Friday, september 30, 2011

HEADLINES

• ·        Finance Minister states that the 2G note does not reflect his views; Chidambaram happy with the statement;
• ·        ADAG executives may turn approver in the 2G case; Reliance Telecom denies these claims;
• ·        TRS says that Hyderabad has to be part of Telangana but can share it as a capital for a few years.

NATIONAL NEWS

¨      New mining law to give tribals a boost

• ·     The Union Cabinet is set to approve a new law that will provide more rights to tribals in mining activities besides the Rs.10,000 cr annually to be given to 60 tribal-dominated districts;
• ·       The proposed bill will replace the existing mining law, the Mines and Minerals (Development and Regulation) Act, 1957 and is expected to be introduced in the next session of Parliament. The new law will also set up a National Mining Regulatory Authority, a Tribunal and district level mineral foundations which will be in charge of disbursements in  the60 districts;
• ·        Once the new law is in place, coal companies will have to set aside 25% of their post-tax profits into a fund along with an amount equal to the royalty for iron ore, bauxite and limestone. ;
• ·      This proposal however dilutes the original plan for a new law which envisaged 25% to be set aside by all mining companies and not just coal companies.

¨       NABARD to fund private parties

• ·         NABARD is planning to fund the private entrepreneurs for the first time, for construction of warehouses along with the state governments and the state owned entities under the Rural Infrastructure Development Fund(RIDF)

¨      Planning Commission plans to merge Project Tiger, Project Elephant and the IDWH

• ·        The plan is to merge the three centrally sponsored schemes. This move is being opposed by the National Board for Wildlife (NBWL), the highest body for wildlife issues;
• ·        Funds meant for tiger conservation may have to be shared with projects for lions, rhinos  and other wildlife. Presently states which have more tigers have separate allocation, but the status under the new plan is unclear;
• ·        NBWL believes that each project should be distinct. If implemented it will send the wrong message to the world which looks at India as a role model in tiger conservation efforts.

¨      Aadhaar cards are valid proof of residence and can be used for all Know your Customer purposes

¨      Human-influenced aerosols have impacted the Indian monsoon. Read more about it in this press release

INTERNATIONAL NEWS

¨      India holds secret talks with Iran on gasfield

• ·        In a sign of revival of ties, India and Iran have negotiated the key terms for the development of the Farzad-B gasfield and the Chabar port to access to the same;
• ·        Negotiations had stalled for 2 years despite of India's requirements for compressed natural gas. The Iran-Pakistan-India pipeline was also stalled around the same time with the US mounting pressure to isolate Iran;

• ·        ONGC and Indian Oil hold 80% stake in the block and Oil India holds the remaining 20%.

¨       China launches space lab module

• ·         China took a major step forward by launching a space laboratory module which is the first step in becoming the third country in the world to have a space centre after Russia and the Us
• ·         It is named tiangong -1

¨      Persons from the Arab democratic revolutions are being considered for the Nobel peace prize by the committee. Results will be out in early October

EDITORIALS, OPINIONS & COLUMNS

• ¨      Here is a good discussion on the poverty estimates applicable in India and the recently controversy relating to the affidavit by the planning commission members stating that Rs.32 a day was required to survive in urban areas and Rs.26 in rural areas.
• ¨       Here is a nice artice on Euro Debt crisis and a possible solution the European countries are arriving at.

EMINENT PERSONS IN THE NEWS

• ¨       The five legged elephant

ECONOMY & BUSINESS NEWS

¨      Cap on Foreign Direct Investment in some sectors to go

• ·        The Govt is proposing to remove certain restrictions (i.e. lock-in period and minimum area) on FDI in the construction development sector for building of old age homes and educational institutions;
• ·        The Govt is also planning to re-look the FDI policy for the pharma sector and certain investments may be required to get Govt approval.