India invites Italian firms to invest in defence sector
WHAT’S IN THE NEWS ? India invited Italy to participate in the defence sector under the “Make in India” scheme.
POINT TO NOTE - This also included an agreement to counter terror financing and state sponsors of terrorism.
Purpose of invite : To invest the defence equipment with Indian companies for design and construction in India under the Make-in-India.
9th Military Group Meeting : India and Italy held the 9th Military Group Meeting earlier in October in which they agreed on cooperation in 2019.
Finally : The first time when the two countries have agreed on joint defence production.
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DGCA reviews B737 Max planes with Jet, SpiceJet
WHAT’S IN THE NEWS ? The Directorate General of Civil Aviation reviewed the performance of Boeing 737 Max 8 aircraft with two domestic airlines, Jet Airways and SpiceJet, on a day Indonesia ordered an inspection of all planes of this variant, following crash that killed all 189 onboard.
‘Birthright citizenship has to end’
WHAT’S IN THE NEWS ? President Donald Trump has said that he is planning to sign an executive order ending the birthright citizenship provision — the automatic conferral of U.S. citizenship on any individual born in the country.
Legal challenges : After consulted his counsel Trump plans to proceed with the executive order, which is almost certain to face legal challenges.
Order contains : Executive order contains banning the entry into the U.S. of citizens from certain Muslim-majority countries.
President sends 5,200 troops to border
WHAT’S IN THE NEWS ? In what has been named ‘Operation Faithful Patriot’, more than 5,200 active duty troops will be sent by the end of this week to the U.S.’s southwest border to assist the Department of Homeland Security (DHS) and Customs and Border Protection, the Department of Defense said in Washington.
Universities and patents
WHAT’S IN THE NEWS ? The ambitious goal set by India’s IPR Policy rests on how universities embrace patents
Universities and patents benefit each other : Patents help universities to improve their ranking, establish an innovation ecosystem, incubate knowledge-based start-ups, earn additional revenue and measure research activity.
To set up IPR Centers : To create entrepreneurial universities, the University Grants Commission (UGC) has now asked all universities in India to set up Intellectual Property (IP) Centres.
Patent exam : The Central government conducted the competitive examination to test proficiency in patent law, a type of intellectual property right (IPR), after a hiatus of two years.
Qualification for Examination : Any Indian citizen with a bachelor’s degree in science or technology can take the examination.
Way ahead : The ambitious goal set by India’s IPR Policy will be realised only when the examination becomes the foundation for making a career in IPR.
CP redemptions keep NBFCs on edge
WHAT’S IN THE NEWS ? With commercial papers (CPs) worth Rs. 1 lakh crore coming up for redemption by mid-November, non-banking finance companies (NBFCs) and micro-finance institutions (MFIs) are in a quandary on how to tide over the liquidity crisis. The estimate is from two bankers who did not wish to be quoted.
Main source for funding : Banks and mutual funds are the main reason for housing finance companies and other NBFCs.
Contribution : Banks contribute 40% of the funding, MFs contribute 30%.
Cascading effect: While large MFIs have access to bank finance, the mid-sized and smaller ones depend on funds from NBFCs.
liquidity deficit : Rs.1 lakh crore on an average. On some days, the deficit spiked to Rs. 1.5 lakh crore.
NASA’s new world record
WHAT’S IN THE NEWS ? NASA has created a world record with its “supersonic parachute” for the Mars 2020 mission that survived 37,000 kg load and was deployed in just four-tenths of a second — twice the speed of sound.
Less than two minutes after the launch of a 58-foot-tall (17.7-metre) Black Brant IX sounding rocket, a payload separated and began its dive back through Earth’s atmosphere.
Created a record : “It was the fastest inflation in history of a parachute this size and created a peak load of almost 70,000 pounds (37,000 kg) of force”.