CURRENT AFFAIRS MAY PART 4 India nominates 6 Rajasthan forts and Himalayan park for World Heritage Sites status ►India has sent seven entries which include six hill forts in Rajasthan and the Great Himalayan National Park in Himachal Pradesh to seek World Heritage Sites status given by UNESCO. UNESCO’s World Heritage Committee at its meeting in Cambodian capital Phnom Penh next month will decide on giving the status to them. Which are the nominations from India? The nominations include six hill forts at: • Chittorgarh • Kumbhalgarh • Ranthambore • Gagron • Amber • Jaisalmer What is special about them? These are splendid examples of Rajput military architecture, which are found in palaces, temples, memorials and even in villages. Built between 13th and 19th centuries, these forts are unique to this region and creatively use the landscape to enhance protection. The Great Himalayan National Park: • Spread over 75,400 hectares • Located on the western part of the Himalayan Mountains in Kullu District of Himachal Pradesh. Specialty: It is among the most scenic sites in the country and rich in biodiversity. It is home to 25 forest types, supports 805 kinds of plants and inhabits 31 species of mammals and 209 types of birds. Note: Among the six nominated Rajasthan forts above, five were nominated last year too, but UNESCO rejected them. This year, the government included theJaisalmer fort, reworked the documents and re-nominated the five. Uncertainty over Himalayan Park: The International Union for Conservation of Nature (IUCN), which evaluates nominations for natural sites, is unlikely to confer World Heritage Site status on the Himalayan Park. IUCN is unsatisfied over the delineation of the park and says it is disjointed. It recommended that the intervening land be added to the park to create a contiguous area. It also opined that the rights of local communities be accommodated and integrated in the management plan. Which body evaluates the cultural properties for UNESCO? • The International Council on Monuments and Sites (ICOMOS) evaluates the cultural properties for UNESCO. What is the current status of World Heritage Sites in India? • India, currently, has 29 World Heritage Sites — 23 cultural and 6 natural properties. Tags: Himachal Pradesh • International • Places in News • Rajasthan • UN • UNESCO ►Proposed US Immigration bill may impact Indian IT companies The upcoming Comprehensive Immigration Reform Bill which is yet to be signed into law by the US President has proposed eight killer provisions which may prove to be detrimental to the interests of major Indian IT companies and professionals. What are main killer provisions? 1. Ban on client site placement for H-1B workers: Any H-1B dependent employer (a company with more than 15 % of its workforce on H-1Bs), would be prohibited from placing H-1B workers at client sites or contracting for the services of those workers. 2. New restrictions on client site placement for L-1 workers: An Indian IT Company would not be able to place L-1 workers (whether specialized or managerial) at client sites (the US company) unless the company supervised and controlled those workers and the parent US company attests that for 90 days before and after the L-1 petition filing it had not laid off any employees in the same area performing similar job duties. 3. Limit on total percentage of H-1B and L-1 Workers: There will be a hard limit on the percentage of H-1B and L-1 workers that could make up a company’s workforce in the US. ►Women’s self-help groups to get cheaper loans (at 7%) under NRLM The Indian Government has approved the proposal of providing loans to Women Self-Help Groups (SHGs) at a lower interest rate of 7% as compared to present rate ranging between 11.5 – 14% to eradicate poverty through women empowerment. The programme will be operated under NRLM (National Rural Livelihood Mission) to provide loans up to Rs.3 lakhs at subsidized interest rate by focusing on 150 backward districts, including 82 Integrated Action Plan districts, affected by Naxal menace. 25 lakh women SHGs are expected to be covered under the benefit of scheme. About Women Self – Help Group (SHGs) • A Women Self-Help Group (SHG) is a village-based financial intermediary comprising of 10–20 local women, started by Non-Government Organisations for women empowerment. The objectives of women SHGs are: • Development of leadership abilities among poor people • Increase in enrollment in schools • Improvement in nutrition level • Empowerment of women • Promotion of small savings among members Additional benefit of cheaper loans • Additional 3% interest rate will be reduced if women SHGs will repay the loan amount on due date and effective interest rate will be 4% from 7%. Who will bear the interest cost over and above 7%? • The difference between market rate and subsidized rate will be borne by Rural Development Ministry and State government in proportion of 3:1 which amount to Rs.560 crore. NRLM • A Poverty reduction programme based on employment generation by adoption of a multi-pronged strategy. • Launched by UPA chairperson Sonia Gandhi in June 2011 • Objective: Creating efficient and effective institutional platforms of the rural poor, thus by enabling them to increase household income via sustainable livelihood enhancements and meliorated access to financial services. ►Wal-Mart replaced Exxon Mobil in US largest 500 companies as Revenue maker In the annual list of US largest 500 companies, Wal-Mart – a largest retailer claimed 1st rank by earning revenues of 469.2 billion$ at a growth rate of 6% and booked profits at 36% in 2012. Company Wal-Mart has succeeded to maintain the growth even in a sluggish environment in U.S economy. Exxon Mobil – Ranked 1 in 2011 slipped to Rank 2 in 2012 by earning revenues of 449.9 billion$ and 9.3% increase in net income from the previous year 2011. Ranking of top 10 Companies in US Fortune 500 in 2012 Company Name Revenues ( in Billions $) Wal-Mart 469.2 Exxon Mobil 449.9 Chevron 233.9 Phillips 66 169.6 Berkshire Hathaway 162.5 Apple 156.5 General Motors 152.3 General Electric 146.9 Valero Energy 138.3 Ford Motor 134.3 ►Uttar Pradesh accounts for the Highest mobile subscribers in India As per Telecom regulator data, TRAI (Telecom Regulatory Authority of India) – Uttar Pradesh and Tamil Nadu have been accounted for the highest mobile penetration market in India. Out of India’s total 861.66 million connections, these 2 states contribute 193.41 million connections which are 23% of total wireless mobile connections. State wise contributions in mobile penetration as per TRAI data (Units in millions) State Contribution in units Uttar Pradesh 121.60 Tamil Nadu 71.81 Maharashtra 67.73 Andhra Pradesh 64.12 Bihar 60.73 Karnataka 52.45 Madhya Pradesh 51.43 Gujarat 51.23 Rajasthan 47.83 In order to target Tier II and Tier II cities- higher deeper penetration regions in India, Blackberry- a smartphone maker will offer a plan to provide services for Rs.129 per GB in 15 telecom circles. Services offered will be email, BlackBerry Messenger, instant messaging, social networking, Internet browsing, and BlackBerry World application store. ►Government mulls to ban trade of peacock feathers The government is considering banning the trade of peacock feathers to protect the national bird. The population of peacock is said to be declining because of its poaching for feathers, which fetch a good price in national and international markets. In 1991, World Wide Fund for nature had revealed that India was left with only 50% of the total peacock population that existed at the time of Independence. As per experts, the number has come down further since 1991 because of habitat loss and poaching. With the rising demand of feathers (morpankh) having outstripped naturally shed feathers available, the environment ministry has decided for a complete clamp down on sale, purchase and transport of peacock feathers. Why the population of Peacocks is declining? • Peacock killing is prohibited under the Wildlife Protection Act, 1972, however, it allows for trade of naturally shed peacock feathers. The loophole in the law has been misused and had lead to rampant killing of the bird across India for highly lucrative feather business. What the Environment Ministry is demanding? • The Environment Ministry seeks amendment in the Wildlife Protection Act, 1972 to make trade of body parts of peacocks an offence equivalent to punishment for killing other non-endangered species. • Under the amended law, a person caught selling or purchasing peacock feathers or trophies could be jailed for up to two years. However, possessing peacock feathers by citizens will not be a crime. President launches ‘Bichitra’: An online collection of Tagore’s work President Pranab Mukherjee launched ‘Bichitra’, an online collection of Rabindranath Tagore’s works. He praised the initiative saying the website would inculcate the essence of humanity and eternal values of civilisation as propagated by Tagore in his creations. About Bichitra: • ‘Bichitra’ is sponsored by the Centre on the occasion of Tagore’s 150th birth anniversary to promote research on his work worldwide. • The Web site, in English and Bengali, will have all variant texts and all specialized tools needed by Tagore scholars. • Chief components on the website will be digital images of all available manuscripts and all important printed versions totalling 47,520 pages of manuscripts and 91,637 pages of printed books and journals. Chinese ships enter disputed waters off Senkaku islands Chinese ships have once again entered into the waters of disputed Tokyo-controlled Senkaku islands. The maritime surveillance ships entered the 12-nautical-mile zone (territorial zone) off the Senkaku islands, which China calls the Diaoyu. The move invited angry reactions from Japan with Japanese PM Shinzo Abe vowing to “expel by force” any Chinese landing on the archipelago. Tokyo had nationalized part of the island chain in September 2012. What is the dispute over this archipelago? The Senkaku Islands (also known as the Diaoyu Islands in Mainland China or Tiaoyutai Islands in Taiwan, or the Pinnacle Islands) are a group of uninhabited islands controlled by Japan in the East China Sea. The dispute is over the claim of Senkaku islands which are located in the East China Sea. The main parts of the islands which are currently controlled by Japan are also being claimed by the People’s Republic of China and Taiwan (Republic of China). These islands are called Diaoyu in China, and Tiaoyutai Islands in Taiwan. Background: • Senkaku Islands were controlled by Japan since 1895. • From a 1945 to 1972 administered by the United Stateses. • US handover of authority to Japan in 1971, disputed by China • China and Taiwan claim the islands as their possession and a seizure by Japan and want Japan to return as the rest of Imperial Japan’s conquests were returned in 1945. Importance: • Senkaku Islands are believed to have abundance of natural resources and is also strategically important as it is close to international trade rout ►Vice-President inaugurates iCED in Jaipur Vice-President of India Hamid Ansari inaugurated the International Centre for Environment Audit and Sustainable Development (iCED) in Kant Kalwar on the outskirts of Jaipur, Rajastahan. About iCED • It is Rs 250 crore mega project commissioned by the CAG of India, after the International Organization of Supreme Audit Institutions (INTOSAI) chose India as the centre for imparting environmental and sustainable development audit. • It is amongst the first government buildings in India to have a 5 star green rating as per Green Rating for Integrated Habitat Assessment norms. • The project, spread over 16.5 acres, has been developed on the GRIHA (Green Rating for Integrated Habitat Assessment) principles and is based on the sustainable design concept. • The Institute aims to harness India’s expertise in conducting over a 100 environment audits in the last 20 years to provide extensive training and an international forum for experience sharing in this field. iCED is also the Global Training Facility for The International Organization of Supreme Audit Institutions which is an organization of Supreme Audit Institutions worldwide. ►India and China withdraw troops from Daulat Beg Oldi sector India and China ended their stand-off in the Daulat Beg Oldi sector in eastern Ladakh after a series of flag meetings and diplomatic talks with both countries ordering their troops, facing each other 300 metres away, to dismantle their tents. The talks were supplemented by recently created Joint Mechanism established after two years of deliberation for precisely this purpose and daily conversations b/w MEA (Ministry of External Affairs) and the Chinese Foreign Office. What was the issue? India had alleged that about 40 Chinese People’s Liberation Army (PLA) troops had intruded 19 km into its territory across the line of actual control (LAC) on April 15, 2013. They set up tents in the Daulat Beg Oldi sector and were matched by an equal strength of ITBP (India) troops being asked to set up tents 300 metres away. Where is Daulat Beg Oldi? Daulat Beg Oldi is located in Ladakh region of Jammu and Kashmir. It lies at the easternmost point of the Karakoram Range in a cold desert region, just 8 km south of the Chinese border and 9 km northwest of the Aksai Chin Line of Actual Control b/w China and India. It is a historic camp site and current military base located on an ancient trade route connecting Ladakh to Yarkand in Xinjiang, China. The Chip Chap River flows by Daulat Beg Oldi from east to west. ►Shiksha Setu cards’ – A step towards effective education system by Haryana Govt. Haryana government has introduced ‘Shiksha Setu cards ’- a report card to assess the performance of students to teachers and guardians/parents in Government schools. Aim of issuing card: • Implementation of effective education system by: Providing individual attention to every student; Providing diaries to all teachers in government schools and document all classes to ensure classes will be conducting with full preparation. • Implementation of section 134A of Right to Education Act by issuing notice to private schools: As per the said section, the recognized private schools shall reserve 25% seats for meritorious poor students. The school shall charge fee from these students at the rate as charged in Government. ►Supreme Court allows the functioning of Kudankulam Nuclear Power Plant The apex court has allowed the functioning of Kudankulam Nuclear Power Plant (KKNP) with a view of ‘safe and secure’ plant by issuing 15 guidelines on commissioning, safety, security and environmental issues. Kudankulam Nuclear Power Plant Kudankulam Nuclear Power Plant is a nuclear power station in Koodankulam in Tamil Nadu with a capacity of generating 2000 MW with 2 reactors but this was agitated by Anti- Nuclear activists due to fear of radiation and Fukushima nuclear disaster occurred in Japan in 2011. Advantages of KNPP • It’s a technologically proven design, • Inbuilt safety features to minimize the risk of any radiation leaks, • The location is least earthquake prone area, • Its height ensures safety from potential tsunamis. Issues raised in protests • The coolant water and low-grade waste from the KKNPP are going to be dumped in to the sea which will have a severe impact on fish production and affect the food security of southern Tamil Nadu and southern Kerala. • Functioning of KKNP will remit Iodine 131, 132, 133, Cesium 134, 136, 137 isotopes, strontium, tritium, tellurium and other such radioactive particles into air, land, crops, cattle, sea, seafood and ground water which in turn lead to risk of diseases and defective births. ►Kashmir Festival “Kashmir festival” is set to be held from May 13, 2013 – May 29, 2013 in Srinagar, Pahalgam, Yousmarg, Manasbal, Doodhpathri, Gulmarg, Lolab Valley and Sonmarg with a financial support from Union Tourism Ministry. Objective: To promote tourism in the state. Activities Initiated for festival • Cultural performances will be part of festival perform by groups of the state to reflect real Kashmir. • Shikara Races, Cycle Races, Canoeing, River Rafting, Para Gliding, Painting, Swimming Competition, Horse Races. • 20-30% discount is offered on tour packages by hotels and guest houses. ►Wildlife biologist Aparajita Datt wins Whitley Award “Green Oscars” for her “Hornbill” project Ms Aparajita Datta, a wildlife biologist has won Whitley Award for a project to conserve “Hornbill” bird in Arunachal Pradesh State. Aparajita Datta is the Winner of the 2013 Whitley Award donated by WWF-UK. ‘Green Oscars’ • Whitley Awards – known as ‘Green Oscars’ are organized by ‘Whitley Fund for Nature ‘to recognize the conservators for their outstanding study in the field of conserving the nature, forest and environment. Objectives of project to conserve Hornbill: • Hornbills are ecologically important as seed dispersers. • The project’s inclusive approach transforms hunters into passionate guardians of nature. • Expand the Hornbill Nest Adoption Programme from 9 to 14 villages and give local people a sense of ownership. • Set up a pilot forest restoration project. • Establish The Hornbill Nyishi Festival to popularize the role played by local tribes in conserving hornbills across the region. Other Achievements of Dr. Aparajita Datta • Publish various papers on tree species, forest logging, seed survival of bird and new bird species since 1998. • Conserve and improve the status of the bird’s populations and spreading awareness of threat to ecological system. • Organize a study and create awareness to conserve hornbills in the Indian Eastern Himalayas at the Nature Conservation Foundation (NCF), an NGO established in 1996. Winners of 2013 Whitley Award awarded with a prize share worth £295 000: 1. Daniel Letoiye: Restore grasslands for the coexistence of Grevy’s Zebra and free-ranging livestock, Kenya 2. Zafer Kizilkaya: create first community-managed marine protected area in Gökova Bay, Turkey. 3. Eugene Simonov: save the Amur River basin and wetlands in China, Russia and Mongolia. 4. Ekwoge Abwe: Protection of the endangered great apes of Ebo Forest. Cameroon 5. Aparajita Datta: conserve Hornbill bird, Arunachal Pradesh, India 6. Zahirul Islam : Conserve sea turtle community, Bangladesh 7. John Kahekwa: Protect last eastern lowland gorillas, Congo 8. Cagan Sekercioglu: Conserve Turkey from the environment crises and succeeded in getting Turkey’s first bird nesting island built on the lake. ►Foodgrains output exceeds target for 2013 Projections of food grain production are increased by 5.22 million tonnes to 255.36 million tonnes. Food grain production estimate include estimation of: • Wheat • Rice • Coarse cereals • Pulses • Oilseeds • Sugarcane Projected figures: (in million tonnes) Foodgrain First Estimate of output Revised estimate of output Wheat 92.3 93.62 Rice 101.22 104.22 Coarse cereals 39.04 39.52 Pulses 17.58 18 Assumption taken for estimates: • The first estimate was on the basis of previous actual figures and the following trend. • The revised estimate is taken on the basis of actual crop cutting in first quarter. The production of cereals, pulses, groundnut and oilseeds has slight improvement due to drought affected areas- Maharashtra, Gujarat, Karnataka, Andhra Pradesh, Tamil Nadu and Rajasthan. ►Google formally puts Palestine on virtual map Google has recognized Palestine as an independent nation by changing the name on portal from ‘Palestine Territories’ to ‘Palestine’. About Palestine Palestine has been associated with the geographical area that currently covers the State of Israel, the West Bank and the Gaza Strip. The 1974 Arab League summit designated the PLO (Palestine liberation organization) as the “sole legitimate representative of the Palestinian people” and reaffirmed “their right to establish an independent state of urgency”. After the Declaration of Independence in 1988, the UN General Assembly officially “acknowledged” the proclamation and voted to use the designation “Palestine” instead of “Palestine Liberation Organization”. On 29 November 2012, the UN General Assembly passed resolution, upgrading Palestine from an “observer entity” to a “non-member observer state” within the United Nations system, and implicitly recognizing PLO’s sovereignty. Controversial fact Israel government disagreed mentioned the following reasons: • State recognition and Internet giant’s new policy will complicate the peace agreement. • Intervention by international company in local disputes does not serve the interest of either party in the long-term and will perpetuate the conflicts. Other issues taken by Google • During the revolution in Egypt in 2011, the company listed three phone numbers that could be used by protesters to make tweets through voice mails even if internet connections were down. • Criticized China in 2010 for illegal surveillance as the company shut down its Chinese search engine with the reason that it was not possible to keep its services running because in China “self-censorship (was) a non-negotiable legal requirement”. Scientists find key to ageing process in hypothalamus US scientists have derived a mechanism to control ageing in mice through Hypothalamus – opens up new techniques to fight against old age diseases and extend lifespan. What is Hypothalamus? The Hypothalamus is a portion of brain that contains the number of small nuclei which performs a function to link nervous system to the endocrine system through pituitary gland. It plays a vital role in growth, development, reproduction and metabolism. How Hypothalamus affect ageing? In a study, a chemical called NF-κB (nuclear factor kappa-light-chain-enhancer of activated B cells) placed in center of brain has inverse relationship with life of mice. As NF-kB chemical is blocked, the life of mice increased to 1100 days as comparison to 600 -1000 days with the substance. Absence of component makes muscles and bones stronger with healthier skin. ►Fact Box: Top 15 countries with gigantic Oil Reserves Following sanctions over Iran on its oil-trade, oil prices have experienced volatility. Many fear that it would lead to high oil prices. However, Saudi Arabia has said that it would raise oil supply to keep the oil prices low but many doubt that the kingdom has as much oil as it claims. As per a report by UBS, global oil reserves stand at 1.38 trillion barrels and are expected to last another 46.2 years. Below are the summary of key data from the report which ranked 15 countries with the highest oil reserves along with their oil supply and the years of remaining reserves. Note: The data in parenthesis represents the percent of global reserves and global supply. Rank Country Oil Reserves Oil Supply Years of remaining reserves 1. Saudi Arabia 265 billion barrels (19.1%) 11.75 million Barrels daily (13.2%) 72.4 years 2. Venezuela 211 billion barrels (15.3%) 2.47 million Barrels daily (2.8%) 234.1 years 3. Iran 137 billion barrels (9.9%) 4.13 million Barrels (4.7%) 88.4 years 4. Iraq 115 billion barrels (8.3%) 2.7 million Barrels daily (3.1%) 128.1 years 5. Kuwait 102 billion barrels (7.3%) 2.75 million Barrels daily (3.1%) 110.9 years 6. UAE 98 billion barrels (7.1%) 3.23 million Barrels daily (3.6%) 94.1 years 7. Russia Federation 77 billion barrels (5.6%) 10.33 million Barrels daily (11.6%) 20.6 years 8. Libya 46 billion barrels (3.4%) 834,000 barrels (0.9%) 76.7 years 9. Kazakhstan 40 billion barrels (2.9%) 1.61 million Barrels daily (1.8%) 62.1 years 10. Nigeria 37 billion barrels (2.7%) 2.4 million Barrels daily (2.7%) 42.4 years 11. Canada 32 billion barrels (2.3%) 3.92 million Barrels daily (4.4%) 26.3 years 12. USA 31 billion barrels (2.2%) 10.59 million Barrels daily (11.9%) 11.3 years 13. Qatar 26 billion barrels (1.9%) 1.64 million Barrels daily (1.9%) 45.2 years 14. China 15 billion barrels (1.1%) 4.19 million Barrels a day (4.7%) 9.9 years 15. Brazil 14 billion barrels (1%) 2.8 million Barrels a day (3.2%) 18.3 years ►: “Factory Asia” Chief Economic Advisor Raghuram Rajan recently held that India is looking forward to introduce the concept of ‘Factory Asia’ in economy to develop rapid production networks. Factory Asia is concentrated where infrastructure is good and there is a large pool of untapped potentially productive labour. What is the concept of “Factory Asia”? The concept works on the model of manufacturing and producing parts and components by various Asian developing economies to utilise resources efficiently which are assembled into finished product and exported to developed economies. Thus, Factory Asia refers to the model of regional production networks connecting different Asian economies, producing parts and components that are then assembled, with the final product shipped largely to advanced economies. It started with economic liberalization in China in the late 1980s, aided by rapid development of production networks. The group comprises, among others, China, Japan, South Korea and Indonesia. Objectives: • Boost the exports, • Increase employment opportunities, • Lift millions of population out of poverty. As per Rajan there are four challenges that will take India to Factory Asia: 1. Supply Chain Management: Provide organised infrastructure to smoothen inter and intra state as well as country connectivity Project costing $90 billion initiated to develop the 1483Km DMIC (Delhi-Mumbai Industrial Corridor) which will have six-lane highways, nine industrial townships, three ports and six airports. 2. Making India Investor friendly: As Indian investors are risk-averse, effort is required to bring awareness of potential growth to investors facilitating utilisation of undeployed resources. 3. Reforming Labour laws: Easing of stringent labour laws to increase employment rate. 4. Skill development: Invest in skills, technologies and private sector to move beyond low cost manufacturing and ensure economic growth. ►Fire Glass Fire Glass is tempered glass that is used in fireplaces and fire pits to increase vibrancy, reflection and color. It does not burn, but retains heat and refracts light as a result of burning gas. Why it is used? Fire Glass is used to enhance the radiance, reflection and color which also adds to the aesthetic value of the fireplace. It is used to replace artificial gas logs or wood logs. A burner pan with fire glass will radiate 3-4 times more heat with its reflective surface than wood or artificial logs. How safe is it? The glass is designed for gas fire pits and gas fireplaces to endure high temperatures without melting, burning, popping or discoloring. The glass does NOT create toxic fumes, smoke, ash, or soot. It usually comes in small shards with rounded edges to decrease risk of cuts. How shards of ordinary glass are different from Fire Glass? Unlike Fire Glass, ordinary glass can’t be used in fireplace as it can pop or even shoot out shards. Laminated windshield glass will blacken and melt. Tempered windshield glass incorporates a plastic film that will produce a most annoying smoke & odor and depending upon its chemical make up the gas can also be poisonous. ►Govt approved IKEA’s FDI proposal of Rs.10,500 Crore The government allowed Swedish furniture company IKEA to invest Rs 10,500 crore- the largest investment in the single brand retailing – for setting up home furnishing stores in the country since the government liberalized the FDI policy in retail sector in November, 2011. About IKEA IKEA is private held company and founded in Sweden in 1943. It is the most successful mass market retailer that designs and sells ready-to-assemble furniture (such as beds, chairs, and desks), appliances, and home accessories in 230 stores in 33 countries. The company is renowned for expertise to control the cost, product development and its global expansion. Impact in India if IKEA enters Indian market: • IKEA will set up 10 stores of furniture and home ware products over next 10 years. • Enhanced growth in retail sector as India has market of good sourcing to change retail standards. • Provide an opportunity to Indian small and medium enterprises for integrating into global value chain. • Provide a diverse choice for the Indian consumers for a wide range of products. ►US rejects India’s request to serve summons against Google Facebook US authorities held that they will be unable to execute the request by India for serving summons to 11 US-based websites including Google and Facebook. US authorities also held that summons cannot be served to executives, as it impacts “free speech principles” that are protected under US Constitution and further it is not evident that it is “true threat or incites imminent violence” which would necessitate action. The internet companies are accused of hosting content designed to fuel communal hatred, promoting class enmity and undermining national integrity. RBI eases rates, trims repo rate by 25bps to 7.25% RBI reduced the Repo Rate (the rate at which RBI lends money to commercial banks), to 7.25% from 7.5% while keeping the CRR (Cash Reserve Ratio- the portion of deposits that banks require to maintain with RBI) unchanged at 4%. Monetary Measures • Repo rate: reduction by 25 bps from 7.5% to 7.25% • Reverse repo rate: 6.25% (100 bps below repo rate) • MSF (Marginal Standing facility) rate: 8.25% (100 bps above repo rate) • Bank rate: 8.25% • Cash reserve ratio retained at 4% of NDTL (Net Demand and Time Liabilities) Impact of repo rate cut: • Reduced cost of overnight borrowing for commercial banks from RBI. • Lead to reduced lending rates, helping in better macroeconomic sentiments. • RBI has invoked banks to pass the impact of above to end users as banks hold to factor the benefit. Why a Need of reduction in repo rate ? • In order to continue to address risk towards growth. • Insistence by Government and industry to lower borrowing costs to spur economic growth, estimated to have slumped to 5% in the year ended March 31, 2013. • Guard against the risks of inflation pressures re-emerging and adversely affecting inflation expectations. • Manage liquidity to ensure adequate credit flow to the productive sectors of the economy. Estimated GDP Growth at 5.7% for 2013-2014 – RBI The RBI’s has projected a GDP growth for 2013-14 at 5.7% as against finance ministry’s projection of 6.1%- 6.7%. Indian economy grew by 5% in 2012-2013 on account of poor performance of manufacturing, agriculture and services sector. RBI’s current assessment is that economic activity will remain subdued and will only show a modest pick-up in second half of 2013-14, subject to appropriate conditions in the later part of year. Assumptions for calculating growth rate Agricultural Sector: Normal monsoon and agricultural growth are expected to return to trend levels in second half of 2013-14. Industrial & Service Sector: Growth outlook expected to be subdued primarily due to: • Decline in new investment • Existing projects stalled by bottlenecks and implementation gaps • Sluggish growth in services and exports driven by bleak global sentiments. ►May 3, 2013: World Press Freedom Day World Press Freedom Day celebrated its 20th anniversary in on May 3, 2013. The theme of World Press Freedom Day 2013 was “Safe to Speak: Securing Freedom of Expression in All Media”. The United Nation General Assembly declared May 3 as World Press Freedom Day in December, 1993 following a recommendation adopted at the 26th session of UNESCO’s General Conference. Objective: • Celebrate the fundamental principles of press freedom, • Raise the awareness of importance of press freedom around the world, • Defend the media from attacks on their independence, • Pay tribute to journalists who have lost their lives in exercise of their profession, • Encourage and develop initiatives in favour of press freedom. UNESCO marks World Press Freedom Day as an opportunity to honor notable contribution to the defence and/or promotion of press freedom across the world by UNESCO-Guillermo Cano World Press Freedom Award. Ethiopian Journalist Reeyot Alemu was honoured by 2013 UNESCO-Guillermo Cano World Press Freedom Prize for her “exceptional workings on the root causes of poverty, and gender equality’.
Posted on: Mon, 17 Jun 2013 10:50:58 +0000
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