Raghuram Rajan appointed the New Chief Economic Advisor in the Finance Ministry
Raghuram Rajan, former chief economist of International Monetary Fund
(IMF) was appointed as the Chief Economic Advisor in the Finance
Ministry. The Appointments Committee of Cabinet cleared the appointment
of Rajan as the new CEA on 10 August 2012. The position was lying vacant
since Kaushik Basu demitted the office on 31 July 2012.
• 12th Plan poverty cut target 10% likely: The Planning Commission is proposing a target of reducing poverty by 10 per cent to less than 20 per cent of the population by 2017 -- the terminal year of the 12th Five-Year Plan. The Commission had set a similar target during the 11th Five Year Plan (2007-12) and is likely retain it for the current five-year plan as well. The Commission earlier drew flak for pegging poverty line at Rs 28.65 per capita daily consumption in cities. It was Rs 22.42 in rural areas. It had pegged the poverty ratio at 29.8 per cent in 2009-10, down from 37.2 per cent in 2004-05, based on the Tendulkar Committee methodology. As per the data, the rate of poverty reduction between 2004-05 to 2009-10 was 1.5
per cent every year whereas it was 0.7 per cent between 1993-94 to 2004-05. Later, the Commission had
admitted there was discrepancy in NSSO data and national accounts which led to fixing such a poverty
criteria. In May this year, the Commission constituted an expert group headed by noted economist C
Rangarajan to review the Tendulkar Committee methodology for estimating poverty.
• India among top 5 countries in creating inclusive wealth: Report: Inclusive Wealth Report 2012,
published recently by the United Nations and prepared under the supervision of Sir Partha Dasgupta of
Cambridge University, finds India among the top 5 countries in creating inclusive wealth
• India gets Olympic berth in swimming: India has been granted an Olympic berth in swimming with the
world body FINA springing a surprise by choosing Karnataka swimmer Gagan AP Ulalmath in the men’s
1,500m freestyle. The surprise move, which gave Gagan a berth under the ’Universality’ quota, shut the door
on other more well-known swimmers Viradhwal Khade (100m freestyle), Sandeep Sejwal (100m and 200m
breaststroke), Aaron d’Souza (200m freestyle) and Saurabh Sangvekar (1500m freestyle).
8th july
• Williams sisters win fifth Wimbledon doubles title: Serena Williams teamed up with sister Venus to win a
fifth Wimbledon women's doubles title , ending a perfect day after she had also claimed a fifth singles crown.
The sisters defeated Czech sixth seeds Andrea Hlavackova and Lucie Hradecka 7-5, 6-4 for their 13 Grand
Slam doubles triumph.
2
• Indian M&A deals plunge 72% in Q2 : The value of merger and acquisition deals in the country during the second quarter of this year plunged 72 per cent to $3 billion over the first quarter, impacted by adverse
global and domestic factors, says an Ernst & Young report. In the January-March quarter of 2012, deal
valuations involving domestic companies stood $10.5 billion.
• US declares Afghanistan major non-NATO ally: US President Barack Obama designated Afghanistan as
a major non-NATO ally, paving the way for the two countries for future military cooperation beyond 2014,
when US and NATO forces transfer security responsibilities to Kabul. The move was announced in a
memorandum released by the White House. Afghanistan is the first major non-NATO ally declared in the
Obama presidency. The decision to designate Afghanistan as a major non-NATO ally was already
announced to the press during Obama's trip to Afghanistan in May, in the lead-up to the NATO summit in
Chicago.
• RBI to launch plastic currency on pilot basis in 5 centres: The Reserve Bank said it is working on
launching plastic currency and will soon launch a pilot project for the same. ounterfeiting of plastic notes is
very difficult. So we are planning to launch some plastic money on pilot basis in 4-5 centres. Like Jaipur,
Shimla, Bhubaneshwar and other centres. We are working on it," RBI Deputy Governor H R Khan told
reporters here. Under the pilot project for issue of plastic currency notes, notes of Rs 10 denomination would
be distributed through the central bank's five regional offices. The proposed shift to plastic currency notes,
instead of the normal paper notes, is primarily aimed at checking the counterfeiting as also high cost
associated with printing of paper currency, as they need early replacement due to soiling and mutilation.
3
•
Oscar-winning star Ernest Borgnine dies at 95:
Ernest Borgnine, the beefy screen star known for
blustery, often villainous roles, but who won the best-actor Oscar for playing against type as a lovesick butcher in " Marty" in 1955, died. He was 95. His longtime spokesman, Harry Flynn, told The Associated Press that Borgnine died of renal failure at Cedars-Sinai Medical Center with his wife and children at his
side. Borgnine, who endeared himself to a generation of Baby Boomers with the 1960s TV comedy " McHale's Navy," first attracted notice in the early 1950s in villain roles, notably as the vicious Fatso Judson, who beat Frank Sinatra to death in " From Here to Eternity."
• Assam village second in country to have full life insurance coverage: In Assam, Pulinaharani under
Narayanpur Revenue Circle in Lakhimpur district yesterday became the second village in the country to have
full life insurance coverage.The village has achieved this success under the Ministry of Finance’s Financial
Inclusion plan which is being implemented by various Banks in association with insurance companies.
• Govt signs $150m loan pact with ADB for railway development: The Asian Development Bank (ADB) has offered $150 million loan for the expansion of railway tracks and improving overall service in the country.The programme will help India improve rail services along some of its busiest freight and passenger
transport routes, providing double-track for about 840 kilometres of rail routes and electrifying about 640
4 kilometres, according to a statement released by the Ministry of Finance. New signalling will also be
installed. The ADB will also support accounting reforms to improve operational and financial efficiency at
Indian Railways, it said.
• 8 Indian cos in Fortune 500 list: Eight Indian companies have made the cut in the list of world’s 500 largest companies compiled by Fortune magazine, with Indian Oil and Reliance Industries finding a place in the top
100.
• India's unemployment rate stood at 3.8% last fiscal: India's jobless rate stood at 3.8 per cent during the
last fiscal, with Daman and Diu and Gujarat topping the list of least unemployed among states and UTs. The
latest report for the year 2011-12, released by Labour Bureau (under Union Ministry of Labour and
Employment) here said Daman and Diu and Gujarat had unemployment rates of 0.6 per cent and 1 per cent
respectively. Chhattisgarh and Rajasthan stood at 3rd and 4th position in the list. As for Punjab, its fiscal
position may be "worrisome" but it peformed better in providing employment than states like Haryana, Delhi
and Maharashtra during last financial year. It was revealed that unemployment rate in Punjab stood at 1.8
per cent, the fifth lowest at all India level amongst states and UTs.
• First private power plant in Bihar by April 2014: The first private sector thermal plant in power-starved Bihar will become operational by April 2014, Deputy Chief Minister Sushil Kumar Modi said. The first unit of (2X640MW) thermal power plant, situated near Bausa block in Banka district is being constructed by M/S JAS Infrastructure Capital Pvt Ltd. The power developer had been alloted coal linkage from Jharkhand in 2004 and has invested Rs. 2077 crore out of estimated investment of Rs 14,764 crore, he told reporters.
• Krishna to attend ASEAN meetings :In keeping with India's 'Look East' policy, External Affairs Minister SM Krishna is travelling to Phnom Penh, Cambodia, to attend three key regional meetings on July11-12 at which China's aggressive posturing on the South China Sea is expected to feature prominently. Krishna willrepresent India at the ASEAN-India Ministerial Meeting, the 2nd East Asia Summit Foreign Ministers' Meeting and the 19th ASEAN Regional Forum Ministerial Meeting. The ASEAN-India Ministerial Meeting, an
annual event, takes stock of the ASEAN-India partnership and deliberates on its future direction. India
became a Sectoral Partner of ASEAN in 1992 and a Dialogue Partner in 1996. The relationship was
upgraded in 2002 to the level of an Annual Summit Level Partnership.
• India targets $ 40 bn trade with West Africa by 2015: India looks to double the tradewith West African nations to $ 40 billion by 2015, Commerce and Industry Minister Anand Sharma said. Sharma, who is
leading a 200-member Ficci delegation here for 'India Show', said the West African region holds huge
potential for Indian businessmen. The trade between India and Ghana would reach $ 1 billion by 2013 from
5
$ 818 million in 2010-11. Also, India has set a bilateral trade target of $ 90 billion with Africa by 2015 from
over $ 50 billion at present
• Singapore top destination for Indian investment: Singapore has emerged as the most sought after
destination for foreign direct investment by Indian companies, which invested over USD 500 million there in
May. According to a study from industry body Assocham, of the total outward investment of USD 2.35 billion
in May, Singapore accounted for about a fourth of the total outflows. The US, the UK, Hong Kong, the UAE,
the Philippines and Mauritius were the other favourite destinations. While Mauritius remained the top source
of FDI into India, it was not the same in case of outflows to that country.
• Pakistan shuns its only Nobel laureate - physicist linked to discovery of 'God particle': The pioneering
work of Abdus Salam, Pakistan's only Nobel laureate, helped lead to the apparent discovery of the
subatomic " God particle" last week. But the late physicistis no hero at home, where his name has been
stricken from school textbooks. Salam, a child prodigy born in 1926 in what was to become Pakistan after
the partition of British-controlled India, won more than a dozen international prizes and honors. In 1979, he
was co-winner of the Nobel Prize for his work on the so-called Standard Model of particle physics, which
theorizes how fundamental forces govern the overall dynamics of the universe. He died in 1996. Salam
and Steven Weinberg, with whom he shared the Nobel Prize, independently predicted the existence of a
subatomic particle now called the Higgs boson, named after a British physicist who theorized that it endowed
other particles with mass, said Pervez Hoodbhoy, a Pakistani physicist who once worked with Salam. It is
also known as the "God particle" because its existence is vitally important toward understanding the early
evolution of the universe.
11th July
• Bhushan dismissed as DGCA chief: EK Bharat Bhushan was removed as chief of the Directorate General
of Civil Aviation (DGCA) — India’s civil aviation watchdog. Prashant Narain Sukul, a Joint Secretary in the
Civil Aviation Ministry, would now hold the position as an additional charge, sources said.
• Russia ratifies WTO entry: Russian lawmakers voted to ratify accession to the World Trade Organization,
bringing the world's largest country into the club that sets global trade rules after a tortuous 18-year
negotiating marathon. The lower house vote, carried by a majority of 30 votes, seals Russia's entry to the
WTO under a deal reached last December that will oblige Moscow to cut import tariffs and open up key
sectors of its economy to foreign investment. Russia's $1.9 trillion economy, the world's ninth largest, will
officially become the WTO's 156th member 30 days after ratification.
• Mark Boucher announces retirement: South Africa wicketkeeper Mark Boucher has retired from
international cricket after suffering a severe eye injury during his country’s tour match against Somerset,
team captain Graeme Smith said. Boucher had to undergo three hours of surgery on a “laceration” to the
white of the left eyeball after being struck by a bail on day one of South Africa’s tour match at Taunton. The
incident occurred when a ball from spinner Imran Tahir clean bowled Gemaal Hussain, with Boucher
standing up to the stumps and wearing a cap instead of a helmet. He immediately hit the ground and was
helped from the pitch with blood apparently coming from his eye.
6
• Indian wrestlers win 19 medals: Indian wrestlers won 19 medals, including five golds, in the Asian Cadet
Championships at Bishkek (Kyrgyzstan). Besides the five golds, the Indians also won four silver and 10
bronze medals.
• Banks like Deutsche Bank, SBI increase interest rates on long term fixed deposits: Contrary to general
expectation of a fall in interest rates, commercial banks are seen hiking interest rates on bank fixed
deposits. Deutsche Bankhas hiked the rate of interest on fixed deposits of two to three years, three to five
years and five years terms by 110 to 125 basis points. Now the revised interest rates for the fixed deposits
are 9.25% per year for fixed deposits of two to three years, 9.5% for fixed deposits of three to five years and
9.5% for five years fixed deposits. State Bank of India, largest public sector bank in India, has also raised
interest rates on retail deposits of three to five years, by 50 basis points to 9% rate of interest per year on
June 30, 2012. According to data released by Reserve Bank of India(RBI), bank deposits mobilization grew
by 14.4% year on year, while loans grew by 17.8% year on year as on 15 thJune 2012. RBI revised the
projections for credit growth at 17%, and deposit growth at 16% for FY2012-2013 as against 16% and 17%
respectively for FY2011-2012.
• GCC nations’ GDP to grow 5.8% despite slump in oil prices: Notwithstanding the decline in oil prices, the
combined GDP of the six-nation Gulf Cooperation Council (GCC) is projected to grow by 5.8 per cent to peak
at $1.6 trillion at current rates, a new report has said. As per the report by Kuwait-based Gulf Investment
Company (GIC),Qatar will lead growth in the region with around 8.7 per cent, while growth will be about six
per cent each in Saudi Arabia and Kuwait, 4.5 per cent in the UAE, 4.2 per cent in Oman and 3.1 per cent in
Bahrain. It added that the recent decline in oil prices will not affect the economies of Gulf hydrocarbon
exporters, given the high public spending and reforms being implemented by most members.
• Bahuguna wins Sitarganj Assembly seat: Uttarakhand Chief Minister Vijay Bahuguna won the Sitarganj
Assembly seat by a record margin of 39,954 votes over his nearest BJP rival to retain the top post. The
victory margin is the highest in all the Assembly elections in Uttarakhand so far
12th July 2012
• India, Singapore Signed Agreements and MoU in New Delhi on 11 July 2012: India and Singapore
signed three key bilateral agreements and a Memorandum of Understanding (MOU) on 11 July 2012, New
Delhi. The agreements were signed by Prime Minister Manmohan Singh and Singaporean counterpart Lee
Hsien Loong. While the MoU was signed by Indian Labour Minister Malikarjun Kharge and Singapore
Education Minister Heng Swee Keat.
• Key Highlights of the Agreements/MoU
• • Both the countries, in the memorandum of understanding have decided to renew the bilateral
arrangement between the Air Forces on joint training
• The military training agreement was signed between Indian Defence Secretary Shashi Kant Sharma and
Singapore’s Permanent Secretary for Defence Chiang Chie Foo. It stated that
the military training that Indian armed forces extend to their Singaporean counterparts shall by all means
continue.
• The other agreement focused on expansion of joint ventures, technological collaboration both bilaterally
and in third countries.
7
• The agreement also stated that Singapore is all game for investment in education and health.
• Both the countries in the agreement also decided to pin on defence cooperation.
• ADB cuts India 2012 growth forecast to 6.5 pc, China to 8.2 pc: China's economy is expected to grow
8.2 percent this year and Indian growth is forecast at 6.5 percent, Haruhiko Kuroda, the president of the
Asian Development Bank, said. The figures, which he gave at a conference in Bangkok, are down from the
development bank's forecasts in April of 8.5 percent for China and 7.0 percent for India.
• Gen Bikram Singh conferred with honorary General of Nepal Army: Indian Army Chief Gen Bikram
Singh was conferred with the Honorary General of the Nepali Army by President Ram Baran Yadav. Singh
was also presented with a sword, a certificate and the insignia of the Nepal Army during a function at
Rastrapati Bhawan in the capital. Prime Minister Baburam Bhattrai and Chief of Army Staff of Nepal Army
Chhatra Man Singh Gurung were present on the occasion.
• Boeing P-18 aircraft for India successfully tested: Boeing has successfully tested the first of the eight P-
8I long-range maritime reconnaissance and anti-submarine warfare aircraft being built for the Indian Navy.
The aircraft, a next-generation 737-800 derivative, began its official flight test programme on July 7, taking
off from Boeing Field in Seattle and landing three hours and 49 minutes later after demonstrating flying
qualities and handling characteristics, Boeing said in a statement.
• Farm production needs to rise 60 % by 2050: U.N. agency: World farm production must rise 60 per cent
by 2050 to meet the needs of a growing population but this has to happen in a “more sustainable way”, the
U.N. food agency FAO and the OECD said . Food and Agriculture Organisation (FAO) head Jose Graziano
da Silva said the world had to pursue new and more sustainable ways to increase production. World farm
production has grown at two per cent a year in recent decades but the rate is expected to slow to 1.7 per
cent a year, the joint report said. Despite the slowdown, the rate is to exceed expected demographic growth,
meaning that farm output per inhabitant will grow by 0.7 per cent a year.
• Shettar sworn in Karnataka Chief Minister: Fifty-six year-old Lingayat leader from north Karnataka,
Jagadish Shettar, was sworn-in as chief minister along with a full-fledged team of 33 ministers. This included
two deputy chief ministers – Party State President K. S. Eshwarappa and former Home Minister R. Ashok.
Mr. Shettar is the third chief minister of the Bharatiya Janata Party that came to power in 2008. He will have
a short tenure of only about 10 months as the State Assembly’s term ends in May 2013.
• Actor Dara Singh passes away: Wrestler-turned-actor Dara Singh, who wowed audiences with his brawn
and on screen histrionics for over five decades, died in Mumbai, losing his five-day fight for life. Singh won
the title of ‘Rustam-E-Punjab’ and ’Rustam-e-Hind’ for his wrestling prowess. Also, he became the
Commonwealth Champion in 1959 and in 1996 he was inducted into the Wrestling Observer Newsletter Hall
of Fame. He announced his retirement from wrestling in 1983. A wrestling hero to some and a much loved
cine artist to others, Singh muscled his way into the film world with ease will always be remembered for his
variety of roles in cinema including his brawny avatar in King Kong and Tarzan. One of his notable friends
was actress Mumtaz, with whom he starred in 16 Hindi films including Faulad (1963), Veer Bhimsen (1964),
Hercules (1964), Aandhi Aur Toofan (1964), Tarzan Comes to Delhi, Tarzan and King Kong (1965),
Sikandar-e-Azam (1965), Rustom-E-Hind (1965).
8
•
Enrique Pena Nieto is new President of Mexico: Mexico elected Enrique Pena Nieto as its new President
. Peña Nieto represents the Institutional Revolutionary Party, PRI.
• IAF Swimming Team First In The World To Swim English Channel Twice In The Same Year : An Indian Air Force (IAF) team has created a record by successfully crossing the English Channel between the United
Kingdom and France twice within a fortnight. "Having successfully crossed the English Channel on 26 Jun 2012, in 12 hours 14 minutes breaking the previous Asian record in this category (Relay), the IAF's Swimming Team successfully crossed the English Channel once again on 05 Jul 2012 clocking 11 hours 25
minutes beating its own record," the IAF said in a release. It said this makes 'Delphinus' the first team in the
world to have crossed the channel twice in the same year
• World Bank to grant $100mn more for 'Jeevika' project: World Bank (WB) signed a joint agreement with government of India and Bihar government to grant additional US$100 million for the ongoing Bihar Rural Livelihoods Project (BRLP) named 'Jeevika'. Earlier, the WB had given $63 million for the project aimed at the social and economic empowerment of the rural poor in Bihar. The project is financed by the International Development Association (IDA) - the World Bank's concessionary lending arm - that provides interest-free loans with 25 years maturity period and a grace period of five years, Patsy D'Cruz, in charge of external affairs, WB, stated in an email statement.
•
Naval base depot ship INS Tanaji commissioned: The Indian Navy (IN) Admiral Nirmal Verma, Chief of the Naval Staff, commissioned Indian Naval Ship Tanaji July 10 at Mankhurd Naval Base, Mumbai.
• Government appointed Nasir Ali as the new Joint Managing Director of Air India: Civil aviation Ministry on 11 July 2012 appointed Nasir Ali as the new joint managing director. Prior to his promotion, he was dealing with human resource issue related to the merger of Air India and Indian Airlines. He is the second managerial executive posted in airline by civil aviation ministry after Rohit Nandan who was appointed as the chairperson and managing director of the airline in 2011.
• International Donors Conference held in Tokyo: International donors meeting was held here to discuss the peace building process in Afghanistan.Tokyo is the capital of Japan. International donors meeting was held in Tokyo, on 8 July 2012. The conference, was held to discuss the peace building process in the wartorn nation, Afghanistan. The participants agreed to provide 16 billion dollar as the development aid to the country over the next four years.
• Serena Williams beat Agnieszka Radwanska to claim Wimbledon Women’s Singles 2012: Ace US
tennis player Serena Williams beat Agnieszka Radwanska of Poland 6-1, 5-7, 6-2 in Wimbledon women’s
singles Title at the All England Club in London on 7 July 2012. William, the world no.6, beat the third seed,
Radwanska who was playing her first grand slam final and striving to become the first Polish to win a Grand
Slam. Radwanska made a history by becoming the first Polish tennis player to reach a grand slam final.
• Roger Federer beat Andy Murray to claim Wimbledon Open Title 2012: Swiss (Switzerland) Tennis
maestro Roger Federer beat British player Andy Murray 4-6, 7-5, 6-3, 6-4 to win the Wimbledon Open
Championship Gentlemen’s Singles Final 2012 in London on 8 July 2012. Federer, with this victory also
reclaimed the world No. 1 ranking surpassing Pete Sampras' record of 286 weeks at the top of the game.
13th July
9
• Hubble discovers fifth and tiniest Pluto moon : US astronomers using the Hubble Space Telescope havediscovered a fifth and tiniest moon yet orbiting the icy dwarf planet Pluto. The mini-moon is estimated to be irregular in shape and between 10 km and 25 km across. It is visible as a speck of light in Hubble images,
NASA said. The moon, provisionally named S/2012 (134340) 1 until it gets a proper name, could help reveal more on how the Pluto system came into existence and evolved ever since.
• Brett Lee retires from international cricket: Australian pace bowler Brett Lee on Friday announced his
retirement from international cricket after a 13-year career, saying his body and mind were no longer up to
the stresses of touring. One of Australia's most fearsome fast bowlers, Lee retired from Tests with 310
wickets in February 2010, although he played on in one-day and Twenty20 cricket. With 380 victims, Lee is
just one wicket short of Glenn McGrath as Australia's leading wicket taker in one-day internationals.
• Scientists identified First Radio Waves from Middleweight Black Hole HLX-1: A team of scientists at the
University of Sydney on 10 July 2012 discovered the first radio emissions from the middleweight black hole
HLX-1, that lies in a galaxy about 300 million light-years away. The research team had used Compact Array
radio telescope from the Commonwealth Scientific and Industrial Research Organization (CSIRO). HLX-1
(hyper-luminous X-ray source 1), lies in a galaxy called ESO 243-49 about 300 million light-years away.
HLX-1 was discovered by chance in 2009, because it stood out as a very bright X-ray source.
14th July
• Sushil, Yogeshwar lead the challenge: Sushil Kumar's bronze in the Beijing Olympics was not India's
maiden wrestling medal from the Games. Yet, coming after 56 years of K.D. Jadhav's feat in the Helsinki
Olympics, the piece of bronze had enough magical charm to give a major fillip to the traditional sport.
• Agni-I launch a success: The Strategic Forces Command (SFC) of the Indian Army launched the Agni-I
missile from the Wheeler Island, off the Odisha coast. The flight was a success with the missile travelling its
full range of 700 km. Agni-I is 15 meters long and weighs 12 tonnes. It is a single-stage missile that is
powered by solid propellants. It can carry a nuclear warhead weighing one tonne. With its range of 700 km, it is Pakistan-specific. The first flight of Agni-I took place on January 25, 2002. The DRDO developed it quickly within 15 months because need was felt for missile with a short range which will cover the western area —after the Kargil war between India and Pakistan in 1999. Dr. Saraswat said the maiden launch of India’sNirbhay, a sub-sonic cruise missile, would take place by the end of August this year. Nirbhay is India’sequivalent of Tomahawk, a long-range sub-sonic cruise missile in the arsenal of the U.S. The Aeronautical Development Establishment (ADE), a DRDO facility situated in Bangalore, has designed Nirbhay which has several technologies derived from Lakshya, a pilotless target aircraft. 10
• First U.S.-Cuba cargo ship in 50 year: A cargo ship carrying humanitarian aid from the U.S. to Cuba in
the first expedition of its kind in 50 years — arrived in . International Port Corp said it had obtained a special
permit from U.S. authorities that complies with Washington’s half-a-century-old trade embargo on the
Communist-run island. The U.S. embargo against Cuba was declared by President John F. Kennedy in 1962
— aimed at bringing down the Americas’ only one-party Communist regime. The regime remains in place
under President Raul Castro. It has been condemned by a majority of the U.N. General Assembly each year
since 1992.
• PM sets up panel to frame GAAR guidelines:Prime Minister Manmohan Singh set up an expert panel to formulate fresh guidelines on the contentious anti-tax avoidance proposal of General Anti-Avoidance Rules
(GAAR). The move underlines the need for broader consultations and clarity. The four-member committee,
to be headed by Indian Council for Research on International Economic Relations (ICRIER) chief and
taxation expert Parthasarathi Shome, will submit its report by September 30. It will include a road map to be
given to the government for the implementation of GAAR. The other members are N Rangachary, former
chairman, IRDA, Ajay Shah, professor, NIPFP and Sunil Gupta, joint secretary, tax policy & legislation,
Finance Ministry. The introduction of GAAR, which was proposed by then Finance Minister Pranab
Mukherjee in the Budget 2012-13 to check tax evasion through tax havens, unnerved foreign investors, as
shown by their gradual falling-off in the Indian market. Its implementation was postponed following protests
till April next year.
• UNESCO nod to Category I institute for New Delhi : India is all set to become the first country in the Asia-
Pacific to house a UNESCO Category I institute to be located in Delhi and named as the Mahatma Gsandhi
Institute of Education for Peace and Sustainable Development. An agreement to this effect was signed at the
UNESCO headquarters in Paris between HRD Minister Kapil Sibal and UNESCO Director General Irina
Bokova. The formal agreement marked the end of a three-year process that commenced in 2009 with the
decision by UNESCO’s 35th General Conference to locate a Category I institute in New Delhi. At present,
there are 11 UNESCO Category I institutes in the world and except three, all are located in developed
countries.
• Towards sustainable development
• The governing bodies of UNESCO Category I institutes and centres are either elected by the General
Conference (GC) or appointed in whole or part by the Director General, UNESCO, and report to the GC
• The Mahatma Gandhi Institute of Education for Peace and Sustainable Development in New Delhi will focus
on research and capacity building
11
• While the Government of India will spend around Rs 100 crore for building infrastructure of the institute,
UNESCO will contribute around $5,00,000s
15th July
• India slip to 5th in Test rankings : India, who were the No. 1 Test side this time a year ago, have lost a
position to slip to the fifth spot now in the latest ICC Test Championship rankings table after the annual
update took place. The Indian team that last played a Test match in January against Australia, has swapped
places with Pakistan. Pakistan, despite a 0-1 defeat in the three-Test series, which finished in Sri Lanka,
have moved up to fourth position, pushing M S Dhoni's men down to number five.
• Sunita Williams’ second space sojourn begins: Indian-American Sunita Williams, a record-setting
astronaut who lived and worked aboard the International Space Station for six months in 2006, is all set for
her second space odyssey.Forty-six-year-old Williams is scheduled to take off from the Baikonur
Cosmodrome in Kazakhstan at 8.40 am tomorrow (8.10 am IST) with Flight Engineers Yuri Malenchenko of
the Russian Federal Space Agency and Akihiko Hoshide of the Japan Aerospace Exploration Agency, NASA
said. The three crew members will join the Expedition 32 crew aboard the International Space Station when
their Soyuz TMA-05M spacecraft docks to the orbiting complex. Williams, whose father hailed from Gujarat,
was selected as an astronaut candidate by NASA in 1998. She was assigned to the International Space
Station as a member of Expedition 14 and then joined Expedition 15. She holds the record of the longest
spaceflight (195 days) for woman space travellers.
• David Ferrer wins Swedish Open: David Ferrer won his second Swedish Open title after defeating fellow
Spaniard Nicolas Almagro 6-2, 6-2. The No. 5-ranked Ferrer was never challenged during the clay-court
match, which was his 11th career victory over Almagro. Almagro has never beaten Ferrer. Ferrer last won
the Swedish Open in 2007.
• First woman to head AU Commission: African leaders were divided over a historic vote that saw the first woman elected to head the African Union (A.U.) Commission, with some hailing the decision as others
criticized powerhouse South Africa’s tactics.
• India wants to Cooperate with Cuba in Energy, Telecom: India has expressed interest in expanding
cooperation with Cuba in the sectors of energy, telecommunications and tourism, a media report said here.
Indian Minister of State for Commerce and Industry Jyotiraditya Scindia said during his ongoing visit here
that his country was also interested in working together with Cuba in the areas of pharmaceuticals,
petrochemicals, sugar, agriculture, agrochemicals, and mining, according to Cuba's official daily Granma.
India had launched a global push to promote tourism over the past years, Cuba-India bilateral trade peaked
in the 1980s, standing at more than $300 million a year, but has now fallen to around $50 million. The Cuban
government is planning to modify its foreign investment law to attract more foreign capital, knowhow and
advanced technology, while stepping up promotion of its national products on the world market.
•
Ministry of External Affairs to host first Latin American Ministers’ meet:The Ministry of External Affairs (MEA) will host the first foreign ministers’ dialogue between India and the Community of Latin American States (CELAC) in New Delhi on August 7 to strengthen its relations with the region, said MEA Secretary
(West), M. Ganapathi . India had signed Preferential Trading Agreements (PTAs) with Chile and
MERCOSUR for goods and talks were on with Peru and other regions to sign similar trade agreements. To
have a sustained engagement with LAC region, Mr. Ganapathi called for setting up India-Latin America and
Caribbean Dialogue Mechanism on the lines of India-Africa Forum Summit mechanism.
• RBI moots Producer Price Index for inflation: The Reserve Bank of India (RBI) Governor D. Subbarao, ,
proposed a Producer Price Index (PPI), which would measure the average change over time in the sale
prices of domestic goods and services. he said, the index captured the price of important commodities such
as milk from the retail markets; not at the producer level. In contrast to Consumer Price Index (CPI), PPI
measures price changes from the perspective of the seller. Sellers’ and purchasers’ prices differ due to
government subsidies, sales and excise taxes, and distribution costs. “For these reasons, it is, therefore,
desirable that we move towards PPI,” Dr. Subbarao added. Theoretically, CPI, which measures changes
over time of the general level of prices of goods and services that households acquire for the purpose of
consumption, is considered a better measure of inflation than WPI. 14
• ADB includes renminbi, rupee in TFP: In keeping with the growing clout of China and India among the
Asian economies, the Asian Development Bank (ADB) decided to start supporting deals denominated in their
local currencies under its Trade Finance Programme (TFP) as intra-regional trade transactions using the
renminbi and the rupee are expected to rise. The ADB pointed out that over 50 per cent of TFP’s portfolio
supported intra-regional trade and this move would bolster the programme’s ability to further enhance its
support for trade within developing Asia. Hitherto, the TFP which has supported over $10.6 billion in trade
since 2009, used to cover only transactions denominated in the US dollar, the Japanese yen and the euro
• Russia ratifies WTO entry: Russia’s Upper House of Parliament has ratified the agreement to join the
World Trade Organisation despite widespread opposition inside the country. The Federation Council voted
144 to four to approve the protocol on WTO entry, which took Russia 18 years to negotiate. The WTO-Inform
analytical centre has estimated that by 2020 agricultural output in Russia would decline by 28 per cent and
the manufacturing sector would shrink by one-third.
• Derek O'Brien becomes first Anglo-Indian to vote in Prez poll: Trinamool Congress MP Derek O'Brien perhaps became the first Anglo-Indian to vote in the Presidential poll. Members of his community are mostly nominated to Parliament and Assemblies and have no right to participate in balloting for the top
Constitutional post. Lok Sabha the house of 545 members, has two nominated members from Anglo-Indian
community
• Seventh G20 summit took place in Mexican City Los Cabos: The seventh G20 summit took place on 18 and19 June 2012 in the Mexican City Los Cabos. The seventh G20 summit took place in the city of Los
Cabos in Mexico on 18 and 19 June 2012. The summit was attended by the leaders of 20 nations including
South Africa, Canada, India, Mexico, United States, China, Japan, South Korea, Russia, Turkey, Argentina,
Brazil, India, Indonesia, Saudi Arabia, France, Germany, Italy, United Kingdom, Australia. The G 20 Summit,
one of the most important multilateral event, was held to discuss the prominent economic issues such as
eurozone crisis, poor scenario of global economic growth and faltering international financial systems. The
participant nations and world bodies also ratified the Los Cabos Action Plan for growth and employment.
• India and Mozambique Signed Agreement on Bilateral Security Cooperation in Maputo, Mozambique:
India and Mozambique signed an agreement on Bilateral Security Cooperation on 14 July 2012. The Minister
of State for Home Affairs, India Shri Mullappally Ramachandran signed the Agreement with Jose Mandra,
Minister of Interior, Govt of Mozambique at Maputo, Mozambique. The objective of the agreement was to
discuss cooperation and both the countries decided to develop the relationship further in various fields for
mutual benefit. India was amongst the first countries to extend recognition to Mozambique after the later
achieved independence in the year 1975. India and Mozambique have mutually rendered and benefited in
the fields of industry, trade, mineral resources and culture.
• Ravi Shankar Prasad is BJP Deputy Leader in Rajya Sabha: BJP Rajya Sabha member Ravi Shankar
Prasad will be the new Deputy Leader of the party in the Upper House. The position is vacant since S.S.
Ahluwalia completed his term in the House but failed to get re-elected from Jharkhand during the recent
biennial polls. BJP Parliamentary Party chief L.K. Advani formally wrote to Vice-President and ex-officio
Chairman of the Rajya Sabha Hamid Ansari on the appointment of Mr. Prasad as the party Deputy Leader.
17
• India tops UK, China to become Australia's leading source of migrants: India has topped Britain
and China to become Australia's leading source of migrants for the first time, data revealed, with seven of
the top 10 source countries now in Asia. Immigration Minister Chris Bowen said India accounted for 29,000
of the 185,000 places in Australia's 2011-12 permanent migration programme -- some 15.7 percent of the
total and the first time the country has come top.China was a close second with 25,500 (13.8 percent),
followed by 25,275 from Britain (13.7 percent), according to the 2011-12 Migration Programme report
• Suu Kyi to receive highest US award: Congress will present Myanmar opposition leader Aung San Suu
Kyi its highest civilian honour, the Congressional Gold Medal. Officials said the ceremony is scheduled to
take place Sept 19 during Suu Kyi's visit to the United States. Suu Kyi is a Nobel Peace laureate and former
political prisoner who was unable to leave her home country for more than two decades.
21th July, 2012
• Sharad Pawar to head EGoM on drought related issues: Agriculture minister Sharad Pawar will head
the Empowered Group of Ministers(EGoM) on the effective management of issues related to drought. The
EGoM, constituted by Prime Minister Manmohan Singh in April 2012, was earlier headed by finance minister
Pranab Mukherjee who resigned to contest the Presidential poll. India had faced a severe drought in 2009
which led to decline of foodgrains production by 16 million tonnes to 218 million tonnes. On the back of good
monsoon, the country had produced a record 257.44 million tonnes of foodgrains in the 2011-12 crop year
(July-June) with an all-time high production of wheat and rice.
•
• Tata Power in coal supply pact with Indonesian firm: Tata Power announced that it had entered into a
long-term fuel supply agreement with Indonesian firm PT Antang Gunung Meratus a 100 per cent subsidiary
of the Indonesian company PT Baramulti Sukses Sarana. Tata Power’s subsidiary, Khopoli Investments
Limited, has also entered into an agreement to take up to 26 per cent stake in PT Baramulti Sukses Sarana.
The group owns about 1 billion tonnes of coal resources in South and East Kalimantan in Indonesia.
• Murdoch quits News International boards: Rupert Murdoch dramatically stepped down from the boards of
a string of his companies behind The Times , The Sunday Times andThe Sun .The 81-year-old magnate,
who has dominated the British media scene for more than 30 years, resigned as director of his U.K. media
group News International; NewsCorp Investments; and Times Newspaper Holdings.
• Captain Lakshmi Sahgal passes away: Captain Lakshmi Sehgal, who was part of Netaji Subhash
Chandra Bose's Indian National Army, died following a brief illness. She was very active during the
Independence movement and had commanded the 'Rani of Jhansi Regiment' of the INA formed by Bose.A
doctor by profession, Sehgal was working as a medical practitioner and a social worker. She was awarded
Padma Vibhushan in 1998.
• Planet two-thirds the size of Earth found: NASA’s Spitzer Space Telescope, astronomers have detected
what they believe is a planet two-thirds the size of Earth. The exoplanet candidate, called UCF-1.01, is
located a mere 33 light-years away, making it possibly the nearest world to our solar system that is smaller
than Earth.
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24th July 2012
•
• RBI introduces new category of NBFCs: The Reserve Bank of India (RBI), introduced a new category of
NBFCs, Non-Banking Financial Company-Factors and stipulated that every company seeking registration as
NBFC-Factors would have a minimum net-owned fund (NOF) of Rs.5 crore. Factoring is a financial
transaction where an entity sells its receivable to a third-party called a ‘factor’ at discounted prices. An
NBFC-Factor would ensure that its financial assets in the factoring business constitute at least 75 per cent of
its total assets and its income derived from factoring business is not less than 75 per cent of its gross
income. The RBI said that an existing NBFC registered with it and conducting factoring business that
constitute less than 75 per cent of total assets / income shall have to submit to the RBI within six months
from the date of this notification, a letter of its intention either to become a Factor or to unwind the business
totally, and a road map to this effect.However, the RBI said that these NBFCs should raise the asset/income
percentage as required or unwind the factoring business within two years from the date of this notification.
They would be granted CoR (Certificate of Registration) as NBFC-Factors only after they reached the
required asset or income percentage, the RBI added.
• Army commemorates 13th anniversary of Kargil victory:Senior Army officers, war veterans and widows of soldiers who were killed in the Kargil battle offered floral tributes at the war memorial in Drass sub-sector
here commemorating the 13th anniversary of victory in the 1999 war. The Kargil war-- which began in May
1999-- lasted for more than two months before Pakistan soldiers, withdrew from the mountain tops it had
occupied overlooking the Srinagar-Leh highway.
• Indian wins Magsaysay award for community initiatives in TN: An Indian grassroot activist whose
pioneering community initiatives in Tamil Nadu empowered thousands of rural women to form micro
enterprises and break the poverty spiral, is among this year’s six winners of the prestigious Ramon
Magsaysay Award. Kulandei Francis, 65, whose Integrated Village Development Project in Krishnagiri has
helped changed lives of many in Tamil Nadu villages was adjudged winner, along with other activists from
Taiwan, the Philippines, Cambodia, Bangladesh and Indonesia. Other winners Chen Shu-Chu, Taiwan ,
Romulo Davide, Philippines ,Syeda Rizwana Hasan, B’desh, Yang Saing Koma, Cambodia Ambrosius
Ruwindrijarto, Indonesia. The Ramon Magsaysay Award is an annual award established to perpetuate
former Philippine President Ramon Magsaysay's example of integrity in government, courageous service to
the people, and pragmatic idealism within a democratic society. The Ramon Magsaysay Award is often
considered Asia’s Nobel Prize. The prize was established in April 1957 by the trustees of the Rockefeller
Brothers Fund based in New York City with the concurrence of the Philippine government.
• Hesham Kandil Named Egypt's New Prime Minister: Egypt’s President Mohamed Morsi elected fifty year
old Hisham Kandil as the country’s Prime Minister. Morsi ordered the country’s former minister of water
resources and irrigation, Kandil to form a new government. Kandil, holds an engineering degree from Cairo
University in the year 1984 and a Ph.D. from the University of North Carolina in the year 1993. Kandil, ,will
be the first Egyptian prime minister to wear a beard,which is a sure sign of change in the country. A number
of more experienced names were suggested for the prestigious role, but Morsi chose Kandil, a relatively
lesser known face as the Prime Minister of the country, this could be because he wanted someone unlikely
to threaten or overshadow him. Mohamed Morsi who became the fifth President of the Republic of Egypt on
24 June 2012, is the first to have been freely elected in the country.
• Government approved 14 Foreign Direct Investment (FDI) Proposals worth Rs 1584.11 crore: The
finance ministry declared on 24 July 2012 that the government based on the recommendation of the Foreign
Investment Promotion Board approved 14 foreign direct investment (FDI) proposals worth Rs 1584.11 crore.
The FDI proposal which received government approval included 225-crore investment in the Indian
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operations of Asian equity research firm CLSA. Maharashtrabased Abhijeet Power’s proposal to invest Rs
674 crore for induction of foreign equity in an investing company to make downstream investment also
received approval. The government also cleared the proposal of Pune-based Bajaj Finserv, which sought a
nod for issue of equity shares to carry out NBFC activities directly and through subsidiaries. It proposed to
bring in FDI worth Rs 100 crore. The government rejected seven proposals. the decision on 15 proposals
including those of Tara Aerospace Systems, Ordain Health Care Global, Sterlite Networks and Mauritiusbased
Cloverdell Investments were been deferred.
•
• Vandana Shiva to receives Fukuoka prize 2012: Dr Vandana Shiva, an eminent Indian environmental
philosopher and activist, was conferred the Fukuoka prize 2012 on 23 July’ 2012 that included a citation and
prize money of about Rs 33 lakh, in New Delhi for her remarkable work in the field of science, technology
and ecology. The other dignitaries present at the occasion were Takashima Soichiro, mayor of Fukuoka City,
Japan; Akitaka Saiki, ambassador of Japan in India and Dr Ashis Nandy, social and cultural critic, who had
received the Fukuoka Prize in 2007. Shiva is an Indian environmental philosopher who has made a great
contribution to the earth and to humanity as a female Asian intellectual. Legendary sitar virtuoso Pandit Ravi
Shankar, sarod maestro Ustad Amjad Ali Khan, danseuse Padma Subrahmanyam are some of the leading
figures from various fields who were earlier presented the award.
27th July 201
• Nawal El Moutawakel, Reedie elected IOC vice-presidents: Sir Craig Reedie's was elected as Vice
president of the International Olympic Committee. The International Olympic Committee (IOC) (French: le
Comité international olympique) is an international non-governmental not-for-profit organisation based in
Lausanne, Switzerland, created by Pierre, Baron de Coubertin, on 23 June 1894 with Demetrios Vikelas as
its first president. Today its membership consists of 105 active members and 32 honorary members. The
IOC organizes the modern Olympic Games and Youth Olympic Games, held in Summer and Winter, every
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four years. The first Summer Olympics organized by the International Olympic Committee were held in
Athens, Greece, in 1896; the first Winter Olympics were in Chamonix, France, in 1924. Until 1992, both
Summer and Winter Olympics were held in the same year. After that year, however, the IOC shifted the
Winter Olympics to the even years between Summer Games, to help space the planning of the two events
two years apart from one another, and improve the financial balance of the IOC, which receives greater
income on Olympic years. The first Summer Youth Olympics were in Singapore in 2010 and the first Winter
Youth Olympics were held in Innsbruck in 2012
• Justice Sikri is Punjab and Haryana HC CJ: Acting Chief Justice of the Delhi High Court, Justice Arjan
Kumar Sikri, is the new Chief Justice of the Punjab and Haryana High Court.
• LeBron J edges Federer as richest Olympian: US NBA superstar LeBron James edges Swiss tennis
legend Roger Federer for the title of biggest money-maker at the London Olympics with an annual income of
$53 million, according to Forbes magazine. The 2012 Forbes list of the world’s 100 richest athletes was
revealed last month. In all, there were 12 London Olympians from the list, including half of the 12-man US
Olympic “Dream Team” of NBA stars, four tennis players, Spanish NBA star Pau Gasol and Usain Bolt, the
Jamaican Olympic gold-medal sprinter.
25
29th July
• World Bank gives $200 million loan to Himachal Pradesh for green development: The World Bank has
granted a $200 million (Rs 1,100 crore) loan to Himachal Pradesh to promote green initiatives and
sustainable development in the state, an official statement said. According to the 2009 Forest Survey of
India, Himachal Pradesh has 37,033 sq km of forest area, of which 3,224 sq km is very dense forest
• Supersonic missile BrahMos test-fired from Odisha: India test-fired BrahMos supersonic cruise missile
as part of a user trial by the Army from a test range at Chandipur off Odisha coast. The missile, which has a
flight range of up to 290 km, is capable of carrying a conventional warhead of 300 kg
30th July
• Jharkhand notifies paan masala, gutka ban: The state health department on issued a notification for ban
on production, storage, distribution and sale of pan masala (gutka) in Jharkhand. The ban notification was
issued by the department after its proposal got approval of the state cabinet. State health minister Hemlal
Murmu said the decision to ban pan masala was taken in wake of rising cases of mouth cancer.
• World Hepatitis Day: The liver plays an important role in keeping the body healthy. It usually processes the
chemicals in the body as a waste product, but when damaged, it is unable to do its normal functions. When
the chemicals accumulate in excess, it is visible as yellow tints on the skin, in urine and particularly around
the whites of the eyes – the common symptoms of hepatitis in the liver.
31st July
• RBI cuts Statutory Liquidity Ratio by 1 per cent: The Reserve Bank of India's has reduced the Statutory
Liquidity Ratio (SLR) by a percentage point from 24 per cent to 23 per cent .
• RBI revises GDP forecast for FY13 to 6.5 per cent from 7.3 per cent: the Reserve Bank of India (RBI) in
its monetary policy review statement revised downward the GDP forecast for the current financial year to 6.5 per cent from 7.3 per cent. In the April Policy, RBI had projected GDP growth for 2012-13 at 7.3 per cent on 27 the assumption of a normal monsoon and improvement in industrial activity. RBI kept its policy repo rate at 8 per cent and left the cash reserve ratio for banks at 4.75 per cent. CRR is the share of deposits banks must keep with the RBI.
• Reserve money up 6.7% y/y in week to July 27: RBI: The Reserve Bank of India (RBI) said on year-onyear reserve money growth in the week to July 27 was 6.7 percent compared with 15.9 percent a year ago.
• India allows Pak investment: The government has notified the law permitting investments by Pakistan
citizens and companies in India, a move likely to give new direction to South Asian economic integration.
Pakistan was the only country in the negative list under the Foreign Exchange Management Act, or FEMA,
which prohibits investing in India. The government removed Sri Lanka from the list in 2006 and Bangladesh
in 2007. However, in April this year, DIPP initiated the move to remove Pakistan from this list and moved the
Finance Ministry on the issue for amending the rules to allow Pakistan investments. This is part of the
roadmap drawn by the Trade Ministers and leading chambers of commerce of the two countries to give a
fillip to trade and economic engagement between the two nations. India also agreed to reduce its sensitive
list of 865 items that are not given preferential market access under the South Asia free trade agreement by
30 per cent. The matter is in the final stages of decision making. India exported goods worth $2.33 billion to
Pakistan last year, while imports from there were worth $330 million. Trade through third countries, such as
Dubai, is estimated at $10 billion per year, which is now expected to come down considerably.
• RIL becomes India’s most valued firm, TCS at second spot : Reliance Industries (RIL) on toppled staterun
oil company ONGC to become the country’s most valued firm.At close, RIL commanded the highest
market value of Rs 2, 44,101 crore among the listed companies.
2nd August
• India to get first C-17 military aircraft from US by May 2013 : Indian Air Force will get delivery of the first
of the 10 airlifters. Barely six months after it began work to produce the first of the C-17 Globemaster-III
heavy-lift transport aircraft, The aircraft can accommodate a maximum of 74,000 kg of payload. The plane
can be operated by three crew members, including two pilots and one loadmaster, and can land a short strip
or take off from a rough and short strip. India had ordered 10 C-17 Globemaster-III planes, a deal US
president Barack Obama described as one that would allow thousands of Americans across several states to
keep their jobs.
•
• India, Indonesia Signed Double Taxation Avoidance Agreement: I ndia and Indonesia signed an
agreement to avoid double taxation and prevent fiscal evasion with respect to taxes on income on 27 July
2012. The agreement was signed by Indonesian Foreign Affairs Minister Dr. R. M. Marty Natalegawa and his
Indian counterpart S.M Krishna at the Hyderabad House in New Delhi. Apart from the agreement.
• India-Israel sign MoU on research programme: India and Israel entered into a memorandum of
understanding (MoU) for launching a programme that would promote collaborative research across a wide
range of disciplines from medical and information technology to social sciences, humanities and arts.The
programme, which will run for five years, will provide support up to $1,00,000 a research project for three
years.
• Regional rural banks allowed to start branches in Tier 2 cities without RBI nod:. Accordingly, RRBs will
be allowed to open branches in Tier 2 centres (with population of 50,000 to 99,999 as per census 2001)
subject to certain conditions, it said. Similar provisions are applicable for opening branches in Tier 3-6
centres. Regional rural banks with capital adequacy ratio of 9 per cent and net non-performing assets of less
than 5 per cent and net profit in the last financial year would be allowed to open branches in such cities on
automatic route basis. However, RRBs are required to take RBI's permission for opening of branches in Tier
1 centres (with population of 100,000 and above as per census 2001).
• RBI appoints committee to review cooperative credit structure: The Reserve Bank of India has decided
to constitute a committee to review the existing short term cooperative credit structure (STCCS). The
committee will be headed by Nabard chairman Prakash Bakshi.The committee will focus on structural
constraints in rural credit delivery system and explore various ways to strengthen the rural cooperative credit
architecture with appropriate institutions and instruments of credit to fulfill credit needs. Among other things
the committee will make an in-depth analysis of the STCCS and examine various alternatives with a view to
reducing the cost of credit, including feasibility of setting up of a two-tier STCCS as against the existing
three-tier structure
• India and Germany sign Rs 365 crore loan deal to develop urban infrastructure in Odisha: India and
Germany signed agreements for a Rs 365 crore loan to develop urban infrastructure in Odisha. Four
agreements were signed for loan agreement, financing agreement, project agreement and separate
agreement.
Under the agreements, KfW would give loan assistance of 50 million Euro and technical assistance grant of
2.5 million Euro. The fund will be utilized mainly for water supply, sewerage, solid waste management,
drainage and slum development projects.
• Wind power: India ranks No. 5: The government said India was fifth in the world with total installed wind
power capacity of about 17,600 MW. The government is promoting commercial wind power projects through
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private sector investments by providing fiscal incentives such as 10-year tax holiday on income generation
from renewable projects, excise duty exemption for manufacture of wind electric generators and parts.”
• Kofi Annan resigns as UN Syria envoy: United Nations and Arab League envoy Kofi Annan has resigned
from his post as international envoy for Syria after trying in vain for six months to broker peace and bring the
country's warring parties to the table. Annan's resignation comes six months after he was appointed by the
UN to engage with President Bashar Al-Assad's government and the rebel forces to bring an end to the
violence in Syria which has so far left nearly 10,000 people dead and thousands more displaced.
• Fiji’s former PM jailed on corruption charges : Fiji’s last democratically elected leader has been jailed on corruption charges. Laisenia Qarase was sentenced to one year in prison after being found guilty of abusing his office and failing to perform his duties.
MICA – AUGUST 2012
ABBRIVIATIONS
CMIE - Centre for Monitoring Indian Economy IDC - International Data Corporation
IRB - Indian Reserve Battalion WWF - World Wildlife Fund
IMPORTANT DATES AND DAYS
5th June - World Environment Day
7th June - International level Crossing Awareness Day
8th June - World Oceans Day 12th June - World Day against Child Labour
14th June - World Blood Donor day 20th June - World Refugee Day
23rd June - International Widow’s Day
26th June - International Day against Drug Abuse and Illicit Trafficking/ United Nations International
Day in Support of Victims of Torture.
APPOINTMENTS
• Saurabh Chandra: Secretary in the Department of Industrial Policy and Promotion Saurabh Chandra took additional charge of
the Department of Commerce, which mainly deals with policy matters related to external trade.
• Francois Hollande: Francois Hollande was sworn in as the new president of France for a five –year term. He became the first
Socialist leader to occupy the Elysee Palace in 17 years.
• Suma Chakrabarti: India-born Suma Chakrabarti will succeed Germany’s Thomas Mirow as the President of the European
Bank for Reconstruction and Development (EBRD).
With the selection of Chakrabarti, a British national is for the first time at the top of the London –based East European Bank.
• V.S.Sirpurkar: Justice V.S.Sirpurkar, a retired judge of the Supreme Court of India assumed the charge as Chairman of the
Competition Appellate Tribunal of India.
• Briton Guy Ryder: The International Labour Organization (ILO) elected former trade union leader Briton Guy Ryder as the new
head of the agency, succeeding Juan Somavia, its chief for 13 years.
• Pardeep K. Chatterjee: Vice Admiral Pradeep K. Chatterjee, AVSM, NM, took over as the Deputy Chief of Naval Staff at the
Integrated Headquarters Ministry of Defence (Navy).Commissioned on 01 January 1977.
• Bikram Singh: Gen Bikram Singh, a veteran infantry officer, took over as the 25th Chief of the Indian Army succeeding Gen
V.K.Singh whose 26-month tenure was mired by controversies.Gen Bikram Singh will have tenure of two years and three months
in the top post.
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D.K.Joshi: The Government has appointed Vice Admiral D.K.Joshi, presently Flag Officer Commanding-in-Chief (FOC-in-C)
Western Naval Command, as the next Chief of the Naval Staff with effect from August 31, 2012.The present Chief of the Naval
Staff, Admiral N.K.Verma retires from services on Aug 31, 2012.
• Veeravalli Sundaram Sampath: Veeravalli Sundaram Sampath has assumed charge as the 18th Chief Election Commissioner
(CEC) succeeding Dr.S.Y.Quarishi.
AWARDS/HONOURS
• M.S.Swaminathan Award: The prestigious M.S.Swaminathan Award, given for undertaking outstanding work in the field of
agriculture, was jointly conferred on two scientists Dr.R.Sai Kumar and Dr. N. Shobha Rani for the contribution there respective
fields.
• International Jurists Award: Samajwadi Party Chief Mulayam Singh Yadav and Pakistan’s Chief Justice Iftikhar Chaudhry
have been awarded the prestigious International Jurists Award 2012.
• South Korea Peace Prize: United Nations Secretary General Ban Ki- moon was named as the winner of this year’s Seoul Peace
Prize. He is the first South Korean to receive the biennial award, which was established in 1990 to commemorate the success of
the 1998 Seoul Summer Olympics.
OBITUARIES
• Mehdi Hassan: India-born Ghazal legend Mehdi Hassan has passed away .He was 84. Hassan began his career more than 50
years age, but once he achieved fame he was seen as the “King of Ghazal”.
NATIONAL
• Kumari Selja Inaugurates National Resource Centre on Urban Poverty, Slums and Housing: The Union Minister of Housing
& Urban Poverty Alleviation and Culture Kumari Selja has inaugurated the National Resource Centre on Urban Poverty, Slums
and Housing. The National Resource center on Urban Poverty, Slums and Housing.The National Resource Centre on Urban
Poverty, Slums and housing is positioned in National Building Organization (NBO) building, Nirman Bhawan, New Delhi.
The National Resource Centre will provide national knowledge network of action research, trading, statistical and academic
institutions to support Central and State Governments and Urban local Bodies in the design, formulation, implementation,
monitoring and review of policies and programmes based on evidence gathered from the field.
• Maternal Deaths- India tops in rate Worldwide: India and Nigeria together accounted for a third of the deaths of pregnant
women globally in 2010, latest UN figures said.
At the country level, India and Nigeria accounted for third of global maternal deaths with India 19 per cent (56,000) and Nigeria 14
per cent (40,000).
• Nod for signing pact for Gas from Turkmenistan via Pakistan, Afghanistan: The Government approved signing of an
Agreement to buy Natural Gas from Turkmenistan through a $ 7.6 billion pipeline passing through Afghanistan and Pakistan. The
Union Cabinet approved India’s signing of the Gas Sale and Purchase Agreement (GSPA) for Natural Gas through the
Turkmenistan-Afghanistan-Pakistan-India pipeline.
• Surface-to-Air ‘Akash’ Missile test fired successfully: Boosting its air defence shield and re-validating operational efficacy
,India test fired successfully its indigenously-developed surface-to-air ‘Akash’ missile from the Integrated Test Range at
Chandipur,about 15 km from Balasore.
• First test flight of Dreamliner for AI successful: A new Boeing 787 Dreamliner aircraft which is to be delivered to Air India has
successfully completed its first test flight in South Carolina.
• Government approved passenger bus service to Myanmar: The Government approved starting a passenger bus service to
Myanmar and increasing the number of flights to the neighboring country.
• India, Myanmar inked 12 Agreements: India and Myanmar signed 12 Agreements, including on a $500 million credit line, border
area development and air services. The agreements were signed after Prime Minister Manmohan Singh held wide-ranging talks
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with President Thein Sein at Myanmar’s new capital. A memorandum of understanding (MoU) was signed on a $500 million credit
line between Export-Import Bank of India and the Foreign Trade Bank.
• India Signed Agreement with Bahrain for Exchange of Information with respect to Taxes: India signed an Agreement with
the Government of the Kingdom of Bahrain for the Exchange of Information with respect of taxes (TIEA).
• India and Turkey signed a MoU for Enhancing Cooperation in the field of Sports and Youth Activities: India and Turkey
has signed a Memorandum of Understanding (MoU) for further developing relations in the field of Sports and Youth Activities in
order to promote and strengthen existing friendly relations and cooperation in the field of Sports.
• Social Security Agreement between India and Finland signed: India and Republic of Finland signed an Agreement on Social
Security.
STATE
• Kerala banned Gutka, Paan Masala products: Citing increasing incidence of diseases like oral cancer, the Congress-led UDF
Government in Kerala announced a ban on the manufacture and sale of Gutka and Pan Masala containing tobacco in the state
with immediate effect.
Kerla is the second State to ban the use of Gutka and Pan Masala after Madhya Pradesh.
INTERNATIONAL
• Australians World’s Seventh biggest Polluter: Australia has been ranked as the seventh top polluter mainly due to carbon
emissions. Conservation Group World Wildlife Fund ( WWF) in its report said the spiralling global population and over
consumption are threatening the future health of the planet.
WWF released this year’s Living Planet report, which has estimated humans are using 50 percent more resources than the planet
can provide. Qatar ranked the top followed by Kuwait, UAE, Denmark, the United States and Belgium.
• Obama named first US ambassador to Myanmar in 22 years: US President Barack Obama nominated Derek Mitchell as the
country’s first ambassador to Myanmar in 22 years.
• First Bangladeshi woman to climb Everest: A Bangladeshi accountant became the first woman from her country to climb
Mount Everest, the world’s highest mountain.Nishat Majumdar who began her adventure on April 9, hoisted the Bangladeshi flag
atop the 8,848 metre high peak.
• World’s tallest TV tower to open for public: Tokyo Skytree, the world’s tallest television and radio broadcast tower, will be
opened for public access.
• Pakistan tested Nuclear-Capable short-range missile Hatf-9: Pakistan successfully carried out a test on its quick reaction
tactical nuclear-capable Hatf-9 missile with a range of 60 km, aimed at deterring evolving threats at shorter range.
• Pakistan test fired 700 km range Haft-VII nuke missile: Pakistan successfully test fired the nuclear-capable Haft-VII cruise
missile with a range of 700 km, the latest in a series of tests of missiles that can hit targets deep within India.
ECONOMY
• Airtel, Axis tie up for mobile banking services: Country’s largest private mobile operator Bharti Airtel and Axis Bank
announced a partnership to provide banking services through Airtel Money platform, a move that will help further the goal of
reaching unbanked areas.
• Foodgrain production to grow up by 0.6 percent in 2012-13: The country’s foodgrain production is projected to grow by 0.6
percent to 247.6 million tonnes in 2012-13 against 246.2 million tonnes in 2011-12.
• Indian Economy to grow at 7.7 % in 2013: Indi’s Economic growth is likely to rise to 7.7% in calendar year 2013, but growth rate
through much of this year is likely to remain subdued, according to the OECD.
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• Government raised interest rate on GPF to 8.8 percent for 2012-13: The Government has hiked interest rate on contributions
to General Provident Fund (GPF) and other similar funds to 8.8 per cent for 2012-13.
Rate of interest on GPF is generally fixed after taking into consideration the average secondary market yields on Government
securities of similar maturity.
• China is World’s biggest Magnesium producer: China has remained the world’s biggest producer of Magnesium since 1999,
with last year’s output accounting for over 85.4 percent of the world’s total. The country produced 660,000 tones of Magnesium
last year.
• India’s per capita steel consumption grows by 25% in 5 years: India’s per capita consumption of steel has gone up by 25
percent in the last five years to 57 kg in 2011 against 45.8 kg in 2007.
• Reliance Life Insurance wins National Award: Reliance Life Insurance Company, a part of Reliance Capital, has received a
national award from the Quality Council of India (QCI) for reduction in branch operating expenses through the use of new
technologies.
• Recapitalization of regional Rural Banks to improve their Capital to Risk Weighted Assets Ratio: The Union cabinet
approved Rs. 632 crore capital infusion in cash-straved regional rural banks(RRBs) to improve their capital adequacy and lending
capacity to the agriculture sector.
The Regional Rural Banks were established in 1975 with the objective to create an alternative channel to cooperative credit
structure’ with a view to ensure sufficient institutional credit for rural and agricultural sector. The issued capital of RRBs is shared
by Central Government, the concerned State Government and the sponsor bank in the proportion of 50%,15% and 35%
respectively.
• India, Brazil set trade target of $ 15 billion by 2015: India sought investments from Brazil, mainly in the infrastructure sector for
which it needs $1 trillion over the next five years, as the two countries set bilateral trade target of $15 billion by 2015.
• Government hiked paddy MSP by Rs 170/quintal: In view of rising input costs, the government announced Rs. 170 quintal hike
in support price of paddy to farmers at Rs. 1,250 for the 2012-13 crore(July-June)
SPORTS
• Yuhi Bhambri wins maiden ATP Challenger singles title: India’s Yuki Bhambri won his maiden ATP Challenger Tour singles
title defeating Amir Weintraub of Israel 6-3, 6-3 in the tournament held in Fergana, Uzbekistan.
• China beats South Korea to win Uber Cup: China reclaimed the Uber Cup badminton event after beating South Korea by 3-0 in
the final.
• Kolkata Knight Riders win maiden IPL title: Kolkata Knight Riders win IPL-5 title by beating Chennai Super Kings by 5 wickets
in the final match played at M.A. Chidambaram Stadium-Chepauk,Chennai. The team won it’s first title in 2012 by defeating
defending champions and two time winners Chennai Super Kings in the final. The tournament began on 4 April 2012 and ended
on 27 may 2012.
2012 Indian Premier League
Administrator(s) BCCI
Cricket Format Twenty 20
Host(s) India
Champions Kolkata Knight Riders
Participants 9
Matches played 76
Man of the Series Sunil Narine
Most Runs Chris Gayle (733 Runs)
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Most Wickets Morne Morkel (25 Wickets)
• Anand crowned World Chess Champion for fifth time: Indian Grandmaster Viswanathan Anand to beat challenger Boris
Gelfand of Israel in a rapid chess tie-breaker to win the World Championship for the fifth time and fourth in a row.Anand sealed
his fourth-consecutive world title beating Gelfand 2.5-1.5 in the four-match tie breaker at Moscow’s State Tretyakov Gallery.
• Kevin Pietersen retires from ODIs and T20s: England’s star batsman Kevin Pietersen announced his retirement from One-Day
and Twenty 20 internationals.
• Malaysia to host 2013 Asia Cup Hockey: The Asian hockey Federation’s Council allotted Malaysia the 2013 Asia Cup Hockey,
the tournament that will offer qualification berth for the 2014 World Cup.
• New Zealand won Azlan Shah Cup on first appearance: New Zealand clinched the title of 21st Sultan Azlan Shah Cup Hockey
Tournament in their maiden final appearance, defeating Argentina 1-0 in the summit final.
• Tendulkar fourth International cricketer in Parliament: Sachin Tendulkar, who took oath as a Rajya Sabha member, is the
fourth International cricketer now in the Indian Parliament.
Mohammad Azharuddin (Moradabad),Navjot Singh Sidhu (Amritsar) and Kirti Azad(Darbhanga). Tendulkar is the first cricketer to
enter parliament while still playing the game.
• Former world boxing champion Wright retires: Former light-middle weight world boxing champion Ronald “Winky” Wright of
the US has announced his retirement. A veteran of 58 professional fights and 25 knockout victories, Wright compiled a record of
51-6-1.
• Saina Nehwal wins Thailand Open Grand Prix Gold Badminton Tournament: Ace Indian shuttler Saina Nehwal lifted the
Thailand Open Grand Prix Gold title after rallying to beat Thailand’s Ratchanok Inthanon in the final of the event in Bangkok.
• Katich quits First-class Cricket: Australia’s former opening batsman Simon Katich has announced his retirement from the firstclass
game. Katich, who was ousted from the team after the 2010-2011.
MISCELLANEOUS
• India ranked 46th in the trade logistics performance: Global trade logistics performance slowed down over the last two years amid the global recession, but India and others that pursued aggressive performs continued to improve, according to the World Bank.
• Airtel,ICICI among ‘Top 100 Global Brands’: Indian telecom major Bharti Airtel and private sector bank ICICI Bank have been included in the ‘BrandZ list’ of the top 100 most-valuable Global brands of 2012 by research firm Millward Brown.ICICI was ranked 63 and Airtel 71.The top five brands on the list are Apple, IBM,Google,McDonald’s and Microsoft.
• Ratan Tata, India’s most powerful CEO: Tata Sons Chairman Ratan Tata heads the ET-Corporate Dossier ranking of India Inc’s Most Powerful CEOs for the fourth year running.
• Raj Kapoor’s ‘Awaara’ in Time magazine’s 100 greatest films: Time magazine has included Raj Kapoor’s 1951 classic ‘Awaara’ among 20 new entries added to its All-Time 100 list of the greatest films made since 1923, the beginning of the
prestigious periodical.
• Nepal, Bangladesh more peaceful than India: The Global Peace Index (GPI) for 158 countries, claimed that the world was more peaceful in 2011 as powerful nations had austerity-driven defence cuts.However,India’s rank slipped to 142 as compared to 137 last year, while Pakistan ranked 149.
• G-8 2012 Summit held in Chicago: The 38th G-8 summit was held in Camp David, Maryland, United States on 18-19 May 2012.It is the annual meeting of the G-8.35
BANKING AND YOU-AUGUST 2012
ELECTED/APPOINTED
• Tomislav Nikolic: Tomislav Nikolic , a former ultranationalist ally of late Serbian strongman Slobodan
Milosevic,beat incumbent Boris Tadic in the election for presidency.
• U.K.Sinha: The Securities and Exchange Board of India Chairman,U.K. Sinha was on May 24,2012 re-elected Chairman of the Asia Pacific Regional Committee of the International Organization of Securities
Commissions.Sinha , will head the Committee until May 2013.
• Justice Madan Bhimarao Lokur: Justice Madan Bhimarao Lokur was on June 4,2012 sworn in as a judge of the Supreme Court.Prior to his elevation, Justice Lokur was Chief Justice of the Andhra Pradesh High Court. With this, the strength of the apex court has gone up to 26, still five short of the sanctioned strength of 31 judges.
• D.K. Mehrotra : D.K. Mehrotra took charge as Chairman of the Life Insurance Corporation of India on May 31,2012.
• R.P.Singh: The Appointments Committee of the Cabinet on June 11, 2012 approved the appointment of Rajinder Pal Singh as Chairman of National Highways Authority of India.
• K.C.Chakrabarty: The Government has re-appointed Dr. K.C.Chakrabarty as Deputy Governor of the Reserve Bank of India for a further period of three months from June 13, 2012.
AWARDS/PRIZES
• International Gandhi Awards-2011: The Vice President of India M.Hamid Ansari on May 28, 2012 presented
“International Gandhi Award-2011” to Dr. Caire Velut and Dr. J.D. Samant at a function organized by Gandhi Memorial Leprosy Foundation, Wardha (Maharashtra).
• World Food Prize: Daniel Hillel, an Israeli Scientist who pioneered a radically innovative way of bringing water to crops in arid and dry-land regions, was named the winner of the 2012 World Food Prize on June 12, 2012 in Washington. The name of the recipient was announced by Kenneth M. Quinn, president of the World Food Prize Foundation.
• International Peace Award: Two Indian human rights activists, Binayak Sen and Bulu Imam were on June 12,2012 selected for the International Peace Award given by the Gandhi Foundation at the House of Lords in London.The Award was created in 1998 by Surur Hoda and Diana Schumacher with the support of the foundation’s president, Lord Attenborough.
IN THE NEWS
• Tamae Watanabe: A 73-year-old Japanese woman Tamae Watanabe climbed to Mount Everest’s peak on May
INTERNATIONAL
• Chicago Conference on Afghanistan’s future concludes: As NATO countries and those providing transit facilities to supplies for coalition forces in Afghanistan charted the post-2014 course in Chicago, they acknowledged that lasting peace in the strife-torn country would not be possible without the positive engagement of Pakistan.
• SpaceX Dragon returns to Earth: The world’s first commercial space cargo carrier returned to Earth on May 31, 2012,ending its revolutionary voyage to the International Space Station with an old-fashioned splashdown in the Pacific.
• SCO Beijing summit concludes: The Shanghai Cooperation Organization (SCO) concluded its Beijing summit on June 7, 2012 at the Great Hall of the People, with member states agreeing to further cooperation in a variety of fields. The Beijing-based SCO was founded in Shanghai on June 15, 2001, and currently has six full members- China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. India, Pakistan, Iran and Mongolia have the observer status in the SCO.
• Venezuela is now world’s largest oil reserve holder: Venezuela surpassed Saudi Arabia to become the world’s largest holder of proven oil reserves, a resource that President Hugo Chavez promises to tap if he gets re-elected in October. 36
• Global Peace Index 2012: The Global Peace Index (GPI) for 158 countries, rereleased on June 12, 2012, claimed that the world was more peaceful in 2011 as powerful nations had austerity-driven defence cuts. However, India’s rank slipped to 142 as compared to 137 last year, while Pakistan ranked 149.
ECONOMY
• Bihar is Country’s fastest growing state at 13.1%: Bihar has emerged as the fastest growing state for the second year running, clocking a 13.1% growth in 2011-12. Among the top five states, Bihar is followed by Delhi and
Puducherry.Mineral-rich Chhattisgarh and Goa complete the top five growth listings, according to data available with the ministry of statistics.
• New Rs. 5 coins to commemorate 150th year of CAG: The Reserve bank on May 25, 2012 said it will shortly put in circulation new coins of Rs. 5 denomination to commemorate 150th year of Comptroller and Auditor General of India (CAG).The coin will bear the logo of CAG along with year “1860-2010” on the bottom of the logo. The term Comptroller and Auditor General of India was first used in 1884.
• Government announces new expert panel on poverty estimates: The Government on May 24, 2012 set up an expert technical group headed by Prime Minister’s Economic Advisory Council (PMEAC) Chairman C.Rangarajan to review the Tendulkar Committee methodology for estimating poverty and overhaul the norms in keeping with the present-day prices.
As indicated in the Press note, the poverty ratio in the country has come down from 37.2% in 2004-05 to 29.8 % in 2009-10.As a result, the number of poor persons in the country has reduced from 40.7 crore in 2004-05 to 35.5 crore in 2009-10.
SPORTS
• French Open Tennis: Spain’s Rafael Nadal won a record seventh Men’s Singles title at the French Open when he defeated Novak Djokovic of Serbia the Czech Republic.
NEWS AND EVENTS-AUGUST 2012
BOOKS & AUTHORS
Protected Animals of India: Sanjay Sondhi
Hip Hop Nature Boy and Other Poems: Ruskin Bond
The Taj Conspiracy: Manreet Sodhi Someshwar
INTERNATONAL
• DIAMOND JUBILEE CELEBERATION OF QUEEN ELIZABETH: A four –day gala celebration marking Queen
Elizabeth’s Diamond Jubilee was concluded on June 5.
• QUEEN,EX-IRA CHIEF SHARE HISTORIC HANDSHAKE:In a historic first in the Northern Ireland peace process, Queen Elizabeth on June 27 met and shook hands with Martin McGuinness, who was senior leader of the Irish Republican Army (IRA) that killed her cousin, Lord Mountbatten, the last Viceroy of India, in 1979.
• TOKYO IS WORLD’S MOST EXPENSIVE CITY: According to the Worldwide Cost of Living Survey 2012 by Mercer,
Tokyo has this year become the world’s most expensive city for expatriates.
• NEW SERBIAN PRESIDENT: Tomislav Nikolic has been elected new president of Serbia.
NATIONAL
• INDIA’S FIRST FOOD BANK LAUNCHED: Sam Pitroda, adviser of the Prime Minister along with Delhi Chief Minister
Sheila Dikshit on June 8 launched a Food Bank in Delhi, the first such arrangement which will allow donors to send food
to the needy through a network that the Government and Private companies will facilitate.
• DELHI MOST COMPETITIVE CITY IN INDIA: In the Economicst Intelligence Unit Research report, Delhi has been named the most competitive city in India though only the 68th in the world, in a recent study ranking 120 cities in terms of their ability to attract capital, business, talent and tourists.
STATES
• GOVERNMENT BANS TOURISM NEAR JARAWA HABITAT: The Government has decided to ban tourist activity and
regulate commercial establishments within a five km radius of the habitat of aboriginal tribes in Andaman and Nicobar
Islands.
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BUSINESS & ECOONOMY
• TWITTER UNVEILS NEW TRADEMARK: Twitter on June 6, unveiled a new “Twitterbird” which will be the new trademark
symbol for the fast-growing company.
• RailTel CONFERRED ‘MINI RATNA’ STATUS: RailTel Corporation of India Ltd., a leading telecom infrastructure provider, has been awarded “ Mini Ratna Category – I Status” by the Ministry.
SPORTS SCENARIO
• DHONI BECOMES BRAND AMBASSADOR OF CRICKET IN NEPAL: The Nepal Cricket Association has appointed
Indian Cricket captain Mahendra Singh Dhoni as their brand ambassador.
• NEW CHIEFS FOR WORLD CRICKET BODY: New Zealand’s Alan Isaac took over as the president of ICC succeeding Sharad Pawar and David Richardson of South Africa as CEO.
DEFENCE
• INS VINDHYAGIRI DECOMMISSIONED: INS Vindhyagiri (F-42), the sixth and the last sixth and the last of the Nilgiri class of frigates, which was damaged in an accident last year, was decommissioned. The warship, which derives its name from the Vindhyagiri hills, was built by Mazagaon Docks Ltd and served the Navy for 31 years.
• ORANGE PRIZE: American writer Madeline Miller beat favourites like Ann Patchett and Cynthia Ozick to win the Orange Prize for fiction, exclusively for women writing in English, for her debut novel ‘The Song of Achilles’.
• GLOBAL AWARD FOR INDIAN ARTIST: Odisha-based sand artist Sudarsan Pattnaik has once again made India proud with the magic he creates with sand. His 2.5 metres tall sand sculpture of a ,mermaid, bagged the first prize at the first Copenhagen International Sand Sculpture Championship, held in Denmark.
• MEXICAN ORDER OF AZTEC EAGLE: Dr. R.K. Pachauri, Director-General of The Energy and Resources Institute (TERI), has been conferred with the Mexican Order of the Aztec Eagle at the G20 Summit in Los Cabos.
APPOINTMENTS/ELECTIONS/RESIGNATIONS
• VIRBHADRA QUITS: A five-time CM of Himachal Pradesh and currently Union Minister for Micro, Small and Medium
Enterprises Virbhadra Singh on June 26 resigned a day after a court in Shimla framed charges against him in a case of
corruption and misuse of public office.
Patna: Bihar observed Dolphin Day Friday to raise awareness about
conservation of the Ganga river dolphin declared as India's national
aquatic animal.
