India, Poland to strengthen ties
India and Poland on Tuesday discussed ways to strengthen bilateral relationship, especially in defence, trade and investment, during delegation-level talks between Prime Minister Manmohan Singh and Polish Prime minister Donald Tusk.
India, Russia to float firm for aircraft production
India and Russia have moved ahead in the effort to design and develop a Multirole Transport Aircraft (MTA) with both sides signing a shareholders agreement for setting up a joint venture company.
The Hindustan Aeronautics Limited (HAL) and the Russian partners — the United Aircraft Corporation & the Rosoboronexport — will form the company to co-develop and co-produce the 15 to 20 tonne payload capacity MTA.
Sonia Gandhi inaugurates 31 Jawahar Navodaya Vidyalayas across India
The National Advisory Council chairperson and Congress president Sonia Gandhi has inaugurated 31 Jawahar Navodaya Vidyalayas situated in Kerala, Mizoram, Arunachal Pradesh, Meghalaya, Nagaland, Orissa, Chattisgarh, Jharkhand, West Bengal, Haryana, Uttar Pradesh, Uttrakhand, Rajasthan, Gujarat and Maharashtra.
India has currently 593 Jawahar Navodaya Vidyalayas in which 2 lakh children are studying. Jawahar Navodaya Vidyalayas are fully residential co-educational institutions providing education from Class VI to XII and affiliated to CBSE. At least 75 per cent seats in a JNV are filled by candidates from rural areas. One third of total seats are filled by girls.
President visit to Laos and Cambodia
The President, who is visiting the two countries on the invitation of Laos President Choummaly Sayasone and King of Cambodia Norodom Sihamoni, is accompanied by a business delegation from India. These visits are the part of India’s strategy to enhance partnerships in the ASEAN region and promote India’s “Look East” policy.
While in Vientiene, President Patil granted a US$72.55 million line of credit to Laos for two hydro-electric project.A Cultural Exchange Agreement for the years 2011-13 was signed. Agreements between the newly set-up Indian Chamber in Laos (INCHAM) with each of the three leading Indian Chambers of Commerce (viz. FICCI, CII and ASSOCHAM) were also signed. These measures are expected to give impetus to further economic cooperation between India and Laos.
During visit of Phnom Penh, capital of Cambodia,
An MOU for cooperation between our Comptroller and Auditor General and the National Audit Authority of Cambodia was signed. A US$15 million Credit Line Agreement between EXIM Bank and the Cambodian Government was signed for Phase II of the Stung Tassal Water Development Project. A financial grant of US$ 246,000 for upgradation of the Cambodia-India Friendship School has also been announced.
World Bank clears $220m Kosi package for Bihar
THE World Bank has cleared a $220-million credit package for Bihar to back the Nitish Kumar government’s rebuilding efforts in areas ravaged by the 2008 Kosi floods.
The credit, cleared is being lent by the International Development Association, the World Bank’s concessionary lending arm. The Bank’s package is in the form of interest-free loans. The principal amount can be repaid within a span of 35 years, with a 10-year grace period.
New 5,000-crore fund to promote innovation
The recently set up National Innovation Council has got off to a flying start with its members unanimously deciding to work for establishing a Rs.5,000-crore fund to promote innovations. The aim of the Council is to provide for a more inclusive and innovative India.
Mr. Pitroda launched a website of the Council: www.innovationcouncil.gov.in. Its a 17-member Council.
Free LPG connections for BPL families planned
The Centre is all set to launch a scheme of granting domestic LPG connections free of cost to the below poverty line (BPL) families.
The scheme, covering around 35 lakh families every year, is likely to be launched on October 2 (Gandhi Jayanti). The initiative was taken by Minister of State for Petroleum and Natural Gas Jitin Prasada.
To get over the cost issue, the government will provide for subsidisation of the entire amount.
About 5.5 crore new LPG connections are proposed to be released till 2015 to touch the figure of 16 crore customers, with most connections being released in rural areas.
Jharkhand- one chief minister and two chief minister
Hue and cry over land acquisition
Some farmers are not satisfied with the compensation package and some don’t want to devote their land as Government has acquired 1400 acres land at Kumaria in Haryana for nuclear plant installation.
Only last week, the Uttar Pradesh government came out with its own package which it claimed was one better. The UP government’s compensation formula is a mix of cash and equity. Besides hiking the compensation package, the new policy will guarantee an income to the families of displaced people for the next 33 years and an equity stake in the company for which the land is being acquired.
Land Acquisition (Amendment) Bill and the accompanying legislation on resettlement and rehabilitation were ready, and rechristened as the Land Acquisition (Amendment) Bill, 2010 and the Resettlement and Rehabilitation Bill, 2010.
Some details about the rehashed land acquisition bill:-
THE Land Acquisition (Amendment) Bill sets aside three categories of projects for which the government can acquire 100% land. These include establishment of installations pertaining to national security, infrastructure and facilities designated as “social infrastructure,” such as health, education and space research.
For any project other than the above, land could be acquired in the 70:30 ratio, with the company planning to set up the facility on that land being asked to purchase 70% of it. The state government would step into the picture only after the private player had done its bit, by agreeing to take over the remaining 30% if it felt the project fell in the “public purpose” domain.
On the compensation package, the Resettlement and Rehabilitation Bill wanted the displaced persons to be granted 60% solatium over and above the market rate of the land being taken over. Market rate was defined as the average of the highest transactions in the last three in the same area on a similar tract of land.
Next year, bonus for ‘green’ states
Environmental measures have now been accepted as one of the ‘nationally important targets’ apart from population control, elimination of illiteracy, land reforms and timely completion of externally-aided projects. Beginning next financial year, the Planning Commission will include performance on environmental concerns as one of the criteria for determining Central assistance to states.
• 1,900 crore will be disbursed to states in 2010-11 based on green performance.
• The Plan panel is ready with an index for measuring the performance of each state and ranking them
• Ranking criteria includes waste management and climate change concerns and Index factors in forest cover, national parks and changes in greenery pattern
• Climate change concerns are also being integrated, and states will be assessed on the basis of their use of non-conventional energy and volume of methane emissions.
At present, the Planning Commission ranks states according to fiscal performance, income levels, tax collection and certain nationally important targets besides special considerations while deciding on the allocation of Central plan funds. The index automatically pitches for those states that have seen little economic and industrial development but maintain a high green cover.
The Plan panel, in consultation with the Union environment and forests ministry, has prepared the blueprint for the disbursal of funds. The panel is also ready with an index for measuring the “green” performance of each state and ranking them. As per this index, the hill states of Sikkim, Uttarakhand, Arunachal and Himachal along with UT Chandigarh fare the best. The index is based on review of the air and water quality in these states. Forest cover, size of national parks, along with changes in greenery pattern have all been factored in.
Kolar Gold Fields still can yield 10L tonnes/yr
Kolar Gold Fields, once declared sick and shut down in 2001, Kolar mines may glitter again. Plans are afoot to revive the second deepest mine in the world (the first is in S Africa). After serving the nation for 121 years, Kolar Gold Fields (KGF) still has reserves that could yield 10 tonnes of gold per year for 15 years.
The C P Gupta committee constituted in 2005 reported that 13.72 lakh tonnes of gold reserves were found in Chigargunta mine, which is 27km from KGF. The Old Bisnatham mine, 8km from south of KGF, has 0.065 million tonnes.
Last week, the Union cabinet had cleared the proposal to revive the mines which have been shut for nine years now.
50,000cr deal for 6 submarines: Govt invites bids from firms
The government has now issued a global request for information (RFI) to armament majors to submit their initial offers by the end of this month for the six submarines to be constructed under ‘Project-75 India’.
Under P-75I, while two submarines will be imported from the foreign collaborator’s shipyard, the other four will be built indigenously under transfer of technology. Three of these will be constructed at Mazagon Docks (MDL) in Mumbai, and the fourth at Hindustan Shipyard Ltd (HSL) in Visakhapatnam.
BSNL to lay OFC to connect Agartala with B'desh town
Bharat Sanchar Nigam, will lay optical fibre cable (OFC) through Bangladesh to connect Agartala with Akhaura, the nearest town in the neighbouring country. Distance between Agartala and Akhaura was 12 km and BSNL would lay optical fibre to connect the two towns.
India voted 7th best holiday destination
By recent Conde Nast Readers’ Travel Awards 2010, India has been ranked as the seventh-best destination in the world against the 13th last year. India scored highest for the warmth of its people and hospitality with a score of 94.44 on 100.
Turkey has been adjudged the favourite holiday destination by the readers of CondeNast readers in ’10. Egypt, in second position, scored highest on culture, while Australia in third position was voted for having the best climate. Italy at fourth position and Spain in sixth position were voted for having great food and restaurant offerings, while New Zealand at number five scored highest on environmental friendliness.
Taj West End and Leela Palace Kempinski in Bangalore and The Oberoi, New Delhi, were among the top ten of the best ‘Overseas Business Hotel’ category
Documentary to aid anti-tobacco campaign ready
The story, in visual form, of a sustained campaign by a legal luminary against the corrosive effects of tobacco is ready for release. ‘Battling the Epidemic,' a 26-minute documentary produced in electronic formats under the banner of Anti-Smoking Society at Qatar, maps the movement led by K. Narayana Kurup, former Acting Chief Justice of the Madras High Court, against the tobacco menace.
A look at India’s coal energy, production and its demand
International affairs
The move is yet another blow to the Indian IT industry, which is facing higher visa costs and rising protests against outsourcing in other US states. Offshoring work to India is a $50-billion industry, and the Indian tech industry has benefited immensely from American firms wanting to take advantage of its low wages and top-quality skills. The industry employs about three million people across India and has largely been responsible for the sea change in the West’s perception about the country.
TCS is the only Indian company to operate in Ohio. It employs 300 people and gets $19 million in tax credit for creating local jobs. India’s second-biggest software exporter, Infosys, has already identified the government outsourcing market as the next big opportunity and established a focussed subsidiary—Infosys Public Services, headed by Eric Paternoster—in June this year.
Japan unveils $10.9-b stimulus package
Quran-burning plan puts US on edge
Anthrax spreads in Bangladesh
While Anthrax has already spread in many districts of Bangladesh, forcing the authorities issue a red alert. The government is hoping the disease will not turn into an epidemic.
Mahatma's statue unveiled at Australian university
A bronze statue of Mahatma Gandhi has been unveiled at the University of New South Wales (UNSW) in Sydney.
Economy, banking and finance
Wholesale Price Index: new series comes into being
Calculation of inflation in India has undergone an overhaul with releases of a new series of wholesale price index. The wholesale price index (WPI) rose 8.5 per cent in August compared with 9.8 per cent in July. The figures are the first using a new series of data with a different base year of 2004-05, new components and weightings.
• Base year has been changed from 1993-94 to 2004-05
• The new index will measure 676 items against 435 items previously
• The weight of primary articles group, including food, has come down to 20.11 per cent against existing 22.02 per cent.
• fuel and power would be 14.91 per cent from 14.22 per cent
• Weight of manufactured products would go up to 64.97 per cent compared to 63.74 per cent
• 241 More consumer items included in the basket
• Under the primary article group of the new WPI, there would be 102 items against the existing 98 while the fuel and power category would remain static at 19.
Some of the products that would be in the new series are television sets, canned meat, washing machines, computers, readymade and instant food products, mineral waters, dish antennae, gold, silver, telephone instruments, ice-cream, flowers and microwave ovens, among others.
India slips to 51 on global competitive list
The top ten ranked countries have retained their spots since 2009. While Switzerland is first for the second consecutive year, Sweden is second and Singapore is at the third spot. The US has slipped to fourth and China had jumped to 27 from 29.
Govt’s move to give FDI a push
In a move aimed at speeding up FDI flow, the government proposed to allow foreign firms to bring in new technology and set up new independent business without clearance from their existing local joint venture partners.
A foreign player with a joint venture, set up before January 12, 2005, now faces several barriers if it wants to set up a new business without approval the domestic partner. The relaxations will not be applicable to the joint ventures entered after January 12, 2005. The barriers include fresh approvals from the government and a no-objection certificate from the Indian partner in the joint venture.
India received $25.8 billion FDI in 2009-10.
Industry grows 13.8% in July
Industrial production expanded 13.8% during the month, compared with 5.8% growth in June. The Index of Industrial Production (IIP) data for July showed that the output of capital goods, used by the manufacturing industry, soared to 63 per cent from 1.7 per cent a year ago. The manufacturing sector output grew 15 per cent in the month against 7.4 per cent a year ago
Inflation moves up to 11.47 per cent
Costlier cereals, fruits and food items pushed food inflation 11.47 per cent for the week ended August 28 from 10.86 per cent in the previous week.
RBI suggests better pay for PSB executives, staff
The Reserve Bank of India suggested to the government for an improvement in executive compensation as well as pay-packets of other employees of public sector banks (PSBs) to improve efficiency in these banks.
RIL completes deal to buy 60% stake in U.S. firm
Mukesh Ambani-led Reliance Industries Limited (RIL) announced the completion of its deal to acquire a 60 per cent stake in the United States-based Marcellus Shale gas asset for $392 million.
All payments made abroad not within ambit of withholding tax,rules SC
THE Supreme Court on Thursday rejected the incometax department’s contention that companies based in India were liable to deduct tax when they make any payment overseas, offering relief to domestic firms and multinational companies based here that would have had to cough up huge amounts as tax on payments made to overseas suppliers.
Food inflation shoots up to 11.47%
FOOD inflation shot up to 11.47% for the week ended August 28 against 10.86% for the week of August 21.
External debt up $37 b, or 16.5% at $261.5 b, Govt’ share reduced to 26%
The share of government (the main borrower from bilateral and multilateral sources) in India’s total external debt has reduced significantly to 26% in March 2010 from 60% in 1990.
There is a marked decline in the debt-GDP ratio from 29% in 1990-91 to 19% in 2009-10 and the debt service ratio from 35% in 1990-91 to 5.5% in 2009-10, according to a finance ministry statement.
Two new retail price indices by Jan
The government is likely to introduce two new consumer price indices (CPIs) for tracking inflation by January 2011, to better reflect the consumption pattern and price movement at the retail level. The two new indices, one each for rural and urban areas, would be calculated on a base year of 2004-05 and would be released monthly. New consumer price index will not replace the existing ones and is only in addition to what is already there.
Credit card usage dips
On average, the annual number of transactions per credit cards stands at 11; it is only one in case of debit cards.
Backed by strong marketing, the number of credit cards issued by various banks showed an upward trend from 2006 to 2008. In fact their number grew by more than a crore in the three financial years from 2005 to 2008.
However, thereafter, figures began to dip — perhaps due to the global economic slowdown and the Indian consumer’s conservative nature. For the first time in many years, the number of transactions where credit cards were used also fell in the last financial year of 2009-10. While 25 crore purchases saw the use of plastic money in 2008-09, the figures fell by more than two crore transactions in the financial year ending March 2010.
Awards
Phalke Award for Ramanaidu
Irom Sharmila honoured with Tagore award
Irom Sharmila — who has been observing a fast-unto-death since November 4, 2000, demanding the repeal of the Armed Forces (Special Powers) Act — was given the Rabindranath Tagore Award-2010. The award, instituted by the Indian Institute of Planning and Management (IIPM), carries Rs.51 lakh in cash, a gold medal, a citation and a shawl.
India-based MNCs nominated for U.S. award
General Electric Company (India) and PepsiCo (India) are among twelve finalists selected for the United States Secretary of State's prestigious 2010 Award for Corporate Excellence (ACE).
The Hindu, Saregama to institute M.S. Subbulakshmi award
The Hindu and Saregama India will institute ‘The Hindu Saregama M.S. Subbulakshmi Award' at a function titled ‘Remembering MS Amma'. The award, in the name of the legendary musician, will be presented annually to a promising Carnatic vocalist.
Deaths
Anti-segregationist Thomas passes away
Jefferson Thomas, a key figure in the anti-segregation civil rights movement in the U.S., has died in Columbus, Ohio. Mr. Thomas was most known for being a member of the so-called “Little Rock Nine” group of students, who integrated Central High School in Little Rock, Arkansas, back in 1957. The fight of the Little Rock Nine was a litmus test of the government's intentions to implement a 1954 Supreme Court order that banned racial segregation in the public schools. Many schools especially in the south refused to end segregation, entailing not only lawsuits but also violence.
Sports
Tennis
U.S open 2010 – Belgian Kim Clijsters Wins Second Straight US Open Women Title
Kim Clijsters secured her second straight US Open title with 6-2, 6-1 victory against Vera Zvonareva.
Rafael Nadal Wins US Open Men Title
Nadal’s first US Open victory takes him to nine Grand Slam titles. And he becomes only the seventh man in history to complete the set of majors – Wimbledon, the French, Australian and US Opens.
U.S open 2010 results
| Winner | Runner up | |
| Men’s Single | Rafael Nadal | Novak Djokovic |
| Women’s Single | Kim Clijsters | Vera Zvonareva |
| Mixed Doubles | Liezel Huber, BobBryan | Kveta Peschke, Aisam-Ul-Haq Quereshi |
| Men’s Doubles | Bob Bryan, Mike Bryan | Bopanna, Qureshi |
Women’s Doubles | N. Petrova, L Huber | Yung-Jan Chan, Jie Zheng |
Anirban Nandi of Howrah and Anindita Chakraborty of Hooghly justified their superior National rankings by winning the men's and women's titles in the State-ranking Saroj Ghosh Memorial table tennis.
Wrestling
Sushil Kumar is World champion
Table Tennis
Karnataka triumphs
Karanataka overwhelmed Tamil Nadu 26-24, 25-23, 17-25, 25-17 in the final of the all-India BSNL volleyball tournament.
Hockey
Argentine women regain World Cup
Chess
Purushotaman wins title
T. Purushothaman won the open category title in the 52nd Brilliant Trophy Open chess tournament
Viswanathan Anand honoured
World chess champion Viswanathan Anand was honoured with a Lifetime Achievement Award by the Rotary Club of Madras.
Racing-motor
Alonso wins Italian Grand Prix
The 29-year-old Spaniard Fernando Alonso has won Italian Grand Prix. It is the third win in this session as he has also won 2010 German Grand Prix and Bahrain Grand Prix.
Indian Grand Prix on Oct. 30, 2011
The new Indian Grand Prix has been slotted into the calendar as the third last race of the 2011 season, to be held on October 30. Abu Dhabi will now be the penultimate race on November 13 and the concluding Brazilian Grand Prix at Interlagos on November 27.
The calendar:
March 13: Bahrain Grand Prix; March 27: Australian Grand Prix; April 10: Malaysian Grand Prix;
April 17: Chinese Grand Prix; May 8: Turkish Grand Prix; May 22: Spanish Grand Prix;
May 29: Monaco Grand Prix; June 12: Canadian Grand Prix; June 26: European Grand Prix;
July 10: British Grand Prix; July 24: German Grand Prix; July 31: Hungarian Grand Prix;
August 28: Belgian Grand Prix; September 11: Italian Grand Prix; September 25: Singapore Grand Prix; October 9: Japanese Grand Prix; October 16: South Korean Grand Prix;
October 30: Indian Grand Prix (subject to circuit passing inspection); November 13: Abu Dhabi Grand Prix; November 27: Brazilian Grand Prix
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