HEADLINES

• World population crosses 7 billion figure
• Congress MPs disrupt PAC meeting due to CAGs presence during deposition of the Director General, Audits
• Air India pilots report in sick / tender resignations over claims of discrimination against them in training on the new boeing aircrafts

NATIONAL NEWS

• Anti-emergency crusader, Mohan Dharia gets the Indira Gandhi award for national integration
  • Mr.Dharia, a former union minister, lawyer and social activist runs an environmental organisation in Pune called Vanrai. He was awarded the 10th Indira Gandhi award for national integration;
  • Dharia had been jailed during the emergency. Dharia acknowledged he had differences with the former prime minister but added he could not forget her indomitable courage, contribution and sacrifice for the country. He was given the award for promoting and preserving the spirit of national integration;
  • In 2010 the award was given to A.R Rahman and Ramakrishna Mission Ashram jointly.
• Renowned nephrologist Dr.M.K Mani is awarded the 40th Dhanvantari award
  • The name Dhanvantari is an avatar of Vishnu and was considered the god of Ayurvedic medicine. His birthday is celebrated as Danteras, a few days before Diwali. The award which is instituted by the Dhanvantari foundation is considered on of the highest awards for medical practitioners;
  • Dr.Mani is the chief nephrologist at Apollo Hospitals Chennai and had pioneered innovative techniques and new regimen in management of kidney disorders. He is also the receiptient of the Padma Bhushan and the Ravindranath Tagore award;
  • He became famous after he treated J.P Narayan for kidney ailments years ago.
• Single tribunal planned for water disputes
  • As part of the reforms in the water sector, the Ministry of Water Resources has proposed a standing tribunal to adjudicate on inter-state water disputes. The idea is to have a single tribunal with about 5 judges with benches to resolve disputes. The proposal will need union cabinet approval;
  • At present the Inter-States Water Dispute Act, 1956 says that the Govt will form a tribunal whenever there is an inter-state water dispute. This statute will need to be amended to provide for the proposal single tribunal.
• The National Food Security Bill may be amended
  • Based on public comments received on the bill, the Govt may revise the bill before introduction in the parliament. The changes may increase the quantity of items for distribution and also make the welfare schemes like Janani Suraksha Yojna mandatory. State Govts are also providing comments.

INTERNATIONAL NEWS

• UNESCO membership for Palestine
  • UNESCO granted full membership to Palestine which until now only enjoyed observer status at the UN agency for education, science and culture. 185 members of UNESCO's 197 members are eligible to vote and 107 members voted for the approval of Palestine while 14 were against and 52 abtained. US was trying to block this move by UNESCO and has now withheld funds to the organization. India voted in favour of Palestine and played a key role in the demand for membership.
• China preparing to launch Shenzhou-8, an unmanned spacecraft to dock with the Tiangong-1 space laboratory which was launched on September 9, 2011
• Syria gets new peace roadmap from the Arab League; steps include talks with the opposition
• Sudan inks gold exploration contracts with foreign and national companies to compensate loss due to oil revenues which now are with South Sudan

EDITORIALS, OPINIONS & COLUMNS

• Read this editorial on the shortcomings of the Govt draft of the lokpal bill
• Here is a discussion on the world population hitting the 7 billion mark
• Paul Krugman's column on the economics of wars makes an interesting read

ECONOMY & BUSINESS NEWS

• Here is a good editorial on the next steps in the Euro Zone crisis
• Exit Door reopened for foreign investors
  • The Dept of Industrial Policy and Promotion (DIPP) on September 30, 2011 issued a circular that all shares, debentures and similar instruments which had in-built options would not be treated as Foreign direct investment and would need specific approvals or be treated as external borrowings/debt;
  • The reasons for such an inclusion has been that the RBI is apprehensive of investors using an option to 'put' their shares on the Indian promoters at a pre agreed value at a later date – therefore using equity shares / instruments to secure a fixed return at a later date; similar to the nature of a loan / debt. If an investment is treated as debt then it has to follow very strict guidelines in terms of the use of funds etc;
  • The DIPP was trying to cover what the RBI wanted but in the process of using the term in-built options they ended up covering much more than put options. The DIPP has now removed this provision from its September 30th notification and the position has now back to the initial one. However, it is likely that RBI will issue some form of direction on this issue soon as it remains a concern in relation to foreign investment into the country.
• Higher limit of FDI for single brand retail trade may be introduced soon