· China to launch Pak's satellites: For the first time, China will be launching a communication satellite for close ally Pakistan. The satellite named PAK SAT-IR. The satellite, which was made in China, would provide a variety of benefits, including high power communication and weather monitoring facilities, besides strategies, defence applications.
· China to take maiden dip in India Ocean for minerals: China is entering the Indian Ocean for the first time, something it has been unsuccessfully seeking through alliances with Myanmar and Sri Lanka. The apparent aim is mineral exploration. But the move is bound to draw scrutiny from India, which is worried about Chinas military goals in the area. The China Ocean Mineral Resources Research and Development Association announced the country has obtained approval to explore a 10,000-square-km polymetallic sulphide ore deposit in an international seabed region in the southwest Indian Ocean. Its application for prospecting the region was recently approved by the International Seabed Authority, the association said. It is not clear if India and other countries had a say in the decision. China's state energy group Shell and China National Petroleum Company (CNPC) last year began building a crude oil port in Myanmar. It is part of a pipeline project aimed at cutting out the long detour oil cargoes taken through the strategically vulnerable Malacca Strait.
· ZTE in pact with BSNL: ZTE Corporation said it had entered into a strategic partnership with Bharat Sanchar Nigam (BSNL) to boost broadband services in the country. Under this, ZTE will deploy ultra high-speed ADSL2+ and next-generation VDSL2+ broadband devices across BSNL's network in 15 circles.
· Indo–Russia Joint Naval Exercise: Indo-Russia combined exercises named 'INDRA' are conducted once every two years since 2003. The Indian and Russian Navies work out proposals for conduct of the INDRA exercise based on mutually convenient dates. INDRA had proposed and Russian Navy conveyed their readiness to conduct INDRA 11 off Vladivostok (East Coast of Russia) in February 2011. However due to the situation, arising from Tsunami and nuclear radiation disaster in Japan the exercise was postponed. Future action plan will depend on mutual convenience of the two sides.
· Joint Development of fifth Generation Fighter Aircrafts with Russia: A Preliminary Design (PD) contract has been signed between HAL and Rosoboronexport, Russia on 21st December, 2010 for implementation of design & development of Prospective Multi-role Fighter (PMF) Aircraft programme by Hindustan Aeronautics Limited (HAL) jointly with Sukhoi Design Bureau (SDB) of Russia at a cost of 295 million USD. The duration of the PD Phase is 18 months. Full scale Design & Development work will be taken up under a separate contract, which will be negotiated and signed towards the end of the PD Phase. Presently, a requirement of around 250 Fighter Jets with induction in Indian Air Force from 2018 onwards is envisaged.
· Lifting Ban on Export of Non-Basmati Rice: The Empowered Group of Ministers (EGOM) has allowed the export of 10 lakh tons of non-basmati rice, subject to a Minimum Export Price (MEP) of USD 400 per Ton, in its meeting held on 11th July, 2011. It was also decided that the export of non-basmati rice would be done by private parties from privately held stocks on purely commercial basis. Besides, prior registration of all export contracts would be done by Directorate General of Foreign Trade (DGFT) on a first-come-first served basis.
· Indian Community Welfare Fund: Ministry of Overseas Indian Affairs has set up the ‘Indian Community Welfare Fund (ICWF)’, which is operationalised in the Indian Missions in all the Countries with effect from 24.03.2011 for safeguarding the welfare and protection especially of Indian workers going abroad. The fund aims to provide on-site emergency assistance for the Overseas Indian Citizens, who are in distress. The welfare services provided by the ICWF includes boarding and lodging for distressed household / domestic workers and unskilled labourers, emergency medical care to the overseas Indians in need, providing air passage to stranded overseas Indians in distress, providing initial legal assistance to the overseas Indians in deserving cases and incurring expenditure on incidentals and for airlifting the mortal remains to India or local cremation/burial of the deceased overseas Indians in cases where a sponsor is unable or unwilling to do so as per the contract and the family is unable to meet the cost. At present there is no such proposal to increase the fund meant for that purpose as it is felt that the existing fund being operated by Indian Missions abroad are sufficient for the welfare of the overseas Indians.
· Social Security Agreements: The Government has so far concluded the Social Security Agreements with Belgium, France, Germany (social insurance for posted workers only), Switzerland, Luxembourg and Denmark. Countries with which India has already signed Social Security Agreements but the Agreements have not come into force due to finalization of forms being under process are; Netherlands, Hungary, Czech Republic, Norway and South Korea. The Government is in negotiations on Social Security Agreements with Portugal, Canada, Finland, Germany, Austria, Sweden, Australia and Japan. The bilateral Social Security Agreements protect the interests of Indian professionals by providing following benefits:
o Exemption from social security contribution for the posted (detached) workers (provided the worker is covered under the Indian social security system and continues to pay his contribution to the Indian system during the period of contract).
o Exportability of benefits in case of relocation to India or any other country after having made social security contribution.
o Totalization of the periods of contribution pertaining to both countries for the purpose of assessing eligibility for benefit/pension under the legislation of each country.
· Exports rise 46 p.c. in June to $29 billion: Continuing with buoyant growth, India's exports rose by 46.45 per cent to $29.21 billion during June 2011 amid growing concerns that the upward growth could be hit by the troubled economic situation in the U.S. and the European zone in the second-half. Merchandise exports aggregated $19.94 billion in June, 2010. In May, exports grew by 56.9 per cent year-on-year to $25.9 billion. Pushed by the spectacular rise in June, exports grew by a hefty 45.7 per cent to $79 billion in the first quarter of the current fiscal, according to the figures released by the Commerce Ministry. Most of the sectors posted robust expansion—be it petroleum products, readymade garments, engineering or pharmaceuticals. However, industry players and the Commerce Ministry are concerned about the continued financial crisis in the euro zone and the U.S. These are India's traditional markets and together account for about 35 per cent of the country's exports, which stood at $246 billion in 2010-11. Though imports grew by 42.46 per cent to $36.8 billion in June, the trade deficit of $7.6 billion was almost half the level of $14.9 billion seen in May. Oil imports increased by 30 per cent to $10.18 billion while non-oil imports by 47.8 per cent to $26.6 billion. In April-June, 2011-12, inbound shipments rose by 36.2 per cent to $110.6 billion, led by import of $30.5 billion worth of petroleum products. The trade gap during the period stood at $31.6 billion. During the first quarter, oil imports grew by 18.1 per cent to $30.52 billion from $25.84 billion. Non-oil imports, too, increased by 44.68 per cent to $80 billion from $55.35 billion in April-June, 2010-11.
· MphasiS acquires U.S. firm: IT services company MphasiS said it had entered into a definitive agreement to acquire U.S.-based software vendor Wyde Corporation. Under the terms of the agreement, MphasiS will hold 100 per cent stake in Wyde.
· JSPL signs MoU with Rio Tinto: Jindal Steel and Power announced that it had signed a memorandum of understanding (MoU) with global mining giant Rio Tinto to jointly work for global commercialisation of the HIsmelt Technology to be used in a fully integrated steel-making facility.
