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the red planet. Scientists also believe that the discovered molecules are ancient and
might have been deposited from non-biological processes like meteorite impacts and
lightning on Mars in past. Nitrogen is an essential part for all known forms of life,
as it is used in the building blocks of larger molecules like DNA and RNA that encode
the genetic instructions for life. It is also essential for proteins that build hair and
nails in living organisms. USA, Russia launch historic one-year Space Mission : A Russian
Soyuz spacecraft launched the International Space Stations first one-year crew on March
27, 2015 kicking off an epic voyage for NASA astronaut Mr. Scott Kelly and Russian
cosmonaut Mr. Mikhail Kornienko. Also flying on the Soyuz is cosmonaut Mr. Gennady Padalka,
a crewmember who will live and work aboard the orbiting outpost for about six months,
the usual length of time people spend on the station. Mr. Scott Kelly, 51, and Mr. Mikhail
Kornienko, 54, will spend 342 days aboard the orbiting laboratoiy, about twice as long as
a standard mission on the station. The three astronauts entered the station about eight
hours after launching from Russias manned space facility in Kazakhstan. The trip is NASAs
first attempt at a one-year space flight. Four Russians have spent a year or more in
space, all on the Soviet-built Mir space station. The main aim of their stay is to measure
the effects of a prolonged period of weightlessness on the human body, a step towards
possible missions to Mars or beyond.
Software & Telecom
New technology to combat mobile malware attacks : Researchers at University of Alabama,
Birmingham have developed simple but effective techniques to prevent sophisticated
malware from secretly attacking smart-phones. This new malware defence was
Fortune releases the list of 2015 roster Worlds 50 Greatest Leaders Fortune Magazine on
March 26, 2015 released the list of 2015 roster of the Worlds 50 Greatest Leaders.
The list included Prime Minister of India Mr. Narendra Modi at 5th rank and Nobel Prize
winner Mr. Kailash Satyarthi at the 28th rank. The list is topped by Apple CEO
Mr. Tim Cook. Others are European Central Bank President Mr. Mario Draghi at the second
rank, followed by Chinese President Mr. Xi Jingping at the third Rank, Pope Francis at
the fourth rank and General Motors CEO Ms. Mary Barra at the ninth rank. A notable
exclusion from the list is US President Mr. Barack Obama, who has not been named in the
list for a second year in a row. Fortune mentioned that Mr. Narendra Modi as Prime
Minister of India has actually begun to deliver on his election promises and is making
genuine progress in his efforts to make India more business-friendly and less regulated,
addressing violence against women, improving sanitation and patching up relations with
other Asian
of the
countries and the US. Regarding Nobel Prize winner Mr. Kailash Satyarthi, Fortune said
that he has led the global fight against child labour for more than three decades. It said
that no one has done as much to prevent chird labour as he has. The list also includes
Indian-origin CEO of nonprofit Last Mile Health Mr. Raj Panjabi on the 34th rank.
Mr. Panjabi, a native of Liberia, is working with Liberias government to launch a
national community health worker programme.
presented at the IEEE International Conference on Pervasive Computing and Communications
in St. Louis. As mobile phones increase in functionality, they are becoming increasingly
ubiquitous in everyday life. At the same time, these devices also are becoming easy
targets for malicious activities. One of the primary reasons for such malware explosion
is user willingness to download applications from untrusted sources that may host apps
with hidden malicious codes. Once installed on a smartphone, such malware can exploit it
in various ways. It can access the smartphones resources to learn sensitive information
about the user, secretly use the camera to spy on the user, make premium-rate phone calls
without the users knowledge, or use a Near Field Communication, or NFC, reader to scan
for physical credit cards within its vicinity. Such malware already is prevalent,
and researchers and practitioners anticipate that this and other forms of malware
will become one of the greatest threats effecting millions of smartphone users in the
near future. Current operating systems provide inadequate security against these
malware attacks, putting ths burden of prevention upon the user. The current anti-virus
systems are ineffective against such constantly evolving malware. UAB pursued research
to find a mechanism that would defend against mobile malware that can exploit critical
and sensitive mobile device services, especially focusing on the phones calling service,
camera and NFC.
Miscellany
Delhi Government launches Indias first e-ration card Service : Delhi Government on March
27, 2015 launched Indias first e-ration card service. The service was launched by the
Chief Minister, Mr. Arvind Kejriwal. In this service, e-ration card will be linked with
Aadhaar card and it would enable the beneficiaries of Public Distribution System (PDS)
to get the cards online from the governments web portal without hassles. The new service
is expected to curb corruption and increase transparency in the system. The service would
cut down the delays in preparation of ration card and would ensure the fast delivery to
the beneficiaries.
Modi-led NDA Government unveils its first Foreign Trade Policy : The Union Government
announced the much-delayed Foreign Trade Policy on April 1, 2015, aiming to nearly double
Indias exports of goods and services to $900 billion by 2020 to 3.5 percent from 2
percent. Mr. Narendra Modi-led NDA government announced several incentives in the five-year
Foreign Trade Policy (FIP) for exporters and units in the Special Economic Zones.
The simplified Foreign Trade Policy (1-TP) for 2015-20 collapses five earlier schemes for
promotion of merchandise goods into one single programme and revamps one for promotion of
services. It focuses on reducing transaction costs for exports besides extending
incentives to special economic zones (SEZs) and e-commerce. Releasing the policy document,
Commerce and Industry Minister Ms. Nirmala Sitharaman said that FIT (2015-20) was aligned
with Prime Minister Mr. Narendra Modis pet initiatives, the Make in India, Digital India
and Skills India. Mr. Sitharaman said that the new trade policy would boost exports and
create jobs while supporting Make in India and Digital India. It will promote defence,
pharma, environment-friendly products and value-added exports. Several promotional schemes
such as focus product and focus market schemes for goods have been consolidated into a
single Merchandise Export from India Scheme (NIEIS). Under the scheme, incentives will be
given for export of specific goods to specific markets. Industry welcomed the policy that
has been delayed by a year. According to the Confederation of Indian Industry release the
much-awaited Foreign Trade Policy 2015-20 seems to be a visionary policy which is in sync
with governments campaigns like Make in India, Digital India and Skills India, which
indicates that India is geared up to realise the aim of improving the ease of doing
business. Indias exports contracted 15% in lebruary 2015, the third successive month of
decline, because of a global slowdown and the appreciation of the rupee against a basket
of currencies.
India overtakes US as 3rd biggest steel producer : India has overtaken the US to become
the third-largest steel producer in the world with a production of 14.56 million tonnes
(MT) in first two months of the year. India has been the fourth-largest steel producer for
the past five years, behind China, Japan and the US. According to World Steel Association
(WSA), the countrys production growth was the highest during the January-February
2015 period at 7.6 percent as compared to the global average of just 0.6 percent at 127.6
MT. Production in China, which accounts for nearly half of the global steel production,
fell during the period by 1.5 percent. It produced 65 MT steel during the period. Japan,
the second-largest producer, reported a total output of 17.4 MT, but production in the
country fell 2.2 percent. The US, which was the third-largest steel producer since 2010,
produced 13.52 MT during the January-February period, giving away its position to India.
On a yearly basis, India may retain the position, given the fact that a lot of capacities
are set to be commissioned during the year from its present installed manufacturing
capacity of a little over 100 MT. Production in the US, on the other hand, is heading for
a stagnation with no signs of growth in the immediate future. Output in the US has been
hovering between 86 MT and 88 MT for the last four years. The gap of production between
the two countries was just 5 MT in 2014. ADBs $300 million loan to improve road
connectivity : The Union Government on March 26, 2015 signed a $300-million loan agreement
with the Asian Development Bank (ADB) for improving road connectivity and increasing
domestic and regional trade in north Bengal and the north eastern region (NER) of the
country. The project aims to improve road connectivity and efficiency of the international
trade corridors by expanding roads in north Bengal and the north-eastern region of the
country. The investment on the last mile connectivity will contribute to achieving the
objective
ECONOMY INDICATORS
Bank Rate : 9% Repo Rate : 7.5% Reverse Repo Rate : 6.5% Cash Reserve Ratio :
4.0% Statutory Liquidity Ratio : 21.5% Base Rate : 9.80-10.25%
(As on April 6, 2015)
of regionally balanced and inclusive growth of remote and economically lagging regions.
According to the Ministry of Finance, the loan is the first tranche of the $500 million
multi-tranche South Asian Sub-regional Economic Cooperation (SASEC) road connectivity
investment programme. Under the project, about 500 km of roads will be constructed.
The first tranche of the project will construct two national highways totalling about
150 km in West Bengal and State roads totalling about 180 km in Manipur, extending to
Myanmar. The project is expected to be completed by December 31, 2021. Japan to extend
Its 2,760 crore loan to India for river projects : India has signed a Rs. 2,760 crore loan
deal with Japan for development of the second phase of the Rengali irrigation project in
Odisha and cleaning of river Mula-- Mutha in Pune, Maharashtra. The pact was signed
between Ambassador of Japan to India Mr. Takeshi Yagi and Joint Secretary in the Finance
Ministry Mr. Tarun Bajaj on March 28, 2015. The Japanese Official Development Assistance
(ODA) loan for Rengali Irrigation Project (Phase 2) will be provided to install irrigation
facilities, organise and build the capacity of Water
Users Associations, and extend technical guidance to the farmers in the area of the River
Burahmani in Odisha. According to a statement by the embassy of Japan, it is expected
that the loan will contribute to poverty alleviation by increasing and diversifying
agricultural production and thus raising agricultural income from Rengali Irrigation
Project (Phase 2). The loan will also be used for Pollution Abatement of River Mula-Mutha
in Pune. The fund will be provided to develop sewage facility such as sewage treatment
plant, sewage pipe and public toilets in Pune city. It is expected that this loan will
improve the sanitary environment of the citizens by enhancing quality of the river water,
the embassy said. It said that Japan had been cooperating and would continue to cooperate
with India on the issue of climate change in order to develop fair and effective
international framework by all countries. ARC Ratings retains BBB+ India rating with
stable outlook : Global ratings agency ARC has reaffirmed the countrys sovereign rating
at BBB+ with a stable outlook on expectations of accelerated growth, lower current
account deficit and fiscal consolidation. According to the agency, the stable ratings
reflect the expectations for accelerating growth over the near and medium-term.
The faster expansion puts India on a higher growth platform and reinforces its much more
favourable growth story compared with its peers. The Union Government recently revised
the computation of GDP numbers under which the FY14 growth moved up to 6.9 percent,
from 5 percent under the old calculation, and expectation for FY15 expansion is
7.4 percent. The high amount of NPAs, which grew to 4.5 percent in September 2014 as
against 4 percent in March 2014, was identified by the agency as the main challenge.
The agency said that asset quality weaknesses in the banks puzzled credit growth necessary
to put the country on an investment-led growth path. Weak financial sector and heavily
indebted government sector were its main rating constraints, it said. On critical fiscal
deficit front, which has led other rating agencies to advise caution, ARC said that
announcement in Budget of a slower fiscal consolidation was in line with its expectations.
The foreign currency rating has been affirmed at BBB+ with a stable outlook and the
local currency at A-, the recently launched London-based agency, which has Care Rating
as its domestic partner, said. Centre sets up task force to create road map to alleviate
poverty : The Central Government has decided to
review the poverty benchmark before it unrolls a comprehensive plan aimed at tackling the
problem. It has set up a task force, headed by NITI Aayog Vice-Chairman Mr. Arvind
Panagariya, to define poverty and prepare a road map to alleviate it. Considering that
the Government has not officially accepted the threshold recommended by the C. Rangarajan
Committee, it is likely that the expenditure level to classify citizens below and above
the poverty line will be raised. The Rangarajan Committee had recommended setting the
threshold at Rs. 32 per person per day for rural and Rs. 47 for urban poor, compared with
the existing levels of Rs. 27 and Rs. 40. Its suggestion that it was possible for a person
to survive on Rs. 32 a day was ridiculed by many. The Rangarajan Committee was set up by
the Planning Commission under the Congress-led UPA government to review a methodology
suggested by economist Mr. Suresh Tendulkar that had pegged the number of poor in India
at 269 million. Mr. Rangarajans formula saw it rising to 337 million, a number that
found few takers because of the Rs. 32 a day limit. The new task force report is likely
to be in place by the end of June 2015. The 14-member task force, apart from the special
invitees if any, has been asked to develop a working definition of poverty and to prepare
a road map for its elimination. The other mandate of the task force is to suggest
strategies and anti-poverty programmes, including reforms of the existing ones.
Key members of the task force include Mr. Bibek Debroy, who is a permanent member of
the NITI Aayog, social sector experts Mr. Rathin Roy and Mr. Surjit Bhalla, and Chief
Statistician Mr. T.C.A. Anant. The secretaries of five Central Ministries,
director-general of the Unique Identification Authority of India and two advisers from
the Aayog too are part of the panel. The constitution of this
ernal Debt
US $
1991 96 2001 02 03 04 05 06 07 08 09 10 End March PR Partially Revised QE: Quick
Estimates Source: Ministry of Finance
to rr
(0
QE
11 12 13 14 14 End Dec
KBK Infographics
Central task force comes I( month and half after Prime Minister Mr. Narendra Modi,
who is
the Chairman of the NITI Aayog, convened the first meeting of its governing council in
February and decided to set up teams in States to eliminate poverty. The Central task
force will ensure that reports from States are available by June 2015 and, thereafter,
will process these reports to prepare its own report within two weeks. Union Government
and RBI sign agreement on Monetary Policy Framework : The Union Government and Reserve
Bank of India (RBI) signed an agreement on Monetary Policy Framework. The agreement was
signed on February 20, 2015, but was made public on March 2, 2015. The agreement empowers
the RBI to go for inflation targeting that is common in the developed countries and it
also empowers the RBI to monitor the monetary policy framework. As per the agreement,
the RBI will aim to bring down the inflation below six percent by January 2016 and
inflation target for 2016-17 and subsequent years will be 4 percent +/— 2 percentage
points. Indias monetary policy framework will be operated by the RBI. It will aim to
maintain price stability while keeping in mind the objective of growth. If the RBI
fails to meet the target, then it will have to report to the Union Government the reasons
for the failure to achieve the target. It will also provide the remedial action to take
and estimate the time period within which the target would be achieved. It will put in
place a framework of a modern monetary policy to meet the challenges of an increasingly
complex economy. The RBI Governor will determine the
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