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02.09.2010 Indian Current Affair

02.09.2010 Indian Current Affair

02.09.2010  Indian Current Affair

Politics & the Nation
  • Mayawati Vs Rahul: Amethi likely to get a new name
    • The
      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.
    • UP
      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.
    • The
      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.
    • The
      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
    • The
      Pime Minister has laid the foundation stone for the Rs. 6,000 crore
      power equipment manufacturing plant of NBPPL near Tirupati.
    • NBPPL
      -- 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.
    • NBPPL
      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
Finance & Economy
  • GDP growth figures corrected by government
    • We
      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.
    • Now
      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
    • The
      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.
    • Till
      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.
    • The
      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
    • Less
      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
    • The
      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.
    • The
      seven pension fund managers that the subscribers can choose from are
      UTI, IDFC, LIC, SBI, ICICI Prudential, Kotak Mahindra and Reliance
    • Fund
      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.
    • By
      contrast, NPS distributors who are also referred to as points of
      presence, earn 40 for registering a new member and 10 for every
    • Fund
      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?
    • Simply
      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
    • Consequently,
      the central government’s subsidy spend on the fertiliser will remain
      high, defying projections of a lower bill in 2010-11.
    • Industry
      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.
    • In
      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.



06 May, 2021, 04:18:35 AM