morocco. real estate. In 2012 India would fly a fourthgenerational EW system. seen to be vital in war scenarios. some 135 km from Hyderabad. Kuwait. said Prahlada. Lebanon. Speaking at the India National Electronic Warfare Workshop (EWWI-2010). Jordan. Iraq. Electronic Warfare is becoming a very important area because. Palestine.
DRDO now can source raw materials, software packages, testing equipment, components and manufacturing process machinery, which was a difficult exercise when sanctions were in place. During times of sanctions, it was also difficult to source such items from even countries such as UK and Germany because they were "aligned" with the US, resulting in some of the DRDO projects being delayed. DRDO was expecting a budget of Rs 9,000 crore in 2011-12 in the area of strategic systems and tactical defence. BrahMos Unit 27Nov BrahMos Aerospace Thiruvananthapuram Limited (BATL), which caters to the product requirements of the country's defence, aerospace and nuclear industries, is set to bag key orders that will fuel the company's bid to become an industry major in these sectors. The Indian Space Research Organisation (ISRO), it is reliably learnt, is contemplating making the BATL its next work centre for production of cryogenic and semi-cryogenic engines. Presently, the cryogenic as well as liquid engines for the ISRO are made by a consortium comprising Godrej and MTAR Technologies. Technical collaboration would be a lot easier with the BATL taking up the job as the Vikram Sarabhai Space Centre [VSSC] and the Liquid Propulsion Systems Centre, which have designed and developed the engine, are located within four and 30 kilometres from it. BrahMos Thiruvananthapuram has been asked by the ISRO to produce some components of the cryogenic engine, but to execute it in full, it requires the Rotary Vacuum Brazing facility. A request to set it up at the BATL is
being pursued with the ISRO. The BATL had earlier purchased equipment worth Rs.25 crore on a grant from the ISRO. The company is sparing no effort to deliver before March next a BrahMos cruise missile container (canister), ordered as a trial piece. We have secured a crucial order to manufacture 135 BrahMos containers, each costing about Rs.30 lakh to Rs.35 lakh. Already under fabrication at the BATL are the liquid Vikas engines for the ISRO and the firm has so far been able to deliver 16 of them. In addition, an order for 12 more has come. Material for six engines is available and four would be realised this year itself. The BATL makes the full engine in-house. And, the complicated friction ring of the engine is manufactured only by it. The first set of subsystems of the BrahMos missile such as the FDU (front docking unit), shutter assembly and cable separator together called ‘metallic airframe components' delivered by the BATL is undergoing quality and acceptance tests and the company is positive about getting a fresh order for 200 such sets. This would require us to set up a separate production line and the process is well under way. The machining capability of the BATL spans products with diameters ranging from 0.5 millimetres to 2.5 metres (for L-40 propellant tank cages). With the process of acquisition of nearby land for the second phase development of the company facing delays, a modest complex for the integration of the cruise missile has now been carved out within the existing campus with assistance from the Defence Research and Development Organisation (DRDO). Also in place is a facility for meteorology for the
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accommodation of fresh equipment. India and Syria 27Nov After concluding a five-day goodwill tour of the oil-rich United Arab Emirates, President Pratibha Patil touched down at the historic city of Damascus. The Syria visit, first by an Indian President, will focus on bilateral issues political, economic and cultural and exploration of investment opportunities in both countries. On the regional and international fronts, the Middle East Peace Process (MEPP) and Syria's relations with its neighbours will figure in the President's discussions. An IT centre is coming up in Syria with Indian assistance and will be functional soon. MECON is giving final shape to its feasibility study on utilisation of phosphatic resources of Syria; a power project awarded to Bharat Heavy Electricals Ltd. is partially funded by India through a $240-million line of credit; and Apollo International of India is upgrading a steel plant in Hama, for which also India has extended a line of credit of $25 million. Unlike with the UAE, the two-way trade level with Syria stands at a modest $530 million. The Indo-Syrian Joint Commission, which met in June this year, has decided to work towards doubling trade shortly. The President's visit is expected to boost economic relations, identify areas of mutually beneficial cooperation and register Indian interest in sourcing phosphates, which will help in achieving food security. Duty on Power Equipment 27Nov The Union Cabinet is expected to take a call on the issue of imposition of duty on import of power equipment, especially heavy equipment, from China which is hurting the domestic industry badly and putting them at
a disadvantage due to cheap imports. According to the Chairman and Managing Director of Bharat Heavy Electricals Limited B. P. Rao. ISRO’s Satellite 27Nov An advanced communication satellite called Highly Adaptable Satellite or HYLAS, built by ISRO was successfully launched by the European Ariane-5 V198 launch vehicle. The satellite was built on commercial basis in partnership with EADS-Astrium of Europe. The launch took place from the Guyana Space Centre at Kourou in French Guyana. ISRO's Master Control Facility at Hassan in Karnataka successfully received radio signals transmitted by HYLAS and the satellite's health is said to be normal. HYLAS satellite developed for Avanti Communications of UK consists of ten high power transponders. The satellite is designed to deliver high-speed broadband services through its spot beams over Europe. ISRO won the contract to build the satellite in the year 2006 after competing along with other leading manufacturers of USA and Europe through the strategic alliance worked out between Antrix, commercial arm of ISRO and M/s. EADS Astrium of France. The alliance was formed to jointly develop communication satellites with ISRO platforms and Astrium payloads and market them internationally. Antrix provided the satellite bus and performed the satellite integration and testing at ISRO's facility in Bangalore. HYLAS satellite weighing 2541 kg at lift-off is the heaviest satellite built by ISRO. It is capable of operating for over 15 years mission life as demanded by the customer. Power Plant 27Nov
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India's 20th nuclear power plant became operational at Kaiga in Karnataka taking the total installed atomic power capacity in the country to 4780 MW. The indigenously-developed 220 MW capacity Unit 4 of the Kaiga Atomic Power Station attained criticality at 8.07.22 am making India the sixth country in the world to have 20 or more nuclear power plants in operation. A nuclear reactor is said to have attained criticality when it is ready to maintain stability of the chain reaction indicating that the unit is has achieved a steady output of power. The Kaiga-4 was built a few years ago but was unable to start power production for want of fuel. India's exemption from the Nuclear Suppliers' Group guidelines in 2008 that facilitated its return to global nuclear trade made the access to fuel possible. The Kaiga Unit 4 will now undergo a series of checks from the Atomic Energy Regulatory Board (AERB) before being synchronised with the grid. The commercial production will begin thereafter. The entire processes from criticality to commercial production will take about two months. Three units of 220 MW each are already generating electricity at the Kaiga nuclear station at about 60 per cent of their capacity. Kaiga is NPCIL's sixth nuclear power plant site. The third unit at Kaiga attained criticality in February 2007 in less than five years of first pouring of concrete. Kaiga 1 and 2 had attained criticality in 2000. Kaiga 4 has raised the installed capacity at the power station here to 880 MW, the third largest site of NPCIL after Tarapur and
Rawatbhata. Presently, India produces 568 billion units of electricity and of that 23 per cent is from hydro-power, 64 per cent from thermal power, 10 per cent by nonconventional methods and only three per cent by the nuclear power. Development Plan 27Nov With an aim of tackling naxalism through development, the government has unveiled a special Rs 3300 crore action plan in 60 affected tribal and backward districts across nine states. The Integrated Action Plan (IAP) is intended to provide immediate redressal to problems of the people in tribal and backward districts in the sector like healthcare, drinking water, education and roads. The IAP would be given as an additional central assistance scheme on 100 percent grant basis to be implemented in two years.In the current year (2010-11), a block grant of Rs 25 crore will be made available to each of the 60 districts for which the schemes will be decided by a committee headed by the distrcit collector with district SP and district forest officer as members. The projects would have to be completed by March in a "concrete" and "visible" manner, he said. The works would be taken up by district collectors by 1st December, he said, adding the block amount of Rs 25 crore will have to be utilised in the remaining four months of the current fiscal. According to an estimate, about 40,000 sq km areas in Naxal-affected states are under the control of Maoists. Rural Poor 27Nov Oil Minister Murli Deora said the government would offer Rs 1,400 subsidy per LPG connection to BPL families in rural
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areas as part of its effort to increase the reach of cooking fuel among the poor. The proposed subsidy will be available to the new connections being offered under the Rajiv Gandhi Rural LPG Distribution Scheme. Significantly, the Minister refused to take any question on the Cairn-Vedanta deal. The British energy major Cairn and domestic firm Vedanta are waiting for the government nod for their USD 9 billion sale agreement inked in mid-August. Deora said the country will have to import 3.9 million tonnes or 32 percent more cooking gas this fiscal to meet the growing demand and pointed out that the number of LPG connection has grown nearly three times since 1999 when there were only 3.81 crore consumers, to 12.2 crore now. While domestic production of the cooking fuel has gone up to 10.2 million tonnes last fiscal, up from 7.6 mt in FY06, demand has gone up much faster and is projected to reach 13.96 mt this fiscal, and added that "LPG demand is projected to touch 19.2 mt by the turn of 2015. Sex Ratio 30Nov Gujarat is promising a safe cradle for girls to be born. The latest civil registration system (CRS) data released by the government said the sex ratio has gone up to 905 girls per 1,000 boys as per births registered in 2009. This is the first time that the number of girls in the 0-6 year age group has raised above the 900 mark in the past decade. The issue was first brought into focus by Times Of India through the 'Save the girl child' campaign. Its reports were based on the 2001 census data which showed only 883 girls per 1,000 boys in the state, leading to a severe shortage of brides in certain
communities who reportedly practised female foeticide. The economically progressive state had the fifth lowest girl child ratio in the country. In 2001, the CRS figures too put the sex ratio at 834. To correct the skewed sex ratio, the state government launched its own 'beti bachao' campaign. India and Russia 30Nov India and Russia have finalized several pacts in Trade, Investment, Energy including Nuclear Energy and High Technology trade after delegation level talks between External Affairs Minister, S. M. Krishna and his Russian counterpart Sergei Lavrov in New Delhi. These agreements will be signed during the Russian President Dmitry Medvedev summit level talks with the Prime Minister Dr. Manmohan Singh in Delhi next month. The Russian President will be on a two-day official visit to India on 21st and 22nd of next month. The two countries have also agreed to implement projects in the areas of economy, science and technology and military cooperation. The two countries signed a protocol to intensify strategic cooperation between the two countries. Talking to reporters after talks, S. M. Krishna said that regional and global issues also figured in the talks. He said, talks on purchase of fifth generation aircraft are being held. Adult Literacy 30Nov Government says that adult literacy will empower the people and create better employment opportunities for them. The Minister of State for Human Resource Development D. Purandeswari said this while speaking at the interactive meeting
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The main implication of China's improved air and conventional missile capabilities is a dramatic increase in the [People's Liberation Army's] ability to inhibit U. China can destroy five out of six US bases in Asia with a wave of missiles. military's freedom of access in East Asia. Misawa and Yokota could be knocked out with 80 medium. Guam. The report says that in the event of a conflict.S. A phased four-year plan to wind down American and allied fighting in Afghanistan will be presented at a NATO summit meeting in Lisbon later this week. military operations in the region.and medium-range ballistic missiles and 350 ground-launched cruise missiles. Osan and Kunsan air bases. government has growing concerns over what the report says are "China's improving capabilities to challenge the U. In Japan.-China Economic and Security Review Commission concludes.000 by 2013. . In addition to missiles. A similar announcement by the Obama administration. the programme will focus on Basic Education. a goal that will require the gradual transfer of responsibility for security operations to Afghan forces over the next 18 to 24 months. came in for a barrage of criticism on the grounds that it could strengthen the hands of militants who might regroup.S. The meeting has been convened to meet and discuss with the stake holders about the implementation of Saakshar Bharat programme and to seek their cooperation for its effective implementation." The US bases vulnerable to Chinese missile attack include two in South Korea.and short-range ballistic missiles and 350 ground-launched cruise missiles. Chinese Missiles 16Nov In the event of a military confrontation." a late draft of the report by the U. The U. to begin a troop drawdown in Afghanistan by July 2011. Each could be destroyed with attacks by 480 short.S.COM with State Literacy Mission authority and Zila Lok Shiksha Samities on implementation of Saakshar Bharat in New Delhi today. These bases are between 840 and 1. All Rights Reserved. these local forces comprise approximately 264.000 men. The bases are some 380-640 km from China.S. The possibility of a 2014 handover appeared to be a hit with President Barack Obama's Republican opposition. Afghan Mission 16Nov The United States government is set to announce a plan to end its combat mission in Afghanistan by 2014. the Chinese military build-up includes major deployments and upgrades of Chinese jets that have increased ranges and better weapons as well as greatly improved air defences. in western Pacific Copyright © 2010 Current Affairs Master.CURRENTAFFAIRSMASTER. According to reports. Besides Basic Literacy. US bases at Kadena. Vocational Education and Continuing Education. now holding a stronger hand of cards after a sweeping victory in the House of Representatives earlier this month.000 km from China. Saakshar Bharat programme aims to impart functional literacy to 70 million non-literates in 15 plus age group in 365 low female literacy districts. and the goal is to raise this number to 350. She underlined the importance of Saakshar Bharat keeping in context the fact that India is among the countries with the largest number of illiterates.
INCAA was set up last year by Environment Minister Jairam Ramesh as a mechanism to evolve institutions as well as engage other agencies already working in the area of climate change. water. 687. Joint Secretary (North). In addition to increasing the number of missiles. Ramesh was of the opinion that the understanding of the implications of climate change at the regional and sub. .regional Copyright © 2010 Current Affairs Master. India will release its first assessment report on the impact of global warming on four key sectors. The project would be funded totally by the Government of India under the Nepal-India Cooperation Programme and will be constructed at an estimated cost of nearly Rs.COM Ocean. This was decided in Kathmandu at the first meeting of the Project Steering Committee for the strengthening of road infrastructure of the Terai area of Nepal committee. according to an Indian Embassy release in Kathmandu. China's growing long-range bomber arsenal.800 km from China. All Rights Reserved. including forests and water in the country's climatic regions like the Himalayas and the north east. RITES is working as consultant for the project from the Indian side.600 and 2. 'Not only would US bases be threatened in the event of a conflict with China but so too would US deployed aircraft.CURRENTAFFAIRSMASTER. The committee agreed that work should be completed in a time bound manner due to the special importance the two countries attach to the project. These climatic hotspots are the Himalayan. and increasing their payload. health and forests. includes 19 roads totaling 605 kms.900 km. Report on Climate Change 16Nov Ahead of the UN meet on climate change in Mexico. Guam is the site of a major US military buildup in Asia. where the sixth US Air Force base is located.450 kms of black topped all weather roads in the Terai area of Nepal adjoining India. Phase-I. however. and Kamal Raj Pande. means the 'PLA Air Force's bomber fleet soon could allow it to target Guam. Joint Secretary. Nepal's Ministry of Physical Planning & Works. The meeting was co-chaired by Satish C Mehta.5 crores. Nepal Road 16Nov India will provide nearly Rs 700 crores to Nepal for road projects in the Terai region. the north east. The project will be implemented in three phases and envisages to construct over 1. the assessment report will address the concerns about climate change on the natural resources and livelihoods of the people in the four identified regions. MEA. close to its border in an attempt to help improve transport infrastructure. with the addition of new submarines and bombers and spy aircraft. Prepared by Indian Network of Climate Change Assessment (INCAA). is the only exception because it is 2. China is also extending their range.150 shortrange missiles with ranges between 280 and 600 km and 115 medium-range missiles with ranges between 1. on which work is expected to start by next month. the Western Ghats and the coastal plains and the four sectors under study are agriculture. improving their accuracy. China is thought to have 1.
one of China's leading railway consultants. In August. On another major issue. India has become the first developing nation to publish such updated statistics which reflects its strong domestic actions and is likely to strengthen the country's negotiating positions at the climate change meet at Cancun in Mexico in the month-end. In two months. By announcing the latest emission data. That end date is three years beyond the time that Obama had said he would start withdrawing US troops. "we need to know what would be the impact of such changes in the middle term. and not wait for reports that are predicting for 2050 or later. like by 2030. The Wang Mengshu. Obama and the allies are expected to announce plans to begin handing off security responsibility in Afghanistan to local forces next year and to complete the transition by the end of 2014. S-E Asia Rail Links 23Nov China will. analysts say.6-billion. as part of a wider effort to deepen engagement with its Southeast Asian neighbours.CURRENTAFFAIRSMASTER. Resource Centre 22Nov The government will launch an Indian Workers Resource Centre for its expatriates in the UAE during the President's visit. Thailand and Laos. work will begin on a 1. the official China Daily. West Asia expert Professor Mustaba Khan of the Jamia Milia Islamia University said about 1. but they often find it difficult to get help in time of distress. accelerate plans for high-speed rail links with Myanmar.COM levels is rather inadequate and there is a need to have domestic studies on the issue.75 million Indians constitute the largest expatriate community in the UAE. Talking to All India Radio. Cambodia. in coming months. as saying studies were also under way to link Yunnan's capital Kunming with Cambodia." Study of climate change in north-eastern region is most important as it has the country's 25 percent of forest cover and will be most severely affected by global warming. INCAA had almost six months ago prepared the country's greenhouse gas (GHG) emission data "India: Greenhouse Gas Emissions 2007" which said the country's emissions grew by 58 percent during 1994 to 2007. Comprising about 220 scientists from 120 research institutions across the country. Beijing's increased infrastructure investment in Southeast Asia. an ambitious commitment to protect against possible Iranian attack while demonstrating the alliance's continuing relevance. the Ministry of Railways also sent a team to Thailand to explore investing in a $ 25. with trains running at over 200 km/h. is part of a larger effort to expand economic and Copyright © 2010 Current Affairs Master. All Rights Reserved. Ramesh had recently said that in view of a serious threat of climate change. NATO to Erect Missile 20Nov President Barack Obama won NATO summit agreement to build a missile shield over Europe. The government is also likely to release some additional funds for the distressed expatriates. Laos and Vietnam.920km high-speed rail line connecting southwestern Yunnan province with Yangon in Myanmar. .but at the risk of further aggravating Russia. The resource centre will provide a 24-hour helpline and counselling service to Indian workers in distress. 240-km high-speed railway and rail network.
China has increasingly begun to explore expanding its domestic high-speed rail network. in part fuelled by the flooding of the ASEAN market with Chinese goods. which have historically lagged the coastal east on most development indicators. China has also recently proposed a $15billion fund for infrastructure-building in ASEAN countries.6 billion last year. China has. banks could levy Rs 25 service charge on RTGS transactions above Rs 1 lakh. The central bank said that by the Copyright © 2010 Current Affairs Master. beyond its western and southern border. The Bushehr nuclear reactor represents a key milestone in Iran's efforts to produce nuclear energy. China signed a deal to support $350-million financing for trade and investments in Indonesia. and 60 per cent of the railway lines will be located in China's western regions. In recent years. Iran has repeatedly claimed its atomic programme is entirely peaceful and merely to produce energy. In the west. banks can levy Rs 25 as service charge for transactions from Rs 2 lakh to Rs 5 lakh and a service charge of Rs 50 can be charged for transactions exceeding Rs 5 lakh.CURRENTAFFAIRSMASTER. The trade deficit grew to $21. The national network will reach 120. The service charge on transactions of Rs 1 lakh to Rs 2 lakh will only be Rs 15 as against Rs 25 at present. This has been done to encourage more customers to avail themselves of the NEFT facility. .COM strategic influence in the region. A number of countries have also voiced concern over the pattern of Chinese investments. has led to strains in commercial relationships with many ASEAN countries. While China became the first country to ratify an ASEAN Free Trade Agreement (FTA). Russia will operate the facility and will both supply the nuclear fuel and remove the nuclear waste. He said the electricity produced at the Bushehr plant will be connected to the national grid in a month or two. The changes will be applicable from November 15.000 km by 2020. According to the revised rates. a fast-widening trade imbalance in China's favour. RTGS Transfer Limit 4Nov The Reserve Bank of India has raised the threshold limit for real time gross settlement (RTGS) transactions from Rs 1 lakh to Rs 2 lakh and introduced a new value band for National Electronic Fund Transfer (NEFT) in order to promote electronic transactions amongst customers. which have generally targeted resources such as oil and minerals. The RBI has also introduced a new value band for NEFT transactions. Iran's Atomic Chief Ali Akbar Salehi said they sealed the cover of the reactor without any propaganda and fuss and that all the fuel rods are in the core of the reactor. Nuclear Plant 27Nov Iran's first nuclear power plant in the southern port city of Bushehr has started operations. so far. which is already the world’s biggest. Beijing hopes the investment will also ease anxieties among its ASEAN (Association of Southeast Asian Nations) neighbours over the impact of China's rising economic influence. reached agreements to build railway lines from its Xinjiang region to Tajikistan and Kyrgyzstan. All Rights Reserved. Currently.
80 crore. . However.000 branches of 98 banks had participated in the NEFT system.998. In the fortnight ending October 8. Bank credit 4Nov According to the scheduled banks' statement of position released by the RBI.132.620 crore has been transferred. Societe Generale and Credit Agricole CIB from proprietary trading in government bonds for six months. lessens the controlling interest the United States and European countries had in the organization. altering the shares of voting power.62 crore to Rs 34.335 crore to Rs 15. Trade Target 6Nov India and the US should aim at achieving the bilateral trade target of 220 billion US Dollars in the next 10 years. The change.254. bankers do not expect to achieve 20 per cent credit growth by the fiscal end. open market operations conducted by the RBI.94 crore.68.CURRENTAFFAIRSMASTER.76.707. where securities change hands at off-market prices to hide losses. A Working Group comprising of representatives from the RBI and select commercial banks including State Bank of India. On a year-on-year basis. bank credit increased by Rs 7.945. to strengthen the economic ties between the two nations. buyback offers from the government. credit has grown at more than 21 per cent till date. giving China and several other countries more power in decision-making. ICICI Bank and HDFC Bank has submitted its report for the implementation of the next generation RTGS system. The ban follows an investigation into socalled circular trading in government bonds. the move elevates China above European members such as Germany. No 3 6Nov The International Monetary Fund has announced that it has approved measures that will overhaul the governance of the organization.133. including primary auctions. Punjab National Bank. Bond Trade 6Nov The Reserve Bank of India (RBI) has banned Standard Chartered.35 crore.COM end-July 2010.69 crore.83 million in September 2010 and in value terms Rs 61. The banks can appeal the ban and can also continue to participate in other bond market operations in India. Deposits collections were up Rs 86. The data showed that investments by banks in Government and other approved securities rose by Rs 26. The transactions on the RTGS system though continue to be much higher.75.06 crore to Rs 48. and makes China the thirdlargest shareholder. Britain and France.86 crore in the fortnight ended October 22 to Rs 34. The value of transactions on the RTGS system in September 2010 stood at Rs 41 lakh crore. bank credit had increased by Rs 46.3 per cent of the US trade and there is substantial potential to increase the bilateral trade. IMF Managing Director Dominique Strauss- Copyright © 2010 Current Affairs Master.02.031. and CBLO (collateralised borrowing and lending obligation) operations. The roll out of the next generation system has started and will take two years for completion. The United States and Japan are the largest shareholders. close to 70. Assocham President Swati Piramal said that India accounts for a merely 1. All Rights Reserved. The volume of transactions on the NEFT system reached around 9.
proposing the increase in the limit to Rs 2 lakhs. India. The other 177 countries in the IMF share 14 seats on the board. and online submission of customs forms and payments. The IMF was created after the Great Depression and World War II to encourage global economic cooperation and international assistance when individual nations’ economies faltered. according to a new World Bank report. It had been observed that in the recent public offerings. SEBI had observed that the limit of Rs 1 lakh to define a retail individual investor needs to be enhanced. In the non-institutional investor category. Germany. Japan and the United States in the top ten of the 24-member board. This suggests that retail individual investors who have the Copyright © 2010 Current Affairs Master. applications above Rs 1 lakh were categorised under the high net worth individual (HNI) segment. SEBI had issued a discussion paper for proposed changes to SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009. However. China. The market regulator.COM Kahn told that the top level of the IMF governing board has been expanded to include Brazil. including ensuring exchange rate stability and encouraging member countries to refrain from practices that hinder trade. in public offers. Usually. Till now. has permitted all investors who apply in public offers for shares worth Rs 2 lakhs or less to be treated as retail investors. This helps investors invest over Rs 1 lakh in an initial public offer (IPO). as against 35 percent reserved for the retail players. the HNI and institutional parts are subscribed much more that the retail part. the report notes. The remaining 50 percent is set aside for institutional investors. IPO Limit 7Nov The Securities and Exchange Board of India (SEBI) has doubled the limit for maximum application for individual investors from Rs 1 lakh to Rs 2 lakhs across all public issues. Most Improved Economies 7Nov India is one of the 40 “most-improved economies” that made significant changes in business regulation at a steady pace in 2009 to make it easier for firms to operate. . one rung higher than last year's 135. approximately 75 percent of applications in the retail individual investor category have come in the size of Rs 80. Besides.CURRENTAFFAIRSMASTER. SEBI. creating more opportunities for local firms. there is no increase in the percentage allocation. All Rights Reserved. The institution was charged with overseeing the international monetary system. where an investor could not get the benefit of a five percent discount reserved for retail investors. once categorised as HNIs these investors had only 15 percent of the shares at their disposal. Many of the reforms focused on technologyimplementing electronic business registration. so the chances of getting allotment if one applies under the retail category is much higher than in the other two.000 to Rs 1 lakh. Since 2005. India has implemented 18 business regulation reforms in seven areas. electronic filing for taxes. Italy and Russia. Some time ago. according to the “Doing Business 2011: Making a Difference for Entrepreneurs” report. France. India comes in at number 134 out of the 183. They join Britain. the number of applications in the size of less than Rs 5 lakhs is negligible.
The present move will have several positive outcomes for public offers. any other policy action. the policy stance is intended to (a) contain inflation and anchor inflationary expectations while being prepared to respond to any further build up of inflationary pressures. From now on all investors applying for shares worth up to Rs 2 lakhs will be eligible to get shares at up to five percent discount. All Rights Reserved. its policy statement of November 2 is a mine of information on not just the monetary policy.000 crores to Rs 6. the number of applications received from retail individual investors was in the range of 35.000 to 70. The earlier policy statements highlighted its role in combating inflation. since 35 percent of the public issue is to be allocated to retail individual investors.CURRENTAFFAIRSMASTER. In addition. say. its forecast of GDP growth is widely watched. the chances of the retail part in an offer getting over-subscribed could also go up. in a largesized public issue . Recently. Another argument in favor of the upward revision is that the rate of inflation has also more than doubled since 2005. the RBI has been elaborating its monetary stance to include other related objectives such as financial stability. As always. Retail investors will get to double their chances in initial public offerings. The new enhanced limit will allow more investors to enter the market as retail players and thus avail the price discount for the segment. Besides.COM capacity and appetite to apply for securities worth above Rs 1 lakh were constrained from doing so because of the Rs 1 lakh limit. output and financial stability and (c) actively Copyright © 2010 Current Affairs Master. . Under the ICDR Regulations. when the rate was around four percent. The policy stance This time. This is the first revision in five years.for an issue size of Rs 4. the RBI's detailed analysis of the monetary policy encompasses overlapping areas of the macro economy. They could not make an application under the non-institutional investor category because the allocation there is limited to 15 percent as against 35 percent for retail individual investor category. a higher 50-basis point hike in the repo rate.the limit of Rs 1 lakh would mean the issue has to receive a minimum of 1. This could be a daunting task considering that in case of well oversubscribed issues. even if the RBI did not spring a surprise. This will also lead to broader retail investor base for companies. attempting to keep pace with the eroding value of the rupee. would have created a bigger impact. The central bank's preoccupation with price stability is not new.000 crores .25 percentage-point each. RBI 8Nov The Reserve Bank of India's unrelenting focus on inflation was once again in evidence and not merely because it hiked the two short-term policy rates by 0.000. (b) maintain an interest rate regime consistent with price. However. The traditional monetary policy dilemma of meeting the credit needs of the real economy while simultaneously maintaining price stability has been in evidence.5-2 lakh applications from retail individual investors to fill in the 35 percent allocation. This move was widely anticipated and as the stock markets' muted reaction to the policy announcement showed.
deposits with banks are not growing the way they should. Interest rates Too much has been read into the policy statement that “the likelihood of further rate actions in the immediate future is low. However. There are several reasons explaining why inflation is such a major concern. All Rights Reserved. (b) Despite a satisfactory monsoon.CURRENTAFFAIRSMASTER. 2011. Tight liquidity improves transmission. As with monetary projections. The next mid-quarter review of monetary policy will be announced on December 16 and the third quarter review on January 25. It Copyright © 2010 Current Affairs Master. The third objective — of managing liquidity — is new to this policy statement. the RBI has increased the number of its policy statements to eight. The scope for announcing new measures in between two scheduled statement dates is limited. mostly because they are giving negative returns. Persistently high inflation. The first objective captures the resolve of the RBI to focus on inflation while the second takes note of the fact that monetary policy cannot lose sight of other objectives. However. There can obviously be no commitment from the central bank to halt interest rate hikes. (e) The loose monetary policies pursued by the developed countries will flood emerging markets like India with surplus liquidity. (b) Bank depositors seldom get a fair deal in policy statements probably because unlike.25 percentage-point increase each in the repo and reverse repo rates was widely anticipated. Yet the policy statement is subject to numerous caveats. say. there may not be an immediate move by banks to increase their lending rates. Besides. interest signals operate with a lag. (a) Although there has been some moderation recently. in such a situation. points to the existence of structural factors that cannot be tackled by monetary measures alone. the risks of inflation spilling over to other sectors is real. Two relevant points are: (a) Transmission of policy measures from policy rates to lending rates though improving is still dependent on some factors such as liquidity conditions. (d) Global commodity prices. Since the modest 0. even for a brief period. food prices have not moderated.5 per cent for March 2011. . These factors tend to heighten inflationary expectations.'' This has been interpreted to mean that the RBI has come to the end of the current interest rate cycle. remains significantly above the target level of 5.COM manage liquidity to ensure that it remains broadly in balance. organised industry. 8. already high despite a weak recovery in the advanced countries. may rise further on the back of strong demand from the fast growing developing countries.5 per cent for 2010-11. the growth estimates are subject to risks that are similar. The recently introduced base rate mechanism imparts transparency to the process of determining lending rates by banks. (c) With the economy growing close to the target.6 per cent in September. the Wholesale Price Index-based inflation. they do not have anyone who will lobby for their cause. The RBI has retained its forecast of GDP growth at 8. which is entirely in line with most other forecasts. Excess liquidity will hinder transmission of monetary signals while a serious shortage will hurt credit offtake and financial markets.
COM is also fairly certain that household savings are being deployed in a wide range of nonmonetary assets such as gold and real estate. according to the IRDA Chairman. Hence. At a CII Insurance Conference in Mumbai two months ago. it extended the measures up to November 4. the IRDA Chairman had said that the regulator was in discussion with the companies about some issues regarding the merger. Contributory factors Significant increase in government cash balances (implying that the government is not spending) with the RBI. the Reserve Bank of India had reintroduced measures that were announced late last month. It also decided to open a second window daily for banks to borrow funds for over a month. with an average daily net injection of around Rs 24. on October 31. government securities equivalent to 1per cent of their deposits can be placed with the RBI's repo window to borrow funds. for many categories of savers.31. slow growth in deposits in view of the thriving equity market and initial public offers by public sector companies. Copyright © 2010 Current Affairs Master. What this means is that banks can temporarily maintain SLR of 24 per cent instead of 25 per cent of deposits. Hari Narayan.736 crore as on October 30.CURRENTAFFAIRSMASTER. He had said then that M & A norms would be announced soon and that a committee was studying the issue.000 crore as the RBI has allowed them to use additional liquidity support under the LAF to the extent of 1 per cent of their deposits.000 crore in September and Rs 61. which stood at Rs 77. .674 crore in the fortnight ended October 22) have all contributed to the cash crunch in the financial markets. LAF window Banks are expected to become liquid to the tune of Rs 50. The RBI has allowed banks to temporarily maintain lower statutory liquidity ratio (a percentage of deposits that have to be compulsorily invested in government securities). It is time banking policy recognises this crucial role of deposits and not view them as something whose costs determine the lending rates. All Rights Reserved. the liquidity injected by the RBI through its LAF widow on an average was about Rs 113. J. IRDA Studying Merger 10Nov The Insurance Regulatory and Development Authority is examining merger and acquisition proposals from two non-life companies.000 crore during November 89. The RBI had announced these measures on October 29 for a three-day period. Liquidity Pressure 10Nov To ease the persistent funds crunch the banking system is facing. and credit picking up gradually (non-food credit offtake was Rs 9. That banks are facing funds shortage is underscored by the fact that the RBI's LAF window has remained in injection mode since September 9. The two companies in question are Reliance General Insurance and Royal Sundaram General Insurance Company.260 crore on October 29. bank deposits remain the safest option. The latest round of liquidity-easing measures will be in force till December 16. However. Finding no improvement in the liquidity situation.700 crore in October 2010 and a peak injection of Rs 1. In fact.
5 million. 11 public sector banks and three private banks in the country account for about 138 overseas branches as on March 31.COM The liquidity-easing measures announced last time were only for a week. which they will get soon. Shanghai and Dhaka are likely to be operational in six to 12 months. As the pact is all encompassing. marine products will be benefited more. 2009.4 billion bilateral trade in merchandise. The Comprehensive Economic Partnership Agreement (CEPA) is expected to come into force from April. Bank of India. investment. This should help ease the liquidity pressure in the market and cool short-term interest rates. foreign direct inflows (FDI) inflows from Japan remained small. All Rights Reserved. which are mostly directed towards the US and Europe may get big market in Japan. this time around it stretches over a month. The CEPA will reduce or eliminate tariffs on over 90 per cent of the $10. The bank has applied to the RBI and is waiting for approval. four in China (one each of SBI. The capital required to set up a branch will be close to $30 million.CURRENTAFFAIRSMASTER. . Overseas Branches 11Nov All the three overseas branches of Allahabad Bank in Hong Kong. India has already operationalised comprehensive pacts with South Korea and Singapore and in final stage of negotiations with the European Union. Allahabad Bank also has a representative office in Shenzhen. India-Japan FTA 11Nov India's garment exports. textile. The CEPA relaxes barriers on trade in goods. competition and improvement of the business environment by both sides. Japanese FDI in the country was only $4. The overseas expansion would entail an investment of about $50 million. There are about 15 branches of various Indian banks in Hong Kong. While the bank plans to set up full-fledged branches at Kowloon in Hong Kong and Shanghai. as the two countries are set to sign the free trade agreement (FTA) in January. while Japanese exporters would gain in areas such as electronics. China. Indian exporters from the sector like cotton. readymade garments. However. it plans to open a representative office in Dhaka. Bank of Baroda and Canara Bank). project imports and transport equipment. besides enhanced cooperation on protection of intellectual property. trade in services and movement of professionals. While India has emerged as one of the favoured destination for foreign investors. healthcare and food and restaurants. Overseas business could account for 5-7 per cent of the bank's business in three years. In Hong Kong. India would like increased investments from Japan and easy access for its professionals in areas like IT. the RBI data says. According to the RBI data. In January.2 billion out of cumulative $121 billion since 2000. the capital requirement will be less as this is our second branch and we have a good rating there so it will work out to about $5-10 million. four in Bangladesh (SBI). it (FTA) will be signed. Japan needs an approval from Diet (Parliament) Committee of Legislation for the agreement. Divestment 11Nov Copyright © 2010 Current Affairs Master. while in Dhaka it is about $12. India is ready with all the approvals.
followed by Hindustan Copper.000 crore target by fiscal year-end. which exported $228 million worth of products. Next in the line for disinvestment in the current fiscal is Manganese Ore India. Of this. The bank also said it expects the Government to increase its holding in it from the present 55 per cent to 60 per cent soon through a capital infusion to the tune of Rs 1. . to the subcontinent.000 crore each from share sale of SJVN and Engineers India. Largest Export Destination 11Nov India has become Israel's second largest export destination after the United States. 10 per cent dilution in government stake in IOC and five per cent in SAIL would be the "major contributors" for meeting the target. Shipping Corporation of India. as the Jewish state focusses on tapping potential in the Asian markets. it had raised Rs 1. exports to India grew from less than $10 million in the first half of last year to $160 million this year. One of the biggest exporters to India in this sector was Dead Sea Works. The bank had raised $400 million and $175 million in two tranches in the last four months from overseas markets. a sharp increase of 524 per cent. We have already collected about Rs 17. mainly fertilisers.COM The government has already mopped up more than Rs 17. As per the figures provided by Israel's Export and International Cooperation Institute. including warfare systems. Strengthening cooperation in the field of agriculture. Israeli exports to India of metals and metal products also increased from $21 million to $130 million. India and Israel have registered a phenomenal growth in bilateral trade. India jumped from the eighth position to second as the favoured destination for Israeli exports in the first half of 2010. an increase of 102 per cent compared to last year.500 crore. Major exporters in this sector included ECI Telecom and Comverse. Electronics equipment. Earlier in the fiscal. India would also be opening several centres of excellence to replicate Israeli model of success in the field.000 crore. starting from humble figures of $200 million in 1992 when diplomatic relations were established between the two countries. The reason for this sharp jump was a 63 per cent leap in exports by Israel's mining. The bank plans to raise another $175-200 Copyright © 2010 Current Affairs Master. Elbit Systems and Rafael. Indian Oil Corporation and Steel Authority of India.000odd crore and with Power Grid (follow-on share offer). a subsidiary of Israel Chemicals. Union Bank 12Nov Public sector lender Union Bank of India said that it is going to raise $175-200 million (or around Rs 900 crore) from overseas market in the coming month through medium-term notes. TowerJazz. It will reach the target (mopping up Rs 40. with current trends projecting a close to $5 billion mark this year a real possibility.000 crore through disinvestment in the current financial year and is on course to achieve the Rs 40. Israeli exports to India in the first half of this year equalled $990 million.000 crore in the current fiscal). it will be coming to Rs 21. The government last month raised Rs 15. minerals and quarrying sector. All Rights Reserved.CURRENTAFFAIRSMASTER.200 crore by selling 10 per cent stake in Coal India.
Economic Recovery 12Nov According to official estimates. The 16 eurozone members grew 0. Europe's largest economy. They may no longer be allowed to indulge in “multiple borrowing” from the same MFI or from more than one. Similarly. The G20 leaders agreed a new programme for the world economy. The declaration comes amid a currency war between the US and China.2 per cent from 0. In France. But in crisis-hit Greece. could be doubled by next year if proper infrastructure is put in place. Global leaders pledged to refrain from competitive devaluation of their currencies and to take steps to mitigate risks arising from excessive capital flows to emerging markets like India. called for moving towards more market-determined exchange rates.4 percent between July and September. Germany. The bank has headroom of Rs 4.CURRENTAFFAIRSMASTER. called the "Seoul Action Plan". compared with growth of 0. These funds are to be used to finance its overseas business. the economy contracted at a slower rate of 1. World leaders have vowed to address the trade imbalances that are destabilising the world economy.4 percent on average. It included a promise to "strengthen multilateral cooperation to promote external sustainability and pursue the full range of policies conducive to reducing excessive imbalances and maintaining current account imbalances at sustainable levels. has seen a sharp slowdown in the third quarter.7 per cent compared with the record expansion of 2.7 per cent in the previous quarter. The Seoul Action Plan.500 crores as far as tier-II bonds are concerned and that its Capital Adequacy Ratio is “very good.COM million in the next one month through medium term notes. currently valued at three billion dollars. Task Force 12Nov A task force has been set up by the Confederation of Indian Industry and the India-Bangladesh Chamber of Commerce and Industry to study investment prospects in India and Bangladesh and to increase trade between the two countries. . with growth of 0. to 0. GDP grew by 0. agreed at the end of the two-day Summit of the G-20 leaders including Indian Prime Minister Manmohan Singh. The Government is likely to tackle this issue through the Micro Finance Bill by Copyright © 2010 Current Affairs Master. the pace of economic recovery has slowed in Europe's major economies. MFIs may also not be permitted to lend to an individual who has an outstanding loan.7 per cent. Sen said the trade between the two countries. which also had ramifications for India and several other countries in terms of their exports becoming uncompetitive.1 per cent.5 per cent in the second quarter. down from 1 percent growth before. All Rights Reserved. Italy also saw its rate of recovery decline. Microfinance Bill 13Nov Borrowers taking loans from microfinance institutions (MFIs) may have to pay back one loan before taking another.” G20 Summit 12Nov At the end of the G20 Summit in Seoul. compared with 1. CII principal advisor Sushanta Sen said that a 10-member task force would submit its report and recommendations to the prime ministers of the two countries in the next six months.3 per cent it reported in the previous three months.
. Registrar for UID Project 13Nov UCO Bank has signed a Memorandum of Understanding with the Unique Identification Authority of India (UIDAI). Deutsche Bank AG. Credit Agricole SA. he did not disclose at what rate the bank plans to raise the fund. The bank is planning a road show in Europe to meet potential investors between November 17 and 19. ICICI Bank had raised €500 million through a two-year floating rate bond in March 2007. which is in the pipeline. There have also been instances of ‘ever-greening' of loans by MFIs where they have provided fresh loans to borrowers to help them repay the old ones. BNP Paribas SA. In this regard. MFIs allegedly resort to such practices in a bid to grow fast. Bhatt said the retail bond issue will be around the same size as the earlier one. We will try to raise it at the best possible level in the industry. Standard Chartered and UBS AG are acting as the lead managers. This is the first time that the bank is raising such a huge amount in euro denominated bonds. It has noted cases where persons have taken advantage of the differential rates of interest offered by different institutions and used the loan amount from one to pay the other. MFIs would be soon forced to write-off loans in the multiple-lending category. anti-coercive practices and training of field workers. instead of defaulting. SBI’s Bond Issue 13Nov State Bank of India is planning to launch a five-year euro-denominated bond issue. increase profits and investments and even to go in for initial public offers. Executive Director of the bank. the Ministry is holding talks with the Unique Identification Authority of India to evolve a system to identify persons availing themselves of multiple loans so that they will not be eligible for loans if they do not repay. A benchmark bond is typically upwards of €500 million or more. The tenor of the bond will be five years. Sa-dhan members have decided to move towards reducing loan size per household to a limit of Rs 50.000 crore in October had received good response from retail investors. with Ashok Copyright © 2010 Current Affairs Master. some MFIs have resorted to multiple-lending without looking at the repayment ability of their customers. aims to regulate MFIs. Barclays Capital PLC. governance. Sadhan the country's largest umbrella body of MFIs had attempted to create a national database of district-level MFI operations to prevent an overlap of more than one MFI operating in the same area and instances of multiple-lending. The Bill. The bank's maiden retail bond issue of Rs 1. However. SBI is also looking to bring out another tranche of its retail bond issue.000 and practicing within 30 days the Sa-dhan code of conduct on transparency.COM incorporating provisions that will help identify wrong-doers and discourage these practices. The Ministry has observed that owing to competition. The size of the issue is likely to be between €500 million and €750 million. It is expecting to raise a benchmark-size euro bond. But the exercise is yet to take off as MFIs have not furnished details.CURRENTAFFAIRSMASTER. The MoU was signed by Ajai Kumar. The Ministry has learnt of instances where people have taken more than one loan from MFIs under different or bogus names. We have a significant pipeline of existing customers who require euros. All Rights Reserved.
Loan Processing Charges 13Nov The Reserve Bank of India has asked banks to disclose all charges involved in processing and sanction of loan applications in a transparent manner. With the doubling decision. All Rights Reserved. The Seoul Summit said going beyond what was decided in the Pittsburgh and Toronto Summits the IMF reforms include shifts in quota shares to dynamic emerging market and developing countires and to underrepresented countries of over 6 per cent. The bank has already drawn its financial inclusion plan for providing banking services to around 9. The RBI has asked banks to ensure that all such charges and fees are non-discriminatory. which ended in Seoul. approved the decision of the Finance Ministers and Central Bank Governors at the meeting of Gyeongju last month and the subsequent decision by the IMF on a comprehensive package of IMF quota and governance reforms.000 crore (about more than USD 3 billion) to the International Monetary Fund (IMF) following the decision of the Fund to double its quota. IMF Quota 14Nov India will have to contribute upto Rs. Deputy Director General of UIDAI. and securing the IMF's status as a quota-based institution with sufficient resources to support members' needs. India will have to contribute about more than USD 3 billion to the increased quota. existence of any interest reset clause and any other matter which affects the interest of the borrower. by ensuring that quotas and Executive Board composition are more reflective of new global economic realities. banks have been asked to disclose the conversion charges for switching loan from fixed to floating rates or vice versa. India and China are major beneficiaries of this decision with New Delhi's position climbing to 8th place above China in the IMF Board from its present 22nd position. credible and effective IMF.15. the IMF quota will go up from the present 214 SDR (Special Drawing Rights) to 428 SDR. the amount of fees refundable if loan amount is not sanctioned or disbursed.800 unbanked villages in the country. The information should also be displayed in the Web site of the banks for all categories of loan products. In addition.CURRENTAFFAIRSMASTER. While doubling its quota the IMF Board has also decided to shift 6 per cent shares in voting rights to emerging economies as part of governance reforms.COM Pal Singh. Prime Minister Manmohan Singh also hailed the IMF reforms saying the grouping has succeeded in several areas since the Summit Copyright © 2010 Current Affairs Master. The RBI has asked banks to disclose information such as fees payable for processing the loan application. The reforms are an important step towards a more legitimate. pre-payment options and charges and penalty for delayed repayments. the leaders said in the Seoul Summit Document said. . Banks must disclose ‘all in cost' inclusive of all such charges involved in processing/sanction of loan application in a transparent manner to enable the customer to compare the rates/charges with other sources of finance. The Summit of G-20 leaders. The MoU would enable the bank to act as one of the registrars for UID projects and leverage its existing infrastructure for implementation of UID projects.
telemarketing and call centre for outbound calling among others. claims. inflation by 8 per cent and population by 12 per cent. the average domestic gold price surged to almost Rs. Web site management.97. I expect the new guidelines to open up the market in the medium term. The MAP will evolve decisions by broad agreement but it will be for the leaders to accept or not. HR services. Indian authorities have made it clear that Copyright © 2010 Current Affairs Master. Over the past ten years. The sources said the current reforms of the IMF are a big step forward in the organisation which was born out of the Bretton Woods conference in the post-war situation. .800 an ounce (Rs. rose 67 per cent year-on-year in the first-half of 2010. addresses recent developments in the market in the context of the revival of Indian demand for gold in 2010. the world's largest gold jewellery market. it will deter Indian back office companies from moving up the value chain as they remain stuck with low-end processing-related work.460 (Rs. data entry. In its draft guidelines on outsourcing. Over the same period. Another major decision of the G 20 is the Mutual Assessment Process (MAP) by which policy coordination will be done among the countries in restoring economic balance in which the IMF will be involved in a big way. the value of gold demand in India has increased at an average rate of 13 per cent a year.18. All Rights Reserved.625 per 10 gram) before hitting a new high of Rs. The report indicates that in 2009. “Lot of insurance companies are waiting for norms on outsourcing to come through… now it is good for them to know what they can outsource and what they can't.400 crore). outpacing the country's real gross domestic product (GDP) by 6 per cent. internal audit. medical check-ups.CURRENTAFFAIRSMASTER. IT support and policy servicing were functions that could not be outsourced.COM in Washington in 2008 till the Seoul Summit. which accounts for 15 per cent of the global gold market. payroll management. The WGC report.52. 2010.60. titled “India: Heart of Gold”. IRDA had defined the processes that could be outsourced and those that should be done inhouse. However. A working Group comprising India and Canada has been formed for the MAP. Capital Flows 15Nov Asian Development Bank (ADB) has endorsed the Indian policy makers' current wait-and-watch approach on placing any restrictions on capital inflows. Global Gold Market 15Nov The Indian consumer's affinity and appetite for gold has continued over the years and statistics from a report published by the World Gold Council (WGC) indicate that in 2009 Indian demand accounted for 15 per cent of the global gold market. Non-core functions include house keeping. total Indian gold demand reached $19 billion (Rs. IRDA's Guidelines 15Nov The Insurance Regulatory and Development Authority's (IRDA) recent norms on outsourcing may prompt insurers to increase the quantum of back office work they give out to third party vendors in the medium term.325 per 10 gram) on October 15. Gold jewellery demand in India. Core functions such as product design.21.
SBI currently has a subsidiary in Indonesia called PT Bank SBI Indonesia with a network of six branches. touching the $5 trillion mark.COM they are not looking at any capital control measures for now even as the recent QE2 (second round of quantitative easing by the US) could portend greater inflows into emerging markets such as India. . Last year. Any restrictions on capital flows could have implications in terms of “law of unintended consequences. He said that policymakers should look at capital controls as one option and ensure that they don't introduce distortions. SBI. debenture and Copyright © 2010 Current Affairs Master. an entity cannot run two banks simultaneously." Assocham President Swati A Piramal said in a statement. All Rights Reserved. I don't think they (capital flows) are cause of great concern. has 125 foreign offices spread across 23 countries including Singapore. Bank Acquisition 15Nov To expand its operations in Southeast Asia. India can certainly absorb these flows given its current account deficit and reserves position. Interest rate spreads are in favour of emerging markets. Authorities have to now watch it more closely. the adding inorganic growth route is easier and quicker way of expansion. Currently. Indian households have traditionally preferred safety of bank deposits and government saving schemes. The acquirer has takeover only those banks where owner or majority holders should completely exit of the acquired bank and the entity is merged. You can reasonably expect that greater flows would come into India. the size of Indian household savings is over $330 billion. "The household savings rate of 33. Canada and Mauritius at the end of March 2010. State Bank of India is on a look out for acquisition of a bank in Indonesia in cash deal not exceeding $100 million (about Rs 450 crore). India has received record capital inflows of about $35 billion (both foreign direct investment and portfolio flows into equities) so far this year. the name of PT Bank IndoMonex was changed to PT Bank SBI Indonesia. according to a study jointly done by Assocham and PricehWaterhouse Coopers. Indonesian market provides high growth potential and SBI has identified 2-3 banks for possible acquisition. USA. The country largest bank. As per the Indonesian law. as the growing economy would boost incomes of people. Evidence is far from conclusive that capital control works in the long run. We are not in favour of giving cash more than $100 million.CURRENTAFFAIRSMASTER. Since increasing of branch network would take time. but they certainly need to be watched. Less than 10 per cent of their investments are in other financial assets like shares.4 per cent would translate into incremental savings of $5 trillion over the next decade with growing incomes of Indian households. Surge in capital inflows are a vote of confidence on India and that people perceive it as a good destination. Indians' Savings 15Nov India may takeover the US in terms of households savings by 2020. It was logical to expect greater flows into India in the aftermath of QE2 as funds are going to look for returns.
FDI-backed multi-brand retailers should be allowed to open stores initially only in six metros -. The multi-brand retailer will take over the market as per its will because there cannot be as many retail outlets in each locality as the present kirana stores. Concerted efforts of the government and the regulators supported by a long-term vision and a clarity in action can significantly help in fostering a climate that is conducive to growth and investments. Kolkata. In the beginning FDI less than 18 per cent may be thought of. gradual and analysing the impact before opening it more. Indian economy's size is about $1 trillion with the savings rate of Indian households of 33.COM mutual funds which is low as compared to some of the developed economies. five major chains accounted for more than 50 per cent of the retail sales in Copyright © 2010 Current Affairs Master. if at all. Bangalore and Hyderabad. In July DIPP had sought comments from various stakeholders on opening of FDI in multi-brand retail. conditions should be put that "50 per cent of the investment should be in fixed capital. .4 per cent. while in 51 per cent is allowed in mono-brand retail and 100 per cent in cash and carry. "India should tread cautiously by opening the sector. In its reply to the comments sought by the Department of Industrial Policy and Promotion (DIPP). while cautioning that entry of global retailers could harm interests of kirana stores. the Micro. including facilities for supply chain infrastructure. "If allowed in cities or town having lesser population. Justifying its views to calibrate the opening of FDI in multi-brand retail. Mumbai. processing and storage. who would be at the mercy these global retailers. the impact of these multi-brand retail stores will be felt faster and deeper because of lesser number of local retail stores." the ministry's reply to comments sought by DIPP said. close competition of kirana stores among each other will go. it should be less than 18 per cent. Small and Medium Enterprises (MSME) ministry has said even if FDI in multi-brand retail has to be allowed. All Rights Reserved.Delhi. Thus in practical terms competition will go and monopoly will be established. Currently. Chennai. Once multi-brand retail FDI is allowed.CURRENTAFFAIRSMASTER. small farmers and consumers. who will be able to influence prices. In 2007. Given the quantum of savings. The ministry suggested that even if FDI is allowed. FDI in Retail 15Nov The MSME ministry has proposed allowing only up to 18 per cent FDI in multi-brand retail. the next decade will be an opportunity of a lifetime for Indian capital markets. the need to mobilise savings into productive channels and the opportunity for financial intermediation. which is expected to grow further at an average rate of 8 per cent annually. It also said that malls housing multi-brand retail stores should be "at least two kilometers outside the precincts of the town or city area" to minimise competition to small retailers. It may harm the interest of small farmers as well as consumers. the MSME ministry said India should learn from other global markets where few super market players have established monopoly. Currently FDI in multibrand retail is prohibited in India.
will continue to remain an attractive place to do business for Indian companies. To protect interest of the small and medium enterprises. * APEC Leaders pledged to move toward more market-determined exchange rate systems. The Tata Group is the largest manufacturing employer there and more than 180 Indian companies have invested in the IT sector.6 billion. an ambitious but achievable target. * Declared that 2011 is "a critically important window of opportunity" to conclude the round and directed their officials to negotiate with "a sense urgency in the end game". including those with reserve currencies. a Ficci-Grant Thornton survey said. All Rights Reserved. sciences and IT. . In order to keep uniformity across the country. the ministry said in case FDI is allowed. "Advanced economies.COM most of the European Union countries. the trade was valued at $10. Even in Thailand expansion of organised retail caused dislocation to traditional supply chains in 1997-98 Asian Financial Crisis.CURRENTAFFAIRSMASTER. China and South Korea in an East Copyright © 2010 Current Affairs Master." Doha round and Protectionism * Affirmed their "strong commitment" to bring the Doha Round of world trade talks "to a prompt and successful conclusion". Free trade area * APEC will take "concrete steps" toward eventually forging a Free Trade Area of the Asia-Pacific (FTAAP). They will enhance exchange rate flexibility to reflect underlying economic fundamentals and will refrain from competitive devaluation of currencies. UK Trade 15Nov India and the UK can more than double their bilateral commerce to $24 billion in the next five years by increasing trade and investment cooperation in sectors like energy. Indian companies already provide employment to 90. In 2009-10. even as much as 70-80 per cent of the retail market in Denmark and Finland. including the 10-member Association of South East Asian Nations and "ASEAN + 3". * This may be done by building upon ongoing regional undertakings. These actions will help mitigate the risk of excessive volatility in capital flows facing some emerging market economies.000 people in the UK. The UK being the world's sixth largest manufacturer. * Extended a 2008 freeze on any new barriers to investment or to trade in goods and services for another three years to 2013. the ministry also proposed creation of a central agency Retail Trade enforcement Organisation. which includes Japan. APEC Summit 15Nov Here are the main points from the AsiaPacific Economic Cooperation's joint declaration following the conclusion of the 21-member grouping's summit. it should be made mandatory for retailers to source 40 per cent of the manufactured products should be sourced from MSMEs. a hub for science and innovation and gateway to EU. The MSMSE ministry also proposed setting up of 'Retailers Regulatory Authority' and enact 'Regulation and Conduct for Retailers' (Act) to check exploitation of local kirana stores and unfair practices by multi-brand retailers. India. India seeks to double its bilateral trade with UK to $24 billion in the next five years. will be vigilant against excess volatility and disorderly movements in exchange rates.
000 barrels per day (12 million tonnes per year) to the country's total oil production once plateau output is achieved. ONGC has informed that the government of Rajasthan has indicated to take up 26 per cent equity stake in the proposed refinery. Regional economic integration The regional economic integration initiative aims to work toward the goal of having all APEC economies achieve free and open trade and investment by 2020. Another building block will be the US-led Trans-Pacific Partnership that is being negotiated among nine countries. The Rajasthan government has been pressing for a 9-12 million tonnes per annum refinery at Barmer ever since Cairn India found 6. Barmer Refinery 16Nov The Rajasthan government plans to take a 26 per cent stake in a refinery proposed to be set up in the state by Oil and Natural Gas Corp (ONGC). Definitely some opportunities are being evaluated and we are hopeful that something should click very soone. However. getting credit. enforcing contracts. * Continue an APEC programme of structural reform to their economies. The Barmer field can add 240. trading across borders.CURRENTAFFAIRSMASTER. and human security. aimed at simplifying trade rules and customs procedures. New growth strategy * APEC is undertaking a collective growth strategy for the first time. cost and uncertainty by addressing identified "chokepoints". and dealing with permits. The proposal for a wellhead refinery in Rajasthan was originally floated by ONGC. Copyright © 2010 Current Affairs Master. This is also known as the "Bogor Goals" because it was agreed at the 1994 summit in Bogor Indonesia. All Rights Reserved. * The FTAAP may also be pursued through sectoral initiatives initially in areas such as investment. . * An Action Plan to do that deals with structural reform. faster. The leaders pledged to * Strive toward an aspirational target of a 25 per cent improvement by 2015 in the five priority areas of: starting a business. OIL. innovative and secure growth. services. the state-run oil and gas giant had a change of heart after R S Sharma took over as Chairman and Managing Director of the company in 2006 and has been demanding fiscal concessions from the state government before it embarks on the project. is looking to acquire Advent Energy of the Australia. inclusive." * Further improve supply-chain connectivity by 10 per cent in terms of time. green growth knowledge-based economy. * The strategy focuses on "five desired attributes" of balanced. sustainable. and trade facilitation.5 billion barrels of oil reserves in the Thar desert. * APEC aims to implement the strategy by 2015.COM Asia community. Oil India 16Nov State-run Oil India said it hopes to seal an estimated $1 billion deal for acquisition of producing oil assets in Australia. and making it easier for business executives to move across borders. South America and Africa in the near future. "This will make it cheaper. human resource and entrepreneurship development. and easier to do business in the Asia-Pacific region. along with GAIL and ONGC. which owns a 30 per cent stake in the Cairn oilfield.
Capital Inflows 16Nov Amid a debate on curbing foreign capital due to surge in their inflows into India. Power Plants 16Nov State-owned Neyveli Lignite Corp has proposed to set up 4. the US going into a 10-year moratorium like Japan and protectionism gaining currency. the biggest positive would be the conducive demographics and the country will continue to grow on the domestic demand front rather than being an export hub like some of its Asian peers. All three projects are yet to be approved by respective state governments. and India and China will be the biggest beneficiaries from the current cycle.000 MW capacity each in Orissa and Uttar Pradesh. Industry observers say that the coal-fired power plants could cost the mini-ratna company as much as Rs 20.CURRENTAFFAIRSMASTER. gives free land and water. . India would have overtaken Japan and will be trailing the US by a slim margin by 2030. a global study by British banking giant Standard Chartered said.And is also setting up a 50 MW wind power plant at Trinelveli district (Tamil Nadu) at the cost of Rs 313 crore." StanChart's Head of India Research. behind China and the USA.000.3 per cent for the next two decades and the per capita income of Indians will shoot up to $7. the 33-nation OECD said the country has the potential to absorb the overseas funds.. The world is currently growing through the third super cycle a period of sustained high economic growth driven by a particular country which will go till 2030.000 by 2030 from the current $1.000 crore. Samiran Chakraborty said. The country's contribution to global GDP will go up to 10 per cent of the total pie of approximately $600 trillion. citing the findings of the 'Super-Cycle Report'. The biggest risks for the expectations to not come true. Details of land and households will be known only after the state governments approvals have been obtained for setting up of the power plants. World's Fastest Economy 16Nov India is set to become the fastest growing major economy in the world by 2012 and the third largest by GDP-size in the next two decades..000 MW power plants require as much as 2. while China's will be 24 per cent. Neyveli Lignite Corporation (NLC) proposes to set up coal fired power plants of 2.300 crore per year for 16 years.COM The state government is also in consultations with Indian Oil Corp (IOC) and Bharat Petroleum Corp (BPCL) for the sale of petro-products from the refinery. China would be at a comfortable number one position. The previous two super cycles were 18701913 (led by the US) and 1946-1973 (led by Japan). All Rights Reserved. are a collapse of China. exempts crude oil from entry tax/cess/octroi and waives central sales tax for 16 years. For India.000 MW coal-based power plants in the states of Orissa and Uttar Pradesh while a wind mill in Tamil Nadu.000 acre of land and the wind power project would need an area of 100 acres. confirming to theories of its growth being a bubble. ONGC is not keen on the project unless the state government defers local sales tax or extends an interest-free loan of Rs 1. as it Copyright © 2010 Current Affairs Master. StanChart expects the country to grow at an annual rate of 9. The 4.
may lead to further surge in capital inflows into India. the huge demand in India's infrastructure and other social projects would keep the money supply balanced. (India) can also accommodate comfortably upto $20 billion as additional reserves. Asia is leading the pack. Therefore. The government has sought extra subsidy of Rs 1. Boucher said the steps taken by advanced countries. to ease the monetary situation in the country could trigger capital flows to emerging economies.37 crore.000 crore. If by easing the money supply US returns to high growth that would benefit India also. There is a huge potential in Indian market to absorb the money that is flowing in.CURRENTAFFAIRSMASTER. in debt instruments the amount is $9 billion. comprising rich nations like US. of which fertilisers subsidy alone would account for Rs 5.945.812. since the country has the capacity to absorb $70 billion during the year without any problem. Germany and France. Rangarajan had said. will continue to drive the global growth momentum. Food and Public Distribution for payment of food subsidy was in excess of Rs 5. . with India and China on high growth trajectory. While foreign investors have put in $28 billion in stocks. US central bank's decision to buy $600billion worth of government securities. UK. account for more than 60 per cent of the global output. The momentum would continue. Pointing out that the current account deficit (CAD) was likely to be 3 per cent of the Gross Domestic Product (GDP) this fiscal. A huge foreign fund has come into Indian equities and debt market so far this year.. Globally emeging economies are driving the growth moemntum. Organisation for Economic Co-operation and Development (OECD) countries.000 crore. like the United States. Also. All Rights Reserved.COM along with other emerging economies. Other big expenditure heads include Copyright © 2010 Current Affairs Master. The supplementary demands for grants for 2010-11 were presented in Lok Sabha by Finance Minister Pranab Mukherjee amidst din over demand of a joint parliamentary committee probe by opposition in the spectrum allocation issue. He said India and other emerging economies are driving the global growth story. capital inflows into the country up to $70 billion should not pose any problem. Prime Minister's Economic Advisory Council Chairman C Rangarajan had said time for curbing capital inflows has not yet come.000 crore on imported decontrolled fertilisers and Rs 4. The recovery process in other parts of the world are slowing and easing money supply is essential to return to high growth. The proposal involves net cash outgo of Rs 19." Gross Additional Expense 17Nov The government had sought approval from Parliament for gross additional expenditure of Rs 44. "This will mean something like $45-50 billion. Proposals involving net cash outgo will not result in any significant variation in deficient projected in budget estimates 2010-11.'' OECD Deputy Secretary General Richard Boucher told on the sidelines of the World Economic Forum. Japan. The additional expenditure required by Ministry of Consumer Affairs. Earlier..000 crore for indigenous decontrolled fertilisers.52 crore during the current fiscal.
a pre-eminent name in the investment banking and advisory field. retail equities and related businesses such as distribution of financial products. institutional equities. Co-founder and Chairman of Enam. All Rights Reserved. It is proposed that Enam Securities will demerge its investment banking. institutional and individual clients that will enhance the ability of the combined entity to better serve client needs in a seamless manner across product categories and geographies. Microfinance Award 18Nov The Dakshina Kannada-based nongovernmental organisation Shri Kshethra Dharmasthala Rural Development Project (SKDRDP) has been awarded the Microfinance India Award 2010 by the Hong Kong-based HSBC Bank and Access Development Services. NBFC and the like to a wholly-owned subsidiary of Axis Bank pursuant to a scheme of arrangement. rapid scaling Copyright © 2010 Current Affairs Master. Axis Bank 18Nov Axis Bank has announced the acquisition of the investment banking arm of Enam Securities for around Rs. The proposed transaction would create one of India's leading financial services powerhouses combining the investment banking and equities franchise of Enam Securities with the dominant debt capital markets and commercial banking franchise of Axis Bank.CURRENTAFFAIRSMASTER.067 crore.2.000 crore and Ministry of Rural Development Rs 3. The strategic objective is to create a complete bouquet of financial products and services for corporate. This merger is in line with Axis Bank's strategy of continuously expanding its product and service offerings to its customers to deepen its relationships and value differentiators. With the Axis Bank's distribution platform of almost 1.COM Ministry of Home Affairs Rs 2. Axis Bank will also demerge its investment banking business into the wholly-owned subsidiary. At a time when the microfinance sector is debating governance issues. the Securities and Exchange Board of India and the high courts of Gujarat and Mumbai. SKDRDP has been recognised for its low operational costs. resulting into about 3. Manish Chokhani would be the Managing Director and CEO of the newly proposed entity.3 per cent equity stake of Axis Bank on enlarged capital. as an independent director.7 shares of Axis Bank for every one share held in Enam. Enam shareholders will receive shares of Axis Bank in the ratio of 5. We are delighted at the prospect of combining forces with Enam Securities.100 branches and the Enam's retail network. efficient administration. the combined entity will have an unparalleled opportunity to build a dominant retail franchise as well. subject to approval from Axis Bank's shareholders and the RBI. The proposed scheme is subject to approvals from the respective shareholders and approval from the authorities such as the Reserve Bank of India.000 crore. Pursuant to the scheme. to create an Indian financial services powerhouse at a time when India has occupied the world's centrestage and is poised for years of rapid growth. . The board of Axis Bank proposes to induct Vallabh Bhansali. while Jagdish Master will continue to provide guidance as a board member of the wholly-owned subsidiary.
Around a third of the money exited the country between 2000 and 2008. is at pains to say it is doing all it can to track down the illegal stash. will be made public on Thursday. SKDRDP started microfinance operations in 1995. debunking a popular notion that economic reforms that began nearly two decades ago had tempered the creation and stashing away of black money overseas. Mr Kar. resulting in a great deal of speculation and glib talk around the subject. . Black Money 18Nov In a season of swindles. New Delhi is also in talks with at least 20 tax havens. A new study by an international watchdog on the illicit flight of money from the country. All Rights Reserved. "It shows that reforms seem to have accelerated the transfer of black money abroad. At present. some help is at hand. for its part. to extract similar information. In late August. The organisation had an outstanding portfolio of Rs 850 crore as on September 30. which Kar says is the most comprehensive one yet on illicit financial flows from India. the government signed an agreement with Switzerland its banks top a list of usual suspects that will enable exchange of information on tax evaders. Veerendra Heggade. Nearly 50% of the total illegal outflows occurred since 1991. social services and concern for poverty alleviation through microcredit. Finally. a lead economist with the US-based Global Financial Integrity. Dharmadhikari of Shri Kshethra Dharmasthala. whose study titled 'The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008' sifts through piles of data on the issue over a period of 61 years. The government. a former senior economist with the International Monetary Fund. the problem came of age in the years after the reforms kicked in. an estimate of the scads of black money in secret bank vaults overseas has long been one big unknown. perhaps the first ever attempt at shedding light on a subject steeped in secrecy. The amount is nearly 40% of India's gross domestic product. concludes that India has been drained of $462 billion (Rs 20.COM up. His report comes amid a renewed government push in recent months to pursue black money stashed abroad. Promoted by Dr D. The government is also attempting to gain a Copyright © 2010 Current Affairs Master.17 lakh. here is some more on the mother of them all. a non-profit research body that has long crusaded against illegal capital flight. particularly Mauritius." says Kar. Despite the cacophony. SKDRDP operates in nine districts of Karnataka with client outreach of 12 lakh families and a self-help group base of 1. The opposition never tires of screaming foul at the government. and nearly 12 times the size of the estimated loss to the government because of the 2G spectrum scam.000 or over Rs 20 lakh crore) between 1948 and 2008.CURRENTAFFAIRSMASTER.848.5% a year. The study has been authored by Dev Kar. Outflows accelerated after reforms If capital outflows were a child of the independence era.000. kickbacks and scams. says illicit financial flows out of India have grown at 11. Black money the popular moniker given to the billions seeded by dirty deals and whisked away abroad from the taxman's prying eyes has received much attention in recent years. The study.556.
hailed India's efforts to crack down on tax evasion and sign information exchange agreements earlier this year. lamenting the lack of data on the consolidated fiscal balance with the government. saying its figure is conservative and hasn't taken into account smuggling and certain types of trade mischief. "A study on this subject is a huge challenge because one is dealing with a very big problem that covers hordes of money from many sectors. SBI." he says. The GFI study gives a measure of the amount of money that the government is chasing. The proposed branch. pinpointing the journey's end of the bulk of India's black money is tenuous at best. If these indicators were counted. at least 91 such hotspots flourish across the globe. says his think-tank is yet to decide on going ahead with the exercise because it is not an easy task. But M Govinda Rao. Mr Advani recently urged the government to publish a white paper on the issue. India's total illicit outflows would well be half a trillion dollars. "Everybody knows about the gravity of the problem. particularly Thailand. director of the institute. which has hampered research. but the government has not shown the political will to bring the money back to India. The finance ministry last week approached the National Institute of Public Finance and Policy to get a fix on such money." says Prakash Karat. say experts. Branch for Youth 19Nov It's an exclusive ‘youth branch' to be set up by State Bank of India in Andhra Pradesh in a first-of-its-kind initiative in the country. New tax havens will spring forth when pressure mounts on existing ones. Singapore. While Mr Advani was unavailable for comment. which has been at the forefront of the fight against tax evasion. It also admits to gaps in available statistics. Besides Switzerland and Mauritius. Indian money is also said to end up in Seychelles and Macau. Indeed. Its leader LK Advani has been the most vocal critic of the government on this issue. time and again questioning the government's resolve to chase illegal funds. to be set up in about Copyright © 2010 Current Affairs Master. .4 trillion that the BJP claims is the illegal stash. That is not to say there are only a few tax havens out there. GFI acknowledges as much. however. whose relentless offensive is largely credited with lifting the veil of secrecy over umpteen tax havens. after the formal launch of e-payment system for commercial taxes in Andhra Pradesh. received praise from Paris-based Organisation for Economic Cooperation and Development. Deputy Managing Director. The government has.CURRENTAFFAIRSMASTER. but it is only a fraction of the $1. These are but short-lived answers. with the BJP harping on the issue throughout its campaign. This is a new concept and the idea is to project SBI as a bank for youth too. Hong Kong and Macau. too are emerging as new destinations for parking illicit funds. general secretary of the Communist Party of India (Marxist). the government's detractors on this issue say there is more talk than action to address this issue. Black money turned into an election issue during the 2009 general elections. adding that an overhaul in the global financial system is central to a lasting solution. All Rights Reserved. OECD.'' Shiv Kumar. Due to the illicit nature of these deposits.COM measure of the total unaccounted money circulating in the economy. Asian countries.
076 minor structures (river lift irrigation and shallow tube wells). Kolencherry and at Thiruvananthapuram (a specialised branch for micro-finance).11 billion US dollar in September. The ‘crorepati' branch (with a minimum balance of Rs 1 crore to open an account) called Kohinoor Banjara launched in Hyderabad recently is doing very well. Nabard Sanctions 20Nov The National Bank for Agriculture and Rural Development (Nabard) has sanctioned a sum of Rs 206 crore under the Rural Infrastructure Development Fund (RIDF) to West Bengal. It had a Rs 90-crore business in just three months. Smart cards will be issued to customers at Chelakkara and Kottayam. Canara Bank. Nabard has sanctioned an amount of Rs 74 crore for 21 flood and soil erosion prevention projects in four districts of the State. While customers can pay commercial tax round-the-clock from home or office. The functions at Chelakkara and Thrissur will be presided over by T. Sreekanthan. The current FDI inflow is an increase of about 40 per cent over that in the same month last year. The apex bank for agriculture has sanctioned funds to the tune of Rs 108 crore for minor irrigation for installation of 3. snapping a declining trend in FDI inflows for three successive months.COM three months.700 per year. All Rights Reserved. Canara Bank 19Nov Canara Bank plans to set up 105 branches and 105 ATMs on November 19. FDI 19Nov India had received foreign direct investment in India worth of 2. Copyright © 2010 Current Affairs Master. Jalpaiguri. Of the 105 new branches. “We were working on deciding an age bracket something below 35 years of age.80 lakh mandays and recurring employment of about 15. SBI now believes that a segmented approach to cater to different types of customers is the way to go.CURRENTAFFAIRSMASTER. With a view to helping its retail and corporate customers to pay commercial taxes. SBI has launched an e-payment platform. Nearly 43 per cent of the state's geographical area is flood prone posing a constant threat to agricultural land and human habitats. its 105th Founder's Day. it reduces work for us at the bank. may have criteria such as age for opening accounts. General Manager. This provides a win-win situation for everybody. The State Government will have the advantage of taxes credited to its account on real-time basis. . The nature of branding/naming of the branch is also being discussed. Thiruvananthapuram Circle. three are located in the Thiruvananthapuram Circle at Perumbavoor. The amount sanctioned would be utilised towards minor irrigation. A Financial Literacy cum Credit Counselling Centre will be opened at Thrissur Collectorate campus with a view to giving impetus to the financial literacy campaign and counselling of the needy poor. The amount sanctioned will aim to achieve flood protection and prevention of soil erosion in the four districts of Murshidabad. flood protection and building of rural roads in the state among others. The project would help create non-recurring employment of about 39.
While the venture with NTPC could take up greenfield sites either in Madhya Pradesh or Haryana. .CURRENTAFFAIRSMASTER.80 km was expected to be created under these projects and would benefit 86 villages. These projects will aim to protect existing banks of river with proper side slopes to protect the occurrence of floods. With this. on the lines of the NTPC venture. IOC will invest about Rs 960 crore for a 26 per cent stake for setting up the two 700 MWe units. the third entrant in the nuclear sector. IOC. A total road length of 32. Funds have also been sanctioned for infrastructure support of six Industrial Training Institutes in four districts of the state for supporting the manpower need of booming unorganised manufacturing enterprises as well as to divert the surplus rural labor to other sectors. IOC has communicated to us that it will eventually acquire 49 per cent stake in the proposed venture (RAPS 7 and 8) entailing an outlay of Rs 12. Nonrecurring employment generation was expected to be 31 lakh mandays and recurring employment was estimated to be 9. is already set to pick up 49 per cent equity in its joint venture projects with NPCIL. up from the 26 per cent stake offered at the outset. NTPC Ltd. could be decided for Nalco as well. Nuclear Power 22Nov Indian Oil Corporation (IOC) and Nalco can each have up to 49 per cent equity in atomic projects proposed to be set up in partnership with Nuclear Power Corporation of India Ltd (NPCIL).COM Coochbehar and Paschim Medinipur and will aim to protect 14. The final joint venture agreements are expected to be signed by NPCIL with the two public sector firms shortly. Nalco is being roped in as a partner for NPCIL's third and fourth KAPS (Kakrapar Atomic Power Station) units of 700 MWe each that are slated to be commissioned in 2015.600 crore. Nabard has also sanctioned an amount of Rs 14 crore for improving rural connectivity in Uttar Dinajpur district. All Rights Reserved.700 per year. IOC is slated to partner NPCIL in setting up the proposed seventh and eight RAPS (Rajasthan Atomic Power Station) units of 700 MWe each. NPCIL has already signed an agreement in April for incorporating a joint venture firm to set up nuclear projects in the country. Nalco was keen to start with 49 per cent in the two KAPS units and that a 49:51 equity structure. the possibility of roping in the thermal power major for the imported Light Water Reactor-based Jaitapur project in Maharashtra could also be possibly considered. NTPC and Nalco are being roped into the nuclear sector as part of the Centre's strategy to tide over the paucity of funds and ramp up execution capability for new atomic units by roping in cash-rich public sector undertakings.234 hectares. NPCIL had signed a memorandum of understanding with both IOC and Nalco in November 2009. In the first phase. Nabard has sanctioned Rs 616 crore to the state government so far during the current fiscal. Coal Production 20Nov Coal production has increased to 253 million tons during the current financial year till 15th of this month. This is being done as an Copyright © 2010 Current Affairs Master. which are to come up by 2016. With NTPC Ltd. This is 8 million tons more than the production made in the corresponding period last year.
remittances flows to India grew robustly in the last quarter of 2009 and the first quarter of 2010. Russia and Germany.000 MWe through its own financial resources. as against Rs 45. by resorting to borrowings without prior approval of the central bank.78 per euro. There are recipient countries where the share of remittances in GDP is more than 25 per cent with Tajikistan topping the list with 35 per cent.000 MWe target for 2020.CURRENTAFFAIRSMASTER.560 MWe. “Of the 20. followed by Tonga (28 per cent) and Lesotho (25 per cent). India has recorded remittances of $55 billion so far in 2010. but appear to have levelled off in the second quarter of 2010. All Rights Reserved. the growth in remittance flows may slow down with many migrant-receiving countries being prompted to tighten immigration quotas in the context of high unemployment rates they are faced with.3 per cent in 2010.45 per dollar and Rs 61.26 per dollar and the euro at Rs 61. According to the Factbook. The top remittances sending countries in 2009 were the US. followed by China with $51 billion. remittances have provided a lifeline to poor countries. Germany. followed by Russia. for violating the provisions of Section 35A of the Banking Regulation Act. up from $307 billion last year.3 per cent in 2011 and 2012. The top immigration countries relative to population are Qatar (87 per cent). However. NPCIL now operates 19 reactors with a generation capacity of 4.80 per euro. . Saudi Arabia. Copyright © 2010 Current Affairs Master. the Philippines. The Reserve Bank of India (RBI) fixed the reference rate for the US dollar at Rs 45. Other leading recipient countries include Mexico. It is pointed out that in the backdrop of the massive decline in private capital outflows touched off by the global financial crisis. Reference Rates 22Nov The Reserve Bank of India (RBI) had fixed the reference rate for the US dollar at Rs 45. according to the latest estimates put together by the World Bank. Switzerland. says the ‘Migration and Remittances Factbook 2011' brought out by the World Bank. RBI Penalties 22Nov Reserve Bank of India has imposed a penalty of Rs 1 lakh on Kasundia Cooperative Bank Ltd. Monaco (72 per cent). Recipient of Remittances 22Nov India has retained its position as the top remittances recipient country.45 per dollar and Rs 61. including cash reserves can manage only about 10. remittances are projected to reach $440 billion by the end of the year. Saudi Arabia and Canada. NPCIL which has a surplus of Rs 12. Remittances to developing countries are expected to reach $325 billion in 2010. Remittances to South Asia as a whole are estimated to have grown by 10. France. The penalty was imposed after issuing a show-cause notice and examining its written reply. Worldwide.000 crore.78 per euro.COM alternative to letting private sector players into nuclear plant operations. the UAE (70 per cent) and Kuwait (69 per cent). respectively. Howrah. Germany and Bangladesh.80 per euro.1 per cent and 6. The top migrant country is the US. but are expected to grow at relatively slower rates of 5. as against Rs 45. 1949.26 per dollar and the euro at Rs 61.
000 crore in different parts of the hill state. Shyamala Gopinath is looking after 19 departments (including nine of Usha Thorat) while Subir Gokarn and KC Chakrabarty are handling seven and four departments. among others. Industrial Areas 22NoV Himachal Pradesh will soon set up ten new industrial areas equipped with state-of-theart infrastructure at a cost of Rs 3.000 bighas of land at six new locations in Nalagarh area to industrial houses. a search committee was formed to select Thorat’s successor.25 per 100 yen. Portfolios of some executive directors (EDs) will also be re-distributed after a new ED is selected.COM The exchange rate of the pound and yen against the rupee were quoted at R s 72. Thorat was in charge of banking operations and development. RBI’s Top Deck 22Nov The Reserve Bank of India (RBI) has started the process to re-shuffle the portfolios of deputy governors following vacancy arising out of the retirement of Usha Thorat. The central bank has asked deputy governors to give their choice. and KC Chakrabarty took charge as V Leeladhar’s replacement both happened almost during the same time portfolios were re-allocated among the three deputy governors. This was stated by state industries minister Kishan Kapoor on the occasion of ‘Himachal Utsav’ at the India International Trade Fair-2010 in New Delhi.6016 per pound and Rs 54. It is also not clear if RBI will reallocate portfolios among the three deputy governors if the government delays the appointment or wait till the appointment is made. In 2009. Governor D Subbarao took charge of the three departments till Subir Copyright © 2010 Current Affairs Master. An ED will be promoted as deputy governor to take the place vacated by Thorat. The interviews were held earlier this month. However. RBI was not sure when the government would appoint a new deputy governor. Milwan. Shyamala Gopinath is looking after Thorat’s departments. The reference rate is based on the noon rates of select banks in Mumbai and the SDRRupee rate would be based on this rate. it is not clear when will the re-allocation be done. respectively.CURRENTAFFAIRSMASTER. including the all-important monetary policy department. respectively. In the interim. The committee recommended Anand Sinha and HR Khan’s name to the government. the senior-most ED. and expenditure and budgetary control. The skewed distribution is mainly because in early August. Another large chunk of land measuring over 12. should have been considered for the job. Six EDs were interviewed. RBI took half the portfolios of Chakrabarty and distributed among the other three. after deputy governor Rakesh Mohan quit RBI. except three departments. Among the three deputy governors. In September. based on the reference rate of the US dollar and cross currency quotes at noon. Kandrori and Indora in Kangra district for the expansion of industrial estates. currency management. The process is underway to provide around 5. There is possibility of a delay as a section in the government feels that VK Sharma. banking supervision.000 bighas has been earmarked at Sanspur terrace. . All Rights Reserved.
public sector undertakings (PSUs) and the private sector in the 10 physical infrastructure sectors during the Twelfth Five Year Plan (2012-17). Default Swaps 22Nov Copyright © 2010 Current Affairs Master. serviced by the Planning Commission and the Infrastructure Development Finance Company (IDFC).COM Gokarn joined as Mohan’s replacement. The committee will assess the investment to be made by the Centre. Earlier this year. joined only in November. there have been instances of delays.5 lakh crore in the ongoing Eleventh Plan period. For the Twelfth Plan. He also chaired a committee on railway financing. Insurance Regulatory and Development Authority (Irda) and Life Insurance Corporation of India (LIC). When V Leeladhar retired in December from the deputy governor’s post. In recent past too. Mohan earlier headed a committee that recommended in 1996 that the sector get a prioritised focus. including fostering of appropriate institutional arrangements. Its function will also include examining the role of international capital flows in infrastructure financing and development. the state governments. the Pension Fund Regulatory and Development Authority.000-crore infrastructure debt fund to meet the longterm needs of projects implemented by public-private partnerships. the government took more than six months to fill the vacancy. The committee had suggested amendments in existing laws to enable tapping of longterm pension funds. he heads the National Transport Development Policy Committee that will set a multi-modal strategy to meet the country’s transport needs for the next 20 years. Similarly. The committee will also identify any regulatory or legal impediments constraining private investment in infrastructure and make specific recommendations to facilitate their removal. the Planning Commission had constituted a committee under Deepak Parekh to review the proposal to set up Rs 50. will sketch the government’s role in developing the capital markets for channelling long-term savings for projects. . the Centre has constituted a High-Level Committee on Financing of Infrastructure under former Reserve Bank of India (RBI) deputy governor Rakesh Mohan. Rakesh Mohan quit RBI in June 2009 and his replacement. All Rights Reserved. half is expected to come from the private sector and a significant portion from PSUs through market borrowings. The committee. among others. The step is in line with the government assigning ‘high priority’ status to creation of physical infrastructure for sustaining the overall growth momentum. Currently. Of the total investment in the Twelfth Plan. The 16-member committee will have representatives from banks. Subir Gokarn. the likely target for infrastructure investment will be Rs 41 lakh crore compared to Rs 20. assessing the nature of projects likely to receive such capital and consider the level of financing that can be obtained in a sustainable manner.CURRENTAFFAIRSMASTER. Infra Finance Committee 22Nov Recognising the need for a policy to enable flow of resources for infrastructure. Chakrabarty came in place of Leeladhar in June 2009. Mohan will be given the status of a minister of state in an honourary capacity.
and compares with a 14 bps increase for Sberbank. a proxy for the government in the global bond market. The bank installs a special application on his mobile phone from where the remitting will be done. India’s secondbiggest lender.000 crore on March 31. was launched for the first time in India that allowed seamless and real-time fund transfer from one person's bank account to another. It increased borrowings maturing in 2015 to Rs 11. Bond risk for sovereign debt in Brazil.000 crore.000 crore. This is the first-of-a-kind system in the country and the real power will be when it starts delivering in the rural areas. were 1. data compiled by Bloomberg show. . said last month the secondquarter profit climbed 19 per cent. provided he has the receiver's MMID and mobile phone number. as of March 31. as loans rose for the first time in two years. which met analysts’ expectations. In the three months to June 30. Improved corporate earnings in the September quarter. rising an average eight per cent from an year earlier. whose banks have no similar swaps. after declining 1.COM The risk of default by the State Bank of India (SBI) is falling more than similar BRIC nation benchmarks as the company. data compiled by Bloomberg show. dropped 32 basis points (bps) over the past six months. Reserve Bank of India Deputy Governor Shyamala Gopinath said it had the potential to change the retail payment landscape that boasted 600 million mobile subscribers and 300 million bank accounts.1 per cent of the total. from Rs 6. Retail Payment 23Nov The mobile remittance service. fell 23 bps. The risk of a loan delinquency blow-out in India is very low. which has now seven banks.000 crore ($440 million).CURRENTAFFAIRSMASTER. The Reserve Bank of India had said in a report on November 8 the non-performing assets of the nation’s banks. instill confidence in investors to buy Indian debt. sells debt in Europe for the first time in five years. the largest in China.8 per cent from an year earlier. even as concerns that Ireland’s banking industry needs a further bailout pushes up global yields. That outpaced the 27 bps decline for the Bank of China. Stronger-than-forecast earnings in India are bolstering investor appetite for ¤SBI’s 500 million ($680 million) bond sale. Once the process is complete. the bank account holder can remit money to anyone. Net income of 17 of the 30 companies on the Sensex exceeded analyst estimates in the quarter ended September 30. will act as the settlement agency between banks and deliver the back-end support for the system to be operational. Credit-default swaps on SBI. In case of Copyright © 2010 Current Affairs Master. according to UBS AG. SBI has reduced debt due this year to about Rs 2. the total profit for the Sensex companies rebounded last quarter. National Payments Corporation of India (NPCI). which has done wonders in other emerging market economies such as Kenya and the Philippines. All Rights Reserved. A bank account holder will have to get his Mobile Money ID (MMID) from the bank which will be his ID for mobile-commerce transactions. the nation’s largest lender. which has been promoted by ten banks. ICICI Bank. including State Bank of India on board. Launching the Interbank Mobile Payment Service (IMPS). Russia’s largest. after deducting bad-loan provisions. from Rs 6. according to data compiled by Bloomberg.
All Rights Reserved. and capitalraising ability.000 a day.50. the user is charged a fee of Rs. the airport would eventually create about one lakh direct jobs. RBI regulations cap the maximum amount to be remitted at Rs. replanting of mangroves and rehabilitation of around 3. The bidding process for the airport will be completed and contracts awarded in the next 12 months. by when it is expected to create some 25. Environment Minister. Navi Mumbai Airport 23Nov Decks have been cleared for the take-off of Navi Mumbai International Airport after the Environment Ministry gave its clearance for the project that will ultimately be able to handle 60 million passengers annually by 2030.CURRENTAFFAIRSMASTER. asset quality.2 an SMS which NPCI is trying to get waived-off by talking to mobile phone operators. the environmental clearance for this project has been accorded. According to a report issued by Crisil. profitability.” said Jairam Ramesh. Among the MFIs whose ratings have been put under watch are Bhartiya Samruddhi Finance Ltd. stating that his Ministry's concerns have been met 100 per cent. withdrawals and remittances rather than the less secure nonbank-led model. the implementation of the Andhra Pradesh Ordinance has triggered a chain of events that can permanently damage the business models of MFIs. In case the SMS-based remittance is being done.COM a lower-end phone where the application cannot be installed money can be transferred through SMS. SKS Microfinance. The Andhra Pradesh Government Ordinance has been highly unfavourable for the Copyright © 2010 Current Affairs Master. Gopinath said the launch of such a service would help in financial inclusion because of the success of mobile telephony in the country. Spandana Sphoorty Finance and Ujjivan Financial Services.000 families to be affected by the proposed airport. when the fourth phase is complete. Equitas Microfinance. The airport is expected to handle 10 million passengers by 2015. She said stakeholders in the scheme banks. the entire service comes free for the account holder with banks bearing the cost of 25 paise a transaction. The conditional clearance was granted after the Civil Aviation Ministry and the City and Industrial Development Corporation of Maharashtra (CIDCO) arrived at a compromise with the Environment Ministry on issues such as diversion of one of the two rivers. following the Andhra Pradesh Government's Ordinance. To start with. Crisil’s Debt Papers 23Nov Rating agency Crisil has placed its outstanding ratings on the debt instruments of 12 microfinance institutions (MFIs) on `Rating Watch with Negative Implications'.000 direct jobs and equal number of indirect jobs. The provisions of building the airport can start today. . by impairing their growth. The RBI is encouraging the bank-led model for m-commerce which allows for the offering of the complete gamut of banking services such as deposits. its first year of operations. Formally. merchants and mobile phone companies should work together for greater integration which will help address the twin challenge of reducing the use of cash and encouraging the use of mobile wallets. Six of these MFIs have ratings that are in the `BB' category or below. By 2030.
the flow of funding to the sector from the banking system has been severely constrained. as part of its CSR (Corporate Social Responsibility) activity. This could lead to a sharp increase in delinquencies for MFIs that have significant exposure in the State. Consequently. Fresh disbursements in the State have been negligible over the past few weeks. T. and KotturNainarvayal near Karaikudi. issued on October 25. Veerappan said that the bank had initiated activities for social and economic upliftment of the people of the village.M. he indicated that PNB would be opening a branch in Devakottai soon. apart from engaging ourselves in other CSR activities. Collections in Andhra Pradesh have plummeted below 20 per cent. The rating actions follow Crisil's credit alert. Branch in Sri Lanka 23Nov Indian Bank has got approval from the Central Bank of Sri Lanka to open a branch at Jaffna in Sri Lanka Indian Bank expects to add two branches in Batticola and Triconamalee. prevailing prices of various commodities and so on. have been affected. said that the new branch would adopt a different model to its Jaffna operations by forming and lending to Self Help Groups in sectors such as Agriculture. Sivaganga district. during his recent visit to Srilanka. Develop Banking 23Nov Punjab National Bank is in the process of adopting 116 villages across the country. As loans from banks and financial institutions have dropped materially. Another risk is that other States may initiate State-level legislation similar to the Andhra Pradesh Ordinance. M Bhasin. in a year's time apart from opening a branch in Jaffna shortly. The bank has. in the first phase. Fisheries and Dairy. we initiated the work of cleaning the village tank under the rain water harvesting scheme. All Rights Reserved. Chairman and Managing Director of Indian Bank. in Kottur. . A formal function to announce the adoption of Kottur village was held last week. weather. it not only limits MFIs' fresh disbursements.CURRENTAFFAIRSMASTER. Further. especially those operating in Andhra Pradesh. but can also have a cascading effect on their growth and asset quality in the near term. While stating that the bank would be extending financial assistance to the nearby villages in that belt through its Pillaiyarpatti and Karaikudi branches. Indian Bank's Colombo branch expects to double its balance sheet of Sri Lankan Rs 5 Copyright © 2010 Current Affairs Master. Sri Lanka. PNB's Deputy General Manager and Trichy Circle Head S. selected two villages for adoption in Tamil Nadu Anangur near Villupuram. For instance. We select villages with a population of 2000 and less and strive to bring the people into banking fold. and a subsequent assessment of the collections and funding position of the rated MFIs. including those operating outside Andhra Pradesh. the liquidity position and growth prospects of many MFIs.COM industry resulting in a drop in the collection efficiency and profitability of MFIs. provided a system with Internet connection to a school to enable the villagers get up to date information on cropping pattern. from nearly 99 per cent prior to the Ordinance.
Axis Bank had already launched similar branches in Punjab and Tamil Nadu. she said. are suffering from currency volatilities. Recession and Uneven Recovery' by former RBI Governor Yaga Venugopal Reddy. has said there is a "potential liquidity" available in the system. The branch had a capital of Sri Lankan Rs 3. Potential Liquidity 23Nov In the wake of recent concerns over a liquidity crunch in the system. which has crossed the Rs 50. it means that there is potential liquidity available in the system for the banks to draw if they require it. Admitting that the emerging economies in particular and all those economies which have the American greenback as their reserve currency. When pointed out that banks are drawing over Rs one trillion everyday for around a month from the Reserve Bank as compared to the usual Rs 700 billion and are not using the SLR facility. RBI Deputy Governor. The bank intends to replicate a similar model in Jaffna. said the bank would open five more branches under the strategy in Gujarat in the next seven days. Senior Vice-President of the bank. It would launch 100 such branches across India by the end of this financial year.5 lakh SHGs and financing them through its 29 exclusive microstate branches in India. who opened the branch. in Jaffna itself to improve the economic development and to upgrade the lives of the people there. had launched its rural banking strategy in Gujarat with the inauguration of a branch at Rajula in Amreli district." Gopinath further said that the RBI has been monitoring the liquidity situation. India's third largest private bank. had recently indicated the central bank is concerned over the excess deficit in liquidity. such a singular dependence on a single currency is creating many a vulnerability to these economies in Copyright © 2010 Current Affairs Master. Indian Bank has played a pivotal role in the formation of more than 4.5 billion. Reserve Bank of India Deputy Governor. the Governor said at the launch of a book entitled 'Global Crisis.CURRENTAFFAIRSMASTER. Reserve Bank Governor Duvvuri Subbarao has opined that there is no easy replacement for the American dollar as the global reserve currency. It is not easy to replace the US dollar as the global reserve currency because of the sheer size of the American economy and its dominant share in global trade". . Shriniwas Dandekar. The Bank would deploy deposits garnered from Jaffna . All Rights Reserved. Shyamala Gopinath. The central bank's recent liquidity infusion moves like the second LAF (Liquidity Adjustment Facility) and the second one percent below SLR (Statutory Liquidity Ratio) have given confidence to market participants. "if they have not drawn from the one per cent SLR as you say.000 crore comfort zone which it has set for itself. which was higher than the mandatory requirement fixed by the Central Bank of Sri Lanka to open a branch at Sri Lankan Rs 3 billion. The Bank will also play a major role in the rebuilding and rehabilitation process in Jaffna and financing the houses that are planned to be built for the displaced persons. Subir Gokarn. Axis Bank 23Nov Axis Bank.COM billion in two years.
Astaranga Port would be full-fledged all weather multi-user port on BOOST (build. coal-fired power unit and a coal-tohydrocarbons project. The state government signed the concession agreement. In the initial phase. Dhamra Port would be ready in next few months. signing a definitive agreement with the management of CIC Energy to buy them out and take control of the Toronto-listed company.28) to buy a minimum 66 per cent and up to the entire stake in the company. which was trading at C$5. . Currently.75 lakh DWT (dead weight tonnage). The port would be operational within four years of land acquisition. coking coal. it would reach 70 MTPA to export cargo like iron ore. which would generate a large number of direct and indirect employment. JSW’s offer comes at a 43 per cent premium to the market price of CIC. The field there is estimated to have 2. CIC’s promoters are expected to approach Copyright © 2010 Current Affairs Master. coke and break bulk cargo. 2008. CIC Energy has an ‘A-grade’ mining-cumpower complex called the Mmamabula Energy Complex in Botswana. thermal coal. operate.CURRENTAFFAIRSMASTER.500 crore in Puri district." Navayuga's managing director Chinta Sridhar said after signing the agreement. While Gopalpur port has already been operational.200-Mw. commerce and transport department secretary G B Dhal said. it is expected that around 24 million tonnes can be extracted yearly. at an investment of Rs 6.895 crore). Deal for African Coal 24Nov Sajjan Jindal’s JSW Energy moved a step closer to securing its coal requirements. The agreement between JSW Energy and CIC’s management led by its chairman and CEO.000 Kcal/kg of calorific value. The rest is with public shareholders. The state government has already signed concession agreements with three other companies to develop port facilities at Gopalpur. Astaranga Port project. dredging would be done up to 15. Dhamra and Kirtania.6 billion tonnes of high-thermal coal. share and transfer) basis. Within the next three to four years. The port would carter to ultimate vessel size of 1.42/share (US$7. The promoters and institutions together have close to 85 per cent. The port will be developed at Astarang in Puri district. The detailed project report (DPR) will be ready within a year.COM particular and the global economy and its still fragile recovery in general. sources said. Motilal Oswal was CIC’s advisor for the deal. Africa.5 meters which could reach further to 20 meters. own. Port 23Nov Orissa government has signed a concession agreement with Navayuga Engineering Company to set up a port with a capacity of 25 MTPA. Though the initial capacity of the port will be 25 MTPA. would have service corridor of 90-km long rail and road. The total acquisition cost will come to around $418 million (Rs1. serial entrepreneur Warren Newfield. the promoters hold close to 20 per cent stake in CIC. almost two years after concluding a MoU with the Hyderabad-based developer Navayuga on 12th December. All Rights Reserved.2/share on the Toronto exchange at the time of going to press. mostly above 6. says JSW will pay C$7. There is also a proposed 1.
COM the company’s board with JSW’s offer within a few weeks and the deal is likely to get completed by end-February. JSW Energy has 995 Mw of operational generating capacity and is adding another 2. This includes examining if some banks are routing overnight money for lending in the busy season.145 Mw. Similarly. Orissa government told. The Central bank is keen to see that such funds are not diverted for lending purposes. 24Nov Reserve Bank of India has stepped up checks on the use of funds borrowed from its liquidity window. Everest Industries Ltd has got the approval for setting up a unit for manufacturing asbestos cement corrugated sheets and cement flat sheets at Somanthpur Industrial Estate in Balasore district at an investment of Rs 69 crore. Some banks parked Rs 2.490 crore. Britannia Industries Ltd has got the nod to set up a biscuit manufacturing unit at Khurda on 12 acres of land at a cost ofRs 51 crore.50.CURRENTAFFAIRSMASTER. They are looking for feedback on why liquidity continues to be tight. gross borrowings at the repo window were Rs 1. Five Projects 24Nov The State Level Single Window Clearance Authority (SLSWCA) had cleared five projects worth Rs 1340 crore. The treasury head of a public sector bank said. The coal linkage will help JSW mitigate its raw material risks for its power portfolio. which relies predominantly on imported coal. 2010. What they insist is that overnight borrowed funds should not be used to fund long-term credit needs. 658 Copyright © 2010 Current Affairs Master. “RBI is in talks with us. This plant will offer direct jobs to 309 people. Net borrowing by banks rose to a record Rs 1.390 Mw.615 crore. .000 crore in the fortnight ended November 05. According to RBI data. Dealers said bank borrowing has been rising despite measures by RBI to ease liquidity. JSW Energy plans to have a combined installed capacity of 11. By 2015. This project will generate 500 direct jobs besides creating indirect employment opportunities for 200 others.2 million tonne per annum (mtpa) to 1. All Rights Reserved.4 mtpa at a cost of Rs 320 crore.125 crore with RBI’s reverse repo facility in two sessions. The Single Window Clearance Authority has cleared five projects while five other proposals have been referred to the High Level Clearance Authority”. Chariot Steel & Power Ltd which operates a cement plant at the Kalinga Industrial Estate in Sundergarh district has proposed to scale up its capacity from 0.” The concern has arisen due to sluggish growth in deposits while the credit off-take has been in line with the RBI projection of 20 per cent for 2010-11. Deposits shrunk about Rs 65. Credit rose by 54. Fund for Credit . principal secretary (industries). RBI as the monetary authority has increased monitoring. T Ramachandru.48. presently in various stages of implementation.
Bankers have agreed to form a steering committee to take the finding of the report forward. the growth in deposits was 15.80 per cent. as compared with five per cent in Brazil and 15 per cent in China. Then. beyond the top 10 cities. according to Clearing Corporation of India data.CURRENTAFFAIRSMASTER. China or Brazil. indicating stability in the money market and the absence of panic. Year 2007-08 More. McKinsey Report 24Nov Firm offers time-bound road map for getting more of public savings into financial assets. About 35 per cent of the savings are in real estate. The figures for Britain and the US were two and one per cent. Till November 5.2 per cent. it has given a road map of how the physical assets could be turned into financial ones.25 per cent. They hovered between 6. . Indian households save more than other emerging markets. The McKinsey suggestions come when deposit growth has been far below the Reserve Bank of India’s (RBI’s) projection of 18 per cent for 2010-11. while credit off take is one with the central bank’s projection of 20 per cent. India’s savings rate has increased substantially in recent years. The consulting firm has prepared a report. with an outstanding deposit base of Rs 48. above RBI’s repo rate of 6.COM crore in the same fortnight. to be then given to the government and financial sector regulators. Even banks can convert at least five per cent of the physical assets into financial assets. According to data compiled by consulting firm McKinsey.000 crore in bank deposits.25 per cent and 7 per cent.10.227 crore. financial assets constitute 41 per cent of household savings in 2008. And. RBI Deputy Governor Shyamala Gopinath had said the central bank was monitoring the situation and there was so much potential liquidity in the system. and the figure has remained the same over the past four years. Less than half of household savings is invested in financial assets. All Rights Reserved. as well as mutual funds. according to Copyright © 2010 Current Affairs Master. Call rates closed at 6. Usage of plastic money is also limited beyond 10 cities. there will be an addition of Rs 60. there is very low participation in direct equities. RBI had recently said resources should not constrain the growing demand of industry and hamper economic growth. FACTS AND FIGURES Household savings in Household savings in physical assets (59%) financial assets (41%) Provident and i) Real estate 35 i) 6 pension fund ii ii) Gold 5 Insurance 12 ) iii) Currency 7 Shares and 7 iii debentures ) (including MF) iv) Others 12 iv Deposit 18 (including ) equipment and machinery) v) Govt claims -2 Note: Govt claims include investment in government securities and investment in small savings Source: McKinsey. The rise in liquidity strains didn’t have much impact on overnight call rates. The steering committee will work with McKinsey to firm up recommendations. Household savings were 25 per cent of India’s gross domestic product (GDP) in 2008. shared with the finance ministry and bankers. respectively. About half of international financial advisors are located in the top five cities.
which would take up our network strength to about 85. Total business of the Bank is about Rs 1. Mukherjee also said some companies had offered to cut their rates to 20 per cent from the current 30-40 per cent.800. grew by 22. The Bank is eyeing a total business of Rs 2.900 crore. RBI had formed a sub-committee in October to look into the functioning of microfinance institutions (MFIs). McKinsey has drawn a short to mediumterm road map and suggested actions needed to convert 10 per cent of physical assets to financial assets over the next three to five years. which has almost two-thirds of its branch network based in southern India. The Chennai-based Bank has licences to open 175 new branches to add to its current tally of over 1. the Bank is targeting to add one million new accounts to reach 25 million customer base by March 2011. which would materialise in 12 months. after a Reserve Bank of India (RBI)-appointed panel submits its recommendations on the sector within three months. . We will open 19 more branches in the two states in the current financial year. such as business correspondents.000 crore respectively.800 crore in the region. It suggests various actions by the government and regulators over the next 1218 months. Microfinance Sector 24Nov The government plans to introduce the Microfinance (Development & Regulation) Bill. The Bank is also on an expansion spree in Uttar Pradesh and Uttarakhand and a new circle office in western Uttar Pradesh. Indian Bank would increase its ATM strength to 1. Indian Bank will open its third overseas branch in Jaffna. will now expand footprint in the northern parts of the country.” on MFIs. a Securities and Exchange Board of India committee had recommended that only banks and public financial institutions could be anchor investors in bourses and stopping them from listing or making huge profits. According to industry sources. including advances and deposits of Rs 74. MFIs which mostly lend to the unorganised sector came under the scanner for charging high interest rates and using strong-arm tactics for recovery of loans. on the other hand.000 crore.CURRENTAFFAIRSMASTER.COM RBI data. All Rights Reserved.250.000 crore and Rs 96.1 per cent in the 12 months ended November 5. Rules for New Bourses 24Nov In a move that could make it difficult for corporate entities to set up stock exchanges. such as new products like gold accumulated funds and real estate index derivatives. the recommendations would make things difficult for FTIL group-founded new bourse MCX-SX. Finance Minister Pranab Mukherjee said the government would take “appropriate measures in consultation with RBI. 2010. Pan-India. It also points to the importance of increasing the reach and penetration of financial intermediaries. Indian Bank has a dedicated focus on self help groups (SHG) and has a credit disbursement portfolio of over Rs 1. Bank credit.70. Sri Lanka after Singapore and Colombo. One-time amnesty schemes to bring in the stock of physical assets and providing guaranteed returns to a broader range of financial products are other suggestions. Indian Bank 24Nov Public sector Indian Bank. primarily Tamil Nadu and Andhra Pradesh. which is allowed to trade Copyright © 2010 Current Affairs Master.
The committee also suggested disallowing the stock exchanges to list themselves. the Committee is not in favour of permitting listing of MIIs. Foreign investors 24Nov Many foreign investors had picked up equity in the country's oldest stock exchange BSE in the hope that its shares would be listed on stock markets. lower than the permissible limit of 49 per cent. In August last. In FebruaryMarch 2007. . if accepted. The committee suggested that the stock exchanges should be allowed to make only ‘reasonable' profits. also said that disclosure and corporate governance norms for market institutions should be the same as that applicable for listed entities.CURRENTAFFAIRSMASTER. 2015. All Rights Reserved. Soros' Quantum hedge fund bought the stake from Dubai Financial. although it recognised the benefits of listing in terms of providing investors an exit route. the country's largest bank.50 per cent. any downward movement in its share prices may lead to a loss of credibity and this may be detrimental to the market as a whole.380 per share. Foreign investors now hold 30 per cent stake in BSE.000 crore net worth. a part of state-run Dubai Holdings. which submitted its proposals after months of deliberations. But the disclosures and corporate governance requirements of the listing agreement would still be applicable on the bourses. The high profits of larger bourse NSE has been a subject matter of sharp criticism by the newer entrant MCX-SX. For anchor investors also. SBI 24Nov State Bank of India. the committee has suggested a minimum Rs. The Jalan committee.COM only in currency futures. Copyright © 2010 Current Affairs Master. the largest ever euro denominated bond issue by an Indian company. Therefore. billionaire investor George Soros had picked up a 4 per cent stake in BSE for $35 million. The recommendation of the Bimal Jalan Committee.100 crore for the stock exchanges and allowing only banks and public financial institutions as the anchor or main investors. although it stopped short of recommending any clear-cut cap on profitability and left it for SEBI to monitor and act against any super-profits that are made. The senior unsecured bond maturing on November 30.98 per cent each of BSE's stake at the time when the exchange was demutualised. Market infrastructure institutions (MIIs) being public institutions. would derail the plans of the country's two premier bourses the BSE and the NSE to go public.601 per cent. that entity would have to seek prior nod of SEBI. The panel suggested a minimum net worth of Rs. has raised €750 million through a fiveyear bond. Deutsche Boerse AG and Singapore Exchange acquired 4. The bond offers a yield of 4. SEBI has invited comments from the public by December 31. and its plea for trading in equity and other segments has already been rejected by SEBI on noncompliance with shareholding and other norms. for an estimated Rs. will offer a fixed annual coupon of 4.1. In case of companies wherein stock exchanges hold 24 per cent or more. These anchor investors would need to be identified in the application itself by any entity seeking permission.
UK accounted for 21 per cent. Single premium or limited premium structures are also not be allowed for VIPs. The deal was stuck through the bank's London office. Ssangyong Deal 24Nov Homegrown utility vehicle major Mahindra & Mahindra (M&M) moved closer to acquire Korean SUV maker Ssangyong and signed a definitive agreement to buy the company for $463 million (around Rs 2. should not be more than 27. . Specifiying on the cost structure. The regulator prescribed that all VIPs should provide death benefits equal to the guaranteed sum assured plus the balance in the policy account while the maturity benefit should equal the balance in the policy account together with a terminal bonus. including commission. Banks and asset managers constituted the bulk of investors.5% Copyright © 2010 Current Affairs Master. Deutsche Bank AG. As of now. no group insurance is allowed by IRDA to operate under these policies.COM This is the single largest issuance by the bank. In Europe. all such products will be named variable insurance products (VIPs) and have a lock-in period of at least three years. The issue is rated Baa2 by Moody's Investors Service and BBB by Standard & Poor's. European investors accounted for most of the demand for the issue and were allocated 93 per cent of the bonds. Ssangyong has been under restructuring since February 2009 when global recession hit car sales. Standard Chartered and UBS AG were the lead managers to the issue. It also said that the sum assured under these policies should be at least ten times the annual premium. The remaining 7 per cent was subscribed by Asian investors. The response to the issue was good and generated €1. M&M said it will buy 70% in Ssangyong by issuing new shares worth $378 million while purchasing $85 million of Ssangyong's bonds. The acquisition is likely to be wrapped up by February-March on approval of a revised corporate rehabilitation plan from creditors in January. M&M is optimistic on the deal and has said the deal would drive in "immediate synergies" and help fulfil its ambition of becoming a global player in SUVs. France accounted for 15 per cent and Netherlands and Switzerland accounted for 11 per cent each. The coming together of Mahindra and Ssangyong will result in a competitive global utility vehicle player. Barclays Capital PLC. investors from Germany were allocated 24 per cent of the bonds. All Rights Reserved. The proceeds from the issue will be used for funding the bank's euro-denominated assets and for general corporate purposes.100 crore). a new kind of insurance which entered India recently and gives greater flexibility to customers. The pricing of the issue is good and will offer attractive returns to the investors.CURRENTAFFAIRSMASTER. The bank held a road show in Europe to meet investors between November 17 and 19. IRDA said that the maximum expense. Credit Agricole SA.3 billion in orders from 180 investors. will not have any unit-linked component in them. as applicable. IRDA also said that from now. IRDA Norms 24Nov Insurance regulator IRDA said that all universal life products. BNP Paribas SA. if any. which had earlier raised $1 billion through a bond issue in July.
We have offered the Indians participation in the uranium mining projects in the Russian Federation and thirds countries. India's Population 24Nov India's population is expected to touch the 132 crore mark by March 2020 as against the over 117 crore now. Uttar Pradesh and Chhattisgarh.COM of the premium. constituted by the National Commission on Population. According to the sate-wise data presented by the Minister.792 families in Rajasthan. 25.CURRENTAFFAIRSMASTER. The new accord stipulates that the nations will strive to double the tiger population by 2022. The controlling stake in the joint projects must remain with Rosatom and the partners could get up to 49 per cent share in the projects inside Russia. the Indian stake would be less than 49 per cent as there were already some foreign stakeholders.79 crore households across the country have been provided employment under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) this year. The Global Tiger Recovery Program estimates.01.5%.04. Andhra Pradesh tops the list of states where most number of families were given employment this year. crack down on poaching and illicit trade in tiger pelts and body parts. In Elkon project in Russia's South Yakutia. The declaration aimed at saving the iconic big cats from extinction. Tiger Habitat 24Nov Officials from the 13 countries where tigers live in the wild signed a declaration in St.Petersburg. 22. The national population policy adopted by India provides for a holistic approach for achieving population stabilization.189 families in the country have been provided employment under MGNREGS. As of 30th June. The Health and Family Welfare Minister. a total of 179. Russia. followed by Rajasthan.559 households in Andhra Pradesh have benefited from the scheme.89 in West Bengal and 19.50 families in Uttar Pradesh were given job opportunities this year. The talks on the joint projects were held by Rosatom CEO Sergei Kiriyenko in New Delhi with the Uranium Corporation of India Ltd. Uranium Mining 24Nov Russia has offered joint ventures in exploration and exploitation of uranium mining within its territory and third countries.43. the population of India will be 136. Jobs under NREGA 24Nov More than 1. The number of tigers worldwide has plunged some 95 per cent over the past century.72 crore in 2020 and it will continue to be second most populous country in the world. while for the second and the third year. The regulator also said that the minimum policy and premium payment term shall be five years. Ghulam Nabi Azad said as per the revised projections by the United Nations. this will be capped at 7. as part of moves to ease shortage of fuel for India's nuclear power plants. (UCIL) during the 16th session of IndoRussian Inter-Governmental Commission last week. The population projections are contained in a report of the Technical Group. . the 13 countries will need about USD 350 million in outside funding in the first five years of the 12-year plan.959. the expense is capped at 5%. All Rights Reserved. West Bengal. While a total of 48. He said Copyright © 2010 Current Affairs Master.055. From the fourth year onward.
SCO Copyright © 2010 Current Affairs Master.000 crore. would take the disinvestment amount to over Rs 23.000-22.000 crore in the current fiscal and the public issues of MOIL (formerly known as Manganese Ore India Limited) and Shipping Corporation of India. In 2009-10. NMDC. the Tajik capital. issues of ONGC and SAIL lined up. All Rights Reserved. while ADB and Kyuden International will contribute 25 per cent each towards the equity share capital of the company. The consumer friendly service was mooted over two years ago and was planned to be implemented by end of 2009. So far in 2010-11.000 crore through stake sale in Oil India. The initial authorised share capital of the company will be Rs. The Centre will dilute 10 percent stake in the country's largest manganese manufacturer MOIL. next year. All these public issues were oversubscribed. so we will surely achieve what we are supposed to in terms of raising Rs 40. Under the joint venture agreement. with Telecom Minister Kapil Sibal launching the service in Haryana. which will become the fifth state-run company to face government disinvestment this fiscal. NTPC with ADB 25Nov NTPC had inked a pact with Asian Development Bank and Japan's Kyuden International Corporation to jointly develop 500 MW of renewable energy projects across India over the next three years. Coal India Ltd and Power Grid Cooperation of India Ltd. while Madhya Pradesh and Maharashtra governments will shed 5 percent each through the public offer that will open on 26th November and close on 1st December. MNP from Haryana 25Nov India ushered in Mobile Number Portability that will allow cellphone users to switch operators without changing numbers. which open this month. . the government has already diluted its stake in Satluj Jal Vidyut Nigam.238 crore through initial sale of shares in Manganese Ore India Ltd. The govt fixed a price band of Rs 340-375 a share for raising up to Rs 1.50 crore and the paidup share capital will be Rs. Then we have next. REC and NTPC.CURRENTAFFAIRSMASTER. The rest of India would get to use MNP from January 20. implementation had to be deferred several times owing to reasons ranging from lack of preparedness of operators to delay in appointment of an agency to oversee MNP execution. SCO Summit 25Nov The Power Minister Sushil Kumar Shinde is going to Dushanbe.6. However. the government exuded confidence that it would meet the disinvestment target of Rs 40. The government had already mopped up around Rs 21. Divestment Target 25Nov Buoyed by the strong response to its PSUs shares sales. NTPC and its partners will set up a new company to develop wind power and small hydroelectric power projects. Engineers India.1 crore. NTPC will be the leader of the joint venture with a 50 per cent stake.COM the policy affirms the commitment of the government towards voluntary and informed choice and consent of citizens while availing of reproductive health care services and continuation of the target free approach in administering family planning services. the government had raised Rs 25.000 crore. for the Shanghai Cooperation Organization.000 crore for the current fiscal.
The retailers now lose Rs 3. and April-September 2010 respectively. The company has provided a total assistance of Rs 96. While 19 per cent of the respondents said they would definitely adopt 3G. According to the study. Ministry of Finance has confirmed a budgetary support of Rs 13. Bharat Petroleum Corp and Hindustan Petroleum Corp sold fuel below imported cost on government dictat aimed at controlling inflation. Mobile Users 25Nov Only one out of five urban mobile subscribers in India is expected to opt for 3G services initially. .683.30 crore that the oil ministry had sought to cover for the public sector oil companies' revenue losses in the first half of the current fiscal.634 crore in revenues on fuel sales. despite its high popularity among people.2-kg domestic LPG cylinder. IOC.50 per litre on kerosene and Rs 209. ONGC has been subsidising petrol.367 crore in revenue on selling fuel below cost. research firm The Nielsen Company said.711 crore and Rs 8. 43 per cent Copyright © 2010 Current Affairs Master. Subsidise on Fuel 25Nov Oil and Natural Gas Corp (ONGC) has paid a phenomenal Rs 105. domestic LPG and kerosene by giving discounts on crude oil (raw material for producing fuel) it sells to state retailers. Besides. consumers seem tentative about their disposition to embrace the technology. Of this.000 crore.246 crore since 200304 to subsidise auto and cooking fuels. During July-September quater. Rs 10. through price discounts to oil marketing companies. ONGC sold crude at $62. For the full fiscal. Despite high degree of awareness about 3G mobile services and its capability to deliver high speed internet.535 crore during the period between 2003-04 and 2009-10. Petrol price has been freed from government control since June 26 but other three products continue to be subsidised. which has emerged as an active and dynamic regional grouping. India attaches considerable importance to its association with the SCO. While service providers have succeeded in popularising the concept of 3G and articulating its promises clearly. During April-September.456 crore was made up by upstream firms ONGC. The budgetary support was less than the Rs 15.75 a barrel after giving subsidy discounts. nearly 70 per cent of the urban mobile respondents said they are aware of 3G services. BPCL and HPCL are projected to lose Rs 61. Oil India and GAIL India through price discounts on crude oil and products. Since 2003-04. diesel.COM summit. India has demonstrated its strong commitment to the SCO by engaging actively in several areas related to development and security. 2010.21 per barrel. oil marketing companies lost Rs 31. All Rights Reserved.94 per 14. Rs 16.85 per litre on diesel. said a study by the company. This will provide New Delhi a great opportunity to boost its strategic and economic ties with the six-nation SCO. Within the existing participatory mechanisms open to the observer countries. State retailers Indian Oil Corp. it may take as long as 810 years before a majority of mobile users are on a 3G plan.CURRENTAFFAIRSMASTER. Its gross realisation on crude oil sold (pre-subsidy discount) was $79.
A major chunk of credit. horticulture. The long term finance is primarily given for capital formation in farm sector. Dr Reddy's concern on CAD assumes added significance in the wake of a recent report from Goldman Sachs that predicted CAD of 4 per cent for India in 2010-11 and even higher 4.4 billion.75 per cent per annum for commercial banks. He was in the Capital for the launch of his book ‘Global Crisis Recession and Uneven Recovery'. RRBs and commercial banks will disburse Rs 550 crore. Dr Yaga Venugopal Reddy.CURRENTAFFAIRSMASTER. Dr Shankar Acharya. Former Chief Economic Advisor to the Finance Ministry. respectively in the current fiscal. the new interest rate on refinance for cooperative sector is pegged at 8. .57 billion from $6. 9 per cent more than the previous fiscal. The long term finance. including handicrafts. given to farmers in Punjab. The rate (interest rate) has been revised upward in the wake of monetary police review undertaken by Reserve Bank of India this month. During April-July.25 per cent per annum and 8. All Rights Reserved.3 per cent for 2011-12. Of Rs 1.5 per cent to $7. the government had fixed the export target for textiles in FY'11 at $24. The handicraft and handloom sectors together provide livelihood to 12 million people and generate foreign exchange worth more than Rs 10. farm mechanisation. had increased by 11. has voiced qualified concern over the current account deficit (CAD) exceeding 3 per cent of Gross Domestic Product (GDP) in 201011 on the back of higher commodity prices and crude oil prices. poultry. RRBs and commercial banks. Current Account Deficit 26Nov Former Reserve Bank of India (RBI) Governor. Exceeding 3 per cent is likely now. With the revision in interest rate.41 billion in the last fiscal. NABARD is aiming to disburse money to the tune of Rs 1. Rs 150 crore and Rs 300 crore.000 crore through refinance window in Punjab in 2010-11 against Rs 704 crore disbursed in 2009-10. disbursed to farmers through cooperative structure and RRBs is given for dairy development.79 billion in the same period last fiscal. Another 5 per cent said they will not adopt the new technology.000 crore for the country. Stating that India has only “less cushion” to Copyright © 2010 Current Affairs Master. compared to $22. micro finance and fisheries etc. is routed through cooperative sector. exports of textiles and clothing products. had also in September forecast a record CAD of 4 per cent of GDP or higher for 2010-11. The government has set an overall target of $24. state cooperative banks. Refinance Interest Rate 25Nov Long term finance to farmers through cooperative and regional rural banks (RRB) has turned costly with National Bank for Agriculture and Rural Development (NABARD) raising interest rate on refinance by 50 basis points. Textiles Export Target 25Nov Buoyed by the surge in outward shipments of textiles in recent months. RBI had hiked key short-term lending and borrowing rates by 25 basis points each as part of steps to rein in inflation. 2010.000 crore.48 billion for exports of textiles and clothing products for the current financial year.COM said they may or may not adopt the service.
2010. Incidentally. and imposed price curbs on certain daily necessities to fight inflation that accelerated to 4. Terming RIL and Chinese major PetroChina among the major climbers on the list over the past decade. Chemical Firms 29Nov Reliance Industries Limited (RIL) has been ranked globally at the 20th position on the ICIS Top 100 Chemicals Companies list. up from 3 per cent this year. the New York Times reported that someone Copyright © 2010 Current Affairs Master. At next month's annual economic working conference. aiming for more balanced growth. Noting that the clout and role of the international lender has increased substantially in the emerging markets. ExxonMobil and Sinopec. . China’s Monetary Policy 26Nov China will shift its monetary policy to "stable" from "relatively loose" next year while conducting an active fiscal policy to maintain economic growth of at least 8 per cent in 2011. but RIL figured among the few companies on the list that bucked the trend. German major BASF topped the list.3 billion last year.05 trillion) from 7.5 trillion yuan. Reliance is a candidate for major acquisition.4 percent in October. China will focus on controlling inflation and restructuring its economy. Dr Reddy said that he entirely agreed with the RBI Governor. but not above it. The RIL has been also named as the 8th biggest gainer in terms of operating profits. while top-ranked BASF had sales of $72. While RIL is the only Indian company in the top 20. Dr D. while cutting 2011's loan target to 7 trillion yuan ($1.COM face any oil price shocks at the current level of CAD.7 billion. All Rights Reserved. At the same time. The report noted that the global chemical industry went through a year of turmoil in 2009. China has in the past few weeks raised interest rates. lifted banks' required reserve ratios twice. It underwent Chapter 11 bankruptcy protection during the whole of 2009 and emerged from the exercise in April. Subbarao's stance that India should be comfortable if CAD is anywhere near 3 per cent.” the ICIS said. although it has failed to consummate deals recently. has been ranked at 115th in a separate list of companies titled ‘Bubbling Under that did not make it into the Top 100. The RIL was ranked 20th on the basis of sales worth $12. The companies were ranked on the basis of their annual sales figures in the annual list released by ICIS Chemical Business magazine. another Indian company. the report said the two companies could take top rankings soon. Dow Chemical. leading to higher CAD. Next year. The ICIS is a global information provider for the chemical and energy industries.CURRENTAFFAIRSMASTER. Dr Reddy noted that the big risk is the country's oil bill going up. referring to the failed attempt by the Indian company to acquire global petrochemicals major LyondellBasell. IMF Chief 29Nov Deputy Chairman of Planning Commission Montek Singh Ahluwalia figures among the probables to succeed Dominique StraussKahn as the next chief of International Monetary Fund (IMF. LyondellBasell has been ranked fifth in the list after BASF. LyondellBasell was among the only 16 companies in the Top 100 to report a net loss last fiscal. Tata Chemical. Beijing will also set next year's inflation target at around 4 per cent.
the Oil Ministry has asked Planning Commission to set up a committee to suggest a mechanism to average out price of costlier imported LNG with cheaper domestic gas. a senior Indian planning official. given the critical financial health of the airline. former heads of the central banks of Brazil and Mexico respectively. India's Finance Secretary and Commerce Secretary. Petroleum and Natural Gas Regulatory Board and Director Finance. The only issue for banks would be that availing funds under LAF would entail a cost up to the extent of the repo rate. or the central bank's key lending rate. his successor is likely to be someone from the developing world.000 crore. we have suggested to the Planning Commission that a committee be formed on 'Pooled Pricing' of gas. Planning Commission and may include Chairman. The proposal was examined by the Committee of Secretaries. in a proposal several months ago. Frequently mentioned names include Mohamed A El-Erian. the American-born son of an Egyptian diplomat and an economist who leads the giant bond investor Pimco. Oil Copyright © 2010 Current Affairs Master. extending the previously announced end date of December 16. After this the market should not expect anything more from the Reserve Bank of India (RBI). the World Bank. According to Oil Secretary S Sundareshan. and it was decided to provide Rs 2. All Rights Reserved. of 6. It said it will conduct the second liquidity adjustment facility (LAF) auctions until January 28. Gas Price 30Nov In an effort to make prices uniform for consumers. Liquidity has been tight in the banking system following the government's inadequate spending since October and traders expect the situation to get worse when corporates make advance tax payments in mid-December.COM from the developing world was likely to succeed IMF Managing Director Dominique Strauss-Kahn. led by Cabinet Secretary K M Chandrasekhar. Whatever he (Strauss-Kahn) decides. arising out of the frictional liquidity pressure. Managing Director and CEO. In his illustrious career.000 crore to the airline. According to the sources.CURRENTAFFAIRSMASTER. Petronet LNG Ltd. while a CRR cut would instead have meant zero cost. the national carrier had sought the infusion of Rs 10.200 crore as equity in the ailing Air India is likely to be considered by a Group of Ministers soon. were cognizant of the fact that the issue needed to be addressed in an expeditious manner. He said the panel may be headed by Advisor (Energy). Secretary. and Arminio Fraga and Guillermo Ortiz.25 per cent. It also added that banks can now avail additional funds of up to 2 per cent of deposits under the LAF on these days as against the previously announced 1 per cent. among others. Members of the GoM. Montek Singh Ahluwalia. RBI Extends Liquidity 30Nov The Reserve Bank of India (RBI) had extended the ongoing measures to provide liquidity comfort to banks. Capital Infusion 29Nov A decision to infuse Rs 1. . Gail (India) Ltd. Ahluwalia has also served at the IMF and its sister institution. headed by Finance Minister Pranab Mukherjee. Expectations of a cash reserve ratio cut will no longer be there after these steps.
ten times more than the level permitted to the EU countries. Others in the Committee could be representatives of the Ministry of Petroleum and Natural Gas. raked up a staggering budget deficit of 32 per cent of the GDP.92 per mmBtu and from spot market at close to $8. while LNG on long term contract is currently imported at $6. "Funding will now be available to Ireland at a cheaper interest rate than if we had borrowed in the financial markets. Fertiliser and Finance at the level of the Additional Secretary. which was set up by the EU and the IMF in the aftermath of the Greek debt crisis in May. Planning Commission has been requesting an Inter-Ministerial Committee under the Chairmanship of its Advisor (Energy). Copyright © 2010 Current Affairs Master. The need for pooling of domestic gas price with imported LNG has arisen because LNG from Australia will cost almost $14 per mmBtu when it lands at Kochi in Kerala in 2014. this year. is priced at $4.73 per million British thermal unit. All Rights Reserved. India's largest importer of liquefied natural gas. Petronet LNG Ltd. Power. Bailout Package 30Nov The European Union and the International Monetary Fund (IMF) had unveiled a 85 billion euro ($113 billion) bailout package for heavily indebted Ireland. the government. has contracted 1." A total of 50 billion euros has been earmarked to support the state budget while the remainder will be used to stabilise the banking sector.COM and Natural Gas Corp (ONGC). designed to prop up the country's battered banking sector and to help service its sovereign debt.71 to $5. The Oil Ministry had earlier commissioned a study by Spanish consultant Mercados International on the feasibility of pooling of over a dozen different rates at which natural gas produced from different fields in the country is sold.2 per mmBtu. The price for domestic natural gas ranges from $2. which together account for over 80 per cent of gas in the country. Mercados has suggested separate pools for fertiliser and power sector and involved several complex inter-ministerial issues. to formulate a policy for pooling of natural gas prices and devise pool operating guidelines to make the policy operational.CURRENTAFFAIRSMASTER. Ireland is the first country to receive funds from the 750 billion-euro (nearly $1 trillion) financial rescue fund for the Eurozone. was sealed by the finance ministers of the 27-EU nations at an emergency meeting in Brussels.5 million tons a year of LNG from Australia for delivery at its under-construction Kochi terminal in Kerala from end 2014.52 per mmBtu. The three-year package. The natural gas produced by state-owned ONGC and Reliance Industries. to support other Eurozone nations facing a liquidity crisis." he said. for natural gas may be necessary in view of the limited domestic gas availability and increasing reliance on imported liquefied natural gas (LNG) to feed the demand. These loans will provide money which we already plan to borrow in the financial markets. six months after Greece was rescued from bankruptcy. The country needed a bailout as in the aftermath of the global banking crisis. . A pooled price or averaging out of difference rates.
will entail a representative going to the customer's address for picking-up and delivering cash through an arrangement with a service provider.8 per cent. They also exercised an option to purchase 13 million preferred shares for $650 million.5 per cent. 2007-08. All Rights Reserved. Copyright © 2010 Current Affairs Master. However. During 2006-07.37 billion. Underwriters had 30 days from the IPO to exercise the options. named Door Step Banking. JPMorgan Chase & Co. The Irish government in return has pledged to save 15 billion euros through tough spending cuts and tax increases to get its deficit below the 3 per cent limit. Door Step Banking 27Nov Taking banking services to customers' homes. GM said that underwriters led by Morgan Stanley. USD 85. GM IPO 27Nov General Motors Co's initial public offering became the world's biggest at $23.CURRENTAFFAIRSMASTER. .91 million respectively. the investment to the sector was USD 2. The rescue plan for the "Celtic Tiger" is also intended to stabilise the 16-nation euro area by calming down the financial markets. 2008-09 and 2009-10. which have became jittery for past weeks over speculation that Portugal may be next in line for a bailout. public sector lender Central Bank of India launched a service through which a bank's representative will visit customers for carrying transactions and collecting cheques and drafts. Ireland will pay an interest rate of 5.2 per cent paid by Greece for its bailout. exercised their full option on an additional 71. USD 43.27 million and USD 497. Several member-nations. slightly higher than 5. The added shares vaulted GM past Agricultural Bank of China's $22.1 billion after underwriters swiftly took up additional shares following last week's IPO. On whether the government proposes to modify the policy regarding foreign investment in the wind energy sector. set by the EU Growth and stability Pact by 2014. The FDI in renewable sector has been growing rapidly. Wind energy is the fastest growing renewable energy sector and the FDI inflow in the sector has been increasing over the years.11 million. which has been a bone of contention with its EU partners. have been arguing that Ireland's corporate tax give the country an unfair advantage in attracting foreign investments. Bank of America Merrill Lynch and Citigroup Inc. will remain unchanged at 12.15 million.1 billion IPO in July and underscored the strong demand for the taxpayer-rescued automaker's stock. the country's low corporate tax.COM Greece was bailed out with a separate 110 billion-euro financial assistance from the EU and the IMF. The service. Abdullah said his Ministry has already announced a Generation Based Incentives (GBI) scheme for grid connected wind power projects with the objective of broadening the investors' base by attracting FDI and independent power producers. especially France and Germany. FDI in Renewable Energy 30Nov The government said Foreign Direct Investment (FDI) in renewable energy sector has shown an upward trend and investment in the sector in 2009-10 has been very attractive.7 million common shares worth $2.
are among Forbes' list of seven most powerful rural Indian entrepreneurs Mansukhbhai Jagani. Jagani developed a motorcycle-based tractor for India's poor farmers. for about 15 years in all. invented a clay non-stick pan that costs Rs 100 and a clay refrigerator that runs without electricity for those who cannot afford a fridge or their electricity and maintenance costs. IIM-Ahmedabad professor and founder of India's Honeybee Network Anil Gupta has selected the seven most powerful rural Indian entrepreneurs for a compilation in Forbes magazine. Myanmar's military establishments have subjected Suu Kyi to four terms of house arrest and at least two spells in prison. Mansukhbhai Patel. World leaders hailed her in comments on the release. "India's villages have become a hot bed of innovation. Powerful Rural Indians 15Nov Mansukhbhai Jagani. Mansukhbhai Patel. All Rights Reserved. Nyan Win. said “no conditions” were imposed for her new freedom. Myanmar's celebrated pro-democracy leader and a political prisoner of global stature. Mansukhbhai Prajapati and Madanlal Kumawat. as its rural poor develop inventions out of necessity. Suu Kyi's release was greeted by cheering supporters who gathered outside her house in a show of defiance against Myanmar's military government. since 1989. rajapati. Suu Kyi covered the distance from her old lakeside bungalow to the gate to acknowledge the greetings of her supporters. She led the NLD to a landslide victory in the country's free elections in 1990 but was not allowed to lead a civilian government. whose "inventions are changing lives" of the people across the country. upon the completion of her latest term of house arrest. The 65-year-old Ms. for the first time since 2003. Suu Kyi's lawyer and close political associate. The Association of Southeast Asian Nations expressed relief over member-state Myanmar's action of setting Suu Kyi free at least now. Hundreds of other supporters waited for her at the Yangon headquarters of the recentlyderecognised National League for Democracy (NLD). are among Forbes' list of seven most powerful rural Indian entrepreneurs. Mansukhbhai Patel. which was ordered before the junta could transfer power to an ostensibly “civilian” government following the November 7 general election. Mansukhbhai Jagani. are among Forbes' list of seven most powerful rural Indian entrepreneurs. was set free from house arrest in Yangon. Several of the people on this list have no more than an elementary school education. Copyright © 2010 Current Affairs Master. . Patel invented a cotton stripping machine that has significantly cut the cost of cotton farming and revolutionised India's cotton industry. A farmer.CURRENTAFFAIRSMASTER. which is both cost effective-costing roughly USD 318-and fuel efficient (it can plow an acre of land in 30 minutes with two liters of fuel). There was no confirmation of this by the junta. Mansukhbhai Prajapati and Madanlal Kumawat. Walking free on Saturday evening. which she still leads. Mansukhbhai Prajapati and Madanlal Kumawat.COM Aung San Suu Kyi 14Nov Aung San Suu Kyi. a potter. the State Peace and Development Council.
Called the "Sam Walton of India. Also on Gupta's list is Dadaji Ramaji Khobragade. a highly successful rice variety which yielded 80 per cent more rice than the conventional variety. picked the world's most powerful economists. Indian environmentalist Vandana Shiva has been named as one of the seven most powerful feminists in the world. HMT is now grown all over India. a simple network and excellent supply chain management. He developed the world's first painless iclofenac injection. Kumar was earlier with Universal Sompo." Mallesham's machine can make six saris worth of material in one day. In the feminist category." Biyani's company operates about three million square feet of retail space in 25 Indian cities. bloggers. Coming in next is social entrepreneur Anshu Gupta who founded GOONJ. economists. feminists and fashion.CURRENTAFFAIRSMASTER. Gupta collects 30 tonnes of cloth every month and distributes it across 20 states. New CFO 18 Nov Bharti AXA General Insurance has appointed Sampath Kumar as the new Chief Financial Officer and Manoj Nair as its new Zonal Head South." Powerful Economists 16Nov Renowned Indian-origin academician Raghuram Rajan has been named alongside US Federal Reserve Chairman Ben Bernanke and Nobel laureate Paul Krugman among the seven most powerful economists in the world. Gupta said his last pick Chintakindi Mallesham. a system that transfers used clothing and household goods from India's rich to its poorest communities. multi-crop thresher that yields cleaner grains. developed a fuel-efficient. they asked a group of experts to pick seven influential individuals each from the world's nearly seven billion people for fields such as education. regardless of whether or not he is in government. He has an amazing reach." Patel's business focuses on developing painless solutions for medical procedures. whose views are always very influential.000 acres in five states. which can be bagged directly and eliminates the cost of cleaning. Harvard alumnus and New York University professor who predicted the global financial crisis. who invented the HMT rice. Roubini. Madanlal Kumawat. energy. Bernanke. the most powerful central banker in the world and New York Times columnist Krugman. "ignited a revolution in India's weaving community. According to a compilation in Forbes magazine by economist Nouriel Roubini. a strong and most articulate defender of Keynesian policies. Hollywood.COM Next on the list is Future Group Chairman Kishore Biyani. a grassroots innovator with no more than a fourth-grade education. His list of seven includes US President Barack Obama's chief economic adviser Lawrence Summers. adding Troikka Pharmaceuticals MD Ketan Patel is "India's pain-killer. where he was responsible for setting up the finance and investment function along with cost control and other Copyright © 2010 Current Affairs Master. which helps alleviate acute pain and inflammation. inventor of the Laxmi Asu Machine. media. entrepreneurs. and "no human effort is required beyond placing thread on the machine and removing the material after the process is complete. on some 100. All Rights Reserved. designers. philanthropists. .
Railway Board Chairman. It is expected that half of the investment target would come from the private sector and the balance from PSUs. Prior to joining Bharti AXA GI. petroleum and natural gas. The panel will assess the investments required to be made by the Central and State governments. will hold bilateral meeting with Commerce and Industry Minister Anand Sharma. The panel will also identify the regulatory or legal impediments constraining private investment in infrastructure and make specific recommendations to facilitate their removal. Panel on Infrastructure 19Nov The Centre had announced setting up of a high-level committee on financing of infrastructure. during the recent visit of U. will submit its report within 18 months. WTO Chief 19Nov In a bid to expedite the much delayed multilateral trade opening agreement. Adviser to Planning Commission Deputy Chairman. companies in infrastructure in India and has been pitching for the same during his recent tours abroad. All Rights Reserved. The committee. India is aiming to double its investment in infrastructure to about $1 trillion during the XII Plan (2012-17) from an estimated $500 billion in the current Plan. urban development. Lamy.COM key aspects of the business. Differences between rich and developing nations have been a stumbling block in this regard and efforts are on to reach an agreement under the Doha Round of WTO by 2011. Insurance Regulatory and Development Authority Chairman and Pension Fund Regulatory and Development Authority Chairperson. to be headed by former Reserve Bank of India Deputy Governor Rakesh Mohan. Besides.CURRENTAFFAIRSMASTER. telecommunications. . The high-level panel will include secretaries of the Department of Economic Affairs and the Department of Financial Services. President Barak Obama. The convener of the panel will be Gajendra Haldea. Dr. GMR Group Chairman G. Other members would include Uday Kotak of Kotak Mahindra Bank. Secretary to Chief Economic Advisor in the Ministry of Finance and secretaries in the ministries of power. he worked with GE as VicePresident . The XII Plan envisages investment of around Rs. had sought huge investment by U.S. Copyright © 2010 Current Affairs Master. World Trade Organization (WTO) chief Pascal Lamy is arriving to hold consultations with the Centre and industry to remove irritants. water resources will be special invitees to the committee. Nair would be overlooking the sales and operations of the southern region.41 lakh crore for the infrastructure sector. road transport and highways. ICICI Bank and Infrastructure Development Finance Company.Strategic Initiatives and Sales.S. GVK Group Managing Director Sanjay Reddy and Goldman Sachs Country Head Madhav Dhar. Life Insurance Corporation. the panel will include the RBI Deputy Governor and chief executives of State Bank of India. public sector undertakings (PSUs) and the private sector in ten major physical infrastructure sector projects. Power Finance Corporation. Rao. Singh. M. who will spend three days in India. The committee would suggest steps for improving capital markets for garnering long-term savings and facilitating foreign investment flow.
First Gold 15Nov Pankaj Advani unleashed his best in the climax in billiards to clasp India's first gold in the Asian Games. India along with Brazil. Reddy's Book 23Nov The Reserve Bank of India (RBI) Governor D. Reddy has not published before. On a day when Vijay Kumar came up with a Copyright © 2010 Current Affairs Master. The book is a sequel to Dr. The city was lit up beautifully the Canton tower stood majestically on one side and the skyscrapers with colourful lighting formations provided a brilliant backdrop. as lithe girls danced on water and strong men jumped around high in the air. India and the global financial crisis: managing money and finance. Recession and Uneven Recovery. spraying water all around and fountains rising into the sky. in front of four huge sail-boat screens that towered above the arena to mark the opening ceremony of the 16th Asian Games. . presented in lucid style and non-technical language from an oracle who has already demonstrated how clearly he sees the future.V. 16th Asian Games 13Nov China painted a memorable canvas on the sky. Reddy's bestselling work. written at a time of multiple challenges for the Indian economy. All Rights Reserved. in which his opponent Oo Oo Nay Thway of Myanmar had bridged the gap to be teasingly close to him. Global Crisis.COM The two leaders are likely to discuss the progress of the Doha Round of Talks. at the Asian Games Town Gymnasium. Y. Silver Medal 15Nov The gold continued to elude Indian shooters as the women's air pistol team fell one point short of the top score in the Asian Games. China and South Africa is espousing the cause of developing countries in the WTO negotiations. From an arena on the Pearl River that had speed boats whizzing past. According to WTO estimate. Gagan Narang carried the flag for India and the contingent was almost in strength to imbibe the energy of the electrifying atmosphere. the stage turned into a platform. White horses galloped across it and eventually it turned into the stage for the athletes to march. successful conclusion of Doha talks could boost global trade by up to $200 billion in a year. In a dramatic final. progression and impact of the financial crisis.CURRENTAFFAIRSMASTER. provides a thinker and experienced policy-makers' understanding of the genesis. The WTO Director General will hold a meeting with members of the Federation of Indian Chambers of Commerce and Industry and academicians to ascertain views of Indian industry and the civil society on certain vexed issues that are holding breakthrough in the global trade talks that were launched in 2001. The book contains perspective and analysis that Dr. and of the lessons it offered. India and other developing nations have been defending their agricultural market to protect millions of subsistence farmers from easy imports that may result from the multilateral agreement. Subbarao launched the book. Advani came up with an unfinished break of 36 from 64-45 to clinch a thriller and the gold along with it. The present book.
Khazan Singh had won the last swimming medal for India. Men’s Hockey 25Nov In the 16th Asian Games at Guangzhou in China. at the Guangzhou Shotgun Centre. The other four who have made it to the title round are teen sensation Vikas Krishan (60kg). Santosh Kumar (64kg) and Manpreet Singh (91kg). Viredhawal Khade 17Nov Virdhawal Khade declared that he was a star swimmer in the making as he won the bronze medal in the 50m butterfly event at the Asian Games. It was a moment that Indian rowing had been awaiting for four years. Sodhi had the handicap of being four points behind the leader. The only gold for Indian swimming had come through Sachin Nag in the inaugural edition of the Asiad in Delhi in 1951. with the best performance among the eight finalists after being eighth at the end of qualification series in men's air pistol that is not his main event. as he clinched the elusive gold in shooting in the Asian Games. to win by a four-point margin over Shaikh Almaktoum of UAE. Indian Kabaddi team has also stormed into Copyright © 2010 Current Affairs Master. . Yet. while South Africa and Sri Lanka remained static on second and third position respectively. The 19-year-old Khade clocked 24. ever since the team had won two silver medals and a bronze. Ranked No. in the Asian Games. Pan Qiang of China. with a total of 139 following a series of 47. Dinesh Kumar (81kg). World number one Indian Boxer Vijender Singh along with four other compatriots have stormed into the gold medal round in their respective categories. the trio of Heena Sidhu. shooting 47 out of 50. in the last Asian Games in Doha. Vijender now meets Abbos Atoev of Uzbekistan for the gold medal fight tomorrow. India maintained their supremacy at the top of ICC rankings for Test teams after winning the three-Test series against Kiwis.CURRENTAFFAIRSMASTER. In other events. Bajrang Lal was the undisputed hero of the day. he silenced everyone with a spectacular performance. going into the final. With this bronze. 44 and 48. With this. Second Gold 20Nov Bajrang Lal Takhar led from start to finish in the men's single sculls event. Indian Hockey Team has bagged a bronze medal in Men's section by defeating South Korea one-nil. with an overwhelming performance in the double trap final. India has so far got 7 Gold. ICC Ranking 25Nov India have clinched the three-match Cricket test series 1-0 against New Zealand registering an innings and 198-run victory at Nagpur.3 in the world. and the first ever gold in rowing.31s to land India's first medal in swimming after a gap of 24 years in the Asian Games. Ronjan Sodhi 22Nov Ronjan Sodhi asserted his class yet again. 13 Silver and 27 Bronze medals in its kitty. the best in the field that had five top-10 shooters that included the three Chinese. in the 100m freestyle. Annuraj Singh and Sonia Rai lost the gold to Korea but hung on to the silver. All Rights Reserved. to clinch India's second gold medal. a silver in the 200m butterfly at the 1986 Asian Games in Seoul. a point ahead of China. as he warded off a late surge from Ming Hui Wang of Chinese Taipei with a touch of assurance to win by a length.COM surprise bronze medal.
Four Golds 27Nov Vijender Singh's 7-0 win over Uzbekistan's Abbos Atoev for the men's 75-kg boxing title capped a productive day for India at the Guangzhou Asian Games. who earlier clinched the 10. This takes the Indian gold count to eleven. India Shine 27Nov India won eleven more medals and created history by recording their best-ever medal haul of 64 medals in the Asian Games. just four short of the highest haul of 15 Gold in the first Asian Games. The Games saw India record their best-ever medal haul till date. India is hoping for a top-five finish. They beat Thailand 2814 in a dominating performance to clinch the inaugural women's kabaddi gold of the Asian Games.89. All Rights Reserved. Bahrain's Mimi Belete Gebgregeiorges clinched the gold medal with a timing of 15:15.000m gold.CURRENTAFFAIRSMASTER. Sreedharan. Meanwhile. With the men's kabaddi teams keeping themselves on course for the coveted gold and star pugilist Vijender Singh and two other boxers eying gold medals. garnered at the 1982 Delhi Asiad.COM the final by beating Japan. 17 silver and 33 bronze. Sreedharan Gets Silver 26Nov Preeja Sreedharan and Kavita Raut clocked their personal bests to clinch the silver and bronze respectively in the women's 5000m final of the Asian Games. returned a timing of 15:15. Asian Games 29Nov The sky lit-up with dazzling fireworks as an emotional China brought the curtains down on the biggest Asian Games in a riot of colours.54 to win the bronze. Indian Women's 27Nov The women's 4x400 metres relay team brought home the last gold for the country from the Guangdong Olympic Stadium while Preeja Sreedharan and Kavita Raut added a silver and a bronze each to the collection. eclipsing their earlier record of 57 medals in the 1982 Asian Games in Delhi. which was achieved at the inaugural Delhi Games in 1951. Indian Women’s Kabaddi 26Nov The Indian women's kabaddi team completed a memorable Asian Games debut by clinching the gold medal with a comprehensive win over Thailand in the finals in Guangzhou. South Korea and Japan occupy the second and third positions. India has now moved to seventh spot in the overall standings. foot-tapping music and a cultural extravaganza at the Haixinsha Island on the Pearl River at Guangzhou.000m. Forbes' List 5Nov Copyright © 2010 Current Affairs Master. 17 Silver and 33 Bronze for an overall tally of 64. could not get past Sreedharan yet again but managed a personal best of 15:16. India finished sixth on the medal rostrum with a record 14 Gold. . The victory took India's gold haul to 14. India's previous best haul was 57. which was incidentally her personal best as well. Raut. one shy of its all-time best of 15. The country won four gold medals. who bagged silver in 10.59. India have now won 14 gold. taking its overall tally to a record 64 medals. China maintained their supremacy atop the medals table.
Tallest Hanuman 5Nov Religiosity in India is scaling new heights. These amendments which have become necessary consequent to India's accession of the Nairobi Convention would seek to address problems arising from the increasing number of wrecks and remove discrepancies in the existing rules and regulations so as to bring them in line with developments in international shipping. overlooking the entire city. comes in at the 61st position in the list of the world's most powerful people. who certainly likes to live like a king. Ship Wrecks 7Nov India has decided to join the Nairobi International Convention on Removal of Wrecks and adopt international norms in shipping. Hu pipped United States President Barack Obama. Just on the outskirts of this erstwhile summer capital of the British raj. Ambani. The 60-year-old steel magnate has a net worth of $28. Chinese President Hu Jintao has topped the 2010 Forbes list of the “World's Most Powerful People.COM Congress president Sonia Gandhi. chairman of the world's largest steel company ArcelorMittal. it surpasses the current tallest statue of 'Christ the Redeemer'. . a giant 108 feet high idol of Hanuman (the Monkey God) was unveiled at Jakhoo Hanuman temple. 1958. Incidentally. His ranking too improved from his last year's 44th place. The heads of state. they bend the world to their will. out of the 6.CURRENTAFFAIRSMASTER.” India's business tycoons Reliance Industries Chairman Mukesh Ambani and steel giant ArcelorMittal Chairman Lakshmi Mittal also make this year's list.” Gandhi debuts at the 9th spot in this year's list of the world's most powerful people. who comes in at second place. she was not featured in Forbes' recent list of the world's most powerful women. which proposes to enable a more purposeful approach towards removal of wrecks and salvage. Forbes' list picks 68 who matter. The Union Cabinet had cleared the path by approving amendments to the Merchant Shipping Act. comes in at the 34th spot. The 53-year-old “business maharaja” is Asia's richest person.8 billion people on the planet. in various ways. Given its gigantism.5 crores. entrepreneurs and outlaws on the second annual list were chosen “because.7 billion. Adopted by 64 countries. having dropped two notches from last year. Prime Minister Manmohan Singh and Tata Sons Chairman Ratan Tata are among the five Indians named among the most powerful people in the world in Forbes' list this year of 68 people “who matter. who has a net worth of $29 billion.” For the top spot. which measures at 98 feet and stands at an altitude of 2296 feet in Rio de Janeiro. major religious figures. Forbes said. apart from aiming at improving navigational safety and Copyright © 2010 Current Affairs Master. Tata. All Rights Reserved. Brazil. Occupying the 44th spot is Lakshmi Mittal. the convention lays out a firm jurisdictional basis for dealing with hazardous wrecks. it would not be out of place to say that monkeys will be omnipresent in this famous tourist destination which already has a large monkey population. Deemed to be world's tallest statue at 108 feet at the highest altitude of over 8100 feet and constructed at a cost of Rs 1.
which made the election competitive and Iran lost.COM maritime security. It was created this year to look exclusively at gender equality and empowerment of women. Talk Internet Radio 11Nov Anil Ambani-led Reliance Broadcast Network's (RBNL) digital vertical Big Digital had launched the country's first-ever talk Internet radio. President Barack Obama.200 crore hoping to help the tribals to exploit their talent and potential. It said the 3G roll-out would give a substantial boost to the segment. Cooperation in the field of education sector holds great promise because no two other countries are better equipped to be partners in building the knowledge economy of the future. Iran received just 19 votes and East Timor got 36 from the 54 nations. In the wake of intense opposition by human rights organisations and several other Western countries Iran lost its bid to East Timor. The announcement was made by Prime Minister Manmohan Singh in his opening remarks during a joint press conference with the U. Through this initiative. The talk Internet radio has been christened as BIG Net Radio.CURRENTAFFAIRSMASTER. the Cabinet Committee on Infrastructure approved the upgradation of a 600-km stretch of road in the Left Wing Extremism-affected region of Orissa at an estimated cost of Rs. in a vote at the UN General Assembly. . whose candidacy was also Copyright © 2010 Current Affairs Master. mostly in the age group between 18-30years and is growing. Higher Education Summit 9Nov India had announced the holding of a higher education summit next year. thus boosting the online advertising. Iran was initially running uncontested for 10 Asian seats but then East Timor decided to join in the fray. which constitute the UN Economic and Social Council that voted. The 41-member executive board also includes United States and Britain. India has over 50-million Internet users. "Internet radio is poised to increase even as Bollywood. and will see the participation of academicians and private players. a late entrant to the contest. Meanwhile. UN Women's Board 11Nov India along with 40 other countries have been elected to the board of the new UN agency to promote equality for women but Iran lost its bid due to strong opposition from the United States and human rights groups. which will work excellently with the growing populace seeking entertainment on the Internet.S. UN Women is the amalgamation of different United Nations bodies focused on women. seeking this entertainment.000-crore by 2013. which is expected to grow at 32 per cent to touch Rs 2. BIG Digital is looking at capitalising on the growing Internet user-base. Saudi Arabia. both in India as well as the global Indian diaspora. 1. which won seats in the donor nation’s category. This is the first-ever pure talk net radio in India. spirituality and humour are the pegs that work excellently with Indian audiences and the company is working towards providing 24-hour seamless entertainment to the audience. All Rights Reserved. The summit is likely to be held in India.
Home Minister P.” “While India has tremendous potential to sustain the high growth and inclusive economy. The CEOs from various parts of the world will deliberate on the strides made by the Indian economy. got an automatic seat. The main theme of the summit will be “Implementing India.4 per cent. “This conference will focus on networking and learning and also on the implementation process of the new reforms being unleashed in the Indian economy. The Labour Bureau comes under the Union Copyright © 2010 Current Affairs Master. Haryana Chief Minister Bhupinder Singh Hooda would also attend a session on agricultural reforms. Bhatt. compared to the 2. .” said Chandrajit Banerjee. The survey. beginning November 14. Others on the political and government side of the summit would include Road and Transport Minister Kamal Nath. Unemployment 12Nov The first household-based unemployment survey in the country. Chidambaram and Union Commerce and Industry Minister Anand Sharma will be among the political leaders who will be interacting with the captains of the Indian and global industry. This will provide a road from Delhi to Davos to take the country on a new economic trajectory. it needs to get from words to action by keeping up with crucial reforms and addressing the country's poor infrastructure. Sachin Pilot. the bottlenecks and the solutions required to keep the economic pot boiling.” WEF Director and Head of Asia Sushant Palakurthi Rao said. Minister of State for Commerce and Industry Jyotirditya Scindia and Minister of State for Telecom. Finance Minister Pranab Mukherjee. Several countries in the world are resorting to protectionist measures even as the global economy is grappling with a fragile recovery. All Rights Reserved. has found jobless rates as high as 9. Reliance Industries Limited (RIL) Chairman and Managing Director Mukesh Ambani. will witness the assembly of over 700 top national and international corporate honchos along with stalwarts of the UPA-II regime and focus on the Indian economy and deal with issues like infrastructure. Planning Commission Deputy Chairman Montek Singh Ahluwalia. He said the summit would also take up for discussion the burning issue of protectionism. compared to the 10 million estimated in the 2007 survey. which is a partner of the WEF. The new survey also points to a significant drop in the share of the agricultural sector in total employment. ICICI Bank Managing Director and CEO Chanda Kochhar and Bharti Enterprises Chairman and Group CEO Sunil Bharti Mittal will be among the leading CEOs participating in the annual event which has been organised here for the past 25 years. inclusive growth and protectionism.8 per cent estimated by the National Sample Survey Organisation (NSSO) in 2007. P. organised by the Geneva-based World Economic Forum (WEF). Director General of CII. implies that about 40 million people are jobless. conducted by the Labour Bureau. State Bank of India Chairman O.COM criticised. India Economic Summit 12Nov The three-day India Economic Summit.CURRENTAFFAIRSMASTER. done for 2009-2010 and scheming the 'usual status' approach. to 45 per cent from the 67 per cent reported in the 2007 one.
The 'usual status' approach looked at a person’s employment status over the past six months.8 per cent unemployment rate using this method. Other countries are irate over the Federal Reserve's plans to pump $600 billion into the sluggish American economy.CURRENTAFFAIRSMASTER. which is weakening the dollar. the statement leaves significant room for interpretation since the language is vague and does not impose any timeframe for enforcing a market-determined exchange rate. The real dispute is over Washington's allegations that Beijing resorts to "competitive undervaluation" . G20 13Nov Leaders of 20 major economies had refused to endorse a US push to get China to let its currency rise.artificially keeping its currency. NSSO got a 2. weak to gain a trade advantage. driving down the value of the US currency and giving American exporters an advantage. . which is on track this year to match its 2008 record of $268 billion. the Labour Bureau has said that while recession was to blame for the job losses reported. Such a statement is of little consequence since countries usually only devalue their currencies in extreme situations like a severe financial crisis. The joint statement avoided the words "competitive undervaluation. All Rights Reserved. A law the United States passed in 1930 that raised tariffs on imports is widely thought to have deepened the Great Depression by stifling trade. The G20 leaders pledged to move toward more market-determined exchange rate systems and enhance exchange rate flexibility. The dispute over whether China and the United States are manipulating their currencies is threatening to resurrect destructive protectionist policies like those that worsened the Great Depression in the 1930s. the yuan. At the end of their two-day summit. the jump was also a reflection of a more comprehensive job done by the survey. They see that move as a reckless and selfish scheme to flood markets with dollars. The biggest fear is that trade barriers will send the global economy back into recession. While the ministry says the Survey's unemployment data could be an aberration caused by recession. and encourage Chinese companies to sell more to their own consumers rather than rely so much on the US and others to buy lowpriced Chinese goods. The US says a higher-valued yuan would make Chinese exports costlier abroad and make US imports cheaper for the Chinese to buy.COM labour ministry and will conduct such surveys every year. Although directed against China.including President Barack Obama and China's Hu Jintao issued a watered-down statement that only said they agreed to refrain from "competitive devaluation" of currencies." which was a reference to China's currency policy that had been inserted into a draft of the statement by officials during pre-summit negotiations. But the US position itself has been undermined by its own recent policy of printing money to boost a sluggish economy. the leaders of the Group of 20 rich and developing economies . keeping alive a dispute that has raised the specter of a global trade war. Some critics warn that US interest rates kept Copyright © 2010 Current Affairs Master. It would shrink the US trade deficit with China.
a ritual theatre of Kerala. Copyright © 2010 Current Affairs Master. . an extensive survey by the Sangeet Natak Akademi reveals. Pranab Kanya Sangha and Ramakrishna Sarada Math among others under the ‘Girl Child Adoption Scheme'. are affected and are in need of support. known for its crafted masks and mock combat movements. now has only three traditional families of regular performers. the Chhau dance. Germany and Japan. tuition fee and transportation costs among others within the range of Rs 3.000-5. SBI-Bengal 15Nov State Bank of India. the UNESCO expects. according to a press statement issued by the bank. The economic backwardness of the area. the Mudiyettu. Similarly. What was once well patronised. Scientific and Cultural Organisation) inscribes three Indian performing-art forms.COM too low for too long could inflate new bubbles in the prices of commodities. The Chhau dance. their songs and dances. This inscription. Under the scheme the bank bears the educational expenses. This art form involves elaborate drawings on floors. The initiative was launched as a part of the bank's corporate social responsibility in 2007 under the scheme ‘Bitiya ke sapne SBI ke apne'. has adopted about 944 girl children in coordination with NGOs such as SOS Children's Village. help improve the awareness of their significance and offer international assistance to promote and preserve them. has had a negative impact on the artists of the Chhau and their art. stocks and other assets. would provide better visibility for such intangible heritage. a tradition from eastern India. masks made of areca nut fronds and playing of drums. The Mudiyettu. Bharat Sevashram Sangha. Jharkhand and West Bengal. UNESCO's Heritage List 17Nov The UNESCO (United Nations Educational. As a result.000 per year per girl child within the age group of six-to-fourteen years. All Rights Reserved. cost of books and accessories. and the Kalbelia folk songs and dances of Rajasthan in the Representative List of the Intangible Cultural Heritage of Humanity. Friday's statement is unlikely to immediately resolve the most vexing problem facing the G20 members: how to fix a global economy that's long been nourished by huge US trade deficits with China. the ritual dance drama annually performed after the harvest of summer crops in Kerala. unlike the World Heritage list that focuses on monuments and natural sites. the Kalbeli communities of snake charmers from Rajasthan are also impacted. Developing countries like Thailand and Indonesia fear that falling yields on US government bonds will send money flooding their way in search of higher returns. is more than 250 years old.CURRENTAFFAIRSMASTER. This annual list. which are characterised by movements and music that evoke serpents. spotlights performing art forms of outstanding value and are vulnerable due to lack of support. is prevalent in the tribal parts of Orissa. Such emerging markets could be left vulnerable to a crash if investors later decide to pull out and move their money elsewhere. But they've also produced enormous trade gaps for the US because Americans consume far more in foreign goods and services than they sell abroad. Exports to the United States powered those countries' economies for years. including school fee. Bengal Circle.
. accepted this recommendation. However. with information on the complex landscape of private standards. the UNESCO received 54 nominations for the Representative List. about eight Indian heritage elements. footwear and furniture sectors. that is under way in Nairobi. safety and environmental issues and are required by brand producers and retailers when they source their products. training and creation of infrastructure. Faced with this scenario. The subsidiary body. more and more companies in developing countries are becoming global producers. The guide helps the exporters to understand the procedures to follow the standards. Every year various governments forward nominations for inscribing in the Representative List. All Rights Reserved. So far. where they are increasingly required to comply with 'private standards' a phenomenon on the rise. one was rejected and three were recommended for inscription. including these three. The guidebook will help exporters in the developing countries in areas like garments. Empower Elected Women 19Nov India and United Nations had launched a programme to empower elected women representatives in South Asia. the UNESCO would facilitate international cooperation. The programme was jointly launched by the Minister for Panchayati Raj Dr. are undertaken to safeguard them. who wish to sell to major retailers and brands. provision of experts. The producer of the developing country has to comply with these standards to get access into international markets. In addition. to ensure that necessary measures. Six nominations were received for the Urgent Safeguarding List of which two were withdrawn. Today. Private standards essentially focus on social. rejected one and recommended the rest for the inscription. separate nominations are also sent for inscribing in the Urgent Safeguarding List. the Guide aims to provide producers in the leather. if exporting companies fail to comply. they will probably find themselves excluded from certain exporting channels.COM It makes it obligatory on the various governments (132 of them) who have ratified the UNESCO's Convention for Safeguarding of the Intangible Cultural Heritage and who nominate heritage elements. The Fifth Session of the UNESCO Intergovernmental Committee for the Safeguarding of the Intangible Cultural Heritage. All the three nominations proposed by India for the Representative List were recommended. garments and furniture sectors. UNIDO Guide 18Nov The United Nations Industrial Development Organisation (UNIDO) on private standards has launched a guide to help exporters in the developing countries like India to deal with a maze of standards on environment and social issues. This year. including legal and financial. have been inscribed in the representative list.C P Joshi Copyright © 2010 Current Affairs Master. The liberalisation of consumer markets provides these companies with opportunities for exporting their products to global markets. provide financial assistance and extend support for studies. This list focuses on art forms “whose continuous recreation and transmission” are threatened and are in need of immediate support. after reviewing them advised seven nominations to be withdrawn.CURRENTAFFAIRSMASTER. On its part.
Time's list 22Nov Indira Gandhi and Mother Teresa have figured in the list of 25 Most Powerful Women of the Past Century by Time magazine.671. a corruption scandal and a civil war in neighbouring Pakistan that. a distinction she holds to this day. Indira Gandhi has been placed at 9th position and Mother Teresa is ranked 22nd in the list.CURRENTAFFAIRSMASTER. the country's most valuable firm. building her start-up missionary community of 13 members in Kolkata into a global network of more than 4. social and physical security. She was the nation's daughter. Secretary of State Hillary Clinton is ranked sixth on the list. and her country. When Gandhi was elected prime minister in 1966. led to the creation of a new state. Madonna. Angela Merkel. not without controversy. Copyright © 2010 Current Affairs Master. he asserted promoting women's political leadership and governance is essential for holistic growth and development of India and South Asia. an outspoken advocate for women's suffrage. a TIME cover line had read. The objective of the programme is to address second generation issues of democracy to pave the way for women to play more effective role as leader without facing discrimination in all areas of governance." the Time magazine said. Hailing India's track record in this area. witnessed a wealth erosion of Rs 21.47 crore. By the time she was assassinated. Margaret Thatcher. Oprah Winfrey and Virginia Woolf.000 sisters running orphanages and AIDS hospices". The list of '25 Most Powerful Women of the Past Century' is topped by Jane Addams. Eleanor Roosevelt. for much of the next two decades through recession. All Rights Reserved. who was the first American woman to win the Nobel Peace Prize. She served three consecutive terms from 1966 to 1977 and was in the middle of her fourth term from 1980 when she was assassinated in 1984. On Mother Teresa. It also aims to focus their concerns of economic. the magazine said: "Born Agnes Bojaxhiu to Albanian parents living under the Ottoman Empire.57 crore and is only lagging behind RIL and ONGC. under her guidance. The list of 25 also includes Marie Curie. who was India's first Prime Minister after decades of British rule. the detonation of the nation's first atomic bomb." the Time said. The Norwegian minister Erik Solheim said this is an important collaboration between India and Norway. The coal behemoth added another feather to its cap last week when it replaced IT giant Tata Consultancy Services (TCS) to become the country's third most coveted firm. the petite nun made her way to India in 1929. 'Troubled India in a Woman's Hands'. Those steady hands went on to steer India. Golda Meir. . Gandhi was the world's longest-serving woman prime minister.270. famine. RIL.COM and his Norwegian counterpart Erik Solheim at a function in New Delhi. Bangladesh. Most Valued Firm 22Nov State-run Coal India has become the third most powerful Indian company with a total market capitalisation (m-cap) of Rs 2.09. brought up under the close watch of both her father Jawaharlal Nehru.
26. Besides. restoring and sustainably managing forests and it offers one of the cheapest options for cutting global greenhouse gases. The m-cap of ONGC was Rs 2.89.61 crore from its market valuation. respectively.70. A major breakthrough would be needed in the UNFCC negotiations.31 crore and Rs 1. Similarly.70. TCS's m-cap was at Rs 1.92 crore.611. In India.99. the mechanism of REDD has not been implemented and there are several issues related to ownership of forests.555. A residual waste management programme will operate during the conference.272. The programme includes the placing of recycle bins in the official meeting areas of COP16/CMP6 events.865. forest rights and protection. two of the top IT firms TCS and Infosys Technologies together witnessed a loss of Rs 9.31. Nov 7 . the country's top two lenders SBI and ICICI Bank together shed Rs 8.5 billion was promised so far.641.000 delegates are expected to attend the deliberations. The m-cap of SBI and ICICI stood at Rs 1.912. much of it from Norway in bilateral agreements but money was not the sole consideration.976.Pravasiya Bharatiya Divas Nov 26.207 crore this weekend. other locations within Cancun.World Cancer Awareness Day Nov 9. the Mexican government is committed to ensuring that participants' mobilisation and energy consumption during the conference results in the smallest environmental impact. The main focus could be on forestry issues and reducing emissions from deforestation and forest degradation (REDD) plus where significant progress could be made.26 crore from their cumulative market valuations. .CURRENTAFFAIRSMASTER. suffered a loss of Rs 8. it still maintained its top rank in the top-10 companies as per their valuations.11 crore. while that of Infosys was at Rs 1.National Law Day Copyright © 2010 Current Affairs Master. Similarly. According to the Centre for International Forestry Research (CIFOR) the response to the conference is lukewarm but no less than 15. Meanwhile. All Rights Reserved.12 crore from their combined valuations.COM Yet with a market capitalisation (m-cap) of Rs 3. in compliance with its obligations as host of the Sixteenth Conference of the Parties to the United Nations Framework Convention on Climate Change (COP16) and the Sixth Conference of the Parties serving as the Meeting of the Parties of the Kyoto Protocol (CMP6). Principal climate change scientist at the CIFOR Louis Verchot said that among the key issues likely to be addressed was whether to include REDD plus as part of the United Nations Framework Convention on Climate Change (UNFCC). REDD plus aims to reward the developing nations for protecting.32 crore.286 crore. Climate Change Conference 29Nov The United Nations Climate Change Conference that gets under way in Cancun may not result in much in terms of emission reduction agreements. The CIFOR said $ 4. It is aimed at enhancing the processing of different waste materials and their incorporation to productive cycles avoiding their final disposal. ONGC. another energy major.
COM Of Thee I Singh: A Letter to My Daughters. .Barak Obama WTO and Indian Economy.Alokesh Barua and Robert M Stern IRIGC --Indo-Russian Inter-Governmental Commission AERB--Atomic Energy Regulatory Board INCAA --Indian Network of Climate Change Assessment WGC --World Gold Council Copyright © 2010 Current Affairs Master.CURRENTAFFAIRSMASTER. All Rights Reserved.
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