Indian Current Affairs: 13.12.2006

As part of the states’ compensation package for phasing out CST (Central Sales Tax), states are likely to be given the power to levy VAT (Value Added Tax) on imports.
Negative protection: Where the import duty is lower than the state level VAT, industry faces negative protection. VAT on imports on par with domestic produce will result in level playing field.
Countervailing Duty: It is meant to neutralize the impact of excise duty that industry pays and imports are spared of the same.
Inverted duty structure: A duty structure is said to be inverted when the import duty on the raw material is higher than the finished products. Such a structure could render the relevant manufacturing process uncompetitive in the country concerned. The problem is compounded if the FTA/RTA partner can import the raw material under low tax rates. The fallout could be shifting of production to FTA partner country to cut costs, adversely impacting the domestic industry.

The Chief Minister Mr. Y.S. Rajasekhara Reddy surrendered about 618 acres of land owned by his family in Kadapa District as it was found to be much more than what was permissible under the AP Land Reforms Act.
As per the Act, a family can own only up to 54 acres of agricultural land.

What does this mean?
Using low profile media such as the Internet or direct mail.
Other forms in which it manifests include digital, viral, experiential, mobile, promotions, exhibitions, point of purchase and retail merchandising etc.

The term used in the USA refers to children who get educated, go out to work and then midway decide to return home to stay and at times work out of their parents’ home.

Proceeds from the sale of PSU divestment will go into the National Investment Fund.
75% of these funds will be used to select education, health and employment
Remaining 25% would be invested in loss making PSUs to revive them.

For the first time in the last three years, the IIP slipped to 6.2% for October 2006 on the back of an apparent slowdown in consumer spending.

For the first time, Petro products have topped the list of highest export earners with about $8.35 bn in revenues.

Parliament attack case (December 13, 2001); some facts regarding clemency to Afzal, the prime convict who was given the death sentence by the courts.

Supreme Court records show that Afzal was offered the services of four lawyers, which he refused.
He did not file the mercy petition with the President when the court awarded the death sentence. He approached the President only when his friends put pressure on him.
This shows that he was wedded to the cause of waging war against India; the attack on Parliament was a mission for him. He wanted to be a ‘martyr’ for the jehadi cause.

Director General ICRISAT (International Crop Research Institute for Semi Arid Tropics)

Indian Current Affairs