02.09.2010 Indian Current Affair
02.09.2010 Indian Current Affair
Politics & the Nation
Finance & Economy
- Mayawati Vs Rahul: Amethi likely to get a new name
Mayawati government’s efforts to ‘erase’ the Nehru-Gandhi family’s
‘imprint’ on Amethi got a big boost when the Supreme Court on Wednesday
gave the go ahead for the creation of a district carved out of Rahul
Gandhi’s Lok Sabha constituency. UP CM Mayawati wants to rename the
district after Dalit icon Chatrapati Shahuji Maharaj.
had moved the apex court, challenging the August 18 interim order of
the Lucknow Bench of the HC which stayed restoration of the new district
till March 31 next year or till further orders.
new district is being carved out of three tehsils of Sultanpur
district, Amethi, Gauriganj, Musafir Khana, and two tehsils of Rae
Bareli, Salon and Tiloi. The Rae Bareli parliamentary constituency,
which is represented by Congress president Sonia Gandhi, along with
Amethi and Sultanpur constituencies form the famous Gandhi bastion. In
December 2002, when BSP controlled the state, Ms Mayawati had made the
first attempt to rename the district.
district came into existence with Gauriganj as its headquarters six
days after Ms Mayawati made the announcement. However, her successor
Mulayam Singh Yadav scrapped the decision in his very first cabinet
- PM lays foundation for NBPPL
Pime Minister has laid the foundation stone for the Rs. 6,000 crore
power equipment manufacturing plant of NBPPL near Tirupati.
-- NTPC BHEL Power Projects Pvt Ltd will go on stream in 2014-15 and
produce equipment to support 5,000 MW of power generation capacity.
- This will be India's first integrated plant that will manufacture turbines, generators and boilers.
is a 50:50 joint venture between state-owner power generator NTPC Ltd
and equipment manufacturer Bharat Heavy Electricals Ltd (BHEL).
- NBPPL Chairman and Managing Director: C P Singh
- GDP growth figures corrected by government
have noted earlier in our blog that the GDP growth figures put out by
the government for the recent quarter have suffered from discrepancies.
The economy expanded 8.8% in the June quarter when measured by the
supply side, and 3.37% if calculated on the demand side, above the
accepted 0.5% difference. These numbers also contradicted the evidence
of surging sales of automobiles and other durables.
the government corrected the numbers. The Central Statistical
Organisation, or CSO, nearly tripled the initially estimated growth on
the demand side to 10%, from 3.7% announced on Tuesday, following a
raise in private consumption, government expenses and investments.
Private consumption grew 3.8% and not 0.3% as reported earlier, the CSO
said. The government expenditure figured has been raised to 14.2% from a
negative 0.7% earlier. Investment, the statistics office said, grew
7.6%, instead of 3.7% as originally reported.
- The revision strengthens the belief that India may grow at more than 8.5% in the fiscal year.
- While on the subject, you just can’t miss this excellent tutorial on how the GDP figures are calculated and cross checked.
- Demand for eggs in India to go up based on increase in Defence forces' consumption
Defence forces have reportedly decided that the country’s 30 lakh
strong armed forces can look forward to an extra egg in their daily
ration. This is set to make the Forces consume nearly 5% of the total
eggs sold daily in the country.
now, jawans deployed above 9000 ft and those in the forward areas were
getting one egg a day, while those below officer rank in peace time
posting were not given eggs. This is now set to change. The troops
will now get two eggs a day irrespective of their placements, be it on
field or peace locations.
defence ministry has also increased the quota of fresh fruits in the
daily diet, creating extra demand for 2,700 tonne of fruits each week.
Till now, jawans were entitled to only 230 gm fruits three times a week.
With the new announcement, they will get 230 gm fruits daily. The
army’s biggest food commodity purchases are rice, wheat flour and
- The per capita egg consumption in India is 43 eggs a year, which is much lower than the world average of 124 eggs.
- India’s layer bird population, or chickens bred to lay eggs, has only risen by 30% in the past decade.
- Fund managers refuse to play salesman for New Pension Scheme
than 12,000 members have signed up for the scheme, the dedicated
vehicle for managing retirement savings of government employees, after
it was thrown open to all citizens in May 2009. What explains the tardy
fund managers are refusing to promote the scheme, in spite of their
having dedicated sales forces to market other schemes. They get better
margins on other schemes when compared with NPS.
seven pension fund managers that the subscribers can choose from are
UTI, IDFC, LIC, SBI, ICICI Prudential, Kotak Mahindra and Reliance
managers are paid a fee of 0.0009% on the assets that they manage. So
far non-government subscribers have saved just around 20 crore under the
NPS umbrella, leaving fund managers with no room for profits.
contrast, NPS distributors who are also referred to as points of
presence, earn 40 for registering a new member and 10 for every
managers and intermediaries point out that the NSDL is probably the
only one who has an incentive to draw more people into the NPS. The
depository charges 50 as account opening charges, 280 as annual account
maintenance charges and 6 per transaction.
- Some important personalities that you should remember in this connection:
- PFRDA chairman: Yogesh Agarwal
- NPS trust chairman: Yogendra Narain
- Why is the nutrient based subsidy policy in fertilizers, a failure?
stated: old habits die hard. Consumption of urea has increased in the
first few months of the NBS policy, contrary to expectations that it
would lead to a balanced use of fertilisers. The sale of urea in kharif
2010 season up to July 31 rose to 73.59 lakh tonne from 68.05 lakh
tonne in the same period last year. Overall urea use last kharif stood
at 136.65 lakh tonne compared with 120.03 lakh tonne in the previous
the central government’s subsidy spend on the fertiliser will remain
high, defying projections of a lower bill in 2010-11.
analysts believe that deregulation of urea imports will result in lower
subsidy bills. Urea accounts for more than half of the country’s
fertiliser consumption. Currently, only government agencies are allowed
to import the fertiliser.
2009-10, the fertiliser subsidy spend of the Centre on indigenous urea
totalled 17580.25 crore and another 6999.63 crore was spent on imported
urea. In volume terms, imported urea went up to 52.10 lakh tonne in
2009-10 compared to only 20.57 lakh tonne in 2005-06, burgeoning the
urea subsidy bill each year. The government’s fertiliser subsidy spend
for 2009-10 stands at 64,932 crore but it has signalled its desire to
reduce this to 1.5% of the GDP by 2011-12.
- Perhaps the first ever case of a tennis player collapsing in Court
- Victoria Azarenka of Belarus collapsed on the court
while playing Gisela Dulko of Argentina at the U.S. Open tennis
tournament in New York, Wednesday, Sept. 1, 2010. Azarenka was taken off
the court in a wheelchair.