Current account gap widens to 4.9% of GDP in Q1

High imports of gold and oil pushed Current Account Deficit (CAD) to 4.9% of GDP to $21.8 billion in the April-June quarter of the current fiscal, RBI said today.

CAD, the difference between inflow and outflow of foreign exchange, was 4.4 % or $16.9 billion in the same quarter of last fiscal, 2012-13. "The trade deficit, coupled with a slow recovery in net invisibles (income and services), led to widening of CAD to $21.8 billion in Q1 of 2013-14 from $16.9 billion in Q1 of 2012-13," RBI said in its Balance of Payments statement.

Net NPA of banks rises to 1.68 per cent in 2012-13: RBI

Reflecting deterioration in economic activities, net non-performing assets (NPA) of all banks have increased to 1.68 per cent of the total loan at the end of 2012-13, according to the Reserve Bank of India.

The net NPA of all banks was 1.28 per cent at the end of 2011-12, RBI said in report titled 'A Profile of Banks: 2012-13'. Net NPA of the 26 public sector banks, including State Bank of India (SBI), rose to 2.02 during the year as compared

Fire in aircraft carrier INS Virat

Close on the heels of the sinking of submarine INS Sindhurakshak in which all the 18 personnel died, a fire incident took place on country's only aircraft carrier INS Virat off the coast of Mumbai.
Sources said the fire incident took place on board the INS Virat near the officers' mess section of the warship, sources said.
Navy Headquarters termed the event as minor, saying there was no injury to anyone in the fire incident in the air conditioning system on the aircraft carrier last week.
The INS Virat is country's only aircraft carrier and is over 50 years old and has undergone several refurbishments to continue in service in view of the delays in induction of the INS Vikramaditya being procured from Russia and the Indigenous Aircraft Carrier being built in the Cochin Shipyard Limited.

Average wages in India could quadruple by 2030: PwC report

The wage gap between developed countries and emerging market economies like India, China, and the Philippines, are likely to shrink significantly by 2030, and the average Indian wage could more than quadruple over the said period, says a PwC report.

According to the report, emerging markets like India and Indonesia, which are at the lower end of wage projection in relative terms, are expected to witness spike in average wages levels, and this would in turn re-shape the global businesses.

“India and the Philippines remain at the lower end of wage projection in relative terms, but average wages in India could more than quadruple over the period (by 2030) in real dollar terms,” the PwC report said adding that real wages in the U.K. and U.S. are projected to rise by only around a third over the same period.

“India’s current average monthly wage is around 25 times smaller than that of the U.K. By 2030, it is likely to be only 7.5 times smaller,” the report stated.

Similarly, at present the average wage in U.S. is 7.5 times more than in Mexico, but the gap could be less than 4 times by 2030. Over the same period, the average monthly Chinese wages could rise to around half of that of Spain.

“As an increasing population moves into middle income brackets, aspirations and expectations from both governments and private enterprise will change, with greater demands for meritocracy, use of technology in all spheres, transparency and society building,” Padmaja Alaganandan, Leader - People and Change Practice, PwC India, said.

“With an increasing base of young workforce, India will continue to enjoy wage arbitrage. Coupled with relative high growth rate of incomes, companies will continue to reap the benefit of the demographic dividend fuelling the demand side growth over the next few decades,” she further said.

“Places like Turkey, Poland, China and Mexico will become more valuable as consumer markets, while low-cost production could shift to other locations such as the Philippines. India could also gain from this shift, but only if it improves its infrastructure and female education levels and cuts red tape,” PwC Chief Economist John Hawksworth said.

Manoj Kumar honoured with Lifetime Achievement at Jagran Fest

 

Bollywood legend Manoj Kumar was conferred with the Lifetime Achievement award while industry veteran Sridevi bagged the Best Actress honour at the closing ceremony of the 4th Jagran Film Festival here.

 

The special jury award was presented to 'Vishwaroopam' for raising the bar of mainstream Indian cinema to international level.

 

The award for the Best Director and Film was given to Abhishek Kapoor for 'Kai Po Che'. Best actress was given to Sridevi for her comeback film 'English Vinglish' while the Best Actor award was shared by Farhan Akhtar (Bhaag Milkha Bhaag) and Ranbir Kapoor (Barfi).

 

The Best Debut Director was given to Anand Gandhi for 'Ship of Theseus'.

 

The Best Screenplay Award was given to Juhi Chaturvedi for 'Vicky Donor'; Best Cinematography to Pankaj Kumar for 'Ship of Thesus'; Best Editing was presented to Mahesh Narayan for 'Vishwaroopam'; Best Background Score was given to Hitesh Sonik for 'Kai Po Che'.

 

Best Singer (female) was presented to Aditi Singh Sharma for 'Heroine' while the Best Singer (male) was given to Ayushman Khurrana for 'Vicky Donor'. While Pritam got the Best music director award for 'Barfi'.

 

Eminent personalities including Kamal Hassan, Kangana Ranaut, Tusshar Kapoor, Huma Quershi, Kunal Kappor, Prateik Babbar, Siddharth Malhotra, Nirmat Kaur, Prateik Babbar, Divya Dutta, Manish Paul, Resul Pookutty, Sudhir Mishra, Abhishek Kapoor, Chunkey Pandey, Ravi Kishen, Subhash Kapoor and others were part of the glittering ceremony last evening with Huma Qureshi and Kunal Kapoor welcoming the guests.

 

The six-day festival kicked off last week at the Fun Republic Cinema in Andheri and commenced with the exhibition of an international cinematic project 'Water' and followed with many other screenings.

PA

Manmohan Singh concludes US visit, leaves for India

Prime Minister Manmohan Singhconcluded his visit to America on Monday where he held talks with US President Barack Obama and met his Pakistani counterpart Nawaz Shariffor the first time, besides addressing the UN general assembly. 

Singh left the John F Kennedy Airport here for Frankfurt where he would have an overnight stay before arriving in New Delhi on Tuesday. 

The Prime Minister reached Washington on September 26 and held talks with Obama the next day during which they decided to expand ties in various areas including defense, energy and trade. 

"We believe that if there's a strong India, that's good for the world, and it's ultimately good for the US," Obama had said in a joint appearance with Singh. 

Immediately after the meeting, the two countries issued a joint declaration on defence co-operation, which brings India at par with the closest American allies like Britain. 

The Prime Minister flagged India's concerns over terrorism emanating from across the border and described Pakistan as "epicenter of terrorism". 

In a rarest of the rare gesture, Obama himself walked down from the Oval Office to Singh's car to see him off. 

Singh reached New York on September 27 where he held a meeting with the top American CEOs. 

Singh in his first meeting with Sharif, after the latter assumed charge as Pakistan's prime minister in June, made it clear that ending ceasefire violations is a pre-condition for taking the relationship forward. 

A day earlier, Singh addressed the UN general assembly wherein he raised concerns over terrorism coming from across the border. He also spoke on security council reform and reiterated that diplomacy be given a chance in resolving the crisis in Syria and Iran. 

Singh also held bilateral meetings with Bangladesh Prime Minsiter Sheikh Hasnia and Nepal's interim leader Khil Raj Regmi on September 28. 

The Prime Minister was accompanied by national security advisor Shivshankar Menon, foreign secretary Shujata Singh and other senior officials. External affairs minister Salman Khurshid, who is on a two week foreign travel, joined him in New York. Khurshid now heads to Russia. 

Elderly Nepalese man claims to be world's shortest person

An elderly Nepalese man who is just 41 centimetres (16 inches) tall is stepping up his campaign to be recognised as the world's shortest person. 

Master Nau, 73, who is confined to a wheelchair, recently flew from his remote village southwest of the capital Kathmandu to press his request to be recognised in the Guinness World Records. 

Iraq Ratified Comprehensive Nuclear Test Ban Treaty (CTBT)

Iraq Government ratified the Comprehensive Nuclear Test Ban Treaty (CTBT) at 68th session of UN General Assembly at New York, US on 27th September.

Iraq's ratification of the treaty raised the number of countries that have adhered fully to the treaty to 161. To enter into force, the CTBT must be signed and ratified by 44 specific states, only 36 of which have done so including France, Russia and Britain. The remaining eight are China, the United States, India, Pakistan and North Korea; Israel, widely believed to have atomic weapons; Iran, suspected of wanting them; and Egypt.

Naval Science and Technological Laboratory Centre inaugurated in Visakhapatnam

In Andhra Pradesh, a state-of-the-art advanced integration centre for the Naval Science and Technological Laboratory under DRDO was inaugurated in Visakhapatnam on 29th September. With this facility torpedoes developed by this lab would be of world class in the days to come.

Named as Talvar, the Electrical Heavy Weight Torpedoes (EHWT) testing lab would also serve the needs of the prestigious heavy weight torpedo Varunastra project and the future such projects to be undertaken. The centre was equipped with all the technical facilities required for carrying out sub-system level assembly, functional checks, system checks, preparation, balancing, pressure tests and full torpedo evaluation and would speed up the process of making of the torpedoes. The new facility was built to meet international standards at a cost of around 7.2 crore rupees in an area of 7500 sq. mts. for testing and integration of torpedoes.

First Ever Allard Prize for International Integrity Presented to Anna Hazare

The University of British Columbia’s Faculty of Law on 25 September 2013 presented Anna Hazare with the inaugural Allard Prize for International Integrity at Vancouver, Canada.

The Allard prize is one of the world’s largest awards recognizing efforts to combat corruption and to promote human rights. 

About Allard Prize

The Allard Prize established in October 2012 by UBC Law alumnus Peter A. Allard, QC and the Allard Prize is awarded to an individual, movement or organization that has shown exceptional courage and leadership in combating corruption, especially through promoting transparency, accountability and the rule of law. The prize money for the award is 100000 US Dollars.

About Anna Hazare

Kisan Bapat Baburao Hazare born on 15 January 1940, popularly recognized as Anna Hazare, is an Indian social activist who is particularly acknowledged for his contribution in order to the development of Ralegan Siddhi, a village in Ahmednagar district, Maharashtra, India and his efforts for establishing it as a model village, for which he was awarded the Padma Bhushan by Government of India, in 1992. He played a large part in the 2011 Indian anti-corruption movement.

Malala Yousafzai Presented with Peter J. Gomes Humanitarian Award by Harvard University

Malala Yousafzai, a Pakistani schoolgirl and education rights campaigner presented with the 2013 Peter J. Gomes Humanitarian Award (Harvard Humanitarian of the year) by Harvard University on 27 September 2013.

16 years old Malala received the award by Dr Allen Counter, Director of the Harvard Foundation for her contribution in promoting the education among girls.

About Malala Yousafzai

Malala Yousafzai is a Pakistani school pupil and education activist from the town of Mingora in the Swat District of Pakistan's northwestern Khyber Pakhtunkhwa province. Malala Yousafzai was shot in the head by a Taliban militant in October 2012 after she campaigned for girls' right to education.

India's First Naval and Maritime Exposition Conference Concluded

India's first ever Naval and Maritime Exposition and Conference, NAMEXPO 2013 concluded on 27 September 2013 at Cochin, Kerala with a demonstration and visits to Naval ships, INS Satpura, INS Kabra and INS Sudarshini. All these ships are indigenously made in Indian shipyards.

The five-day NAMEXPO witnessed participation from 50 domestic and international exhibitors, 2000 business visitors, 15 official delegations besides 6500 general visitors.

Indian Naval and Coast Guard officers and personnel and Naval officers from more than 25 countries also visited the Exposition and interacted with exhibitors and participants.

About the event

NAMEXPO 2013 was held from 23 to 27 September 2013 at Cochin, Kerala.

NAMEXPO 2013 was organised by Confederation of Indian Industry (CII) in association with Indian Navy, Kerala Government, and Union Ministries of MSME, Shipping and Earth Sciences.

The primary objective of this expo is to make the leading experts related to the sector of maritime aware of the latest trends and techniques which will help in the expansion and recent as well as future development of this sector. 

The Countries which were participated in the expo are Australia, Denmark, France, Germany, Japan, Russia, Sweden, South Africa, Singapore, US, UK, UAE, Vietnam.

Ruchira Kamboj appointed the Permanent Representative of India to UNESCO

Ruchira Kamboj was appointed as the Permanent Representative of India to UNESCO, Paris with the rank of Ambassador. The government made this announcement on 25 September 2013. She will succeed VS Oberoi. At present, Ruchira is joint secretary in Ministry of External Affairs. She is expected to take up her assignment shortly.

Kamboj joined the Indian Foreign Service in 1987. She last served as the Deputy Head, in the office of the Commonwealth Secretary-General, London. Prior to that, she served as the Minister & Head, High Commission of India, Cape Town, South Africa.

In addition, she served as a Counsellor in the Permanent Mission of India to the United Nations in New York. She also served at the High Commission of India, Mauritius and at the Indian embassy in Paris. She held the positions of Director/Deputy Secretary (Foreign Service Personnel) and Under Secretary (Europe West) in the Ministry of External Affairs, New Delhi.

Ruchira Kamboj is married to a businessman from India and has one daughter.

India and China held Sixth Financial Dialogue

India and China held sixth Financial Dialogue in Beijing. The annual dialogue was held on 25 and 26 September 2013 ahead of Prime Minister Dr. Manmohan Singh's proposed visit to Beijing in October 2013. During this Dialogue, the two sides held in-depth discussions on new challenges facing the global economy, macro-economic situations and policies in China and India, progress on structural reforms in both countries, cooperation under multilateral frameworks as well as bilateral financial cooperation. Both nations agreed to strengthen regular communication and coordination at various levels on macro-economic policies and major international economic and financial issues. Both sides agreed to strengthen regular communication and coordination at various levels on macro-economic policies and major international economic and financial issues.

At the end of the dialogue they issued a joint statement which called for early conclusion of IMF quota reforms. The statement stated that the two nations agreed to intensify cooperation with other BRICS nations to push for reforms in international institutions. They will also work for implementation of the commitment to implement IMF Quota and Governance Reforms. Both nations agreed to work together to promote the implementation of the important consensus reached in the G-20 St. Petersburg summit, strengthen the momentum of global recovery, push for faster economic growth, generate better jobs, and build on the foundation for long-term growth.

Both nations agreed to hold the 7th India-China Financial Dialogue in 2014 in New Delhi.

India and USA Signed a Joint Declaration in Defence Cooperation

India and United States of America (USA) signed a joint declaration on 27 September 2013 in defence cooperation in research in defence, defence technology transfer, co-development and co-production of defence articles and services and protecting each other’s sensitive technology and information.

Highlights of the Joint declaration in defence cooperation

• The United States and India share common security interests and place each other at the same level as their closest partners. This principle will apply with respect to defence technology transfer, trade, research, co-development and co-production for defence articles and services, including the most advanced and sophisticated technology.

• Both countries will work to improve licensing processes, and, where applicable, follow expedited license approval processes to facilitate this cooperation. 

•The U.S and India are also committed to protecting each other’s sensitive technology and information. 

• The two sides will continue their efforts to strengthen mutual understanding of their respective procurement systems and approval processes, and to address process-related difficulties in defence trade, technology transfer and collaboration. 

• The two sides look forward to the identification of specific opportunities for cooperative and collaborative projects in advanced defence technologies and systems, within one year. Such opportunities will be pursued by both sides in accordance with their national policies and procedures, in a manner that would reflect the full potential of the relationship. 

• The U.S. continues to fully support India`s full membership in the four international export control regimes, which would further facilitate technology sharing.

Team of Australian Doctors Created IVF History With Ovarian Tissue Transplant

A team of doctors at Melbourne IVF and The Royal Melbourne Hospital, in the first week of September 2013, managed to help an infertile woman conceive with the world’s first IVF technology where new eggs were grown in the ovarian tissue and transplanted in woman’s abdomen. The doctors declared that the treatment will revolutionise the fertility treatment. The woman called Vali is now 26 weeks pregnant. 

Vali was earlier rendered as infertile after her treatment for the ovarian cancer. The team of doctors helped the woman in growing egg follicles and producing two healthy eggs after transplanting her own frozen ovarian tissue into her abdomen. 

It is important to note that earlier only one baby was born in Australia after the ovarian tissue transplant. Less than 30 babies have been grown like this across the world, but it is for the first time that the tissue was successfully transplanted at a completely different site in a body to where it was taken from. Gab Kovacs, the international medical director of Monash IVF, which did first successful Australian ovarian tissue transplant explained that this was a breakthrough treatment.

The sample of the ovarian tissue of Vali was extracted from her cancer-free ovary through keyhole surgery. It was then frozen. After seven years, the tissue was grafted on the left and right sides of the front wall of her abdomen. The tissue started functioning after a few months and also produced follicles and two single eggs with the mild dose of hormone treatment. Both these eggs were fertilised, implanted as well as became viable pregnancies. 

Over 1300 women are diagnosed with the ovarian cancer every year in Australia. Of these, 39 percent are under the age of 60 years.

Rajnath Singh Appointed the BJP Campaign Committee Chief for the 2014 Lok Sabha Polls

Rajnath Singh, the Bharatiya Janata Party President became the campaign committee chief for the 2014 Lok Sabha polls on 29 September 2013 in New Delhi. He was appointed as the campaign committee chief after the parliamentary board meeting of BJP. He replaced the Prime Ministerial candidate of BJP- Narendra Modi. Modi was declared as the PM candidate of BJP on 13 September 2013. He proposed the name of Rajnath Singh for the Election Campaign Committee Chief post. 

BJP general secretary Ananth Kumar explained that 20 sub-committees have already been formed under the Election Campaign Committee. All these committees are headed by the senior BJP leaders and therefore, it was important that Rajnath Singh took over as the campaign committee chief. 

The Parliamentary Board meeting of BJP, in the meanwhile, also held discussions about the ordinance on the convicted MPs and MLAs. BJP appealed to the President of India to not sign this ordinance. Other issue discussed during the meeting was the Right to Reject by the voter.

Every Year on 29 September Celebrated as The World Heart Day

Every year on 29 September celebrated as the World Heart Day since 1999.

The theme of the 2013 World Heart Day 

A life course approach to the prevention and control of cardiovascular disease (CVD) with a focus on women and children because healthy children lead to healthy adults and healthy adults lead to healthy families and communities.

The World Heart Day is organised by World Heart Federation.

About The World Heart Federation

• The World Heart Federation is dedicated to leading the global fight against cardiovascular disease (CVD) – including heart disease and stroke - with a focus on low- and middle-income countries, via a united community of more than 200 member organizations.
• It aligns its efforts around the World Health Organization’s (WHO) related target of reducing premature cardiovascular disease (CVD) mortality of 25 percent by 2025.

Sonia Gandhi Unveiled the Statue of R Sankar, the First Congress Chief Minister of Kerala

The Congress president Sonia Gandhi on 29 September 2013 unveiled the statue of R Sankar, the first Congress Chief Minister of Kerala. The statue was installed at Palayam (near War Memorial) in Thiruvananthapuram in Kerala. R Sankar was the third Chief Minister of the state. 

The bronze statue was installed by the R Sankar Foundation of Kerala. R Sankar Foundation president R Sarathchandra Prasad explained that the statue was taken to Thiruvananthapuram in a procession from the premises of Gokarna temple at Kudroli in Karnataka. It is important to note that 26 September 2013, marked 51 years of Sankar becoming the Chief Minister of Kerala.

Apart from unveiling of the statue, other activities such as organisation of a seminar on R Sankar and Kerala politics at the Symphony Hall and a photo exhibition was also organised at the Press Club on 28 September 2013. The exhibition showcased memorable moments of the life of R Sankar.

Stephen Lee Banned from Snooker for 12 Years for Match-Fixing Charges

Stephen Lee, a snooker player from England banned for 12 years after being found guilty of seven charges of match-fixing on 25 September 2013. 

Stephen Lee (38) was found guilty of seven match-fixing charges by an independent tribunal and Lee was also ordered to pay 40000 pounds  towards the considerable costs of the investigation and hearing.

The ban will run from 12 October 2012, when an interim suspension was imposed, and means Lee will not be able to compete as a professional snooker player before 12 October 2024, the date of his 50th birthday.

Stephen Lee, the former world Number 5, was found guilty of match-fixing charges relating to seven matches in 2008 and 2009. The matches in question were three in the Malta Cup in 2008, two in the UK Championship in the same year, one in the 2009 China Open and one in the 2009 world championship.

About Stephen Lee

Stephen Lee was born on 12 October 1974 in Trowbridge, Wiltshire, England. In the 1992 Lee turned professional player. In 1998 he won first ranking tournament, the Grand Prix, by defeating Marco Fu 9-2 in the final. In 2002 he won Scottish Open and Grand Prix and takes over as provisional world number one early the following season. His highest world ranking is five.

Ranjib Biswal Appointed as Indian Premier League Chairman

NCA Chairman Ranjib Biswal was on 29 September 2013 appointed as chairman of the IPL during the Annual General Meeting of the Board of Control for Cricket in India (BCCI) at Chennai.

Prior to this appointment Ranjib Biswal was manager of the Indian Cricket team during the ICC World Cup 2011 and the ICC Champions Trophy 2013. He is also the head of Orissa Cricket Association.

Ranjib Biswal was replaced Rajeev Shukla as chairman of Indian Premier League (IPL). Rajiv Shukla, who resigned at the end of his tenure.

About Ranjib Biswal

Ranjib Biswal (born 21 September 1970 in Cuttack, Odisha) is a former Indian cricketer. He played domestic cricket for the Odisha state. Biswal represented India in under-19 cricket, captaining the side against Pakistan in 4 test matches played in India.

He retired from domestic cricket in 1997 and became an administrator and was made a member of the selection committee (representing East Zone) in 2005 under Kiran More. 

In 2006, when the committee was re-formed under Dilip Vengsarkar, Ranjib Biswal was retained for an additional term in 2006.

In 2006, Ranjib Biswal was entrusted with the additional responsibility of Manager along with D Dongoankar for the India tour of West Indies in 2006. Ranjib Biswal was currently National Cricket Academy (NCA) chairman.

Rafiq Kathwari, an Indian-American Poet Won Patrick Kavanagh Poetry Award 2013

Rafiq Kathwari, an Indian-American poet on 29 September 2013 selected for 2013 Patrick Kavanagh Poetry Award for the collection of his debut poems.

Rafiq Kathwari is the first non-Irish person to win the Patrick Kavanagh Poetry Award. Rafiq Kathwari's collection of 20 unpublished poems In Another Country was selected for the coveted award amidst 112 contestants from across the world.

About Rafiq Kathwari

• Rafiq Kathwari, a Kashmiri by descent has become the first non-Irish to have won the award and will recieve 1000 euros as the prize money.
• He has translated selected Urdu poems of Alama Iqbal, creating his own version. His poems are mostly inspired by loss of innocence in Kashmir and from his mother's long time illness.
• Rafiq Kathwari graduated from the University of Kashmir in 1969 before studying at the New York University and Columbia University.
• Most of his working life has been spent with Ethan Allen, a large manufacturer and retailer of home furnishings based in the United States.
• Many of his works have been in print and online in the US, Ireland and Asia.

About Patrick Kavanagh Poetry Award

The Patrick Kavanagh Poetry Award for a first unpublished collection of poems in English is open to poets, born in the island of Ireland, or of Irish nationality, or long term resident in Ireland.

The award is now in its 41st year. Previous winners include Eileán Ni Chuilleanáin, Paul Durcan, Thomas McCarthy, Peter Sirr, Sinead Morrissey, Conor O’Callaghan, Celia de Freine and Joseph Woods.