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Weekly Current Affairs update

For the Week March 6 to 12, 2011

Major news of the week

Section A: INDIA

Planning Commission calls for universalisation of healthcare Committee on Urban Infrastructure submits report ‘Sanchar Shakti’ project launched Committee reviews Marriage Laws (Amendment) Bill, 2010 Union Cabinet approves plan to tackle piracy threats DRDO interceptor missile test successful Dhanush, Prithvi-II test-fired successfully Legal Information Institute (LII) of India launched ‘e-commerce’ portal of India Post launched New Committee to clear clinical trials set up U.S.-India Defence Policy Group meets Bharadwaj resigns as Chairman of Dispute Resolution Panel ICCR president Karan Singh’s book released India’s Ambassador to Turkey passes away Baliram Kashyap passes away

Section B: WORLD

Massive quake rocks Japan UNICEF unveils Humanitarian Action for Children Report UN Women launches scheme for widows’ welfare Discovery returns from its last flight France recognises Libyan opposition Tunisia court dissolves ousted president’s party New Egyptian cabinet takes oath of office Thai PM to dissolve parliament by May US Senate approves America Invents Act Illinois becomes 16th US state to abolish death penalty World Kidney Day observed The Dalai Lama to abdicate political authority Enda Kenny to take over as new Prime Minister of Ireland President Saleh to switch to ‘parliamentary system’ in Yemen Nelson Mandela 46664 charity to launch fashion label Morocco’s King Mohammed pledges constitutional reform Trial of Liberian ex-President Taylor for war crimes concludes Court upholds sacking of Grameen founder Yunus Che’s motorcycle companion passes away

Section C: AWARDS

‘Open’ magazine journalist wins Chameli Devi award Vishwanath Prasad Tiwari selected for Vyas Samman Stree Shakti Puraskars presented Roza Otunbayeva wins Women of Courage award

Bruce Davidson to receive World Photography award Late B G Shirke conferred Vishwakarma Achievement award BRPSE turnaround awards conferred MIT magazine to honour Indians innovators Asian Paints' P M Murty is Business Standard CEO of the Year

Section D: ECONOMY & CORPORATE

Pranab Mukherjee unveils financial inclusion targets Competition Act provisions notified 50th Public Enterprises Survey released ‘Public sector has a higher share in Contract Labour’-Study Per capita availability of water in the country declines Allocation under MPLAD Scheme increased Interest subvention scheme extended to cover fishermen Capital spend on health, education to be accorded infra-status Goa's Per Capita Income Highest, Bihar's Lowest Per capita income at Rs 46,492 in 2009-10 Foodgrain production target for 2010-11 at 244.5 mt 'Farm output to rise 3.8% in 2011-12' – CMIE South has 79 of 130 functional SEZs ‘Foreign banks' headcount down over 6%’ – RBI RBI forms panel to rework NBFC rules AMFI appoints HDFC MF's Milind Barve as chairman Coal shortfall pegged at 269 mt by 2021-22 NALCO is the first PSU to introduce ESOPs India and Brazil sign air services agreement Indian firms buy overseas mining assets of $4.64 bn in 2010 No. of tobacco users in India is 274.9 million Govt reconstitutes EGoM on fuel Pioneer bags contract to publish Rail Bandhu 9% women in senior mgmt. level positions in India HP to contribute $1 mn to Education Innovation Fund Apple is World's Most Admired Company – Fortune Carlos Slim is world’s richest person – Forbes Pradeep Jain is new Chairman of Real Estate Association Shantanu Narayen in Obama’s Management Advisory Board Rajat Gupta leaves New Silk Route Partners

Section E: SPORTS

North Zone wins Deodhar Trophy Cricket Yuvraj Singh to lead Pune Warriors Gautam Gambhir named captain of Kolkata Knight Riders


India lose to Serbia, exit Davis Cup World Group Ghosh, Mondal win Indo-Bhutan Car Rally


Section A: INDIA

Planning Commission calls for universalisation of healthcare

Expert Group’s Prescription Primary and secondary healthcare should be publicly

funded and cashless Private sector can provide tertiary healthcare subject to

strict regulation User fees not successful in raising resources Tax revenues should be the preferred option for

mobilising funds Health insurance should cover tertiary care which

should be cashless Public spending on health should reach 3-4% of GDP

by 2017 Govt. healthcare schemes such as RSBY ―financially

unsustainable State-owned drug cos should be revived Share of foreign players should be brought down to less

than 49% Strict price control on all essential drugs should be

enforced

A high-level expert group set up by the Planning Commission has called for universalisation of healthcare and recommended that preventive, primary and secondary healthcare be publicly funded and made cashless. For tertiary healthcare, the expert group said the private sector can be roped in, but within a strict regulatory and contracting framework to keep costs in check and safeguard consumer interests.

The group, chaired by K Srinath Reddy, president of Public Health Foundation of India, and including National Advisory Council member A K Shiva Kumar, said taxes should be the preferred option for mobilising funds, with contributory social health insurance supplementing tax revenues. The group said that user fees, even with exemptions to the poor, were not successful in raising resources and did not help in improving quality and access to healthcare.

In India, primary healthcare means vaccination and basic check-ups. Secondary healthcare is about diagnosis and treatment of most simple diseases. Tertiary healthcare is essentially treatment of complex diseases (or simple diseases that get complicated) provided by super-specialty hospitals such as AIIMS, or large hospital chains like Apollo or Max.

The funding mechanism for tertiary care, the group said, could be through a ―single payer system‖ under which a

public health insurance agency would act as a single window to collect funds and disburse payments for healthcare services. The hospitals and doctors, who could be private providers, would be reimbursed directly through this system. For end-users, even tertiary care should be cashless, it said in its report submitted in March 2011.

The group has pointed out that public spending on health is currently just 1.1 per cent of GDP, and wants the government to step it up to 3-4 per cent by 2017. ―Central funds need to be prioritised for providing primary and secondary medicare nationwide. There is a need to earmark 70-75 per cent of public spending for primary care,‖ the group said.

Justifying its demand for a sharp increase in public spending, the group noted that 47 per cent of hospitalisation in rural areas and 31 per cent in urban areas were financed by ―loans and sale of assets‖. It said 28 per cent of ailments in rural areas and 20 per cent in urban areas went untreated due to financial reasons. ―Only 10 per cent of households in the country had at least one member covered by medical insurance,‖ it said.

The medical insurance sector in the country is ―weak and fragmented‖, and benefits of insurance accrue only to a privileged few, the group said. ―The government-sponsored catastrophic medical insurance for the poor is financially unviable, while the private medical insurance market is imperfect.‖ The group warned against adopting the US model of private insurance-backed healthcare, but was simultaneously critical of the Centre‘s Rashtriya Swasthya Bima Yojana and Andhra Pradesh‘s Arogyashri schemes, which it said appeared to be ―financially unsustainable‖.

It called for reviving state-owned drug companies by infusing capital and providing them autonomy. It also wanted the government to revisit the FDI rules to bring down the share of foreign players to less than 49 per cent. It demanded pervasive price control on all essential drugs, especially in the post-patent regime, weeding out of ―irrational drugs‖, and strengthening the drug regulatory mechanism.

Expert committee on Urban Infrastructure and Services submits report

Urban prescription Needs of urban poor must be addressed for better

management of urbanisation


Creation of urban infrastructure and its proper maintenance crucial for better delivery of urban services

Municipal entities need to be empowered to levy taxes and user charges for funding

A unified command under a mayor for improving governance

A New Improved JNNURM (NIJNNURM) with enhanced should be introduced

India‘s economic growth momentum can be sustained only if urbanisation is actively facilitated, according to a recent report prepared by the High Powered Expert Committee on Urban Infrastructure which submitted its report to the Minister of Urban Development Kamal Nath and the Minister of Housing and Urban Poverty Alleviation Kumari Selja in New Delhi on March 7, 2011. The Committee, which was chaired by economist Dr Isher Ahluwalia and included as Members, Nasser Munjee, Dr Nachiket Mor, Dr M Vijayanunni, Sudhir Mankad, Dr Rajiv Lall, Hari Sankaran, Ramesh Ramanathan, Prof Om Prakash Mathur and P.K. Srivastava, made a presentation to the two Ministers at Nirman Bhavan.

The Committee has emphasized that India‘s economic growth momentum cannot be sustained if urbanisation is not actively facilitated nor can urban poverty be effectively addressed if the needs of the urban poor are isolated from the broader challenges of managing urbanisation. The Committee has stated that cities will have to become the engines of national development. The fortunes of the agricultural sector are also crucially linked to the development of markets for agriculture which will be enhanced by urban expansion.

Noting that the urban population is expected to increase from about 350 million in 2010 to 600 million in 2031, the Committee has estimated that urban infrastructure will require a total investment of Rs 39.2 lakh crore over the next 20 years, with Rs 17.3 lakh crore for urban roads, Rs 8 lakh crore for sectors delivering urban services such as water supply, sewerage, solid waste management, and storm water drains, Rs 4 lakh crore for renewal and redevelopment including slums, etc. The Committee has emphasised the importance of maintaining these assets if the investments are to make a durable impact on service delivery.

Highlighting the need for a comprehensive framework of urban policy and planning, the committee has recommended increasing the investment in urban infrastructure from 0.7 per cent of the gross domestic product (GDP) in 2011-12 to 1.1 per cent by 2031-32.

Financing the large sums required to meet the investment needs of urban infrastructure is crucially dependent on the

reform of institutions and the capacity of those who run the institutions for service delivery and revenue generation. Municipal entities need to be strengthened as local governments with their ‛own‘ sources of revenue and predictable formula-based transfers from state governments. The committee called for better governance structures, strong political and administrative will to collect taxes and user charges, and improved capacity to deliver. A unified command under a mayor has been recommended for improving the governance of cities and towns.

The Jawaharlal Nehru National Urban Renewal Mission (JNNURM) has initiated change in the urban landscape of the country and some good examples are emerging. However, much more needs to be done for building capacity of the municipal bodies and pushing implementation of reforms. Learning from the implementation of the present Mission, the Committee recommends a New Improved JNNURM (NIJNNURM) with a clear focus on capacity building and a programmatic approach, which will be open to all cities and towns and will cater to the varying needs of municipal corporations, municipalities and nagar panchayats. The Committee recommends that the scale of the Mission be expanded from the current 0.1 per cent of GDP to 0.25 per cent of GDP every year, and the new Mission should be a 20-year Mission beginning 2012-13.

‘Sanchar Shakti’ project launched

‗Sanchar Shakti‘ project of the Department of Telecommunications was launched by President Pratibha Patil on March 7, 2011. The project is a suite of mobile value-added services (VAS) to provide a variety of useful information to women and women‘s self-help groups about government schemes and health and social issues, besides inputs related to and training in livelihood, over the mobile phone. Financed by the Universal Service Obligation Funds (USOFs), the scheme envisages empowering women, especially in rural areas, with the help of NGOs and other national and international organisations working for the uplift of women.

Sanchar Shakti envisages bringing together the combined efforts and contributions of Department of Telecommunication (DoT), Universal Service Obligation Fund (USOF), mobile and Mobile Value Added Service Providers, Telecom Equipment Manufacturers and their partner NGOs to use ICT (Information & Communication Technologies) to empower rural women. NABARD and U.N Women have also been involved in the development of this scheme.

The Sanchar Shakti scheme includes four categories of projects aimed at rural women‘s SHGs:


a) Provision of subsidized mobile VAS subscription to SHGs with a service validity/warranty of at least one year b) Setting up of SHG run mobile repair centers in rural areas c) Setting up of SHG run modem repair centers in rural areas d) Setting up of SHG run solar based mobile/CDMA FWT charging centers in rural areas Under the mobile VAS project category, seven pilot projects will be initiated in the different parts of India. The projects are aimed at the facilitating women‘s SHGs‘ access to ICT enabled services and creation of employment opportunities in the area of ICT enabling services. About 15,000 SHG members are expected to benefit from these initial mobile VAS pilot projects. The Lead Executing Agencies involved in the project are: Tata Tele Services Ltd (Uttar Pradesh), Sasken Communication Technologies Ltd (Tamil Nadu and Kerala), Reuters Market Light (Maharashtra, Uttarakhand), Unitech Wireless (Tamil Nadu), Videocon Telecommunications Ltd (Tamil Nadu and Puducherry), Vodafone Essar South Ltd (Andhra Pradesh). The mobile VAS projects would focus on providing the women SHG members with a bundle of informational inputs which are pertinent to their livelihood/entrepreneurial activities and lifestyles. This would comprise information related to markets and financial products, skill enhancement, health, social issues and Government schemes. The mode of delivery would include short messaging service (SMS) and interactive voice response systems (IVRS). The content and its delivery will be specially customized for the SHG members keeping in mind aspects of socio-cultural background, literacy, language and gender sensitivity. Training and facilitation and monitoring and evaluation would form an integral part of the projects which shall be completed by Jun-July 2012.

The Universal Service Obligation Fund of India came into being with retrospective effect from April 01, 2002 with the passing of the Indian Telegraph (Amendment) Act 2003, in December 2003. The Fund which is headed by the Administrator, USOF has a mandate of providing access to Telegraph (Telecommunications) Services to people in rural and remote areas at reasonable and affordable prices.

DRDO interceptor missile test successful

India on March 6, 2011 conducted another successful test of its ballistic missile defence system when it successfully destroyed an ―attacker‖ ballistic missile with an interceptor missile, over the Bay of Bengal off Orissa coast.

At about 9.32 am, DRDO scientists launched a target ―attacker‖ missile from launch pad P-3 from Interim Test

Range in Chandipur in Balasore district mimicking an enemy missile. As the ―attacker‖ missile reached a height of 120 km, the interceptor missile, known as Advanced Air Defence (AAD) missile, blasted off at 9.37 a.m from Wheeler Island, 70 km away, zeroed in on to the target and destroyed it over the Bay of Bengal. The AAD hit the ―attacker‖ at an altitude of 16 km above the ground, blasting it into two pieces.

The trial was important as the ―attacker‖ missile had a manoeuvrable trajectory and tried to dodge the interceptor from homing in on it. Long Range Tracking Radars located at Konark and Multi-Functional Fire Control Radar at Paradip tracked the enemy missile and passed on the information to Mission Control Centre (MCC). The MCC relayed the impact point and assigned the AAD battery to launch the interceptor.

Besides this successful test, the DRDO has so far successfully tested its interceptor missile four times – July 26, 2010, November 27, 2006, December 6, 2007 and March 6, 2009. DRDO officials said the entire mission went off in a copybook fashion and the trajectories of the both the missiles followed the pre-designated paths. Avinash Chander, director of Advanced Systems Laboratory of DRDO, said with this launch India has moved closer to the stage of having a credible ballistic missile defence system.

Parliamentary Committee reviews Marriage Laws (Amendment) Bill, 2010

The Department related Committee on the Ministry of Personnel, Public Grievances and Law and Justice, — headed by Congress Member of Parliament Jayanthi Natarajan, — while being in favour of the introduction of ‗irretrievable breakdown of marriage‘ as a new grounds for grant of divorce in the Hindu Marriage Act and Special Marriage Act, has suggested that some vital social issues should be addressed before this was put in place. Though the Committee, which went into the Marriage Laws (Amendment) Bill, 2010, was in agreement with the rationale behind the Bill, it was of the view that since some of its clauses had vital implications, it must be reviewed. It stated so in its report on the Bill submitted to Parliament in

Committee’s suggestions

Some clauses need to be reviewed The phrase ―irretrievable breakdown of marriage‖

should be defined 6-month waiting period before divorce should stay The term ―grave financial hardship‖ should be defined Adopted children should also be covered Women's share in matrimonial property should be

spelt out


March 2011. The Bill, after its introduction in the Rajya Sabha in August 2010, had been sent to the Committee for feedback.

The Committee recommended that the Bill should provide for some safeguards so that the new grounds for divorce was not misused. It wanted the government to consider defining the phrase ―irretrievable breakdown of marriage‖ in the Bill so that uniform standards were followed by the courts in dealing with divorce petitions.

On the provision for doing away with the six-month waiting period before moving a joint motion in the case of divorce by mutual consent, it said: ―The Committee is of the view that the existing provisions of [the] law for divorce by mutual consent are fair and reasonable and that the prevailing cooling-off period be retained so as to protect and preserve the institution of marriage.‖ The Committee said that during its deliberations it did not come across any view expressing hardship over the existing provisions providing for a cooling-off period in the case of divorce by mutual consent.

On the protection of the rights of wife and children, the Committee recommended that the term ―grave financial hardship‖ be defined so that there was less ambiguity, and wanted the provisions in the Bill to be further reviewed so that the interests of women, during divorce proceedings, were better safeguarded.

The Committee wanted adopted children to be covered too, pointing out that the proposed Bill covered only those children ―who are born out of the marriage, thereby leaving out the case of adopted children‖.

The Committee wanted the government to make adequate provisions in the Matrimonial Law to ensure that the courts, while adjudicating on divorce petitions, also decided upon women‘s share in the matrimonial property so that they were not deprived of the assets/properties toward which they had contributed during the continuance of marriage.

Union Cabinet approves plan to tackle piracy threats: The Cabinet Committee (CCS) on Security on

March 11, 2011 approved a series of measures to address various aspects of conducting anti-piracy operations in the Gulf of Aden and off the Coast of Somalia. As part of the move, an inter-ministerial group, headed by the Cabinet Secretary, K.M. Chandrashekhar would be set up. The group will act as an apex forum at the government level to monitor the early release of Indian ships or cargo or crew. External affairs minister, S.M. Krishna said that the CCS-approved policy would change standard operating procedures for the Navy‘s activities with the Navies of

friendly foreign countries. This would mean deployment of more Indian Navy ships in the region. Meanwhile, the Indian National Shipowners Association (INSA) has requested the government to grant approval to have armed guards, preferably Navy personnel, on-board its ships to deter piracy which has risen alarmingly in recent months.

Dhanush, Prithvi-II test-fired successfully:

Strengthening its missile prowess, India on March 11, 2011 successfully test-fired two, nuclear-capable Dhanush and Prithvi-II ballistic missiles, both having 350 km strike range, from separate locations off the Orissa coast. While Dhanush was flight tested from Naval Vessel INS Suvarna in the Bay of Bengal, Prithivi-II was test-fired from the Chandipur Integrated Test Range. The Indian tests took place shortly after Pakistan successfully test-fired the short-range surface-to-surface nuclear-capable Hatf-II or Abdali missile, which has a range of 180 km.

Legal Information Institute (LII) of India launched:

Union Law Minister Veerappa Moily on March 9, 2011 launched the ‗Legal Information Institute (LII) of India,‘ an online portal that comprises 108 legal databases covering all States, Union Territories and Central government jurisdictions. LII of India, a joint project developed by leading Australian and Indian legal education institutions, draws on the framework of online public libraries that offer free and open access to legal information. It is also integrated with other similar collaborations like the World, Commonwealth and Australasian Legal Information Institutes and features tools like LawCite, an international citatory which automatically tracks citations of over 5.5 million decisions, to show the citation history of Indian cases, law journal articles and treaties from both within India and outside. The database can be accessed online at www.liiofindia.org.

‘e-commerce’ portal of India Post launched: ‗e-post

office,‘ the e-commerce portal of India Post that will provide various postal services online, was launched by Union Communications and Information Technology Minister Kapil Sibal on March 9, 2011. Initially this portal would provide electronic money order, instant money order, philatelic stamps, postal information, tracking of express and international shipments, PIN code search, and registration of feedback and complaints online. The portal will enable the customers to transact postal business any time and from anywhere using either debit card or credit card through the medium of internet.

New Committee to clear clinical trials: In a bid to

tighten the regulatory control over cell-based therapies taking place in the country, the office of the Drugs Controller


General of India has set up a new committee of experts to clear the clinical trial programmes related to cell research. The committee, chaired by V M Katoch, secretary, Department of Health Research, will be in charge of clearing all experimental therapies involving tissue transplants and stem cell interventions. A Frost & Sullivan study estimates the market potential for stem cell-based therapies alone at $540 million in India. The move comes in the backdrop of increased interest among clinical practitioners to try out cell-based therapies for cardiac aliments, spinal injuries, neuro-disorders among others. All major private hospitals such as Apollo, Fortis, Medanta, L. V. Prasad Hospital have initiated cell based therapy programmes. The move will also be the first step before the government can crack down on illegal trials and unsubstantiated therapeutic claims using cell therapies.

U.S.-India Defence Policy Group meets: The 11th

U.S.-India Defence Policy Group (DPG) met in Washington during March 3-4, 2011 for extensive discussion on strengthening bilateral defence ties, particularly in the areas of maritime security, counter-terrorism, disaster relief, and personnel exchanges. The meetings were co-chaired by Pradeep Kumar, Defence Secretary, government of India and Michelle Flournoy, Under Secretary of Defence for Policy. Kumar also met William Burns, Under Secretary of State for Political Affairs, and William Lynn, Deputy Secretary of Defence.

Karnataka Governor resigns as chairman of Centre for Alternative Dispute Resolution: Karnataka

Governor H R Bhardwaj on March 12, 2011 resigned as chairman of International Centre for Alternative Dispute Resolution after holding the post for 16 years since its inception in the wake of a office of profit controversy. ICADR, established in 1995, is a Delhi headquartered organisation under the aegis of the law ministry, with regional centres at Hyderabad and Bangalore. It came into existence when Bhardwaj was law minister in the P V Narasimha Rao ministry and he was chairman of the body. Bhardwaj had come under criticism from some quarters,

including some constitutional experts,for holding two offices, attracting the office of profit clause as ICADR receives Rs 11 crore grants from the Centre annually.

ICCR president Karan Singh’s book released: Prime

Minister Manmohan Singh released ‗Kashmir and Beyond: 1966-84,‘ a book by Indian Council for Cultural Relations (ICCR) President Karan Singh on the occasion of the latter‘s 80

th birthday in New Delhi on March 9, 2011. The book is a

compilation of letters written by Dr. Karan Singh and Indira Gandhi to each other on the Indo-Pakistan war of 1971, the Emergency and other burning issues of the time. A DVD of a film on Dr. Karan Singh‘s philosophy titled ―I Believe: Universal Values for a Global Society‖ was also released on the occasion.

India’s Ambassador to Turkey passes away: Senior

diplomat Raminder Singh Jassal passed away on March 11, 2011 in Turkey where he was posted as Ambassador since 2008. A 1976-batch IFS officer, Jassal had served as Ambassador to Israel and Deputy Chief of Mission in Washington. He was a member of the Indian negotiating team for the Indo- U.S. civil nuclear deal. He had served as Joint Secretary in the External Publicity Division of the Ministry of External Affairs from 1999 to 2001, and was at the forefront of communicating India‘s position during the Kargil conflict in 1999.

Baliram Kashyap passes away: Baliram Kashyap,

veteran parliamentarian and the man who prepared saffron ground in the red zone, passed away in Raipur on March 11, 2011. He was 75 and was representing Naxal-infested Bastar Lok Sabha constituency as Bharatiya Janata Party (BJP) member. Kashyap was first elected to the Lok Sabha in 1998 and represented the constituency since then for the fourth consecutive term. Starting his career as school teacher in a remote area of Bastar, Kashyap quit his job to join politics. He was first elected as MLA from Jagdalpur. He later contested election from Bhanpuri assembly segment and never lost election till 1993. He twice served as minister in the erstwhile Madhya Pradesh in 1977 and 1991.


Section B: WORLD News round up

Massive quake rocks Japan

The biggest earthquake on record to hit Japan rocked the northeast coast on March 11, 2011, triggering a 10-metre tsunami that killed hundreds of people and swept away everything in its path, including houses, ships and cars. A tsunami warning was issued for almost the entire Pacific basin. Up to 300 bodies were found in the coastal city of Sendai. The extent of the destruction along a lengthy stretch of coastline suggested the death toll could rise significantly.

Some 3,000 residents living near a nuclear plant in Fukushima prefecture, north of Tokyo, were told to evacuate but the government said there was no radiation leak. It said the evacuation was a precaution after a reactor cooling malfunction.

Other nuclear power plants and oil refineries were shut down after the 8.9 magnitude quake, while one refinery was ablaze. An explosion hit a petrochemical complex in Miyagi prefecture after the quake.

The quake, the most powerful since Japan started keeping records 140 years ago, sparked at least 80 fires in towns along the coast. The quake, the most powerful since Japan started keeping records 140 years ago, sparked at least 80 fires in cities and towns along the coast, Kyodo news agency said. A ship carrying 100 people had been swept away by the tsunami, Kyodo said.

One train was unaccounted for. Stunning TV footage showed a muddy wall of water carrying cars and wrecked homes at high speed across farmland near Sendai, home to one million people and which lies 300 km north east of Tokyo. Ships had been flung onto a harbour wharf, where they lay helplessly on their side.

The tsunami alerts revived memories of the giant waves which struck Asia in 2004. The Pacific Tsunami Warning Centre issued alerts for countries to the west and across the Pacific as far away as Colombia and Peru. The earthquake was the fifth most powerful to hit the world in the past century.

Follow-up Engineers in Japan are working to prevent a nuclear catastrophe at a power plant damaged by the huge earthquake that struck on March 11. At Fukushima 1, more than 200km (124 miles) north-east of Tokyo, crews have been pumping sea water into two reactors in a last-ditch effort to control their temperatures and stop a meltdown

Japan‘s central bank has injected a record 7 trillion yen ($85.5bn) into money markets and the Tokyo stock market plummeted on the first business day since the earthquake

Japanese Prime Minister Naoto Kan has called on his country to unite and rebuild as it struggles to cope with the devastation caused by the earthquake and tsunami. He said Japan was facing its worst crisis since World War II

Food, water and fuel are reported to be running short in some parts of Japan and, as large swathes of the country remain without power, the government is beginning a programme of rolling electricity blackouts

Police say more than 10,000 people may have lost their lives in one of the worst affected regions, the northern

coastal area of Miyagi. Huge numbers of survivors are gathered in emergency shelters, some with no heat


What causes Tsunamis? Tsunamis are caused by earthquakes at sea. Earthquakes happen when the plates that make up the Earth‘s surface suddenly move against each other.

A tsunami forms when energy from an earthquake vertically jolts the seabed by several metres, displacing hundreds of cubic kilometres of water.

Large waves begin moving through the ocean, away from the earthquake‘s epicentre.

In deep water, the tsunami moves at great speeds. When it reaches shallow water near coastal areas, the tsunami slows but increases in height.

In the devastating tsunami of December 2004, many coastal areas in the Indian Ocean had almost no warning of the approaching tsunami. The only sign came just before it struck, when the waterline suddenly retreated, exposing hundreds of metres of beach and seabed.

THE WORST QUAKES IN HISTORY

1. Valdivia, Chile, March 22, 1960 (magnitude of 9.5)

3. Sumatra, Indonesia, December 26, 2004 (9.1)

5. Arica, Chile (then Peru), August 13, 1868 (9.0)

2. Prince William Sound, Alaska, USA, March 27, 1964 (9.2)

4. Kamchatka, Russia, November 4, 1952 (9.0)

6. Sendai, Japan, March 11, 2011 (8.9)

Can nuclear plants withstand quakes? Will a nuclear reactor explode like an atom bomb? This question must have loomed large in the minds of everyone who watched Tsunami waves engulf the Japanese urbanscape on March 11, 2011. An atomic bomb uses 100 per cent U235 or Pu239 whereas in the reactors it is either natural Uranium which contains only 0.7% U235 or enriched Uranium of 1.5% to 4.5% enrichment that are used.

Various controls are put in place to ensure that the power generated is within its capacity at all times. The fear that a nuclear reactor can explode during an earthquake is not misplaced given the huge amount of radioactive material.

To avoid this, reactors are usually located far away from an earthquake-prone area and are designed in such a way that they can withstand the impact to some reasonable level.

During a tsunami, how can one ensure that the spread of radioactivity is contained at the nuclear site? The immediate step is to close down the reactor. By inserting cadmium rods into the fuel base, the chain reaction is immediately brought

to an end. But it will be some hours before the temperature of the fuel rods as well as the cooling system dips.

Depending on the size of the reactor, this period could be anywhere between a couple of days to a week. But these steps do reduce the possibility of blast from external effects.

The double shield container type structure of the reactor also helps protect it. In case of an eventuality, nuclear fuel is trapped in the first shield and there is little chance for it to escape through the second shield.

The design has been conceived anticipating such natural calamities. Japanese reactors surely have such designs. But then, a tsunami of this magnitude still poses a danger as the safety parameters are drawn up on the basis of Richter Scale readings and not the height of Tsunami waves.

UNICEF unveils Humanitarian Action for Children Report, 2011

The United Nations Children‘s Fund (UNICEF) on March 6, 2011 released the Humanitarian Action for Children Report, 2011, requesting $1.4 billion in its appeal to donors to assist children and women caught in the throes of crises. The report highlights 32 countries and emphasizes the increasing importance of strengthening the resilience of communities.

The world witnessed overpowering humanitarian crises in 2010: flooding in Pakistan submerged one-fifth of the country; the earthquake in Haiti claimed over 200,000 lives and displaced millions; the parched earth and lack of food across the Sahel continues to threaten hundreds of thousands of children with acute malnutrition. These emergencies claim the headlines, but there are many more lesser-reported crises affecting the lives of children and families, the report points out.

Around the world, drought, famine, violent conflict, and long-term displacement are a reality for millions of people. These humanitarian crises have dire consequences for children, among them, recruitment into armed forces, sexual violence, and the loss of basic services such as water, health and education. The report shows areas where urgent action is imperative to save lives, to protect children against violence and abuse, and to ensure access to basic services, such as water, sanitation, health, nutrition and education.


The 32 countries targeted in this appeal have been prioritised based on the scale of the crisis, the severity of its impact on children and women, the chronic or protracted nature of the crisis, and the potential to bring about life-saving and long lasting results.

UN Women launches scheme for widows’ welfare: To mark the 100

th anniversary of International Women‘s Day

on March 8, 2011, UN Women announced a new regional programme to address the needs of widows in India, Nepal and Sri Lanka. The three-year programme, funded jointly by UN Women Swiss National Committee and Standard Chartered Bank, will be implemented in India, Nepal and Sri Lanka to reduce social ostracism faced by widows. While in India, UN Women will work with widows affected by HIV, the focus will be on young widows in Nepal and widows living in conflict areas in Sri Lanka. The programme will be implemented in partnership with [non-governmental organisations] Guild of Service and Astha Sansthan in India, Women for Human Rights (WHR) in Nepal, and Women‘s Education and Research Centre in Sri Lanka. UN Women, formally known as the United Nations Entity for Gender Equality and the Empowerment of Women, is the United Nations‘ most ambitious effort ever to accelerate actions to achieve gender equality.

Discovery returns from its last flight: The oldest and

most travelled space shuttle, Discovery, returned after its final space flight recently. The shuttle cruised onto the runway at the Kennedy Space Centre at Cape Canaveral, Florida on March 9, 2011, wrapping up a rich, 27-year career in spaceflight that has spanned more distance and endured longer than any of the remaining three U.S. shuttles.

France recognises Libyan opposition: France on

March 10, 2011 announced it was officially recognising Libya‘s National Transition Council as the legitimate representative of the Libyan people, further increasing the pressure on Muammar Qadhafi. Sarkozy has also placed the building of the former Libyan Embassy to Paris at the disposal of the council. France has become the first Western power to fully legitimise the rebellion.

Tunisia court dissolves ousted president’s party: A

Tunisian court on March 9, 2011 dissolved the party of deposed President Zine al-Abidine Ben Ali, ousted on 14 January. The dismantling of his Rally for Constitutional Democracy party had been one of protesters‘ main demands. The ruling blocks the party – whose activities were suspended after Ali left the country – from putting forward a candidate in future elections. Elections are

scheduled to take place on 24 July. Former interim Prime Minister Mohammed Ghannouchi, who was seen as too close to the old regime, resigned recently in one of a spate of resignations. New interim Prime Minister Caid Essebsi‘s cabinet included no members of the old regime but retains most of the key ministers from the previous interim administration, including those for defence, interior, justice and foreign affairs.

New Egyptian cabinet takes oath of office: Ministers

of Egypt‘s new government have been sworn into office in the capital, Cairo on March 7, 2011. The cabinet includes new faces in key ministries, including Nabil Elarabi as foreign minister and Maj Gen Mansour el-Essawy as interior minister. Essam Sharaf was named as the new prime minister recently, after demonstrators said his predecessor was unacceptable. Protesters said Ahmed Shafiq - appointed before Hosni Mubarak stepped down - was too close to the old regime. Sharaf and the new ministers took the constitutional oath before Field Marshal Mohamed Hussein Tantawi, the head of the military body which now rules the country. Earlier it was announced that a referendum on proposed constitutional reform in the country would be held on 19 March. Parliamentary and presidential are due to take place within six months.

Thai PM to dissolve parliament by May: Thailand‘s

Prime Minister Abhisit Vejjajiva on March 11, 2011 said he would dissolve the lower house of parliament by early May for what is expected to be a hard-fought election in the politically-divided nation. Thai society remains bitterly divided following the country‘s worst civil violence in decades last year. Southeast Asia‘s second-biggest economy saw mass political unrest and violence between pro and anti-Vejjajiva supporters in May 2010 that paralysed Bangkok and killed 91 people. Analysts point to the last polls in 2007 as a sign that Thailand‘s intractable divide could actually worsen as a result of a national vote, if competing forces refuse to respect the election verdict. The 2007 election was the first since the coup that toppled Thaksin Shinawatra, an ethnic-Chinese telecommunications tycoon popular with lower-income Thais. Thaksin was convicted in absentia on corruption-related charges and lives abroad to avoid jail. The vote brought to power a pro-Thaksin government which was dissolved by an army-backed court in December 2008.

US Senate approves America Invents Act: The

United States Senate on March 9, 2011 voted overwhelmingly to approve a legislation to make the first reforms to its patent system in nearly six decades. The America Invents Act is aimed at improving patent quality


and help reduce patent application backlogs. It will transition the US patent system to a first-inventor-to-file system and ensure that the USPTO has the funds necessary to process the backlog of more than 700,000 pending patent applications. The Bill now goes to the US House of Representatives.

Illinois becomes 16th US state to abolish death penalty: Illinois on March 9, 2011 became the 16

th US

state to abolish the death penalty, capping a decade of debate over the fairness of capital punishment in a justice system rife with wrongful convictions. ―For me, this was a difficult decision, quite literally the choice between life and death,‖ Governor Pat Quinn said after signing the bill into law. Quinn, who had long been a supporter of the death penalty, said he has determined that ―our system of imposing the death penalty is inherently flawed‖ and that there is ―no credible evidence‖ that capital punishment deters crime.

World Kidney Day observed: March 10, 2011 was

observed as the World Kidney Day (WKD). WKD is a global health awareness campaign focusing on the importance of the kidneys and reducing the frequency and impact of kidney disease and its associated health problems worldwide. The campaign is celebrated every year on the second Thursday of March in more than 100 countries on 6 continents. WKD is a joint initiative of the International Society of Nephrology (ISN) and the International Federation of Kidney Foundations.

Newsmakers

The Dalai Lama to abdicate political authority

Tibetan supreme spiritual leader, the Dalai Lama, has decided to transfer his political authority and administrative powers to a leader directly elected by the Tibetan refugees, during his address to his people on the 52

nd

anniversary of the Tibetan National Uprising Day on March 10, 2011. The Tibetan Kashag (Parliament-in-exile)

has appealed to the Dalai Lama not to take such a step.

The current Dalai Lama, Tenzin Gyatso, has been in exile in India since 1959, when an uprising in Tibet was crushed by

the Chinese Communist regime. Tibetans living in exile, in India and around the world, also consider the Dalai Lama as their head of state, a responsibility which he would now like to relinquish.

The Tibetan exiles‘ top elected leader, the ―Kalon Tripa‖ (referred to as the chief executive or ―prime minister‖ by the Tibetans), will be chosen soon in a fresh election and could emerge as the inheritor of the Dalai Lama‘s political authority, while the Dalai Lama himself would continue to remain the supreme spiritual head.

But the impact of such a move is uncertain, particularly on negotiations with China. The Dalai Lama on March 10 said that the Chinese were continuing to oppress Tibetan people living in Tibet. The Dalai Lama, meanwhile, expressed concern at the situation in Tibet, saying China had stationed large numbers of troops all across Tibet and increased restrictions on Tibetans there due to which they ―live in constant fear and anxiety‖. ―More recently (in Tibet), many Tibetan intellectuals, public figures and environmentalists have been punished for articulating the Tibetan people‘s basic aspirations,‖ the Dalai Lama said, adding that the Chinese authorities had failed to win Tibetans‘ loyalty.

Enda Kenny to take over as new Prime Minister of Ireland: A new government is due to take power in the Irish

Republic after the ruling Fianna Fail party‘s heavy defeat in general election in February 2011. Ireland went to the polls just three months after receiving a 90bn euro bail-out from the EU and IMF. Opposition leader Enda Kenny is set to be elected prime minister when the new parliament meets in Dublin. The government will include Kenny‘s centre-right Fine Gael party, and the centre-left Labour Party. The two parties‘ programme for government includes wide-ranging proposals to deal with the country‘s massive fiscal deficit.

President Saleh announces switch to ‘parliamentary system’ in Yemen: Yemeni President

Ali Abdullah Saleh on March 10, 2011 announced plans to change the constitution to move to a parliamentary system. In a live televised address, he said a referendum would be held this year on measures including a new election law. The pledge comes after weeks of protest against his 32-year rule have left about 30 people dead. Protesters have dismissed his earlier promise not to seek re-election after his current term ends in 2013. The Yemeni republic was created by the merger of North and South Yemen in 1990. Saleh had led the Yemen Arab Republic - the northern part of present-day Yemen - since 1978 when he came to power in a military coup. Direct presidential elections were first held in 1999. Although nominally a multi-party system,


Yemeni politics has been dominated by Saleh‘s General People‘s Congress since unification. Yemen is one of a number of countries in the North African and Middle East region that have seen increasing unrest since the presidents of Egypt and Tunisia were ousted in popular revolts.

Nelson Mandela 46664 charity to launch fashion label: Nelson Mandela‘s AIDS charity 46664 is to launch an

international fashion label, the former South African president‘s foundation announced on March 9, 2011. It will be called 46664 Apparel after the number Mandela wore in jail. Profits will go to the charity and the label is also intended to boost South Africa‘s clothing industry, the Nelson Mandela Foundation said. The anti-apartheid icon spent 27 years in prison before becoming South Africa‘s first black president in 1994

Morocco’s King Mohammed pledges constitutional reform: Morocco‘s King Mohammed VI on March 9, 2011

promised ―comprehensive constitutional reform‖ in the North African country. In his first national address since nationwide protests in February, the king said that he would give up the power to name the prime minister, who would be chosen by parliament. This meets some of the demands of street rallies, similar to those seen in Tunisia and Egypt. King Mohammed has said the fight against poverty and high unemployment is his priority, but some non-government groups say little has changed. Morocco – like Egypt and Algeria – does allow limited freedom of expression and has so far been able to contain protests. Like Jordan it is a monarchy with strong support among sections of the public.

Trial of Liberian ex-President Taylor for war crimes concludes: The three-year long war crimes trial of

Liberia‘s ex-President Charles Taylor closed on March 11, 2011 for judges in The Hague to consider their verdict.

Taylor denies 11 charges, including murder, rape and using child soldiers during the civil war in Sierra Leone. He is the first former African leader to face such an international tribunal. He has been accused of arming and controlling the Revolutionary United Front (RUF) rebels during a 10-year campaign of terror conducted largely against civilians. The defence team has argued that the trial has been politically motivated. The Special Court for Sierra Leone in The Hague has heard from more than 100 witnesses.

Court upholds sacking of Grameen founder Yunus:

The dismissal of Nobel laureate Muhammad Yunus from the Grameen microfinance bank he founded was legal, Bangladesh‘s High Court ruled on March 8, 2011. He was challenging his dismissal after the central bank sacked him. It argued that Prof Yunus was past his retirement age and was improperly appointed. He said the attempt to remove him from the bank was politically motivated. Grameen Bank has pioneered micro-lending to the poor by giving small loans to millions of borrowers

Che’s motorcycle companion passes away: Alberto

Granado, the motorcycle companion of Ernesto Che Guevara, passed away in Cuba on March 5, 2011 at the age of 88. The pair‘s eight-month journey around Latin America was immortalised in the 2004 film ‗The Motorcycle Diaries‘. The journey, started in 1951, exposed the two medical students to deep poverty and social injustice and awoke Guevara‘s revolutionary convictions. After helping Fidel Castro overthrow Cuban dictator Fulgencio Batista in 1959, Guevara invited Granado to Cuba. After arriving in Cuba in 1961, Granado taught biochemistry at Havana University


Section C: AWARDS

INDIA ‘Open’ magazine journalist wins Chameli Devi award: Shahina K.K., the Thiruvananthapuram

correspondent of Open magazine, has been selected for the Chameli Devi Jain Award-2010 for outstanding woman media person. The jury consisted of broadcast personality Jai Chandiram, former Doordarshan Director-General and Information & Broadcasting Secretary Bhaskar Ghose and Nehru Memorial Museum and Library senior fellow Dipankar Gupta. Nominations for the award, which will be presented on March 15, were received from all over the country. The awards are given away by the Media Foundation. Shahina formerly wrote for Tehelka.

Vishwanath Prasad Tiwari selected for Vyas Samman: Noted Hindi writer Vishwanath Prasad Tiwari

has been selected for the prestigious Vyas Samman for 2010 for his collection of poems, ‗Phir Bhi Kuch Rah Jayega‘ published in 2008. Instituted by the K.K. Birla Foundation, the award, carrying a cash award of Rs. 2.5 lakh, is given to an outstanding literary work in Hindi authored by an Indian citizen during the past 10 years. The selection was made by a committee presided over by the former head of Lucknow University‘s Department of Hindi, Surya Prasad Dixit in March 2011. Tiwari was born in 1940 in Bherihari village — now the rural region of Kushinagar — in Gorakhpur in Uttar Pradesh. He retired from the post of head of the Hindi Department and Aacharya from Gorakhpur University in 2001. Some of the eminent persons who have been given the same honour in earlier years include Mridula Garg, Giriraj Kishore and Chitra Mudgal.

Stree Shakti Puraskars presented: International

Women‘s Day celebrations were organised by the Ministry of Women and Child Development in New Delhi March 8, 2011. The ‗Stree Shakti Puraskars‘ for the year 2010 were presented to the winners on the occasion. Rani Lakshmibai Award was presented to Pottabathini Padmavathi from Andhra Pradesh, who did not allow her disability to become and adversity and faced the challenge positively to learn music and become an established artist. Kannagi Award was conferred upon Thagu Maya Bardewa from Sikkim, who has done great work helping people in distress, orphans, widows and destitutes. Rani Gaidinliu Zeliang Award went to Rathnamma from Karnataka, for her extensive work for awareness generation on child labour and eradication of dowry, early marriage, untouchability and sexual harassment. Devi Ahilyabai Holkar Award was

given to Monika S. Garg an officer of the 1989 batch of Indian Administrative service from Uttar Pradesh for her outstanding work for empowerment of women through promoting their participation in Government Programmes. The Mata Jijabai and Rani Rudrama Devi awards were not awarded to anyone this year.

WORLD Roza Otunbayeva wins Women of Courage award:

Kyrgyzstan‘s President Roza Otunbayeva was on March 8, 2011 given the prestigious US state department Women of Courage award. Otunbayeva, Central Asia‘s first female leader, came to power last year after a popular uprising in Kyrgyzstan. The state department said she had played a major role in the country‘s efforts to shed authoritarian rule. But her award has also drawn criticism because last year‘s bloody clashes between ethnic Kyrgyz and Uzbeks happened under her stewardship.

Bruce Davidson to receive World Photography award: Bruce Davidson was on March 10, 2011 selected to

receive the outstanding contribution prize at this year‘s Sony World Photography awards. The 77-year-old American‘s work has included following a Brooklyn gang in the 1950s and chronicling the civil rights movement in the early 1960s. He will get the award at a 27 April ceremony in London. The jury said Davidson‘s work showed ―the rare combination of absolute commitment to his subjects and a sophisticated visual sensibility‖. Davidson, a founding member of the World Photography Academy, began his career working for Life magazine.

ECONOMY & CORPORATE Late B G Shirke conferred Lifetime Achievement at Vishwakarma Awards: Late B G Shirke (B G Shirke

Construction Technology Pvt. Ltd.) was conferred with the

Special Jury Award ‐ Life Time Achievement at the third

Construction Industry Development Council (Vishwakarma) Award given on March 14, 2011. The Council is a semi-government body that works under the Planning Commission. The Vishwakarma award is the highest in the construction industry.

BRPSE turnaround awards conferred: The Board for

Reconstruction of Public Sector Enterprises (BRPSE) Turnaround Award 2010 ceremony was organised in New Delhi on March 10, 2011. The Awards were given by


Chairman, BRPSE, Dr. Nitish Sengupta. The Central Public Sector Enterprises (CPSEs) awarded are BBJ Construction Company Ltd., Bharat Pumps and Compressors Ltd., Braithwaite & Company Ltd., Bridge & Roof Co. (India) Ltd., Cement Corporation of India Ltd., Central Electronics Ltd., Heavy Engineering Corporation Ltd., Hindustan Insecticides Ltd., MECON Ltd., Mineral Exploration Corporation Ltd. and State Farms Corporation of India Ltd. These erstwhile sick/loss making CPSEs have made profits consecutively for the 3 FY—2006-07, 2007-08 and 2008-09 after receiving financial assistance from Government on the recommendation of BRPSE.

MIT magazine to honour Indians innovators:

Eighteen Indian innovaors under the age of 35 will be honoured by the Massachusetts Instiute of Technology‘s Technology Review magazine for developing novel solutions to problems in biotechnology, computer engineering, energy, telecommunications and nano-technology. The prestigious TR 35 India awards for 2011 will be presented at EmTech India 2011, jointly organised by Technology Review and CyberMedia, India‘s leading technology publisher starting March 22, 2011. The innovations are socially relevant and address real roblems. Ajit Narayanan of Invention Labs, Chennai, named innovator of the year, will be awarded for developing AVAZ, a speech synthesiser that helps users with cerebral palsy,

autism and aphasia communicate. AVAZ is a handheld device with text prediction, allowing the user to construct sentences through noticeable motor movements such as a nod of the head or by tapping an option on the screen.

Asian Paints’ P M Murty is BS CEO of the Year:

Asian Paints Managing Director & CEO P M Murty has been selected as the Business Standard CEO of the Year for 2009-10. Murty was selected by a distinguished six-member jury led by ICICI Bank Chairman K V Kamath on March 11, 2011. The largest paints company in India, which has almost 50 per cent share in the decorative paints market, Asian Paints is ranked among the top 10 decorative paint companies in the world. International operations accounted for a fifth of Asian Paints‘ turnover – no mean achievement considering it had to compete with some of the biggest global giants. The other coveted award – Company of the Year – has been won by Maruti Suzuki. Three other companies were selected for Business Standard‘s ―Star‖ awards in different categories. The Jury chose specialised engineering and consultancy giant Engineering India Ltd (EIL) as the Star Public Sector Company for its game-changing role in the industry; GlaxoSmithKline Consumer Healthcare as the Star Multinational for its innovation and successful transition from just the health food drinks segment to the overall foods & beverage portfolio; and TTK Prestige, India‘s largest kitchen equipment maker, as the Star Company in the Small and Medium Enterprises sector.


Section D: ECONOMY & CORPORATE

News round up Pranab Mukherjee unveils financial inclusion targets

The Union Finance Minister Pranab Mukherjee said that financial Inclusion is an important priority of the Government as only 38% (32,919) of the 87,051 bank branches of Scheduled Commercial Banks are in rural areas and only 40% (approx.) of the country‘s population has bank accounts. He was speaking on the occasion of 106

th

Foundation Day Celebrations of Corporation Bank in Mumbai on March 12, 2011. There are about 600,000 villages in India as per the 2001 Census but there are only 32,919 rural bank branches in the country. The government has directed all banks to provide appropriate banking facilities to habitations having population in excess of 2000 by March, 2012 using various models including branchless banking through Business Correspondents (BCs).

New bank accounts to 5 cr rural households: Banks through the forum of State Level Banker Committees (SLBCs) have formulated their road maps for Financial Inclusion and have identified approximately 73,000 habitations having a population of over 2000 for providing banking facilities. These habitations have been allocated to Commercial Banks, Regional Rural Banks and Cooperatives Banks for providing banking facilities in a time bound manner. The Union Finance Minister said that this would provide new bank accounts to around 5 crore rural households. This Financial Inclusion Campaign named ―Swabhimaan‖ aims at providing branchless banking through the use of technology. Such Banks will provide basic services like deposits, withdrawals and remittances using the services of Business Correspondents also known as Bank Saathi. This initiative will also enable Government subsidies and social security benefits to now be directly credited to the accounts of the beneficiaries and who would be able to draw the money through the Business Correspondents in their village itself.

Credit flow to agri-sector on the rise: The Finance Minister pointed out the banks exceeded targets on credit flow to agriculture and allied activities in recent years. The target for the flow of agriculture credit was set at Rs. 3,25,000 crore for the year 2009-10, while the Banking system actually provided Rs.3,84,514 crore as credit. For the year 2010-11, the target was fixed at Rs.3, 75,000 crore, against which the Banking system has already provided Rs. 2,91,142 crore as credit as on December 31, 2010. The target of credit flow to the farmers has been raised to Rs.4,75,000 crore in 2011-12.

Interest rate lowered for timely repayment of agri-loans: The Government is also providing Interest Subvention to all Public Sector Banks (PSBs), Regional Rural Banks (RRBs) and Cooperative Banks for short term crop loans upto Rs 3 lakh, so as to ensure that short term agriculture credit is available at 7% p.a. to farmers. In 2010-11, an additional 2% interest subvention is being provided to those farmers, who repay their short term crop loans in time. Thus, the short term crop credit is available to farmers @ 5% p.a. in 2010-11. In the year 2011-12, the Interest Subvention Scheme proposes to further incentivise prompt repayment by farmers by providing a further incentive of 3% intense interest subvention, i.e., loans will be available to farmers who pay on time @ 4% p.a.

The Finance Minister launched the Branchless Banking project of Corporation Bank. The Bank has opened 1700+ Corp Grameen Vikas Kendras in the country. The minister also announced the inauguration of the Bank‘s Heritage and Financial Research Centre at Udupi which will house, Numismatic Museum, Notophily Museum and an exclusive section dedicated to contribution of past and present luminaries in the field of Indian Banking and Finance.

Corporate Affairs Ministry notifies Competition Act provisions

India‘s competition regulator has been empowered to scrutinize large merger and acquisition (M&A) deals and then either approve or reject them.

The ministry of corporate affairs (MCA) on March 4, 2011 notified the relevant provisions of competition law that will give the Competition Commission of India (CCI) powers to examine corporate deals beyond a certain value. The maximum number of days that CCI can take to clear an M&A deal has been capped at 180 days. The provisions will be effective from June 2011.

According to the Act, companies involved in Mergers & Acquisitions (M&As) should notify CCI about proposed deals as long as the combined annual revenue of the individual companies is at least Rs. 3,000 crore.

For two groups of Indian companies, the combined revenue needs to be at least Rs. 12,000 crore. Two merging foreign companies that have an Indian presence will also have to notify CCI in case they have combined annual sales of at least $1.5 billion (Rs. 6,750 crore). For global groups, the threshold is a combined revenue of $6 billion, with Indian subsidiaries having a combined sales of Rs. 1,500 crore.


CCI became functional in 2009 and started taking cases relating to abuse of dominant position as also cartelization, but could not take up prior approval of M&As as it has not yet been given legal powers to do so.

CCI will not cover bank M&As: The Reserve Bank of India will have the final say on bank mergers and acquisitions (M&A). ―Banking mergers and acquisitions will not come under the purview of the Competition Act or the Companies Act. The mergers and acquisitions of banks will be under the purview of the Banking Regulation Act,‖ said the Finance Minister, Pranab Mukherjee, on March 5, 2011. The RBI will get the power to approve bank M&As once the Banking Laws Amendment Bill gets enacted.

50th Public Enterprises Survey released

Performance of CPSES shows improvement in 2009-10 Out of 217 operating units in 2009-10, 158 CPSEs posted net profit same as in 2008-09 59 CPSES incurred losses as against 55 in 2008-09 The 50

th Public Enterprises Survey in the series (2009-10),

brought out by the Department of Public Enterprises, Ministry of Heavy Industries & Public Enterprises, Government of India on the performance of Central Public Sector Enterprises was released by the Minister for Heavy Industries and Public Enterprises Praful Patel in both the Houses of Parliament on February 24, 2011. There were 249 CPSEs in 2009-10, out of which 217 were in operation. The remaining 32 CPSEs were under construction. The main Highlights of the performance of Central Public Sector Enterprises (CPSEs), during 2009-10 are mentioned below:

(I) Investment in CPSEs Total paid up capital in 249 CPSEs as on 31.3.2010 stood at 148367 crore compared to 138734 crore as on 31.3.2009, showing a growth of 6.94%.

Total investment (equity plus long term loans) in all CPSEs stood at 579920 crore as on 31.3.2010 compared to 513532 crore as on 31.3.2009, recording a growth of 12.93%.

Capital employed (net block plus working capital) in all CPSEs as on 31.3.2010 stood at 910120 crore compared to 793240 crore as on 31.3.2009, showing a growth of 14.73% over the previous year.

(ii) Turnover, Profit/Loss and Net Worth Total turnover of all CPSEs during 2009-10 was 1235060 crore compared to 1271529 crore in the previous year showing a reduction of 2.87%.

Profit of Profit making CPSEs went up from 98,488 crore in 2008-09 to 108435 crore in 2009-10.

Loss of loss making CPSEs increased from 14621 crore in 2008-09 to 15842 crore in 2009-2010. Reserves and surplus of all CPSEs went up from 536212 crore in 2008-09 to 605648 crore in 2009-10, showing an increase of 12.95%.

Net Worth of all CPSEs (including under construction) went up from 587286 crore in 2008-09 to 660245 crore in 2009-10 registering a growth of 12.42%

(iii) Contribution of CPSEs to the Central Exchequer Contribution of CPSEs to Central Exchequer by way of excise duty, customs duty, corporate tax, interest on Central Government loans, dividend and other duties and taxes declined from 151543 crore in 2008-09 to 139830 crore in 2009-10, showing a decrease of 7.73%.

(iv) Foreign Exchange Earnings by CPSEs Foreign exchange earnings through exports of goods and services increased from 74206 crore in 2008-09 to 77745 crore in 2009-10, showing a growth of 4.77%. Foreign exchange outgo on imports decreased from 4,33,332 crore in 2008-09 to 420477 crore in 2009-10 showing a reduction of 2.97%.

(v) Market Capitalisation and Stock Exchanges Total Market Capitalisation(M_Cap) of 43 listed CPSEs, based on the stock price in Mumbai Stock Exchange, went up from 813530 crore as on 31.3.2009 to 1426212 crores as on 31.3.2010, showing a growth of 75.31%. M_Cap of CPSEs as per cent of BSE M_Cap went down from 26.36% as on 31.3.2009 to 23.13% as on 31.3.2010.

‘Public sector has a higher share in Contract Labour’-Study

Amendments in Contract Labour Act Govt. to amend laws to give contract labour the same benefits as regular workers Finance Ministry, private sector employers opposed to the amendments 32% of workers in public sector on contract as against 30% in private sector Study conducted by VV Giri National Labour Institute Almost 32% of the labour force in public sector is on contract as against 30% in the private sector, a recent study conducted by the VV Giri National Labour Institute has shown. While average wage of contract labour in public sector at Rs. 185.28 is higher than that paid by the private sector at Rs. 143.45, regular workers with the government


get a much higher average wage of Rs. 441.9 compared with Rs. 212.45 in the private sector.

The government is considering a recast of the laws to give contract labour the same benefits as the regular workers. The finance ministry opposed the amendment to the Contract Labour (Regulation & Abolition) Act proposed by the labour department, following which the PMO called for an impact study. The VV Giri National Labour Institute carried out the study on behalf of the labour ministry. While in the initial years, contract labour was only used for certain activities such as construction, now it is used for regular production work.

If implemented, the amended law would entitle the estimated 36 million contract labour in the country to the same wage rates, holidays, hours of work and social security provisions offered to regular employees doing similar work. In case, similar work is not being performed by regular employees, the government will notify the wage rates, holidays, hours of work and social security provisions.

Employers‘ organisations opposing the proposed amendments argue that it would hurt both the workers and the industry. ―If you want employment generation, you need to have the Contract Labour Act (in its present form) in place,‖ said Michael Dias, secretary, the Employers Association. If employers are forced to pay similar wages to both contract and regular workers, they will increasingly shift to mechanisation, he said. Trade unions, however, view things differently. Once the Supreme Court had said if you cannot pay you have no right to run a business, said AK Padmanabhan, president of the Centre of Indian Trade Unions.

Per capita availability of water in the country declines: The Government on March 11, 2011 informed

Lok Sabha that while the total water resources availability in the country remains constant, the per capita availability of water has been steadily declining since 1951 due to population growth. The twin indicators of water scarcity are per capita availability and storage. A ‗per capita availability‘ of less than 1,700 cubic metres is termed a water stressed condition, while if it falls below 1,000 cubic meters, it is termed as water scarcity condition. While on average the country may be nearing the water stressed condition, on an individual river basin wise situation, 9 out of our 20 river basins with 200 milllion populations are already facing a water scarcity condition. The per capita availability of water works out to be 1,625 cubic metres as per the current population of the country in 2010.

Allocation under MPLAD Scheme increased: The

Union Finance Minister Pranab Mukherjee announced, in Lok Sabha on March 11, 2011, an increase in the allocation under the MPLAD Scheme from Rs. 2 crore to Rs.5 crore per Member. This will result in additional allocation of Rs. 2,370 crore per year. Members cutting across party lines from both Houses have been demanding increase in the allocation under the MPLAD Scheme.

Interest subvention scheme for farmers extended to cover fishermen: The Finance Minister on March 11,

2011 announced an extension of the existing Interest Subvention Scheme of providing short term loans to farmers at 7% interest with additional interest subvention for timely repayment to fish farmers and fishermen as well. This would benefit over 20 lakh fish farmers and fishermen engaged in fishing operations in the country. Details of the Scheme would be announced separately.

Capital spend on health, education to be accorded infra-status: Emphasizing that Investment in Education

and Health sectors has a high priority in government‘s policy framework, the Union Finance Minister Pranab Mukherjee on March 11, 2011 announced that henceforth capital stock in educational institutions and hospitals will be treated as infrastructure sub-sectors. Accordingly, capital investment for these sub-sectors will be eligible for the Viability Gap Funding Scheme of the Ministry of Finance. Detailed guidelines in this regard will be announced shortly. The Finance Minister also announced that, ―Women‘s SHGs Development Fund‖ proposed in the Budget with a corpus of Rs.500 crore will operate through NABARD and will be exclusively utilized for providing refinance on loans given to women‘s SHGs on soft terms.

Goa’s Per Capita Income Highest, Bihar’s Lowest: Tourist hot spot Goa recorded the highest per capita income among all states and union territories during 2009-10, while Bihar bagged the last spot, Minister of State for Planning and Parliamentary Affairs Ashwini Kumar informed Lok Sabha on March 9, 2011. Goa topped the list with an annual per capita income (PCI) of Rs. 1,32,719 in 2009-10. It was followed by the union territory (UT) of Chandigarh at Rs. 1,20,912 and Delhi at Rs. 1,16,886. In contrast, Bihar recorded the lowest PCI of Rs. 16,119 in the same period. States such as Uttar Pradesh registered PCI of Rs. 23,132, Assam (Rs. 27,197) and Madhya Pradesh (Rs. 27,250). Among other major states, Maharashtra recorded a PCI of Rs. 74,027, Tamil Nadu of Rs. 62,499 and Gujarat of Rs. 63,961.


Per capita income at Rs 46,492 in 2009-10: The

country‘s per capita income, often used to measure a country‘s standard of living, increased by 14.5 per cent during 2009-10 to Rs 46,492. In 2008-09, the per capita income, which measures the income per person in a population, was Rs 40,605, Statistics and Programme Implementation Minister M S Gill informed Lok Sabha on March 8, 2011. In response to a query, he said, the separate per capita income figures for rural and urban areas are available till the base year 2004-05, as the data is compiled only in the base year of the National Accounts Statistics.

Foodgrain production target for 2010-11 at 244.5 mt: Government has approved the crop production targets

(Kharif/Rabi) for the year 2010-11. Foodgrain production target for 2010-11 has been set at 244.5 million tonnes. This includes rice (102 mt), wheat (82 mt), coarse cereals (44 mt) and pulses (16.5 mt). Share of Kharif is 125.31 mt while that of Rabi is 119.19 mt.

‘Farm output to rise 3.8% in 2011-12’ – CMIE: India‘s

agriculture output was expected to rise 3.8 per cent in 2011-12 on assumption of favourable weather conditions, the Centre for Monitoring Indian Economy (CMIE) said in its monthly review on March 7, 2011. Agricultural output is expected to rise 6.5 per cent in 2010-11. Foodgrain production is set to grow by 3.7 per cent to 236.9 million tonnes in 2011-12. It will surpass the record 234.5 million tonnes achieved in 2008-09. The output of rice and wheat will power this growth.

South has 79 of 130 functional SEZs: South India is

way ahead of other regions in encashing on the tax-free special economic zones scheme as 79 of 130 functional SEZs are located in four southern states. Among southern states, Andhra Pradesh is on the top of the table with a maximum number of 32 operational special economic zones (SEZs) followed by Tamil Nadu (22), Karnataka (20) and Kerala (7), according to the latest government data. The sector-wise data shows that out of 130 operational SEZs, an overwhelming 75 of them relate to IT/ITeS and electronic hardware. ―An investment of Rs 1.95 lakh crore has been made in SEZs,‖ Minister of State for Commerce and Industry Jyotiraditya Scindia informed Lok Sabha on March 7, 2011. In all, 582 SEZ proposals have been approved, while 374 have been notified. A total of 130 SEZs have commenced exports.

‘Foreign banks’ headcount down over 6%’ – RBI: The employee strength of foreign banks in India dropped by over six per cent in 2010, with as many as 19 of the 32

overseas lenders in the country reporting a dip. According to the ‗Statistical Tables Relating to Banks of India‘ released by the Reserve Bank of India in March 2011, from 29,582 in 2009, the number of employees fell to 27,742 in 2010, a fall of 6.22 per cent. Just six foreign banks — Hongkong and Shanghai Banking Corporation (HSBC), Royal Bank of Scotland (RBS), Standard Chartered, Citibank, Deutsche Bank and Barclays — have over a thousand employees in the country. Standard Chartered had the highest number of employees (7,903) in India in 2010 followed by HSBC (6,685), Citibank (4,613) and RBS (2,716).

RBI forms panel to rework NBFC rules: The Reserve

Bank of India aims to revamp regulations for non-banking finance companies (NBFCs) for the first time in 15 years, an industry which reaches out to even the remote parts of the country that banks don‘t. The central bank in February 2011 has formed a 15-member committee under former deputy governor Usha Thorat to address issues and complexities relating to finance companies and suggest changes to the legislative framework. The working group will focus on the definition and classification of finance companies and address regulatory gaps and regulatory arbitrage. It would focus on maintaining standards of governance in the sector and appropriate approach to the supervision of NBFCs. Non-banking finance companies do lend money and some even take deposits from investors, but have differential treatment when it comes to regulation. The capital and reserve requirements differ and some are not allowed to take deposits. There are benefits and drawbacks for finance companies. The total share of NBFCs in the financial sector is 9.1%. And the total assets managed as on June 2009 is Rs. 95,727 crore.

AMFI appoints HDFC MF’s Milind Barve as chairman: The Association of Mutual Funds in India

(AMFI) on March 8, 2011 named HDFC Asset Management Company Managing Director, Milind Barve, as its new chairman, a position which fell vacant after incumbent U K Sinha became chief of the Securities and Exchange Board of India (SEBI). At the same time, the mutual fund industry body has named Sundeep Sikka, CEO of Anil Ambani group‘s mutual fund arm, Reliance Capital Asset Management Co, as its new vice-chairman. In addition to being an industry organisation, AMFI also serves as a self-regulatory body for the mutual fund companies. It interacts with SEBI, which regulates the mutual fund space, and represents to the government, Reserve Bank of India and other organisations on all matters relating to the mutual fund industry. Its responsibilities include implementation of various regulatory requirements for the mutual fund companies, distributors and investors.


Coal shortfall pegged at 269 mt by 2021-22: Shortfall

in coal supply may touch 269 million tonnes by 2021-22, from the current level of 80 million tonnes as domestic producers fail to keep up with the growing demand for the commodity. The demand for coal in 2021-22 is projected to be around 1,353 million tonnes as against the production assessment of 1,084 million tonnes, resulting in a shortfall of 269 million tonnes, said the Coal Minister, Sriprakash Jaiswal, on March 9, 2011. Demand for coal, driven by the rapid capacity addition in the power sector, is growing at around 9-10 per cent a year, whereas coal production is growing at around 7 per cent. For fiscal 2011-12, the demand for coal is estimated to be around 696.03 million tonnes, while the projected production is around 554 million tonnes. The gap will have to be met through imports.

NALCO is the first PSU to introduce ESOPs:

Navratna PSU National Aluminium Company Limited (NALCO) has added another first to its credit. It has become the first public sector company to initiate action for Employee Stock Options (ESOPs), for offering its share to its employees. This decision of the Nalco board was endorsed in an extraordinary general meeting of the company‘s shareholders on March 6, 2011. The ESOPs are planned to be issued to the executives of the company as part of payment of dues to them under Performance Related Payment (PRP), a component of revised pay package.

India and Brazil sign air services agreement: Bilateral Air Services Agreement (ASA) between India and Brazil was signed by the Minister of Overseas Indian Affairs and Civil Aviation Vayalar Ravi and the Minister of Foreign Affairs of Brazil Antonio de Aguiar Patriota in New Delhi on March 8, 2011. The Agreement is based on the liberal ICAO template and paves the way for increased air connectivity between both countries. As per the new Air Services Agreement: 1. Both the countries shall be entitled to designate any number of airlines 2. The designated airlines of each side are entitled to operate any point in each other‘s territory, via any intermediate point and beyond to any point 3. The designated airlines of each side are entitled to operate upto 21 services per week in each direction with any type of aircraft not exceeding the capacity of B-747 aircraft.

Indian firms acquire overseas mining assets worth $4.64 billion in 2010: For the first time Indian companies

have shot ahead of their Chinese counterparts in acquiring overseas mineral assets. From just $128-million worth of overseas buys in 2009, Indian companies went on a mega acquisition spree of $4.64 billion in 2010, while Chinese

outbound investments declined by more than half to $4.45 billion. India shot up the ranks of acquiring countries, to 7

th

place in 2010 from 14th place in 2009, accounting for 5 per

cent of the global deal value, according to an Ernst & Young study on mergers and acquisitions in the mining and metals sector released on March 9, 2011. Coal accounted for more than two-thirds of the Indian mineral overseas M&A spend and half of it was Down Under. Canada, with over a fifth of global deal value, topped the chart. The global deal value in mining and metals almost doubled to $113 billion in 2010 as against $60 billion in 2009.

No. of tobacco users in India is 274.9 million: More

than one-third (35%) of adults in India use tobacco in some form or the other, according to the Global Adult Tobacco Survey (GATS), 2010. Among them, 21 % adults use smokeless tobacco, 9 % smoke, and 5 % smoke as well as use smokeless tobacco. As per this report, the estimated number of tobacco users in India is 274.9 million, with 163.7 million users of only smokeless tobacco, 68.9 million only smokers, and 42.3 million users of both smoking and smokeless tobacco. As per Report on Tobacco Control in India, 2004, an estimated number of 8-9 Lakh people die every year in India due to diseases caused by consumption of tobacco products. This information was given by Union Minister of Health & Family Welfare Ghulam Nabi Azad in the Lok Sabha on March 11, 2011. ―The Cigarettes and Other Tobacco Products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) Act, 2003‖ seeks to discourage consumption of cigarettes and other tobacco products including Pan Masala and Gutkha by imposing various regulatory measures such as:- ban on direct/indirect advertisement of tobacco products; ban on sale of tobacco products to children below 18 year and ban on sale of tobacco products within 100 yards of the educational institution; specified health warnings on tobacco products.

Govt reconstitutes EGoM on fuel: The government on

March 11, 2011 reconstituted a ministerial panel on fuel pricing. Reconstitution of the Empowered Group of Ministers (EGoM) was necessitated due to the recent reshuffle in the Union Cabinet. The seven-member grouping has seen two changes – S Jaipal Reddy replacing Murli Deora after taking over as the Oil Ministry, while Kamal Nath has given away to the new Road Transport and Highways Minister C P Joshi. Other members of the EGoM remain the same – Chemicals & Fertilizers Minister M K Alagiri represents the ruling UPA‘s crucial ally DMK, while the NPC is represented by Agriculture Minister Sharad Pawar in the Group.


Pioneer bags contract to publish Rail Bandhu: The

Pioneer Group, publishers of the English daily The Pioneer, has bagged the contract to publish Rail Bandhu, India‘s first magazine for train passengers. The three-year long contract had five contenders. The first edition of the magazine will be published on April 16, and will be distributed free of cost in the premium trains. The magazine will be distributed in 96 trains everyday. This includes 21 Rajdhani Express trains, 13 Shatabdi Express trains, and 14 Duronto Express trains, plying on various routes of the country. The Pioneer Group was the highest bidder, and as per the contract, the group will pay Indian Railways Rs 4.5 crore, in a span of three years.

9% women in senior mgmt. level positions in India:

Few women hold top positions in corporate houses worldwide, but the situation is even worse in India, as a mere nine per cent of senior management level positions in the country are occupied by the fairer sex, a survey has found. Globally, 20% of senior management positions are held by women, down from 24% in 2009, as per the latest finding of Grant Thornton‘s International Business Report released on March 10, 2011. What is more, about 38% of businesses worldwide have no women at the senior management level. The situation is, however, better in the Asian continent, as women representation is comparatively higher in Thailand, Singapore, Hong Kong and China, at 30-45%. However, women‘s presence in top corporate positions is below 10% in India, Japan and UAE.

HP to contribute $1 mn to Education Innovation Fund: Global technology major Hewlett-Packard (HP) plans

to invest $1 million to support innovative initiatives in science, math and technology education among students and teachers in India. The company announced its contribution to the newly set up Education Innovation Challenge Fund for India, led by a consortium of educational institutions in New Delhi on March 11, 2011. HP plans to assist students and teachers with technology, such as effective use of tablet PCs, cloud computing in education and converting textbooks into social media platforms for discussions and assessments. The fund, which will be operationalised in August 2011, will grant aid to public and not-for-profit educational institutions. Among the fund‘s advisors are Madhav Chavan, CEO and President of Pratham Education Foundation; Ashok Kamath, Chairman, Akshara Foundation; and Sridhar Rajagopalan, Managing Director of Education Initiatives.

Apple tops Fortune Magazine’s World’s Most Admired Companies list: Apple has once again topped

the Fortune Magazine‘s World‘s Most Admired Companies

list (of 350 companies) unveiled on March 9, 2011. Steve Jobs‘ company is followed by Google, Berkshire Hathaway, Southwest Airlines, Procter & Gamble, Coca-Cola, Amazon.com, FedEx, Microsoft and McDonald‘s. Tata Steel is the only Indian company in Top 50 of the list.

Newsmakers Carlos Slim is world’s richest person – Forbes:

Mexican billionaire Carlos Slim Helu remained the richest person in the world with USD 74 billion in assets, while NRI steel magnate Lakshami Mittal ranked sixth and Indian industrialist Mukesh Ambani is placed ninth in the US magazine Forbes annual list of world‘s top billionaires released on March 10, 2011. The Mexican billionaire is followed by Microsoft founder and now a full time philanthropist Bill Gates with a net worth of USD 56 billion and Investment guru Warren Buffet at the third spot with assets worth USD 50 billion. Total number of billionaires, this year, has increased to a record 1,210 from 1,011 last year. Though America has the 33 per cent of the mega-rich, Asia-Pacific region has surged forward and overtook Europe for the first time. As many as 50 Indians made it to the Forbes list of world billionaires for 2011. Top among them are: Lakshmi Mittal of ArcelorMittal (worth $31 bn), Mukesh Ambani of RIL ($27bn), Azim Premji of Wipro (16.8 bn), Shashi & Ravi Ruia of Essar ($15.8 bn), Savitri Jindal & family of Jindal Group ($ 13.2 bn), Gautam Adani of Adani Group ( $10 bn), Kumar Mangalam Birla of AV Birla Group ($9.2 bn), Anil Ambani of ADAG ($8.8 bn), Sunil Mittal & family of Bharti Airtel Group ($8.3 bn) and Adi Godrej & family of Godrej Group ($7.3 billion).

Pradeep Jain is Chairman of Real Estate Developers’ Association: The Confederation of Real

Estate Developers‘ Association of India (CREDAI) on March 10, 2011 elected Parsvnath Developers Ltd Chairman, Pradeep Jain its new Chairman. Lalit Kumar Jain, Chairman of Kumar Urban Development Ltd, has also been elected as the President of CREDAI National. Jain said the association would take up with the government various issues such as tax sops and priority lending to buyers as well as builders in the affordable housing segment.

Shantanu Narayen appointed Member of Obama’s Management Advisory Board: US President Barack

Obama on March 11, 2011 appointed Shantanu Narayen, President and CEO of Adobe Systems, as a member of his Management Advisory Board. Along with Narayen, Obama appointed nine other eminent individuals to President‘s Management Advisory Board (PMAB). PMAB was


established by an Executive Order in April 2010 to advice on how to implement best business practices on matters related to Federal Government management and operation focusing on productivity, the application of technology and customer service.

Rajat Gupta leaves New Silk Route Partners: Rajat K

Gupta, the former Goldman Sachs Group Inc (GS) director accused of insider trading, on March 12, 2011 took

voluntary leave from New Silk Route Partners, the $1.4 billion private-equity firm he co-founded. Gupta, 62, started New Silk Route in 2006 with partners, including Raj Rajaratnam, the billionaire hedge-fund manager who went on trial recently for insider trading. The US Securities and Exchange Commission on March 1 accused Gupta of passing on confidential information regarding Goldman Sachs to Rajaratnam.


Section E: SPORTS

North Zone wins Deodhar Trophy Cricket: Joginder

Sharma gave a fine exhibition of seam bowling with a six-wicket haul as North Zone beat West by five wickets to defend its Deodhar Trophy title at the Sawai Man Singh Stadium in Jaipur on March 9, 2011. North‘s bowlers made the best use of a helpful track in the morning after skipper Amit Mishra lost the toss. They bundled out West captained by Parthiv Patel for a paltry 101 inside 27 overs after which North achieved the target within 30 overs.

Yuvraj Singh to lead Pune Warriors:

Yuvraj Singh was on March 8, 2011 named captain of the Pune Warriors squad for the fourth season of the Indian Premier League starting April 8. The new entrant in the hugely successful league also announced its 30-member squad that includes, among others, Graeme Smith, Nathan McCullum and Wayne Parnell. Besides Yuvraj, Ashish Nehra, Robin Uthappa and Murali Karthik are the other capped players from India.

Gautam Gambhir named captain of Kolkata Knight Riders: India‘s opening batsman Gautam Gambhir was on

March 7, 2011 named captain of Kolkata Knight Riders team for the Indian Premier League season four starting in April. Announcing Gambhir‘s appointment as KKR captain,

the IPL team described him a thorough professional and praised his leadership qualities.

India lose to Serbia, exit Davis Cup World Group:

India lost the Davis Cup World Group first round tie to defending champions Serbia 1-4 after Somdev Devvarman and Karan Rastogi went down in straight sets in the two reverse singles at Paris on March 6, 2011. Devvarman failed to reproduce his opening day‘s performance to go down 4-6, 2-6, 5-7 to Viktor Troicki in the first reverse singles. Rastogi, playing in the dead

fifth rubber which was reduced to three sets, was beaten by Janko Tipsarevic 0-6, 1-6. India will now be back in the play-off round. It had secured its place in the elite 16 for the second straight year by defeating Brazil 3-2 at home.

Ghosh, Mondal win Indo-Bhutan Car Rally: The

team of Sudip Ghosh and Soumen Mondal emerged winner in the adventure category in the fourth JK Tyre Indo-Bhutan Friendship Car Rally, which culminated in Thimpu, Bhutan on March 7, 2011. Ghosh and his navigator Mondal bagged the first prize of Rs 60,000 with 679 penalty points. In the Extreme category, Pritul Dey and his navigator Nirav Mehta were declared the winners.

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Weekly Current Affairs update - TestFunda.com

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