India is the 12th largest foreign holder of the US government securities with exposure to the tune of $ 118.9 billion as on March-end.
Despite reducing its exposure to $ 1.245 trillion, China remained the top holder of these securities in March, as per the latest data released by the US Treasury Department . China owned bonds valued at $ 1.252 trillion in February.
China is followed by Japan with securities to the tune of $ 1.137 trillion.
As per the data, India is the 12th largest overseas holder of these securities, one place ahead of Saudi Arabia -- whose exposure has been made public for the first time in more than four decades.
2. Government sets up five-member FRBM committee on fiscal deficit range
The government formed a five-member committee under former revenue secretary N K Singh to review the working of the 12-year old FRBM Act and examine the feasibility of a fiscal deficit range instead of a fixed target.
The other members of the committee, which was announced by Finance Minister Arun Jaitley in his Budget speech, include former finance secretary Sumit Bose, Chief Economic Advisor Arvind Subramanian, RBI Deputy Governor Urjit Patel and NIPFP Director Rathin Roy.
3. IT dept launches ‘e-nivaran’ for speedy grievance redressal
The Income Tax department has launched a special electronic grievance redressal system called ‘e-nivaran’ in order to fast track taxpayer grievances and ensure early resolution of their complaints.
A separate and dedicated window for grievance redressal has been launched recently in the Income Tax Business Application (ITBA), the new smart electronic platform for the regular operations of the department.
The facility is called ‘e-nivaran’ (electronic solution) and acts to integrate all online and physical complaints gathered by the department at this platform which will be monitored by the Assessing Officer of the case upto the supervisory officers in a paperless environment.
4. US Senate nominates Indian-American politician as ADB director
Indian-American politician Swati Dandekar has been nominated by the US Senate to the post of Executive Director to the Asian Development Bank which has ambassadorial rank.
The first-ever Indian-American to be elected to Iowa House of Representatives in 2003, Dandekar, would replace Robert M. Orr, who has held this position since 2010.
Dandekar, 65, was also the first Indian-born American citizen to win a state legislature seat in the United States.
5. Govt amends Patents rules, offers ‘Tatkal’ window for speedy approval
The government has amended patent rules to offer a ‘Tatkal’ option for speedy clearance of applications by start-ups or those that choose India as the destination for first filing of patent. In an ambitious move, India is also planning to reduce the time frame for the grant of patents to two-and-a-half years immediately and one-and-a-half years by March 2018, from the current 5-7 years, as it attempts to be recognised as a serious player globally in protecting intellectual property rights.
6. Sujoy Bose may head India’s quasi-sovereign wealth fund NIIF
Sujoy Bose, the global co-head for infrastructure and natural resources at International Finance Corporation, is likely to be appointed as the first CEO of India’s pioneering quasi-sovereign wealth fund, (SWF) the National Infrastructure and Investment Fund (NIIF).
7. India successfully test fires Prithvi-II missile from Chandipur
India successfully test-fired indigenously developed nuclear capable Prithvi-II missile on Wednesday. The short-range surface-to-surface missile was tested from test range at Chandipur in Odisha.
Such training launches clearly indicate India's operational readiness to meet any eventuality.
Inducted into India's armed forces in 2003, Prithvi II, it is the first missile to be developed by DRDO under India's prestigious IGMDP (Integrated Guided Missile Development Program) is now a proven technology.
The twin-engine Prithvi-II is 8.56 metre in length, 1.1 metre in width and weighs 4,600 kg. It has the ability to dodge enemy missiles. The battlefield missile has a flight duration of 483 seconds and a peak altitude of 43.5km.
Notably, Prithvi is India's first indigenously-built ballistic missile.
Prithvi-II has been designed to operate with both liquid and solid fuels and is capable of carrying both conventional and nuclear payloads.
The last user trial of Prithvi-II was successfully conducted on February 16, 2016, preceded by a trial on November 14, 2014.
India is projected to add 300 million new urban residents by 2050 and it will need to build climate-friendly cities to address the challenge of accommodating the needs of the growing population, a UN report has said.
The first 'World Cities Report 2016 - Urbanisation and Development: Emerging Futures' report by UN Habitat said in India, urban areas already contribute more than 60 per cent of the GDP and an extra 300 million new urban residents are projected by 2050, leading to a call by the Indian government to build 100 new cities over the period.
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, was apprised of the joint issue of UN Women HeForShe postage stamp. A Memorandum of Understanding (MoU) has been signed between Department of Posts and United Nations Postal Administration (UNPA) in February, 2016 for this purpose.
In this Joint issue, the stamps were printed in the form of sheetlet of 20 se-tenants and Miniature Sheet of two stamps on the occasion of International Women’s Day.
UN Women HeForShe campaign is a solidarity movement for gender equality that brings together one half of humanity in support of the other half of humanity for the benefit of all in social terms. This Joint issue is dedicated for the empowerment of women around the world. This would promote great cause of gender equality which the Indian government has been championing in the recent times. Thus, Department of Posts and UNPA have arrived an agreement to celebrate and to commemorate International Women’s day on 8th of March, 2016 by releasing a joint stamp.
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