News Summary : July 02

1: Field medal : Highest honor given to mathematicians.

2: Physics aspect : Quantum mechanics to study materials made of atoms , molecules . EInsteins theory of relativity is used to study space , stars and universe.

Mathematics is the language in which physical laws are formulated .

3: Government is taking steps to reduce corporate tax from 30 percent to 25 percent level . Simultaneously exemptions and incentives will be removed. High tax rate end up making the products less competitive in international market.

4: Infrastructure : Eastern DFT from Ludhiana to Dhankuni . Funding to come mainly from world bank. This project will help in reducing GHG emission .

5: Greece issue : Referendum to decide future course of action

6: US-Cuba : Significant Geo-political development as diplomatic relations have been established between US and Cuba.

" We don't have to be imprisoned by the past " -- Barak Obama

7: ISRO has social-economic role to play in India's future. Main working area are communication satellites , remote sensing , navigation , regional co-operation , Indegenous satellites , launch vehicles . GSLV MKIII is long awaited project which uses cryogenic engines. Critical for sending larger weight satellites.

8: Government goes into action part of curbing black money issue. Statuary teeth has come in form of Black money ( undisclosed foreign income and assets ) and imposition of taxes act 2015 . This act has provision for jail term of 10 years. Implementation will be closely monitored in near future.

9: Maldives : India faces dilemma as it finds difficult to ignore handling of former president Md Naseed. Human rights issue have come up in this. India doesn't want to act against sovereign neighbor . This has Geo-political angle as well as China tries to get closer to Maldives. Mr. Abdulla yameed is the present President of Maldives.

10: Indo-UK : India has extradition treaty with UK since 1993 . For extradition process to initiate Interpol has to issue red corner notice against accused person of convict.

11: MQM funding by RAW : Allegation seem false as Indian policy has changed over the years. Currently India follows persuasive regional diplomacy to take into confidence the government of neighbors. Though this policy has limitation when the neighbor is persistently non-co operative like Pakistan.

12: PIO and OCI were merged in 2014 : Person holding the card is eligible to work in India for lifetime. However there is one restriction . For missionary , research , mountaineering activities prior permission of government oof India is required.

13: EU : It lacked features of Union as democratic mandate lacked. Whims of powerful economies play major role e.g. wish and wants of Germany .The Greek crisis is also about future of Europe. A country should carefully manage its relations to be able to get out of difficult situations which may arise.

14: AIIB : 100 bn $ fund with 57 member nations. Asian countries are is need of fund to fill gap of their Infrastructure financing. This has Geo-political limitations as Japan and Philippines have kept away from this. This bank will complement the belt and road initiative of china. Currently China has money to finance infrastructure projects.

UPSC( CS-Mains ) angle to see it : Some overview comment 

Not much on science page of the day. On economy front the news about Infrastructure , Degital India , Government taxation , Black money finds mention in the news. On international relations there is continuity of past news . US-Cuba relation is significant development . Greece issue will remain in news for time to come so comprehensive answer should be prepared on the topic. AIIB question was asked last year , this year too this will remain hot topic till exam date ; this demands well written article on China's AIIB project and its usefulness with implications. Agenda of Degital India will need to be prepared as a topic . It has wide scope and usefulness and is high on priority of the government of India.