Current Affairs
Morning Brief: Chandrayaan-2 Cheaper Than Interstellar; China Holding Talks With Baloch Nationalists; BJP Wins 47 Gujarat Civic Poll Seats
PSLV-C11/ Chandrayaan-1 (ISRO)
Good morning, dear reader! Here’s your morning news and views brief for today.
ISRO’s Chandrayaan-2 Mission Cheaper Than Movie Interstellar
India's Chandrayaan-2 mission will be cheaper than Hollywood's 2014 science fiction movie Interstellar, which cost Rs 1,062 crore ($165 million). The Indian Space Research Organisation (ISRO), according to reports, will spend Rs 800 crore on the mission. According to ISRO Chairman Dr K Sivan, "Simplifying the system, miniaturising the complex big system, strict quality control and maximising output from a product make our space missions frugal and cost-effective”. The agency’s earlier Mars mission, launched in 2013, was cheaper than another Hollywood movie Gravity. Chandrayaan-2, which involves a soft-landing on the moon, will be launched in April 2018.
Banks Lose Nearly $11 Billion In Market Cap Since PNB Fraud
Indian banks have reportedly lost nearly $11 billion (Rs 69,750 crore) in market capitalisation after the $1.8 billion (Rs 11,300 crore) fraud at state-run Punjab National Bank (PNB), the biggest ever in India's banking sector, came to light. While UCO Bank has disclosed an exposure of $411.82 million, State Bank of India and Allahabad Bank disclosed Rs 1,360 crore and Rs 2,000 crore respectively. Shares of PNB have fallen 28 per cent, eroding around Rs 10,976 crore of its market cap. According to analysts, the fraud will impact the profitability of banks, which are already struggling under mounting non-performing assets.
BJP Wins 47 Gujarat Civic Poll Seats
Continuing its victory run, the Bharatiya Janata Party won 47 of the 75 municipal seats in Gujarat. However, the party’s share of seats came down from its earlier tally of 59. The Congress' tally went up from 14 to 16, but the party claimed it has bagged 24 seats. Gujarat Pradesh Congress Committee President Bharatsinh Solanki said that Independents and others who have won some of the seats had the support of Congress. The Nationalist Congress Party and the Bahujan Samaj Party won one seat each. Voting for the 75 municipalities was held on last Saturday.
China Holding Talks With Baloch Leaders
Beijing has been holding talks with Baloch nationalists for more than five years in an effort to safeguard its investment in infrastructure projects being taken up as part of the China-Pakistan Economic Corridor. China, a report in the Financial Times says, has been in direct contact with groups in Baluchistan fighting Pakistan’s occupying forces. The surprise doesn't end here. Interestingly, Pakistan may not be aware of what is being discussed between the two parties.
Modi Raise Political Pitch In Siddaramaiah's Home Turf
With assembly elections in Congress-ruled Karnataka barely months away, Prime Minister Narendra Modi launched a blistering attack on the state government on Monday in Chief Minister Siddaramaiah’s home turf Mysuru. Addressing a rally in the city, the Prime Minister referred to the allegation the that Siddaramaiah government approves projects only if it gets to keep 10 per cent of the project cost as commission. He labelled the Congress government as a "commission" government and noted that that state needs a "mission" government instead. Modi’s rally came just a week after Congress president Rahul Gandhi visited six districts of the Hyderabad-Karnataka region and addressed multiple gatherings.
Elon Musk’s Tesla Roadster May Collide With Earth, Venus
Elon Musk’s car, launched into space atop the first Falcon Heavy rocket on 6 February, will likely collide with Earth or Venus eventually, but not before it flies past its home planet multiple times, scientists have said. Based on a series of simulations, experts have calculated the probability of it colliding with Earth and Venus over the next one million years to be 6 per cent and 2.5 per cent, respectively. The red roadster’s first close encounter with the Earth will be in 2091.
Nepal’s Oli Plans To Review Special Relations With India
Nepal’s new Prime Minister Khadga Prasad Sharma Oli said in an interview on Monday that he may review his country’s special relations with India, including the practice of Nepalese soldiers serving India’s armed forces. Oli, who has advocated closer relations with China, told the South China Morning Post that he is keen on improving rail and road connectivity with China through Tibet. He said he can’t ignore the fact that his country has two neighbours - India and China. Oli blamed some “elements in the Indian establishment” for misunderstanding between Kathmandu and New Delhi during his stint as Prime Minister between 2015 and 2016.
MUST READ OPINIONS AND COLUMNS
The RBI Got This One Right: The Reserve Bank of India did the right thing by issuing new guidelines for banks regarding the classification and restructuring of stressed assets.
Privatize Public Sector Banks To Prevent Future Nirav Modis:This is a good time for the government to reverse the bank nationalization policy by selling the government stake in public sector banks and exiting the business.
Moving Towards An Investment Revival: Many large economies have seen a strong revival in corporate investment over the past few months, and it would be unusual if Indian corporate investment did not pick up.
SWARAJYA SPECIAL
Tamizh: Between Historic Greatness And Hysterical Hype: Modi recently spoke about the greatness of Tamizh language to a group of students in North India. More than political posturing, this expression of admiration comes from Modi’s schooling at Sangh, who see Tamizh as an integral part of the Indic heritage.
We hope you enjoyed reading our morning brief. Have a great day ahead!
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