Daily News Notes

  • Prime Minister's Economic Advisory Council (PMEAC) today discussed policy options with regard to the slowing economic growth and high inflation. The meeting was attended by PMEAC Chairman C. Rangarajan, RBI Governor B. Subba Rao, Advisor to the Finance Ministry Kaushik Basu and Planning Commission Deputy Chairman Montek Singh Ahluwalia among others. India's economy grew by 7.7 per cent in the first quarter, the slowest growth in 18 months.
  • New Delhi says, relations between India and Myanmar are a factor of peace and stability in the region as the two countries have common interests in security and border management. Hailing the efforts of democratization, India will extend full support to Myanmar for revitalizing agriculture, building industrial centres, enhancing its educational capacities, building of roads, airports, railways, power transmission lines and oil refineries.
  • Pointing out to the aviation arm of the Navy, Chief of Naval Staff Admiral Nirmal Verma said, the first lot of MiG 29K aircraft for "Vikramaditya" aircraft carrier, earlier known as "Admiral Gorshkov", had been inducted this year. He said, a major milestone, however, was the first flight of the 737-derivative P-8i Poseidon, a variant of the P-8A, Maritime Patrol Aircraft in September this year. It is scheduled for induction in 2013.
  • The President Mrs. Pratibha Devisingh Patil presented the prestigious Lal Bahadur Shastri National Award to noted Scientist and Educationist, Professor Yashpal for the year 2011 for excellence in Public Administration, academics and Management.
  • The Centre has adopted a multipronged strategy to support the export sector badly hit by the economic crisis as the government will provide two percent duty credit to the textile sector exporting to the United States and European countries and has allowed 130 new items including handicrafts, chemicals in Market Linked Focus Product Schemes, MLFPS for exports excluding readymade garments.
  • Describing India as an "Asian tiger", the Obama administration has said it will soon hold technical talks with the country on investment pact.
  • The Finance Ministers of the G20 Group of nations are meeting in Paris today to continue to resolve the European debt crisis that is threatening to push world economies into another recession. European leaders are pressing the continent's banks to sharply increase their cash reserves to cover possible losses on the debt they hold from Greece and other countries.
  • The Assam government has taken steps to prevent sharp fall in green tea leaf prices by deciding to ensure proper implementation of Tea Marketing Control Order (TMCO) of 2003 which guarantees the proper price sharing of tea leaves. Assam has 68000 small tea gardens which contribute 30 percent of the total tea production in the state. Assam contributes 51 percent of country’s total tea production.