Major News and Events of 11 June 2015
What Happened on 11 June 2015
RBI Report shows Current Account Deficit during Jan-Mar Quarter Narrowed down to 0.2 Per cent of GDP
Rs 1,500-crore Nuclear Insurance Pool to be Launched Tomorrow
Computer Operating on Unique Moving Water Droplets Technique Developed by Indian Origin Scientist
Leander Paes' Men's Doubles Campaign at Topshelf Open Ends after Shock Defeat
Finance Minister to start his 10-Day US Visit on 16 June
Union Government cancels Removal of Principal Secretary Order by Delhi Government
PM Modi asks MoS Jitendra Singh to take Stock of Situation in Manipur after Neutralisation of Insurgents in Myanmar
Myanmar Operations: Countries Giving Shelter to Militants have Started Reacting, says Defence Minister
39.2 Per Cent Increase in Indirect Tax Collection in April-May 2015 Compared to Same period Last Year
World Bank's Global Economic Prospects Report shows India as the leader in Growth Chart of Major Economies
Indian National Congress found itself in a fix as information accessed under a petition filed under RTI Act revealed that during a meeting with the Union Government Chief Ministers belonging to Congress-ruled states (including Maharashtra, Manipur, Karnataka, and Kerala) wanted to water down three crucial amendments of Land Acquisition Amendment Bill. These three amendments, brought by the Narendra Modi government, on the clauses in UPA2’s Land Acquisition Bill are the provisions of return of unutilised land, study of social impact assessment, and consent clause. From the document received through the RTI, it is learnt that the CMs shared their piece of mind with the central government during a meeting called on 26 June 2014 by rural development ministry to understand response of the CMs of various Indian states.
Report published by Reserve Bank of India shows that the economy was successful in narrowing down the Current Account Deficit (CAD) to a miniscule 0.2 per cent of the GDP during the last quarter of 2014-15 (January-March), which is the lowest in the previous fiscal. The two reasons for such an outcome are robust foreign investment in India coupled with slump in global crude oil prices. The report also shows that Balance of Payment (BOP) remained positive during January-March quarter, which is the sixth consecutive quarter to report positive BOP (which stood at $30.1 billion during 2014-15). Many analysts are rather disappointed by the CAD figure as they expect crunch to be the same in the coming quarters as prospect of US Fed rate hike brightens along with increased selling by foreign investors.
Science and Technology
Senior official of GIC Re said that R K Sinha, Chairman of Atomic Energy Commission, will launch the long-awaited proposed Rs 1,500-crore Nuclear Insurance Pool tomorrow (on June 12) and the government will provide the committed Rs. 600 crore to the pool. The remaining contribution of Rs. 450 crore has already being done by the four state owned general insurance (non-life) companies, Rs. 300 crore by GIC Re, and Rs. 150 crore by 7 private companies (including Reliance General, Tata AIG, and ICICI Lombard who have already committed). K K Mishra, Chief Executive of Tata AIG General Insurance, has said that they are among the few private companies who are making contribution to the Nuclear Insurance Pool so that it helps in nation building by providing cover for the hot zones of all the ten nuclear power plants in India.
Science and Technology
Indian born scientist Manu Prakash, along with his team of scientists, has been successful in developing a unique computer that operates on the basis of physics behind water droplets movement. Prakash is a bioengineering professor at Stanford University currently and he came up with the idea of developing this unique computer around 10 years back when he was just a graduate student. Reports say that Manu Prakash has been successful in manipulating dynamics of droplet fluid along with an operating clock, the fundamental element of computer science. The Indian born scientist said that in their work they have been successful in demonstrating “synchronous, universal droplet logic and control”. He went on to say that their goal is not to compete with the digitally-run computers but to come up with a new class of computers that can manipulate and control physical matter in the same way.
Second seeded Leander Paes and Daniel Nestor duo crashed out of Euro 604,155 ATP Topshelf Open as they suffered an unexpected shock defeat in the quarter final match against the French duo Nicolas Mahut and Pierre-Hugues Herbert. The match at Rosmalen’s grass courts of Autotron Park lasted 1 hour and 25 minutes. The final score was 4-6 6-7(7). Surprisingly, Leander-Nestor pair got four break chances but was unable to convert any one of those in their favour. They got three break chances in the first set itself but the French pair converted the only break they got in the first set to close the set at 6-4 in their favour. The 2nd set rolled to the tie breaker and the Nicolas-Herbert duo was successful in breaking Indo-Canadian pair’s serve to seal the fate of the second at final set at 6-7(7).
Union Finance Minister Arun Jaitley is all set to start his 10-day US visit on 16 June. During his visit he will travel to New York first, followed by Washington and San Francisco. The US tour will end on 25 June. Sources say that this is going to be a crucial tour because he will meet US Treasury Secretary and also talk to foreign investors as well as FIIs (Foreign Institutional Investors). Reports say that in New York he will have interaction with the officials of New York exchange, followed by addresses in two American institutes and meet FIIs. Jaitley will then fly to Washington to meet Jacob Lew (US Treasury Secretary). His third stopover will be San Francisco, where he will have round table discussion with US-India Business Council members.
Union Government has upped its ante against Arvind Kejriwal-led Delhi Government by cancelling the latter’s order of removing Dharampal from the position of Principal Secretary for Home. In fact, it was Dharampal who appointed Mukesh Meena as the new chief of Delhi’s Anti Corruption Branch (ACB). While conveying the decision, Ministry of Home Affairs said that it is their prerogative of appointing or transferring officials. The note of contention started when Delhi Vigilance Director formally wrote to newly appointed ACB chief Mukesh Meena (appointment done on the instruction of Lieutenant Governor of Delhi, Najeeb Jung) asking him not to assume responsibility of the post as the same is already occupied. Just after this written communiqué, Delhi L-G Najeeb Jung shot back by saying the Vigilance Director has no authority to tell Meena whether to join ACB or return back to his earlier position of Delhi Police.
Prime Minister Narendra Modi has asked MoS in Prime Minister's Office Jitendra Singh to visit Manipur and take stock of the situation there after the Myanmar operation was carried out in retaliation to the militant attack on Indian Army which killed 18 Indian soldiers and injured 11 others. Sources say that Jitendra Singh will also visit two other north Eastern states –Arunachal Pradesh and Nagaland – as intelligence reports say that militant activities in those places have also increased in the last few months. It is learnt that proximity of these north eastern states to Indo-China border is another reason for taking stock of the high-level visit. Reports say that National Security Advisor Ajit Doval is going to visit Nagaland and Arunachal Pradesh after having discussion with Myanmar on possible “joint actions” on militant groups.
Union Defence Minister Manohar Parrikar has said that the successful covert operation of Indian Army, supported by Indian Air Force, has led to a sea change in the mindset towards security scenario, which will help in ushering in the actual change on the same. Parrikar also took a dig at Pakistan by saying that the countries who are giving shelter to militants and terrorists have started reacting. The reaction comes after a Pakistani minister Nisar Ali Khan said that "Pakistan is not like Myanmar", which came in response to Union minister Rajyavardhan Singh Rathore's comment where he asked other countries with militant intents to take note of Indian military’s action. Meanwhile, Myanmar has claimed that Indian Army carried out the operation in Indian soil, which is in sharp contrast of Indian government’s claims. However, India maintains its previous stand.
Union Finance Minister Arun Jaitley announced that Indirect tax collection has increased phenomenally (by 39.2 per cent) during April-May 2015 in comparison to same period last year. He said that in the 2015-16 fiscal, indirect tax collection (including service tax, central excise, and customs) has shown promising upward trend. While maximum rise has been witnessed in April 2015, May 2015 witnessed 37.3 per cent growth. Jaitley also said that the major reason of this phenomenal rise in indirect tax collection is from the additional cess imposed on petroleum products such as petrol and diesel along with clean energy cess. He went on to add that indirect tax collection increase would be 12.6 per cent for April-may 2015 and 16.9 per cent in May 2015, even if tax collection from the additional sectors are excluded.
Senior Vice President and Chief Economist of World Bank, Kaushik Basu, said after the release of the latest Global Economic Prospects report that India tops the list of major economies having highest growth rate. India’s growth rate this year is expected to be 7.5 per cent. The official figures of World Bank show that in terms of growth rate India may overtake China officially as the latter is expected to grow at 7.1 per cent this year. The report also points out that developing economies as a whole are expected to grow at a rate of 4.4 per cent in 2015, followed by 5.2 per cent in 2016, and 5.4 per cent in 2017. Basu went on to caution emerging economies of rocky roads ahead with strengthening US dollar coupled with tightening US monetary policy in the coming days. He advised them to “fasten seat belts”.