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Current Affairs for IAS Exams - 2 March 2015

:: National ::

Nanditha Krishna, M.D. Srinivas in ICHR

The Union MHRD has reconstituted the Indian Council for Historical Research, inducting 18 new members.
Included in the restructured Council is C.I. Issac, former Head of the Department of History at CMS College, Kottayam, Kerala and author of The Evolution of Christian Church in India, which questions the origins of Christianity in India from St Thomas.
Jadavpur University Professor Purabi Roy who has worked extensively on Subash Chandra Bose also joins the Council.
The new nominees to the Council include
Dilip K. Chakrabarti, Professor Emeritus of South Asian Archaeology, Cambridge University,
Nanditha Krishna, Director of C.P. Ramaswami Aiyar Foundation, Chennai,
Michel Danino, Guest Professor at the Indian Institute of Technology, Gandhinagar, and author of books on ancient India,
M. D. Srinivas, chairman of Chennai-based Centre for Policy Studies,
Cambodia-based Sachchidananda Sahai who authored the five-volume Lao Ramayana and helped restore Angkor Vat, and
Rahman Ali, Head of the Department of the School of Studies in Ancient Indian History, Culture and Archaeology at Vikram University, Ujjain.

PDP gets 10 Cabinet berths, BJP six (Register and Login to read Full News..)

:: International ::

Writer’s body donated for research

Thousands of people from all strata of life on Sunday paid their last respects to assassinated writer-blogger Avijit Roy.
The coffin of Avijit was placed on a platform erected at the base of Dhaka University’s Aparajeyo Bangla, the symbolic architecture built in memory of the Bangladesh Freedom Fighters of 1971.
Keeping in with his wish, Avijit’s body was handed over to Dhaka Medical College Hospital for medical research. Avijit and his wife Rafida Ahmed Bonya were hacked on Feb 26 by suspected extremists. His badly injured wife is being treated at a hospital in Dhaka.

:: Business & Economy ::

Financial sector set on a path towards innovation

The budget outlines several much-needed measures for development of the financial sector.
The three notable aspects are the focus on innovation, steps towards structural strengthening, and move to develop various segments of the financial sector.
Other key highlights include steps to channelise savings from physical assets to financial ones, enhance financial inclusion, and remove constraints for foreign investors.
Some more, though, was expected for debt markets and public sector banks.
Budget laid a clear emphasis on enhancing innovation in the financial sector. Proposal to set-up Micro Units Development and Refinance Agency (MUDRA Bank) will enable microfinance institutions to lend to individual-run micro-enterprises.
Clarity and rationalisation of taxation rules for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) will pave the way for these new vehicles to be introduced during the year. This will benefit real estate players having lease-generating commercial assets and infrastructure developers with operating projects.
The plan to set-up the National Investment and Infrastructure Fund (NIIF) for taking equity in infrastructure projects will catalyse the infrastructure investments.
With the approval for Gujarat International Finance Tec-City (GIFT), India will take baby steps towards developing as a global financial centre.
Finally, the planned Trade Receivables Discounting System (TReDS) will help SMEs to reduce their working capital cycle. Once implemented, these innovations have a potential to significantly develop the Indian financial sector to support multiple stakeholders and industries.
On the structural side, to strengthen the sector, the Finance Minister has announced reforms in the bankruptcy law, which will effectively address the non-performing assets challenge for banks in the long term. Allowing large non-banking finance companies (NBFCs) to use the SARFAESI Act will significantly augment their recovery efforts.
The proposed merger of Securities and Exchange board of India (SEBI) and Forward Markets Commission (FMC) will ensure better regulatory supervision of financial markets that are becoming increasingly complex.
The establishment of a Bank Boards Bureau to select heads of government-owned PSU banks and drive their capital management strategies will also strengthen the sector.
Finally, path towards a bank holding company over the medium term will enhance governance practices and allow better visibility of capital for public sector banks.
Another notable push has been given to the alternate asset management, insurance, pension, and asset management sectors.
Alternate Investment Funds have been made pass-through from an income tax perspective and foreign investment has also been allowed.
This has the potential to significantly increase the flow of funds to real estate, start-ups and early stage companies and infrastructure projects through professionally managed specialised structure.
Given the large investment needs, the bond markets and banking sector are expected to play a critical role in providing the necessary debt funding. In this context, greater attention on steps to develop the bond markets would have complemented the investments push of the budget.
Similarly, a higher capital allocation for public sector banks would have prepared them well for growth, as well as to meet their current challenges.

Changes in corporate tax regime to reduce disputes: Jaitley (Register and Login to read Full News..)

:: Science & Technology ::

Modi plans mobile app for PMO

Prime Minister Narendra Modi said that the Centre was planning to invite ideas from the public for developing a mobile app for his office.
The government would work with the global technology giant Google for selecting the best of the ideas, and the teams would be sent to the U.S.
At the event marking the completion of the 25th year of Nasscom, Mr. Modi called upon the IT industry to meet the global challenge of cyber security.

Air Force to get 38 more Pilatus basic trainers (Register and Login to read Full News..)

:: Sports ::

SRI LANKA HAMMERS ENGLAND

Sri Lanka inflicted England’s third crushing defeat by a Test nation at this World Cup with a nine-wicket win on Sunday that left its opponents’ quarterfinal hopes hanging by a thread.
Chasing 310 to win, Sri Lanka cruised to a seemingly stiff target with 16 balls to spare as Lahiru Thirimanne, who ended the match with a six off Chris Woakes to be 139 not out, and Kumar Sangakkara (117 not out) shared an unbroken partnership of 212 for the second wicket.
The 37-year-old Sangakkara went to three figures off 70 balls.
It was the quickest of all the veteran left-hander’s 23 one-day international hundreds and second in as many matches after he marked his 400th ODI with an unbeaten 105 against Bangladesh.
Yet Sangakkara insisted he still planned to retire from white-ball cricket after the World Cup as he was “getting old”.
England opened this World Cup with a 111-run loss to Australia before suffering an even more humiliating eight-wicket defeat by New Zealand, the co-hosts.
England may still limp into the quarterfinals with wins in its final pool matches against Bangladesh and Afghanistan, but it will have lost to every major nation it has played.
The win consolidates Sri Lanka in second position in the Pool ‘A’, although tournament favourite Australia has a game in hand.