Tuesday, January 10, 2012

HEADLINES

• Team Anna not to target any particular party; Anna Hazare to take final call on the issue
• Election Commission justifies decision to drape statues in Uttar Pradesh
• Mahindra Satyam takes former directors and auditors to court for breach of responsibilities and perpetuating fraud

NATIONAL NEWS

• Pravasi Bharatiya Saman Awards give out by the president at the 10th Pravasai Bharatiya Divas. The receipients were:
  • Kamla Persad Bissessar, PM of Trinidad and Tobago
  • P.V Radhakrishnan Pillar, Bahrain, for contribution to the Indian community
  • Sachchidanand Sahai, Cambodia, for his scholarly work and role in relations between India and Canada
  • Deepak Naraindas Shivdasani, Cote D'Ivoire, for promoting India in Africa
  • Victor Shahed Smetacek, Germany, for contribution in the field of science
  • Sri Prakash Lohia, Indonesia
  • Jose Parayanken, Mozambique
  • Kiran Navinchandra Aher, Oman
  • Hassan Abdulkarim Chougule, Qatar
  • Khorshed Noshir Ginwala-Rustomjee, South Africa
  • Rajesh Kumar Saraiya, Ukraine
  • Surendra Kumar Kaushik, US, for contribution in the field of economics
  • Kalpalatha Kumamuri Guntupalli, US, for contributions in the field of medicine
  • S.R. Nathan, former president of Singapore, for contributions in the field of public service

INTERNATIONAL NEWS

• India and China share a robust relationship
  • Being critical of experts in both countries, representatives of both countries said that they shared a robust relationship and demonstrated maturity in handling contentious issues;
  • The Chinese side focused on trade and said that it was worth USD70 billion last year. Addressing India's concern of the growing trade deficit, the Chinese said they would make a sustained effort to import Indian products where they had a market;
  • Both countries called for policy makers to improve people to people contact and deepen economic relations.
• Iran sentences American 'CIA spy' to death

EDITORIALS, OPINIONS & COLUMNS

• Read this article on the economic alliance which is forming between the former soviet states. The main issues discussed are:
  • Russia is moving for an economic alliance after 26 years of the breakup of the soviet union;
  • On Jan 1, 2012, Russia, Kazakhstan and Belarus formed a Common Economic Space (CES), and this is the first time post-soviet history that ex-soviet states are coming together to form an economic entity. In the first phase they will set up a customs entity common for their nations;
  • The CES providings for free movement of goods, services, capital and labour in the three neighbouring states. A body called the Eurasian Economic Commission will be set up to monitor the compliance for the member states;
  • By 2015 the CES will be upgraded to the Eurasian Union, an economic bloc modeling the EU, with a common currency, harmonised legislation, and closesly coordinated economic and monetary policies. The union will be open to both ex-soviet states and other states as well. Kyrgyzstan and Tajikistan have already applied, and Russia is talking to Ukraine;
  • Russia recently set up a free trade zone as a exercise to test such an economic alliance and many of the ex-soviet states have entered the arrangement;
  • The Commonwealth of Independent States (CIS) which was set up immediately after the disintegration of the Soviet Union was an instrument of 'civilised divorce' but did not deal with economic integration;
  • Earlier attempts at economic unions collapsed because Russia tried to dominate. However in the CES all members have equal voting rights and decisions will be taken by consensus. However, many analysts agree that Ukraine will be required for the Union to be effective. Russia is trying to get Ukraine to join with the benefit of prices of oil supply reducing if so.With the construction of the Nord Stream gas pipeline across the Baltic sea to Germany, and the planned South Stream gas pipeline to Europe, Ukraine will lose the bargaining power it had in regard to Russian oil and gas moving to Europe through its territory;
  • Another reason why they are rushing to set up the alliance is to keep out terrorism forces after US and NATO forces exit Afghanistan in 2015.
• Read this editorial on building sustainable habitats. The main points are:
  • The Ministry of Urban Development has decided to bring in new rules to address concerns relating to climate change and this is the first step in putting in place legally enforceable habitat standards to promote green urban development;
  • The Energy Conservation Building Code (ECBC) which will help reduce consumption by about 1.7billion units, came into force 4 years ago, and its still voluntary and applicable only to large commercial buildings. Orissa is the only state to have adopted it;
  • Unless India sets emission reduction targets like other countries, it will remain a same situation. Even if codes are voluntary, the emission targets would keep things in check.

ECONOMY & BUSINESS NEWS

• Committee for removal of cap on professional tax
  • The Empowered Committee of Finance Ministers of States have demanded that the upper limit on Professional Tax, currently capped at Rs.2500, be removed by amended the Constitution;
  • Article 276 of the Constitution empowers the states to levy tax on professions. The constitution was amended in 1988 to include this tax and capped it at Rs.2500. Contending that income of professionals had increased manifold, the states argue that removing the cap will bring more revenue;
  • The Committee also urged the centre to bring an end to centrally sponsored schemes and provide funds directly, along with suitable guidelines, to the states.
• A petition seeking the dissolution of the UIDAI and destruction of data collected so far, has been admitted in the Madras High Court. The petition argues that the authority started work without any guidelines, and the biometrics activities are not in consistence with laws of India such as the Citizenship Act etc.