Professional Documents
Culture Documents
As originally conceived, the BPLR was meant to be the rate levied by banks
on loans to their most creditworthy borrowers, wit h the less creditworthy
charged at a higher rate. It was expected to be a competitive, transparent
system taking into account an individual bank’s actual cost of funds,
operating expenses, a minimum charge to cover regulatory expenses such
as provisioning and profit margin. Over time, the system has lost its
relevance as a meaningful reference rate because the bulk of the loans is
advanced at rates below the BPLRs.
Strong borrowers have been able to arm-twist the banks into lending at sub-
prime rates. Certain sectors such as agriculture and exports receive
subsidised credit. Whatever the reason, since banks have simultaneously
been able to maintain their interest margins, it is clear that the BPLR
system cries for reform and greater transparency.
Arvind Jadhav, a 1978 batch IAS officer, has been appointed the full-time
Chairman and Managing Director of Air India.
The Golden Rock Railway Workshop at Tiruchurapalli has bagged the
Southern Railway General Manager’s Green Shield Award for 2008-09 in
recognition of its environmental protection measures.
This is the first time that the Green Shield Award has been introduced for
the railway workshops and the Golden Rock Workshop has been chosen
among all other workshops in Southern Railway limits for the prestigious
award.
Ballot papers for blind
The Election Commission has made provisions for special ballot papers that
can be read by touch for blind electors who are not conversant in Braille.
Hence special stickers and ballot papers that can be read by touch are being
used.
India’s AirForce One
"Rajdoot" is the name given to the first of the planes which will be used by
the President.
It is a new Boeing 747/700 and is one of the three such aircraft that have
been bought by the country to cater to the VVIPs, including the Prime
Minister.
While one of the three jets is meant exclusively for the President and the
Prime Minister, the other is for ferrying special guests and senior ministers.
The third jet would be on a stand-by.
India - High Savings Rate
India's high savings rate has been a crucial driver of its economic boom,
providing productive capital and helping to fuel a virtuous cycle of higher
growth, higher income and higher savings. India's savings stood at a
whopping Rs. 9.85 trillion (US $192 bn) as at the end of 2006-07.
Since the 1990s, the gross domestic savings rate has risen steadily from an
average of 23% to an estimated high of 35% in the 2006/07 fiscal year (April-
March). This increase compares very favorably not only with developed
economies (the US and the UK have savings rates of around 14%), but also
with other emerging economies—with a few exceptions such as Malaysia
(38%) and Chile (35%).
One reason for this is the inadequacy of India's social-security system. Only
around 10% of India's working population is covered by a retirement-benefit
scheme. With increased urban migration, the joint family system (where
several generations live together) is declining, reducing traditional old-age
support from families. Health-insurance coverage is very low.
New fuel norms to br implemented
The government has set up a committee to ensure supply of Euro-IV petrol
and diesel in 13 major cities and Euro-III fuels in the rest of the country from
April 1, 2010.
The higher grade of fuels will reduce emission of sulphur and benzene from
vehicles that pollute
Food Surplus and how environment. Euro-IV,
to handle it or Bharat Stage-IV, diesel and
petrol
o This will
year,bedue
soldtoinbetter
13 cities.
procurement prices, the government godowns are
over filled with stocks. The procurement of wheat alone for 2008-09 is of the
magnitude of 226.8 lakh tonnes, which is almost double that of the last year.
Rice and wheat stocks in the central pool as on December 2008 had been
357.8 lakh tonnes as against the buffer stock norm of 200 lakh tonnes. The
storage capacity, both owned and hired, is not sufficient for the tune of
procurement and stocks with the government this year.
o Steps to handle the Food Surplus:
Strengthen the warehousing facilities; and the private sector can be
involved.
The surpluses should be stored in deficit states to avoid the pitfalls of
transportation in times of shortage.
The surpluses should be a part of the government’s foreign trade policy
where the surplus grains are exported.
Surpluses should be aggressively distributed through the food for work
programmes.
Futures trading should be encouraged where the storing authority manages
to hedge the price risk. The ban on futures trading needs to be reviewed.
RISAT-2 and ANUSAT put in Orbit
The Polar Satellite Launch Vehicle (PSLV-C12) put in orbit Radar Imaging
Satellite (RISAT-2), a surveillance satellite, which could keep a watch on the
country’s borders.
This is the first time the Indian Space Research Organisation (ISRO) is putting
in orbit a RISAT in the micro-wave band. It can take images of the earth day
and night, see through clouds and identify objects on the ground. The 300-kg
RISAT-2 has been procured from Israel.
Anusat, built by Anna University, Chennai, was also put in orbit by the PSLV-
C12. It is an experimental communication satellite meant for storing and
relaying information.
The RISAT-2 could precisely look at water bodies and vegetation. Its images
would have wide ramifications in managing disasters such as cyclones, floods
and landslips. It would also be “a powerful tool” in estimating the paddy
acreage.
India is now the sixth country after Japan, Canada, Germany, Israel and the
US to have such a satellite. ISRO is developing its own indigenous radar
imaging satellite, the RISAT-1, for Earth observation to help predict floods,
cyclones and landslides.
New CEC and EC take charge
Chief Election Commissioner N. Gopalaswami laid down the office of the
constitutional post at Nirvachan Sadan, headquarters of the Election
Commission of India here, on Monday. He held the post for about 34 months.
A 1966 batch IAS officer of Gujarat cadre, he became Election Commissioner
in January 2004.
Mr. Chawla, who will become the 16th CEC, is a 1969 batch IAS officer of
Delhi cadre. He was appointed Election Commissioner on May 13, 2005. He
will hold the office till July 29, 2010. Starting his career as a sub-divisional
magistrate in Delhi in 1971, Mr. Chawla held important posts, including
Secretary to the Lt. Governor of Delhi, and also served in Lakshadweep,
Puducherry and as the UPSC Secretary. He was Information and Broadcasting
Secretary before being appointed an Election Commissioner.
Mr. Sampath, a native of Vellore in Tamil Nadu, was born on January 16,
1950. He is a 1973 batch IAS officer from Andhra Pradesh cadre.
INTERNATIONAL AFFAIRS
SUNDAY, MAY 3, 2009
UK withdraws troops from Iraq
The six-year British military occupation of Iraq ended a month ahead of
schedule, amid conflicting claims whether it was worth the cost and loss of
lives.
FRIDAY, MAY 1, 2009
Kazakhstan to supply Uranium
Kazakhstan will supply over 2,000 tonnes of uranium to India for its existing
nuclear plants. Both sides are negotiating the price.
India could also take up equity stake in Kazakh uranium mines and join the
nuclear research centre being set up with active Japanese collaboration.
The uranium supply will be for five years and comes with no strings attached.
If the Inter-Governmental Agreement on peaceful use of nuclear energy is
finalised in the coming months, supply could begin by the year-end.
This would be the third international pact to bridge the supply-demand gap.
India has already signed agreements with Russia and France for sourcing
uranium for nuclear plants being built by their companies.
Though Kazakhstan has suitors in Russia, China and companies from the
western world, it is keen on tapping Indian expertise in select areas as part of
its multivector (balanced approach) policy.
Swine Influenza may become pandemic
Swine influenza (also swine flu) refers to influenza caused by any virus of the
family Orthomyxoviridae, that is endemic to pig (swine) populations. Mexico,
the US, Canada and now Spain have reported cases of swine flu. The new
strain of swine flu virus called H1N1 has killed 103 people in Mexico.
In humans, the symptoms of swine flu are similar to those of influenza and of
influenza-like illness in general.
Those travelling to affected areas have also been advised to defer non-
essential journeys. Instructions were issued to track down people who arrived
in India from Mexico, the U.S., Canada, New Zealand, Spain, France and the
United Kingdom.
Racial attack in Australia (15th June 2009)
So far there have been 14 attacks encountered by Indian students in
Australia. Indian students are continuing their street protest against the
racially motivated attacks. The Indian community leaders in Australia have
asked the Indian students to stop violent protests in Harris Park in Melbourne.
There have also
India keen been
to buy some
IMF stray incidents of Indian students retaliating.
Bonds
India is ready to buy about $10 billion (around Rs. 50,000 crore) of
International Monetary Fund bonds. “If the IMF can issue the securities, it’s
an easy way for us to make a contribution. The IMF is finalising plans of its
first bond offering and is lining up BRIC countries including Brazil, Russia,
China and India as purchasers. The bond would be sold to the central bank,
not to individual investors.
LTTE chief Prabhakaran's body found (18th May
2009)
The Tigers of Tamil Eelam “Velupillai Prabhakaran” has been shot dead and
his body has also been found by the Lankan army. His son “Charles Antony”
has also been shot dead. Prabhakaran’s top aides came out of their last
hiding place in a small convoy of van and an ambulance and tried to drive
out of the war zone, but were gunned down. The Tiger chief was killed with
two others, who are believed to be his closest associates - LTTE intelligence
chief Pottu Amman and Sea Tigers' chief Soosoi. The deaths of the top LTTE
leaders came a day after Tamil Tigers conceded defeat saying the decades-
old battle has reached its "bitter end" and they have decided to "silence"
Sonal Shah in Obama team
Indian-American Sonal Shah, who formerly led the philanthropic arm of
Google, has been appointed head of the new Office of Social Innovation and
Civic Participation in the Obama administration.
Indian and Chinese warships have been making calls at each other’s ports as
part of growing confidence building measures between the two sides.
The Indian Navy chief’s visit follows that of Admiral Wu’s to India last year.
Indian Air Force chief, Air Chief Marshal Fali Homi Major, has also visited
China.
The two armies undertook their first joint exercise at Kunming in Yunnan
province in December 2007 and the second at Belgaum last December. The
two countries signed a memorandum of understanding (MoU) in May 2006
that they would hold joint military exercises.
Contact House of Lords (UK) thru You Tube
The House of Lords committee has become the first parliamentary body to
invite members of the public to submit their views through YouTube.
The House of Lords Information Committee, which is responsible for raising
awareness of the work of the upper chamber, has announced it will accept
homemade video evidence as well as written submissions.
It hopes the move will encourage wider public participation with its current
inquiry into how the House can use social media tools - including websites
like Twitter and Facebook - to improve its communication with voters.
Lord Renton of Mount Harry,is the the committee Chairman.
Arab League Summit Begins
The Arab League summit has opened in Doha, capital of Qatar, amid rifts
within the Arab ranks which were widened during the 22-day Gaza war.
The split between the moderate Arab countries led by traditional players
Egypt and Saudi Arabia and the rejectionist camp led by Syria and gas-rich
Qatar became visible during the Gaza war. Syria and Qatar have been
accused of allying with Iran and the Palestinian group Hamas as well as the
Lebanese Hizbollah. Turkey also supported the rejectionist camp during the
Gaza conflict, leading to the emergence of Syria, Iran, and Qatar as a
powerful counterweight to the status quo imposed in the region by the U.S.-
Serfs Emancipation Day - Tibet
A grand ceremony celebrating Tibet’s first Serfs Emancipation Day was held
in front of the Potala Palace in the Tibet Autonomous Region.
Prime Minister Manmohan Singh’s special envoy Satinder Lambah made the
proposal at an international conference on Afghanistan held in Moscow.
The representatives for the actor are reportedly in negotiations with the toy
giant, Mattel. The former Miss World will have a Barbie modelled after her,
titled “Bollywood Barbie,”. The company, which recently celebrated Barbie’s
50th birthday, is expecting to cash in on the popularity of the star to increase
its sales in India.
She is among the four Indian film stars to have their waxwork image
displayed at Madame Tussaud’s, the others being her father-in-law Amitabh
Richest
Bachchan, Indian
Shahrukh- Khan
Mukesh Ambaniscreen diva Helen.
and yesteryear
Petrochemicals giant Reliance Industries’ chief Mukesh Ambani has
snatched the title of the world’s richest Indian from NRI steel tycoon
Lakshmi Mittal even as both saw their fortunes dwindle to less than half in a
year, according to U.S. magazine Forbes.
With a net worth of $19.5 billion, Mukesh Ambani has been ranked seventh
in the global list (down from last year’s fifth slot, losing more than $23
billion).
He is followed by Mr. Mittal at the eighth place with $19.3 billion (down from
fourth; lost more that $ 25 billion). Seven among the top 100 are Indians.