General awareness Updates -May 2013
Persons in News
- Former British Prime Minister Margaret Thatcher, (right) a towering figure in post-war British and world politics, and the first woman to become British prime minister, has died at the age of 87.
- Rebel leader Michel Djotodia has been elected president by an acting parliament in the Central African Republic (CAR).
- Uhuru Kenyatta is set to be sworn in as
- Italian Foreign Minister Giulio Terzi (right) resigned following criticism of the government’s decision to send back to
- Dr Kallam Anji Reddy, (left) founder and chairman of Hyderabadbased pharma major Dr. Reddy’s Laboratories (DRL), passed away. The 72-years old was an acknowledged pioneer in reverse engineering and held in esteem among the scientific community dealing with pharmaceuticals. He was known for his significant contribution in making pharma products globally competitive and ensuring that medicines were affordable to the common man. He was especially recognized for his passion in leveraging genuine technological interventions and making active pharmaceutical ingredients (API) and formulations effective by getting out medicines into the market in the shortest possible time.
- Kenichi Ayukawa is the new Managing Director and Chief Executive Officer of Maruti Suzuki. He succeeds Shinzo Nakanishi.
- The Palestinian Prime Minister Salam Fayyad has resigned, after a long-running dispute with President Mahmoud Abbas. His resignation is the climax of long-running and increasingly bitter dispute between the prime minister and the president. But he asked him to remain as caretaker until a new government is formed. Mr Fayyad’s resignation is seen as a major blow for the
- Nigeria’s literary icon and publisher of several novels, Chinua Achebe, 82, has died in the U.S. Prof Achebe, born in Ogidi, Anambra State,Nigeria, on November 16, 1930, was the author of Things Fall Apart, published in 1958, and considered the most widely read book in modern African Literature. The book sold over 12 million copies and has been translated to over 50 languages worldwide.
- Ruth Prawer Jhabvala, whose scripts for Howards End and A Room with a View earned her two Oscars, has died in
- Ieng Sary, who co-founded
- Robert Edwards, the scientist known as the father of IVF for pioneering the development of “test tube babies” for couples unable to conceive naturally, died aged 87.
- Legendary Carnatic musician and medical practitioner Sripada Pinakapani, aged 100, passed away. As the news of his demise spread, dozens of artistes and music lovers gathered at his place to pay their tribute. Popularly known as “Doctor Singer of
- Socialist Nicolas Maduro, hand-picked successor of the late leader Hugo Chavez, has won a narrow victory in
- Mir Hazar Khan Khoso was sworn in as
- Xi Jinping is the new President of China. He succeeds Hu Jintao.
Awards & Honours
2013 National Film Awards
* Best Feature Film: Paan Singh Tomar
* Indira Gandhi Award for Best Debut Film of a Director: Bedabrata Pain’s ‘Chittagong
* Best Popular Film Providing Wholesome Entertainment: John Abraham’s ‘Vicky Donor’ shared with Malayalam film ‘Ustad Hotel’
* Best Children’s Film: ‘Dekh Indian Circus’
* Best Direction: Shivaji Lotan Patil for for Dhag (Marathi)
* Best Actor: Irrfan Khan for Paan Singh Tomar and Vikram Gokhale for Anumati (Marathi)
* Best Actress: Usha Jadhav for Dhag (Marathi)
* Best Supporting Actor: Annu Kapoor for ‘Vicky Donor’
* Best Supporting Actress: Dolly Ahluwalia for ‘Vicky Donor’ and Kalpana for Malayalam film ‘Thanichalla Njan’
* Best Film on Social Issues: ‘Spirit’ (Malayalam)
* Special Jury Award: Anjan Dutt for Ranjana Ami Ar Ashbo Na (Bengali)
Ito wins 2013 Pritzker Architecture Prize
Japanese architect Toyo Ito has been awarded the 2013 Pritzker Architecture Prize, one of the field’s most prestigious awards, for his conceptually creative designs and “timeless” buildings, the prize committee jury said. Ito is the sixth Japanese architect to be awarded the prize.
The prize, which was created by the late Jay A. Pritzker and his wife Cindy in 1979 to honour the world’s most innovative architects, includes a U.S.$100,000 award and a medallion.
In 1995, Mr Ito designed the Sendai Mediatheque library, a cube-shaped structure with floors suspended on steel pipes that Ito calls “tubes”. The Pritzker jury cited the library design in awarding Mr Ito this year’s prize, saying the fluid concept is not “confined by … the limitations of modern architecture”.
Abel Prize for Pierre Deligne
Pierre Deligne of the Institute for Advanced Study, Princeton , New Jersey , USA
Often labelled the Nobel Prize of Mathematics, the Abel Prize recognizes contributions of extraordinary depth and influence to the mathematical sciences and has been awarded annually since 2003. It carries a cash award of U.S.$1 million. The prize is awarded by the Norwegian Academy
Mr Deligne is a research mathematician who has excelled in finding connections between various fields of mathematics. His research has led to several important discoveries. One of his most famous contributions was his proof of the Weil conjectures in 1973. This earned him both the Fields Medal and the Crafoord Prize, the latter jointly with Alexandre Grothendieck.
Dadasaheb Phalke Award for Pran
Veteran Bollywood actor Pran Krishan Sikand, a Hindi cinema villain loved and feared in equal measure by moviegoers, was chosen for the prestigious Dada Saheb Phalke Award, the highest official recognition for film personalities in India
The award, named after the father of Indian cinema Dadasaheb Phalke, will be conferred on Pran on May 3, which will also mark the 100 years of cinema this year.
Pran, who has acted in over 400 films in his six-decade-long career, retired from acting in 1998. Beginning his career as a hero in 1940 with ‘Yamala Jat’, Pran went on to achieve fame as a villain in numerous film including classics like ‘Milan
Dadasaheb Phalke Award is given to a prominent personality from the film industry, for their significant contributions to Indian cinema.
Sports
AIBA approves IABF’s amended constitution
After the lifting of suspension on Indian boxers, the barred Indian Amateur Boxing Federation (IABF) has got another shot in the arm with the world body, AIBA, approving its amended constitution.
AIBA had provisionally suspended the IABF last year, citing the International Olympic Committee’s ban on the Indian Olympic Association and “possible manipulation” in its elections.
The governing body had asked the IABF to amend its constitution to make it compliant with the AIBA Statute as one of the pre-requisites for the lifting of suspension. The IABF was also suspended by the Sports Ministry, which wants it to hold a re-election. The nominated post of Chairman, which is currently occupied by former IABF President Abhay Singh Chautala, has also been removed from the amended constitution.
Meanwhile, the invitation for participation in the Asian Junior Championships for men, scheduled from March 10 in Philippines
The AIBA, however, made it clear that no official will be allowed to accompany the boxers in any international competition. The development came after India ’s IOC member Randhir Singh spoke to AIBA President Ching-Kuo Wu and followed it up with a letter, stating that the Indian boxers should not suffer due to IOC’s ban onIndia
In India
CRICKET
Test Series Result: India trounce Australia
Player of the Series: Ravichandran Ashwin (India
ODI Series Result: SA win the 5-match series 3-2.
Players of the Series: Abraham Benjamin de Villiers (SA)
MOTORRACING
Australian Grand Prix
Winner: Kimi Raikkonen (Finland/Lotus)
Second: Fernando Alonso (Spain/Ferrari)
Third: Sebastian Vettel (Germany/Red Bull)
Chinese Grand Prix
Winner: Fernando Alonso (Spain/Ferrari)
Second: Kimi Raikkonen (Finland/Lotus)
Third: Lewis Hamilton (Britain/Mercedes)
Malaysian Grand Prix
Winner: Sebastian Vettel (Germany/Red Bull)
Second: Mark Webber (Australian/Red Bull)
Third: Lewis Hamilton (Britain/Mercedes)
TENNIS
BNP Paribas Open
Men’sWinner: Nadal Rafael (Spain
Runner-up: Juan Martin del Potro (Argentina
Women’s
Winner: Maria Sharapova (Russia
Runner-up: Caroline Wozniacki (Denmark
Men’sWinner: Andy Murray (Britain
Runner-up: David Ferrer (Spain
Women’s Winner: Serena Williams (U.S.
Runner-up: Maria Sharapova (Russia
Economy & Business
Import of services (payments) in February 2013 stood at U.S.$6.35 billion versus U.S.$6.75 billion a year earlier. In January 2013, the services import stood at U.S.$7.52 billion. The services sector contributes more than 50 per cent to the country’s gross domestic product. During April-February period of 2012-13, the cumulative services receipt or exports have amounted to U.S.$121.18 billion.
Imports of services were valued at U.S.$73.68 billion during the 11 months period in 2012-13. RBI releases the provisional aggregate monthly data on India
Providing some relief to common man, softening vegetable prices pulled down inflation to over 3-year low of 5.96 per cent in March, raising hopes of rate cut next month by the Reserve Bank of India
This is the lowest level of Wholesale Price Index (WPI) inflation since December 2009 when it was 4.95 per cent. Inflation based on the WPI stood at 6.84 per cent in February. In March 2012, it was 7.69 per cent. Food inflation, which has 14.34 per cent share in the WPI basket, declined to 8.73 per cent in March from 11.38 per cent in February.
Easing of food inflation was on account of a sharp drop in prices of vegetables. Inflation in vegetables stood (-)0.95 per cent in March, from 12.11 per cent in the previous month.
Experts said WPI has come down mainly on easing of fruits and vegetable prices, but retail inflation continues to be in double digit as food inflation remains structurally high.
Inflation for January, however, was revised upwards to 7.31 per cent, from 6.62 per cent provisionally. The decline in March inflation and a slowdown in industrial output growth to 0.6 per cent in February have raised expectations of rate cut by RBI to boost growth. RBI will announce its annual policy on May 3.
Inflation in the manufactured items category witnessed a marginal decline at 4.07 per cent in March. It was 4.51 per cent in February. The RBI has cut interest rates twice in 2013 by 0.25 per cent each to promote growth but cautioned that rate cut in the future would depend on moderation in inflation. Industry has been demanding a rate cut to boost growth which is estimated to have fallen to a decade’s low level of 5 per cent in 2012-13 fiscal. The government is taking steps to cool inflation by easing supplying side constraints, besides trying to attract investment to increase productivity.
Steel consumption in the country grew by just 3.3 per cent to 73.3 million tonnes in 2012-13 on subdued demand due to slackening economy and high interest rates. The consumption growth is the lowest in the last three years. It grew by 5.5 per cent in 2011-12 and 9.9 per cent in 2010-11, according to the data compiled by Joint Plant Committee, a body under the Union Steel Ministry.
The consumption of steel, used mainly in construction and consumer durables, was at 71 million tonnes a year ago. Total production expanded by mere 2.5 per cent during 2012-13 to 75.5 million tonnes. The decline in consumption forced almost all steel companies to resort to curtailing capacity utilisation.
The consumption of steel is a factor of many things. It depends on the growth of the economy. A sound economy ensures higher consumption. User industries such as construction and consumer durables had a bad run last fiscal, which led to the dip in demand. A stubbornly high inflation and a tight monetary policy forced consumers to postpone buying decisions leading to subdued demand for steel.
In order to encourage farmers to step up investment in jute cultivation and thereby increase production and productivity of jute in the country, the Central Government has approved an increase in the minimum support price (MSP) of jute by `100 to `2,300 per quintal for 2013-14. The Jute Corporation of India
A national flagship programme Weekly Iron and Folic Acid Supplementation (WIFS) for adolescents was launched in Nagaland by the state’s Health and Family Minister Imkong L. Imchen.
The objective of the programme is to reduce the prevalence and severity of nutritional anaemia in the adolescent population in the age group of 10-19 years. The programme would target to reach 1,27,543 adolescent boys and girls in the age group of 10-19 years.
The slowdown in the Indian economy, which has likely grown at its weakest pace in a decade, has taken a toll on employment opportunities in the country, according to a survey.
A total of 2.73 lakh jobs were created in the second half of fiscal 2012-13, a 14.1 per cent drop over the corresponding period last year, the survey found. The survey conducted by industry body Associated Chambers of Commerce and Industry of India (Assocham) said nearly 5.4 lakh new jobs were generated in 2012-13.
The information technology and business process outsourcing (BPO) sector generated 1.1 lakh new jobs during the October-March period, Assocham said, accounting for nearly 40 per cent of total jobs created during the period. However, the IT sector recruited 5.3 per cent fewer employees over the same period last year reflecting the slowdown in the tech industry.India’s outsourcing industry is struggling amid the global economic slowdown. Indian outsourcers get nearly 60 per cent of their business from North America and Europe . IT majors such as Infosys and Wipro likely grew in single digits in the last fiscal affecting new job creation in the sector.
Insurance, financial services, banking, automobile and manufacturing sectors generate 10,000-12,000 new jobs in the six-month period. However, most of these sectors saw fewer opportunities in the last six months as compared to the same period in 2011-12.
“We hope to deepen and develop a strategic and global partnership (with India ) by building a close cooperative relationship,” Japanese Foreign Minister Fumio Kishida said after meeting External Affairs Minister Salman Khurshid in Tokyo
Mr Kishida unveiled a 220 billion yen (U.S.$2.32 billion) aid to India for infrastructure building and a 71-billion-yen loan (U.S.$753.17 million) for the subway project inIndia
Mr Khurshid appreciated the aid, saying, “Such assistance has been utilised in upgrading our infrastructure. The iconic Delhi Metro project has positively impacted the lives of millions of Indian citizens in the National Capital Region of Delhi.” The loan package consists of four projects, including a freight railway project connecting New Delhi and Mumbai, and a subway construction project in southern India
Sugar production has increased by 2.7 per cent to 165.9 lakh tonnes till February 15 of this marketing year that started in October last year, according to industry data. The country has produced 165.9 lakh tonnes of sugar up to 15 February 2013. This is about 2.70 per cent more than last year same period, Indian Sugar Mills Association (ISMA) said.
ISMA attributed the increase in sugar output to higher sugarcane crushing and better recovery. The production is up even though there are 24 less number of mills operating now as compared to last year. Also, almost 1,680 lakh tonnes of sugarcane have been crushed with average recovery of 9.8 per cent from October 2012. Country has crushed about 1.70 per cent more sugarcane than last year along with better recoveries, ISMA said.
ISMA has projected 243 lakh tonnes of sugar production for the 2012-13 marketing year (October-September), which is 20 lakh tonnes less than last year. According to data, Maharashtra has produced 57.8 lakh tonnes of sugar till February 15 of this marketing year, which is about 3 per cent more than last year. Uttar Pradesh has produced 43.6 lakh tonnes of sugar, which is about 4 per cent less than the year-ago period.
Miscellaneous-1
The Central Government has, in principle, agreed to give a separate high court to Arunachal Pradesh for better supervision, monitoring and control over the sub-ordinate courts.
In response to Chief Minister Nabam Tuki’s demand for a separate high court for the state in the Joint Conference of the Chief Ministers and Chief Justices of High Court at New Delhi, Altamas Kabir, Chief Justice of India and Union Law Minister Ashwini Kumar have agreed to the demand.
Chief Justice Mr Kabir was in agreement with Mr Tuki’s assertion that the traditional ‘Kebang’ system practiced in the state is doing well in covering the judicial needs of the panchayat areas and the pendency of cases is negligible.
Mr Tuki appealed for additional manpower and infrastructure development to augment the judicial system keeping in view the special category status of the state and its limited resources.
Miscellaneous-2
U.S.-Pak secret deal on drone attacks against terrorists
In a secret deal, Pakistan allowed American drone strikes on its soil on the condition that the unmanned aircraft would stay away from its nuclear facilities and the mountain camps where Kashmiri militants were trained for attacks in India
Under secret negotiations between Pakistani intelligence agency Inter-Services Intelligence (ISI) and America
“Pakistani intelligence officials insisted that drones fly only in narrow parts of the tribal areas, ensuring that they would not venture where Islamabad did not want the Americans going: Pakistan’s nuclear facilities, and the mountain camps where Kashmiri militants were trained for attacks in India,” the paper said.
Pakistani officials also insisted that they be allowed to approve each drone strike, giving them tight control over the list of targets, the NYT added.
The “secret deal” over drone strikes was reached after the CIA agreed to kill tribal warlord Nek Muhammad, a Pakistani ally of the Afghan Taliban who led a rebellion and was marked by Islamabad as an “enemy of the state,” the NYT reported, citing an excerpt from the book ‘The Way of the Knife: The CIA, a Secret Army, and a War at the Ends of the Earth’.
A CIA official had met the then ISI chief Ehsan ul Haq with the offer that if the American intelligence agency killed Nek Muhammad, “would the ISI allow regular armed drone flights over the tribal areas,” the report said.
The ISI and CIA also agreed that all drone flights in Pakistan would operate under the American agency’s “covert action authority”, which meant that the U.S. would never acknowledge the missile strikes and that Pakistan
While Pakistani officials had in the past considered drone flights a violation of sovereignty, it was Nek Muhammad’s rise to power that forced them to reconsider their line of thought and eventually allow Predator drones.
The ISI-CIA’s “back-room bargain” sheds light on the beginning of the covert drone war which “began under the George W. Bush administration, was embraced and expanded by President Obama”. The deal resulted in the CIA changing its focus from capturing terrorists to killing them, and helped “transform an agency that began as a cold war espionage service into a paramilitary organization”.
Any move on the Seoul–funded Kaesong complex – established in 2004 and a crucial source of hard currency for North Korea
Neither of the Koreas have allowed previous crises to significantly affect Kaesong, the only surviving example of inter-Korean cooperation and seen as a bellwether for the stability of the Korean peninsula.
The latest North Korean move fitted into a cycle of escalating tensions that prompted UN chief Ban Ki-Moon to warn that the situation had “gone too far” as the U.S. vowed to defend itself and regional ally South Korea.
The North has not specified how long the access ban would remain in effect. Around 53,000 North Koreans work at plants for 120 South Korean firms at the complex. The last time the border crossing was blocked was March 2009 in protest at a major U.S.-South Korean military exercise. It reopened a day later.
Tensions have been soaring on the Korean peninsula since the North held a nuclear test in February, having launched a long-range rocket in December last year. Infuriated by subsequent UN sanctions, the North has threatened the United States
The White House has said it took a new warning from North Korea that it was in a state of war with South Korea seriously, but said Pyongyang Washington has deployed nuclear-capable U.S. B-52s, B-2 stealth bombers and two U.S. U.S. mainland were intended as a clear signal of U.S. commitment to defending South Korea
Novartis loses cancer drug patent appeal
In a major blow to Swiss pharma giant Novartis, the Supreme Court of India rejected its plea for a patent on cancer drug Glivec, a verdict that is expected to pave the way for Indian firms to provide affordable drugs to lakhs of cancer patients in the country. A patent on the new form would have given Novartis a 20-year monopoly on the drug.
Ending a seven-year legal battle by Novartis to have exclusive right for manufacturing Glivec and to restrain Indian firms from making generic medicine, the apex court while dismissing its plea held that there was no new invention and no new substance used in the drug prescribed for treating blood, skin and other types of cancer.
A bench of Justices Aftab Alam and Ranjana Prakash Desai refused to give credence to Novartis’ claim that ‘Imatinib Mesylate’, a substance used in the cancer drug, is a new product and the outcome of an invention.
In its 98-page verdict, the bench said that law of patent in the country should not be developed on the lines where patent is determined not on the intrinsic worth of invention but by the artful drafting of companies’ claims.
The legal battle over the patent, in which the claim of the Swiss firm was vehemently opposed by the Indian companies and health activists, was keenly watched by pharma companies across the world and will clear hurdles coming in the way of the manufacture of generic drugs in the country for cancer patients. According to official estimates there are over 28 lakh cancer patients in the country.
“We certainly do not wish the law of patent in this country to develop on the lines where there may be a vast gap between the coverage and the disclosure under the patent; where the scope of the patent is determined not on the intrinsic worth of the invention but by the artful drafting of its claims by skillful lawyers, and where patents are traded as a commodity not for production and marketing of the patented products but to search for someone who may be sued for infringement of the patent,” the bench said.
The apex court judgement can pave the way for cancer patients getting cheaper drugs as a one-month dose of Glivec costs around `1.2 lakh, while generic drugs, manufactured by Indian companies, for the same period, are priced at `8,000.
Reacting on the verdict, Novartis said, “This ruling is a setback for patients that will hinder medical progress for diseases without effective treatment options”.
Domestic drug manufacturer associations, including Indian Pharmaceutical Alliance (IPA) and Indian Drug Manufacturers’ Association (IDMA), however, termed the apex court’s verdict as a landmark judgement in favour of poor patients. “The decision of the Supreme Court will come as a relief to patients suffering from these dreadful diseases as several Indian companies, including Cipla, Ranbaxy and Natco, can continue marketing Imatinib at a fraction of the cost of the Novartis product,” the IPA said.
Novartis had approached the apex court in 2009 against the order of Chennai-based Intellectual Property Appellate Board (IPAB), which had rejected its claim for patent. The multinational company (MNC) had applied for patent in 2006.
Earlier, the Comptroller General of Patent and Design had denied patent to Glivec on several grounds including its alleged failure to meet stipulations under sections 3(d) and 3(b) of the Indian Patent Law.
Section 3(d) restricts patents for already known drugs unless the new claims are superior in terms of efficacy while Section 3(b) bars patents for products that are against public interest and do not demonstrate enhanced efficacy over existing products.
Upholding the verdict of the appellate board, the apex court said, “We firmly reject the appellants case that Imatinib Mesylate is a new product and the outcome of an invention beyond the Zimmermann patent, its earlier patent. We are completely unable to see how Imatinib Mesylate can be said to be a new product, having come into being through an invention that has a feature that involves technical advance over the existing knowledge and that would make the invention not obvious to a person skilled in the art. Imatinib Mesylate is all there in the Zimmermann patent. It is a known substance from the Zimmermann patent.”
The bench, however, made it clear that the judgement does not mean that Section 3(d) of Patent Law bars protection for all incremental inventions of chemical and pharmaceutical substances. “We have held that the subject product, the beta crystalline form of Imatinib Mesylate, does not qualify the test of Section 3(d) of the Act but that is not to say that Section 3(d) bars patent protection for all incremental inventions of chemical and pharmaceutical substances. It will be a grave mistake to read this judgment to mean that section 3(d) was amended with the intent to undo the fundamental change brought in the patent regime by deletion of section 5 from the Parent Act. That is not said in this judgment,” it clarified.
Novartis’ claim was opposed by Indian pharma companies, as well as by health aid activists which had claimed that the MNC is not entitled for patent and it is indulging in “ever-greening” of patent by simply changing the composition of the ingredients of the drug.
Ever-greening of patent right is a strategy allegedly adopted by the innovators having patent rights over products to renew them by bringing in some minor changes such as adding new mixtures or formulations. It is done when their patent is about to expire.
Countries face risks of financial instability: IMF
Countries will face risks of financial instability if central banks do not manage well the winding down of their easy-money monetary policies, the International Monetary Fund (IMF) has said.
Risks do not necessarily come from the extremely low interest rates and high liquidity measures many major central banks have taken since the 2008 financial crisis, the IMF said in its newest Global Financial Stability Report.
The challenge is more in managing the resumption of conventional monetary policies, it said, especially if damaged banks have not yet fully repaired their balance sheets and remain dependent on highly accommodative monetary policies.
As monetary policy is tightened, higher interest rates may increase credit risk for banks, particularly if the rate increase is driven by a perceived inflation threat rather than from improvement in the economy.
Higher rates also could spur bank losses on fixed-rate securities in the short term, weighing on weakly capitalised banks, the global lender said.
“Even though monetary policies should remain very accommodative until the recovery is well established, policymakers need to exercise vigilant supervision to assess the existence of potential and emerging financial stability threats,” the Fund said.
The IMF warned that a disorderly exit could also unhinge currently well-anchored inflation expectations. “Policy missteps during an exit could affect participants’ expectations and market functioning, possibly leading to sharp price changes,” the IMF said.
The IMF analysis concluded that central banks’ extraordinary measures to battle the crisis had improved soundness in the domestic banking sector and contributed to financial stability in the short term.
But the longer they policies are in place, the greater the risk of unwanted outcomes, it said. The report looks at the exceptional monetary policy of the Federal Reserve, the European Central Bank, the Bank of England and the Bank of Japan. All four lowered interest rates and pursued other unconventional policies, including large bond-purchase programs, or quantitative easing, to inject liquidity into economies and ease credit.
The Asian Development Bank (ADB) has said that India
Reforms are needed in India
The Manila-based funding agency said, however, the forecasts are subject to risks like another bad monsoon, slow headway on fiscal consolidation and reforms, and continued sluggishness in the global economy.
During 2012-13, India
However, the growth will pick up to 6.5 per cent in 2014-15 on the back of expected improvement in global outlook and increase in exports, the ADB said. “Supply and policy obstacles have seen growth decelerate and investment and industrial output slump, with the statistics compounded by weak global demand. Policymakers need to remove structural hurdles to faster growth, and while there have been some encouraging recent reforms, more is needed,” the report said.
The report said the next two years should see some improvement, with a normal monsoon likely to lift agriculture, and exports, industry and services expected to expand on stronger domestic and external demand.
On the rate of price rise, the ADB report said, core inflation pressures are likely to recede, aided by more regular weather conditions and easing global commodity prices, although wholesale prices will remain elevated.
Recent reforms like the creation of the Cabinet Committee on Investment to expedite government clearances for large projects, and cabinet approval for a land acquisition bill, are steps in the right direction, it said.
However, the report said, much more is needed if India
The report further said the central government aims to cut its budget deficit in 2013-14 through enhanced revenue collections and reduced subsidies. Cutting the fiscal deficit will help raise domestic savings and encourage private investment, the ADB said. With the tax structure remaining largely the same, it said, the reduction in deficit would be heavily dependent on a pickup in growth and continued revisions of diesel prices. Terming rising current account deficit (CAD) a concern, the report said reversing this trend will require removing constraints which are deterring investment and undermining exports and domestic growth.
BRICS moot new IMF-type international development bank
The BRICS (Brazil , Russia , India , China , and South Africa ) nations have decided to establish a new development bank to finance infrastructure projects and to create a U.S.$100 billion contingency fund to tackle any financial crisis in emerging economies, in what is seen as a major win for India
The decision was taken at the 5th BRICS Summit in Durban
“Following the report from our finance ministers, we are satisfied that the establishment of a New Development Bank is feasible and viable. We have agreed to establish the New Development Bank. The initial contribution to the Bank should be substantial and sufficient for the Bank to be effective in financing infrastructure,” the ‘eThekwini’ (Durban
“We considered that developing countries face challenges of infrastructure development due to insufficient long-term financing and foreign direct investment, especially investment in capital stock. This constrains global aggregate demand. BRICS cooperation towards more productive use of global financial resources can make a positive contribution to addressing this problem,” the BRICS leaders, including Prime Minister Dr Manmohan Singh said in a statement after the two-hour summit.
However, the leaders did not decide on the capital for the proposed bank leaving it to the finance ministers to negotiate this and other issues before September. The statement also said the initial contribution to the bank should be substantial and sufficient for it to be effective in funding infrastructure.
The development bank, mooted by India at the last year’s summit in Delhi South Africa and Brazil
Hailing the development bank initiative along with the other leaders, Dr Singh said it gave him great satisfaction to note that one of the ideas that they discussed first in New Delhi
Besides host President Jacob Zuma, new Chinese President Xi Jinping, Russian President Vladimir Putin and Brazilian President Dilma Rousseff participated in the summit.
Ambani Brothers strike deal to roll out 4G services
In the first business deal since they split the Ambani empire in 2005, billionaire brothers Mukesh and Anil sewed a multi-million dollar deal where the younger sibling will share his fibre-optic network to help the other roll out his telecom venture.
The agreement will allow Reliance Jio Infocomm Ltd, a unit of Mukesh Ambani’s Reliance Industries Ltd, to use younger brother Anil’s Reliance Communications (RCom) countrywide network to start the fourth-generation broadband service. The pact in future may be extended to Anil’s RCom leasing out space on its 20,000 telecom towers to Reliance Jio to offer voice services along with broadband.
Reliance Communications, India’s third-largest mobile telecom company, will have “reciprocal access to optic fibre infrastructure” built by Reliance Jio and the two plan to share telecommunications towers in the future, the two firms said in separate statements.
RIL, which is the only company to have 4G airwaves for all of India’s 22 service areas, will pay RComm `1,200 crore for using its fibre optic network to launch its services.
For the debt-laden Reliance Communications, the deal will help generate additional income from its network at a time when its profit has fallen in 13 of the last 14 quarters.
The brothers had in 2005 split the oil-to-textile empire after the death of their father Dhirubhai Ambani. Mukesh, 55, got petrochemicals, refinery and oil and gas businesses, while Anil got power, financial services and telecommunications. The initial agreement between the brothers didn’t allow them to compete directly against each other. The so-called no-compete agreement was scrapped in May 2010.
In the same year, RIL bought 95 per cent of Infotel Broadband, which owned frequencies to provide broadband communication services, putting it directly in competition with Reliance Communications. Infotel Broadband is now named Reliance Jio Infocomm Ltd but hasn’t yet started offering services.
The National Manufacturing Policy envisages that India India
An improvement in ‘people productivity’ can be beneficial across all levels of an organisation, it said, adding that it is critical for the Indian manufacturing sector to work toward enhancing people productivity. It is also important to attract quality talent to the sector, said the report. A survey of placement committees across the top domestic educational institutes suggested that poor job offerings, lack of glamour quotient and lack of awareness concerning potential of manufacturing jobs were some of the reasons behind students’ less preference for manufacturing companies, it said.
Apart from brand building, student-connect and awareness activities, in the longer term the manufacturing firms need to work on developing a more conducive working atmosphere, providing better employee experience, and repackaging job offerings to suit students’ expectations, it said.
With China India
No comments:
Post a Comment