Current Affairs for IAS Exams - 27 December 2014

National

President signed coal & insurance ordinances

• President Pranab Mukherjee signed two key ordinances to raise the cap on foreign direct investment in the insurance sector and facilitate e-auction of coal blocks, amid protest from a National Democratic Alliance member, Shiv Sena, a former ally, MDMK, and the DMK.

• The Coal Mines (Special Provisions) Bill, 2014, was passed by the Lok Sabha, but could not be taken up for discussion in the Rajya Sabha, pushing the government to recommend a re-promulgation of the coal ordinance.

• In the Insurance Amendment Bill, the government recommended promulgation of a fresh ordinance, for an FDI hike from 26 per cent to 49 per cent in the sector. The decision on taking the ordinance route was taken by the Union Cabinet, chaired by Prime Minister Narendra Modi.

• In a letter to the President, CPI (M) leader in the Rajya Sabha Sitaram Yechury contended that since a select committee of the Rajya Sabha had scrutinised the Insurance Bill and had tabled its report, the draft legislation “remains the property of the House on which a decision is pending.”

• Mr. Yechury said 13 of the 16 Bills taken up by the Lok Sabha were passed without being referred to parliamentary standing committees. Congress spokesperson Shakeel Ahmad said the party would oppose the “Ordinance Raj.”

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Business & Economy

• India contributes $1 million to ESCAP Trust fund

• Ten years after a massive tsunami triggered by an earthquake smashed the coastline of around 14 nations; India announced a contribution of $1 million to a UN fund for strengthening early warning systems for natural disasters.

• The contribution, made to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) Multi–Donor Trust Fund for Tsunami, Disaster and Climate Preparedness in Indian Ocean and Southeast Asian countries, is expected to boost ESCAP’s efforts to strengthen early warning systems through regional and South–South cooperation.

• Announced by Ambassador of India to Thailand Harsh Vardhan Shringla, the donation will also ensure that vulnerable communities receive timely warning information.

• “India joins the international community in its efforts to prepare for any such natural calamity in the future by establishing effective early warning systems,” External Affairs Minister Sushma Swaraj said in her message.

• On December 26, 2004, a 9.3–magnitude earthquake off Indonesia’s western point generated a series of massive tsunamis, smashing the coastline of 14 countries, including India, Thailand, Sri Lanka and Somalia. The quake and the tsunamis claimed thousands of lives.

• The trust fund supports activities that build resilience through strengthened early warning systems for coastal hazards.

• Noting that the Indian Ocean tsunami was devastating in its impact on coastal communities in several countries in the Asia–Pacific region, Mr. Shringla said that despite suffering large casualties, India was one of the first countries to extend assistance in search and rescue and rehabilitation of victims in the neighbouring countries.

• “Since then, India has made great strides to strengthen its multi–hazard early warning system and has extended this facility to cover the region,” he said, according to a UN Information Centre for India and Bhutan statement.

India Cements is planning to mobilise Rs.500 crore

• India Cements is planning to mobilise funds to the tune of Rs.500 crore. This would be raised through qualified institutional placement or foreign currency convertible bonds or global depository receipts or other instruments.

• The board has approved the proposal and a resolution to this effect was passed at the annual general meeting held.

• Addressing shareholders at the meeting N. Srinivasan, Vice-Chairman and Managing Director, said the company had returned to black in the third quarter after witnessing losses for four quarters. There was a slight improvement in demand this year, he said.

• Mr. Srinivasan was cautiously optimistic on the performance in 2015 with the expectation of a pick-up in cement demand. The company also expected the market to pick up in Andhra Pradesh and Telangana. He said there was excess capacity of 100 million tonnes at all-India level.

• South also had a substantial excess capacity. In the case of India Cements, against a total capacity of 16 million tonnes, it produced only 9 to 10 million tonnes a year. When the capacity utilisation was lower, the company had to incur higher fixed costs.

• The duties and levies alone came to Rs.100 per bag. With the expectation of a pick-up in demand and price, capacity utilisation would improve, resulting in an increase in margin, he said.

• During 2013-14, due to lower price realisation, the company lost Rs.200 per tonne in margin, he said. The company was taking steps to cut cost and improve logistics. It had created 160 to 170 MW of captive power capacity.

• This included 100 MW capacity from the power plants at Sankarnagar in Tamil Nadu and Vishnupuram in Telangana. The company was taking all necessary measures at the operational level to improve the working in the remaining part of the current fiscal.

• With a stable Government at the Centre and the thrust on infrastructure development and housing and the bifurcation of Andhra Pradesh into two States, Mr. Srinivasan was hopeful that the investment activity would pick up resulting in an improved demand for cement in the coming months.

• Considering the tough economic situation, sluggish demand, cost pressure and lower realisation price, the performance of India Cements during the year 2013-14 should be considered satisfactory, Mr. Srinivasan said.

• Talking about the industry Mr. Srinivasan said the current year was the centenary year for the Indian cement industry which had crossed so many hurdles and had grown from strength to strength over a period of time.

• It was one of the success stories of de-control and de-regulation with installed capacity having shot up by 15 times in the last 30 years to 360-365 million tonnes. Southern Region accounted for a lion’s share of 40 per cent.

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Sports

Gouramangi Singh is Bharat FC’s new catch for 2015

• Defender Gouramangi Singh has been roped in by new I-league team, Bharat FC to firm up its squad for the 2015 season which will kick off next month.

• Bharat FC, which will compete in its inaugural I-League season starting on January 17, snapped up Gouramangi from Chennaiyin FC on a season-long contract.

• “I and Stanly have worked at the national team and I know how good he is. I have also been speaking regularly to Stuart and his vision for the team is really exciting.

• I am excited about my role here,” said Gouramangi, who joined the Kalyani group-owned team during its pre-season training camp at the BharatiVidyapeeth football ground on Tuesday.

• “I want to transfer my experience of having played in the I-League, help build the team well and win lots of football matches,” he added. The 28-year-old, who was a India regular before Wim Koevermans became India coach, comes to Bharat FC on the back of an impressive showing in the Indian Super League.

• The centre-back made 11 appearances for Chennaiyin FC, driving them to the semifinals of the competition. One of the most accomplished players in India, Gouramangi who is a graduate of the Tata Football Academy, began his professional football career with Dempo SC in the 2004-2005 season making 40 appearances and scoring one goal.

• He then switched to Mahindra United in the 2005-2006 season, again logging 40 appearances. The next season, he moved back to Goa, plying his trade with Sporting Clube de Goa.

• From 2007 till 2012, Gouramangi was part of a highly successful Churchill Brothers SC unit, winning the I-League with them in 2008-2009. Stints at United SC and Rangdajied United FC followed before he switched to Chennaiyin FC.

• With 71 caps for India, Gouramangi is one of the most experienced players in the I-League. He is a highly decorated international for India having won the SAFF Cup in 2005 and 2011.

• He was also part of the Indian team in their winning run at the 2008 AFC Challenge Cup and has lifted the Nehru Cup on three occasions, 2007, 2009 and 2012.

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Science & Technology

Traders’ awareness important for a crop variety to succeed

• Whatever hardship a farmer undertakes to grow a crop, it is ultimately the consumer preference that decides its success in the market place. Based on demand from the consumer, a crop is labelled a success or failure.

• Particularly for rice varieties, today in almost all the markets across Tamil Nadu, the popularity of raw rice is so much that whatever variety a farmer cultivates it is sold under a major brand name called “super fine variety.”

• Two years back the Tamil Nadu Agriculture University, through its Rice Research Institute in Aduthurai had introduced a variety called ADT 49 which gave a good yield both under SRI method and general cultivation but traders simply refused to buy it from farmers because they had not heard the name and were not familiar about the characteristics of the variety.

• Many farmers who had grown the variety were put through lot of hardship in marketing it. “Compared to many previous rice varieties ADT 49 is quite sturdy to stand up to pest and infestations. But I could not sell it easily after harvest from my four acres.

• I had to wait for nearly three months and the interest value on my investments for those three months increased several fold till I could sell it and clear my dues,” sighs Mr. M. Velu a farmer in Chengalpattu, Tamil Nadu.

• Like Mr. Velu, several farmers who had cultivated this variety had informed the Rice Institute about the hardship in marketing it. Based on their grievances, scientists from the institute visited several ADT49 growers and checked the quality of the harvested grains.

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Sources: Various News Papers & PIB

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