Indian Current Affairs: 24.05.2007

I wrote a piece on “Office of Profit” issue in Discover It blog today, in response to some of your queries. Take a look at it here.
Pakistan’s claim on Northern Areas

Pakistan asserted new claims on the Northern Areas (a sprawling 72,495 sq km tract) of J&K occupied in 1947. Although it ceded part of the region to China in 1963, Pakistan has historically been reluctant to formalize its defacto direct rule of the Northern Areas.
This latest claim (articulated by its Ambassador to Belgium) runs counters to its own Supreme Court’s judgment of September 1994 where in it was held that the Northern Areas are not part of Azad Kashmir as defined in the Azad Kashmir Interim Constitution Act. It further held that Northern Areas are part of the J&K as it existed before 1947.

With George Bush increasingly being identified as a bad President, his approval ratings also have fallen to historical lows of about 30%.
There are other Presidents who equally vie for the title of ‘non-performing’ President. Let’s take a look at some as identified by The Hindu in its editorial today.
James Buchanan did little to stop the country’s slide into Civil War in 1860; Andrew Johnson undermined Reconstruction; Warren Harding presided over a famously corrupt administration; Herbert Hoover did little to stop the onset of Depression and though efficient Richard Nixon’s was known as a crooked administration.

If he succeeds the way he has succeeded against Nadal in Hamburg Masters, in the French Open perhaps he will join or surpass the ranks of Don Budge and Rod Laver.
These two greats have held the four major titles – Australian Open, US Open, French Open and Wimbledon.
It was only Rod Laver who ever held a calendar year Grand Slam. He achieved it in 1969.
Tennis players are assessed by their accomplishments on varied surfaces. With its slow high bounce, clay is a merciless surface. It favours those who top spin the ball, play the percentages and have great reserves of strength and patience.
Why do we need to note the previous point? It’s not just facts and figures alone that you need to master. On becoming an officer and a gentleman, you will come across many situations in real life which expect you to be reasonably well informed just about anything – be it sport or business. That’s why you need to know a bit about the game, even if you don’t play it.

For the year 2006 were presented by our President.
Social activist from UP, Rambabu Singh Chauhan was conferred the Kabir Puraskar for his outstanding contribution to promoting communal harmony.
Social activist from Assam Rabindra Nath Upadhyay and Delhi based Institute for Socialist Education were presented the National Communal Harmony Award.

He is the artist student from Andhra Pradesh currently pursuing his arts course in MS University, Baroda against whose arts exhibition, there was a ruckus made by the conservative brigade.

Is the tourism minister of Pakistan. She resigned from the position, following her party’s not showing solidarity with her against the fatwa issued by Islamist clerics. They issued a fatwa against her for hugging a paragliding instructor following a charity jump in France.
Her resignation is not yet accepted.

Genetic tests by scientists have confirmed that female sharks can reproduce without having sex. Parthenogenesis – growth of an egg cell into an embryo without addition of any genetic material from a male sperm cell has occurred in a hammerhead shark at Henry Doorly Zoo in Nebraska.

In Thailand.
It is a type of mountain frog – Odorrana aureola. It can change its colour in response to its surroundings.

CBI has discovered that she had sanctioned the release of funds for the project in October 2002 without the required approvals. Investigations also revealed that funds were released without techno-feasibility studies and a detailed project report.

CBI is yet to file a charge sheet in this case, though investigations were completed over a year ago.

As the Supreme Court is monitoring the progress in both the cases, there is little that the Centre can do, even if it wants to bail her out following the latter’s willingness to play ball in the selection of the President.

The ongoing round which began in November 2001 at Doha, Qatar’s capital, is stuck over issues such as levels of reduction of agriculture subsidies, paring of industrial and farm tariffs and movement of workers between countries.
The US, India, Brazil and the EU have been attempting to narrow their differences by holding plurilateral unofficial meetings over the last 6 weeks.

Where India miserably failed, China has succeeded. It provides piped water to its rural areas and collects the user charges also. Though the rural population in China has no say in the planning of the water supply system, it plays a major role in the construction and maintenance. It contributes labour and also pays for the use of water. What makes it tick there and not here in India? Three reasons advanced for it are:

Chinese politicians and policy makers genuinely believe that water is an economic resource and are ‘willing to charge’ for piped water supply.
Chinese politicians are not required to seek a direct, popular vote and it is therefore, easier to take ‘unpopular’ decisions like charging for water in rural areas.
Unlike countries like India, China has historically not heavily subsidized rural water supply. So having never been spoiled by subsidies in the past, rural communities in China are willing to pay for safe water.

We have heard about LIBOR in our blog in the recent past. Let’s take a look at MIBOR today.
It stands for Mumbai Inter Bank Offer Rate and is a benchmark rate linked to the overnight call rates. It was introduced for the first time in the Indian money market in June 1998 mainly to develop the structured derivative products such as interest rate swaps and floating rate bonds.
MIBOR is collated by NSE (National Stock Exchange) on a daily basis, based on the polled rates taken from about 30 select participants comprising banks, primary dealers and institutions in the call money market at around 9.30 AM. It is announced at about 9.40 AM on all working days.

I am often asked this question. It is a designation given by the RBI to commercial banks or broker/dealers who meet specific criteria. Among the criteria are capital requirements and meaningful participation in the Treasury auctions.

Indian Current Affairs