DECEMBER CURRENT AFFAIRS

INTERNATIONAL AFFAIRS:
Pope Francis was named as the Person of the Year 2013 by Time Magazines
December edition. He was named the Person of the Year for changing the perception of
the Catholic Church within nine months. As per Time magazine, Popes dedication to
humility and his fight against poverty placed him at the top position of the year. Edward
Snowden the person who leaked the secret documents about NSA surveillance
activities was selected at the second position in the list. Edith Windsorthe gay marriage
pioneer, Bashar Al-AssadPresident of Syria and Ted Cruzthe US Senator from Texas
has placed on the top five slots. Time Magazine has chosen a Pope as its Person of the
Year for the third time and the others to be honored with the title were Pope John XXIII
in 1962 and Pope John Paul II in 1994. Pope Francis is the first non-European pope in
almost 1300 years and first pontiff from the America. He took Francis as his Papal name
after Saint Francis of Assisi, who was the reformer of 13th Century. He is a first Pope
from Latin America and the first Jesuit.
Israel, Jordan and the Palestinians 9th December 2013 signed a historic water-sharing
initiative at the World Bank in Washington that could protect the Dead Sea from rising
demand for water in the region. The agreement was signed by Israeli Energy Minister
Silvan Shalom, Shaddad Attili, Head of the Palestinian water authority, and Hazim el-
Naser, Head of the Jordanian water ministry. According to the agreement- a pipeline will
be built on the Jordanian side of the Aqaba Gulf to carry brine (sea water) from a
desalination plant at the Red Sea to the Dead Sea, while providing drinking water to the
region. The project is expected to cost 250m-400m Dollars. The Dead Sea is dropping
by as much as 1m (3.3ft) a year as the River Jordan is depleted for use in irrigation. The
Dead Sea is so rich in salt and other minerals that humans float naturally on the
surface. The area around the sea has an established tourism and health industry
because of the waters unique properties. But the Dead Sea is losing water rapidly, with
some fearing the Dead Sea could dry up entirely by 2050.The scheme will pipe water
from the Gulf of Aqaba off the Red Sea through a desalination plant in Jordan, sending
brine to the southern-most edge of the Dead Sea. The sea water will be used to test the
impact of Red Sea water being transported to the Dead Sea. It will involve the
construction of a desalination plant in Jordan, projected to yield 80 million-100 million cu
m of water annually. A water transfer deal will also see Israel supply water to Jordan
and the Palestinian territories. The project also expected to yield hydroelectric power for
use in the desalination process.
The European Union (EU) on 12th December, granted Generalized System of
Preferences (GSP) Plus status to Pakistan with an impressive count of 406 votes,
granting Pakistani products a duty free access to the European market. According to
media reports, 406 members of the European Parliament expressed their support for
Pakistan while 186 lawmakers voted against the status, which has been granted till
2017. The GSP Plus status will allow almost 20 per cent of Pakistani exports to enter
the EU market at zero tariff and 70 per cent at preferential rates. Prime Minister Nawaz
Sharif congratulated the nation over the European Union award. The prime minister
said: gaining access to European markets was the top most priority of the government
as part of economic development agenda, which has been achieved due to continuous
hard work of the ministers and officials from the ministries of finance, commerce and
foreign affairs and friends of Pakistan in Europe.This status would enable Pakistan to
export more than US $ 1 billion worth of products to the international markets. Only the
textile industry would earn profits of more than Rs.1 trillion per year. EU trade
concessions will benefit the countrys largest manufacturer and exporter, the textile and
clothing industry, the most by enabling its products to compete with those of regional
rivals like Bangladesh and Sri Lanka, which already have duty free access to the blocs
market.
Uruguay on 10th December became the first country in the world to legalize marijuana
for recreational use with the state taking control of the trade. In this regard Uruguay
senators gave the approval for government-sponsored bill. According to the new law-
Registered Uruguayans over the age of 18 will be allowed to buy up to 40 grams of the
drug a month. Tourists will be excluded. The government hopes it will help tackle drug
cartels, but critics say it will expose more people to drugs. With introducing new law,
Uruguay became the first country in the world to have a system regulating legal
production, sale and consumption of the drug. Marijuana, the most often used illegal
drug in many countries, is a product of the hemp plant- Cannabis sativa. Its main
psychoactive chemical is delta-9-tetrahydro-cannabinol, or THC. Due to the variety of
effects it can produce, marijuana can be categorized as a stimulant, depressant, or
hallucinogen.
Scientists and experts of Iran have successfully launched a research rocket that took
the second monkey into the space on 14 December 2013. The rocket named Pajohesh
(Research) was launched on the first day of the national Research Week of Iran and
carried out the second monkey named Fargam and safely it returned to Earth after 15
minutes. The liquid fueled rocket was sent to 120 kilometer into the space. This process
will help the Iranian Scientists in developing Irans Space Research works with
necessary information, which would enrich their space technology knowhow. During the
15 mission, the Iranian Scientists were successful in measurement of signals that
comes from the rocket including its gas combination and vital signs of the space
monkey. The first rocket carrying a monkey named Pishgam (Pioneer) in the space was
launched by Iran on 28th January 2013.
The 8th Asia Gas Partnership Summit (AGPS) was held from 3 to 4 December at New
Delhi, India. The 8th AGPS was organized by GAIL (India) Limited and Federation of
Indian Chambers of Commerce and Industry (FICCI). The 8th AGPS is aimed to play a
significant role in exploring ways to bridge this growing demand. The participants from
international organizations and companies include top officials from International Energy
Agency, International Gas Union, BG Group, Carrizo Oil & Gas of the US, Petro China
Company Limited, GDF Suez of France, Shell, Total Gas & Power and Natural Gas
Fenosa of Spain, besides others. The theme of the conference is: Asian Gas Market:
Challenges and Opportunities in the Changing Paradigm. During the summit Prime
Minister of India Dr. Manmohan Singh dedicated GAIL India Ltds 1000 km Dabhol-
Bangalore natural gas pipeline to the Nation. The natural gas demand in the Asian
region is expected to increase at a CAGR (Compound Annual Growth Rate) of 4.2
percent and reach nearly 1111 bcm by 2035 from the current level of around 450 bcm.
The United Nations General Assembly has elected Jordan on 6 December, as a non-
permanent member of the Security Council to fill a seat that Saudi Arabia had, in an
earlier election, won but declined to accept. Jordan, endorsed by the African and Asian
regional group, was elected to serve on the Council for two-years beginning on 1
January 2014. The country will be seated alongside Chad, Chile, Lithuania and Nigeria,
which the Assembly elected on 17 October. Saudi Arabia was also elected in the
October vote, but shortly thereafter began to signal it would not accept the position. In a
12 November statement annexed to a letter from the Ambassador of Saudi Arabia to
UN Secretary-General Ban Ki-moon, the Saudi Foreign Ministry formally confirmed that
stance. Under the UN Charter, the 15-member Council has primary responsibility for the
maintenance of international peace and security, and all Member States are obligated to
comply with its decisions. In addition, the Council takes the lead in determining the
existence of a threat to the peace or act of aggression. It calls on the parties to a
dispute to settle it by peaceful means and recommends methods of adjustment or terms
of settlement. In some cases, it can resort to imposing sanctions or even authorize the
use of force to maintain or restore international peace and security.
Nelson Mandela, the anti-apartheid revolutionary of South Africa died on 5th November
2013. He was of 95 years old. He died in his house at Johannesburg following a long
illness. He was also known as Madiba in South Africa. He was receiving intensive
medical care at home for a lung infection after spending three months in hospital. His
death was announced by the South African President, Jacob Zuma. Nelson Mandela
was one of the worlds most revered statesman for preaching reconciliation despite
being imprisoned for 27 years. He was the first black South African to hold the office of
President from 1994 to 1999, and the first elected in a fully representative multiracial
election. Mandela has received more than two hundred and fifty awards over four
decades, which include - Nobel Peace Prize in 1993, Bharat Ratna, Mahatma Gandhi
Peace Award of the UN, which was proclaimed by The United Nations General
Assembly on 18 July, Mandelas birthday, as Mandela Day, for his contribution to the
anti-apartheid struggle. Mandela published his autobiography Long Walk to Freedom.
He was awarded the US Presidential Medal of Freedom, and the Order of Canada he
was the first living person to be made an honorary Canadian citizen.
The U.N. Security Council on 5 December authorized both the deployment of the
African-led International Support Mission in the Central African Republic, known as
MISCA, and the French troops already stationed in the strife-torn nation to support, by
all necessary measures, the Mission in discharging its mandate. Unanimously adopting
resolution 2127 (2013), under the United Nations Charters Chapter VII, the Council
mandated MISCA to help protect civilians, stabilize the country and restore State
authority over the territory, as well as create conditions conducive to the provision of
humanitarian assistance. To finance such efforts, the Council requested the Secretary-
General to establish a trust fund for MISCA, through which Member States and
international, regional and sub regional organizations could provide financial support. By
other terms, the Council noted the African Union Peace and Security Commission
communiqué of 13 November, which welcomed the proposed strengthening of
French forces to better support MISCA. The Council called on the Transitional
Authorities to fully cooperate with those troops by ensuring their safety, security and
freedom of movement with unhindered and immediate access throughout the country.
As well, the Council would review the mandate for the French forces within six months.
Against that backdrop, the Council further decided that, for an initial period of one year,
all States should immediately take measures to prevent the direct or indirect supply,
sale or transfer to the Central African Republic of arms and related materiel, including
weapons and ammunition, military vehicles, paramilitary equipment and spare parts
related to military activities. It authorized all States to seize, register and dispose of such
prohibited items.
Global pop superstar Katy Perry was appointed on 3rd December, by the United
Nations Childrens Fund (UNICEF) as its newest Goodwill Ambassador, with a special
focus on engaging youth in efforts to improve the lives of the worlds most vulnerable
children and adolescents. Katy Perry is already a champion for children, and we look
forward to hearing her roar on behalf of UNICEF, Executive Director Anthony Lake
said in a news release, referring to her recent hit song. As a Goodwill Ambassador, Ms.
Perry will work to engage young people in speaking out about the issues they believe
are most important in their own lives and enlisting them more directly in coming up with
solutions to those challenges. The 29-year-old singer will focus her outreach especially
on children and adolescents who are most vulnerable, including those living in severe
poverty, affected by violence, abuse, and neglect, and in emergency and conflict
situations. In October, she joined in UNICEFs celebration of the International Day of the
Girl Child, lending her hit song Roar to the soundtrack of a new public service
announcement to inspire girls and help them become tomorrows champions. Most
recently, she has called on her massive social media following to support UNICEFs
emergency relief efforts for children, including those affected by Typhoon Haiyan, which
struck the Philippines in early November. Ms. Perry joins an impressive roster of
UNICEF Goodwill Ambassadors that includes David Beckham, Orlando Bloom, Jackie
Chan, Angélique Kidjo and Leo Messi, among others.
China on 2 December successfully sent an unmanned lunar probe with a robotic rover
to soft land on the Moon and explore its surface, a major milestone for China to land on
an extra-terrestrial celestial body. The probe Change-3 was launched into orbit aboard
an enhanced 56.4 meter high Long March-3B carrier rocket from the Xichang Satellite
Launch Centre. The mission was the 25th launch of the Long March-3B, which is the
most powerful launch vehicle in the Long March fleet. Change-3 comprises a lander
and a Moon rover called "Yutu" (Jade Rabbit). In Chinese folklore, a white rabbit was
the pet of Moon goddess Change. The lunar probe will land on the Moon in mid-
December if everything goes according to plan, official media reported.
NATIONAL AFFAIRS:
The Minister of State for HRD, Dr. Shashi Tharoor in a written reply to a Rajya Sabha
question on 9 December, that the Ministry of Human Resource Development has
constituted an overarching coordinating body named Higher Education Apex
Coordination Committee in October, 2013. The Committee is chaired by the Human
Resource Minister with Chairman, University Grants Commission (UGC); Secretary,
Higher Education; Chairman, All India Council for Technical Education (AICTE) and
President, Council of Architecture (COA) as members. The essential mandate of the
Committee is to remove the conflicts arising out of regulatory and other provisions of the
regulatory bodies and professional councils. The Committee would also work towards
finding common ground and take measures to promote inter-disciplinary learning and
research, especially in the new and emerging fields of knowledge.
The Supreme Court upheld the constitutional validity of Section 377 of the Indian Penal
Code making gay sex an offence punishable with up to life imprisonment on 11
December 2013. A bench of justices G.S. Singhvi and S.J. Mukhopadhaya set aside the
Delhi High Courts verdict which had in 2009 decriminalized gay sex among consenting
adults in private. The Supreme Court bench allowed the appeals filed by various social
and religious organizations challenging the Delhi high court verdict on the ground that
gay sex is against the cultural and religious values of the country. The Supreme Court
ruled that there is no constitutional infirmity in section 377 of the Indian Penal Code, IPC
which makes gay sex an offence punishable with up to life imprisonment. With the apex
court verdict, the operation of penal provision against gay sex has come into force. The
bench stated Parliament is authorized to delete section 377 of IPC but till the time this
penal provision is there, the court cannot legalize this kind of sexual relationship. The
Delhi High Court had on 2 July 2009 decriminalized gay sex as provided in Section 377
of the IPC and had ruled that sex between two consenting adults in private would not be
an offence.
The President Pranab Mukherjee launched an In-Residence Programme for writers,
artists and innovation scholars on 11th December at Rashtrapati Bhavan on the
occasion of his birthday. He also kicked off a scheme to issue Smart ID Cards to
residents of Rashtrapati Bhavan. The In-Residence programme open to all Indian
nationals, aims at providing writers and artists an opportunity to stay in Rashtrapati
Bhavan for one month and be a part of the life of Rashtrapati Bhavan. The initiative is
an attempt to encourage young and upcoming writers and artists by facilitating them
stay close to nature in the picturesque and serene surroundings of Rashtrapati Bhavan.
The Programme seeks to provide an environment which will inspire creative thinking
and rejuvenate artistic impulses. Various activities like reading sessions, exhibitions of
works of art and interaction with the residents of Rashtrapati Bhavan, etc. are also to be
organized in consultation with the selected writers/artists under the scheme. Persons
with an established track record in the field of art and literature can apply. Preference
would be given to writers / artists who have won national / state awards. A maximum of
four writers / artists would be selected under this scheme every year.
The Supreme Court of India on 10th December 2013 ordered red beacons are allowed
to be used only by persons holding Constitutional posts and high dignitaries. The
decision came to prevent the misuse of red beacons by local politicians as a symbol of
status. The Supreme Court bench was headed by Justice G.S. Singhvi has asked the
centre to issue a fresh list of people eligible to use red beacons on their vehicles. The
apex court has also asked the Government to amend the rule within three months. It
has also said that the State Governments cannot enlarge the list of VIPs eligible for the
red beacons. The Courts order came on a PIL filled by a resident of Uttar Pradesh,
Abhay Singh on misuse of the beacons. Earlier, the bench had said that misuse of red
beacon and siren, granted by government to VIPs, was a menace to society and it must
be stopped.
The Union Cabinet on 12th December 2013 approved the Rights of Persons with
Disabilities Bill, 2011. The Bill is a comprehensive measure that covers a whole
spectrum of problems from physical disabilities to mental illness and multiple disabilities.
It will replace the Persons with Disabilities (Equal Opportunity Protection of Rights and
Full Participation) Act of 1995. The Bill has been prepared on the basis of
recommendations made by Sudha Kaul Committee. The Committee was appointed in
2010 by the Ministry of Social Justice and Empowerment. The bill Provides for 5%
reservation in public sector jobs and makes the private sector more accountable for
creating a disabled-friendly environment. It provides incentives for the private sector to
take such measures. To ensure political participation, the Bill says that every person
with disability who fulfils eligibility requirements is entitled to be registered as a voter.
He/she should not be disqualified from exercising the voting right on the grounds of
disability, irrespective of any stipulation to the contrary in any law for the time being in
force.
A legislation outlawing the age-old practice of employing manual scavengers and
making provisions for their rehabilitation came into effect on 6th December. People who
had performed the degrading practice hailed the decision, saying it will help them lead a
dignified life. Passed by parliament Sep 7 during the monsoon session, the Prohibition
of Employment as Manual Scavengers and their Rehabilitation Act, 2013, provides for
the prohibition of employment as manual scavengers, rehabilitation of manual
scavengers and their families, among others.
The Unique Identification Authority of India (UIDAI) has completed issuance of 51 crore
Aadhaar numbers on 4 December. With generation of about 11 lakh Aadhaar numbers
every day, the flagship programme appears all set to complete its mandate of covering
60 crore population in the next few months. Established as an Attached Office of the
Planning Commission through a Government Notification in January 2009, UIDAI issued
the first Aadhaar Number on 29 September 2010 after completing necessary
preliminaries including establishing various standards relating to collection of data and
biometric information such as finger prints and iris images. UIDAI issued 8 crore
Aadhaar number in the period up to November 2011, another 15 crore in the next one
year until November 2012, and has issued a further 28 crore Aadhaar number in the
past 12 months. Eleven States and Unions Territories now have Aadhaar saturation
levels of 75% or above, with several of them such as Andhra Pradesh, Himachal
Pradesh, Tripura, Delhi and Chandigarh at levels above 90%. Enrolment for Aadhaar is
entirely voluntary and the Aadhaar number is already used as a Proof of Identify or
Proof of Address or both by several programmes and schemes run by Central and State
Governments. A number of regulatory authorities such as Reserve Bank of India (RBI),
Insurance Regulatory and Development Authority (IRDA), Securities and Exchange
Board of India (SEBI) and Pension Fund Regulatory and Development Authority
(PFRDA) have declared Aadhaar number as a valid know your customer (KYC) and
electronically know your customer (eKYC) for purposes under their respective
domains. This has led to Aadhaar being leveraged not only as a tool for financial
inclusion and empowerment, but also as a major convenience for Aadhaar number
holders in their dealings with banks, insurance companies, and other providers of
financial services. Recently, RBI has also accepted Aadhaar number as a second factor
of authentication along with EMV Chip and pin for all future deployment of point-of-sale
(POS) devices and ATMs. The largest biometric data-base of its kind in the world,
Aadhaar has many firsts to its credit. The online authentication and eKYC services are
not only reliable, low cost, instantaneous and environment-friendly, but are also un-
paralleled in the world, in their scope and magnitude.
The Supreme Court on 5th December 2013 favored punishment of life imprisonment to
people indulging in production and marketing of adulterated milk. The court has also
asked the state governments to make amendment in laws as has been done by the
Uttar Pradesh, West Bengal and Odisha. The Supreme Court bench that comprised of
Justice K. S. Radhakrishnan and Justice A. K. Sikri said that the punishment of six
months jail term mentioned in Food Safety Act is grossly inadequate. The decision of
the Supreme Court came after hearing the Public-Interest Litigations (PIL) seeking its
direction to state governments to stop practice of milk adulteration, which is rampant in
various states. The Food Safety and Standards Authority of India (FSSAI) was
established under the Food Safety and Standards Act, 2006. It consolidates various
acts and orders that have hitherto handled food related issues in various Ministries and
Departments. FSSAI has been created for laying down science based standards for
articles of food and to regulate their manufacture, storage, distribution, sale and import
to ensure availability of safe and wholesome food for human consumption.
The Union Cabinet on 5 December 2013 approved the 10 districts Telangana draft Bill.
The Cabinet approved the recommendations of the Group of Ministers (GoM) set up to
look into bifurcation of Andhra Pradesh for carving out a new state of Telangana. The
29th state of India, Telengana will consist of ten districts, whereas Andhra Pradesh will
have 13 districts. Hyderabad will be the common capital for Andhra Pradesh and
Telangana for a period of 10 year. The bill approved by the cabinet will be sent to the
President, Pranab Mukherjee for making a reference to the state assembly to obtain
their views. When the bill will be signed and returned by the President, it will be brought
to the Parliament.
BILATERAL AFFAIRS:
A Bilateral Investment Promotion and Protection Agreement (BIPPA) between the
Government of India and the Government of UAE was formally signed in New Delhi on
12th December. The Agreement was signed by Namo Narain Meena, Minister of State
(E&FS), on behalf of Government of India and Mr. Obaid Humaid Al Tayer, Minister of
State for Financial Affairs of UAE on behalf of Government of UAE. The text of the
Agreement, which seeks to promote and protect investments from either country in the
territory of the other country with the ultimate objective of increasing bilateral investment
flow, was finalized on October 30-31, 2013 at Abu Dhabi. The Agreement requires each
country to encourage and create favourable conditions for investors of the other country
to make investment in its territory and to admit investments in accordance with its laws.
It is hoped that the Agreement would serve as a catalyst in boosting investment flows
between the two countries.
His Imperial Majesty Akihito, Emperor of Japan and Her Imperial Majesty Michiko,
Empress of Japan called on the President of India Pranab Mukherjee on 2nd December
2013 at Rashtrapati Bhavan. The President warmly welcomed the Emperor and
Empress of Japan to India and conveyed that the people and Government of India feel
honored by their visit. He said it was wonderful to have them back in the Rashtrapati
Bhavan after 52 years and that memories of their earlier visit as Crown Prince and
Crown Princess of Japan in 1960 are still fresh in the minds of the people of India, who
hold them in the highest esteem. The President said India deeply values and attaches
the highest importance to its close friendship with Japan, which is based on a strong
foundation of mutual respect and admiration. Our civilization ties go back over a
millennium. Buddhism is a sacred link. India and Japan have had academic and
scholarly exchanges since ancient times. Both countries are presently collaborating in
the revival of the Nalanda University. The President said the India-Japan partnership is
based on the bedrock of shared values of democracy, the rule of law and individual
rights. It symbolizes our mutual quest for the progress and prosperity of our people.
India and Japan also share a vision of promoting peace and stability, and the two
countries stand united in the dream of a new Asia full of promise and opportunities. Both
countries relationship today goes beyond the bilateral as we cement together a truly
global partnership with converging strategic interests. He said the visit will give an
impetus to the efforts of our two countries and peoples to engage, take new initiatives
and elevate our relationship to even greater heights.
ECNOMIC AFFAIRS:
The Cabinet Committee on Economic Affairs (CCEA) on 12th December, has approved
a Mission for Integrated Development of Horticulture (MIDH) for implementation during
the 12th Plan with an outlay of Rs. 16,840 crore, a centrally sponsored scheme. Out of
this, State governments will be contributing a sum of Rs. 866 crore in the States where
the National Horticulture Mission (NHM) sub-scheme is implemented. Implementation of
MIDH is expected to achieve a growth rate of 7.2 percent in the horticulture sector
during the 12th Plan, besides generating skilled and unskilled employment opportunities
in rural and urban areas. The scheme will cover all States and Union Territories (UTs) of
India. While the NHM scheme will be focusing on 18 States and UTs, the Horticulture
Mission for North East and Himalayan States (HMNEH) scheme will cover all States in
the North East and Himalayan region of the country. While these schemes will be
focusing on small and marginal farmers, National Horticulture Board (NHB) scheme will
address developmental issues on commercial horticulture through entrepreneurs
involving institutional financing. The National Bamboo Mission (NBM) will address
developmental issues on bamboo, whereas the Coconut Development Board (CDB)
schemes will focus on development of the coconut sector. Implementation of NHM,
HMNEH, NHB, CDB and CIH schemes during the 11th Plan has enabled the bringing of
an additional area of 23.5 lakh hectares under horticultural crops with supporting
infrastructure in term of 2306 nurseries, 78 tissue culture units, 9156 post harvest
management units and 221 markets. Horticulture production of 257.3 million MT was
achieved by end of the 11th Plan.
The Cabinet Committee on Economic Affairs (CCEA)on 12 December has approved the
proposal of IDFC Trustee Company Limited to set up the India Infrastructure Fund-II, to
be registered as the Alternative Investment Fund (AIF) Category I with the Securities
and Exchange Board of India (SEBI) as recommended by the Foreign Investment
Promotion Board (FIPB). The Indian Infrastructure Fund-II is aimed at making
investment primarily in the sectors of energy utilities, transportation, aviation, telecom
infrastructure, other urban infrastructure and public utilities. The fund is targeted to
receive contribution from international investors up to Rs.5500 crore.
Software major Tata Consultancy Services (TCS) has emerged as the biggest wealth
creator over the past five years, while Reliance Industries and RCom tops the list of
companies where investors lost the most in terms of market capitalisation, says a study
13 December. A wealth creation study conducted by financial services company Motilal
Oswal analyzed wealth created by 100 companies between 2008 and 2013 in terms of
their market capitalization, after adjusting for mergers, demergers, fresh issuance of
capital and buy back of shares. The list of the "top 10 wealth destroyers" during 2008-13
are Reliance Industries, Reliance Communications, MMTC, NMDC, DLF, Reliance
Power, BHEL, SAIL, Bharti Airtel and NTPC, the study said. TCS pushed ITC to the
second slot to occupy the top position. The tobacco major was the biggest wealth
creator in the last years report calculated for 2007-12, Motilal Oswals 18th annual
wealth creation study said.Others in the Top 10 list of biggest wealth creators are
HDFC Bank, Infosys, Sun Pharma, ONGC, HDFC, Tata Motors, HUL and Wipro.
According to the study, seven out of the top 10 biggest wealth creators during the period
are non-cyclical, two consumer goods companies and five are global non-cyclicals.TTK
Prestige retained its place as the fastest wealth creator again during the period, as its
stock price multiplied 28 times, translating into annualized return of 95 per cent, the
study said. Nine of the top 10 fastest wealth creators had a market cap of under Rs
5,000 crore in 2008 and seven of the top 10 were below 15 times their price earnings
ratio in 2008.The study noted that endurance of the value creator is mainly threatened
by disruptive innovation or competition, major regulatory changes and capital
misallocation. Agarwal believes that the worst is over for equities and the risk-reward
equation is favorable for long-term investing.
Air India is set to join Star Alliance, with the 28-member global airlines grouping on 13
December, deciding to clear the entry of the national carrier. At a meeting in Vienna, the
Star Alliance unanimously decided to lift the earlier suspension of the process for Air
India entry into the grouping, Air India officials said at New Delhi. He Alliance had put
the proposal for Air Indias entry into the grouping on hold since July 2011 on the
grounds that the airline had not fulfilled major conditions to join it, a charge the Indian
carrier had then denied. Once the airline becomes a member, its passengers would
enjoy major benefits, including seamless transfers on travel across the world, more
frequent flyer mileage points, code- sharing leading to a wider choice of flights and
access to over 1,000 lounges at airports worldwide. The Star Alliance network offers
21,900 daily flights to 1,328 airports in 195 countries. Its 28 members include top
airlines like Lufthansa, Singapore Airlines, Air Canada, Air China, Air New Zealand,
ANA, South African Airways, Austrian, THAI, Turkish Airlines, United Airlines and US
Airways. At one stage, Jet Airways was also vying with Air India to join the grouping.
The High Level Committee to Review the SEBI (Prohibition of Insider Trading)
Regulations, 1992 constituted under the Chairmanship of Justice N.K. Sodhi on 7th
December 2013 submitted its report to SEBI Chairman, UK Sinha at Chandigarh.
Justice Sodhi has been the former chief justice of Karnataka and Kerala High Courts
and has been the former presiding officer of the Securities Appellate Tribunal. The
Committee has made many recommendations to the legal framework for prohibition of
insider trading in India. It has also focused on making this area of regulation more
predictable, precise and clear by suggesting a combination of principles-based
regulations and rules that are backed by principles. The Committee has also suggested
that each regulatory provision may be backed by a note on legislative intent.
The Department of Posts, Ministry of Communications & IT, on 2 December, launched
an Express Parcel service. The service was launched by Smt. P. Gopinath, Secretary,
Department of Posts, at a function organized at New Delhi G.P.O. Speaking on the
occasion Smt. Gopinath said that Express Parcel is a premium parcel service for retail
as well as bulk customers. It offered time bound safe and secure home delivery of
parcels. To have minimal transit time these parcels will be given airlift wherever needed.
Bulk customers would also have an economical option of surface transported Business
Parcel. These two new parcel services aim to promote the e-commerce market in India
by offering reliable and cost efficient delivery solutions. Whereas Express Parcel is an
air mail service providing guaranteed time bound delivery of parcels, Business Parcel
will provide fast, secure and cost efficient transmission of parcels through surface.
These services will have Cash on Delivery facility which has become a pre-requisite
today for e-commerce parcels. Though Business Parcels will have a nationwide
coverage, the Express Parcel service will initially be available between 20 identified
cities: Agra, Banglore, Bhubaneshwar, Chennai, Delhi (NCR), Patna, Guwahati,
Hyderabad, Indoor, Jaipur, Jammu, Kolkata, Lucknow, Ludhiana, Mumbai, Pune,
Parwanoo, Shillong, Surat and Thiruvanthapuram. This service will be expanded
nationwide in phased manner. Bothe these services are being offered at a very
attractive tariff, said Smt. Gopinath.
The Prime Minister of India, Dr. Manmohan Singh on 3 December, dedicated to the
Nation GAIL (India) Limiteds 1,000 km-long natural gas pipeline from Dabhol in
Maharashtra to Bangaluru in Karnataka during the inaugural ceremony of the 8th Asia
Gas Partnership Summit (AGPS) in the presence of Minister for Petroleum & Natural
Gas, Dr. M. Veerappa Moily and Minister of State for Petroleum and Natural Gas &
Textiles Smt. Panabaaka Lakshmi. Speaking on the occasion, Dr. Manmohan Singh
said GAIL had witnessed rapid growth over the years to become a diversified
conglomerate. Today, GAIL is one of our best Public Sector Enterprises and has been
categorized as a Maharatna, he said. The Dabhol Bangaluru pipeline dedicated by
the Prime Minister has connected South India to the national gas grid for the first time. It
has been constructed at an investment of Rs 4,500 crore with a design capacity of 16
MMSCMD of natural gas which can produce 3,000 MW of clean energy. The pipeline
passes through Belgaum, Dharwad, Gadag, Bellary, Devanagere, Chitradurga, Tumkur,
Ramanagaram, Bengaluru Rural and Bengaluru Urban districts. It traverses through 18
National Highways, 382 other road crossings, 20 railway crossings, 83 cased crossings,
11 major river crossings and 276 water body crossings including Asias largest river
crossing in rocky terrain at Ghatprabha. The construction operations which continued
round-the-clock for 19 months involved pipeline laying in some of the worlds steepest
slopes of 60 to 70 degrees and sharp elevations of upto700 metres in a 3.5 km stretch.
Boosted by healthy farm output and narrowing current account deficit, India is the
seventh most economically confident country in the world, a study by global research
firm Ipsos has said on 5 December. Saudi Arabia is the most economically confident
country, followed by Germany, Sweden, Canada, China and Australia in that order,
according to the study. Indias economic confidence jumped sharply by 11 points to 51
per cent in November from the previous month. According to the study Ipsos Economic
Pulse of the World, Indias economic confidence revived substantially due to healthy
farm output, a sharp boost in exports and narrowing of current account deficit. Saudi
Arabia continues to dominate the global ratings of national economies as 85 per cent of
respondents in Saudi Arabia are confident about their countrys economy, followed by
Germany (68 percent), Sweden (67 percent), Canada (66 percent), China (65 percent)
and Australia (64 percent). Three in ten (32 percent) Indians believe that the local
economy which impacts their personal finance is good. Moreover, Indians are very
hopeful about stability and growth in future with general election in the first half of 2014
as four in ten people expects that the economy in their local area will be stronger in next
six months. "Indian economy has bottomed out after a two-year slump and it is likely to
see a positive growth trend from here on with positive indicators like narrowing CAD,
revival of exports, growth of manufacturing sector and increasing investor confidence,"
Mick Gordon, CEO, Ipsos in India said.
A ministerial panel set up by Prime Minister Manmohan Singh on 6 December,
recommended a bailout package for the sugar industry that includes Rs. 7,200 crore of
interest-free bank loans to pay dues to sugarcane growers. The panel headed by
Agriculture Minister Sharad Pawar was formed to address the liquidity crunch faced by
sugar mills unable to pay higher cane prices this season and saddled with dues of Rs
3,400 crore to farmers. The Indian Sugar Mills Association (ISMA) hailed the proposed
measures, saying they would help to clear cane arrears and improve their cash flow.
Reuters The ministers also suggested recasting of loans taken by mills as per Reserve
Bank norms, incentives to produce 4 million tonnes of raw sugar and setting up of buffer
stock, besides doubling ethanol-blending in petrol to 10 percent. Briefing the media after
the meeting, Pawar said: "Rs 7,200 crore will be the loan provided by banks to the
sugar industry. It will be used exclusively for payment of sugarcane and the interest
portion of the loan will be borne by the Government of India and Sugar Development
Fund (SDF). "Total interest will be 12 percent. Interest subvention will be provided for 12
percent. Of that, 7 percent will be from the SDF, while 5 percent from the GoI." Mills will
have to repay the loans in five years and can avail of a moratorium on repayment in the
first two years, Pawar said, adding that the final call on these measures would be taken
by the Cabinet in the next two weeks. The government created the SDF to provide
short-term loans to mills at cheaper rates. The fund comprises part of excise duty and
cess collected by the Centre on sale of sugar.
SCIENCE & TECH:
The Minister of New and Renewable Energy Farooq Abdullah in a written reply in the
Lok Sabha on 9th December said that the Government has set up an autonomous
Institute namely National Institute of Solar Energy (NISE) under the administrative
control of Ministry of New & Renewable Energy (MNRE) by converting the existing Solar
Energy Centre (SEC) with its headquarters and research facilities at Gwalpahari Village,
Dist. Gurgaon (Haryana). The NISE has been registered under the Haryana Societies
Registration Act on 24th October, 2013.The main objective of setting up the National
Institute would be to assist the Ministry and function as the apex National Centre for
research and technology development and related activities in the area of solar energy
technologies in the country. The institute would also perform all related tasks to achieve
this objective to coordinate various S&T related tasks under the Mission and other
activities as decided by the Government from time to time. Its affairs will be managed by
a Governing Council to be headed by Secretary, MNRE and an Executive Committee
headed by Director General.
Tejas, Indias first indigenously designed, developed and produced 4th generation plus
Light Combat Aircraft (LCA) on 7 December, achieved yet another milestone by
launching an infrared seeking air to air missile that hit the target in a direct hit with
precision and destroyed it. The test, demonstrating required parameters was conducted
off the coast of Goa in Arabian Sea, and has taken the aircraft closer to its induction in
the Indian Air Force. Tejas, one of its kind combat aircraft, has been developed by
DRDO with Aeronautical Development Agency (ADA), Bengaluru, as the lead laboratory
and HAL as the production partner.
AWARDS:
The Directorate General of Foreign Trades electronic Bank Realization Certificate (e-
BRC) project has won the 2013 eASIA Award under Trade Facilitation category as
announced by Asia Pacific Council for Trade Facilitation and Electronic Business
(AFACT) in Ho Chi Minh City, Vietnam on November 29, 2013. The Union Minister of
Commerce and Industry Anand Sharma expressed his happiness and congratulated
officers and staff on winning 2013 eASIA Award. This award is administered by AFACT.
e-BRC project launched on June 5, 2012 created an integrated platform for receipt,
processing and subsequent use of all Bank Realization related information by exporters,
banks, central and state government departments. It was made mandatory with effect
from August 17, 2012. e-BRC project enables banks to upload Foreign Exchange
realization information relating to merchandise goods exports on to the DGFT server
under a secured protocol. So far 89 banks operating in India, including foreign banks
and cooperative banks have uploaded more than 64 lakh e-BRCs on to the DGFT
server. This initiative has reduced the cost of transaction for exporters by eliminating
their interface with bank (for issuance of BRC purposes) and enhanced the productivity
of banks and DGFT.
A well-known Pakistani student activist and an anti-slavery campaigner from Mauritania
are among the winners of the 2013 United Nations Human Rights Prize, it was
announced on 5 December. The Prize, which is bestowed once in every five years, is
an honorary award given to individuals and organisations in recognition of outstanding
achievement in human rights. Previous recipients include Amnesty International and
former presidents Jimmy Carter and Nelson Mandela. The six winners announced today
are: Biram Dah Abeid of Mauritania, a son of freed slaves who works to eradicate the
heinous practice; Hiljmnijeta Apuk of Kosovo, a campaigner for the rights of people with
disproportional restricted growth (short stature); Liisa Kauppinen of Finland, President
emeritus of the World Federation of the Deaf; Khadija Ryadi, Former President of the
Morocco Association for Human Rights; Mexicos Supreme Court of Justice (the
Constitutional Court); and Malala Yousafzai, the Pakistani schoolgirl who was shot by
the Taliban for attending classes and is now a renowned education activist. The award
ceremony will take place at UN Headquarters in New York on 10 December 2013, as
part of the annual commemoration of Human Rights Day, which will this year include the
observance of the 20th anniversary of the creation of OHCHR and the adoption of the
Vienna Declaration and Programme of Action.
SPORTS:
Waqar Younis, the former captain of Pakistan cricket team was inducted into the ICC
Crickets Hall of Fame on 11th December 2013 at the Dubai International Cricket
Stadium in Dubai Sports City. Waqar received his commemorative cap from
International Cricket Council (ICC) Chief Executive David Richardson. With this
induction Waqar Younis became the Seventieth male member and fifth Pakistani to be
inducted into the ICC Cricket Hall of Fame. The other Pakistanis, who has been
inducted into the Hall of Fame of ICC, are Hanif Mohammad, Imran Khan, Javed
Miandad and Wasim Akram.Being one of the best fast bowlers in the world, Waqar have
got 373 wickets from 87 tests and 416 scalps from 262 One-Day Internationals. Waqar
Yonis had the best strike rate of any bowler with more than 200 wickets in Tests during
his playing days a record, which was beaten recently only by Dale Steyn. He was also
the fastest to the milestone of 400 wickets in ODIs. He was a member of the Pakistan
team that reached the quarter-final of the ICC Cricket World Cup 1996 and the final of
the ICC Cricket World Cup 1999.
India on 12 December 2013 won the womens Kabaddi World Cup championship for the
third time in a row, defeating New Zealand 49-21 in the summit clash in Jalandhar,
Punjab. The Indian team got 1 crore rupees. Anu Rani was adjudged the best stopper
while Ram Bateri was declared the best raider. Both received a Maruti Alto car each. In
third place match, Denmark took the third place by 34-33 points, while Pakistan took the
fourth place. The 4th Pearls Kabaddi World Cup - 2013 was held from 30 November to
12 December 2013 in the state of Punjab, India. The women teams which were
participated in the tournament are India and the United States, England, Denmark, Iran,
Mexico, Kenya and Pakistan. The Kabaddi world cup 2013 was organized state
Government of Punjab. Indian womens team has won 2011, 2012, and 2013 editions of
World cups.
The Indian cricketer Cheteshwar Pujara on 13th December 2013 bagged the Emerging
Cricketer of the Year trophy at the ICC Annual awards announced in Dubai. This is the
first ever ICC Award for Pujara. He became the second fastest Indian to score 1000
Test runs during the course of his double hundred against Australia on March at
Hyderabad. He put on the board 370-run record second wicket partnership with Murali
Vijay. Pujara, Apart from Pujara, the Captain of Indian cricket team Mahendra Singh
Dhoni was the Indian to win ICC Annual award and he got LG Peoples Choice Award.
Australian captain Michael Clarke was the winner of the Sir Garfield Sobers trophy for
ICC Cricketer of the Year and was also named as the ICC Test Cricketer of the Year. In
total, there were eleven individual awards.
The other winners are:
ICC Test Cricketer of the Year Michael Clarke (Australia)
ICC Womens ODI Cricketer of the Year Suzie Bates (New Zealand)
ICC ODI Cricketer of the Year Kumar Sangakkara (Sri Lanka)
ICC Associate and Affiliate Cricketer of the Year Kevin OBrien (Ireland)
ICC Twenty20 International Performance of the Year Umar Gul (Pakistan)
ICC T20I Womens Cricketer of the Year Sarah Taylor (England)
ICC Spirit of Cricket Award Mahela Jayawardena (Sri Lanka)
ICC Umpire of the Year (winning the David Shepherd Trophy) Richard Kettleborough
The 27th edition of South East Asian Games is started in Naypyitaw, the new state
capital of Myanmar on 11th December 2013. This is the biggest sporting event in South
East Asia. The games involve 34 events with participation from 11 Countries. More than
1500 medals are to be given to the winners. The 27th edition of SEA Games is
scheduled from 11 to 22 December 2013.Myanmar is hosting the South East Asian
Games after 40 years. The Theme for this year SEA Game is: Green, Clean and
FriendshipThe Southeast Asian Games is a biannual multi-sport event involving
participants from the current 11 countries of Southeast Asia. The games are under
regulation of the Southeast Asian Games Federation with supervision by the
International Olympic Committee (IOC) and the Olympic Council of Asia. In order to
participate, all athletes must be entered by their National Olympic Committee. The
previous edition- the 26th South East Asian Games were held in Jakarta, Indonesia in
2011.The first edition of SEA games were held in Bangkok, Thailand in 1959.
India was chosen as the host country for Under-17 FIFA World Cup in 2017 by the FIFA
executive committee in its meeting at Salvador de Bahia in Brazil on 5 December 2013.
By virtue of being the host country, India will take part in the 24-nation tournament for
the first time in its history. This will be the biggest ever football tournament in the
country as this is the first FIFA event in the countrys history. The tournament comprises
24 teams and it will be held in six cities across India Including New Delhi. The Union
cabinet has sanctioned the Rs. 125 crore for infrastructure development. The Under 17
world cup started in 1985 with China hosting the first edition. Saudi Arabia is the only
Asian country to have won this tournament in 1989. Japan, South Korea and the UAE
are the other Asian countries to have hosted this tournament.
India Cricket team captain Mahendra Singh Dhoni on 3 December 2013 won the LG
International Cricket Council (ICC) Peoples Choice Award for the year 2013. Dhoni also
became the second Indian cricketer after Sachin Tendulkar to get this award. Sri
Lankan cricketer Kumar Sangarkara won this award twice in 2011 and 2012.The
International Cricket Council (ICC) Peoples Choice award introduced in the year 2010
and Sachin Tendulkar won the Inaugural Award. The LG Peoples Choice Award allows
cricket fans the unique chance to vote for international stars who have produced
outstanding performances in the past year. Fans vote on a short list nominated by a
panel of cricket experts using criteria set out by LG and the ICC.
Indian Golfer Gaganjeet Bhullar on 1 December 2013 won the 2013 edition of the
Indonesia open at Jakarta. Malaysias Nicholas Fung (66) finished tied second
alongside Thailands Chapchai Nirat (66).Bhullars victory also credited him US
$1,35,000 prize money and jump two places to be placed fourth in Asias Order of Merit
with total earnings of 462378 Dollars. This is Bhullars fifth Asian Tour title. The 2013
edition of Indonesian Open is one of the tournaments in the Asian Tour, scheduled from
28 November to 1 December at the Pantai Indah Kapuk course at Damai Indah Golf,
Jakata.
Indian shuttler P.V. Sindhu on 1 December 2013 won the Womens Singles trophy at
the Macau Open Grand Prix Gold Badminton Tournament. In the title clash, Sindhu,
defeated seventh seed Li Michelle of Canada in straight games, 21-15, 21-12. With this
victory, Sindhu has bagged yet another Tier-III title this season, after her triumph at the
Malaysia Open Grand Prix in May 2013. Besides the Malaysia Open triumph, she also
became Indias first womens singles medalist at the World Championship in August
2013. This was Indias first singles medal at the World Championships since Prakash
Padukone won a bronze in the 1983 edition.
Brazuka, the official 2014 FIFA World Cup match ball was unveiled on 3 December
2013 by manufacturers Adidas in Rio de Janeiro, Brazil. The ball is called the Brazuca
after a public vote by more than one million football fans in the host nation Brazil.
Brazuca is an informal local term which means "Brazilian", or relating to a Brazilian way
of life. The ball, the successor to the Adidas Jabulani used at the 2010 World Cup in
South Africa, has already been tested in competitive international matches, at the
Under-20s World Cup, with a different print design, and in the friendly between Sweden
and Argentina in February 2014.The 2014 FIFA World Cup will be the 20th FIFA World
Cup, is scheduled to be held in Brazil from 12 June to 13 July 2014.
PERSONS:
Ranjan Mathai----The former Foreign Secretary of India has taken over as the countrys
next High Commissioner to the United Kingdom. Mr. Mathai took the office on 9th
December. He succeeds Jaimini Bhagwati, who retired recently. Born on May 24, 1952;
Mr. Mathai joined the Indian Foreign Service in 1974, after completing Post Graduate
studies in Political Science at the University of Poona. He served in Indian Missions in
Vienna, Colombo, Washington, Tehran and Brussels. As Joint Secretary (BSM) in the
Ministry of External Affairs in New Delhi (January 1995 to February 1998), he headed
the Division dealing with Indias relations with Bangladesh, Sri Lanka, Myanmar and
Maldives. He was the Ambassador of India to Israel from February 1998 to June 2001
and to Qatar from August 2001 to July 2005.He next held the post of Deputy High
Commissioner of India to the UK in London from August 2005 to January 2007.He
served as the Ambassador of India to France with concurrent accreditation to the
Principality of Monaco from January 2007 till he assumed the office of Foreign
Secretary from August 2011 to July 2013.
Ms. Sushma Singh ---- A former IAS officer of Jharkhand cadre has been appointed as
the next Chief Information Commissioner (CIC) of India and will succeed Ms. Deepak
Sandhu, whose term is ending on 31 December 2013. She will become the second
woman to be appointed as the CIC after Deepak Sandhu. The decision on appointing
Ms. Singh as the next CIC was taken unanimously by a panel comprising Prime Minister
Manmohan Singh, Leader of the Opposition in Lok Sabha Sushma Swaraj and Law
Minister Kapil Sibal. After retiring from Indian Administrative Service (IAS) in 2009, Ms
Singh became Information Commissioner on September 23, 2009 in the Central
Information Commission. CIC is constituted by the Central Government through a
Gazette Notification.CIC comprises of one Chief Information Commissioner (CIC) and
not more than 10 Information Commissioners (IC) who are appointed by the President
of India.