The Competition Master

Interceptor missile successfully test-fired

<div dir="ltr" style="text-align: left;" trbidi="on"><ul style="text-align: justify;"><li> As part of its plan to deploy a two-layer ballistic missile defence system, India on Friday successfully test-fired its indigenously developed supersonic interceptor missile from the Integrated Test Range off Orissa coast.  
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</ul><ul style="text-align: justify;"><li> A surface-to-surface target missile - a modified  'Prithvi' – was first lifted from the launch Complex-III in ITR at Chandipur, 15 km from here around 10:13 hours, defence sources said.</li>
</ul><ul style="text-align: justify;"><li>The missile tracking network consisting of long range and multi-function radars and other range sensors positioned at different locations detected and identified the incoming missile.  
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</ul><ul style="text-align: justify;"><li> The interceptor missile at Wheeler Island, about 70 km across the sea from Chandipur, with a directional warhead was launched at about 10:16 hour and ground and on board control guided it to the target, the sources said.  
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</ul><ul style="text-align: justify;"><li>The last flight of interceptor missile was conducted on March 6, 2011.</li>
</ul></div>

Interceptor missile successfully test-fired

As part of its plan to deploy a two-layer ballistic missile defence system, India on Friday successfully test-fired its indigenously deve...

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Age row: Army Chief withdraws petition

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li style="text-align: justify;"> The Supreme Court on Feb 10 disposed off Army Chief General VK Singh’s petition which had sought to restore his date of birth as May 10, 1951 and not May 10, 1950 as accepted by the Defence Ministry.  
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</ul><ul style="text-align: justify;"><li> The petition was disposed off after Gen Singh’s counsel, senior advocate UU Lalit, withdrew the petition, stating that his client didn’t want to prolong the matter any further.  
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</ul><ul style="text-align: justify;"><li> The Army Chief was left with no option after the court asked him to either take back his petition or else it will rule on the matter.  
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</ul><ul style="text-align: justify;"><li> The apex court had also made it clear that there was no scope for it to interfere in the matter.  
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</ul><ul style="text-align: justify;"><li> The SC bench comprising justices RM Lodha and HL Gokhale had listed out the options while stating that Gen Singh’s date of birth recorded with the UPSC, which is May 10, 1950, was final.  
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<li> The SC had sought to know from the counsel appearing for Gen Singh that as to why he didn’t get his date of birth corrected with the UPSC which had recorded it as May 10, 1950.  
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</ul><ul style="text-align: justify;"><li> All documents at threshold when Gen Singh joined IMA, NDA recorded his date of birth as May 10, 1950, the bench observed.  
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</ul><ul style="text-align: justify;"><li> "The documents at the threshold when you wanted to join IMA, NDA contains the date of birth as May 10, 1950. In all documents at the threshold you date of birth is recorded as May 10, 1950," it noted.  
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</ul><ul style="text-align: justify;"><li> The court also said that the primary record for Gen Singh's date of birth was with UPSC which never corrected it. 
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</ul></div>

Age row: Army Chief withdraws petition

The Supreme Court on Feb 10 disposed off Army Chief General VK Singh’s petition which had sought to restore his date of birth as May 10, ...

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India-EU sign pacts for co-operation in research & innovation

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li> India and European Union  signed two agreements in the field of Research and Innovation Cooperation and Statistical Cooperation. 
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</ul><ul><li> The agreements were signed following one on one talks between the Prime Minister Dr. Manmohan Singh and the visiting European Council President Mr. Herman Van Rompuy and European Commission President Mr. Jose Manuel Varroso in New Delhi.  
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</ul><ul><li> Talking to newspersons following the signing of agreement, Dr. Singh called the agreements of forward looking document to integrate economy. 
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</ul><ul><li> Dr. Singh exuded confidence that the long pending broad based bilateral trade and investment agreements will be arrived at soon. He said that there are certain issues which can be resolved at the earliest.  
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</ul><ul><li> The Prime Minister said that the bilateral trade has gone up to $170 billion in 2011 and it will be enhanced further. 
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</ul><ul><li> In reply to a question on Iran the Prime Minister said that six million Indians live in Gulf and their safety and security is a great concern to India. He expressed hope that there will be a peaceful resolution of this conflict.  
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</ul><ul><li> The President of European Council said that negotiations on free trade agreement are on and issues will be sorted out soon. 
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</ul></div>

India-EU sign pacts for co-operation in research & innovation

India and European Union signed two agreements in the field of Research and Innovation Cooperation and Statistical Cooperation. The...

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Canada 'will allow export of uranium to China'

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<ul><li> Canada has said it will allow the sale of uranium to China for use in nuclear energy generation, clearing the way for Canadian producers to compete with China's current suppliers in Kazakhstan, Australia and Russia.  
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</ul> <ul><li> According to the Wall Street Journal, the deal was one of several trade pacts signed between the Chinese and Canadian governments and companies during a visit to Beijing by Canadian Prime Minister Stephen Harper.  
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</ul><ul><li> Harper has said opening new markets in Asia for Canada's energy and mining resources is a priority, as the country moves to improve ties with China and reduce its reliance on the US.  
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</ul><table align="right" border="0" cellpadding="0"><tbody>
<tr> <td> </td> </tr>
</tbody> </table><ul><li> His government ramped up those efforts after the Obama administration rejected a crude-oil pipeline plan.  
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</ul><ul><li> Almost all of Canada's oil exports go to the US.  
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</ul><ul><li> The new agreement allows the sale to China of yellowcake, a concentrated uranium powder used to make fuel rods for nuclear reactors. It can also be used to make weapons.  
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</ul><ul><li> The pact will ensure that uranium exported to China will be used only for peaceful, civilian purposes, the Canadian Prime Minister’s office said.  
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</ul><ul><li> Canada produces about a fifth of the world’s uranium and exports more than 80 percent of its production, according to the World Nuclear Association.  
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</ul><ul><li> It is now the world’s No 2 exporter, after Kazakhstan. Canada sends most of its exports to the US, Europe and Japan. 
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</ul></div>

Canada 'will allow export of uranium to China'

Canada has said it will allow the sale of uranium to China for use in nuclear energy generation, clearing the way for Canadian producers...

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Iran adds 2 submarines to naval fleet

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li style="text-align: justify;"> Iran's official news agency reported that the Navy has added two more domestically built light submarines to its fleet.  
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</ul><ul style="text-align: justify;"><li> The move is seen as part of Iran's effort to upgrade its defence capabilities amid escalating tension with the West over its nuclear program. Tehran has threatened to close the strategic Strait of Hormuz, a major oil shipping route, over new US sanctions targeting its critical oil industry.  
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</ul><table align="right" border="0" cellpadding="0"><tbody>
<tr> <td> </td> </tr>
</tbody> </table><ul style="text-align: justify;"><li> The report by IRNA quoted Iran's Navy Chief Admiral Habibollah Sayyari as saying the Ghadir class submarines meet the needs of Navy.  
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</ul><ul style="text-align: justify;"><li> In November, Iran said it added three more Ghadir class submarines to its naval fleet. This class of submarine can fire missiles and torpedoes and operate in the Gulf's shallow waters.  
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</ul><ul style="text-align: justify;"><li> Iran is believed to have about 12 light and three Russian-made submarines in its fleet, but it does not disclose the total numbers. 
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</ul></div>

Iran adds 2 submarines to naval fleet

Iran's official news agency reported that the Navy has added two more domestically built light submarines to its fleet. The move i...

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December IIP at 1.8% Vs 5.9% in November

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li style="text-align: justify;"> Industrial production grew by just 1.8 percent year-on-year in December 2011 due to contraction in mining and capital goods sectors and a lower manufacturing sector growth. 
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</ul> 
<ul style="text-align: justify;"><li>Factory output growth, as measured by the Index of Industrial Production (IIP), was at 8.1 percent in December 2010.</li>
</ul><ul style="text-align: justify;"><li>Output of the manufacturing sector, which constitutes over 75 percent of the index, rose at a lower rate of 1.8 percent in December, compared to a growth of 8.7 percent in the same month of 2010,  according to the official data released on Feb 10.</li>
</ul><ul style="text-align: justify;"><li>Besides, capital goods sector witnessed a contraction of 16.5 percent, against a growth of 20.2 percent in the same month in 2010.</li>
</ul><ul style="text-align: justify;"><li>Mining output too contracted by 3.7 percent in December, against 5.9 percent growth in the year ago period.</li>
</ul><ul style="text-align: justify;"><li>However, power generation witnessed a good growth of 9.1 percent in December 2011, compared to 5.9 percent in the year ago period.</li>
</ul><ul style="text-align: justify;"><li>During the month, 15 out of 22 industry groups witnessed a positive growth.</li>
</ul><ul style="text-align: justify;"><li>During the month output of basic goods went up by 4 percent, against 7.8 percent in the year ago period. However, intermediate goods witnessed a contraction of 2.8 percent, against 8.1 percent growth in December 2010.</li>
</ul><ul style="text-align: justify;"><li>During the April-December 2011, the IIP growth stood at 3.6 percent, against 8.3 percent in corresponding period a year ago.</li>
</ul><ul style="text-align: justify;"><li>Besides, the IIP figure for November, 2011, has been revised to 5.94 percent from the provisional estimates of 5.9 percent.</li>
</ul><ul><li style="text-align: justify;">Commenting on the IIP figures, Planning Commission Deputy Chairman Montek Singh Ahluwalia said that the numbers are expected to bottom out in the third quarter and revive in the January-March period.</li>
</ul></div>

December IIP at 1.8% Vs 5.9% in November

Industrial production grew by just 1.8 percent year-on-year in December 2011 due to contraction in mining and capital goods sectors and a...

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India sees business opportunity in Iran after US, EU sanctions

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li style="text-align: justify;"> With the US and Europe imposing sanctions on Iran, India sees an opportunity to boost its trade with it by tapping the sectors which would be affected by the restrictions imposed by the West. 
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</ul><ul style="text-align: justify;"><li> In this context, a large Indian business delegation will be visiting Iran by the month-end to explore business opportunities. 
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</ul><ul style="text-align: justify;"><li> "We will be mounting a mission to Iran at the end of the month to promote our own exports. A huge delegation will be going," Commerce Secretary Rahul Khullar told reporters Thursday. 
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</ul><ul style="text-align: justify;"><li> He did not elaborate but sources said huge business opportunities have opened up in Iran after the US and Europe recently imposed sanctions on Iran over its controversial nuclear programme. 
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</ul><ul style="text-align: justify;"><li> The delegation will include government officials and representatives from trade and industry. 
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</ul><ul style="text-align: justify;"><li> India, which is heavily dependent on oil from Iran, maintains that it will implement only those sanctions which are imposed by the United Nations and not those imposed by individual nations or groupings. 
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</ul><ul style="text-align: justify;"><li> India believes that huge export opportunities are available in sectors like food that include tea, wheat and rice; pharmaceutical; iron and steel and infrastructure projects. 
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</ul><ul style="text-align: justify;"><li> The sources said there are any number of items which can be exported by India to Iran, which has already been under sanctions for several years. 
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</ul><ul style="text-align: justify;"><li> The sources made it clear that the sanctions imposed by the UN do not cover the export of a vast range of products which India can export. 
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</ul><ul style="text-align: justify;"><li> Bilateral trade between India and Iran is around USD 13.6 billion, of which Indian export is merely USD 2.74 billion. The main item of trade is oil which accounts for 12 percent of India's total oil imports from Iran. 
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</ul><ul style="text-align: justify;"><li> Finance Minister Pranab Mukherjee, during his visit to the US recently, underlined that India will not scale down its petroleum imports from Iran despite the sanctions by the US and Europe. 
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</ul></div>

India sees business opportunity in Iran after US, EU sanctions

With the US and Europe imposing sanctions on Iran, India sees an opportunity to boost its trade with it by tapping the sectors which woul...

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'India, Pak bilateral trade may touch $10 bn by 2015'

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li style="text-align: justify;"> Bilateral trade between India and Pakistan may touch USD 10 billion by 2015, if trade and investment barriers are removed, CII said Thursday. 
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</ul><ul style="text-align: justify;"><li> In 2010-11, the bilateral trade between the two countries stood at USD 2.7 billion, with the trade balance heavily in favour of India. 
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</ul><ul style="text-align: justify;"><li> Ahead of Commerce and Industry Minister Anand Sharma's three-day visit to Pakistan starting February 13, CII called for stronger economic linkages between the two countries. 
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</ul><ul style="text-align: justify;"><li> India's top exports to Pakistan include sugar, cotton, man-made filaments and chemicals, while its imports comprise mineral fuels and organic chemicals. 
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</ul><ul style="text-align: justify;"><li> Sharma would meet his Pakistani counterpart Makhdoom Amin Fahim to discuss ways to strengthen economic cooperation between the two nations. 
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</ul><ul style="text-align: justify;"><li> At present, the 'positive list' agreed on by the two sides contains over 1,900 items that can be traded. 
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</ul></div>

'India, Pak bilateral trade may touch $10 bn by 2015'

Bilateral trade between India and Pakistan may touch USD 10 billion by 2015, if trade and investment barriers are removed, CII said Thurs...

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RBI issues guidelines on accepting foreign contribution

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li style="text-align: justify;"> The RBI issued guidelines which stipulate that entities have to get themselves registered with the central government before accepting any foreign contribution and banks will have to forward the report of receipts of such transfers to the government. 
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</ul><ul style="text-align: justify;"><li> In the guidelines issued under the Foreign Contribution (Regulation) Act, 2010, the RBI also said that recipients can receive foreign contribution in a single account only. 
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</ul><ul style="text-align: justify;"><li> "The Act provides that persons having definite cultural, economic, educational, religious and social programmes should get themselves registered with the government of India before accepting any 'foreign contribution'. 
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</ul><ul style="text-align: justify;"><li> "In case a person falling in the above category is not registered with the central government, it can accept foreign contribution only after obtaining prior permission of the central government," said the guidelines. 
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</ul><ul style="text-align: justify;"><li> Under the Act, foreign contribution means "donation, delivery or transfer made by a foreign source of any article (not being an article of gift for personal use, the market value of which is not more than the specified amount), currency (whether Indian or foreign) or any security". 
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</ul><ul style="text-align: justify;"><li> The apex bank said with the coming into force of the new Act, the old Foreign Contribution (Regulation) Act, 1976 stands repealed. 
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</ul><ul style="text-align: justify;"><li> "The Act mandates that every bank or authorized person in foreign exchange shall report to specified authority, the prescribed amount of foreign remittance, source and manner in which foreign remittance was received and other particulars in such form and manner as may be prescribed," the report said. 
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</ul></div>

RBI issues guidelines on accepting foreign contribution

The RBI issued guidelines which stipulate that entities have to get themselves registered with the central government before accepting an...

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No tax on annual income upto Rs 5 lakh: Standing committee

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li style="text-align: justify;"> In what could be dramatic cuts in personal tax rates, the Parliamentary standing committee on finance headed by BJP leader Yashwant Sinha has recommended minimum tax exemption limit to be set at Rs 5 lakh per annum. 
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</ul><ul style="text-align: justify;"><li> Currently, male tax payers pay no tax upto Rs 1,80,000 annual income. 
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</ul><ul style="text-align: justify;"><li> The committee has recommended that people earning between Rs 5 lakh and Rs 8 lakh would pay 10 per cent while those earning between Rs 8 lakh and Rs 20 lakh would pay 20 per cent. If the income is over Rs 30 lakh, the tax rate is 30 per cent, two committee members told NDTV Profit on conditions of anonymity. 
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</ul><ul style="text-align: justify;"><li> The Standing Committee has 31 members.  
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</ul><ul style="text-align: justify;"><li> Currently, the tax rate of 10 per cent and 20 per cent is applicable for income upto Rs 5 lakh and Rs 8 lakh respectively. An income over Rs 8 lakh attracts 30 per cent tax. 
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</ul><ul style="text-align: justify;"><li> For someone who earns Rs 10,00,000 per annum or higher, the tax rate would be cut by more than half. Under the current tax regime, such a person pays Rs 157,000 as income tax. If the recommendation is implemented, this would be Rs 72,000. 
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</ul><ul style="text-align: justify;"><li> For the higher bracket, the benefit is much bigger. For a person who earns Rs 30,00,000 a year, the tax liability would be cut to a third. Under existing tax rules, a professional or salaried pays Rs 7,72,000 as tax. If the standing committee recommendation is accepted, the tax rate will fall to Rs 2,57,000. 
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</ul><ul style="text-align: justify;"><li> The government may or may not accept recommendations of the Standing Committee. 
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</ul><ul style="text-align: justify;"><li> Net direct tax collection for the period in review is Rs 3.17 trillion, while gross direct tax collected was Rs 4.25 trillion, up 14.57 per cent from the Rs 3.71 trillion in the corresponding period last fiscal. 
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</ul></div>

No tax on annual income upto Rs 5 lakh: Standing committee

In what could be dramatic cuts in personal tax rates, the Parliamentary standing committee on finance headed by BJP leader Yashwant Sinha...

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