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Current Affairs for IAS Exams - 01 December 2014

National

PMO refuses to make Netaji files public

• Toeing the UPA line, the NDA government has refused to make the files on Netaji Subhas Chandra Bose public, saying the revelations would “prejudicially affect” relations with foreign countries. The Prime Minister’s Office has shared only a list of 41 such files.
• In the run-up to the general elections, the then BJP president and present Union Home Minister Rajnath Singh in January asked the UPA government to reveal the mystery behind Netaji’s death. “The entire country is impatient to know how Netaji died and under what circumstances,” he said at a book release function.
• However, in its response to an RTI application by activist Subhash Chandra Agrawal filed about 14 months ago, the PMO has declined to share copies of the files.
• The PMO has shared a list of files created from 1953 to 2000, the last two “Top Secret” files being on Justice Mukherjee Commission of Inquiry report. The other two top secret papers are on correspondences with and about Netaji’s widow and daughter (last amended in 1971) and the transfer of his ashes to India (created in 1998).
• In all, 21 files pertain to Netaji’s disappearance or circumstances of his death and the appointment of inquiry committees. Ten others are marked “Unclassified” but, the government has refused to reveal contents of even those files.
• The list includes two files on the Indian National Army’s treasure, created in 1956-57 and 1988. Among the files marked “Secret” is a 1991 document titled “Bharat Ratna Award – Maulana Abul Kalam Azad, Subhas Chandra Bose, JRD Tata, Morarji Desai.”
• The government has also kept secret information on acquisition of Jankinath Bhavan at Cuttack, the birth place of Netaji, by the Orissa government, and two references from Professor Samar Guha, MP, in 1990-91 on his disappearance.
• The classified files include a 2006 file on Netaji’s mortal remains kept in Rankoji temple in Japan on behalf of the Indian government.

IS, al-Qaeda posing threats: S. A. Ibrahim

• The Islamic State and al-Qaeda have posed serious security challenges to India, and the Indian diaspora may become increasingly vulnerable to terror threats in the days to come, Intelligence Bureau chief Syed Asif Ibrahim said.
• He was addressing a conference of Directors-General of Police and Inspectors-General of Police and heads of central police organisations. Prime Minister Narendra Modi, Union Home Minister Rajnath Singh and the Chief Ministers of north-eastern States were present.
• He said Indian youth could move to conflict zones to take up arms and emerge as role models to other young people, posing a threat, directly or indirectly, to the country.
• In the hinterland of the country, Pakistan and Pakistan-sponsored groups such as Lashkar-e-Taiba, Jaish-e-Mohammed and SIMI continued to organise terror attacks.
• The busting of terror modules of the Jamaat-ul-Mujahideen Bangladesh in West Bengal had exposed an attempt by the outfit from the neighbouring country to set up base in India.
• He underlined the need for formulating an effective response to jihadi threats by involving community leaders, and said prominent Muslim organisations, seminaries and clerics in India had rejected as un-Islamic the activities of terror outfits such as Islamic State.

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International

Pak PM inaugurates China-Pakistan ‘Economic Corridor’ project

• China and Pakistan have kicked off their multi-billion dollar ‘Economic Corridor’ project that passes through Pakistan-occupied Kashmir (PoK) by laying the foundation of a fenced four-lane motorway, setting in motion a mammoth project connecting the two countries.
• Pakistan Prime Minister Nawaz Sharif performed the groundbreaking of a section of the motorway in the country’s northwest, signalling the implementation of the China-Pakistan Economic Corridor (CPEC) agreement.
• The 60-km-long, 4-lane fenced Hazara Motorway in Khyber Pakhtunkhwa province will cost $297 million and will take two years to complete.
• During his China visit earlier this month, Mr. Sharif signed deals worth $45.6 billion that included projects connected with the Corridor, state-run Xinhua news agency reported.
• India has expressed its reservations to China over the project as it is laid through the PoK.
• But, China defended the project saying it will help regional development. Sceptics in both the countries, however, point to the rising tide of extremism in Pakistan which makes its construction extremely difficult.
• The tenuous political and security situation in Pakistan prompted Chinese President Xi Jinping to cancel his trip to Islamabad in September during which he visited the Maldives, Sri Lanka and India.
• During his November 8 visit to China, Mr. Sharif has promised full security to Chinese personnel involved in construction of the mammoth project.
• Chinese Premier Li Keqiang has called the Corridor a “flagship” project to strengthen China’s connectivity with neighbouring countries and an initiative set to aid strategic framework for pragmatic cooperation between the two nations.

Afghanistan expressed unhappiness with India over delay in arms supply

• Afghanistan’s new regime has expressed unhappiness over India’s delay in supply of military hardware as it grapples with intensified Taliban attacks ahead of the U.S.-led NATO troop drawdown from the war-torn country.
• Giving an indication of the new government’s policy towards India, adviser to Afghan President Ashraf Ghani, Daoud Sultanzoy, said the relationship would be based on “reciprocity” and that New Delhi can play a vital role in ensuring peace in the region.
• Asked whether Afghanistan was disappointed over delay in bolstering its military capabilities, he said: “Naturally when we look for cooperation with our friends like India and any delay that hampers progress and hampers productivity and economic progress in the country is seen in our eyes as a delay that creates a void. That void gives way to violence and deprivation.”
• Afghanistan has been trying to revamp its military to fight the resurgent Taliban as NATO forces are due to withdraw from the country by December 31 after 13 years of fighting.
• Mr. Suktanzoy also indicated that it may have a relook at the “inventory” depending on its needs. About 12,000 NATO forces will continue to assist Afghan forces after the troop drawdown.
• Mr. Sultanzoy, who handles foreign policy in the new Afghan establishment, said there might be a re-examination of the defence inventory sought from India by the Hamid Karzai government.
• “Because of change in our leadership, there will be some new evaluation and then after that we will probably have a new inventory of our needs and if India can play continued role, we will welcome it and we will make sure that we take advantage of it,” he told PTI in an interview.
• Mr. Sultanzoy was part of the Afghanistan delegation that participated at the SAARC summit. President Ghani and Prime Minister Narendra Modi had a bilateral meeting on the sidelines of the summit.
• Asked about India’s role in Afghanistan, the Afghan President’s adviser said New Delhi saw a strategic interest in the country and asserted that any change in ties would be for the “better.”

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Business & Economy

Mallya resigns from Mangalore Chemicals Board (MCFL)

• In a surprise move the UB Group Chairman Vijay Mallya has resigned from the Board of Directors of Mangalore Chemicals and Fertilizers Ltd (MCFL) with immediate effect.
• What prompted this move is still not known. The company has intimated this development to the stock exchanges. Soon after the announcement MCFL stock prices rose sharply on the stock markets.
• The prices moved from Rs. 80 range to around Rs. 92. The volume was as high as nine lakh shares in early morning trade.
• MCFL is amidst a takeover battle between Deepak Petrochemicals and Fertilizers and Zuari Agro Chemicals and Fertilizers. Mr. Mallya had sided with Zuari to ward off the takeover bid of Deepak Fertilizers.
• Recently, Deepak's bid to acquire 26 per cent addition stake had failed and Dr Mallya had retained control over the company.
• Currently Deepak holds 32 per cent stake in the company, Zuari 16 per cent, UB Group 22 per cent and the rest by public shareholders.
• Last week shareholders of United Spirits of which Dr Mallya is chairman, rejected nine of 12 proposals at an EGM, in a major set back for the liquor barron.

Kisan Vikas Patra, re-launch with very few justifications

• Despite some criticism and misgivings in certain quarters, the government has decided to re-introduce the Kisan Vikas Patra (KVP), a savings instrument that was discontinued three years ago.
• Positioned as a savings instrument in line with other continuing ‘small savings schemes’ such as the Public Provident Fund (PPF) and the National Savings Certificates (NSCs), the new KVP, like its predecessor, has certain advantages as well as disadvantages over these. Most ordinary investors will compare the new KVP with bank deposits and other debt instruments.
• Broad features of the new KVP

Interest: 8.7 per cent.
Tenure: eight years and four months (100 months).
Investment doubles in 100 months.
Minimum lock-in period two years and six months.

• Liquidity

Can be encashed in eight equal monthly instalments after the lock-in period
Can be transferred to another person by endorsement and delivery
Can also be given as collateral for loans by banks
Minimum investment Rs.1,000. Thereafter, in denominations of Rs.5,000, Rs.10,000 and Rs.50,000. There is no maximum limit.
Taxability: fully taxable
Mode of investment: cash or cheque
Know your customer (KYC) norms: PAN not required but identity/address proof required
Will be sold initially through post offices across the country, but later through some government-owned banks also.

• Taking three other relevant traits — liquidity, convenience and tax advantage — the new KVP is reasonably liquid. Investors can come out after the minimum lock-in period in eight equal instalments. The KVP can also be given as collateral. Unlike PPF and NSCs, the KVP does not have a tax advantage. Interest on it is fully taxable.
• Bank deposits are superior to KVP in terms of returns — three year fixed deposits offer 9 per cent and some banks even more. The argument that deposit rates are set to fall over the medium-term is no doubt valid, but one expects the banks to safeguard their depositors’ concerns by floating innovative schemes.
• It is also certain that the corporate bond market will revive and be a conduit for infrastructure finance. This will matter to senior citizens and others who want a fixed, steady return in the form of investment in infrastructure bonds.
• Bank deposits are liquid, absolutely secure and highly accessible to most middle-class investors. They have a minimum tax advantage — practically restricted to interest on savings accounts.
• For those who have no access to banks, investment in KVP may be a worthwhile proposition. Having no tax concessions, the KVP as in investment is for those who do not pay taxes at all or are in the lower tax bracket.
• The biggest advantage claimed for the KVP — indeed its USP — is that it is a bearer bond, transferable by endorsement and delivery. This confers unmatched anonymity to the holder of the instrument.

Petroleum product prices headed for further correction

• Petroleum product prices are headed for further correction after the Organiztion of the Petroleum Exporting Countries (OPEC) decided not to resort to output cut to revive falling Brent crude prices.
• According to experts, petrol and diesel prices may come down by Rs.2 a litre as the Indian basket price is different and is higher than spot prices.
• A sharp division among the oil cartel members augurs well for emerging countries like India for at least the next 6 months when OPEC would meet again to take a call on restricting production.
• After the proposal to cut production by 1 million barrels a day was rejected, Brent crude prices plunged to four-year low of around $71 a barrel.
• The impact could be much more in the coming days and in the December-January period when fund houses would reduce their exposure to underperforming commodity assets and allocate funds to high yielding equities, said analysts.
• “Most OPEC members decided against production cut to protect their market share. They have deep pockets to afford a price as low as $67 a barrel.
• Even if the sales realisation comes, down OPEC members like Saudi Arabia, Iraq, Iran and Libya have the longest holding power to continue production.
• “OPEC wants the global economy to recover and then they can cut production to dictate prices at a later stage,” said commodity expert Vijay Bhambwani, CEO, BSPL India.com.
• “Despite the fall in prices, the demand for oil has remained the same and, thus, there is little scope for improvement in prices. The next two months are crucial when big fund houses like Morgan Stanley will give direction to their fund allocation.
• Most likely they will reduce their exposure to commodities, an underperformer, and the real impact can be seen then. The price correction is still not over, there is much more left to be seen.

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Sports

Indian Aces beat UAE Royals to top IPTL standings

• Indian Aces notched up its third win on the trot with a 28-20 victory over the UAE Royals in the battle of two unbeaten sides in an India Premier Tennis League match.
• After Sunday’s win, Indian Aces topped the table after the Manila leg to emerge early front-runner in the high-profile tournament.
• The Indian side, however, began with a loss with Ana Ivanovic going down fighting 4-6 to Kristina Mladenovic in the first women’s singles.
• The battle of the in-form women’s singles players was a thrilling contest with Ivanovic almost making a sensational comeback from 1-5 down, before eventually losing the match.
• Mixed doubles pair Sania Mirza and Rohan Bopanna registered a 6-3 second-set win over Mladenovic and Nenad Zimonjic, and Indian Aces took the advantage with Bopanna partnering the crowd-favourite Gael Monfils to a 6-4 victory over Zimonjic and Marin Cilic in men’s doubles.
• An injury pulled Cilic out from early in the set against Monfils, but Malek Jaziri was a more than capable substitute.
• However, Monfils, pulled off a 6-3 win to extend the Indian side’s lead. In the second match of the day, Manila Mavericks withstood an inspired Serena Williams to beat Singapore Slammers 27-19.
• Mark Philippoussis was drafted in as a substitute for an injured Carlos Moya and he took the first set against Patrick Rafter 6-2.

Science & Technology

World’s oldest computer is even older than scientists thought

• Antikythera Mechanism, the world’s oldest computer, is even 100 years older than scientists previously thought, say Argentinian researchers.
• Discovered from a Roman cargo shipwreck off the Greek island of Antikythera, the bronze device was used to track the movements of Mercury, Venus, Mars, Jupiter and Saturn.
• The device provides a wealth of astronomical information and offers practically the only possibility for a close astronomical dating of the mechanism, the New York Times reported.
• The device was discovered in a wooden box and consists of bronze dials, gears and cogs.
• The complex device, made up of up to 40 bronze cogs and gears, was used in ancient times to track the cycles of the solar system. On the back were two further dials displaying information about lunar cycles and eclipses.
• The calculator would have been driven by a hand crank. The findings were detailed in the journal Archive for History of Exact Sciences.