Ireland set to Exit International Bail-out Programme

Ireland on 13 October 2013 announced that in December 2013 it would become the first member of the Euro zone, to exit an International bail -out programme. From then on, the Republic will borrow the money it needs, from the financial markets rather than relying on the loans, it was granted by Euro zone agencies and the IMF.

Ireland followed a four-year austerity programme that was sparked when its property bubble burst, tipping banks into financial crisis. Ireland can become an example of how austerity and reform policies can return crisis-stricken member states’ economies to health.
The Eurozone crisis (often referred to as the Euro crisis) is an ongoing crisis which has been affecting the countries of the Eurozone since late 2009. It is a sovereign debt crisis as well as a banking crisis and a growth and competitiveness crisis.

The Eurozone crisis took place because of the following factors, including the globalisation of finance; easy credit conditions during the 2002–2008 period that encouraged high-risk lending and borrowing practices; the financial crisis of 2007–08; international trade imbalances; real estate bubbles that have since burst; the Great Recession of 2008–2012; fiscal policy choices related to government revenues and expenses; and approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socialising losses.

The Irish sovereign debt crisis was based on the state guaranteeing the six main Irish-based banks who had financed a property bubble. Irish banks had lost an estimated 100 billion euros, much of it related to defaulted loans to property developers and homeowners made in the midst of the property bubble, which burst around 2007. The economy collapsed during 2008.  Since government debt increased rapidly it was clear that the Government would have to seek assistance from the EU and IMF which resulted in a billion euros bailout agreement of 29 November 2010

Many People Killed and Several Injured near a Temple in Madhya Pradesh

Approximately, 60 people were feared killed and over 100 injured in a stampede on 13 October 2013 near a temple at Ratangarh in Madhya Pradesh's Datia district. The stampede was caused by rumours that a bridge they were crossing was about to collapse.

The unfortunate incident occurred when a large number of devotees arrived from Datia and neighbouring Uttar Pradesh at the Durga temple at Ratangarh, about 60 kms from the district headquarters.

Nearly 100 people have been injured in the mishap and they have been admitted in closeby hospitals.

Mohan Dharia, the Former Union Minister and an Environmentalist, Died At 88

Mohan Dharia, the former Union Minister died on 14 October 2013 in New Delhi. He was 88 years old. He contributed extensively in the fields of politics and environment protection. He was accorded the state funeral.

Life History of Mohan Dharia

• Mohan Dharia was born on 14 February 1925 in Maharashtra’s Raigad district.
• He was the stringent advocate of the farmer rights. 
• He was honoured with the Padma Vibhushan in 2005.
• He was a lawyer by profession and later became a part of the Praja Socialist Party during the Freedom struggle.
• During the Indira Gandhi government, he was the Minister of State. He strongly opposed the Emergency, which fetched him the title of Young Turk.
• Through his organisation called Vanrai, he led the movement for water conservation, after retiring from the active politics.
• He was a distinguished Parliamentarian and an able administrator who served the nation in different spheres.
• He served the nation as a Union Minister and as the Deputy Chairman of Planning Commission.
• He was a dedicated environmentalist and as a champion of farmers’ rights.
He was the Member of the Rajya Sabha (1964-71) and the Lok Sabha (1971-79).

Eugene Fama, Lars Peter Hansen, Robert Shiller won 2013 Nobel Prize for Economics

The Royal Swedish Academy of Sciences on 14 October 2013 decided to award The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel for 2013 to Eugene F. Fama, Lars Peter Hansen and Robert J. Shiller for their empirical analysis of asset prices.

1.Eugene F. Fama
University of Chicago, IL, USA

2.Lars Peter Hansen
University of Chicago, IL, USA

3.Robert J. Shiller
Yale University, New Haven, CT, USA

The three American Economists awarded for their work on creating a deeper knowledge of how market prices move. The prize is worth 8m Swedish krona (775000 Pounds; 1.2m Dollars), which will be shared equally among the three winners.

The Nobel Prize in Economic Sciences

•The Nobel Prize in Economic Sciences is not one of the original Nobel prizes.

• It was created in 1968 by the Swedish Central Bank in memory of Alfred Nobel, who established the prizes for Chemistry, Medicine, Physics, Literature and Peace in 1895. The first Economics prize was awarded in 1969.

• The Nobel Foundation does not officially recognize it as a Nobel Prize, but as the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

• The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel has been awarded 45 times to 74 Laureates between 1969 and 2013.

Ministry of Railways Took Measures to Prevent the Misuse of Izzat Monthly Season Ticket

The Ministry of Railways took measures in order to prevent the misuse ofIzzat Monthly Season Ticket (Izzat MST), which is aimed at the person belonging to low income category. The new measures became effective from 15 October 2013. 

Measures Undertaken by the Ministry of Railways

Under the new measures, following points were decided:

• For availing (Izzat MST) the passenger should first obtain income certificate from local government officials i.e. SDM, SDO, BDO or Tehsildar and thereafter obtain income certificates from Member of Parliament of Lok Sabha. 
• After obtaining income certificate from the government officials, recommendations from Member of Parliament of Rajya Sabha and Union Ministers should be submitted to the DRMs. 
• On production of these income certificates and a copy of Photo identity Card cum residential proof, Izzat MST should be issued. 
• In case of Izzat MST issued on production of income certificate from District Magistrate or on BPL Card or any other certificate issued by Central Government under a recognised poverty alleviation programme including ration cards issued to persons under Antyodaya Anna Yojana, Izzat MST will be issued directly on production of residence proof as prescribed as mentioned below. 
• As a residential proof Photo Identity Card cum residential proof like Voter Identity Card, Passport, Driving License, Ration Card, Adhaar Card, Bank Pass book from nationalised Bank with Photograph or any other Photo Identity Card cum residential proof issued with photograph by any Government in India or a Government Agency in India can be approved.
• As a part of the Railway Budget 2009-10, the Ministry of Railways had decided to introduce Izzat MST Scheme of uniformly priced Monthly Season Tickets (MSTs) at 25 Rupees inclusive of all surcharges which will be issued up to a distance of 100 Kms to persons working in unorganised sector with monthly income not exceeding 1500 Rupees.

Inflation Increased to 6.46 percent in September 2013; Highest in Seven Months

Wholesale Price Index (WPI) for all commodities in the month of September 2013 stood at 6.46 percent as compared to 6.1percent in August 2013 and 8.07 percent during the corresponding September of the 2012. This data was released by the Office of Economic Adviser, Ministry of Commerce and Industry of Government of India on 14 October 2013.

Wholesale Price Index (WPI) for all commodities (Base year 2004-2005) released by the Government on 14 October 2013 shows that the food inflation at 18.40 per cent in September over the same month September 2012. The food prices had shot up 18.18 per cent in August 2013.

This is the highest inflation in Seven months. Wholesale Price Index (WPI) indicates the inflation in the Country. It is also called as Head Line Inflation .It shows all India inflation data. 

WPI basically consists of Primary Articles, Fuel and Power items and Manufactured Products covering all important items transacted in the economy.

Primary Articles 

The weightage of primary articles in WPI is 20.12percent. 
The index for Primary Articles rose by 1.5 percent to 251.6 (provisional) from 247.8 (provisional) for the August 2013. The Index contains Food articles, non food articles and Minerals.

Fuel and Power

The weightage of fuel and power in WPI is 14.91 percent.
 The index for this major group rose by 2.6 percent to 207.5 (provisional) from 202.3 (provisional) for the August 2013.
The main reason for the increase in this index was higher price of light diesel oil (11percent), furnace oil (8percent), aviation turbine fuel (7percent), naphtha (7percent),  petrol (6percent), lubricants (3percent), kerosene and bitumen (3percent each), high speed diesel (2percent) and lpg (1percent).

Manufactured Products 

The weightage of manufactured products in WPI is 64.97 percent.
 The index for this major group increased by 0.7 percent to 151.0 (provisional) from 150.0 (provisional) the August 2013.  

About Wholesale price index (WPI)

WPI index is the most widely used inflation indicator in India.  This is published by the Office of Economic Adviser, Ministry of Commerce and Industry of Government of India. The base year for calculating WPI is 2004-05. WPI captures price movements in a most comprehensive way. It is widely used by Government, banks, industry and business circles.

Union Government of India Decided to Bring All Post Offices under Core Banking System

The Union Government of India on 15 October 2013 decided to bring all the post offices across India under the core banking solution system to cover more people of rural areas with AADHAAR seeded accounts. 

The Adviser to the Planning Commission, Nidhi Khare explained that this will help the people to avail the benefits of various schemes including old age pension and MGNREGA through direct benefits transfer. Deputy Director General of UIDAI, Ashok Pal Singh, in context with the legality of AADHAR card explained that AADHAAR card can be used as an identity as well as a residential proof for opening bank accounts of any individual.

International Day of Rural women observed on 15 October

15 October 2013: International Day of Rural women

International Day of Rural women was observed on 15 October 2013 across the world to recognize the critical role and contribution of rural women, including indigenous women, in enhancing agricultural and rural development, improving food security and eradicating rural poverty.

The Day recognizes rural women’s importance in enhancing agricultural and rural development worldwide.

This International Day of Rural women, established by the General Assembly in its resolution 62/136 of 18 December 2007. The first International Day of Rural Women was observed on 15 October 2008 by the United Nations.
 
Significance of Rural woman
• Rural women play a critical role in the rural economies of developed and developing countries. 

• In most parts of the developing world they participate in crop production and livestock care, provide food, water and fuel for their families, and engage in off-farm activities to diversify their families’ livelihoods.

• Additionally, they carry out vital functions in caring for children, older persons and the sick

Fourth India-US Economic and Financial Partnership Meeting held

The fourth annual meeting of the India-US Economic and Financial Partnership was held at the IMF headquarters in Washington DC on 13 October 2013. During the meeting, India and the US agreed to further strengthen bilateral economic ties and work towards a greater understanding of investment related issues. India and USA in a joint statement released after their meeting in Washington stated that India has become one of the fastest growing sources of investment into the US.

The joint statement stated that despite a challenging global economy, US-India bilateral trade in goods and services grew from 59.9 billion dollars to 92.5 billion between 2009 and 2012. The two nations also agreed to continue to cooperate on deepening capital markets and strengthening financial regulation.

Election Commission of India Approved None of the Above Option in EVMs and Ballot Papers

The Election Commission of India ordered on 13 October 2013 the Chief Electoral Officers of all States and Union territories to provide for None of the Above (NOTA) option in electronic voting machines (EVMs) and ballot papers.

The None of the Above option will be provided at the bottom of the panel on the EVMs or as the last row in the ballot paper after all the candidates have been listed with their respective symbols in the same language used to list the candidates. Likewise, the contours of the NOTA panel will be identical to that given to each candidate.

In constituencies contesting more than 16 candidates in the fray, an extra EVM will be attached to the first balloting unit for the NOTA option as the EVMs currently in use can accommodate only 16 rows. 
The NOTA votes will be counted and indicated in the final result chart.

The Election Commission of India clarified that in the extreme case of the NOTA option polling more votes than any of the candidates in the fray, the candidate who gets the maximum number of votes will be declared the winner.

The NOTA option was made mandatory by the Supreme Court of India on 27 September 2013 and gave the direction to the Election Commission of India to provide none of the above options at the end of the list of candidates contesting an election in a constituency.

World Standards Day celebrated by SCS Global Services

14 October 2013: World Standards Day

World Standards Day was celebrated on 14 October 2013 by SCS global services. This year's theme is - International Standards Ensure Positive Change. International standards represent the consensus view of the world's leading experts in industry sectors ranging from energy utilities and energy efficiency to transportation, climate change and healthcare.

The standards are ensuring that products, services and environments become more accessible to persons with disabilities.
SCS conducts accredited certification to recognized sustainability and environmental leadership standards in fields such as responsible forestry, carbon offset verification, food safety, green building, life cycle assessment and more.

Syria Joined UN Chemical Weapons Convention

Syria on 14 October 2013 officially joined the United Nations Chemical Weapons Convention, which outlaws production and use of chemical weapons.

Syria is the 190th country to join the convention. Only six states have yet to sign the international treaty. The move comes as international inspectors are working to destroy the chemical weapon stockpile of the Assad regime in Syria.

The six UN States are not signed the CWC are

1.Israel    
2.Myanmar
3.Angola
4.Egypt
5.North Korea
6.South Sudan

About Chemical Weapons Convention (CWC)

The Chemical Weapons Convention (CWC) is a multilateral treaty that bans chemical weapons and requires their destruction within a specified period of time.

The title of the treaty is Convention on the Prohibition of the Development, Production, Stockpiling and Use of Chemical Weapons and on their Destruction.
 
The convention opened for signature on 13 January 1993, and entered into force on 29 April 1997.

The CWC aims to eliminate an entire category of weapons of mass destruction by prohibiting the development, production, acquisition, stockpiling, retention, transfer or use of chemical weapons by States Parties. States Parties, in turn, must take the steps necessary to enforce that prohibition in respect of persons (natural or legal) within their jurisdiction.

The CWC is implemented by the Organization for the Prohibition of Chemical Weapons (OPCW), which is headquartered in The Hague.

The OPCW receives states-parties’ declarations detailing chemical weapons-related activities or materials and relevant industrial activities. After receiving declarations, the OPCW inspects and monitors states-parties’ facilities and activities that are relevant to the convention, to ensure compliance.

About the Organisation for the Prohibition of Chemical Weapons (OPCW)

• The Organisation for the Prohibition of Chemical Weapons (OPCW) is an independent, international body set up in 1997 to implement the Chemical Weapons Convention.

• The organisation is presently involved in destroying Syria's stockpiles of chemical weapons - the first time the OPCW has worked in a war zone.

• It carries out inspections of destruction procedures, as well as evaluating members' own declarations, in order to verify that the convention is being adhered to.

• It is based in The Hague, Netherland and has 189 member states, covering around 98 percent of the world's population. These member nations have agreed to work together to create a world free from chemical weapons.

• The OPCW employs around 500 people and has a budget of 75m Euros (102m Dollars, 63m Pounds) in 2010.

• It is an autonomous organisation with a working relationship with the United Nations.

• Ahmet Uzumcu is the Present Director-General of the Organization for the Prohibition of Chemical Weapons.

• OPCW on 11 October 2013 won the Nobel Peace Prize for the year 2013 for its extensive efforts to eliminate chemical weapons.

Total Broadband Subscriber Base in India increased to 15.24 Million

As per the latest telecom subscription data released by the Telecom Regulatory Authority of India on 31 July 2013, total Broadband subscriber base in India increased from 15.19 million at the end of June 2013 to 15.24 million at the end of July 2013. This is a monthly growth of 0.33 percent. Yearly growth in broadband subscribers is 3.79 percent during the last one year (July 2012 to July 2013).

At present, there are 161 Internet Service Providers (ISPs) which are providing broadband services in the country. Out of these, 121 ISPs (having 98.48 percent market share) have provided broadband subscription data for the month of July 2013, for the rest of the ISPs data from previous month has been retained. Top five ISPs in terms of market share (based on subscriber base) are: BSNL (9.97 million), Bharti Airtel (1.43 million), MTNL (1.10 million), Hathway (0.37 million) and You Broadband (0.32 million).