Indo-Bangladesh Joint Power Transmission

• Prime Minister Sheikh Hasina and Indian Prime Minister Manmohan Singh on 5 October jointly inaugurated the India-Bangladesh Grid Inter-connection at Bheramara in Bangladesh.The joint venture was launched through video-conferencing.  
• Capacity: 500 MW of power from India to Bangladesh
• Both the Prime Ministers also jointly laid the foundation stone for 1320 megawatt Maitri Thermal Power Project, being developed by Bangladesh-India friendship power-company which is a joint venture of India’s NTPC and Bangladesh Power Development Board.

Gambia withdraws from the Commonwealth group

The Gambian government has announced that the former British colony is pulling out of the Commonwealth with immediate effect.Gambian President said: "Gambia will never be a member of any neo-colonial institution and will never be a party to any institution that represents an extension of colonialism"

Mr Jammeh, who is regularly accused of rights abuses, has ruled mainland Africa's smallest country with an iron fist since seizing power in a 1994 coup. He accused Britain of backing Gambia's political opposition ahead of the 2011 elections. Now 53 members are left.

Gujarati film 'The Good Road', and not 'The Lunchbox', India's entry for Oscar

• Debut feature filmmaker Gyan Correa's Gujarati film "The Good Road" has been chosen to represent India in the best foreign film category at the Academy Awards.
• It is said to be the first Gujarati film to have made it.
• Movie produced by the National Film Development Corporation (NFDC).
• Had clinched the National Award for Best Feature Film (Gujarati) earlier this year. 
• The movie left behind 21 other contenders, including strong films like "The Lunchbox", "Bhaag Milkha Bhaag", "English Vinglish", "Vishwaroopam", Malayalam film "Celluloid" and Bengali film "Shabdo", he said.
• So far in the history of Indian cinema, only three Bollywood films, including Mehboob Khan's "Mother India" (1957), Mira Nair's "Salaam Bombay" (1988) and Ashutosh Gowariker's "Lagaan" (2001), have made it to the nomination stage of the Oscar.

The International Atomic Energy Agency (IAEA)

• The International Atomic Energy Agency (IAEA) is an international organisation that seeks to promote the peaceful use of nuclear energy, and to inhibit its use for any military purpose, including nuclear weapons. The IAEA was established as an autonomous organization on 29 July 1957. Though established independently of the United Nations through its own international treaty, the IAEA Statute, the IAEA reports to both the United Nations General Assembly and Security Council.

• The IAEA has its headquarters in Vienna, Austria.

News:

• IAEA praises Japan's Fukushima clean-up operation.
• Fukushima Daiichi Nuclear Power Plant: The plant suffered major damage from the 9.0 earthquake and tsunami that hit Japan on March 11, 2011.The disaster disabled the reactor cooling systems, leading to releases of radioactivity and triggering a 30 km evacuation zone surrounding the plant.

Extradition Treaty between India (Dr. Manmohan Singh) and Thailand (Yingluck Shinawatra)

• To exchange intelligence related to money laundering and terrorism financing.
• Ratified (approved) the Treaty on Transfer of Sentenced Persons.
• Provides the legal framework for seeking extradition of fugitives, including those involved in terrorism, transnational crimes and economic offences. 
• Enforcement of a sentence by one Contracting State and is found in the territory of the other. 
• The Treaty on Transfer of Sentenced Persons enables foreign nationals convicted of a criminal offence to serve the sentence in their own country. It also facilitates their social rehabilitation in their own countries. 
• Yingluck Shinawatra: She is the 28th and current Prime Minister of Thailand following the 2011 general election. Yingluck is Thailand's first female Prime Minister and at 45 is the youngest Prime Minister of Thailand in over 60 years.

300-day Mars of odyssey

From: Indian Space Research Organisation’s (ISRO),Sriharikota
By: Polar Satellite Launch Vehicle (PSLV-C25)

• It was a debut attempt to send a spacecraft to Mars, about 40 crore km away.
• On Tuesday PSLV had put the Mars spacecraft first into an earth-bound orbit after a flight duration of 43 minutes.
• The spacecraft will voyage for 300 days before it reaches the Martian orbit.
• This totally indigenous mission — the rocket and the five payloads come from various ISRO centres across the country.
• It is the silver jubilee launch of the PSLV (25th launch).
• K. Radhakrishnan, – Chairman, Indian Space Research Organisation (ISRO)

Bank Rate, SLR, Repo Rate, Reverse Repo Rate, CRR

Bank Rate is a tool, which central bank  uses for short-term purposes. Thus any revision in the Bank rate indicates that it is likely that interest rates on your deposits are likely to either go up or go down,  and it can also indicate  an increase or decrease in your EMI.

What is SLR (Statutory Liquidity Ratio)?  

It is Minimum percentage of deposits that the bank has to maintain in form of gold, cash or other approved securities.

What is CRR (Cash reserve Ratio)? 

Banks money to be kept with RBI to drain out excessive money from the system. If the central bank decides to increase the CRR, the available amount with the banks comes down. Maintained at 4% of the total of the Net Demand and Time Liabilities (NDTL), on a fortnightly basis.

What is Reverse Repo rate?
RBI borrows from banks at this rate. Banks are always happy to lend money to the RBI since their money are in safe hands with a good interest.An increase in reverse repo rate can prompt banks to park more funds with the RBI to earn higher returns on idle cash. It is also a tool which can be used by the RBI to drain excess money out of the banking system.

What is a Repo Rate?
Banks borrow from RBI at this rate.
It is an instrument of monetary policy. Whenever banks have any shortage of funds they can borrow from the RBI.
A reduction in the repo rate helps banks get money at a cheaper rate and vice versa. The repo rate in India is similar to the discount rate in the US.

Maharatna, Navratna and Miniratna PSUs

PSU companies in India are divided into three categories:

A)Maharatna
B)Navratna
C)Miniratna

There are currently 7 Maharatnas, 14 Navratnas and 53 Miniratnas-I and 16 Miniratna-II.

Maharatna:
In 2009, the government established the Maharatna status. A Maharatna firm can take investment decision of up to Rs. 5,000 crore without going to the government.

List of Maharatna CPSEs:

1. Bharat Heavy Electricals Limited
2. Coal India Limited
3. GAIL (India) Limited
4. Indian Oil Corporation Limited
5. NTPC Limited
6. Oil & Natural Gas Corporation Limited
7. Steel Authority of India Limited

Navratna: 

Navratna was the title given originally to 9 Public Sector Enterprises (PSEs) identified by the Government of India in 1997 as "public sector companies that have comparative advantages", giving them greater autonomy to compete in the global market so as to "support [them] in their drive to become global giants". A Navratna firm can take investment decision of up to Rs. 1,000 crore without going to the government.

List of Navratna PSUs:

1. Bharat Electronics Limited
2. Bharat Petroleum Corporation Limited
3. Hindustan Aeronautics Limited
4. Hindustan Petroleum Corporation Limited
5. Mahanagar Telephone Nigam Limited
6. National Aluminium Company Limited
7. National Mineral Development Corporation Limited
8. Neyveli Lignite Corporation Limited
9. Oil India Limited
10. Power Finance Corporation Limited
11. Power Grid Corporation of India Limited
12. Rashtriya Ispat Nigam Limited
13. Rural Electrification Corporation Limited
14. Shipping Corporation of India Limited
15. Mangalore Refinery and Petrochemicals Limited
16. Paradeep Phosphates Ltd

Note: BHEL and GAIL were granted the Maharatna status by the Union Government of India in February 2013.

KAC- Know A Country: Fiji

Motto: "Fear God and honour the Queen"

Capital: Suva

Currency: Currency Fijian dollar (FJD)

Official languages: English, Fijian, Fiji Hindi

English	Hello/hi	Good morning	Goodbye
Fijian	bula	yadra (Pronounced Yandra)	moce (Pronounced Mothe)
Fiji Hindi	नमस्ते (namaste)	सुप्रभात (suprobhat)	चलता हूँ (Chaltha hu)

Independence

 - from the United Kingdom 10 October 1970 

 - Republic                                 07 October 1987

Population (2012 estimate): 8.5 lakhs

Religion: 40% are Christian.Among Indo-Fijians, most are Hindu or Muslim while a small minority are Christian. 

Sports: Rugby Union is the most-popular team sport played in Fiji. 

Population Composition: Indo-Fijians (38.1%) - descendants of Indian contract labourers brought to the islands by the British colonial powers in the 19th century. 

Politics: Since independence there have been four coups in Fiji. The military has been either ruling directly or heavily influencing governments since 1987.

Interesting Facts:

Constant warfare and cannibalism between warring tribes were quite rampant and very much part of everyday life.  During the 19th century, Ratu Udre Udre is said to have consumed 872 people and to have made a pile of stones to record his achievement. Fijians today regard those times as "na gauna ni tevoro" (time of the devil). The ferocity of the cannibal lifestyle deterred European sailors from going near Fijian waters, giving Fiji the name Cannibal Isles; as a result, Fiji remained unknown to the rest of the world. 

BILATERAL INVESTMENT PROMOTION AND PROTECTION AGREEMENTS (BIPA)

What: Part of the Economic Reforms Programme initiated in 1991 aimed at promoting investments on reciprocal basic (bilateral).

More: Government of India as on July 2012 has signed BIPAs with 82 countries out of which 72 BIPAs have already come into force and the remaining agreements are in the process of being enforced.

Typhoon Haiyan in Philippines

What: Typhoon Haiyan (known in the Philippines as Typhoon Yolanda) is unofficially the strongest recorded tropical cyclone to make landfall, with wind speeds up to 315 km/h (195 mph). 

Areas affected: Micronesia, Philippines, Southern China, Vietnam 

Occurred on: November 2, 2013.

Four Fingers- 'Rabaa' (Egypt Protest)

What: Sign of anti-coup protests in Egypt.

More: Symbol of protest against toppling of democratically elected President candidate Morsi. This new hand sign refers to the Rabaa al-Adawiya mosque, the site of a violent confrontation between Morsi’s followers and the Egyptian army.“Rabaa sign” made by raising four fingers has become the symbol of the massacre in Egypt and Rabaa al-Adawiya Square where the anti-coup protests take place. It also refers to the fact that Mohammed Morsi is the fourth president of Egypt after Nasser, Sadat and Mubarak.

National Development Council (Rashtriya Vikas Parishad)

• It was set up on 6 August 1952.
• It is an extra-constitutional and non-statutory body. Its status is advisory to Planning Commission but not binding.
• The Council comprises the Prime Minister, the Union Cabinet Ministers, Chief Ministers of all States or their substitutes, representatives of the Union Territories and the members of the Commissions.
• Presided over by the Prime Minister.
• Approves *FYP in India.

FYP: 

Joseph Stalin implemented the first FYP in the Soviet Union in the late 1920s. Most communist states and several capitalist countries subsequently have adopted them.

The Association of Southeast Asian Nations (ASEAN)

What:  Geo-political and economic organization of ten countries located in Southeast Asia

Members: 10 states
1.Brunei
2.Cambodia
3.Indonesia
4.Laos
5.Malaysia
6.Burma (Myanmar)
7.Philippines
8.Singapore
9.Thailand
10.Vietnam

World Trade Organization

Aim: To liberalize international trade.
When: Formed in 1995, replaced GATT.(Marrakech Agreement)
Headquarters: Geneva, Switzerland
Membership: 159 member states (Tajikistan became 159th WTO member)
Conflict: On Free trade vs protectionism and subsidies (as pushed by developing and welfare nations).

Important Pointers:

• The highest decision-making body of the WTO is the Ministerial Conference, which usually meets every two years.
• Iran is the biggest economy outside the WTO.
• The WTO has 159 members and 25 observer governments.
• In addition to states, the European Union is a member.
• GATT was established after World War II in the wake of new multilateral institutions formed – notably the Bretton Woods institutions known as the World Bank and the International Monetary Fund.

Radha Burnier- President of Theosophical Society passed away

Who: Radha Burnier, President of Theosophical Society (5 times re-elected)
Alma Matter: Benares Hindu University (Sanskrit)

World Prosperity Index- Norway tops, India slips below its neighbors

What: The Legatum Prosperity Index (compiled by London-based Legatum Institute) is an annual ranking, developed by the Legatum Institute, of 142 countries. The ranking is based on a variety of factors including wealth, economic growth, personal well-being, and quality of life. Norway has topped the list in the last three reports; those of 2010, 2011 and 2012.

Rank 1: Norway

Then: Switzerland, Canada, Sweden, New Zealand

India: India slipped from 100th (2012) to 106th this year.

Neighbors: Ahead are China, Nepal, Bangladesh and Sri Lanka.

PS: Besides, in the 'Ease of Doing Business' report by World Bank and International Finance Corporation (IFC) released earlier this week, India was ranked at 134th place while neighbours like China, Pakistan, Nepal and Bangladesh were placed at better positions.

Dutch finance major 'RaboBank' fined $ 1 Billion in LIBOR scandal

Charges: RaboBank manipulated London Inter-Bank Offered Rate (LIBOR)
Repercussions: CEO resigned, RaboBank slapped with $ 1 Billion fine (criminal and civil penalties).
More about RaboBank: It started out as an agriculture cooperative in the Netherlands in the late 19th century and has become the country’s biggest lender.

Indian Ocean Rim Association for Regional Co-operation (IOR-ARC)

Color code: Dark green: Member countries ; Light Green: Dialogue Partners

What: International organization with 20 member states.
When: March 1997 (formally formed after Charter of the Indian Ocean Rim Association for Regional Co-operation was signed)
Objectives: Maritime Safety and Security, Trade and Investment Facilitation, Fisheries Management, Disaster Risk Management, Academic and Science & Technology Cooperation, and Tourism and Cultural Exchanges.
Recent: Australia will assume role of chairman of IOR-ARC for 2 years term, taking over from India this week.

Tax Administration Reform Commission (TARC)

• Objective of Commission: To revisit tax laws and recommend measures for putting in place a stable tax administration.
• Headed By: Parthasarathi Shome (Chairman)
• Who Parthasarathi Shome? : Advisor, Union Finance Minister, Ministry of Finance

Click here to read all the provisions (Govt Document)

Indian River Bodies (Map)

 

• The Indian River system is classified as Himalayan, peninsular, coastal, and inland-drainage basin rivers.
• Most of the rivers pour their waters into the Bay of Bengal; however, some of the rivers whose courses take them through the western part of the country empty into the Arabian Sea.
• The largest river basin of India is the Ganga basin, which receives water from Himalayas in the north and the Vindhyas in the South. 
• The Ganga, the Yamuna, the Ghagra, Gandak and Kosi are the main constituents of this basin.
• The Brahmaputra has the greatest volume of water of all the rivers in India. It is the source of the Indus and the Satluj and flows through Arunachal Pradesh and Assam.
• The Mahanadi is an important river in the state of Orissa. This river flows slowly for 900 kms and deposits more silt than any other river in the Indian subcontinent.
• Longest river flowing in India: The Ganges
• Longest tributary river: Yamuna
• The Godavari River System has second longest course within India. The banks of this river have many pilgrimage sites like Nasik, Triyambak and Bhadrachalam.
• The Krishna is the third longest river in India with a length of about 1300 kms. It rises in the Western Ghats and flows east into the Bay of Bengal.
• The Narmada and the Tapti are the only major rivers that flow into the Arabian Sea.

Rajya Sabha Passes Judicial Accountability Bill

• Currently, judges for the higher judiciary are appointed by a Supreme Court collegium of five judges headed by the Chief Justice, a system implemented two decades ago.

• The proposed commission will be headed by the Chief Justice and have the two most senior judges of the Supreme Court, the Law Minister and two eminent persons as members and Secretary (Justice) in the Law Ministry as Convener.

• The government had said the current system of appointing judges was flawed and had led to a huge shortfall in courts across the country.

What is BRI-62?

• Bangladesh has become the first country to release seeds of the Zinc rich rice variety known as - "BRI-62"

• BRI-62 is world's first zinc enriched rice variety capable of fighting diarrhea and pneumonia-induced childhood deaths and stunted growth.

• Bangladesh Rice Institute (BRI) invented it.

Currency Swap Agreement with Japan and Bhutan

• India is exploring possibilities of entering into currency swap agreements with trade partners aiming to shore up exports and bring down trade deficit, which is putting pressure on the rupee.

• India has signed currency swap agreements with Japan ($ 15 billion) and Bhutan ($ 100 million). China has shown active interest in entering into such an agreement with India but it is yet to be signed.

• Currency swap agreements involve exchange of one currency for another currency and are generally motivated by the comparative advantage.

Andhra Pradesh accounts for 20% of AIDS patients in India

Andhra Pradesh has the highest number of HIV patients in the country. According to official statistics, the state had 5 lakh of the 24 lakh HIV positive patients in the country during 2011-12. Andhra Pradesh is followed by Maharashtra (4.19 lakh), Karnataka (2.45 lakh), West Bengal (1.67 lakh), Tamil Nadu (1.54 lakh), Gujarat (1.36 lakh) and Uttar Pradesh (1.09 lakh).

Illiteracy, poor health, unemployment, migration, non-traditional sex practices and trafficking are some of the factors contributing to the spread of HIV in the state, according to experts. "The government has failed to prevent the occurrence and spread of HIV in the state. It has failed to create awareness in society on the risks and symptoms of AIDS,"

Aaron Finch's T20 world record

• The opener bludgeoned a stunning, world-record 156 from only 63 balls in the first Twenty20 clash against England .

• The 26-year-old struggled after being handed his international debut in January, and averaged only 15 against Sri Lanka and West Indies with a top score of 38.

Poet and Nobel laureate Seamus Heaney dies aged 74

• World-renowned poet and playwright Seamus Heaney has died at the age of 74.

• Mr Heaney was a teacher and then had a distinguished career in poetry, winning the Nobel prize for literature in 1995.

Hindus, Sikhs get Afghan parliament seat

• Afghanistan President Hamid Karzai has issued a legislative decree that gives minority Hindus and Sikhs a seat in the country's next parliamentarian election.

• A statement on Wednesday from the presidency said the seat would be in the parliament's lower house. 

• Karzai's decision comes after lawmakers declined to require a special seat for Hindus and Sikhs in the law. Under Afghan law, the president has the power to issue legislative decrees when the parliament is on vacation.

Understanding The Eastern Mediterranean region- Specially 'SYRIA'

The Eastern Mediterranean denotes the countries geographically to the east of the Mediterranean Sea. This region is also known as the region of Syria or the Levant. The countries and territories of the Eastern Mediterranean include: 

1.  Cyprus
2.  Greece
3.  Turkey
4.  Egypt
5.  State of Palestine
6.  Lebanon
7.  Syria
8.  Jordan
9.  Israel

Syria is the only significant crude oil producing country in the Eastern Mediterranean region (which comprises of Cyprus, Greece, Turkey, Egypt, State of Palestine, Lebanon, Syria, Jordan and Israel).

People of Damascus (Capital of Syria)

Economy:

Syria is classified by the World Bank as a "lower middle income country." Syria remains dependent on the oil and agriculture sectors.The oil sector provides about 40% of export earnings. The agriculture sector contributes to about 20% of GDP and 20% of employment. Oil reserves are expected to decrease in the coming years and Syria has already become a net oil importer. Since the civil war began, the economy shrank by 35%, and the Syrian pound has fallen to one-sixth of its prewar value. The government increasingly relies on credit from Iran, Russia and China.

Global Competitiveness Report

• The Global Competitiveness Report (GCR) is a yearly report published by the World Economic Forum. Since 2004, the Global Competitiveness Report ranks countries based on the Global Competitiveness Index.

• The report "assesses the ability of countries to provide high levels of prosperity to their citizens. This in turn depends on how productively a country uses available resources. Therefore, the Global Competitiveness Index measures the set of institutions, policies, and factors that set the sustainable current and medium-term levels of economic prosperity."

• Since 2010, Switzerland has led the ranking as the most competitive economy in the world. The United States, which ranked first for several years, fell to fifth place due to the consequences of the financial crisis of 2007–2010 and its macroeconomic instability.

• India Ranks 60.

Also see 2013-14 rankings

Diana Nyad - First Woman to swim from Cuba to Florida

Diana Nyad born on August 22, 1949, is an American author, journalist, motivational speaker, and world record long-distance swimmer. In 2013, on her fifth attempt and at age 64, she became the first person confirmed to swim from Cuba to Florida without the protection of a shark cage, swimming from Havana to Key West (110 miles). Nyad was once ranked thirteenth among U.S. women squash players.

First Geothermal Project in India to be launched in (Tatapani) Chhattisgarh

• Tatapani is a newly formed district of Chhattisgarh. 

• India's first geo-thermal power project would use underground hot water springs at Tatapani to convert it into steam.

• state's Renewable Energy Development Agency ( CREDA) and NTPC are working jointly towards the implementation of the project.

The New Pension Bill

The Rajya Sabha passed the Pension Fund Regulatory and Development Authority (PFRDA) Bill, which will help extend pension cover to more citizens of the country through PFRDA's New Pension Scheme (NPS).

• The main objective of the bill is to help extend pension cover to more citizens of the country through PFRDA's New Pension Scheme (NPS). Currently just 12 percent of the workforce in the country has any formal pension or social security plan.

• The passage of the Pension Bill will make Pension Fund Regulatory and Development Authority (PFRDA) a statutory authority. Earlier it had a non-statutory status.

• The Pension Bill would also provide subscribers a wide choice to invest their funds, depending on their capacity to take risk. A subscriber seeking minimum assured returns can opt for schemes providing minimum assured returns, as may be notified by the PFRDA.

• NPS is a defined contribution scheme and is based on the principle that 'you save while you earn'.

• The provisions of the Pension Bill will not apply to Employees Provident Fund Organisation (EPFO) subscribers. EPFO funds will be continued to be managed by the government.

• The Pension Bill allows foreign direct investment in the country's pension sector, the latest attempt by the government to attract more capital flows. Overseas investors can own stakes of up to 26% stake in domestic pension funds, or such percentage as may be approved for the insurance sector, whichever is higher etc.

• NPS was opened up for all citizens of the country including unorgnised sector workers, on voluntary basis, with effect from 1 May 2009.

• To encourage workers from the unorganised sector to voluntarily save for their retirement via NPS, the government launched the co-contributory pension scheme titled "Swavalamban Scheme" of NPS in the Budget of 2010-11. 

ICICI- First Private bank to launch ‘ATM On Wheels’ To Reach Rural Villages

• Villagers in the western state of Maharashtra, India, will soon have access to basic banking products and services thanks to a mobile “Branch on Wheels” offered by India’s largest private sector bank, ICICI Bank, as part of the bank’s financial inclusion initiative, aiming to expand its reach to citizens devoid of banking facilities.
• Two more could be opened in Odisha and Chhattisgrah states each depending on the success of its pilot project.
• The "Branch on Wheels" will be a van that travels to pre-identified unbanked villages at specific timings in the day, coming equipped with a GPS tracking system, laptops with 3G connections, LED TV, a safe, a printer, public announcement system, an UV Lamp that detects forged cheques, a note counting-cum-authentication machine that identifies fake currency notes and a unique low weight ATM.

Zubin Mehta gets Tagore Award for Communal Harmony

Who: Zubin Mehta
Profession: International Music Conductor  in western classical music specially the Munich’s Bavarian State Orchestra
Origin: Indian
Award: Tagore Award for Communal Harmony
Famous Concert: ‘Ehsaas-e-Kashmir’
More: The President called Mehta a "distinguished son of India" and also the country's "cultural ambassador".
                                       

Worlds largest solar power project to be installed in Jodhpur, Rajasthan

Asia's largest single location solar photovoltaic (PV) power plant with a generation capacity of 55 MW was commissioned on Wednesday. The project was part of the first phase of the National Solar Mission.Solar Park would be established in 10 thousand hectare land and Asian Development Bank (ADB) will provide 3000 crore rupees loan for development of transmission lines of this solar park.The technical assistance for the solar park will be provided by Clinton Foundation as per the agreement between State government of Rajasthan and Clinton foundation in 2010. Three more solar parks will come in Jaisalemer, Barmer and Bikner Districts with the help of Clinton Foundation.

India's first All Women Bank- Bhartiya Mahila Bank

Government plans to set up about 25 branches of the proposed public sector Bharatiya Mahila Bank, India's first all women bank, by the end of this fiscal. The government has already approved Rs 1,000 crore seed capital for the women focused public sector bank, announced by Finance Minister P Chidambaram in his budget speech. The bank will be headquartered at New Delhi.

International Development Association

The International Development Association (IDA) is an international financial institution which offers concessional loans and grants to the world's poorest developing countries. The IDA is a member of the World Bank Group and is headquartered in Washington, D.C., United States. It was established in 1960 to complement the existing International Bank for Reconstruction and Development by lending to developing countries which suffer from the lowest gross national income, from troubled creditworthiness, or from the lowest per capita income. Together, the International Development Association and International Bank for Reconstruction and Development are collectively known as the World Bank, as they follow the same executive leadership and operate with the same staff.

India's tax-to-GDP ratio one of the lowest

At 15.5 per cent, India has one of the lowest tax-to-gross domestic product (GDP) ratios. India has around 35 million taxpayers. Among G20 countries, India had the third-lowest tax base, before Mexico and Indonesia. The property tax-to-GDP ratio in India is only 0.48 per cent. France and the UK, it is 4.3 per cent and 4.21 per cent, respectively. For China, it is 1.7 per cent. Wealth tax in India is only 0.007 per cent of GDP, while it is 0.89 per cent in France.

In 2011-12, the tax-GDP ratio stood at 5.5 per cent for direct taxes and 4.4 per cent for indirect taxes.

Definition Tax-to-GDP ratio: 

This ratio is the total government tax collections divided by the country's GDP. Some countries, like Sweden, have a high tax-to-GDP ratio (as high as 54%). Other countries, like India, have a low ratio. When tax revenues grow at a slower rate than the GDP of a country, the tax-to-GDP ratio drops. Taxes paid by individuals and corporations often account for the majority of tax receipts, especially in developed countries.

Customs and duties paid by users of goods and services also make up a portion of tax receipts. (Investopedia)

SEZ land norms relaxed

**Minimum land requirement for SEZs**

For Single Product Industry:
Before:    100 hectares
Now:       50 hectares

For Multi Product Industry:
Before:     1000 hectares
Now:        500 hectares

Benefit of this change:        Easy for investors

Benefit of SEZ in general:
A- 100% income tax exemption on export income for SEZ units for the first five years.
B- SEZs allow duty-free imports or domestic procurement of goods

China launches worlds highest wind farm

What:         China strengthened its position as a leader in renewable energy by installing the world’s highest wind farm.
Where:       Tibet
Height:       4,900 m above sea level
How many: 5
Capacity:   15MW (enough to power 13,500 homes)

"Durga" - Largest Blast furnace of the country starts operating

Where:           Rourkela
Organization: SAIL
What:             Blast Furnace (named Durga)
Why:              To increase hot metal Capacity of SAIL
Whats new:   Closed-loop cooling system => zero water dischage