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Govt to launch Unnat Bharat Abhiyan
Government
is set to launch a new programme, the Unnat Bharat Abhiyan to uplift rural India. This programme
will be launched in collaboration with the Indian Institutes of Technology
(IIT) and the National Institutes
of Technology (NITs) across the country.
The main idea for launching the programme is to provide
definitive research that can be aligned with national development.
Unnat
Bharat Abhiyan is an initiative of the Ministry of Human Resource Development.
It will be coordinated and steered by IIT Delhi.
Key Points
about Unnat Bharat Abhiyan
·
The programme, with the help of IITs, NITs and other
leading technical institutions will prepare a roadmap for holistic rural
development.
·
It will involve engaging with communities around each
institute and for their upliftment.
·
Each IIT will identify 10 villages in its
neighbourhood and work out technologies to solve the most pressing issues of
the region.
·
Different teams from these institutes will visit the
villages, identify problems and then aim to find financially-viable schemes.
·
Once the solution is identified then they will involve
the industry in this to solve the problem.
·
Along with the HRD ministry and the institutes, some
other ministries such as rural development and NGOs working in villages are
also likely to be involved in the programme.
·
Some of the problems that the institutes will be
looking at are, supply of potable water, sanitation, energy and low cost
housing.
·
·
Cricketers
Sachin Tendulkar and Steve Waugh have been inducted into the Bradman Hall of
Fame.
·
The
two cricketers were inducted as honorees of the Bradman Foundation at a gala
dinner held at the Sydney CRICKET Ground.
·
Sachin
Tendulkar had met Bradman on his 90thbirthday in
Adelaide. Bradman had listed Tendulkar in an all-time XI list prepared by him.
Tendulkar holds almost every Test batting record, except for Bradman’s average.
·
India was ranked 142nd among 189 nations in the World Bank’s Ease of DoingBusines Report. ‘Doing Business
2015: Going Beyond Efficiency’ is a World Bank Group flagship publication
Countries performing well
India
re-elected to ECOSOC
India won its re-election to the EcoSoc. This win comes just a week after India’s re-election
to the UNHRC. On election, members serve a three year term. India’s previous
term was scheduled to end in 2013. Now, on re-election, India will serve
another three year term beginning on 1st January, 2015.
Re-election to the EcoSoc
A country requires two-thirds of the total votes to
become a member. EcoSoc has a total of 54 members. The countries serve for
overlapping periods of three years. In October this year, all the members of
the UNGA voted to elect 18 members from amongst themselves to the EcoSoc.
India
was re-elected to the 193-member UN body, EcoSoc, after receiving 183 votes.
India was re-elected with the highest number of votes in the Asia Pacific
group. India was followed by Japan and Pakistan, both of whom
received 181 votes each.
Members of the EcoSoc
The
newly elected members of the EcoSoc are Argentina, Austria, Brazil, Burkina Faso, Estonia, France, Germany, Ghana, Greece, Honduras, India, Japan,Mauritania, Pakistan, Portugal, Trinidad and
Tobago, Uganda and Zimbabwe.
The
CEO of Prasar Bharati, Jawhar Sircar, was elected unopposed as the
Vice-President of the Asia Pacific Broadcasting Union (ABU).
Also,
representatives from Malaysian broadcaster RTM and JapaN’s NHK were also chosen as
Vice-Presidents while the representative from South Korean broadcaster KBS was
chosen as the President.
Thanks
to its loss to Pakistan in a match of the Abu Dhabi
Test Series, India dropped to sixth place in
ICC’s Test rankings. This ranking change shall remain irrespective of how the
rest of the Abu Dhabi Test series turns out.
TB Mission 2020 is a Government of Indiainitiative to eliminate TB or
Tuberculosis in India by 2020.
This
mission was announced by the Health Minister
at WHO’s Global TB Symposium in Barcelona. The symposium was titled ‘Moving out
of the box to end global TB epidemic: with post-2015 strategy.’
Surya Prakash, has been appointed as the Chairman of the Board of
Prasar Bharti for a period of three years. Prakash’s name was recommended by a
three member committee. The Committee comprised of:-
·
Vice
President Hamid Ansari, who is also the head of the committee
·
Bimal
Julka, Secretary of Ministry of Information and Broadcasting
Chhatpuja
Celebrated
The festival is observed most
diligently in Bihar, Jharkhand,
Eastern UP and the Terai regions of Nepal
India and Vietnam signed seven agreements
after PM Modi met his counterpart Nguyen Tan Dung. The two also held talks on a
wide range of bilateral and regional issues, and
called for ‘freedom of navigation and commerce, and peaceful settlement of
maritime disputes in the region’.
Trade
Bilateral
trade between the two countries has steadily improved, especially after the
implementation of the India-ASEAN Trade in Goods Agreement. The conclusion of the India-ASEAN Trade in Services and Investment Agreements is expected to provide a further impetus to
trade. Both countries also agreed to enhance the bilateral trade targets to US
$15 billion by 2020.
Defence Cooperation
India
is committed to the modernisation of Vietnamese defence and security forces. India’s already substantial
training programme for the Vietnamese forces will be expanded. Also joint
exercises will be conducted and the countries will cooperate in the arena of
defence equipment.
Cooperation in other areas
Both
nations also agreed to increase cooperation in crucial areas of defence,
security, trade and counter-terrorism. They signed five pacts providing for cooperation in
sectors like ‘education, culture and
broadcasting, conservation and restoration of the world heritage site of My Son
in Vietnam’s Quang Nam Province and the Nalanda university project.’
India also asked Vietnam to provide expeditious
clearances to the Tata Group for its thermal power project inVietnam which is
scheduled to be completed by 2020.
Vietnam sought India’s help for skill development in
the IT sector, and also asked India to increase seats for Vietnamese
students in Indian educational institutions or consider setting up a university
in Vietnam. India offered Vietnam seats in the Petroleum university to train
people for better management of the oil and gas exploration projects.
Chinese response
Chine has been objecting to India’s oil exploration
projects in the disputed waters of South China sea. Hours after India signed
the pact with Vietnam, China warned that it would ‘oppose any exploration
activity in the South China Sea if it undermined its sovereignty and
interests’.
Dilma Rousseff re-elected president of Brazil
Government to soon put up Climate Change
Adaptation Plan
Anirban Lahiri wins Venetian Macau Open
Serena Williams wins WTA Finals Singles Trophy
USA’s Serena Williams defeated Romania’s Simona Halep
to clinch the BNP Paribas WTA FinalsSingapore Singles title. Williams’ won the US $2.05 mn prize money,
along with the Billie Jean King Trophy
Zimbabwean national Cara Black and Indian Sania
Mirza won
the BNP Paribas WTA
Finals SingaporeDoubles
title. They defeated the defending champions Peng Shuai and Hsieh Su-wei.
UK
has formally withdrawn from Afghanistan, ending the 13 year war that it
was a part of. The lowering of the Union Flag in Camp Bastion marked the end of
Britain’s campaign, which is believed to be its longest involvement in a
conflict in modern times.
SpaceX Dragon spacecraft returns safely
SpaceX’s
Dragon spacecraft has concluded its mission to the ISS (InternationalSpace
Station) and returned to Earth. The spacecraft was launched in September in
SpaceX’s Falcon 9 launch vehicle. This was Dragon’s fifth visit to the ISS.
Cargo from usa
India’s GDP is likely to grow by 5.6 per cent
in 2014-15: World Bank
The report also said that the GDP
growth may rise further to 6.4% and 7% in 2015-16 and 2016-17. Key Points:
Japanese
telecom giant SoftBank has pledged to invest US $10 bn in India’s IT and communications sector in
the coming years
Pankaj
Advani emerged the winner at the World Billiards Championship triumph in
the 150-up points format. Advani defeated Singapore’s Peter Gilchrist 6-2 in the
finals of the World Championship. The points format is the shorter form of the
regular billiards game.
Noted freedom fighter Jagdish Sharan dies
Prominent
freedom fighter Jagdish Sharan Pande passed away in Almora,Uttarakhand at age 95. He died after a prolonged illness.
Pande was a resident of Bhatkot in Uttarakhand. After
his death, Pande’s remains were consigned to flames with full state honours.
Post-independence, Pande has been actively involved in
social work.
Role in the fight for Independence
Pande
was a part of Netaji Subhash Chandra Bose’s Azad Hind Fauj. He was also jailed
in Burma during 1943-44 for his involvement.
21 Asian countries sign MoU for Asian
Infrastructure Investment Bank (AIIB)
21
Asian countries, including India, have signed an agreement to become the founding
members of the Asian Infrastructure Investment Bank (AIIB). China’s Vice-Finance Minister Jin Liqun, who has also been the
Vice-President of the Asian Development Bank (ADB), was appointed the Secretary
General of AIIB.
India’s role
China
has been keen to ensure India’s participation in the AIIB, and the Chinese
President Jinping also pushed for it when met PM Modi on the sidelines of theBRICS Summit in July. The AIIB is in addition to the BRICS
Development Bank which was also formed recently. Te BRICS Development will be
located in Shanghai, and will begin operating with an Indian as its President.
AIIB
AIIB
is an international financial institution that was proposed by China. It
is expected to act as a balance of power with the WB, IMF and ADB all being
controlled/dominated by the US, EU and Japan respectively.
The Headquarters of the AIIB will be at Beijing, and
the bank is expected to be operational in 2015.
According to the agreement, the authorised capital of
AIIB is US $100 bn and the initial subscribed capital is expected to be around
US $50 bn. The paid-in ratio will be 20%.
The
21 members of the AIIB are China, India, Thailand, Malaysia, Singapore, thePhilippines, Pakistan, Bangladesh, Brunei, Cambodia, Kazakhstan, Kuwait,
Laos,Myanmar, Mongolia, Nepal,
Oman, Qatar, Sri Lanka, Uzbekistan, and Vietnam.
PM
Modi visited J&K on the occasion of Diwali to review the relief and rehabilitation
efforts
The Defence Acquisition Council has
given the clearance to defence projects amounting to 80,000 cr. Multiple
deals that involve either upgradation of equipments or capability enhancement
of the Navy were given approval. Other projects that have been approved are:-
·
Indigenous
production of six submarines
·
Procurement
of 12 upgraded Dornier surveillance aircraft with enhanced sensors from HAL at
Rs. 1,850 cr
·
Purchase
of 8,356 Anti Tank Guided Missile from Israel worth Rs 3,200 cr (This is
being bought instead of USA’s Javelin missile). The Army will also purchase 321
launchers for the missile
·
Purchase
of 362 infantry fighting vehicle from the Ordinance Factory Board in
Medak, West Bengal for
Rs 662 cr
·
Purchase
of 1,761 units of five spoke 7.5 tonne radio containers for Rs 662 cr and 1,768
critical rolling stock – open and closed wagons for transport of military
equipments at a cost of Rs 740 cr from domestic vendors
·
Purchase
of equipments for classified operations of the Navy
Birth anniversary of Sardar Patel, 31
October to be celebrated as Rashtriya Ekta Diwas
The
Birth Anniversary of Sardar Vallabhbhai Patel, which falls on 31 October, will
be celebrated asNational Integration Day of Rashtriya Ekta Divas from now on.
Objective of the Commemoration
The
government will attempt to create awareness among the people about Sardar
Patel’s contribution towards India’s freedom struggle and ensuring national integration
in India. Sardar Patel played a pivotal role in the merger of princely states
with British ruled India to form a sovereign united country called India
Rashtriya Ekta Divas (RED)
The government will try to make RED a mass movement,
reaching people from all avenues of life. The participation of the people shall
be voluntary.
On October 31 this year, the PM will participate in
the event and broadcast a short radio address.
In
the morning of October 31, a ‘run for unity’ marathon will be organized in
cities, towns and villages all over India. In the evening, Police and other organizations like the NSS, NCC, Scouts and
Guides, Home Guards etc will march on the streets in all district headquarters.
Sardar Vallabhbhai Patel
Sardar
Patel was born on 31 October, 1875 at Karamsand, Gujarat. He was a barrister with a successful law practice,
before he left the law to join the Indian national movement under Gandhi. He
played a major role in organizing peasants’ movements in Kheda and Bardoli in
Gujarat, and during the Quit India movement. His biggest contribution to India
was his role in the integration of the over 500 princely states with India
during 1947-49.
International Boxing Association (AIBA)
suspends Sarita Devi
Indian
boxer L.Sarita Devi has been provisionally suspended by the AIBA for refusing
to accept the bronze medal she won after losing the semifinal fight over a
controversial decision at the 2014 Asian
Games.
Suspension
Along
with Sarita Devi, her coaches Gurbaksh Singh Sandhu, B.I.Fernandes and Sagar
Mai Dhayal andIndia’s chef-de-mission Adille Sumariwala to the Incheon
Asiad 2014 have also been suspended. All of them are prohibited from
participating in the upcoming competitions till further notice. Other than AIBA
competitions, they also cannot participate in AIBA events and meetings. This
Sarita Devi case has now been sent for review by the AIBA Disciplinary
Commission.
The
suspension means that Sarita Devi will miss the upcoming Women’s World Championships
in Jeju, South Korea which is scheduled to take place between November 13
and 25.
India-Mexico sign pacts for space cooperation
Joint Commission meeting
The
pacts were signed at the sixth session of the Joint Commission meeting between
India and Mexico that was held in New Delhi. The meeting was presided by India’s External
Affairs Minister, Sushma Swaraj, and her Mexican counterpart, Jose Antonio
Meade Kuribrena. The other issues discussed or decided at the meeting are:-
UNHRC asks China to ensure universal voting
rights in Hong Kong
The
UNHRC ( United
Nations Human RightsCommittee) asked China to ensure universal suffrage in Hong
Kong, specifying that
universal voting rights included the right to stand for election as well as the
right to vote.
Role of UNHRC in Hong Kong
The
UNHRC monitors compliance with aninternational treaty on civil and political rights, namely the International Covenant on Civil and
Political Rights (ICCPR), in Hong Kong. Therefore, it is concerned with
violations of the treaty in Hong Kong.
Nigeria has been declared officially
free of Ebola by the WHO. Earlier, WHO
also declared Senegal Ebola free.
Manohar Lal Khattar to be new Chief Minister of
Haryana
Second
seeded US Open champion Marin Cilic ofCroatia won the Kremlin Cup ATP
title in Moscow. He defeated fifth seeded Spaniard Roberto Bautista-Agut in the
final. Cilic became the first Croatian to win the Moscow ATP 250 tournament
since his coach Goran
India faced Great Britain at the
Taman Daya Hockeystadium in Johor Bahru in Malaysia for the finals of the Sultan
of Johor under 21 hockey Cup.
October 22, 2014
China, Afghanistan and Pakistan held a trilateral dialogue
to chalk out a roadmap for regional cooperation and strengthen ties with each
other. This is the second such dialogue. The first dialogue was held in 2013 in
Beijing.
Harshit
Saumitra, a five year and eleven month old Indian has successfully climbed
Kalapathar peak. Harshit Saumitra is the son of a famous mountaineer, Rajeev
Saumitra.
Japan rolls out Mitsubishi Regional Jet (MRJ),
its first commercial jet in 50 years
SAARC Framework Agreement for Energy
Cooperation finalized
The SAARC Framework Agreement for Energy Cooperation
(Electricity) was finalized at the 5thSAARC Energy
Ministers Meeting and will be signed by all the parties at the upcoming SAARC
Summit that is to be held in November 2014 in Kathmandu,Nepal.
SAARC Framework Agreement for Energy Cooperation
This
agreement has been pending since 2010 and is an important step in developing a
SAARC Market for Electricity (SAME) on a regional basis. Bangladesh will convene the meeting of Energy Regulators or
Agencies in SAARC countries by December 2014.
India’s role
India has offered to host a seminar on “Sharing Experiences
on Energy Pricing Mechanism in the SAARC Region” and also host the second
meeting of the Expert Group on Technology/Knowledge Sharing (including Energy
Efficiency, coal, etc.) in 2015.
SAARC
SAARC or the South Asian Association for Regional
Cooperation was established in 1985, with its secretariat in Kathmandu, Nepal.
SAARC is an association of eight countries in South Asia. The
idea of the regional body was first proposed by the Bangaldeshi President
Zia-ur-Rahman in 1980, when the proposed creation of a trade bloc consisting
solely South Asian countries.
Afghanistan is the most recent, and eighth addition to the grouping.
It was added at the behest of India, on 13 November, 2005. China, EU, USA, SouthKorea, Iran, Myanmar, Australia and Mauritius are observers to SAARC.
Ministerial level Energy forum
The
process of regional cooperation in the energy sector began in January 2000 with
the establishment of a Technical Committee on Energy. At the 12th SAARC Summit in 2004, the
Islamabad Declaration called for the constitution of a Ministerial level Energy Forum was
constituted. The first meeting of the SAARC Energy Ministers was held at
Islamabad in 2005.
India-LAC investment conclave concludes
The India-LAC (Latin America and Carribean)investment conclave was held under the auspices of FICCI (Federation of Indian Chambers of Commerce andIndustry) and
Ministry of Commerce and Industry on October 16 and 17.
Objectives of the conclave
The objectives of the conclave are as follows:-
·
Provide insights to LAC region industries on
lucrative investment opportunities available in India
·
Provide Indian industries insight into the LAC region
to enable them to develop suitable strategies to penetrate the LAC region
markets
·
Facilitate partnerships between industries in the
Indian and LAC region
·
Enable government representatives from both regions to
enhance economic engagement between India and LAC region.
·
·
The
Central Government has replaced FinanceSecretary Arvind Mayaram
with Rajasthan Chief
Secretary Rajiv Mehrishi. Mayaram is being shifted to the Tourism Ministry
Arvind Subramanian appointed new Chief Economic
Advisor of India
Highlights of President Pranab Mukherjee’s
visit to Norway and Finland
President
Pranab Mukherjee returned from a five day visit to Norway and Finland on October 17. He signed a multitude of agreements
during his time there.
Nuclear Energy
India signed an agreement for nuclear cooperation with
Finland. The agreement was signed between the Atomic Energy Regulatory Board
(AERB) of India and the Radiation and Nuclear Safety Authority of Finland.
Other than nuclear cooperation, radiation safety regulation, exchange of
information and personnel related to the peaceful use of nuclear energy will be
the spheres of collaboration.
Trade
India
and Finland agreed to double bilateral trade to $2 bn over the next three years. Around 19
agreements for cooperation across various fields likeeducation, biotechnology,
nuclear and radiation safety, and renewable energy were signed to further
increase the bilateral trade.
Energy cooperation
A joint venture partnership agreement was signed
between Chempolis Oy and Numaligarh Refinery Ltd. to build India’s first
BioRefinery.
Science & Technology
An
MoU was signed between the Department of Biotechnology and Tekes, the Finnish
Funding Agency for Innovation to increase cooperation in the field of
biotechnology. This will help the two countries collaborate in the areas of
diagnostics in health and well being through joint funding of projects and
workshops.
Agreements with Norway
India
and Norway also signed a plethora of agreements to increase cooperation in defence, science and technology, education and other areas.
Nuclear capable Cruise Missile Nirbhay tested
successfully
India successfully tested Nirbhay, India’s first indigenously designed and developed
long range sub-sonic cruise missile. The missile was fired from the Integrated
Test Range at Balasore, Odisha. Nirbhay maintained an accuracy better than 10 m
throughout its path and covered a distance of more than 1000 km.
Indigenously developed missile
Nirbhay is made wholly of parts indigenously developed
in India. It is powered by a solid rocket motor booster developed by the
Advanced Systems Laboratory (ASL) and the launch was from a mobile launcher
specifically designed for Nirbhay by the Vehicles R&D Establishment
(VRDE). The missile was guided by a highly advanced inertial navigation
system developed by Research Centre Imarat (RCI). The missile was tracked with
the help of ground based radars, and the missile was monitored through
telemetry stations by a team from DRDO and LRDE (Electronics & Radar
Development Establishment).
Prior launch attempt
The
Human Resource Development (HRD) Minister has announced its decision to
introduce the practice of ‘Tithi Bhojan’ as a part of the Mid Day Meal scheme.
The HRD Minister headed a meeting of the Empowered Committee on Mid Day Meal Scheme to
review the functioning of the Mid Day Meal scheme. The meeting consisted of
representatives of State Governments, Food and Nutrition experts and senior
officers of the Central Government. The Committee was formed last year.
Tithi Bhojan
Some of the features of Tithi Bhojan are:-
·
Tithi Bhojan was first successfully implemented in Gujarat, and
will now be replicated across the country
·
It seeks to involve the members of the community in
the effort to provide nutritious and healthy food to the children
·
The members of the community may contribute/sponsor
either utensils or food on special occasions/festivals.
This is completely voluntary, and the people in the community may contribute
food items supplementary to the mid day already being provided like sweet,
namkeen or sprouts.
·
Greater participation and involvement of religious and
charitable institutions is also being promoted
First meeting of bilateral border mechanism
between India-China held
The
first meeting of the talks on the bilateral border under the framework of the Border Affairs
Working Mechanism for Consultation and Coordination (BAWMCC) was held on
October 16. The focus of the talks was on issues of mutual interest like border
patrolling and management.
BAWMCC
The
BAWMCC was created in 2012, as a forum to address issues arising out of
aggressive patrolling along the contentious border. The BAWMCC is co-chaired by
the Joint Secretary (China Division) in the Ministry of External Affairs and
his/her Chinese counterpart. The goal of the BAWMCC is to prevent recurrence of
incidents between the two countries like the one in Chumar. Also, the BAWMCC
calls for discussion of issues related to border management by foreign ministry
anddefence officials, in an effort to maintain peace. The disputed
boundary issue is discussed by special representatives. India successfully launches IRNSS 1C
IRNSS 1C, the next satellite in India’s IRNSS (Indian Regional Navigational Satellite
System) series, was launched successfully on October 16 by ISRO. IRNSS 1C was
launched on a PSLV C26 from Sriharikota. The satellite is similar to, and follows the IRNSS
1A and 1B which were launched in April 2013 and July 2014 respectively.
Details of launch
India-Canada hold Strategic Dialogue
The
second India-Canada Strategic Dialogue was held in New Delhi on October 14. The dialogue was co-chaired by Indian
External Affairs Minister Sushma Swaraj and Canadian Foreign Affairs Minister
John Baird. Baird who is on a five day visit, also met PM Modi and
discussed various bilateralmatters.
Strategic Dialogue
At
the meeting, the two sides discussed a variety of bilateral issues including
but not limited to defence, energy, nuclear cooperation, counter-terrorism, global and regional security. The two
countries are also working towards early conclusion of the Comprehensive
Economic Partnership Agreement (CEPA) and BilateralInvestment Promotion and Protection Agreement (BIPPA).
Pakistan has launched a project to
build houses in Mannar in Sri Lanka. A cheque of $ 1 mn has been
handed over to Sri Lanka by the Pakistan side to carry out the project.
World Standards Day Observed on October 14
According
to provisional estimates for the month of September 2014, WPI (Wholesale Price
Index) based inflation has fallen to 2.38% which is a five year low. This
is mainly attributed to the decline in food and fuel prices. Also, the
decline was far greater than the 3.2% that was forecast by analysts.
October 16, 2014
The
Man Booker Prize 2014 for fiction was awarded
to Australian author Richard Flanagan, for his novel The Narrow Road to the
Deep North.
India and Norway sign agreements, MoUs during
President’s visit to Norway
President
Pranab Mukherjee is on a six day visit to the Scandinavian countries of Norway and Finland.He is the first Indian
President to visit Norway. A plethora of agreements and MoUs were
signed by the two countries
Agreement on Visa Exemption
India has signed an agreement with Norway that will exempt
Indian holders of diplomatic and official passports from the requirement of
obtaining a visa. This agreement is expected to promote bilateral relations between the two countries, and facilitate
easy travel between the two countries for the officials and government
representatives.
MoUs
The
two countries have also signed 11 MoUs in the fields of education, scienceand technology, research and development etc. One of
the MoU involves setting up of modern fish farming unit outside Delhi.
Statement of Intent
India’s
DRDO (Defence Research and Development Organisation) and Norway’s
Defence Research Institute has signed a Statement of Intent expressing their
inclination to collaborate together.
The
Norwegian Nobel Committee has awarded the 2014 Nobel
Peace Prize to Kailash Satyarthi and Malala Yousafzai for their “struggle
against the suppression of children and young people and for the right of all
children toeducation.”
The Nobel Prize in Literature for 2014
has been awarded to the French author, Patrick Modiano, “for the art of memory with
which he has evoked the most ungraspable human destinies and uncovered the
life-world of the occupation”.
Mark Zuckerberg visits India-stresses
connectivity for whole world
Founder
and CEO of Facebook, Mark
Zuckerberg, is
in New Delhi on a two day visit to India. He will launch the global internet project,
Internet.org in Delhi.
While
in India, Zuckerberg met PM Modi and later spoke of Digital
India initiative and said it was a positive development. His
visit comes months after the visit of Facebook COO, Sheryl Sandberg.
Internet.org
Internet.org is a global partnership between leaders
in the field of technology, NGOs, local communities and experts who work
together to bring internet connectivity to the two-thirds of world’s population
that doesn’t have access to internet now.
Through Internet.org, Zuckerberg aims to m
The World Bank (WB) has launched the GIF to
specifically cater to the infrastructure needs of the emerging economies
and developing countries. The GIF will channel money towards bankable
infrastructure project in such countries. GIF also places importance on
sustainable development. Its key focus will be on climate friendly
infrastructureinvestments and projects that will boost
trade.
The
GIF will collaborate with other international and multilateral agencies
which provide loans and financial assistance to countries across the globe.
The Nobel Prize for Economics was
awarded to Jean Tirole “for his analysis of market power and regulation”.
He will be awarded prize money of 8 mn Swedish krona.
Jean
Tirole is the second Frenchman to have been awarded a Nobel Prize this year. Tirole has been
very vocal about the need for greater regulation of banks, and has been in the
news for his views ever since the financial crisis of 2008.
The
Royal Swedish Academy of Sciences has announced that the Nobel Prize for Chemistry for the
year 2014 is being awarded to Eric Betzig, Stefan W. Hell and William E.
Moerner “for the development of super-resolved fluorescence microscopy”.
About
Eric Betzig
Eric Betzig is an American citizen who born in 1960 in
USA. He is a Group Leader at the Janelia Research Campus at the Howard Hughes
Medical Institute in USA
About
Stefan W. Hell
Stefan
W. Hell is a German citizen who was born in Romania in 1962. He is Director at the Max Planck Institute
for Biophysical Chemistry in Göttingen, and Division head at the German Cancer
Research Center in Heidelberg, Germany.
William
E. Moerner
William E. Moerner is an American citizen who was born
in USA in 1953. He is the Harry S. Mosher Professor in Chemistry and Professor
of Applied Physics at Stanford University in USA.
The
Royal Swedish Academy of Sciences announced its decision to award theNobel Prize for Physics to Isamu
Akasaki, Hiroshi Amano and Shuji Nakamura “for the invention of efficient blue
light-emitting diodes which has enabled bright and energy-saving white light
sources”.
Isamu
Akasaki
Isamu
Akasaki is a Japanese
citizen. He was born 1929 in Chiran, Japan and educated in Japan. He is currently a Professor at Meijo
University, Nagoya, and Distinguished Professor at Nagoya University, Japan.
Hiroshi
Amano
Hiroshi
Amano is a Japanese
citizen. He was born in 1960 in Hamamatsu, Japan and educated in Japan. He is a
Professor at Nagoya University in Japan.
Shuji
Nakamura
Shuji
Nakamura is an American
citizen. He was born in 1954 in Ikata, Japan and educated in Japan. He is
currently a Professor at University of California in USA.
John
O’Keefe and Norwegian couple May-Britt and Edvard Moser have won the 2014 Nobel Prize for medicine for their
work which has led to discovering the brain’s internal positioning system.
John
O’Keefe
In 1971, Dr. O’Keefe was studying the hippocampus,
when during an experiment on rats he discovered that certain nerve cells got
activated when the rat was in a particular spot. If the rat changed its place,
then different nerve cells in the rat’s brain got activated. This led to his
conclusion that the cells weren’t just registering the location but they
appeared to be making circuits that constituted an inner map or ‘GPS’ of the
place. He realized that the hippocampus was a spatial system where the memory
of a certain place gets stored a particular combination of the nerve cells.
May-Britt
and Edvard Moser
In 2005, the Mosers’ worked with O’Keefe to further
his work. They conducted similar experiments on rats, where they discovered
that nerve cells in entorhinal cortex which is near the hippocampus got
activated when the animals passed certain places. These nerve cells together
laid out a grid like pattern enabling the rat to navigate spatially.
Research
Before the work done by these three scientists, we
didn’t have a sense of how the brain processed maps at a cellular level. Their
work helps researchers delve deeper into how strokes and Alzheimer’s affect the
brain, with the help of their inner navigational chart.
The
Hero Indian Super League (ISL) was launched amid festivities at Kolkata’s Salk
Lake Stadium on October 12 in the presence of fans, industrialists, celebrities
and politicians. The inaugural ceremony was celebrated with dances and
fireworks. The ISL is a professional Indian football league
At
the International Gaza Donor Conference in
Cairo,India pledged to donate US $ 4 mn
in aid to rebuildGaza Strip. The Conference is to raise money
for rebuilding efforts in Gaza after its latest 50 day war with Israel.
Roger Federer wins first Shanghai Masters title
The
world number 3 ranked Roger
Federer, fromSwitzerland, defeated Gilles Simon from France to win the Shanghai
Masters Title. Gilles Simon is unseeded.
This
is the first Shanghai Masters title win for Roger Federer. In 2010, Roger
Federer lost to Andy Murray in Shanghai Masters Final. This is Roger Federer’s
81st career
title. He has also won 17 Grand Slams
Shanghai Masters Title
This
tournament is a part of the ATP World Tour Masters 1000. It is played on a
hardcourt at Qi Zhong Tennis Center in Minhang district of Shanghai. The 2013
singles title of the Shanghai Masters went to Novak Djokovic
Englishman Lewis Hamilton, driving for Mercedes, won
the inaugural Russian Formula One Grand Prix held at
Sochi. Hamilton had started on pole position. With this win, Mercedes also
clinched its first F1 Constructor’s title. The race was witnessed by the
Russian President Vladimir Putin. The location of the competition was at Sochi,
the location where the Winter Olympics were held.
Captain Abbas Ali who was a part of Indian NationalArmy passed away due to a cardiac
arrest. He had been a notable figure and was a part of British Indian Army in 1939 before the break of
WWII. He later joined Indian National Army when Netaji raised the issue of
armed revolt.
Capt. Abbas Ali was then arrested, court marshalled and further
given a death sentence. However, whenIndia gained independence and he
was released from prison fortunately before his death sentence was to be
executed.
He was greatly influenced by the socialist leaders Ram Manohar
Lohia, Acharya Narendra Dev and Jayaprakash Narayan and took a step into
the political sphere under their guidance.
In
1966, he was appointed State General Secretary of Sanyukt Socialist Party and a
member of the national executive of the Socialist Party. He was again arrested
during the National Emergency under the Defence of India rule and it was
only when emergency was lifted in 1977 and Janata government came to power that
he was released and he was elected to Uttar Pradesh Legislative Council and was
appointed as the first President of Uttar Pradesh Unit of the Janata Party.
On the birth anniversary of Jayaprakash Narayan, PM Modi launched
the Sansad Adarsh Gram Yojanakeeping his commitment, he made to the
nation in his Independence Day speech.
The scheme is properly and religiously implemented will
revolutionize the village economies and culture. It encourages MPs or Sansads to
identify and develop one village from their respective constituency as a model
village by 2016 and two more by 2019. This will ensure development of 2500
villages. Here are some of the highlights of the Yojana:
·
MPs
are required to pick one village with a population of 3000-4000 in plains and
1000-3000 in hills within a month of the launch.
·
MPs
cannot pick villages which belong to themselves or their spouses.
·
The
scheme requires them to draft a village development plan, motivate inhabitants
to participate in growth via different activities, identify gaps in funding and
mobilising MPLAD funds to create additional resources specifically from CSR initiatives
of various corporate houses, in areas of sanitation and water supply.
·
The
outcomes of the same should cover a wide spectrum of indicators like health, nutrition and education through organising and
monitoring immunization drives, improving standard and quality of mid-day mealschemes, improving Aadhaar enrolment, setting up “smart
schools” with IT-enabled classrooms and e-libraries, Panchayat infrastructureimprovement under schemes such
as MGNREGA and Backward Regions Grants
Fund etc.
·
Social
development and harmony should be encouraged through activities like
identifying and celebrating a village day, a village song and also laying
stress on alternate modes of dispute resolution.
·
The
scheme also has provisions to plug all gaps which were hitherto a mark of every
government yojana. The implementation will be ensured by web-based monitoring
and an initial 5-month review by an independent agency. District Collectors
will carry ground-level surveys along with monthly review meetings to monitor
progress . At the State-level too, Chief Secretaries will head empowered committee on the same and the Minister
for Rural Development and Secretary, Rural Development, will chair two national-level committees to track the scheme.
This
will transform lives of many for whom economic development never happened and
also bring about a sense of pride, volunteerism, and self-reliancein villages.
International Day of the Girl Child Observed on
October 11
. The theme of this year was Empowering Adolescent Girls:
Ending the Cycle of Violence.
India’s Current Foreign Exchange Reserves:
$311.427 billion
World Mental Day observed on October 10
·
The
theme for 2014 is “Living with schizophrenia”. The aim is to help people build
and lead a normal life with schizophrenia. It seeks to introduce to the
sufferers newer vistas for life and growth.
India has set up a ‘Japan Plus’ management team to
follow through on the $35 bn that Japan has promised to invest in India over a
span of five years via PPP and overseas development assistance. This is a
follow through on the agreements and initiatives agreed to by India and Japan
during PM Modi’s visit to Japan.
Japan
is the fourth largest foreign investor in India. It contributes to
approximately 8% of India’s total FDI inflows. It is already actively involved
in various infrastructure projects in India.
The Minister for Minority Affairs, Najma Heptullah, announced the
establishment of a nation level skill development Academy, “Maulana Azad NationalAcademy for Skills” (MANAS) with
headquarters inDelhi.
MANAS will focus on providing skills, upgrading abilities and
training members of minority communities in those sectors of the economy which are either facing a
shortage or labour or where demand for labour is expected to surge. MANAS will
also train people so that they may be self-employed. The National Minorities
Development and FinanceCorporation (NMDFC) will provide
assistance with credit for persons who have undergone training at MANAS and
wish to establish their own business or be self employed. MANAS
will also collaborate with multiple national andinternational agencies to provide
certification and assistance with placement for the trainees, and also to secure
funding for the program.
A MoU
was also signed by MANAS and the National Skill Development Corporation to
establish an All India Collaborative Network for
MANAS.
Madhya Pradesh has launched the 2014
edition of it Global Investors Summit. The event will be held from October 8 to
October 10 in Indore. Indore is considered the business capital of Madhya Pradesh.
Through the Global Investors Summit, the government seeks to display the
strengths and industrial prowess of Madhya Pradesh. It is a bid to attract Indian
and foreign investors to Madhya Pradesh. The Global Investors Summit will also
act a forum for interaction between the Indian entrepreneurs, heads of states,
policy makers, investors and other stakeholders.Multiple countries are also
expected to be a part of the Global Investors Summit.
Kenyan President Uhuru Kenyatta to become first
sitting President to appear at ICC
Kenyan
President Kenyatta has confirmed his appearance at The Hague, Netherlands on October 8 to respond to multiple charges against
him at the ICC (International Criminal Court).
Resignation
In an
unprecedented move, Kenyatta has invoked a hitherto unused article of the Constitution to resign temporarily, with the Deputy President,
William Ruto, taking his place as Acting President till the return of Kenyatta.
This step has been taken because Mr.Kenyatta has insisted that he will appear
before the ICC in his personal capacity and not as the President of a nation.
It is to be noted that Kenyatta had also appeared at the ICC before he became
President in 2013.
Kenyatta
will risk an international arrest warrant and international condemnation
against him personally and economic sanctions against Kenya, if he failed to comply with the summons issued by
the ICC.
Charges against Mr.Kenyatta
Kenyatta faces five charges of crimes against
humanity, inciting violence and organizing ethnic massacres that killed 1,200
people. He has denied all the charges that have been brought against him.
In September, the ICC postponed the trial after
prosecutors said the Kenyan government had failed to submit important
documents. The case of the prosecution is weak as of now because several
prosecution witnesses have withdrawn from the case. The ICC has summoned
Kenyatta for a status hearing so he may explain allegations that evidence
against has been withheld by the Kenyans. His request to participate by video
was rejected by the Court.
Indian
actor Shahrukh Khan was awarded the Global Diversity Award 2014 for his
outstanding achievements in the field of cinema and his involvement in
philanthropic endeavors in UK
China test fires long range missile
Dongfeng-31B
Dongfeng-31A
It is
a 10,000 km long range missile that is capable of targeting Europe and the West Coast of USA. It can strike with three
warheads, including nuclear warheads.
Dongfeng-31B
This is latest variant, and an advanced form of
Dongfeng-31A. This is also a long range missile with a reach of 10,000 km.
However, it can carry multiple nuclear warheads, unlike Dongfeng-31A which is
restricted to three.
Dongfeng-41
China is also working on developing a Dongfeng-41
missile. Dongfeng-41 is expected to have a range of 12,000 km which will enable
it to target all the parts of USA.
Canada’s M3M (Maritime Monitoring and
Messaging Micro-Satellite) is set to be launched by India’s PSLV rocket. The agreement for
the same was signed by India’s Antriux Corp. and Canada’s COM DEV Intl. The
satellite is due to be launched in July 2015. The satellite was built for the
Canadian Department ofNational Defence, and is a communications
satellite. The satellite was built at a cost of $21 mn by COM DEV Intl.
Initially,
the satellite was to have been launched on a Soyuz rocket in Russia. However, in light of the international restrictions on trade with
Russia due to the Crimea and Ukraine crisis, Canada decided not
to go ahead with the arrangement.
Chennai Super Kings clinches Champions League
Twenty-20
In
the Champions
League Twenty-20 final match, Chennai Super Kings defeated
Kolkata Knight Riders by 8 wickets to win the Champions League Trophy.
Player of the Match
P.Negi of the Chennai Super Kings was named the Player
of the Match.
Past
Performance
This is the second Champions League win for the
Chennai Super Kings, who won earlier in 2010.
Champions League Twenty-20
This
is an international Twenty-20 cricket competition played between major domestic teams from
cricketing nations. It has been an annual event from 2009. The League is
jointly owned by BCCI, Cricket Australia and Cricket South Africa.
Australia and Canada are the latest additions to
the countries providing military support to the American led war on ISIS in
Iraq and Syria.
The
Indian Women’s Kabaddi team defeated Iran to the
win the gold at the Asian Games. This is the second successive
Asian Games win for the team since women’s kabaddi was introduced in 2010 in
the Guanzhou Asian Games. The Indian Men’s kabaddi team also won a gold at the
Asian Games. India has won a gold consistently
since the game’s introduction in the 1990 Asian Games in Beijing. This is the
men’s team’s 7th successive win.
After 16 years, India wins hockey gold at the
Asian Games
After
a gap of 16 years, India defeated Pakistan in the Men’s Hockey finals of the Asian
Games , to win the gold medal. India had earlier won
the gold in 1966 and 1998, while Pakistan has clinched the gold eight
times in the past including the Asian Games at Guangzhou in 2010.
Olympics
This win ensures India’s direct entry to the 2016
Summer Olympics that is scheduled to be held at Rio de Janeiro. This will
be a refreshing change after the 2012 London Olympics where India had struggled
and qualify and finished last in the competition in the end.
Women’s Team
Government announces Rs. 20 lakh for each
village Panchayat for the clean India mission.
More
than 2,47,000 gram panchayats across the country will receive Rs. 20 lakh each
per annum for the Clean India campaign of Swachh Bharat Abhiyan that was launched by
the PM on October 2.
The
discretion as to what project/work the funds should be used for is upto the gram
panchayat, but
it will have to be used towards improving sanitation.
Allocation of funds
This 20 lakh per gram panchayat will be provided from
the Rs, 1,96,000 crore that will be spent on the Swachh Bharat Abhiyan over a
period of five years. Of this, the Ministry of Urban development has been
allocated Rs. 62,000 cr for cleanliness and sanitation of urban areas while the
Ministry of Drinking Water and Sanitation has been allocated Rs. 1,34,000 cr
for the programme
Source of Funds
Only a marginal portion of the funds will be
appropriated from the Central Government. The remainder of the funds will
be raised through PPP mode by Stated and urban local bodies, private sector,
levy of user charges, Corporate Social Responsibility, Swachh Bharat Kosh and
other such measures.
Nation celebrates Gandhi and Shastri Jayanti
On 2
October 2014, India celebrated the birth anniversaries of two of its
greatest leaders and freedom fighters, Mahatma
Gandhi and Lal Bahadur Shastri, on October. Multiple events
across the nation were held in remembrance of the two leaders. Various schools
and institutions conducted events and functions to commemorate the day.
Politicians paid their respects to Gandhi and Shastri at Raj Ghat and Vijay
Ghat respectively.
Swachh Bharat Abhiyan
A
cleanliness drive under the Swachh Bharat Abhiyan was launched by the PMNarendra
Modi. This also marks the
launch of the programme itself. Many cleanliness drives across the nation were
organized under the programme. Cleanliness pledges were taken by people over
the country, including the PM.
Lal Bahadur Shastri
2014
marks the 110th birth anniversary of Shastri. He was
an active participant in the Indian freedom struggle since 1920. He also has
the distinction of being the second PM of India, when he took over after the
untimely demise of Jawaharlal Nehru. HE has also been Minister of Home Affairs
and Minister of External Affairs. He is most famous for his slogan, ‘Jai
Jawaan, Jai Kisan’. He revolutionized the agricultural sector during his
tenure. He also oversaw the florishing of the Amul Co-operative which heralded
a White Revolution in the country. He led the country successfully through the
1965 war with Pakistan. He passed away on January 11, 1966, just after
signing the Tashkent Pact. He was posthumously conferred the Bharat Ratna.
Mahatma Gandhi
2014
marks the 145th birth anniversary of Gandhi. Gandhi
was one of the main leaders in the Indian national movement fighting for freedom from the British. A
lawyer by profession, Gandhi had been educated in the UK and had a practice in
South Africa before returning to India. The date of his return to
India is celebrated as Pravasi Bharatiya Divas to acknowledge the large Indian
expatriate community spread across the world. Gandhi’s methods, that involved
non- violence, non co-operation and civil disobedience, found mass appeal in
India. He also criticized practices such as untouchability. He is considered
by most Indians to be the father of the nation. He was assassinated in January
1948.
Key Outcomes of Narendra Modi’s US visit
A
joint editorial released by India and US highlighted the following developments in the bilateralrelationship of the two countries:-
Indo- US Investment Initiative
Establishment
of an Indo- US Investment Initiativeled
by the Ministry of Finance on the Indian side and the Department of Treasury on
the American side, with special focus on capital market development and
financing of infrastructure. This Initiative will focus on increasing investment
by institutional investors and corporate entities
Infrastructure Collaboration Platform
Establishment
of an Infrastructure Collaboration Platform convened by the Ministry of Finance on
the Indian side and the Department of Commerce on the American side to
facilitate the participation of American companies in Indian infrastructure
projects
Trade Policy Forum
The
two countries committed to work through the Trade Policy Forum to promote a business environment that was conducive for companies to invest and
manufacture in both in India and US. Also, an annual high-level Intellectual
Property Working Group as a part of the Trade Policy Forum will be formed to
look into issues related to innovation.
Others
·
The two leaders also committed to hold public-private
discussions in the early part of 2015 under the already existing Commercial
Dialogue on new areas of cooperation, including innovation in advancedmanufacturing
·
After reiterating their commitment to working together
towards the creation of a new global agreement on climate change, they agreed to hold an urgent meeting of their
bilateral task force on HFCs (hydrofluorocarbons) prior to the next meeting of
the Montreal Protocol
·
The two leaders launched a new US – India Climate
Fellowship Program to build each other’s long term capacity to address climate
change related issues
·
A MoU between the Export-Import Bank and the Indian
Renewable Energy Development Agency was signed. This MoU would make up to $1 bn
in financing available to India to help its transition to a low carbon and
climate resilient energy economy, at the same time boosting American renewable energy
exports to India
·
The countries also agreed to a 10 year extension of
the 2005 Framework for the US – India Defense Relationship
·
The two leaders decided to intensify cooperation in
maritime security, mainly by enhancing technology partnerships for India’s Navy
and also upgrading the existing military exercise Malabar.
·
USA pledged to help India counter the threat of IEDs
(improvised explosive devices) through I&T (information and technology)
·
The two leaders appreciated the establishment and
planned first meeting of the NASA-ISRO Mars Joint
Working Group under the U.S.-India Civil Space Joint Working Group and hoped
for further co-operation in the area of space technology
·
The two countries agreed to launch a new phase of the
India-U.S. Vaccine Action Program and emphasis on developing affordable
vaccines for dengue, malaria, and TB
·
The two countries pledged to work together towards the
export of nuclear technology from US to India to make India more self-reliant.
In furtherance of this, the countries decided to continue working towards
India’s phased entry into the Nuclear Suppliers Group (NSG), the Missile
Technology Control Regime (MTCR), the Wassenaar Arrangement and the Australia Group.
The American President expressed his support for India’s early application and
eventual membership in all four regimes.
Nagaland clinches Subroto Cup U-14 Trophy
Greenwood
High School, Nagaland defeated Government Model High School, Chandigarh, 5-4
at the Ambedkar Stadium, New Delhi to win the under 14 title in the 55th edition
of the Subroto
Cup.
Awards
The
winning team was awarded Rs. 2.5 lakh while the runners up were given 1.25
lakh. Harsh Bartwan of the team from Chandigardh was adjudged Best Player of
the tournament, while Jesse and Mughato Sumi from Nagaland won Best Keeper and
Best Coach respectively. All three were awarded Rs. 40,000 each. Eugeneson E.
Shylla from Meghalayawas given the award for the Best Promising Player. The
Fairplay Award was given to Namchi Sports Hostel fromSikkim
After
much delay, Afghanistan and US have signed a BSA (Bilateral Security Agreement) that
will chart the course for the two countries post withdrawal of majority of
American troops. The BSA was signed in Kabul. This long term security pact will
be crucial in deciding the nature of internal security in Afghanistan.
The
Indo-US defence exercise titled Yudh Abhyas
concluded near Ranikhet. The exercises, which commenced on September 17, were
conducted in both Chaubbatia and Ranikhet. This edition of Yudh Abhyas, which
lasted a total of 14 days, is the 10th of its
kind that has been held. The joint exercise brought together troops from a
Mountain Brigade of the Indian Army and Company and Brigade
Headquarter of the US Army.
The ‘Chalein Saath Saath: Forward Together We Go’ vision statement
speaks of strengthening the strategic partnership between India and USA. This statement was
released during PM Modi’s visit to Washington DC to meet President Obama. The statement expressed the
following points:-
·
The
strategic partnership of the two nations rests on the shared mission to provide
equal opportunity to its people through democracy and freedom
·
The
two countries are bound together by kinship and commerce, scholarship and science. The ties between the people of
both countries and their cooperation has resulted in developments in science
and the arts. This enables the leaders of both countries to have a long term
perspective as regards the partnership
·
One
major goal of the partnership is prosperity and peace. This endeavor shall be
fulfilled through intense consultations, joint exercises, and shared
technology. Security cooperation between the two will be targeted at the region
and the world at large too. The countries also aim to work together towards
combating terrorist threats, keeping its county and its peoples safe and
responding to humanitarian disasters. The countries also dedicate themselves to
stopping the spread of WMDs, reducing the salience of nuclear weapons, and
promoting universal, verifiable and non-discriminatory nuclear disarmament
·
Close
cooperation between the two at the UN and beyond
·
Support
for India assuming a greater multilateral responsibility, including in a
reformed UNSC and for an open and inclusive rules based global order
·
Working
together to mitigate the impact of climate change and adapt to the
changing environment. Cooperation between the
government and the science and academic communities to address the consequences
of unchecked pollution. Take steps to ensure
availability of affordable, reliable, clean and diverse sources of energy for
both nations, including by bringing nuclear power technologies of American
origin to India
·
Engaging
in joint research and collaboration in a variety of areas from particles of
creation to outer space
·
Striving
for open markets that will allow trade and service to flourish. Also work
towards ensuring that economic growth results in better livelihoods and welfare
for all people in the country.
·
The
two countries will also work jointly to counter infectious diseases, eliminate maternal and child
deaths and to eradicate poverty
·
The
countries will also work to provide a secure environment which encourages the
fullest empowerment of women
·
The
countries also agreed to expand and deepen their strategic partnership so that
they may harness the inherent potential of the two democracies and its people.
Other
than Business Diplomacy a major aim of the
PM’s visit was to re-engage with USA and rejuvenate the Indo-US strategic
partnership which reached its peak at the signing of the 123 agreement and has
since slowly fizzled out. The ‘Chalein Saath Saath: Forward Together We Go’
vision statement discusses the varied areas wherein the two countries might
benefit from co-operation and collaboration. This statement acts as a roadmap
to the future Indo-US partnership, and speaks to how the two countries view
each other’s roles in theinternational arena.
RBI keeps all key rates intact in fourth
bi-monthly monetary policy
The RBI announced its fourth bi-monthly monetary
policy on September 30, 2014. This follows the third bi-monthly monetary policy
which was announced in August 2014.
CRR
The CRR of scheduled was kept unchanged at 4% of the
bank’s NDTL (net demand and time liabilities). CRR refers to the proportion of
its deposits that a bank has to hold in the form of cash. The RBI uses CRR as a
tool to control liquidity in the market (and thereby inflation) and to reduce
the risk to investors’ deposits.
SLR
(Statutory Liquidity Ratio)
The SLR remained unchanged at 22%. SLR refers to the
proportion of its total NDTL that the bank has to maintain in form of liquid
assets. These liquid assets can either be cash or gold or unencumbered
government securities. This directly affects the proportion of funds that the
bank can lend.
LAF
(Liquidity Adjustment Facility)
The
policy repo rate under the LAF was kept unchanged at 8%. The reverse repo rate
also remained unchanged at 7%. LAF is the tool by which banks borrow to meet
their short term day to day monetary requirements. Difference between LAF and
Bank rate is the requirement of collateral. Repo rate is the interest that
banks pay to borrow from the RBI. Reverse repo is the rate at which RBI borrows
from banks after lending securities as collateral. LAF was introduced in India in accordance with the recommendation of the
Narasimham Commttee on BankingReforms.
ECR
Facility (Export Credit Finance)
The liquidity provided under the ECR Facility was
reduced from 32% to 15% of eligible export credit outstanding. This change will
be in effect from 10 of October, 2014.
MSF
(Marginal Standing Facility) and Bank Rate
MSF and Bank rate also saw no change at 9% for both.
MSF is the rate at which only scheduled commercial banks are allowed to borrow
from RBI. This is over and above the LAF. MSF acts as a last resort for
bankers. Bank rate is the rate at which RBI lends to banks without any
collateral such as government securities.
Liquidity
under overnight repos
The RBI will continue to provide liquidity under
overnight repos up to 0.25 % of the specific bank’s NDTL will be
given at the LAF repo rate.
Liquidity under 7 day and 14 day term repos
Liquidity for 7 day and 14 day term repos up to
0.75% of NDTL of the banking system will be provided through auctions
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