Current Affairs July 2012

India Celebrates 60 Years of Parliament:India celebrated on May 13, 2012 the 60 years of Parliament. It was on this day that the newly constituted first Parliament of India following general elections sat for conducting the affairs of the state. ISRO Tests Indigenous Cryogenic Engine successfully:In a major step, ISRO on May 12, 2012 successfully tested the indigenous engine to be used to propel the countrys Geosynchronous Satellite Launch Vehicle (GSLV). The test was conducted at the Liquid Propulsion Systems Centre at Mahendra Giri in Tamil Nadus Tirunelveli district. Nine Indian Americans wit Midas Touch Feature in Forbes Top 100:Nine Indian Americans have made it to the list of 100 deal makers with Midas Touch compiled by the Forbes magazine. The Forbes test comprises venture capitalists who had made investments in start-up companies and then sold off their stakes with handsome gains. The Second Aman ki Asha Indo-Pak Economic Conference:The second Indo-Pak Economic Conference was held in Lahore on May 7-8, 2012 with Aman ki Asha as its thems. The conference aimed at exploring ways to further strengthen Indo-Pak ties, boost trade between the two countries and lay a solid ground work for regional peace. Sharat Sabharwal, Indias High Commissioner to Pakistan said that India was willing to look at more land border transit points with Pakistan and opening new border crossings at places like Munnabao in Rajasthan. At present, AttariWagah is the only land route for trade between the two countries.
The Indian commerce ministry believes that trade between the two countries can touch $ 12 billion in the next five years if the right moves are made and Pakistan PM Yousuf Raza Gilani feels that in sectors like information technology, education, healthcare, engineering, theres huge scope for cooperation between the two sides.

President Pratibha Patils Visit to Seychelles and South Africa:In the first week of May 2012 Indian President Pratibha Devisingh Patil paid a state visit to Seychelles and South Africa. She discussed the cementing of ties with the strategic islands of Seychelles, including signing of two MoUs while she was there, the line of credit of $ 50 million to the country, and the continued help provided by the Indian Navy to patrol the exclusive economic zone of Seychelles as well as to fight pirates. She said the ties between India and South Africa on infrastructure, technology and tourism had been fortified by her visit. Integrated Action Plan for Naxal-hit Areas a Success: Says Government:The ambitious Integrated Action Plan (IAP) for Naxal-hit districts for developing infrastructure has been a success, Home Minister P. Chidambaram said on May 10, 2012. By all accounts, the Integrated Action Plan has been a success, the Minister told Parliament. The IAP aims at bringing development work to 78 tribal and backward districts. Mr. Chidambaram said that Rs. 25 crore per district was sanctioned in the first year for 60 districts and in the second year Rs. 30 crore per district had been allotted for 78 districts. The government has also approved a scheme for development of 5,477 km road in 24 districts of 8 left Wing Extremism (LWE) affected states at an estimated cost of Rs.7,300 crore. Maldivian Presidents Visit to India:Maldivian new President Mohammed Waheed was in Delhi in the second week of May 2012. Waheed, in New Delhi on a first foreign visit after assuming charge in February in a financial and social with his country facing a huge budget deficit of nearly $ 500 million. India to Cut Iran Crude Imports by 11%:In the face US sanctions on Iran, India has decided to reduce crude oil exports from the gulf nation by 11.1 per cent to 15.5 tonnes during the 2012-13 fiscal. Parliament was informed on May 15. The target fixed for import of crude oil from Iran for the year 2012-13 is approximately 15.5 million tonnes, Minister of State for Petroleum and Natural Gas RPN Singh told the Rajya Sabha. Total crude oil imported from Iran by companies during 2010-11 and 2011-12 was 18.50 million tonnes and 17.44 million tonnes respectively. Parliament gives Nod to Copyright Law:Empowering the creative sector, Parliament on May 22, 2012 enacted a law script writer, musicians and those in similar fields and address newer, issues related to the digital world and internet. The Copyright Act (Amendment) Bill, 2012, was passed by the Lok Sabha with members from both the treasury and opposition benches supporting it in one voice. They said those from the creative sectors were denied their creative works was garnered by the producers and those commissioning them. It also makes it mandatory for broadcasters from both the radio and television industry to pay royalty to the owners of copyright each time a work of art is broadcast. Prime Minister Manmohan Singhs Visit to Myanmar:Prime Minister Manmohan Singh arrived in Myanmar capital on May 27, 2012 on a three-day visit aimed at improving economic ties with a country that is just beginning to emerge from decades of isolation and is seeking to normalize ties with the outside world. In Nay Pyi Taw both countries on May 28, 2012 decided to expand trade, have better connectivity and bring peace in border areas and emphasized closer ties to boost energy security following Dr. Manmohan Singhs wide-ranging talks with Myan-marese President Thein Sein.
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News in NutshellIndia, Malaysia sign DTAA to boost trade ties:India and Malaysia on May 10, 2012 signed a Double Taxation Avoidance Agreement (DTAA) with a view to boosting bilateral trade and facilitating exchange of tax information. The main objective of the agreement is to avoid the incidence of double taxation on income by determining the taxing rights between the countries. China Japan and South Korea Trilateral Summit, they Try to Ease North Korea Tensions:A trilateral Summit to China, Japan and South korea was held on May 13, 2012 in Chinese capital Beijing. The leaders of these three countries said that they will work together to try to calm tensions on the Korean peninsula. The nationwere holding their fifth annual trilateral Summit, with Chinese Premier Wen Jiabao hosting and South Korean President Lee Myung-bak and Japanese Prime Minister Yoshihiko Noda attending. British Prime Minister Auctions Most Valuable Sachin Bat:British Prime Minister David Cameron, who considered a bat signed by Indian cricket icon Sachin Tendulkar as one of his most valuable possessions, has donated it to raise money for a cricket stadium in Rwanda. The bat fetched 3,400 pounds (approximately Rs.3 lakh) at an auction at the Lords to raise funds for the stadium, the Daily Telegraph reported. The auction held in the Long Room at Lords was to commemorate the life of Christopher Shale, Camerons constituency chairman, who was found dead at the Glastonbury festival last summer. India to Write off $ 200 million Credit to Bangladesh:In a bid to put bilateral relations with Bangladesh on new pedestal India on May 6, 2012 announced that it will write off US $ 200 million Line of Credit offered to Bangladesh, and promised to implement all bilateral agreements. It may be recalled that India had announced a US $ 1 billion Line of Credit to Bangladesh, the largest it had offered to any country, in 2010. Vladimir Putin Sworn-in as Russian President:Vladimir Putin on May 7, 2012 took his oath of office to become Russian President for a historic third mandate at a glittering ceremony inside the Kremlin. Under Medvedevs presidency, the presidential mandate was extended to six years from four. Naturally, therefore, this term of Mr. Putin will run till 2018, with the option of running for a fourth term. Japan Shuts Last Reactor, goes N-free after 40 years:Thousands of Japanese marched to celebrate the switching off of the last of their nations 50 nuclear reactors on May 5, 2012, waving banners shaped as giant fish, an anti-nuclear symbol. Japan will be without electricity from nuclear power for the first time in four decades when the reactor at Tomari nuclear plant Hokkaido Island went offline for routine maintenance. US Bill Makes Pak Aid Contingent on Cooperation:A Congressional Committee of the USA in its budgetary proposals for the year 2013 has prohibited economic and security assistance to Pakistan till it cooperates with the US in the fight against terrorism and takes strict action against groups like the Haqqani Network, Taliban, al Qaeda, Lashkar-eTaiba and Jaishe-e-Mohammad. Pakistan Tests Nuclear Capable Hatf-III Ballistic Missile:Pakistan on May 10, 2012 successfully test-fired nuclear capable Hatf-III ballistic missile with a range of 290 km that could hit targets in India. As the test was conducted, a op Pakistani military official said that the country had developed a strong nuclear deter-rence capability and was fully capable of thwarting any aggression. Hatf-III at a Glance Weight 5256kg. Length 9.64 metre. Width 0.88 metre Single stage solid fuel rocket motor.
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The missile would work on solid fuel. Germany to give $ 190 million for Afghan Aid:The German government in third week of May 2012 approved a substantial $ 190 million contribution annually t bankroll and Afghan army, post withdrawal of foreign forces in 2014 from the war-torn country. German Chancellor Angela Merkel on May 16, 2012 pledged 150 million euros (USD 190 million) per year to Afghanistan from 2015 after a meeting with Afghan President Hamid Karzai. Besides continuing its ongoing support for the training of Afghanistans police force and the army, Germany will also expand its development cooperation by financing projects in the field of education, infrastructure, promotion of industries and in other areas to strengthen the countrys development potential, Merkel said. US Relaxes Investment Ban on Myanmar:Launching a new chapter in its ties with Myanmar, the US has announced relaxing investment restrictions to support democratic and economic reforms there and named its first ambassador to the Southeast Asian country in 22 years. The Obama administration announced the move on May 17,2012 which received mixed reactions from the US lawmakers and many human rights bodies, prompting US Secretary of State Hillary Clinton to ask US businesses to invest in Myanmar responsibly. G-8 Summit at Camp David:Leaders of G-8 countries, the group of developed countries of the world met at Camp David, Maryland, US on May 19 in the backdrop of the euro crisis. US President Barack Obama pledged at the Group of Eight Summit on May 19, 2012 to work on a package that balances growth with debt reduction as world leaders try to prevent the worsening euro from destabilizing the global economy. The G-8 comprises seven of the worlds leading industrialized nations and Russia. It was founded in 1975 at Rambouillet, France. Original Memers: France, Germany, Italy, Japan, U.K., U.S. Later Members: Canada (joined at 1976 summit, San Juan, Puerto Rico), Russia (joined at 1998 Summit, Birmingham, UK) US, Russian Crew on Soyuz on Way to Space Station:A Soyuz spaceship carrying two Russians and one American astronaut blasted off for the International Station on May 15, 2012. The spaceship took off after more than a months delay over a problem with the hull of the Russian-built capsule. NASA astronaut Joseph Acaba, veteran cosmonaut Gennudy Padalka and Sergei Revin launched in clear skies aboard the Soyuz TMAO4M rocket from the Baikonur cosmodrome in Kazakhstan. Regional News KERALABan on Sale of Pan Masala and Gutka Imposed:Citing increasing incidence of diseases like oral cancer, the Congress-led UDF Government in Kerala on May 25, 2012 announced a ban on the manufacture and sale of Gutka and pan Masala containing tobacco in the state with immediate effect. Kerala is the second state to ban the use of Gutka and pan Masala after Madhya Pradesh. RAJASHTHANMilitary Exercise Shoorveer Culminates:Military exercise Shoorveer, the biggest summer war game of Armys South-Western Command involving over 50,000 troops, culminated in first week of May 2012. in Hanumangarh district and nearby areas in Rajasthan. Shoorveer began on March 1 and the Army Chief General V.K. Singh reviewed and witnessed its final stages on May 2 and 3, 2012 in Hanumangarh. UTTAR PRADESHUP Govt. Decides to Launch New Pension Scheme:The Uttar Pradesh government on May 23, 2012, decided to launch a pension scheme covering 25.57 lakh families which would be given Rs. 400 per month. The decision to launch Rani Lakshmi Bai Pension Scheme was taken at a cabinet meeting, chaired by Chief Minister Akhilesh Yadav. The beneficiaries for the scheme would be selected in an open meeting of Gram Sabhas in the presence SDMs. STATE MISCELLANEOUS:Andhra Pradesh Chief Minister N. Kiran Kumar Reddy and his Maharashtra counterpart, Prithviraj Chavan, in May 2012 signed an agreement in New Delhi set-up an inter-State board for speedy execution of the Rs. 40,300 crore Pranahita-Chevella irrigation project that will serve both States. Andhra Pradesh wants to be declared as a national Project, envisages diversion of 160 TMC of water by constructing a barrage across the Pranahita river, which is a major tributary of the Godavari. It further utilizes 20 TMC of water from the Godavari at the Sripada Yellampally project, This Project will irrigate 16,40,000 acres in drought-prone Adilabad, Nizamabad, Karimnagar, Medak, Warangal, Rangareddy and Nalgonda districts of the Telangana region. Sushil Koirala to succeed Bhattarai as Nepal Prime Minister: Parties agreed on incomplete constitution:Four major political parties on May 15, 2012 agreed to deliver an incomplete Constitution before the May 27 dead-line, leaving the issue of delimiting and naming of the proposed 11 provinces to a Federal Commission that will be appointed soon. The parties also decided that Nepali Congress President Sushil Koirala will succeed Baburam Bhattarai as Prime Minister. APPOINTAMENS/ELECTION Philip Abraham:Philip Abraham, as Indian journalist from Kerala, has been elected as a councilor in the U.K. becoming the first person of Asian origin to be elected to the Loughton town concil. Philip Abraham, editor of Kerala ling, won the election to the town council. Philip is the first person of Asian origin to be elected to Loughton town council where the migrant population is less than 2%.
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Rahul Khullar:Rahul Khullar Commerce Secretary has been appointed Chairman of the Telecome Regulatory Authority of India (TRAI). He replaces J. S. Sharma. Governors of Two States:Dr. Aziz Qureshi has been appointed Government of Uttarakhand. He replaces Margaret Alva who has taken over as Governor of Rajasthan. Ghalioun Reelected by Syria National Council:The Syrian National Council opposition group reelected liberal politician Burhan Ghalioun as President at a meeting in Rome on May 15, 2012. Rishang Keishing and Resham Lal Jangade:Rishang Keishing and Resham Lal Jangade are the only surviving members of the Lok Sabha that sat from 1952-57. Ninety one-year-old Keishing a former Chief Minister of Manipur is now a member of the Rajya Sabha. Carlos Fuentes:Mexican novelist Carlos Fuentes, who played a dominant role in Latin Americas novel-writing boom, died of an internal haemorrhage on May 15, 2012. He was 83. He wrote works such as where the Air is Clear, Aura and The Good Conscience. Cameron Munter:US Ambassador to Pakistan Cameron Munter, is to step down the summer after summer after serving less than two years on the job, a US official told the Press on May 8, 2012. Pt. Ravi Shankar Conferred First Tegore Cultural Harmony Award:Classical sitar maestro Ravi Shankar has been awarded the first Tagore Award for Cultural Harmony by a jury chaired by Prime Minister Manmohan Singh to mark the 150th birth anniversary of Nobel laureate Rabindranath Tagore. The award comprises Rs. 1 crore in cash, a citation in a scroll, a plaque and an exquisite carved handicraft or handloom memento, he said. The award would be presented to the sitar guru by the President at a special ceremony. Vidya Balan Named the Brand Ambassador of National Sanitation Campaign:Union Rural Development Ministry of India on May 4, 2012 roped in National award winning actor Vidya Balan as the brand ambassador for improving the state of sanitation in the country. As the latest census data revealed, 53 per cent of Indian households have mobiles yet only 43 per cent have toilets, there are 21 lakh toilets in India which rely on human beings to clean the waste. According to UNICEF-WHO Joint Monitoring Programme Report 2010, nearly 60 per cent of Indias 1.1 billion people still practice open defection.

Azerbaijani Journalist Eynulla Fatullayev Selected Laureate of 2012 UNESCO/Guillermo Cano World Press Freedom Prize 2012:Eynulla Fatullayev, an Azerbaijani journalist and human rights activist, has been named the winner of the 2012 UNESCOs Director-General, Irina Bokova. The UNESCO Guillermo Cano World Press Freedom Prize was created in 1997 by UNESCOs Executive Board. It is awarded annually during the celebration of World Press Freedom Day on May 3. Shyam Benegal Honoured with South Asian Cineam Foundations Excellence in Cinema Award:The South Asian Cinema Foundation (SACF) in association with British Film Institute (BFI) South bank and The Nehru Centre decided to honour the work of veteran Indian filmmaker Shyam Benegal with the South Asian Cinema Foundations Excellence in Cinema Award on June 9, 2012. He is to be presented the award in recognition of his contribution to new wave Indian cinema. Director and screenwriter Shyam Benegal is considered the father of the New wave in Indian Cinema Tamil writer Ashokmitran Declared Recipient the 6 NTR National literary Award:- Noted Tamil writer Ashokmitran. Known for his novel Thaneer and other works was declared the recipient of the 6 NTR National literary Award On May 4, 2012. 73-year-old Tamae Watanabe becomes worlds Oldest woman to climb the Mount Everest:- 73-year-old Tamae Watanabe bettered own record of being the worlds oldest woman to climb the Mount Everest the worlds hihest mountain peak. The Japanese woman scaled Everests 8850-meter high (29035-foot-high) peak from the northern side of the mountain in Tibet on May 19, 2012 with four other team members.
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65th Cannes Film Festival 2012: Michael Hanekes Amour Wins Top Prize:The 65th annual Cannes Film Festival was held from May 16 to May 27, 2012. Italian film director Nanni Moretti was the President of the Jury for the main competition and British actor Tim Roth was the President of the Jury for the Uncertain Regard section. French actress Berenice Bejo hosted the opening and closing ceremonies. List of Awards Winners Palme dOr (Best Film)Love/ Amour (Austria) by Michael Haneke. Best directorCarlos Reygadas for Post Tenebras Lux (Mexico). Best ActressCosmina Stratan and Cristina Flutur in Beyond the Hills Best ActorMads Mikkelsen in The Hunt. [India sees 4% decrease from 21% in 10 years]:Population has started swelling in Delhis suburbs, Gurgaon and Noida are among the top five places in India that recorded the highest decadal growth rate in population. Azad said Indias decadal growth rate has come down from 21.54% (2001) to 17.64% (2011). Rs.3000 crore Deal for Artillery Guns Cleared:The Indian Army got a shot in the arm on May 11, 2012 with the defence ministry clearing its long-pending $ 600 million (Rs. 3,000 crore) proposal to buy 145 ultra light howitzer guns to add teeth to its ageing inventory. This is the first time the Army is buying artillery guns in 27 years, since the Bofors guns pay off scandal broke out in the late 1980s, defence ministry sources said in New Delhi. The Defence Acquisition Council headed by A.K. Antony cleared the deal for the M777 BAE systems guns that will be bought through the Foreign Military Sales route of the US government. Kolkata Knight Riders Win Indian Premier League Cricket Title:Manvinder Bisla and Jacques Kallis struck halfcenturies to help Kolkata Knight Riders win the Indian Premier League on May 27, 2012 defeating two-time defending champion Chennai Super Kings by five wickets in a high-scoring final. Sunil Narine, the talented spinner from the West Indies who was declared Player-of-the Season. Malaysia Clinches Junior Hockey World Cup 2012 Title:Malaysia defeated Pakistan to win the Junior Hockey World Cup 2012 in May 2012 in Kuala Lumpur. The Malaysian team had earlier defeated Iran, Japan, South Korea and India to make to the final. Roger Federer Wins Madrid Open Title:Swiss tennis star Roger Federer defeated Czech Tomas Berdych to win Madrid Open title on May 13, 2012. The Madrid Open title is set to reinstate Federer as the No.2 spot in the world tennis ranking, the position he had earlier lost to his rival Rafael Nadal. Sriram Balaji Wins ITF Futures Title:Fifth ranked Sriram Balaji defeated Swiss Joss Espasandin in the Summit clash of the MCC-SR Subramanian Memorial ITF Futures mens tennis tournament in Chennai on May 5, 2012. Rafael Nadal Clinches Italian Open Title:Spaniard Rafael Nadal defeated World No.1 Novak Djokovic to claim his sixth Italian Open Title on May 21, 2012. It was Nadals second straight final victory against the Serbian tennis maestro. Earlier Nadal had defeated Djokovic in the Monte Carlo Finals on April 22, 2012. Rishika Clinches Maiden ITE Crown:Delhis Rishika Sunkara won the GAIL $ 10,000 ITF womens title with a convincing 6-2, 6-4 victory in the final ove3r Simran Kaur Sethi at DLTA complex on May 26, 2012.
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Anand Wins Chess Champion for 5th Time:Indian Grandmaster Viswanathan Anand retained the World Chess Championship title, his fifth crown and fourth in a row, after beating Israels Boris Gelfand in a tense rapid game tiebreaker in Moscow on may 30, 2012. China Wins Thomas Cup and Uber Cup:China retained the Thomas Cup in convincing style by beating archrival South Korea 3-0 a the Wuhan Sport Complex Gymnasium on May 27, 2012. Superstar Lin Dan led hosts South Korea in the Thomas Cup final, sending a stark message he and his teammates are in peak form for the London Olympics. The first mens singles while Cai Yun/Fu Haifeng produced a sizzling display to go 2-0 up after beating South Koreas Lee Yong Dae/Kim Sa Rang 21-16, 25-23. World Number one Wang Yihan dramatically survived four match points in an epic singles contest as host China won the womens Uber Cup on May 26, 2012, laying to rest the ghosts of two years ago. World number two Wang Xin to secure the Cup for China The 3-0 win makes it Chinas 12th Uber Cup victory since the competition began in 1957. The 2012 Thomas and Uber Cup was the 27th tournament of the Thomas Cup and 24th tournament of the Uber Cup. Mark Webber Wins Monaco Grand Prix:Australian Mark Webber made Formula One history on May 27, 2012 when he steered his Red Bull to victory and claimed his first win this year and his team Red Bulls third successive Monaco Grand Prix victory. Krishna Poonia creates new national record in throw-down meet:Indias leading discuss thrower Krishna Poonia on May 7, 2012 crea-ted a new national record by winning the silver medal at the Altius Track Crew Throwdown meet in Maui Island, Hawaii Krishna hurled the discus to 64.76 metre and broke the existing national record of Seema Antil who had hurled 64.64 meters. Present Olympic Champion Stephanie Brown Trafton of USA clinched the gold with a throw of 66.86 metre, while Gia Lewis-small-wood bagged the bronze with throwing 63.97 metre. Krishna had made it to London Olympics.

Govt. Tables White Paper on Black Money in Parliament:The long-awaited white Paper on black money, which got tabled in Parliament on May 21, 2012, prescribed moderate tax rates and measures to rein in the parallel economy in real estate the financial sector and stock markets. The paper neither gave any estimate of un-accounted money nor revealed any names that could be held responsible for its accumulation. The realty sector, which consti-unaccounted money and a large number of transactions were not reported or under-reported, it said. Highlights of the Suggestions in the paper are as follows: Rationalise tax rates, cut transaction costs for compliance and administration. Pursue further economic liberalization. Ensure financial sector reports all global transactions above a threshold. Make electronic payment and reporting pre-conditions for registering property. Promote credit and debit cards, as they leave adequate audit trails. Reform natural resource sectors in coordination with states. Study Group Constituted for Common Tax Code for Excise Duty and Service Tax:In order to make coordination with proposed Goods and Services Tax (GST), the government has initiated the process of making Common Tax Code (CTC) for excise duty and service tax. In April 2012, the government has constituted M. K. Gupta (retired IAS officer)led study group for making CTC. Group has been told to submit the report by September 30, 2012.
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FDI Inflows into Indias Service Sector Shows 62% Growth:Foreign Direct Investment (FDI) inflows into the services sector in India went up by 62% during April-January period 2011-12 on account of unfavorable economic conditions of the western markets.

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Essar Steel Commissions Indias Largest Pellet Plant:Essar Steel has commissioned a 6 MMTPA pellet making facility in Odisha. This is the first phase of the 12 MMTPA pellet plant to be commissioned by 2013. Essar Steel investing Rs. 4,200 crore to set up an integrated facility as part of its ongoing investment in the state of Odisha. The Paradip pellet plant is the second significant milestone for Essar Steel this year after it announced the expansion of steel capacity to 10 MMTPA at Hazira, Gujarat. Once the 12 MMTPA Paradip facilities is completed, along with pellet capacity of 8 MMTPA at Vizag, Essar Steel will have a total pellet making capacity of 20 MMTPA making it the largest pellet producer in the country. The entire concept and design of the plant is environment friendly. Essar Steel is setting up a iron ore beneficiation plant at Dabuna to upgrade the quality of low grade iron ore fines. Marginal Decline in Countrys Total Fertility Rate:The study report of Registrar General of India highlights that countrys Total Fertility Rate (TFR) registers a marginal decline of 0.1 per cent point in 2010. marginally declined to 2.5 in 2010. Sample Registration System report of Registrar General of India opens the data related to TER in the country TER among illiterate women stood at 3.4 in 2010 while for literate women it remained 2.2. National Population Policy 2000 had the target of reducing TER to the replacement level of 2.1 by the year 2010. The report of Registrar General of India says that, this target is achieved only in 10 states of the country. These states include: Tamil Nadu (1.7), West Bengal (1.8), Andhra Pradesh (1.8), Himachal Pradesh (1.8) Kerala (1.8), Maharashtra (1.9), Jammu and Kashmir (2.0), Karnataka (2.0). Delhi also registers 1.8 TFR The highest TFR has been observed in Bihar (3.7), followed by Uttar Pradesh (3.5), Madhya Pradesh (3.2), Rajasthan (3.1) and Jharkhand (3.0).

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News in a Nutshell Indias foreign exchange reserves up US $ 758.3 millionIndias Forex reserves was increased by US $ 758.3 million to US $ 295.361 billion for the week ended April 27, 2012 as per the recent weekly data released by RBI. This third consecutive increase in Forex reserves. Bharti Airtel acquires 49% stake in Qualcom India for Rs. 907 croreBharti Airtel, the countrys largest mobile operator, has announced the acquisition of 49 per cent stake in US Qualcomms broadband wireless access (BWA) telecom company for an initial investment of $ 165 million (Rs.907 crore). With this move, Bharti Airtel will become a key player in the 4G LTE market, with a presence in eight of the 22 circles in the country. The acquisition of Qualcomms licence is circles: the lucrative Delhi and Mumbai markets as well as Haryana and Kerala. Under the agreement, Bharti will acquire the 13 per cent each held by Global Holding Corporation Private Ltd. (part of the GTL group) and Tulip Telecom Ltd, to whom it is paying around Rs.140 crore each. S&P downgraded Indias credit ratingGlobal credit rating Agency Standard and Poors (S&P) has downgraded Indias outlook from stable to negative because of slow progress on fiscal reforms and a weak political setting Global Credit Rating Agency has warned to down-grade the rating if conditions in Indian economy are not improved by 2014. This downgraded rating may start investors migration from financial market which may result in sharp depreciation in rupee value.
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