GK-4

India Economic Summit 2009 Ends
During the session, the six summit Co-Chairs reviewed the discussions of the past three days and how to move forward on an agenda to drive “India’s next generation of growth”, which takes place in New Delhi from 8-10 November 2009.
The review draws on the findings of the World Economic Forum’s Global Competitiveness Index 2009-2010
The Schwab Foundation for Social Entrepreneurship, in collaboration with the United Nations Development Programme (UNDP), has selected three social enterprises with significant impact in India as winners of the India Social Entrepreneurs Award for 2009: Rajendra Joshi, Managing Trustee,
So, the opening commitments to get us en route to a 2 degree world by 2020 are:

From rich countries:
• The EU 27 offer a 20% reduction against 1990 levels or 30% if other countries make big cuts too
• Japan offers 25% reduction against 1990 levels
• Russia pledges to match Japan if other countries also do the same
• US offers 17% reduction against 2005 levels (the figure in the Waxman Markey bill), which equates to about 4% against 1990 levels.
• Canada and Australia are offering less that then the US.
• The best in class is Norway with a 40% reduction target against 1990 levels
• On average, this gives us about a 15% reduction against 1990 levels for developed countries

From fast growing developing countries
• China offers a 40-45% cut in the carbon intensity of its economy (tonnes of carbon /unit of GDP) by 2020
• India offers up to a 25% cut in the carbon intensity of its economy by 2020
• Brazil has offered to curb emissions 38-42% from business as usual by 2020, including a reduction in deforestation by 80% by 2020
• South Korea has promised 30% by the same measure (equivalent to a 4% reduction against 2005 levels); Indonesia 26%
• Only South Africa is yet to provide some sort of target.
Bill and Melinda Gates announced that their foundation will commit US$ 10 billion over the next 10 years to help research, develop and deliver vaccines for the world’s poorest countries.
In its quarterly review, Reserve Bank of India has directed banks to increase their provisions for non performing assets (NPAs) to 70 percent which include floating provisions.
There are 32 foreign banks operating in India.
Banks may demand more time for meeting the deadline to implement International Financial Reporting Standards (IFRS). Presently the banks are required to meet the deadline by March 2011