Dr Vijay Bhatkar appointed new vice-chancellor of Nalanda University

President Pranab Mukherjee has appointed Dr Vijay Bhatkar, architect of India’s first supercomputer the Param series, as the chancellor of Nalanda University. He will have term of three years from the date of his appointment as provided under Section 11(3) of the Nalanda University Act. He shall succeed George Yeo, former Foreign Minister of Singapore, who resigned after the Board of the University was reconstituted. 

About Dr Vijay Bhatkar 

Dr. Bhatkar is one of the acclaimed scientists and IT leaders of India. He is best known as the architect of India’s first supercomputer Param series. He is also known as the founder executive director of C-DAC, India’s national initiative in supercomputing. He is also credited with the creation of several national institutions. He also was member of the scientific advisory committee to the cabinet of Union Government and as also of the governing council of the Council for Scientific and Industrial Research (CSIR). Bhatkar studied at the Indian Institute of Technology (Delhi) and the Maharaja Sayaji Rao University. He has been honoured with Padma Shri, Maharashtra Bhushan, Padma Bhushan (2015) awards for his contribution to field of science and technology. 

About Nalanda University 

Nalanda University revived version of ancient Nalanda University located at Rajgir in Nalanda District in Bihar. It is a non-state, non-profit, secular and self-governing international institution. Its idea was mooted by former President APJ Andul Kalam in 2006. It was established through Nalanda University Act, 2010. It is mandated to be engaged in the pursuit of intellectual, philosophical, historical and spiritual studies 

Note: The ancient Nalanda University was established in 427 AD during the reign of Gupta king Sakraditya. It was one of India’s earliest university. At its peak, it had attracted scholars and students from near and far with some travelling all the way from Tibet, China, Korea, and Central Asia

Indian Navy’s Theatre Level Exercise TROPEX 17

The Indian Navy’s Annual Theatre Readiness Operational Exercise (TROPEX) 2017 is being conducted off the Western Seaboard. The month long exercise will see participation of ships and aircraft of both the Western and Eastern Naval Command and also assets from the Indian Air Force, Indian Army and the Indian Coast Guard.

Key Facts

TROPEX 17 exercise is aimed at testing combat readiness of the combined fleets of the Indian Navy, and the assets of the Indian Army, Indian Air Force and Indian Coast Guard. It seeks to strengthen inter-operability and joint operations in a complex environment. It assumes special significance in the backdrop of the current security scenario. TROPEX 17 exercise will be conducted in various phases, both in harbour and at sea encompassing the various facets of war-fighting and combat operations. It will see participation of major surface combatants and air assets of the Indian Navy including the aircraft carrier Vikramaditya, nuclear submarine Chakra, Landing Platform Dock (LPD) Jalashwa. It will also see participation of recently commissioned destroyer Chennai, the P-8I long range maritime reconnaissance and anti-submarine warfare aircraft. The assets of Indian Navy will operate alongside SU-30 MKI, Jaguars, AWACS, IL-78 Flight Refuelling Aircraft of the Indian Air Force and Infantry units of the Indian Army. The last edition of TROPEX exercise was conducted in January 2015 and since its launch it has grown in scale and complexity over the years.

GAAR will be effective from April 1, 2017

The Union Finance Ministry has announced that the General Anti Avoidance Rule (GAAR) will be effective from the 1 April, 2017. In this regard Income Tax (IT) department has issued a slew of clarifications on implementation of GAAR, seeking to address concerns of foreign investors over implementation of the anti-evasion measure. GAAR seeks to prevent companies from routing transactions through other countries to avoid taxes. The rules are framed mainly to minimize and check avoidance of tax. India will be the 17th nation in the world to have laws that aim to close tax loopholes. At present, GAAR is in force in nations like Australia, Singapore, China and the UK. 

Issued clarifications 

GAAR seeks to give the IT department powers to scrutinize transactions structured in such a way as to deliberately avoid paying tax in India. It will not be invoked in cases where investments are routed through tax treaties that have a sufficient limitation of benefit (LOB) clause to address tax avoidance. It should be noted that LOB clause in tax treaties generally requires investors to meet certain spending and employment criteria to avail the benefits of the treaty. All transactions or arrangements approved by courts and quasi-judicial authorities like the authority for advance ruling and that specifically address the issue of tax avoidance will not be subject to the GAAR test. GAAR will not be applicable on compulsorily convertible instruments, bonus issuances or split/consolidation of holdings in respect of investments made prior to 1 April 2017 in the hands of the same investor. In order to prevent misuse of GAAR provisions by the IT department, adequate safeguards also have been put in place based on which GAAR will be invoked. The proposal to apply GAAR first will be vetted by an officer at the level of the principal commissioner or commissioner of income tax and at the second stage by an approving panel headed by a high court judge. GAAR will not apply on foreign portfolio investor if its jurisdiction is based on non-tax commercial considerations and the main purpose is not to obtain tax benefits.

India inks deal with UAE for strategic oil reserves storgae

India has signed a deal with United Arab Emirates (UAE), fifth biggest oil supplier as part of its quest for energy security and strategic reserve system. The deal allows UAE’s Abu Dhabi National Oil Co. (ADNOC) to fill half (about 6 million barrels of oil) of an underground crude oil storage facility at Mangaluru, Karnataka. India has already filled the other half of the Mangaluru storage in Karnataka state with six million barrels of Iranian oil. It also has filled a Vizag storage site in southern Andhra Pradesh with 7.55 million barrels of Iraqi oil and has invited bids from suppliers to fill an 18.3 million-barrel facility at Padur in Karnataka. 

Background 

As one of the fastest growing economies and world’s third-biggest oil consumer, India is building emergency storage in underground caverns to hold 36.87 million barrels of crude, or about 10 days of its average daily oil demand. This move aims to hedge against energy security risks as it imports most of its oil needs. In 2014, India already had started talks to lease part of its strategic storage to ADNOC. Under those discussions, India was to have first rights to the stored crude in case of an emergency, while ADNOC will be able to move cargoes to meet any shift in demand. 

Significance 

Strategic petroleum reserves have become indispensable to safeguard the economy and to help maintain national security in the event of an energy crisis. These crude oil reserves (or stockpiles) can be held by the government of a particular country, as well as by private industry.

Japan successfully launches first military communications satellite

Japan has successfully launched its first military communications satellite Kirameki-2 (kee-RAH-meh-kee 2) satellite. It was launched on board of H-2A rocket that lifted off from the Tanegashima Space Center in southern Japan. The satellite separated from the rocket and entered a designated orbit. 

Key Facts 

The Kirameki-2 satellite has been designed to upgrade Japan’s existing communication network in the face of China’s increasingly assertive maritime activity and North Korea’s missile threat. It is the first of three satellites that will replace three civilian satellites currently used by Japan’s military. The new satellites will allow military units to communicate on a high-speed and high-capacity network. These satellites aimed at stepping up Japan’s emergency response capability in case of natural disaster, China’s maritime activity from southern Japanese waters to South China Sea, as well as missile threats from North Korea. They will be also used by Japanese troops operating overseas as part of international peacekeeping operations, including those off the Somali coast and in South Sudan.

India ranks 79 in Corruption Perception Index

India has been ranked 79th out of 176 countries in the recently released Corruption Perception Index (CPI) for the year 2016 by the Berlin-based corruption watchdog Transparency International (TI). The index has been complied by using World Bank data, the World Economic Forum (WEF) and other institutions It ranks countries on the score in the scale ranging from 0 (highly corrupt) to 100 (very clean). 

Key Facts

Top 10 Countries:

New Zealand and Denmark in joint first place (with a score of 90), followed by Finland (3rd), Sweden (4th), Switzerland (5th), Norway (6th), Singapore (7th), Netherlands (8th), Canada (9th) and Germany (10th).

Counties bottom of the index:

Somalia was ranked the most corrupt country. Other countries with lower rankings were Syria, South Sudan, North Korea, Afghanistan, and Iraq. In this edition of list, India, China and Brazil with a score of 40 each figured in the 10 key economies in the mid-range. Over two-thirds of the 176 countries in this year’s index fall below the midpoint of the scale of 0 to very clean of index. The global average score is 43, indicating endemic corruption in a country’s public sector. In this edition of list, India has marginally improved its ranking index for 2016 by two points from 38 score in 2015. India’s condition showed growth with inequality. India’s ongoing poor performance with a score of 40 reiterates the state’s inability to effectively deal with petty corruption and large-scale corruption scandals. Regionally, South Asia had performed poorly. Bangladesh at 27th and Nepal at 29th positions were slotted in the highly corrupt section.

Union Cabinet approves Varishtha Pension Bima Yojana 2017

The Union Cabinet has given its approval for launching of Varishtha Pension Bima Yojana 2017 (VPBY 2017). The scheme will be launched as part of Government’s commitment for financial inclusion and social security. The scheme will be implemented through Life Insurance Corporation of India (LIC) during the current financial year i.e. FY 2016-17. It will be open for subscription for a period of one year from the date of launch. 

Features of Scheme 

The purpose of the scheme is to provide social security during old age and protect elderly persons aged 60 years and above against future fall in their interest income due to uncertain market conditions. It will provide an assured pension based on a guaranteed rate of return of 8% per annum for ten years, with an option to opt for pension on a monthly, quarterly, half yearly and annual basis. The Union Government will bear the differential return i.e., the difference between the return generated by LIC and the assured return of 8% per annum as subsidy on an annual basis.

India rejects attempts of EU, Canada for global investment agreement

India, along with Brazil, Argentina and some other nations rejected an informal attempt of European Union (EU) and Canada to work towards a global investment agreement at World Trade Organisation (WTO)-level. The EU and Canada proposed agreement incorporates a contentious Investor-State Dispute Settlement (ISDS) mechanism. They wanted their investment pact to be the template for a similar multilateral agreement. 

What is Investor-State Dispute Settlement (ISDS) mechanism? 

The ISDS mechanism permits companies to drag governments to international arbitration without exhausting the local remedies. It also allows them to claim huge amounts as compensation citing losses they suffered due to reasons, including policy changes. The contentious ISDS mechanism already has been incorporated by investment pact by the EU and Canada. 

What is India’s position? 

India has rejected such mechanism. It clearly held that only after all local options have been exhausted for settling disputes between a corporate and a government, then the issues can be taken up in international arbitration tribunals. It also held that such provisions could be a part of bilateral agreements but they can’t be allowed in a multilateral agreement.

US President Donald Trump signs executive order to pull US out of TPP

US President Donald Trump signed an executive order to formally pull US out of the negotiating process of the Trans-Pacific Partnership (TPP), a mega trade deal of 12 Pacific Rim countries. TPP was one of the major international trade initiatives of his predecessor Barack Obama aimed to set trade rules for the 21st century and bind US allies against growing Chinese economic clout. During the Presidential election campaign, Trump had vowed to withdraw the US from the TPP which he argued was harmful to American workers and manufacturing. 

About Trans-Pacific Partnership (TPP)

 

The TPP is a trade agreement under negotiation among 12 Pacific Rim nations accounting for 40% of the world economy. It was promoted by US and signed by 12 countries in 2015. 12 members are Australia, Brunei, Chile, Canada, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, US and Vietnam. India was not part of TPP. The aimed to ease the flow of goods, services and investments among member countries and set trade rules for 21st century especially on labour standards, environmental issues, origin criteria and intellectual property. The mega trade deal was considered as counterweight to growing global economic clout of China, the largest economy in the Pacific Rim. 

TPP’s Impact on India

It might have led to market share losses for certain categories of India’s exports due to preference erosion. It could have indirectly impacted exports in several industrial sectors such as textiles, leather, clothing, plastics, cotton and yarn. Even India’s pharmaceutical sector might had suffered due to higher standards compared WTO norms, including on IPR and ever-greening of patents.

Scientists spot sunspot with centre twice the size of Earth

Scientists have spotted a new view of the dark, contorted centre of a sunspot that is nearly twice the diameter of the Earth. It was spotted using Atacama Large Millimetre/submillimetre Array (ALMA) antennas located in Atacama Desert of northern Chile. The discovery is an important expansion of range of observations that can be used to probe the physics of our nearest star. 

Key facts 

Using ALMA antennas capabilities, astronomers imaged the millimetre-wavelength light emitted by the Sun’s chromosphere, the region that lies just above the photosphere that forms the visible surface of the Sun. They produced the images to study solar activity at longer wavelengths of light that are typically available to solar observatories on Earth. Using two of ALMA’s receiver bands at wavelengths of 1.25 millimetres and three millimetres, scientists were able to observe an enormous sunspot. The images captured through it help to reveal differences in temperature between parts of the Sun’s chromosphere and also understanding the heating and dynamics of the chromosphere. Sunspots: They are darker, cooler areas on the surface of the sun in a region called the photosphere (having temperature 5,800 degrees Kelvin). Sunspots can be very large, up to 50,000 kilometers in diameter and have temperatures of about 3,800 degrees K. They are dark in comparison with the brighter and hotter regions of the photosphere surrounding them.

Government shifts disinvestment advising role to Department of Economic Affairs

The Union Government has transferred the advising role of Department of Investment and Public Asset Management (DIPAM) on utilisation of the proceeds from disinvestment to the Department of Economic Affairs (DEA). This announcement comes after the Union Cabinet approved an alternative mechanism to decide the modalities to do with stake sales in PSUs, so as to speed up the process and to streamline the disinvestment process. 

Key Facts 

The DEA in the Union Finance Ministry will now be in charge of financial policy in regard to the utilisation of proceeds of disinvestment channelised into the National Investment Fund (NIF). The National Investment Fund was created in 2005 in which the proceeds from the disinvestment of Central Public Sector Enterprises (CPSEs) were to be channelised. During his Budget speech 2016-17, Union Finance Minister Arun Jaitley had announced renaming the previously known Department of Investment as DIPAM. Earlier the Cabinet Committee on Economic Affairs (CCEA) had given its approval to Alternative Mechanism to decide the modalities to do with stake sales in PSUs. Under this mechanism, the quantum of disinvestment in a particular Central Public Sector Undertaking (CPSE) will be decided on a case-by-case basis subject to Government retaining 51% equity and management control.

No More Visa-Free Facility for Indians in Hong Kong

Hong Kong has withdrawn the visa-on arrival facility for Indians travelling to Hong Kong effective from January 23, 2017. From now, the Indian nationals must apply for and successfully complete pre-arrival registration online before they can visit or transit the HKSAR visa-free.

AP govt announces compensation of Rs 5 lakh for families of those who lost lives in Hirakhand Express accident

Andhra Pradesh government have announced a compensation of 5 lakh rupees for the families of those who lost lives in the Hirakhand Express accident and belonging to the state. Odisha government has also declared a compensation of similar amount for those belonging to Odisha. State government has also announced free treatment for the injured, who are undergoing treatment at various hospital.Railways has already announced a compensation of 2 lakh rupees to each family of the deceased.

Kwality Ltd Signs MoU with Bank of Baroda for Rs 4000 Cr Loan to Farmers

Mumbai based dairy firm Kwality Ltd has signed an MoU with Bank of Baroda to provide Rs. 4000 crore loans to one lakh farmers out of the established networks from whom the company procures milk.The MoU aims to provide financial assistance to improve socio-economic lives of farmers and encourage them towards digitisation.

India Innovation Index to measure performance of Indian states

The World Economic Forum (WEF), NITI Aayog, World Intellectual Property Organization (WIPO) and Cornell University will work to develop an India Innovation Index to provide impetus to states to drive innovative spirit. Based on the WIPO’s GII (Global Innovation Index), the India Innovation Index will be tailored to better reflect of India’s ground reality and include metrics well suited to the Indian context for innovation. 

Key Facts 

The India Innovation Index will measure and rank the innovation performance of all states in India with the aim of moving India towards an innovation-driven economy. It will be based on key pillars of innovation and sub-indices that together will assist in tailoring policies for innovation that inturn will promote inclusive growth. The pillars of index include the capacity of human capital and research, strength of institutions, supporting infrastructure and the level of business sophistication, among others. Each partnering organization will nominate a working group member to work on the index. The first ranking of Indian states will released at the India Economic Summit to be held in October 2017. This index will encourage states to compete with each other and, in turn, lead to better policies for inclusive growth. It will create a transparent benchmark of innovation for Indian states and spur competition among states. It will also ensure progress towards innovation at the local level in India.

Union Government clears Tamil Nadu’s Ordinance on Jallikattu

The Union Government has Tamil Nadu government’s proposal to promulgate an ordinance to hold Jallikattu, a traditional bull taming sport. The Union Ministries of Home, Law and Environment has vetted the state’s draft ordinance and cleared the amendment. Now, Tamil Nadu Governor can promulgate ordinance as per Article 213 of the constitution. 

Key Facts 

It was mandatory for Tamil Nadu government to get a nod from the Centre as subject in this regard was falling in the Concurrent list of the Constitution. The ordinance will denotify the bull from the list of performing animals. This will ensure that provisions of Prevention of Cruelty to Animals Act (PCA), 1960 will not apply to the bull. It will circumvent Supreme Court imposed ban on Jallikattu in May 2014. The apex court had banned use of bull as performing animals including traditional events like Jallikattu, bullock-cart races. Jallikattu is bull-taming sport and an age-old annual event celebrated during Pongal (Harvest festival) in Tamil Nadu. It is one of the oldest living ancient traditions practiced in the modern era. Read more Article 213 of Constitution: It gives legislative power to Governor i.e. state executive. Governor can promulgate ordinances when legislative assembly (incase of unicameral legislature) is not in session i.e. recess or both houses of state legislature (incase of bicameral legislature) if there is urgent need to have a law on some urgent public matter. The promulgated ordinance has similar effect to a law enacted by the state legislature. However, every ordinance must be laid and approved state legislature (or legislative assembly) within 6 weeks from the reassembling. If not placed and approved by both houses of the state legislature ( or legislative assembly) after reassembling it lapses or becomes invalid.

CCEA approves listing of five general insurance PSUs at the stock exchanges

The Cabinet Committee on Economic Affairs (CCEA) has given its ‘in principle’ approval for listing the five Public Sector General Insurance Companies (2016-17) owned General Insurance Companies in the stock exchanges. They are New India Assurance Company Ltd, United India Insurance Company Ltd, Oriental Insurance Company Ltd, National Insurance Company Ltd and General Insurance Corporation of India. The shareholding of these PSGICs will be divested from 100% to 75% in one or more tranches over a period of time as per Securities and Exchange Board of India (SEBI) and Development Authority of India (IRDAI) rules and regulations. 

Significance of listing of PSGICs 

Bring transparency and equity in the companies functioning as listing on the stock exchange necessitates compliance requirements of SEBI. Improve corporate governance and risk management practices leading to improved efficiency. It will lead to greater focus on growth and earnings. Open the way for the companies to raise resources from the capital market to meet their fund requirements to expand their businesses, instead of being dependent on the Government for capital infusion. Divestment in these companies will help government in raising resources and portion of the funds can be used by the company for expansion. 

Background 

The Union Finance Minister in his 2016-17 Budget speech had announced that public shareholding in Government-owned companies is a means of ensuring higher levels of transparency and accountability. In order to promote this objective, the general insurance companies owned by the Government will be listed on the stock exchanges.

Union Cabinet approves amendment in Modified Special Incentive Package Scheme

The Union Cabinet has given its approval for amendment in the Modified Special Incentive Package Scheme (M-SIPS) for electronics manufacturing. These modifications will further incentivize investments in electronic sector and move towards Union Government’s goal of ‘Net Zero imports’ in electronics by 2020. 

Key Amendment 

The applications will be received under M-SIPS scheme till December 2018 or till such time that an incentive commitment of Rs 10,000 crore is reached, whichever is earlier. In case the incentive commitment of Rs 10,000 crore is reached, a review will be held to decide further financial commitments. For new approvals, the incentive under the scheme will be available from the date of approval of a project and not from the date of receipt of application. The incentives will be available for investments made within 5 years from the date of approval of the project. Unit receiving incentive will provide undertaking to remain in commercial production for at least 3 years. The Appraisal Committee chaired by Secretary, Ministry of Electronics and IT will recommend approval of project. 

Significance of amendment in M-SIPS 

Expedite investments into the Electronics System Design and Manufacturing (ESDM) sector in India. Create employment opportunities and reduce dependence on imports. 

About Modified Special Incentive Package Scheme (M-SIPS) 

The Union Cabinet in 2012 approved the M-SIPS to provide a special incentive package to promote large scale manufacturing in the ESDM sector to boost domestic electronic product manufacturing in the country. The scheme provides subsidy for capital expenditure 20% for investments in Special Economic Zones (SEZs) and 25% in non-SEZs. It also provides reimbursement of countervailing duty/excise for capital equipment for non-SEZ units and also reimbursement of duties and central taxes for some of the projects with high capital investments.

Delhi Police commissioner Alok Verma appointed as new CBI director

Delhi Police Commissioner and Senior IPS officer Alok Kumar Verma was appointed as new Director of the Central Bureau of Investigation. He will have tenure of two years. He was selected by a three-member committee comprising Prime Minister Narendra Modi, Chief Justice J S Khehar and Congress leader Mallikarjun Kharge. He will take over from interim director Rakesh Asthana, who was handed the reins of the premier investigating agency after former director Anil Sinha retired on December 2, 2016. 

About Alok Verma 

He is a 1979 batch IPS officer of the Arunachal Pradesh-Goa-Mizoram and Union Territory (AGMUT) cadre. Prior to taking charge as the Commissioner of Delhi Police in February 2016, he was the Director General of Tihar jail. He has served in the Delhi Police in number of positions, including DCP (south district), JC of Crime Branch, JCP (New Delhi Range), Special CP (Intelligence) and Special CP (Vigilance). He has also served as the Inspector General (IG) of Police in the Andaman and Nicobar Islands, and as the Director General of Police (DGP) of Puducherry. 

About Central Bureau of Investigation (CBI) 

CBI is the foremost investigative police agency in India. It derives power to investigate from Delhi Special Police Establishment Act, 1946. It was established in 1941 as the Special Police Establishment. It was renamed to present nomenclature in 1963. Headquarters: New Delhi. Motto: Industry, Impartiality, Integrity. It is headed by Director, an IPS officer of DGP rank. He is selected as per the provisions of Central Vigilance Commission (CVC) Act, 2003. The CBI Director is selected by a collegium comprising Prime Minister, Chief Justice of India and Leader of Opposition or leader of the largest party in opposition in Lok Sabha.

RBI to increase focus on IT and cyber security

The Reserve Bank of India (RBI) through its arm Reserve Bank Information Technology Private Ltd (ReBIT) is planning to increase its focus on IT and cyber security of the financial sector. For this purpose, ReBIT has invited applications for various roles across its four verticals of Systems Audit, Cyber Security, Research and Innovation, and Project Management and Administration. The cyber security vertical of ReBIT will be responsible for running a security operations centre and will also look after responding to any incidents that may occur on systems of RBI or any of the financial institutions.

Timothy Gonsalves Committee Suggests 20% Reservation seats for Girl Students in IITs

A committee formed by the IIT Joint Admission Board (JAB) has recently given its suggestion to create 20% reservation seats for the girl students in IITs out of the total number of seats available. The committee headed by professor Timothy Gonsalves recommended the supernumerary seats to address the issue falling the number of female students entering the institute. However, the recommendation of the committee will get the final approval after the decision of the Joint Admission Board (JAB) who will decide whether the reservation will come in effect from 2017 or 2018.

The decision will not affect the number of seats available for male candidates and only those candidates who have already qualified in JEE-Advanced will be considered. The decision will enable IITs to achieve the 1 lakh target by 2020.

Manipur’s Karang is India’s first cashless island

Karang, a small lake island in Manipur, has become the country’s first cashless island.The Union ministry of electronics and information technology under its Digital India programme announced Karang as the first cashless island in India. Confirming it, deputy commissioner M Harekrishna of Bishnupur district stated that island fulfilled the Centre’s necessary criteria.The Karang island is located in the middle of Loktak, the largest freshwater lake in Northeast India.

India Ranks 60th in Inclusive Development Index 2017

India has been ranked at 60th position among 79 developing economies with a score of only 3.38 in the Inclusive Development Index (IDI) of the World Economic Forum (WEF). WEF released its Inclusive Growth and Development Report 2017, on January 16, 2017 in Davos, Switzerland. The list has been topped by Lithuania among the 79 developing countries.

Richest 1% own 58% of total wealth in India: Oxfam Study

According to study conducted by rights group Oxfam, India’s richest 1% now hold a huge 58% of the country’s total wealth, indicating rise income inequality. It is higher than the global figure of about 50%. It shows that 57 billionaires in India now have same wealth ($216 billion) as that of the bottom 70% population of the country. Globally, just 8 billionaires have the wealth as the poorest 50 % of the world population. 

Key Findings of Study 

The total global wealth in the year 2016 was $255.7 trillion of which about $6.5 trillion was held by billionaires, led by Bill Gates ($75 billion), Amancio Ortega ($67 billion) and Warren Buffett($60.8 billion). Globally, just 8 billionaires have the same amount of wealth as the poorest 50% of the world population. Since 2015, richest 1 % owned more wealth than the rest of the planet. Over the next 20 years, 500 people will hand over $ 2.1 trillion to their heirs (a sum larger than GDP of India, a country of 1.3 billion people). Over the last two decades, richest 10% of the populations in China, Laos, Indonesia, India, Bangladesh and Sri Lanka have seen their share of income increase by more than 15%. Poorest Sections: The poorest half of world has less wealth than had been previously thought. The poorest 10% have seen their share of income fall by more than 15%. Solution: It calls to build a human economy that benefits everyone not just the privileged few. In India, there are 84 billionaires with a collective wealth of $248 billion led by Mukesh Ambani ($19.3 billion), Dilip Shanghvi ($16.7 billion) and Azim Premji ($15 billion). Gender pay gap: India suffers from huge gender pay gap. It has among the worst levels of gender wage disparity (men earning more than women in similar jobs) and the gap exceeding 30%. In India, women form 60% of the lowest paid wage labour but only 15% of the highest wage–earners. Thus, India women are poorly represented in top bracket of wage–earners and experience wide gender pay gap at the bottom. Indian government must introduce inheritance tax and increase wealth tax as the proportion of this tax in total tax revenue is one of the lowest in India to end the extreme concentration of wealth and to end poverty.

India ranks 60th in Inclusive Development Index

India ranked 60th among the 79 developing countries in 2017 Inclusive Development Index (IDI) released in World Economic Forum’s (WEF) ‘Inclusive Growth and Development Report’. The index is based on 12 performance indicators and countries are ranked on IDI scores based on a scale of 1-7. It has three pillars Growth and Development, Inclusion and Intergenerational Equity, and Sustainability in order to provide a more complete measure of economic development than GDP growth alone. 

Key Highlights of 2017 IDI 

Top 10 developing economies in 2017 IDI: Lithuania (1st), Azerbaijan (2nd), Hungary (3rd), Poland (4th), Romania (5th), Uruguay (6th), Latvia (7th), Panama (8th), Costa Rica (9th) and Chile (10th). Top 10 advance economies in 2017 IDI: Norway (1st), Luxembourg (2nd), Switzerland (3th), Iceland (4th) and Denmark (5th), (6th), Netherlands (7th), Australia (8th), New Zealand (9th) and Austria (10th). BRIC’s countries: Russia (13th), China (30th) and Brazil (30th). India’s neighbours: India’s many of the neighbouring nations are ahead in the rankings. China (15th), Nepal (27th), Bangladesh (36th) and Pakistan (52nd). India, with a score of only 3.38, ranks low among 79 developing economies, despite its growth in GDP per capita is among the top 10 and labour productivity growth has been strong. India scores well in terms of access to finance for business development and real economy investment. Reasons for India’s lower rank: India’s debt-to-GDP ratio is high, that raises some questions about the sustainability of government spending. India’s labour force participation rate is low, informal economy is large and many workers are vulnerable to employment situations with little room for social mobility. India needs more progressive tax system to raise capital for expenditures in infrastructure, health care, basic services and education,

India ranks 92nd in 2017 Global Talent Index

India was ranked 92nd among 118 countries in the 2017 Global index of talent competitiveness (GTI) list. The index measures ability of countries to compete for talent i.e. how countries grow, attract and retain talent. The index is produced by global business school INSEAD in partnership with Adecco Group and Human Capital Leadership Institute (HCLI) of Singapore. 

Key Highlights of 2017 GTI 

Top 10 Countries: Switzerland (1st), Singapore (2nd), United Kingdom (3rd), United States (4th), Sweden (5th), Australia (6th), Luxembourg (7th), Denmark (8th), Finland (9th) and Norway (10th). BRICS Countries: India’s ranking is worst among the five BRICS countries. China (54th), Russia (56th), South Africa (67th) and Brazil (81st). It noted that BRICS countries are not getting stronger and both China and India have slipped from their year-ago rankings. India Related Facts: In this edition of the list, India slipped by 3 places compared to 89th rank in 2016 GTI. India stood on a relatively solid in pool of global knowledge skills compared with other emerging markets. But in terms of retaining and attracting talent indices, India ranked lowly 104th and 114th, respectively. Overall a major challenge for India is to attract talent from abroad, particularly in the context of large emigration rates of high-skilled people. India has been able to create a stable pool of global knowledge skills, but still experiences a brain drain. India’s ranking will improve only if it improves in its regulatory (94th) and market (99th) landscapes. GTI global ranking of cities: 2017 edition of GTI also released the first-ever global ranking of cities on the basis of their reputation and growing footprint in attracting, growing, and retaining global talent. Top 10 global cities in terms of talent competitiveness: Zurich, Helsinki, San Francisco, Gothenburg, Madrid, Paris, Los Angeles, Eindhoven and Dublin. Mumbai was only Indian city to make into this list.

62nd Filmfare Awards

The grand Annual 62nd Jio Filmfare Awards event organised by the Filmfare magazine was held in Mumbai, Maharashtra. It honored the best Indian films of the year 2016 Dangal was adjudged as the Best film. Neerja and Kapoor & Sons with 5 awards each were the film wining highest number of awards. 

Awards in various categories are 

Best Actor: Aamir Khan (Dangal). Best Actress: Alia Bhatt (Udta Punjab). Best Film: Dangal. Best Director: Nitesh Tiwari (Dangal). Lifetime Achievement: Shatrughan Sinha. Best Debut Director: Ashwini Iyer Tiwari (Nil Battey Sannata). Critics Award for Best Film: Best Supporting Actor: Rishi Kapoor (Kapoor & Sons). Best Supporting Actress: Shabana Azmi (Neerja). Best Male Debut: Diljit Dosanjh (Udta Punjab). Best Female Debut: Ritika Singh (Saala Khadoos). Best Singer (male): Arijit Singh (Ae Dil Hai Mushkil). Best Singer (female): Neha Bhasin (Sultan). Best Music Director: Pritam (Ae Dil Hai Mushkil). Best Lyricist: Amitabh Bhattacharya (Ae Dil Hai Mushkil).

SpaceX’s Falcon 9 Rocket successfully places 10 satellites into orbit

US based rocket manufacturing company SpaceX successfully launched constellation of 10 satellites into orbit on board of its two stage Falcon 9 Rocket from the Vandenberg Air Force Base, California. The satellites were deployed into the designated to low-Earth orbit about an hour after launch. Besides, rocket’s first stag also landed upright on a so-called droneship in the Pacific Ocean south of Vandenberg. 

Key Facts 

The constellation of 10 satellites was launched as part of McLean, Virginia-based Iridium’s project to replace its existing network of satellites that provide global voice and data communications. This was SpaceX’s first launch since September 2016 accident of similar rocket on a Florida launch pad which exploded after its launch along with $200 million Israeli communications satellites Amos-6. 

About SpaceX 

SpaceX (Space Exploration Technologies Corporation) is aerospace manufacturer and space transport services company headquartered in Hawthorne, California, US. It was founded in 2002 by Elon Musk, CEO of Tesla Motors and former PayPal entrepreneur with the goal of creating the technologies to reduce space transportation costs and enable the colonization of Mars. SpaceX has developed the Falcon 1 and Falcon 9 launch vehicles, both designed to be reusable. It also has developed Dragon spacecraft to supply cargo to the International Space Station (ISS). It is also developing a manned version of Dragon is in development. SpaceX’s achievements: First privately funded, liquid-propellant rocket Falcon 1 to reach orbit in 2008. First privately funded company to successfully launch, orbit and recover a spacecraft (Dragon) in 2010. First private company to send a spacecraft (Dragon) to the ISS, in 2012. As of July 2016, it has flown nine missions to the ISS under a cargo resupply contract with NASA signed in 2006.

SEBI tightens merger norms

The Securities and Exchange Board of India (SEBI) has tightened rules for mergers and amalgamations by Indian companies in a bid to safeguard the interests of the public shareholders. The market regulator amended rules in an effort to make listing process more transparent and ensure wider public holding, prevent mergers of large unlisted firms with small ones. The new rules will ensure that all classes of shareholders get an equitable treatment during mergers and acquisitions. It will also stop practice using route of merger to get an indirect listing for an unlisted company. 

What new rules say? 

Holding of public shareholders post the merger cannot be less than 25%. Similar threshold must be for institutional shareholders of the unlisted entity as well, post-merger. Unlisted company can be merged with a listed company only if the latter is listed on a stock exchange having nationwide trading terminals. e-voting will be mandatory in cases wherein the stake of public shareholders reduces by more than 5% in the merged entity. In case of merger of an unlisted company with a listed company, the unlisted company will have to disclose all the material information in the form of an abridged prospectus, similar to initial public offering (IPO). Companies must follow the pricing formula for stocks as per SEBI’s ICDR (issue of capital and disclosure requirements) norms during mergers.

About Securities and Exchange Board of India (SEBI) 

SEBI is the statutory regulator for the securities market in India. It was established in 1988 and given statutory powers through the SEBI Act, 1992. Purpose: Protect the interests of investors in securities, promote the development of securities market and to regulate the securities market. SEBI has is responsive to needs of three groups, which constitute the market, issuers of securities, investors and market intermediaries. It has three functions: quasi-legislative (drafts regulations in its legislative capacity), quasi-judicial (passes rulings and orders in its judicial capacity) and quasi-executive (conducts investigation and enforcement action in its executive function).

NITI Aayog calls for review RTE Act

The National Institution for Transforming India (NITI) Aayog has called for a review of the provisions of the Right To Education (RTE) Act that stipulate children who do not perform well cannot be held back up to 8th Class. The RTE Act aims to provide primary education to all children aged 6 to 14 years. It stipulates that no child can be held back in a grade, regardless of his performance, all the way up to the 8th grade. This means that a child is entitled to an 8th grade diploma even if he cannot recognise a single letter or a number if he has spent eight years in school. 

Key Observations 

The government think tank pointed out that the purpose behind this provision in the Act was to minimise drop-out rate as demoralisation from failing a class may result children to withdraw from school altogether. However, despite good intention, the provision has a detrimental effect on learning outcomes, since it takes away the pressure to learn and to compete. So the NITI Aayog called revision of the RTE Act. The real problem is the quality of education as measurement by student achievements. The education quality trend between 2010 and 2014 has been worsening instead of improving performance. The Annual Status of Education Report (ASER) 2014 report, the proportion of children aged 6-14 years enrolled in school in rural areas has been above 96% for the past six years but more than 50% of the 5th graders cannot read second standard level text.

Ken-Betwa River linking project receives environment, forest & tribal clearances

The ambitious Ken-Betwa river linking project has received formal environment, forest and tribal clearances. The project aims at addressing water needs of dry swathes in Madhya Pradesh and Uttar Pradesh. The Union Ministry of Water Resources, River Development & Ganga Rejuvenation is working out the funding pattern with NITI Aayog. The Ministry is pursuing NITI Ayog to change its funding pattern of Centre state share from 60:40 to 90:10 for the project as it is a special project. 

Key Facts 

It is India’s first river interlinking project that will connect Ken river in Madhya Pradesh with the Betwa in Uttar Pradesh. The project was envisaged first in 1980 to transfer surplus river water to dry and arid areas of Bundelkhand region. It will help irrigate an area of 6.35 lakh hectares annually in Bundelkhand region. Of this, 3.69 lakh hectares will be covered in Madhya Pradesh’s Tikamgarh, Chattarpur and Panna districts. The remaining 2.65 lakh hectares of area falls in Uttar Pradesh’s Jhansi, Mahoba and Banda districts. The project is estimated to provide 49 million cubic metres (mcm) of drinking water to a population of 13.42 lakh in Bundelkhand region in the two states. Besides, it will also generate 78 mega watt (MW) of power.

Consulate General of India in Dubai announces launch of 'Diplomats Cricket Championship Cup'

Consulate General of India in Dubai has announced a launch of the 'Diplomats Cricket Championship Cup' in association with the Skyline University College, Sharjah, to promote sportsmanship, camaraderie, and harmonious relationship among the diplomatic missions of UAE.

Industrial production grows 5.7% in November 2016

Allaying fears of a slowdown following demonetization, the country's industrial production grew 5.7% in November 2016, compared to a contraction of 3.4% in November of the year 2015.Factory output measured in terms of the Index of Industrial Production, IIP, enhanced in November 2016 due to better performance of the manufacturing, electricity and capital goods sectors. 

Global unemployment to rise by 3.4 million in 2017: ILO

Global unemployment is expected to rise by 3.4 million in 2017 despite a likely modest pick-up in economic growth at 3.4% in 2017 and 3.6% in 2018, against a six-year low of 3.1% in 2016, says a new report by the International Labour Organisation. 

Second Scorpene class submarine INS Khanderi launched

INS Khanderi, the second Scorpene class submarine was launched at the Mazagon Dock Shipbuilders Limited (MDL) in Mumbai, Maharashtra. It is the second of the six submarines being built at MDL in collaboration with France’s DCNS as part of Project 75 of Indian Navy. 

About INS Khanderi 

It has been named Khanderi, after the Island fort of Maratha ruler Chhatrapati Shivaji which played had vital role in ensuring their supremacy at sea in late 17th century. Khanderi is also name for Tiger Shark. The state-of-the-art features include superior stealth and ability to launch a crippling attack on the enemy using precision guided weapon. The attack from it can be launched with torpedoes, as well as tube-launched anti-ship missiles, whilst on surface or underwater. The stealth features gives it invulnerability, unmatched by many submarines. The submarine is designed to operate in all theatres, including the tropics. All means and communications are provided to ensure interoperability with other components of a Naval task force. It can undertake multifarious types of missions typically undertaken by any modern submarine such as anti-submarine warfare, anti-surface warfare, intelligence gathering, area surveillance, mine laying etc. 

Background 

Under Project 75, six Scorpene submarines are being built with assistance and technology transfer from DCNS of France under deal signed in October 2005. The first of the series INS Kalvari is completing sea trials and will be commissioned shortly. The other four submarines are expected to be launched at nine-month intervals after the INS Khanderi. At Present, the Indian Navy operates only 13 conventionally powered submarines and two nuclear submarines.

Government releases draft Prevention of Cruelty to Animals (Dog Breeding and Marketing) Rules, 2016

The Union Ministry of Environment, Forest and Climate Change (MoEFCC) has released draft notification of Prevention of Cruelty to Animals (Dog Breeding and Marketing Rules), 2016. The objective of the Rules is to make dog breeders and their marketers accountable and to prevent infliction of any cruelty on dogs in this process. 

What is the issue? 

In recent times dog breeding and their marketing trade also mushroomed all around but with little or no accountability. This is for the first time Government has framed rules on the breeding, sale and purchase of dogs in the country. Earlier there were also no specific rules for mandatory registration of breeders and establishments and requirements to be met by such breeders. These rules have been framed in pursuance of Prevention of Cruelty to Animals (PCA) Act, 1960 to prevent infliction of unnecessary pain, or suffering on animals. 

Proposed Rules 

Mandatory for all dog breeders and dog breeding establishments to register themselves with the State Animal Welfare Board (SAWB). Defines the breeding requirements and conditions for sale. Defines the requirements such as health-related requirements, housing facilities, manner of housing dogs, conditions for sale, breeding, micro-chipping, vaccination etc. of dogs to be met by the breeders and establishments used for breeding. Allows SAWB inspector authorised to inspect the establishment. Mandatory for dog breeders to maintain proper records of both female and male dogs, their breed, number of litters, micro-chip number, sale, purchase, death, rehabilitation etc. Every dog breeder is required to submit yearly report to the SAWB regarding animals sold, bartered, traded, given away, exhibited during previous year or any other information asked for by the board. Non-compliance of the proposed Rules by will lead dog breeders and dog breeding establishments will result in cancellation of the registration of the dog breeder.

January 12: National Youth Day

The National Youth Day is observed every year on 12 January to mark the birth anniversary of social reformer, philosopher and thinker Swami Vivekananda. Observance of the day seeks to propagate the philosophy and the ideals of Swami Vivekananda for which he lived and worked. It will also help and act as a great source of inspiration for the Indian Youth. Several functions are being organised across the country to mark the occasion. To celebrate this day, the 21st National Youth Festival was held in Rohtak, Haryana. The theme this Festival was ‘Youth for Digital India’. 

About Swami Vivekananda 

Swami Vivekananda was born as Narendranath Dutta on 12 January 1863 and died on 4 July 1902. He and was chief disciple of the 19th century saint Ramakrishna Paramhamsa. He was one of the most prominent figures of India who introduced Indian philosophies of Vedanta and Yoga to the “Western” World. He is credited with raising interfaith awareness, bringing Hinduism to the status of a major world religion during the late 19th century. He is also considered as the major force in the revival of Hinduism in India, and contributed to the concept of nationalism in colonial India. He is best known for his speech which began, “Sisters and brothers of America …,” at the Parliament of the World’s Religions in Chicago in 1893 in which he introduced Hinduism. This speech was considered as one of his most significant contributions to the world and was a breakdown of the ancient philosophy of Hindusim, aided with logic and impeccable scientific insight.

World Cup: FIFA to expand competition to 48 teams

The Federation Internationale de Football Association (FIFA) has decided that the World Cup will be expanded to host 48 teams, up from 32. An initial stage of 16 groups of three teams will precede a knockout stage for the remaining 32 when the change is made for the 2026 tournament. The sport's world governing body voted unanimously in favour of the change at a meeting in Zurich. 

Railway minister launches new IRCTC app to promote digital ticketing

To promote ease of ticketing through digital transactions, railway minister Suresh Prabhu has released the new passenger mobile application named ‘IRCTC Rail Connect app’. Currently e-ticketing system caters to over 10 lakh passengers daily (comprising 58% of total reserved passengers). And to increase the ease to users, a new Android-based mobile application for reserved booking IRCTC Rail Connect has been developed 

Yana Kudryavtseva, 13-time gymnastics world champion, retires aged 19

Russian rhythmic gymnast Yana Kudryavtseva has retired from competition aged just 19, Kudryavtseva won 13 world championships from 2013 to 2015, making her the early favorite for the all-around gold medal at the Rio de Janeiro Olympics, but a foot fracture disrupted her preparations

Eight-year old Kashmiri boy Abbu Ammaz becomes national boxing champion

An eight-year-old boy from Jammu and Kashmir's Rajouri . Abbu Ammaz, has won the gold medal in Thai Boxing Championship at the national level ,a class 2 student was felicitated by the district authorities and the civil administration as well as by the police.

Haryana to set up Prarambh School for Teachers Education in Jhajjar

In Haryana, the State level Prarambh School for Teachers Education would be set up at village Silani in district Jhajjar over an area of 10 acres. Haryana Chief Minister, Mr. Manohar Lal who presided over the first meeting of the Governing Body of Prarambh School for Teachers Education, at Chandigarh stated that it would have all basic facilities. At present, it is being run in a school building and providing education to students of 15 states.

McDonald's sells China and Hong Kong operations to Citic,Carlyle group for $2.08 billion

US fast-food giant McDonald has announced to sell its businesses in mainland China and Hong Kong for $2.08 billion to Citic, a state-owned conglomerate, and the Carlyle Group, a private equity firm. Citic Limited, Citic Capital Holdings, Carlyle Group and McDonald's will form a company that will act as the franchisee responsible for the chain's business in mainland China and Hong Kong for 20 years.

Citic and Citic Capital will have a stake of 52%, Carlyle will take 28%, and McDonald's will hold 20% of the new company.

New Ginger species with medicinal properties discovered in Andamans

Scientists from Botanical Survey of India (BSI) have discovered a new species of Zingiber (commonly referred as ginger) from the Andaman and Nicobar Islands. The new species has been named as Zingiber pseudosquarrosum and belongs to genus Zingiber. It is used for its medicinal values by the local Particularly Vulnerable Tribal Groups (PVTGs) of the Andamans. 

Key Facts 

The pseudo stem of Zingiber pseudosquarrosum is red in colour. Its flowers are lotus shaped and have a vermilion tinge and dehisced fruit. This species has tuberous root and its inflorescence buds are urceolate in shape. The morphological features of this species make it distinct from other species belonging to the genus Zingiber. Like other species of Gingers, it is edible and can be propagated vegetatively from the rhizome. The new species possesses ethno-medicinal uses. The fresh extract (juice) of fleshy tuberous roots of this species is used to treat abdominal pain and anti-helminthic troubles by native tribal communities. 

Note 

There are 141 species of genus Zingiber distributed throughout tropical Asia, including China, Japan and tropical Australia. Of these, 20 are reported from India, which include seven ( including Zingiber pseudosquarrosum) from Andaman and Nicobar Islands. Species belonging to genera Zingiber are monocotyledonous flowering plants and their hizomes are widely used as a spice or a traditional medicine. Commonly used species of Zingiber are known for its aromatic smell is cultivated widely across India.