General Affairs
At Asian Summit SCO, India Refuses To Back China's Belt And Road Initiative
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India was the only country in the eight-nation Shanghai Cooperation Organisation (SCO) today which refused to endorse China's ambitious Belt and Road initiative for which Beijing has signed pacts with nearly 80 countries and international organisations.
A declaration issued at the end of the two-day summit of the SCO said Russia, Pakistan, Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan have "reaffirming their support for the Belt and Road Initiative (BRI)" of China.
"The Member States express appreciation for the joint efforts taken towards its implementation, including efforts to coordinate the development of the Eurasian Economic Union and the BRI and call for using the potential of the regional countries, international organisations and multilateral associations to create a broad, open, mutually beneficial and equal partnership in the SCO space," it said.
In his address at the summit, Prime Minister Narendra Modi, in an oblique reference to the BRI, said any mega connectivity project must respect sovereignty and territorial integrity of the countries and assured India's full support to initiatives which ensures inclusivity.
India has been severely critical of the Belt and Road Initiative (BRI), the pet project of President Xi Jinping, as the $50 billion China Pakistan Economic Corridor or CPEC which is part of the BRI, passes through Pakistan-occupied Kashmir (PoK). India says it cannot accept a project that ignores its core concerns on sovereignty and territorial integrity.
China had unveiled the BRI in 2013 with an aim to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes.
President Xi has already announced that China would invest around $126 billion for the project. However, there has been suspicion among several countries that the main aim of the project is to expand China's influence globally.
According to Chinese officials, around 80 countries and international organisations have already inked pacts with Beijing for the project.
In his address, in presence of President Xi, PM Modi said India's commitment to connectivity projects is reflected in its involvement in International North South Corridor project, development of the Chabahar port and the Ashgabat agreement.
"Connectivity with the neighbouring countries is India's priority. We welcome the connectivity projects which are sustainable and efficient and which respect territorial integrity and sovereignty of the countries," he said.
A declaration issued at the end of the two-day summit of the SCO said Russia, Pakistan, Kazakhstan, Uzbekistan, Kyrgyzstan and Tajikistan have "reaffirming their support for the Belt and Road Initiative (BRI)" of China.
"The Member States express appreciation for the joint efforts taken towards its implementation, including efforts to coordinate the development of the Eurasian Economic Union and the BRI and call for using the potential of the regional countries, international organisations and multilateral associations to create a broad, open, mutually beneficial and equal partnership in the SCO space," it said.
In his address at the summit, Prime Minister Narendra Modi, in an oblique reference to the BRI, said any mega connectivity project must respect sovereignty and territorial integrity of the countries and assured India's full support to initiatives which ensures inclusivity.
India has been severely critical of the Belt and Road Initiative (BRI), the pet project of President Xi Jinping, as the $50 billion China Pakistan Economic Corridor or CPEC which is part of the BRI, passes through Pakistan-occupied Kashmir (PoK). India says it cannot accept a project that ignores its core concerns on sovereignty and territorial integrity.
China had unveiled the BRI in 2013 with an aim to link Southeast Asia, Central Asia, the Gulf region, Africa and Europe with a network of land and sea routes.
President Xi has already announced that China would invest around $126 billion for the project. However, there has been suspicion among several countries that the main aim of the project is to expand China's influence globally.
According to Chinese officials, around 80 countries and international organisations have already inked pacts with Beijing for the project.
In his address, in presence of President Xi, PM Modi said India's commitment to connectivity projects is reflected in its involvement in International North South Corridor project, development of the Chabahar port and the Ashgabat agreement.
"Connectivity with the neighbouring countries is India's priority. We welcome the connectivity projects which are sustainable and efficient and which respect territorial integrity and sovereignty of the countries," he said.
Home Ministry To Convene High-Level Meeting Tomorrow To Check ''Keypad Jihadis''
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A high-level meeting will be held in the Home Ministry tomorrow to discuss removal of malicious content from various social networking sites posted by ''keypad jihadis'', who spew venom on the Internet with an intent to create a law and order situation by spreading rumours or giving communal colour to any event.
The meeting will be chaired by Union Home Secretary Rajiv Gauba and attended among others by top officials from the Ministry of Electronics and Information Technology, the Department of Telecommunications and those from security agencies as well as Jammu and Kashmir, officials said.
They said the meeting with discuss implementation of the provisions of Information Technology pertaining to security agencies in dealing with the menace which includes filing of FIRs, removal of the malicious content at the earliest in coordination with the service provider and ensuring speedy legal proceedings so that it could act as a deterrent for others.
The idea behind the crackdown on ''keypad jihadis'' was to ensure that the security agencies could concentrate more on nabbing or eliminating terrorists with real guns rather than those who wage war against the state machinery using keypads.
It is a virtual battleground where a bloody war is fought, but with words. However, this has an impact on the young minds, officials opined.
They added that the new battleground is far removed from the conventional weaponry and fighting zones and new-age jihadis use computers and smartphones to wage war from just about anywhere in the Valley or outside, well entrenched inside their homes or out on the streets, from a nearby cafe or even just a convenient roadside.
The social chat groups are active not just in Jammu and Kashmir. They are seeing participation from youngsters in the national capital, the rest of the country and abroad as well.
Recently, the Jammu and Kashmir Police had registered cases against five Twitter handles and filed complaints with service providers against misleading posts on Facebook and WhatsApp so that necessary action is taken at the earliest.
The forthcoming two-month long Amarnath Yatra is of immediate concern as they apprehend that anyone, while just sitting from the confines of a home, can plant fake news in one of the thousand chat groups and the entire state can plunge into communal violence, the officials said.
They claimed there have been instances when fake pictures of desecration of shrines are circulated by a particular community and all of sudden there is an outrage when no such incident had taken place.
Similarly, in the Valley, false news about firing and subsequent killing of civilians was circulated in an attempt to create unrest in other parts of Kashmir. However, timely action saved the day for the police and it was ensured that the culprits were booked.
The meeting will be chaired by Union Home Secretary Rajiv Gauba and attended among others by top officials from the Ministry of Electronics and Information Technology, the Department of Telecommunications and those from security agencies as well as Jammu and Kashmir, officials said.
They said the meeting with discuss implementation of the provisions of Information Technology pertaining to security agencies in dealing with the menace which includes filing of FIRs, removal of the malicious content at the earliest in coordination with the service provider and ensuring speedy legal proceedings so that it could act as a deterrent for others.
The idea behind the crackdown on ''keypad jihadis'' was to ensure that the security agencies could concentrate more on nabbing or eliminating terrorists with real guns rather than those who wage war against the state machinery using keypads.
It is a virtual battleground where a bloody war is fought, but with words. However, this has an impact on the young minds, officials opined.
They added that the new battleground is far removed from the conventional weaponry and fighting zones and new-age jihadis use computers and smartphones to wage war from just about anywhere in the Valley or outside, well entrenched inside their homes or out on the streets, from a nearby cafe or even just a convenient roadside.
The social chat groups are active not just in Jammu and Kashmir. They are seeing participation from youngsters in the national capital, the rest of the country and abroad as well.
Recently, the Jammu and Kashmir Police had registered cases against five Twitter handles and filed complaints with service providers against misleading posts on Facebook and WhatsApp so that necessary action is taken at the earliest.
The forthcoming two-month long Amarnath Yatra is of immediate concern as they apprehend that anyone, while just sitting from the confines of a home, can plant fake news in one of the thousand chat groups and the entire state can plunge into communal violence, the officials said.
They claimed there have been instances when fake pictures of desecration of shrines are circulated by a particular community and all of sudden there is an outrage when no such incident had taken place.
Similarly, in the Valley, false news about firing and subsequent killing of civilians was circulated in an attempt to create unrest in other parts of Kashmir. However, timely action saved the day for the police and it was ensured that the culprits were booked.
Kerala Government Lifts High Alert Announced Over Nipah Outbreak
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The Kerala government today decided to lift the high alert sounded in northern Kozhikode and Malappuram districts in the wake of the outbreak of deadly Nipah virus last month that has so far claimed 17 lives.
Addressing a press conference here after an all-party meet that discussed the situation post-Nipah, state Health Minister K K Shylaja said the virus has been brought under control and its spread checked.
"It has been decided to reopen educational institutions, schools and professional colleges on June 12, which was postponed due to the virus outbreak," she said.
However, she said though restrictions for the public gatherings of people has been relaxed, it was better to continue the vigil till this month end.
"Nipah is under control now and no positive case has been reported. In this backdrop, it has been decided to relax the high alert issued in mid-May after the outbreak of the disease," she said.
Out of the total samples sent for examination, 371 cases have tested negative so far.
"We expect the same results in the remaining samples also. So we can say that the disease is under control and we do not expect any further spread," she said.
However, the minister said that monitoring of persons who were in the contact list, would continue.
But she made it clear that these persons or families should not be isolated as there is no chance of recurrence of the disease.
As many as 2,649 person were in the contact list, which has now come down to 1,430.
The minister also said that the expert cell, opened to monitor the day-to-day situation here, would be closed on June 15, but the District Collector and the District Medical Officer (DMO) would continue the coordination in this regard.
Lauding the services by doctors, nurses and paramedics who played a vital role in bringing the situation under control, the minister said the government would organise a function to felicitate them.
Addressing a press conference here after an all-party meet that discussed the situation post-Nipah, state Health Minister K K Shylaja said the virus has been brought under control and its spread checked.
"It has been decided to reopen educational institutions, schools and professional colleges on June 12, which was postponed due to the virus outbreak," she said.
However, she said though restrictions for the public gatherings of people has been relaxed, it was better to continue the vigil till this month end.
"Nipah is under control now and no positive case has been reported. In this backdrop, it has been decided to relax the high alert issued in mid-May after the outbreak of the disease," she said.
Out of the total samples sent for examination, 371 cases have tested negative so far.
"We expect the same results in the remaining samples also. So we can say that the disease is under control and we do not expect any further spread," she said.
However, the minister said that monitoring of persons who were in the contact list, would continue.
But she made it clear that these persons or families should not be isolated as there is no chance of recurrence of the disease.
As many as 2,649 person were in the contact list, which has now come down to 1,430.
The minister also said that the expert cell, opened to monitor the day-to-day situation here, would be closed on June 15, but the District Collector and the District Medical Officer (DMO) would continue the coordination in this regard.
Lauding the services by doctors, nurses and paramedics who played a vital role in bringing the situation under control, the minister said the government would organise a function to felicitate them.
Private Sector Professionals Can Be Bureaucrats, 10 Senior Posts Open
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The Narendra Modi government has now opened the doors of bureaucracy to skilled people from the private sector, inviting applications for 10 senior-level posts. The post of the joint secretary -- crucial to policy making and implementation of government programmes -- is filled by career bureaucrats, who usually join the service after passing exams conducted by the Union Public Service Commission.
The idea of lateral entry into bureaucracy has been under discussion on and off for years, but this is the first time it has been acted upon. The government has said it is keen on it to bring in "fresh ideas and new approaches to governance".
The notification from the Department of Personnel Training says it is looking for 10 "outstanding individuals" who are willing to contribute towards nation building. Those eligible includes "Individuals working at comparable levels in Private Sector Companies, Consultancy Organisations, International/Multinational Organisations" above the age of 40 years and with a minimum of 15 years' experience.
The recruitment will be done on contract basis for three to five years. Recruitment will be made for 10 departments -- including Revenue, Financial Services, Economic Affairs, Commerce and Civil Aviation.
The posts are also open to officials of any state or union territory government who are already working at equivalent level, and individuals working at comparable levels in public sector undertakings, autonomous bodies, universities and research institutes.
The civil services system was considered one of the best British legacies to Independent India, given its lack of experience in governance and huge need for socio-economic development. But post-liberalisation in 1990s, the bureaucracy was seen by some sections as stagnant.
The need of the day, they asserted, was specialized knowledge and pointed to the advent of domain experts like Montek Singh Ahluwalia, Nandan Nilekani, Arvind Subramanian and Raghuram Rajan in government organisations and advisory bodies.
The government's announcement received mixed response from political leaders as well as the social media. While most hailed it as a welcome step that would bring in the much-needed field experts in governance, critics said the system can only work if the method of selection is impartial, objective and transparent.
"This is being done so that people who are with RSS or BJP come on this position and will then directly influence the decisions taken by government," said Congress' PL Punia
"How can this Manuvadi government sideline the UPSC and appoint whoever they like to important posts like joint secretaries without conducting exams? This is a violation of the constitution and reservation. Tomorrow they will appoint a PM and cabinet without conducting elections. They have made a joke out of the constitutions," tweeted Bihar Tejashwi Yadav.
The much talked and debated reform is here now. Lateral entry to government at Joint Secretary level. Hope this reform will usher an era of good policy formulations and without getting into the trap of spoil system.
"This is a big deal. I had anticipated (& welcomed) this possibility in speeches/writing when i saw a cpl of yrs ago that IAS grip on JS+ posts was broken with surge in appts from other allied cadre svcs. Now true lateral entry will open up the bureaucracy with real world," tweeted Odisha political leader Jay Panda, who recently quit the Chief Minister Naveen Patnaik's party.
However it will only work if rules for selection are impartial, objective & transparent. Else the purpose will be defeated
I totally support GoI decision to allow lateral entry of professionals at Joint Secretary level. It'll make the services more competitive and force IAS to specialise. New ideas will come in. And the fun part, that those who couldn't enter IAS when young, find a crack in the wall!
"The intentions will be suspect. Plus the bureaucracy will not accept a sudden lateral entry. Doing away with entire IAS will not be easy. However, we should bring more transparency, etc to ensure efficiency and all are rewarded better," posted another user.
The idea of lateral entry into bureaucracy has been under discussion on and off for years, but this is the first time it has been acted upon. The government has said it is keen on it to bring in "fresh ideas and new approaches to governance".
The notification from the Department of Personnel Training says it is looking for 10 "outstanding individuals" who are willing to contribute towards nation building. Those eligible includes "Individuals working at comparable levels in Private Sector Companies, Consultancy Organisations, International/Multinational Organisations" above the age of 40 years and with a minimum of 15 years' experience.
The recruitment will be done on contract basis for three to five years. Recruitment will be made for 10 departments -- including Revenue, Financial Services, Economic Affairs, Commerce and Civil Aviation.
The posts are also open to officials of any state or union territory government who are already working at equivalent level, and individuals working at comparable levels in public sector undertakings, autonomous bodies, universities and research institutes.
The civil services system was considered one of the best British legacies to Independent India, given its lack of experience in governance and huge need for socio-economic development. But post-liberalisation in 1990s, the bureaucracy was seen by some sections as stagnant.
The need of the day, they asserted, was specialized knowledge and pointed to the advent of domain experts like Montek Singh Ahluwalia, Nandan Nilekani, Arvind Subramanian and Raghuram Rajan in government organisations and advisory bodies.
The government's announcement received mixed response from political leaders as well as the social media. While most hailed it as a welcome step that would bring in the much-needed field experts in governance, critics said the system can only work if the method of selection is impartial, objective and transparent.
"This is being done so that people who are with RSS or BJP come on this position and will then directly influence the decisions taken by government," said Congress' PL Punia
"How can this Manuvadi government sideline the UPSC and appoint whoever they like to important posts like joint secretaries without conducting exams? This is a violation of the constitution and reservation. Tomorrow they will appoint a PM and cabinet without conducting elections. They have made a joke out of the constitutions," tweeted Bihar Tejashwi Yadav.
The much talked and debated reform is here now. Lateral entry to government at Joint Secretary level. Hope this reform will usher an era of good policy formulations and without getting into the trap of spoil system.
"This is a big deal. I had anticipated (& welcomed) this possibility in speeches/writing when i saw a cpl of yrs ago that IAS grip on JS+ posts was broken with surge in appts from other allied cadre svcs. Now true lateral entry will open up the bureaucracy with real world," tweeted Odisha political leader Jay Panda, who recently quit the Chief Minister Naveen Patnaik's party.
However it will only work if rules for selection are impartial, objective & transparent. Else the purpose will be defeated
I totally support GoI decision to allow lateral entry of professionals at Joint Secretary level. It'll make the services more competitive and force IAS to specialise. New ideas will come in. And the fun part, that those who couldn't enter IAS when young, find a crack in the wall!
"The intentions will be suspect. Plus the bureaucracy will not accept a sudden lateral entry. Doing away with entire IAS will not be easy. However, we should bring more transparency, etc to ensure efficiency and all are rewarded better," posted another user.
PM Modi Invites Kazakhstan To Join International Solar Alliance At Asian Summit SCO
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Prime Minister Narendra Modi today held a "productive" meeting with Kazakhstan President Nursultan Nazarbayev and invited his country to join the International Solar Alliance.
PM Modi met Nazarbayev on the sidelines of the Shanghai Cooperation Organisation summit here in the eastern Chinese port city.
"Prime Minister Modi had a productive meeting with Nursultan Nazarbayev, the President of Kazakhstan, on the sidelines of the SCO Summit," Ministry of External Affairs Spokesperson Raveesh Kumar said.
Prime Minister Modi invited the Kazakhstan president to join the International Solar Alliance (ISA), an initiative announced in 2015 whose primary objective is to work for efficient exploitation of solar energy to reduce dependence on fossil fuels.
"PM Narendra Modi invited Kazakhstan to join the International Solar Alliance and the President of Kazakhstan responded positively," said Ruchi Ghanashyam, Secretary (West) in the Ministry of External Affairs.
PM Modi held nearly half a dozen bilateral meetings with leaders of other SCO countries.
Other leaders attending the summit include Chinese President Xi Jinping, Russian President Vladimir Putin, Iranian President Hassan Rouhani and Pakistan President Mamnoon Hussain.
Prime Minister Modi yesterday had seperate meetings with the President of Uzbekistan Shavkat Mirziyoyev and Tajikistan President Emomali Rahmon on the sidelines of the summit here and discussed a range of topics with them to further strengthen India's ties with the resource-rich Central Asian countries.
PM Modi met Nazarbayev on the sidelines of the Shanghai Cooperation Organisation summit here in the eastern Chinese port city.
"Prime Minister Modi had a productive meeting with Nursultan Nazarbayev, the President of Kazakhstan, on the sidelines of the SCO Summit," Ministry of External Affairs Spokesperson Raveesh Kumar said.
Prime Minister Modi invited the Kazakhstan president to join the International Solar Alliance (ISA), an initiative announced in 2015 whose primary objective is to work for efficient exploitation of solar energy to reduce dependence on fossil fuels.
"PM Narendra Modi invited Kazakhstan to join the International Solar Alliance and the President of Kazakhstan responded positively," said Ruchi Ghanashyam, Secretary (West) in the Ministry of External Affairs.
PM Modi held nearly half a dozen bilateral meetings with leaders of other SCO countries.
Other leaders attending the summit include Chinese President Xi Jinping, Russian President Vladimir Putin, Iranian President Hassan Rouhani and Pakistan President Mamnoon Hussain.
Prime Minister Modi yesterday had seperate meetings with the President of Uzbekistan Shavkat Mirziyoyev and Tajikistan President Emomali Rahmon on the sidelines of the summit here and discussed a range of topics with them to further strengthen India's ties with the resource-rich Central Asian countries.
Business Affairs
From Basmati rice to Brahmaputra river, here's what India-China discussed at SCO Summit 2018
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Prime Minister Narendra Modi is on a two-day visit to China for the annual meeting of the Council of Heads of States of the Shanghai Cooperation Organization (SCO). The SCO Summit 2018 is currently underway in Qingdao, China. During the summit, India signed various pacts and agreements with the member countries including host nation China. Prime Minister Modi held nearly half a dozen bilateral meetings with leaders of other SCO countries.
Here's what has happened so far
President Xi Jinping has suggested to Prime Minister Narendra Modi that China and India should set up a new bilateral trade target of USD 100 billion by 2020. According to data of the Chinese General Administration of Customs, India-China bilateral trade reached USD 84.44 billion last year. The bilateral trade in 2017 rose by 18.63 per cent year-on-year to reach USD 84.44 billion. New Delhi and Beijing had earlier set a bilateral trade target of USD 100 billion by 2015.
An agreement was signed between China's General Administration of Customs and India's Department of Agriculture, Cooperation and Farmers Welfare on Phytosanitary requirements for exporting rice from India to China. The 2006 Protocol on Phytosanitary Requirements for Exporting Rice from India to China has been amended to include the export of non-Basmati varieties of rice from India. At present, India can only export Basmati rice to China.
India and China signed bilateral agreement on continuing the sharing of hydrological data on the Brahmaputra river - which China stopped last year. In 2017, China had refused to share information on the movement, distribution and quality of water for the Brahmaputra river without which India couldn't prepare for the massive floods that hit the Indian region.
Foreign Secretary Vijay Gokhale today said that China is looking at enhancing agricultural exports from India including non-Basmati rice and sugar. China has also agreed to encourage India's pharmaceutical companies to register for high quality pharma products in its market. This is an important development as India has been pressing for greater pharma exports into China.
Prime Minister Modi invited the Kazakhstan President Nursultan Nazarbayev to join the International Solar Alliance- an initiative announced in 2015 whose primary objective is to work for efficient exploitation of solar energy to reduce dependence on fossil fuels.
Prime Minister Modi called for respect for sovereignty, economic growth, connectivity and unity among the members of the SCO. The Prime Minister coined an acronym 'SECURE' which he explained: S' for security for citizens, E' for economic development, C' for connectivity in the region, U' for unity, R' for respect of sovereignty and integrity, E' for environment protection.
PM Modi talked about the importance of linking the region with transport corridors and said connectivity does not only mean geographical link but a way to ensure people-to-people contact. "India welcomes any such project which is inclusive, sustainable and transparent. And which respects member states' sovereignty and territorial integrity," Modi said in a veiled dig at China's One Belt One Road project.
Prime Minister Modi also met Pakistani President Mamnoon Hussain after a press conference by the leaders of the Shanghai Cooperation Organisation meet. Modi and Hussain were among the leaders who attended the media briefing after culmination of the 18th SCO summit where India and Pakistan participated as full-fledged members.
Chinese President Xi Jinping called for efforts to give full play to the role of the SCO-Afghanistan Contact Group to facilitate peace and reconstruction in war-torn Afghanistan. He said that the SCO members need to build a powerful engine to achieve common development.
China will set up a 30-billion-yuan (USD 4.7 billion) equivalent special lending facility within the framework of the SCO Inter-bank Consortium. In the next three years, China will provide 3,000 training opportunities of human resources development for SCO member states to enhance public understanding of and support for the SCO family.
The SCO currently has eight member countries - China, India, Pakistan, Kazakhstan, Kyrgyzstan, Russian, Tajikistan, and Uzbekistan - which represents around 42 per cent of the world's population and 20 per cent of the global GDP.
Here's what has happened so far
President Xi Jinping has suggested to Prime Minister Narendra Modi that China and India should set up a new bilateral trade target of USD 100 billion by 2020. According to data of the Chinese General Administration of Customs, India-China bilateral trade reached USD 84.44 billion last year. The bilateral trade in 2017 rose by 18.63 per cent year-on-year to reach USD 84.44 billion. New Delhi and Beijing had earlier set a bilateral trade target of USD 100 billion by 2015.
An agreement was signed between China's General Administration of Customs and India's Department of Agriculture, Cooperation and Farmers Welfare on Phytosanitary requirements for exporting rice from India to China. The 2006 Protocol on Phytosanitary Requirements for Exporting Rice from India to China has been amended to include the export of non-Basmati varieties of rice from India. At present, India can only export Basmati rice to China.
India and China signed bilateral agreement on continuing the sharing of hydrological data on the Brahmaputra river - which China stopped last year. In 2017, China had refused to share information on the movement, distribution and quality of water for the Brahmaputra river without which India couldn't prepare for the massive floods that hit the Indian region.
Foreign Secretary Vijay Gokhale today said that China is looking at enhancing agricultural exports from India including non-Basmati rice and sugar. China has also agreed to encourage India's pharmaceutical companies to register for high quality pharma products in its market. This is an important development as India has been pressing for greater pharma exports into China.
Prime Minister Modi invited the Kazakhstan President Nursultan Nazarbayev to join the International Solar Alliance- an initiative announced in 2015 whose primary objective is to work for efficient exploitation of solar energy to reduce dependence on fossil fuels.
Prime Minister Modi called for respect for sovereignty, economic growth, connectivity and unity among the members of the SCO. The Prime Minister coined an acronym 'SECURE' which he explained: S' for security for citizens, E' for economic development, C' for connectivity in the region, U' for unity, R' for respect of sovereignty and integrity, E' for environment protection.
PM Modi talked about the importance of linking the region with transport corridors and said connectivity does not only mean geographical link but a way to ensure people-to-people contact. "India welcomes any such project which is inclusive, sustainable and transparent. And which respects member states' sovereignty and territorial integrity," Modi said in a veiled dig at China's One Belt One Road project.
Prime Minister Modi also met Pakistani President Mamnoon Hussain after a press conference by the leaders of the Shanghai Cooperation Organisation meet. Modi and Hussain were among the leaders who attended the media briefing after culmination of the 18th SCO summit where India and Pakistan participated as full-fledged members.
Chinese President Xi Jinping called for efforts to give full play to the role of the SCO-Afghanistan Contact Group to facilitate peace and reconstruction in war-torn Afghanistan. He said that the SCO members need to build a powerful engine to achieve common development.
China will set up a 30-billion-yuan (USD 4.7 billion) equivalent special lending facility within the framework of the SCO Inter-bank Consortium. In the next three years, China will provide 3,000 training opportunities of human resources development for SCO member states to enhance public understanding of and support for the SCO family.
The SCO currently has eight member countries - China, India, Pakistan, Kazakhstan, Kyrgyzstan, Russian, Tajikistan, and Uzbekistan - which represents around 42 per cent of the world's population and 20 per cent of the global GDP.
SBI to auction 12 bad accounts this month to recover over Rs 1,325 crore
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The country's largest lender SBI will conduct auction of 12 non-performing accounts (NPAs) later this month to recover dues of over Rs 1,325 crore.
The e-auction of these accounts will take place on June 25, according to an SBI notice.
The NPA accounts that have been put under the hammer include Ankit Metal & Power Ltd (Rs 690.08 crore), Modern Steels Ltd (Rs 122.61 crore), Good Health Agrotech Pvt Ltd (Rs 109.14 crore), Amit Cottons Pvt Ltd (Rs 84.70 crore), and Ind-Swift Ltd (Rs 80.49 crore).
The remaining are Nikhil Refineries (Rs 52.85 crore), Bhaskar Shrachi Alloys (Rs 51.48 crore), Sri Ganesh Sponge Iron Pvt Ltd (Rs 38.96 crore), Asmita Papers (Rs 37.23 crore), Forel Labs (Rs 22.86 crore), Karthik Agro Industries (Rs 20.82 crore) and Abhinandan Interexim (Rs 14.15 crore).
State Bank of India (SBI) said interested bidders can conduct due diligence of these assets with immediate effect after submitting the expression of interest and executing a non-disclosure agreement with the bank.
The lenders gross non-performing assets or bad loans as on March 31, 2018, reached Rs 2.23 lakh crore, which was 10.91 per cent of gross advances by the end of 2017-18.
SBI reported a record net loss of Rs 7,718 crore in the fourth quarter ended March, and of Rs 6,547 crore for 2017-18 due to higher provisioning for bad loans.
The net NPAs were Rs 1,10,855 crore (5.73 per cent of net loans) by end of March, 2018.
SBI said that the recovery in its written-off accounts improved to 21.18 per cent in March quarter and the losses during the past fiscal were mainly because it was required to make provisions at a higher rates in respect of advances to stressed sectors of the economy.
The revised framework of Reserve Bank of India has earmarked specified norms for early identification of stressed assets, timeline for implementation of resolution plans and a penalty on banks for failing to adhere to the prescribed timeline.
These guidelines came after the banking sector regulator scrapped the previous mechanisms such as the Corporate Debt Restructuring Scheme, Strategic Debt Restructuring Scheme (SDR) and Scheme for Sustainable Structuring of Stressed Assets (S4A).
The e-auction of these accounts will take place on June 25, according to an SBI notice.
The NPA accounts that have been put under the hammer include Ankit Metal & Power Ltd (Rs 690.08 crore), Modern Steels Ltd (Rs 122.61 crore), Good Health Agrotech Pvt Ltd (Rs 109.14 crore), Amit Cottons Pvt Ltd (Rs 84.70 crore), and Ind-Swift Ltd (Rs 80.49 crore).
The remaining are Nikhil Refineries (Rs 52.85 crore), Bhaskar Shrachi Alloys (Rs 51.48 crore), Sri Ganesh Sponge Iron Pvt Ltd (Rs 38.96 crore), Asmita Papers (Rs 37.23 crore), Forel Labs (Rs 22.86 crore), Karthik Agro Industries (Rs 20.82 crore) and Abhinandan Interexim (Rs 14.15 crore).
State Bank of India (SBI) said interested bidders can conduct due diligence of these assets with immediate effect after submitting the expression of interest and executing a non-disclosure agreement with the bank.
The lenders gross non-performing assets or bad loans as on March 31, 2018, reached Rs 2.23 lakh crore, which was 10.91 per cent of gross advances by the end of 2017-18.
SBI reported a record net loss of Rs 7,718 crore in the fourth quarter ended March, and of Rs 6,547 crore for 2017-18 due to higher provisioning for bad loans.
The net NPAs were Rs 1,10,855 crore (5.73 per cent of net loans) by end of March, 2018.
SBI said that the recovery in its written-off accounts improved to 21.18 per cent in March quarter and the losses during the past fiscal were mainly because it was required to make provisions at a higher rates in respect of advances to stressed sectors of the economy.
The revised framework of Reserve Bank of India has earmarked specified norms for early identification of stressed assets, timeline for implementation of resolution plans and a penalty on banks for failing to adhere to the prescribed timeline.
These guidelines came after the banking sector regulator scrapped the previous mechanisms such as the Corporate Debt Restructuring Scheme, Strategic Debt Restructuring Scheme (SDR) and Scheme for Sustainable Structuring of Stressed Assets (S4A).
Indian Railways installs automatic food vending machine on a train for the first time
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Indian Railways has for the first time installed tablet-operated automatic food vending machine in the newly-launched Coimbatore-Bengaluru UDAY Express. The passengers travelling on the train can now have a variety of snacks and beverages such as biscuits, chips, packaged foods, canned juices, aerated drinks, tea and coffee.
Apart from food vending machine, the newly-introduced UDAY Express is also equipped with a host of new features such as infotainment system, with wi-fi, GPS-based passenger information system and an exclusive dining area for passengers. Double-decker UDAY Express, which was flagged-off on Friday, will run between Coimbatore and Bengaluru.
The Indian Railways has taken several initiatives to make passenger service better during train journey. Last week, the IRCTC launched its trial run of environment-friendly, bagasse-based food packaging on eight select Shatabdi and Rajdhani trains originating from New Delhi.
The IRCTC will now use bagasse -- the fibrous remains after extracting sugarcane juice -- to make disposable cutlery and containers, in which meals will be served.
Calling the initiative a small step to beat plastic pollution, Railway Minister Piyush Goyal in a tweet said that the Indian Railways has started using fully biodegradable packages in 4 Shatabdi and 4 Rajdhani trains from Delhi, contributing towards a greener planet.
In the coming months, the railways aims to introduce the bagasse-based packaging on all the Rajdhani, Shatabdi and Duranto trains in the coming months.
Earlier, the Indian Railways overhauled its ticketing website to ensure better user experience. The new IRCTC website has more user friendly features for easier navigation. On new website, users can now enquire / search trains and check availability of seats without login.
It also has class-wise, train-wise, destination-wise, departure/arrival time wise and quota-wise filters for facilitating customers while planning their journeys.
To enhance user's booking experience, the Railways has also introduced waitlist prediction- a feature that will predict the probability of a Waitlisted or RAC ticket getting confirmed. This technique uses algorithm based on historical booking trends of the particular train.
Apart from food vending machine, the newly-introduced UDAY Express is also equipped with a host of new features such as infotainment system, with wi-fi, GPS-based passenger information system and an exclusive dining area for passengers. Double-decker UDAY Express, which was flagged-off on Friday, will run between Coimbatore and Bengaluru.
The Indian Railways has taken several initiatives to make passenger service better during train journey. Last week, the IRCTC launched its trial run of environment-friendly, bagasse-based food packaging on eight select Shatabdi and Rajdhani trains originating from New Delhi.
The IRCTC will now use bagasse -- the fibrous remains after extracting sugarcane juice -- to make disposable cutlery and containers, in which meals will be served.
Calling the initiative a small step to beat plastic pollution, Railway Minister Piyush Goyal in a tweet said that the Indian Railways has started using fully biodegradable packages in 4 Shatabdi and 4 Rajdhani trains from Delhi, contributing towards a greener planet.
In the coming months, the railways aims to introduce the bagasse-based packaging on all the Rajdhani, Shatabdi and Duranto trains in the coming months.
Earlier, the Indian Railways overhauled its ticketing website to ensure better user experience. The new IRCTC website has more user friendly features for easier navigation. On new website, users can now enquire / search trains and check availability of seats without login.
It also has class-wise, train-wise, destination-wise, departure/arrival time wise and quota-wise filters for facilitating customers while planning their journeys.
To enhance user's booking experience, the Railways has also introduced waitlist prediction- a feature that will predict the probability of a Waitlisted or RAC ticket getting confirmed. This technique uses algorithm based on historical booking trends of the particular train.
Companies under insolvency process to face additional surveillance from June 11
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Markets regulator Sebi and stock exchanges will put in place additional surveillance measures for companies that are undergoing insolvency resolution process (IRP) from Monday, according to the leading bourse BSE.
The data available with the BSE shows that 75 firms, including ABG Shipyard, Amtek Auto, Bhushan Steel, Jaypee Infratech, Electrosteel Steels, Mandhana Industries, Monnet Ispat & Energy, Ruchi Soya Industries, Supreme Tex Mart, Vardhman Industries and Rei Agro, are undergoing insolvency process as per the Insolvency and Bankruptcy Code (IBC).
In order to enhance market integrity and safeguard investors' interest, the Securities and Exchange Board of India (Sebi) and the exchanges have been introducing various enhanced pre-emptive surveillance measures such as reduction in price band, periodic call auction and transfer of securities to trade to trade category from time to time.
"In continuation to various surveillance measures already implemented, Sebi and exchanges, pursuant to discussions in joint surveillance meetings, have decided that along with the aforesaid measures there shall be surveillance measures for companies that are undergoing IRP as per IBC w.e.f June 11, 2018," the BSE said in a release today.
These companies undergoing insolvency process as per the IBC would be monitored on a pre-determined objective criteria and the margin on securities would be "levied at the rate of 100 per cent once the criteria gets satisfied".
"These securities shall be further monitored for an objective criteria and shall be shifted to trade for trade segment once the criteria gets satisfied," BSE said.
As per the BSE, the "surveillance measures shall be in conjunction with all other prevailing surveillance measures" being imposed by the exchanges from time to time.
The data available with the BSE shows that 75 firms, including ABG Shipyard, Amtek Auto, Bhushan Steel, Jaypee Infratech, Electrosteel Steels, Mandhana Industries, Monnet Ispat & Energy, Ruchi Soya Industries, Supreme Tex Mart, Vardhman Industries and Rei Agro, are undergoing insolvency process as per the Insolvency and Bankruptcy Code (IBC).
In order to enhance market integrity and safeguard investors' interest, the Securities and Exchange Board of India (Sebi) and the exchanges have been introducing various enhanced pre-emptive surveillance measures such as reduction in price band, periodic call auction and transfer of securities to trade to trade category from time to time.
"In continuation to various surveillance measures already implemented, Sebi and exchanges, pursuant to discussions in joint surveillance meetings, have decided that along with the aforesaid measures there shall be surveillance measures for companies that are undergoing IRP as per IBC w.e.f June 11, 2018," the BSE said in a release today.
These companies undergoing insolvency process as per the IBC would be monitored on a pre-determined objective criteria and the margin on securities would be "levied at the rate of 100 per cent once the criteria gets satisfied".
"These securities shall be further monitored for an objective criteria and shall be shifted to trade for trade segment once the criteria gets satisfied," BSE said.
As per the BSE, the "surveillance measures shall be in conjunction with all other prevailing surveillance measures" being imposed by the exchanges from time to time.
Fuel prices cut for 12th straight day: Petrol down by 24 paise to Rs 76.78, diesel at Rs 68.10 in Delhi
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Fuel prices were today slashed for the twelfth straight day. Petrol price is cut by 24 paise to Rs 76.78 and diesel by 18 paise to Rs 68.10 in Delhi. In other metro cities, petrol is being sold at Rs 79.44 in Kolkata, down by 24 pasie; Rs 84.61 in Mumbai, down by 23 paise and Rs 79.69 in Chennai, cut by 26 paise. In last 12 days, the petrol price has come down by Rs 1.65 paise - in the national capital - from its record high of Rs 78.43 on May 29. Before slashing the prices, oil marketing companies had hiked the fuel cost for 16 consecutive days - from May 13 to May 29, petrol price was raised by Rs 3.8 and diesel by Rs 3.38 per litre.
Indian petroleum prices are determined by the cost of crude oil in international market. Last year, crude oil prices shot up after the organisation of oil exporting countries decided to withhold the excessive output, which had brought down the prices to the lowest in more than a decade. The countries slashed the overall fuel supply by about 1.8 million barrels per day that created the shortage of crude which in turn spiralled the prices.
However, it was reported, that the members from OPEC countries -- Saudi Arabia, the United Arab Emirates, Kuwait and Algeria -- this week met unofficially in Kuwait and agreed to lift the curb on crude supply. Following the report, the US crude prices on Monday touched its lowest level in nearly two months.
Earlier this week, industry body Assocham argued that reducing taxes is the best solution to check the spike in fuel prices which would also help India on the exports front. In a statement, Assocham Secretary General D S Rawat said that cutting down taxes will make India's exports competitive, bring down current account deficit and the country may also no longer see the rupee depreciating.
The chamber further suggested to the Centre to bring oil products within the ambit of the Goods and Services Tax (GST) so that India's fuel prices match international rates. "The prices then do not have to be administered by the government and people would treat oil as just another commodity which depends on international prices," Rawat said. He further said that higher oil prices significantly impact not just India's economy but household budgets as well as it leads to increase in cost of transportation and therefore impacts a lot of other products in the inflation basket.
Not only Assocham, but opposition parties too demanded for tax cut to provide some relief to the consumers. However, the market analysts believe that the Centre does not have enough space to cut excise duty as one rupee cut will result in Rs 13,000 crore loss for the government annually.
However, the states can cut VAT by up to Rs 2. According to a SBI report, the states can slash petrol price by Rs 2.65 per litre and diesel by Rs 2 a litre if they decide to forgo potential gains out of high crude oil prices. It said that the states earn an additional revenue of Rs 2,675 crore for every USD 1 per barrel increase in oil prices.
"Given that these revenue if foregone will not impact states fiscal position, we estimate that on an average, states can cut petrol prices by Rs 2.65 per litre and diesel by Rs 2 per litre, if the entire revenue gain was to be neutralised," the report argued. Despite the room for tax cut on fuel, no BJP-ruled states have moved so far in that direction. Kerla is the only state that has cut the tax on petrol and diesel by Re 1.
Meanwhile, India's fuel demand in May went up by 3.4 per cent compared to the same month last year. According to the data from the Petroleum Planning and Analysis Cell, sales of petrol were up 2.0 per cent higher from a year earlier at 2.46 million tonnes.
Indian petroleum prices are determined by the cost of crude oil in international market. Last year, crude oil prices shot up after the organisation of oil exporting countries decided to withhold the excessive output, which had brought down the prices to the lowest in more than a decade. The countries slashed the overall fuel supply by about 1.8 million barrels per day that created the shortage of crude which in turn spiralled the prices.
However, it was reported, that the members from OPEC countries -- Saudi Arabia, the United Arab Emirates, Kuwait and Algeria -- this week met unofficially in Kuwait and agreed to lift the curb on crude supply. Following the report, the US crude prices on Monday touched its lowest level in nearly two months.
Earlier this week, industry body Assocham argued that reducing taxes is the best solution to check the spike in fuel prices which would also help India on the exports front. In a statement, Assocham Secretary General D S Rawat said that cutting down taxes will make India's exports competitive, bring down current account deficit and the country may also no longer see the rupee depreciating.
The chamber further suggested to the Centre to bring oil products within the ambit of the Goods and Services Tax (GST) so that India's fuel prices match international rates. "The prices then do not have to be administered by the government and people would treat oil as just another commodity which depends on international prices," Rawat said. He further said that higher oil prices significantly impact not just India's economy but household budgets as well as it leads to increase in cost of transportation and therefore impacts a lot of other products in the inflation basket.
Not only Assocham, but opposition parties too demanded for tax cut to provide some relief to the consumers. However, the market analysts believe that the Centre does not have enough space to cut excise duty as one rupee cut will result in Rs 13,000 crore loss for the government annually.
However, the states can cut VAT by up to Rs 2. According to a SBI report, the states can slash petrol price by Rs 2.65 per litre and diesel by Rs 2 a litre if they decide to forgo potential gains out of high crude oil prices. It said that the states earn an additional revenue of Rs 2,675 crore for every USD 1 per barrel increase in oil prices.
"Given that these revenue if foregone will not impact states fiscal position, we estimate that on an average, states can cut petrol prices by Rs 2.65 per litre and diesel by Rs 2 per litre, if the entire revenue gain was to be neutralised," the report argued. Despite the room for tax cut on fuel, no BJP-ruled states have moved so far in that direction. Kerla is the only state that has cut the tax on petrol and diesel by Re 1.
Meanwhile, India's fuel demand in May went up by 3.4 per cent compared to the same month last year. According to the data from the Petroleum Planning and Analysis Cell, sales of petrol were up 2.0 per cent higher from a year earlier at 2.46 million tonnes.
General Awareness
Uranium contamination
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Context: Scientists have found widespread uranium contamination in groundwater from aquifers across 16 states in India, much above the WHO provisional standard for the country. The main source of uranium contamination was “natural,” but human factors such as groundwater table decline and nitrate pollution could be worsening the problem.
WHO prescribed limit:
The WHO has set a provisional safe drinking water standard of 30 micrograms of uranium per litre, a level that is consistent with the U.S. EPA standards. However, uranium is not yet included in the list of contaminants monitored under the Bureau of Indian Standards’ Drinking Water Specifications.
Main factors responsible for uranium contamination:
When over-pumping of aquifers’ groundwater occurs and their water levels decline, it induces oxidation conditions that, in turn, enhance uranium enrichment in the shallow groundwater that remains.
While the primary source of uranium is geogenic (naturally occurring), anthropogenic (human caused) factors such as groundwater table decline and nitrate pollution may further enhance uranium mobilisation.
Other factors include the amount of uranium contained in an aquifer’s rocks; water-rock interactions that cause the uranium to be extracted from those rocks; oxidation conditions that enhance the extracted uranium’s solubility in water; and the interaction of the extracted uranium with other chemicals in the groundwater, such as bicarbonate, which can further enhance its solubility.
What needs to be done?
There is a need for revision of the current water quality monitoring program in India, evaluation of human health risks in areas of high uranium prevalence, development of adequate remediation technologies, and, above all, implementation of preventive management practices to address this problem.
Including a uranium standard in the Bureau of Indian Standards’ Drinking Water Specification based on uranium’s kidney-harming effects, establishing monitoring systems to identify at-risk areas, and exploring new ways to prevent or treat uranium contamination will help ensure access to safe drinking water for tens of millions in India.
What’s important?
For Prelims and Mains: Uranium contamination- causes, concerns, effects and solutions.
Context: Scientists have found widespread uranium contamination in groundwater from aquifers across 16 states in India, much above the WHO provisional standard for the country. The main source of uranium contamination was “natural,” but human factors such as groundwater table decline and nitrate pollution could be worsening the problem.
WHO prescribed limit:
The WHO has set a provisional safe drinking water standard of 30 micrograms of uranium per litre, a level that is consistent with the U.S. EPA standards. However, uranium is not yet included in the list of contaminants monitored under the Bureau of Indian Standards’ Drinking Water Specifications.
Main factors responsible for uranium contamination:
When over-pumping of aquifers’ groundwater occurs and their water levels decline, it induces oxidation conditions that, in turn, enhance uranium enrichment in the shallow groundwater that remains.
While the primary source of uranium is geogenic (naturally occurring), anthropogenic (human caused) factors such as groundwater table decline and nitrate pollution may further enhance uranium mobilisation.
Other factors include the amount of uranium contained in an aquifer’s rocks; water-rock interactions that cause the uranium to be extracted from those rocks; oxidation conditions that enhance the extracted uranium’s solubility in water; and the interaction of the extracted uranium with other chemicals in the groundwater, such as bicarbonate, which can further enhance its solubility.
What needs to be done?
There is a need for revision of the current water quality monitoring program in India, evaluation of human health risks in areas of high uranium prevalence, development of adequate remediation technologies, and, above all, implementation of preventive management practices to address this problem.
Including a uranium standard in the Bureau of Indian Standards’ Drinking Water Specification based on uranium’s kidney-harming effects, establishing monitoring systems to identify at-risk areas, and exploring new ways to prevent or treat uranium contamination will help ensure access to safe drinking water for tens of millions in India.
What’s important?
For Prelims and Mains: Uranium contamination- causes, concerns, effects and solutions.
WHO prescribed limit:
The WHO has set a provisional safe drinking water standard of 30 micrograms of uranium per litre, a level that is consistent with the U.S. EPA standards. However, uranium is not yet included in the list of contaminants monitored under the Bureau of Indian Standards’ Drinking Water Specifications.
Main factors responsible for uranium contamination:
When over-pumping of aquifers’ groundwater occurs and their water levels decline, it induces oxidation conditions that, in turn, enhance uranium enrichment in the shallow groundwater that remains.
While the primary source of uranium is geogenic (naturally occurring), anthropogenic (human caused) factors such as groundwater table decline and nitrate pollution may further enhance uranium mobilisation.
Other factors include the amount of uranium contained in an aquifer’s rocks; water-rock interactions that cause the uranium to be extracted from those rocks; oxidation conditions that enhance the extracted uranium’s solubility in water; and the interaction of the extracted uranium with other chemicals in the groundwater, such as bicarbonate, which can further enhance its solubility.
What needs to be done?
There is a need for revision of the current water quality monitoring program in India, evaluation of human health risks in areas of high uranium prevalence, development of adequate remediation technologies, and, above all, implementation of preventive management practices to address this problem.
Including a uranium standard in the Bureau of Indian Standards’ Drinking Water Specification based on uranium’s kidney-harming effects, establishing monitoring systems to identify at-risk areas, and exploring new ways to prevent or treat uranium contamination will help ensure access to safe drinking water for tens of millions in India.
What’s important?
For Prelims and Mains: Uranium contamination- causes, concerns, effects and solutions.
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