6th BRICS Summit: India’s PM Modi flies to Brazil
Prime Minister Narendra Modi has flown to Brazil to participate in the sixth annual BRICS summit.
Prime Minister Narendra Modi has flown to Brazil to participate in the sixth annual BRICS summit.
Prime Minister Narendra Modi has flown to
The BRICS summit – a multilateral forum comprising of the upcoming economies of Brazil, Russia, India, China and South Africa – will be the first occasion that the Prime Minister will be interacting with world leaders after assuming office in May 2014.
The 2-day summit will be held in the cities of Fortaleza and Brasilia in Brazil.
India’s key agendas for this summit:
- BRICS BANK: The key agenda will be establishing a new development bank on the lines of the World Bank and Asian Development Bank. The idea was first talked about at the BRICS meet in New Delhi in 2012.
- CONTINGENT FUNDS: With a corpus of $100 billion the proposed bank will finance projects for infrastructure projects in emerging, developing nations and will compete with the west dominated IMF and World Bank.
- Who will host BRICS BANK: With both India and China vying to host the headquarters for the proposed bank, the contentious issue will be discussed.
- INDIA-CHINA on security: India is likely to take up the matter of security of India’s Northern and Eastern borders that it shares with China. PM Modi, who will have bilateral meetings with all BRICS leaders, will meet Chinese President, Xi Jinping.
The BRICS summit – a multilateral forum comprising of the upcoming economies of Brazil, Russia, India, China and South Africa – will be the first occasion that the Prime Minister will be interacting with world leaders after assuming office in May 2014.
The 2-day summit will be held in the cities of Fortaleza and Brasilia in Brazil.
India’s key agendas for this summit:
- BRICS BANK: The key agenda will be establishing a new development bank on the lines of the World Bank and Asian Development Bank. The idea was first talked about at the BRICS meet in New Delhi in 2012.
- CONTINGENT FUNDS: With a corpus of $100 billion the proposed bank will finance projects for infrastructure projects in emerging, developing nations and will compete with the west dominated IMF and World Bank.
- Who will host BRICS BANK: With both India and China vying to host the headquarters for the proposed bank, the contentious issue will be discussed.
- INDIA-CHINA on security: India is likely to take up the matter of security of India’s Northern and Eastern borders that it shares with China. PM Modi, who will have bilateral meetings with all BRICS leaders, will meet Chinese President, Xi Jinping.
Rich nations should capitalize Green Climate Fund: India
Expressing concerns over the empty coffers of the Green Climate Fund (GCF),India urged rich countries to give their consent to a road-map for its capitalization by 2015 – the year the world will have a universal global climate treaty.
Speaking at the ‘Major Economies Forum’ (MEF) in Paris, India’s Environmentminister Prakash Javadekar also suggested that part of GCF, which was launched in 2009-10, should be used for funding critical technologies and buying Intellectual Property Rights (IPRs) so that it can be made available to developing nations free of cost.
He referred to the annual Budget to inform that India had had taken a number of measures to fight climate change including earmarking Rs 100 crore for National Adaptation Fund, launching of mission for Himalayan region, Clean Ganga mission and hike in cess on coal from Rs 50 a tonne to Rs 100 a tonne.
Green Climate Fund (GCF)
GCF is a fund within the framework of the UNFCCC set up as a mechanism to transfer money from the developed nations to the developing countries, in order to help the developing nations in adaptation and mitigation practices to tackle climate change. The GCF is based in the new Songdo district of Incheon, SouthKorea. It is managed by a Board of 24 members.
The GCF will support projects, programmes, policies and other activities in developing nations. It intends to be the fulcrum of efforts to increase Climate Finance of $100 billion a year by 2020.
Expressing concerns over the empty coffers of the Green Climate Fund (GCF),India urged rich countries to give their consent to a road-map for its capitalization by 2015 – the year the world will have a universal global climate treaty.
Speaking at the ‘Major Economies Forum’ (MEF) in Paris, India’s Environmentminister Prakash Javadekar also suggested that part of GCF, which was launched in 2009-10, should be used for funding critical technologies and buying Intellectual Property Rights (IPRs) so that it can be made available to developing nations free of cost.
He referred to the annual Budget to inform that India had had taken a number of measures to fight climate change including earmarking Rs 100 crore for National Adaptation Fund, launching of mission for Himalayan region, Clean Ganga mission and hike in cess on coal from Rs 50 a tonne to Rs 100 a tonne.
Green Climate Fund (GCF)
GCF is a fund within the framework of the UNFCCC set up as a mechanism to transfer money from the developed nations to the developing countries, in order to help the developing nations in adaptation and mitigation practices to tackle climate change. The GCF is based in the new Songdo district of Incheon, SouthKorea. It is managed by a Board of 24 members.
The GCF will support projects, programmes, policies and other activities in developing nations. It intends to be the fulcrum of efforts to increase Climate Finance of $100 billion a year by 2020.
‘Vacate Office in New Delhi’: India asks UNMOGIP, the UN Observer on J&K
Indian Government has asked United Nations Military Observer Group inIndia and Pakistan (UNMOGIP) to vacate its Government accommodations inNew Delhi.
Reacting to this, Pakistan said that such steps would not change the legal status of the Kashmir dispute and that it never accepted Kashmir’s accession to India. It said that as long as the Kashmir dispute is not resolved, the UN Security Council mandate remains.
In response to Pakistan’s statements, India said that it believes in moving forward than looking behind and discussing decade old issues. India clarified that the move on UNMOGIP was consistent with efforts to rationalize the UN body’s presence in India. It said that the measure was in line with India’s long-standing view that UNMOGIP has outlived its relevance.
India believes that the UN body had little significance after India and Pakistan inked the Shimla pact in 1972 on resolving the Kashmir dispute bilaterally. However, UN held that UN Security Council resolution mandates the body to monitor and observe the border and report violations of a cease-fire agreement between India and Pakistan.
UNMOGIP in India insisted that it will continue its operations in India in line with its original mandate. The body is now searching for new office to rent.
India had provided UNMOGIP a plush accommodation in New Delhi free of charge 40 years ago. The UN body also has offices in Islamabad and Muzaffarabad, the main city in the Pakistan-controlled part of Kashmir.
Indian Government has asked United Nations Military Observer Group inIndia and Pakistan (UNMOGIP) to vacate its Government accommodations inNew Delhi.
Reacting to this, Pakistan said that such steps would not change the legal status of the Kashmir dispute and that it never accepted Kashmir’s accession to India. It said that as long as the Kashmir dispute is not resolved, the UN Security Council mandate remains.
In response to Pakistan’s statements, India said that it believes in moving forward than looking behind and discussing decade old issues. India clarified that the move on UNMOGIP was consistent with efforts to rationalize the UN body’s presence in India. It said that the measure was in line with India’s long-standing view that UNMOGIP has outlived its relevance.
India believes that the UN body had little significance after India and Pakistan inked the Shimla pact in 1972 on resolving the Kashmir dispute bilaterally. However, UN held that UN Security Council resolution mandates the body to monitor and observe the border and report violations of a cease-fire agreement between India and Pakistan.
UNMOGIP in India insisted that it will continue its operations in India in line with its original mandate. The body is now searching for new office to rent.
India had provided UNMOGIP a plush accommodation in New Delhi free of charge 40 years ago. The UN body also has offices in Islamabad and Muzaffarabad, the main city in the Pakistan-controlled part of Kashmir.
BSE sets up advisory group on REITs
The Bombay Stock Exchange (BSE) has set up an advisory group on REITs (Real Estate Investment Trusts), which seeks to attract long-term funds to the investment-deficient realty sector from both foreign as well as domestic investors. The Budget 2014-15 also offers incentives like exemption from long-term capital gains tax to promote REITs, which could be listed on the bourses like company shares and permits retail and institutional investors to trade in those securities.
The BSE has decided to make an 11-member advisory group of experts from real estate, securities market participants like merchant bankers, legalprofessionals and consultants in real estate to orderly help develop the REITs and to make it popular among investors and advise them newly proposed framework on REITs.
As per experts, REITs can attract humungous $10 billion foreign funds into the real estate sector.
The Bombay Stock Exchange (BSE) has set up an advisory group on REITs (Real Estate Investment Trusts), which seeks to attract long-term funds to the investment-deficient realty sector from both foreign as well as domestic investors. The Budget 2014-15 also offers incentives like exemption from long-term capital gains tax to promote REITs, which could be listed on the bourses like company shares and permits retail and institutional investors to trade in those securities.
The BSE has decided to make an 11-member advisory group of experts from real estate, securities market participants like merchant bankers, legalprofessionals and consultants in real estate to orderly help develop the REITs and to make it popular among investors and advise them newly proposed framework on REITs.
As per experts, REITs can attract humungous $10 billion foreign funds into the real estate sector.
IFRS system mandatory from 2016-17 FY
From 2016-17 FY, it will be mandatory for Indian corporate sector to migrate toInternational Financial Reporting Standards (IFRS) from the current indigenous Indian Accounting Standards. The new system has been necessitated by the need to be consistent with global practices.
IFRS is essential to facilitate the foreign firms make accurate interpretation of the balance sheets of Indian companies in order to make a correct assessment of their performance which mirrors the state of the economy.
From 2016-17 FY, it will be mandatory for Indian corporate sector to migrate toInternational Financial Reporting Standards (IFRS) from the current indigenous Indian Accounting Standards. The new system has been necessitated by the need to be consistent with global practices.
IFRS is essential to facilitate the foreign firms make accurate interpretation of the balance sheets of Indian companies in order to make a correct assessment of their performance which mirrors the state of the economy.
Pay MGNREGA workers wages commensurate with minimum wages fixed by State: SC asks Government
As per the direction of the Supreme Court, Government must implement its February 2014 notification fixing higher average daily wages to workers of theMahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS).
The order came a day after the proposed Budget announcement by the Government, which while reviving the MGNREGS allocated Rs34,000 crore, a hike of Rs1,000 crore over year 2013. The Centre had, in its February 13, 2014 notification, announced higher wage scale for MGNREGA workers in the range of Rs118 to Rs181, varying from State to State. With the Court direction, thefinancial load on the Centre is likely to increase by more than Rs1,000 crore.
The direction from the apex court to the Centre comes after the SC was faced with an order from Karnataka High Court directing Centre to pay daily wages under MGNREGS commensurate with the minimum wage fixed by the State. The HC, in its order, noted that the workers were paid less than even the minimum wage of Rs119 prescribed under the Karnataka Minimum Wages Act.
As per the ruling of the Karnataka HC, Section 6(1) of the MGNREGA could not be invoked to fix wage rate lower than what was prescribed under the Minimum Wages Act, 1948 and scrapped the Government notification on wage rate of January 2009 and ordered payment of arrears to the workers in Karnataka.
The order was challenged by the Centre as there is substantial difference between MGNREGS wages and minimum wages in some States. Besides, it argued that as on date, the minimum wages under MGNREGA were linked to the Consumer Price Index (CPI) of agricultural laborers.
As per the direction of the Supreme Court, Government must implement its February 2014 notification fixing higher average daily wages to workers of theMahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS).
The order came a day after the proposed Budget announcement by the Government, which while reviving the MGNREGS allocated Rs34,000 crore, a hike of Rs1,000 crore over year 2013. The Centre had, in its February 13, 2014 notification, announced higher wage scale for MGNREGA workers in the range of Rs118 to Rs181, varying from State to State. With the Court direction, thefinancial load on the Centre is likely to increase by more than Rs1,000 crore.
The direction from the apex court to the Centre comes after the SC was faced with an order from Karnataka High Court directing Centre to pay daily wages under MGNREGS commensurate with the minimum wage fixed by the State. The HC, in its order, noted that the workers were paid less than even the minimum wage of Rs119 prescribed under the Karnataka Minimum Wages Act.
As per the ruling of the Karnataka HC, Section 6(1) of the MGNREGA could not be invoked to fix wage rate lower than what was prescribed under the Minimum Wages Act, 1948 and scrapped the Government notification on wage rate of January 2009 and ordered payment of arrears to the workers in Karnataka.
The order was challenged by the Centre as there is substantial difference between MGNREGS wages and minimum wages in some States. Besides, it argued that as on date, the minimum wages under MGNREGA were linked to the Consumer Price Index (CPI) of agricultural laborers.
INS Kamorta: India’s first indigenous warship delivered to Indian Navy
Garden Reach Shipbuilders & Engineers Ltd (GRSE) delivered to the Indian Navy country’s first indigenously built warship INS Kamorta. The highly sophisticated Anti-Submarine Warship (ASW), the first in its class of four corvettes being built by GGRSE for the Navy was built with indigenous steel produced by SAIL’s Bhilai Steel Plant.
The corvette is the first naval warship built in the country with indigenously developed special grade high-tensile (DMR249A) steel produced by Steel Authority of India. The hull of the ship carries the bulk of sensors and weapon systems that are also indigenously developed by various Indian industries.
The ASW is a significant advancement towards India’s quest to self-reliance in indigenous warship building. It also brings the Indian Navy’s pursuit to be a ‘Builder’s Navy’ as well as a true ‘Blue-water Navy’ with ships and submarines being designed and built indigenously.
Garden Reach Shipbuilders & Engineers Ltd (GRSE) delivered to the Indian Navy country’s first indigenously built warship INS Kamorta. The highly sophisticated Anti-Submarine Warship (ASW), the first in its class of four corvettes being built by GGRSE for the Navy was built with indigenous steel produced by SAIL’s Bhilai Steel Plant.
The corvette is the first naval warship built in the country with indigenously developed special grade high-tensile (DMR249A) steel produced by Steel Authority of India. The hull of the ship carries the bulk of sensors and weapon systems that are also indigenously developed by various Indian industries.
The ASW is a significant advancement towards India’s quest to self-reliance in indigenous warship building. It also brings the Indian Navy’s pursuit to be a ‘Builder’s Navy’ as well as a true ‘Blue-water Navy’ with ships and submarines being designed and built indigenously.
“The Grand Old Lady of Bollywood” Veteran actor Zohra Sehgal passed away
Veteran actor Zohra Sehgal (102), who acted in Bollywood classics and Doctor Who adventures, passed away. Sehgal, for her contribution to the Indian cinema is dubbed “the grand old lady of Bollywood”. A Padma Shri awardee, she also received the Padma Vibhshan in 2010.
Sehgal, started her career as a dancer with Uday Shankar in 1935. She had appeared in many Bollywood films as a character actor as well as in English language films besides television series and plays. Often called the “grand old lady of Bollywood” and the “laadli” of entertainment , last appeared in Sanjay Leela Bhansali’s “Saawariya” in 2007.
Veteran actor Zohra Sehgal (102), who acted in Bollywood classics and Doctor Who adventures, passed away. Sehgal, for her contribution to the Indian cinema is dubbed “the grand old lady of Bollywood”. A Padma Shri awardee, she also received the Padma Vibhshan in 2010.
Sehgal, started her career as a dancer with Uday Shankar in 1935. She had appeared in many Bollywood films as a character actor as well as in English language films besides television series and plays. Often called the “grand old lady of Bollywood” and the “laadli” of entertainment , last appeared in Sanjay Leela Bhansali’s “Saawariya” in 2007.
The Miracle girl “Mississippi baby”cured of HIV as an infant now detected with virus again
The baby girl who had emerged as a ray of hope for the global combat against AIDS, when she was cured of HIV after being born to an infected mother has now been detected with the HIV virus.
In a huge setback to researchers, the child known as the “Mississippi baby”who when put on Anti-Retroviral Therapy (ART) within 30 hours of birth was cured in 2013 by stopping the formation of viral reservoirs — dormant cells responsible for the re-starting the infection in most HIV patients within weeks of halting the therapy has now been found to have been re-infected after more than 2 years without ART support.
The kid has detectable HIV levels in the blood (16,750 copies/mL). Besides, the child has reduced levels of CD4+ T-cells, the main constituent of a normal immune system, and the presence of HIV antibodies — signs of a replicating pool of virus in the body. The kid has been put on ART again. It has been found that the child’s HIV infection was the same strain acquired from the mother.
HIV first emerged over 30 years ago and has till now infected over 34 million people globally. Scientists face a daunting challenge of finding a vaccine against HIV. As per the UN estimates, 330,000 babies were infected in 2011. This is apart from more than 3 million children living with HIV across the globe.
In India, over 14,000 children got infected in 2011, which accounted for 13% decrease as compared to 2009. The number of estimated deaths among children (0-14 years old) due to AIDS was 10,213 in 2011. In India, in 2011, an estimated 21 lakh people living with HIV/AIDS, 7% were children. Nearly 40% (8.16 lakh) of them were women, who are likely to pass on the virus to their babies.
Margaret Alva Sworn-in as Goa Governor
Margaret Alva, the current Governor of Rajasthan, was sworn-in as theGovernor of Goa. She was administered oath of office by Chief Justice of Bombay high court Mohit Shah. Rajasthan governor Alva has been given additional charge of Goa after previous governor B V Wanchoo resigned on July 4, 2014, a day after CBI interrogated him in the VVIP chopper deal scam.
World Population Day observed across the world on July 11
The World Population Day was observed across the world on July 11. Thetheme for year 2014 is “Invest in Young People today, to ensure a Bright Future“.
The United Nations’ (UN) World Population Day is observed annually on July 11 to reiterate the human right to plan for a family. It promotes activities, events and information for the realization of this right throughout the world. As per United States Census Bureau (USCB), World Population is estimated to be 7.023 billion. World Population has increased sharply in the last 200 years. Countries like China and India together make up 37% of the total world population. Continent wise, Asia with 4.2 billion people has largest population. As compared to other continents of the world, Asia accounts for over 60% of the world population.
Study attributes Oklahoma earthquakes to subsurface wastewater injection
A study has attributed the dramatic increase in earthquakes in central Oklahoma since 2009 to subsurface wastewater injection at a few wastewater disposal wells. As per researchers, Oklahoma earthquakes make up nearly half of all central and eastern U.S. seismicity from 2008 to 2013, many occurring in areas of high-rate water disposal.
Induced seismicity poses as a primary obstacle to expanded shale gas and unconventional hydrocarbon development. The study offers insight into the process by which the earthquakes are induced and suggests that sticking to standard best practices may significantly cut down the danger of inducing seismicity. The best practices include avoiding wastewater disposal near major faults and the use of suitable monitoring and mitigation schemes.
As per research, 4 of the highest-volume disposal wells in Oklahoma (about 0.05% of wells) are capable of triggering about 20% of recent central U.S. earthquakes in a series, called a swarm, spanning nearly 2,000 sq kms, as shown by the study of modeled pore pressure surge at relocated earthquake hypocenters.
Earthquakes are induced at distances more than 30 kms from the disposal wells, far away from current criteria of 5 kms from the well for diagnosis of induced earthquakes.
The area of increased pressure related to these wells keeps expanding, increasing the probability of encountering a larger fault and thus raising the risk of triggering an earthquake of higher-magnitude.
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