Indian Current Affairs: 13.07.2008

Over 400 companies in India may get a share of the total pie of nuke business, estimated at over $100 billion, over the next five years, if the country succeeds to clinch the civil nuclear deal with the US. Larsen and Toubro (L&T), Tata Power, Mahindra and Mahindra (M&M), Godrej and Boyce, Bharat Forge, Infosys, Wipro and TCS, which were already accorded Raksha Udyog Ratna (RUR) status by the ministry of defence, could be front-runners in engaging at various stages of building nuke power plants. Some articles are referring to this RUR as Raksha Utpadak Ratna status. I leave it to you to find out the correct version.
BTW what is RUR status? What does it mean?

The GoI has opened up defence production for private entities also, reportedly in 2002. The move to allow private companies to participate in defence production follows the recommendations of the Vijay Kelkar Committee and the constitutional amendment to this effect in 2001.
Private companies conferred with this status can enter into defence production, which has hitherto been reserved only for PSUs. The RUR status will make them approved suppliers, give them access to technology from DRDO and allow them to take part in the primary manufacturing process.

A related status conferment from the government is accreditation of companies with Anusandan Ratna and Anusandan mini Ratna status, facilitating their entry in the area of research activities of DRDO (Defence Reseach and Development Organisation).

While dealing with this subject, I will answer a question that was asked in email yesterday by a reader about the “defence offset clause.”

These are the US government-sponsored home finance companies. They own or guarantee about one in every two US mortgages and package them into bonds. They are confronted by mounting losses from loan delinquencies and foreclosures. Investors fear that if they are hampered from doing business, the paralysis will only make the housing crisis get worse.
Concerns about Fannie Mae and Freddie Mac’s stability drove a selloff on Friday that marked the sixth straight weekly drop for both the Nasdaq and the Standard & Poor’s 500 Index — their longest weekly losing streaks since 2004.

With the fortune of the UPA government now hinging on its successful floor test scheduled for July 22^nd, isn’t it time for us to have a recap of the nuclear deal and what it holds for the polity in general?
Today’s ET carries a very good article worth a read. Read it here.
Those of you, who are short of time or patience, can do with this figure.
But this gist that appeared in today’s ET gives a bird’s eye view of the nuclear deal. I posted it in today’s Discover It.

As far as we know, Formula One racing is the holy grail of speed racing isn’t it? It is true. But there are other equally good alternatives which are less heard or made an entry in recent times. They are:

What these events are is explained in a good article that is worth a read. Do so here.

Know nothing about him? Look at his picture here.
He was conferred this award at the 10th edition of the Osian’s Cinefest Film Festival 2008.
Over a career spanning five decades, Sen has made over 30 films, scripted 19 more and produced four. His landmark film “Bhuvan Shome” is widely recognised as the work that launched the ‘New Wave’ in Indian cinema.
Sen is also a recipient of the Padma Bhushan and the Dadasaheb Phalke Award, the highest distinction given to an Indian filmmaker by the government of India.
The French government has decorated him with the Commander of the Order of Arts and Letters. He has not only made films in his mother tongue Bengali but also experimented with Hindi, Telugu and Oriya films.

Want to know more about the Apple iPhone 3G? This is a good piece that informs us about it.

Indian Current Affairs