08.02.2007

• Look ma, India is speeding!!!
• The advance estimates 2006-07 given by CSO (Central Statistical Orgnization) present the following picture:

	% Growth in
	2005-06	2006-07
GDP	9.0	9.2
Agriculture	6.0	2.7
Industry	9.6	10.0
Manufacturing	9.1	11.3
Real per capita income	7.4	7.9

• FDI in retail
• Mrs. Sonia Gandhi’s letter has put paid to the reformist zeal on FDI in retail sector. She advocated caution over the impact of Wal-Mart’s entry on small retailers.
• The commerce ministry has agreed to set up a committee to study the impact of FDI on the rural economy.
• Government regulations allow 100FDI in cash and carry wholesale through the automatic route and 51% in single brand retail.
• ISB and IBM sign research pact
• Both the organizations have agreed for joint research to develop a new academic discipline for a service-led economy.
• What is IIAM?
• The Indian Institute of Arbitration & Mediation.
• It has centres in Kochi and Bangalore.
• It is a non-profit organization started by a few professionals and businessmen in 2001 and its advisory board is headed by former Chief Justice of India M.N. Venkatachalaiah.
• What does ICANN stand for?
• Internet Corporation for Assigned Names and Numbers
• ICANN is responsible for the global coordination of the Internet's system of unique identifiers. These include domain names (like .org, .museum and country codes like .UK), as well as the addresses used in a variety of Internet protocols. Computers use these identifiers to reach each other over the Internet. Careful management of these resources is vital to the Internet's operation, so ICANN's global stakeholders meet regularly to develop policies that ensure the Internet's ongoing security and stability.
• It maintains what are called ‘root servers’ hosting the database of all these names and numbers. Whenever we type a name in the browser’s address bar, actually the request for resolving the name with an IP address (number) ultimately gets resolved by these root servers.
• Percy Mistry committee
• This committee, headed by the development economist, has outlined steps needed to be taken to realize the goal of making Mumbai the next major global financial centre.
• What is the DEPB scheme about?
• Duty Entitlement Pass Book scheme.
• It seeks to neutralize the incidence of customs duty on the import content of the export product by way of grant of duty credit against the export product.
• It is non-compliant with the WTO norms and has been subject to some WTO disputes. The non-compliance is mainly because of its non-transparent nature since the reimbursement is based on pre-fixed rates and is freely transferable.
• Export promotion measures
• All the export promotion measure in force today in the country cost the exchequer a whopping Rs. 34,430 crores. This is in 2005-06.
• There are about 11 such schemes. They include: DEPB, duty drawback, export promotion capital goods scheme (EPCGS), duty-free import authorization, advance licence, EOUs, STPIs, Vishesh Krishi Upaj Yojana.
• Prevention of Money Laundering Act
• This was passed in 2003.
• It governs the legal regime for anti-money laundering in India. The act requires banks, financial institutions and intermediaries of securities markets to put in place a system of internal reporting o fsuspicious transactions and cash transactions of Rs. 10 lk and above.
• SAIL Chairman
• SK Roongta
• About coconut crop
• CPCRI – Central Plantation Crop Research Institute is located at Kasargod.
• It places the coconut production at an all-time high of 1437 crore nuts.
• Coconut Development Board is the commodity board dealing with coconuts.
• Mite’s disease affects coconut trees. Its impact will be less if there are enough rains.
• Charles Lindbergh
• Is the first man to fly solo across the Atlantic in May 1927.
• His achievement pioneered civil aviation.
• If you were to suggest ways of improving infrastructure needs to support the growth of Indian air cargo market, what would you suggest? Look at the list suggested by an expert:
• Ground infrastructure is critical to support air cargo. Proper investment in airside facilities as well as proper road infrastructure.
• More and more cargo hubs should be developed.
• Existing aircraft-to-truck intermodal transfer facilities need to be improved and expanded to cater to the growing volume of trade.
• Additional truck docks need to be built to support the increasing number of trucks carrying goods.
• Offset policy in defence procurement
• First introduced in June 2005. Stipulates that all contracts over Rs. 300 crores must have a minimum offset of 30% and the offset obligation should be discharged concurrently with the main contract.