India, Chile sign four pacts:Chilean President Michelle Bachelet visited India on March 17, 2009. During the meeting with Prime Minister Manmohan Singh, the two leaders reiterated that early conclusion of the Comprehensive Convention on International Terrorism was imperative to consoli-dation of counter-terrorism efforts within the UN. The two sides also signed four pacts, including one on cooperation in exploration and utilization of outer space for peaceful purposes. The two countries also decided to support each other’s candidature for non-permanent membership of the UN Security Council for 2011-12 (India) and 2014-15 (Chile).
Economy staring at deflation:India is staring at deflation, or negative inflation, with the official inflation rate falling to 0.44%—the lowest since 1977. Food prices, however, continued to be high, with food grains roughly 9% costlier than a year ago, reinforcing a cruel paradox for consumers that they hear about zero inflation but face high prices when they buy their groceries. With the Wholesale Price Index (WPI) falling by one point to 226.7 for the week ending March 7, 2009—the same level at which the index was on March 29, 2008—the year-on-year inflation rate became zero by the last week of March. Planning Commission Deputy Chairperson Montek Singh Ahluwalia, however, ruled out any possibility of the economy slipping into a state of deflation.
IMF pegs India’s growth at 5.25% for FY 10: India’s growth is likely to slow down in 2008-09 on falling corporate investment and deteriorating global outlook, the International Monetary Fund has said. Partly reflecting the deteriorating global outlook, IMF, which concluded its India consultations on March 6, 2009, in a statement projected India’s growth to moderate to 6.25 per cent in 2008-09 and further to 5.25 per cent in 2009-10. However, India has forecast growth at 7.1 per cent for 2008-09. The Fund said corporate investment, the major growth driver during recent years, is expected to slow because of weakening profitability and confidence, and tightening of financing conditions from foreign and non-bank sources. However, the world body said policy measures to stimulate Indian economy and a good harvest should support domestic demand. Even as the reserves have declined in 2008-09, from a historic peak of $315 billion in May 2008 to $252 billion as of February 6, 2009, IMF said the reserves remain adequate compared to India’s gross financing requirement and imports.
India to seek additional $5.2b from World Bank: As a contra-cyclical measure, India proposes to seek an additional assistance of $5.2 billion from the World Bank for recapitalisation of State-owned commercial banks and infrastructure projects. India, at present, receives $3.2 billion annually from the World Bank. India also plans to increase its share in the quotas of multilateral development banks like the International Monetary Fund and Asian Deve-lopment Bank after major stakeholders in these institutions bring forward the issue of quota review and expanding in accordance with current realities that will give proper representation to the emerging economies. However, there is no proposal to commit any additional resources towards the overall fiscal stimulus of $1.1 trillion announced by the G-20 summit.
India registers 2 million tuberculosis cases in 2007:The number of people infected with both tuberculosis (TB) and HIV is twice what researchers previously thought. The World Health Organisation’s (WHO) annual report on TB, presented in Rio, indicates that there were 1.37 million cases of people with both TB and HIV in 2007, the latest year for which statistics are available. Asia registered the most TB cases in 2007, with 55%, while Africa had 31%. Among nations, India had the most cases with two million; China had 1.3 million and Indonesia 530,000.
India to get Boeing’s maritime recce aircraft:The US administration has cleared the $2.1 billion contract for US aviation major Boeing to supply eight P-8I maritime patrol aircraft to India, the largest American arms sale to India to date. The deal surpasses an earlier $1 billion Lockheed sale of six C-130J Super Hercules military transport planes to the Indian Air Force (IAF). The Indian Navy is Boeing’s first international customer for the P-8, a long-range maritime reconnaissance and anti-submarine warfare aircraft capable of broad area, maritime and littoral operations. The first flight test is scheduled in 2009 and initial operational capability is slated for 2013. Boeing will deliver the first P-8I around 2013 and the remaining seven by 2015.
President’s rule imposed in Meghalaya:On March 18, 2009, the Union Cabinet imposed President’s Rule in Meghalaya but decided to keep the Assembly in suspended animation. Chief Minister Donkupar Roy, who had survived a trust vote on March 16, with the help of a controversial casting vote by the Speaker, described the decision as murder of democracy.
Series of blasts in Assam: On April 6, 2009, just ten days before Assam was to go to the polls, and 24 hours before Prime Minister Man-mohan Singh was to land in his home State, Assam was rocked by five deadly explosions that left at least nine people dead and more than 60 people injured. The finger of suspicion pointed to the northeast’s most active terrorist outfit, the United Liberation Front of Asom (ULFA), which was observing its 30th ‘Raising Day’ on the same day. In the past also ULFA had triggered blasts in the State to observe the day and also planted bombs just ahead of VVIP visits, the deadliest being serial blasts in January 2009, just ahead of Mr Chidambaram’s first visit to Guwahati as Home Minister. A police officer scanning the site said the explosion was caused by an improvised explosive device planted either on a bicycle or a motorcycle.
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