Shanghvi is richest Indian: Forbes

sun Pharma founder overtakes Mukesh Ambani

#DilipShanghvi of Sun Pharmaceuticals, with a net worth of $21.5 billion, surpassed Mukesh Ambani as the world’s richest Indian on Wednesday, two days after the Reliance Industries Ltd. chief was ranked India’s wealthiest for the eighth consecutive year.

A real-time update by the business magazine Forbes reworked the rankings. On the global rich list, Mr. Shanghvi moved up to the 37th position, while Mr. Ambani slipped to the 43rd.

Earlier on Monday, Forbes released its annual rich list for 2015, ranking Mr. Ambani at the 39th position and Mr. Shanghvi at the 44th. Azim Premji of Wipro was ranked 48th, from which he has moved up one place now. Mr. Shanghvi’s net worth stood at $ 21.5 billion, following a sharp rally in the share prices of his group companies.

Regular eye check up and treatment can save vision

World #Glaucoma Week is held in March each year to increase awareness about glaucoma. Glaucoma is largely an invisible disease but a leading cause of irreversible blindness due to the damage caused to eye's optic nerve by the increase in intraocular pressure. If damage to the optic nerve from high eye pressure continues, glaucoma will cause permanent loss of vision. Without treatment, glaucoma can cause total permanent blindness within a few years.

Definition

               #Glaucoma is the name given to a group of eye diseases in which the optic nerve at the back of the eye is slowly destroyed. In most people this damage is due to an increased pressure inside the eye - a result of blockage of the circulation of fluid inside eye ball (aqueous) or its drainage. In other patients the damage may be caused by poor blood supply to the vital optic nerve fibers, a weakness in the structure of the nerve, and/or a problem in the health of the nerve fibers themselves. While it is more common as people age, it can occur at any age.

How Does Pressure Rise in the Eye

               Glaucoma usually occurs when pressure inside eye increases. This can happen when eye fluid isn't circulating normally in the front part of the eye. Normally, this fluid, called aqueous humor, flows out of the eye through a mesh-like channel. If this channel becomes blocked, fluid builds up, causing glaucoma. The direct cause of this blockage is unknown, but doctors do know that it can be inherited, meaning it is passed from parents to children.

Less common causes of glaucoma include a blunt or chemical injury to the eye, severe eye infection, blockage of blood vessels in the eye, inflammatory conditions of the eye, and occasionally eye surgery to correct another condition. Glaucoma usually occurs in both eyes, but it may involve each eye to a different extent.

Types of #glaucoma

               Chronic (primary open-angle) glaucoma is the most common form of this disease. However, other forms occur:

·              Low-tension or normal tension glaucoma. Occasionally optic nerve damage can occur in people with so-called normal eye pressure. This form of glaucoma is treated in the same manner as open-angle glaucoma.

·              Acute (angle-closure) glaucoma. Acute glaucoma is when the pressure inside the eye rapidly increases due to the iris blocking the aqueous flow. An attack of acute glaucoma is often severe. People suffer pain, nausea, blurred vision and redness of the eye. Immediate medical help should be sought. If treatment is delayed there can be permanent visual damage in a very short time. Usually, laser surgery performed promptly can clear the blockage and protect against visual impairment.

·              Congenital glaucoma. This is a rare form of glaucoma caused by an abnormal drainage system. It can exist at birth or develop later. Parents may note that the child is sensitive to light, has enlarged and cloudy eyes, and excessive watering. Surgery is usually needed.

·              Secondary glaucoma. This glaucoma can develop as a result of other disorders of the eye such as injuries, cataracts, eye inflammation. The use of steroids (cortisone) has a tendency to raise eye pressure and therefore pressures should be checked frequently when steroids are used.

What are the symptoms of glaucoma?

               Because most people with glaucoma have no early symptoms or pain from this increased pressure, it is important to see your eye doctor regularly so that glaucoma can be diagnosed and treated before long-term visual loss occurs. If you are over age 40 and have a family history of glaucoma, you should have a complete eye exam with an eye doctor every one to two years. If you have health problems such as diabetes or a family history of glaucoma or are at risk for other eye diseases, you may need to visit your eye doctor more frequently.

               Chronic (primary open-angle) glaucoma is the most common type. It has no symptoms until eye sight is lost at a later stage. Damage progresses very slowly and destroys vision gradually, starting with the side vision; the person remains unaware of any problem until a majority of nerve fibers have been damaged, and a large part of vision has been destroyed. This damage is irreversible. It is progressive and usually relentless. Treatment cannot recover what has been lost. But it can arrest, or at least, slow down the damage process. That is why it is so important to detect the problem as early as possible, to be able to start treatment with as little damage to the vision as possible.

               Although anyone can get glaucoma, some people have a higher risk. These include a family history of glaucoma, diabetes, migraine, short sightedness (myopia), blood pressure, past or present use of cortisone drugs (steroids) etc.

How to treat

               Although there is no cure for glaucoma it can usually be controlled and further loss of sight either prevented or at least slowed down. Treatments include:

·              Eye drops

·              Laser (laser trabeculoplasty) - this is performed when eye drops do not stop deterioration in the field of vision. In many cases eye drops will need to be continued after laser. Laser does not require a hospital stay.

·              Surgery (trabeculectomy) - this is performed usually after eye drops and laser have failed to control the eye pressure. A new channel for the fluid to leave the eye is created.

Government Initiatives

               National Programme for Control of Blindness (NPCB) was launched in the year 1976 as a 100% Centrally Sponsored scheme with the goal to reduce the prevalence of blindness from 1.4% to 0.3%, by the year 2020. As per Survey in 2001-02, prevalence of blindness is estimated to be 1.1 and during 2006-07 showed reduction to 1%. 

               Among main causes of blindness Glaucoma accounts for 5.80%.During the XII plan NPCB envisages to reduce the backlog of blindness through identification and treatment of blind at primary, secondary and tertiary levels based on assessment of the overall burden of visual impairment in the country; Develop and strengthen the strategy of NPCB for “Eye Health” and prevention of visual impairment; through provision of comprehensive eye care services and quality service delivery; Strengthening the existing and developing additional human resources and infrastructure facilities for providing  high quality comprehensive Eye Care  in all Districts of the country;  enhance  community awareness on eye care and lay stress on preventive measures;   Increase and expand research for prevention of blindness and visual impairment and secure participation of Voluntary Organizations/Private Practitioners in eye Care.

Regular eye check up, especially after 40 years and immediate treatment can save remaining vision but it does not improve eye sight affected due to Glaucoma.

March 6^th is Glaucoma Day

CSIR - Pioneer of India’s Intellectual Property Movement

CSIR has strengthened its patent portfolio to carve out global niches for the country in select technology domains. In written reply in the Lok Sabha today theMinister of Science and Technology Dr. Harsh Vardhan  has said CSIR is granted 90% of US patents granted to any Indian publicly funded R&D organization. On an average CSIR files about 250 patents in India and 250 patents abroad per year.         CSIR has pursued cutting edge science and has thus advanced the knowledge frontiers. The scientific staff of CSIR only constitutes about 3-4% of India’s scientific manpower but they contribute to about 10% of India’s scientific outputs. CSIR has published 5444 papers during 2014 in SCI journals. CSIR is a globally benchmarked organization.  It is ranked at 84th position (only Indian institution within top 100 ranks) out of the 4851 institutions worldwide by Scimago Institutions Ranking World Report 2014 http://scimagoir.com/pdf/SIR Global 2014O.pdf. CSIR holds the 17th rank in Asia and leads the country at the first position.         CSIR through its constituent laboratory, Indian Institute of Petroleum (IIP), Dehradun has developed a state-of-the-art Wax Deoiling Technology to produce waxes from petroleum streams. Based on CSIR IIP-EIL-NRL technology, Numaligarh Refinery Limited (NRL) - a subsidiary of Bharat Petroleum Corporation Limited (BPCL), situated in North-East Region of India, has set-up a grass root Wax Deoiling Plant with the investment of INR 750 crores. Recently, CSIR has launched Krishi Shakti- a small tractor (10-12 hp) which would benefit Indian farmers possessing small land holdings. Further, a Supercontinuum Light Source based Confocal Microscope has been designed and developed under the CSIR-New Millennium Indian Technology Leadership Initiative (CSIR-NMITLI) Scheme and has recently been launched.

SRO to carry out a test flight of Reusable Launch Vehicle – Technology Demonstrator (RLV-TD) by second quarter of 2015

The reusable vehicle will bring down the cost of satellite launches

Indian Space Research Organisation (ISRO) will carry out a test flight of Reusable Launch Vehicle – Technology Demonstrator (RLV-TD) by second quarter of 2015. Technology Demonstrator winged body vehicle weighing 1.5T will be lofted to a height of 70 km using solid booster, thus attaining 5 times the speed of sound. Thereafter it will descend by gliding and splashing down into the sea. This test flight would demonstrate the Hypersonic aerodynamics characteristics, Avionics system, Thermal protection system, Control system and Mission management. Development of Reusable Launch Vehicles is a technical challenge and it involves development of many cutting edge technologies. The magnitude of cost reduction depends on development and realization of fully reusable launch vehicle and its degree of reusability. ISRO has taken steps to develop next generation launch vehicle GSLV MkIII, capable of launching 4 ton class communication satellites to Geo-synchronous Transfer Orbit, which would bring down the cost of satellite launches.  Department of Space has taken multi-pronged approach to provide Space education to the youths in the country The Department of Space has taken multi-pronged approach to disseminate or to provide formal education on important subjects coming under Space Technology, Space Science and Space Applications to the youths in the country as under: • Department of Space (Dos) has established an academic institution viz., Indian Institute of Space Science and Technology (lIST) at Thiruvananthapuram with a prime objective of providing highly specialised academic programmes in the niche areas of Space. The Institute is offering Undergraduate programmes, Post graduate programmes and Doctoral programmes to the youth of the country. • Dos has established an academic and training institute viz., Indian Institute of Remote Sensing (IIRS) at Dehradun. The institute offers Post graduate diploma and Masters courses in Remote Sensing, Geo-informatics, Environment and Atmospheric sciences, Urban planning, etc. • The Department has developed curriculum in the areas of Remote Sensing & GIS for PG programme and assisted various academic institutions to establish the required laboratory infrastructure and administer the academic programme. • The Department has also provided technical and scientific support to students and faculty members of various academic institutions to design, develop and realise small satellites by the respective institution. The Department has also extended the support of free launch services to place the students` satellites in orbit. • The Department has also tied up with various academic institutions to undertake research and related activities in the field of Planetary Science and Exploration. • To promote Space Science education amongst the youth, the Department has identified few academic institutions to support and strengthen the research in space sciences in the universities through guidance and funding. • The Department has also encouraged academic institutions to participate in the scientific satellite missions by providing flight worthy payloads duly developed by the academia. • The Department has also instituted Research Fellowships Scheme in academia to promote space science research work at national laboratories. • The Department has involved many academic and autonomous research institutions to work in the areas of climate and weather of the Sun-Earth system through funding and definition of research themes. • As a collaborative approach with academic institutions and research institutions, the Department has been running the Joint Astronomy Programme, where in the selected student will pursue research in Astronomy and Astrophysics leading to award of Ph.D degree. This information was provided by MoS in the Prime Minister’s Office and Minister of State in the Ministry of Personnel, PG & Pensions, Dr Jitendra Singh in a reply to unstarred question in the Lok Sabha today. The fourth satellite #IRNSS-1D to be launched soon Indian Space Research Organisation (ISRO) is setting up Indian Regional Navigation Satellite System (IRNSS) to provide positioning and navigational services in Indian mainland and surrounding region up to 1500 Km. IRNSS consists of seven satellites in a constellation, three satellites in geostationary orbit and four satellites in geosynchronous orbit. The objective of IRNSS is to provide positioning services over Indian region with an absolute position accuracy of better than 20 metres. IRNSS provides two services namely Standard Positioning Service (SPS) for Civilian users and Restricted Service (RS) for strategic users. Out of the 7 satellites required in the constellation, three satellites namely, IRNSS-1A, 1B & 1C have already been successfully placed in the orbit. The fourth satellite IRNSS-1D is scheduled for launch during March 2015. The work on remaining three satellites is in progress. The associated ground segment for maintaining the satellites in orbit, monitoring the constellation status, correction of the orbital parameters and navigation data uploading is in place.

RBI cuts interest rate by 25 basis points

In a surprise move, the Reserve Bank of India has cut the key policy rate by 25 basis points, setting the tone for a reduction in lending rates by banks. This will prod banks to drop interest rates on home and car loans.

The policy repo rate under the liquidity adjustment facility (LAF) is cut by 25 basis points to 7.5 per cent from 7.75 per cent. The reduction will come into effect immediately.

The RBI has, however, kept the cash reserve ratio (CRR) of scheduled banks unchanged at 4 per cent of net demand and time liabilities (NDTL). It has said that it will continue to provide liquidity under overnight repos at 0.25 per cent of bank-wise NDTL at the LAF repo rate and liquidity under seven-day and 14-day term repos of up to 0.75 per cent.

It has also decided to continue with daily variable rate repos and reverse repos to smooth liquidity. Consequently, the reverse repo rate under the LAF stands adjusted to 6.5 per cent, and the marginal standing facility (MSF) rate and the bank rate to 8.5 per cent.

Key factors

"While the next bi-monthly policy statement will be issued on April 7, 2015, the still weak state of certain sectors of the economy as well as the global trend towards easing suggests that any policy action should be anticipatory once, and sufficient data support the policy stance," the RBI said.

"With the release of the agreement on the monetary policy framework, it is appropriate for the Reserve Bank to offer guidance on how it will implement the mandate," the apex bank added. Going forward, the RBI will seek to bring inflation rate to a mid-point of the band of 4 per cent by the end of a two-year period starting fiscal year 2016-17.

Guidance stays

However, RBI said that the guidance on policy action given in the fifth bi-monthly monetary policy statement of December 2014 was largely unchanged. Further monetary actions, it said, would be conditioned by incoming data, especially on the easing of supply constraints, improved availability of key inputs such as power, land, minerals and infrastructure, continuing progress on high-quality fiscal consolidation, the pass through of past rate cuts into lending rates, the monsoon out-turn and developments in the international environment.

It may be recalled that in its statement on monetary policy of January 15, 2015, the Reserve Bank reduced the policy repo rate by 25 basis points and indicated that "key to further easing are data that confirm continuing disinflationary pressures. Also critical would be sustained high quality fiscal consolidation."

While maintaining the interest rate stance in its sixth bi-monthly monetary policy statement of February 3 in the absence of new developments on inflation or on the fiscal outlook till then, the Reserve Bank indicated that it would keenly monitor the revision in the consumer price index (CPI) with regard to the path of inflation in 2015-16 as well as the Union Budget for 2015-16.

Data developments

The new CPI re-based to 2012 was released on February 12, 2015. Inflation in January 2015, at 5.1 per cent as measured by the new index, was well within the target of 8 per cent for January 2015. Prices of vegetables declined, and inflation, excluding food and fuel, moderated in a broad-based manner to a new low. "Thus, disinflation is evolving along the path set out by the Reserve Bank in January 2014 and, in fact, at a faster pace than earlier envisaged," the RBI said.

"The uncertainties surrounding any inflation projection are, however, not insignificant. Oil prices have firmed up in recent weeks, and significant further strengthening, perhaps as a result of unanticipated geo-political events, will alter the inflation outlook. Other international commodity prices are expected to remain benign, given still-sluggish global demand conditions."

"Food prices will be affected by the seasonal upturn that typically occurs ahead of the south-west monsoon and, therefore, steps the government takes on food management will be critical in determining the inflation outlook. Finally, the possible spill over of volatility from international financial markets through exchange rate and asset prices channels is also channels was still a significant risk," it said.

Setting goals

Reserve Bank of India (RBI) and the finance ministry have agreed to put in place a monetary policy framework, which will make flexible inflation targeting the official goal of the central bank. Till January 2016, the RBI will target a consumer price inflation rate of below six per cent; from 2016-17, the target rate will be between two per cent and six per cent. This has been a long-standing demand of the RBI under Governor Raghuram Rajan, and largely follows the suggestions made by a panel chaired by Deputy Governor Urjit Patel. It is to be hoped that the composition of the monetary policy committee will reflect the RBI's independence: it should have knowledgeable experts as members and the RBI governor should chair it. In particular, the government should not have a nominee on the committee.

While, in general, this mechanism is welcome - since it brings to India the formal accountability and transparency about future actions that is the hallmark of modern central banking - there are some important caveats that must be made. In particular, it is far from certain that the RBI can, in fact, sustainably deliver what it is being asked to do. In the Consumer Price Index (CPI) inflation, which is what the RBI will target, the weight of food items is around 50 per cent. But food inflation in India is usually caused by non-monetary factors. This country suffers from volatility of production and problematic supply chains; and so a failed harvest or a temporary shortage of onions could send the CPI reeling. Under those circumstances, there is little that monetary policy can do other than make sure that it does not develop into generalised inflation. Of course, the monetary policy transmission mechanism is in any case weak, thanks to India's lack of fully developed and integrated financial markets. That means that, sometimes, the RBI may signal intent with interest rates, but they may not have much real impact. Overall, thus, the RBI may find delivering on an inflation target harder than central banks in countries where food is not central to inflationary pressure, and where transmission systems are more effective. It is worth noting that even in advanced economies, single-goal targeting is no longer the only monetary game in town. Since the 2008 crisis, central banks have considered other systems, including targeting nominal gross domestic product (GDP).

True, there are reasonable counter-arguments to this position. One is that the range given to the RBI for its target inflation is quite broad - two per cent to six per cent - which should cover most situations. Even if the RBI fails to hit the target zone for three quarters in a row, all it needs to do is simply explain the reasons - like excessively loose fiscal policy from the government, or a failed monsoon. Fiscal irresponsibility, of course, the RBI has no control over. The Fiscal Responsibility and Budget Management Act, or FRBM Act, tends to be breached repeatedly by the government. Once a separate debt management office has been created, as promised in this Budget, the RBI will even not be in control of the government's debt programme. Given that, it will just have the interest rate as a lever of control; thus, the constant threat of fiscal excess from the government could mean a continually tough interest rate regime. The effects on growth are easy to imagine.

Forbes’s 2015 billionaires list: Bill Gates retains title as world’s richest person

Microsoft Co-founder, Bill Gates retained the title of the world’s richest person in the Forbes 2015 billionaire list. Mr. Gates has topped the list for 16 of the last 21 years, with a net worth of $79 billion and Mexico’s telecommunications mogul Carlos Slim Helu is at second place. As per the Forbes’ 29th annual ranking of the world’s billionaires 2015 Total number of billionaires in the world: 1826 with combined net worth of $$7.05 trillion. The US leads the list of billionaires in the world with 536 billionaires, followed by China (213), Germany (103), India (90) and Russia (88). Top 5 billionaires: Bill Gates ($79 billion), Mr. Carlos Slim Helu ($77.1 billion), Mr. Warren Buffett ($72.7 billion), Mr. Amancio Ortega ($64.5 billion) and Mr. Larry Ellison ($54.3 billion). Highest ranked women on the list: Christy Walton (8), with a net worth of $41.7 billion. World’s youngest billionaire: Evan Spiegel (1250) founder of Snapchat from United States. From Internet field: com Inc’s founder Jeff Bezos (15), Facebook Inc’s Mark Zuckerberg (16), and Google Inc founders Larry Page and Sergey Brin ranked 19th and 20th. Business Tycoon, Mr. Mukesh Amabani: India’s richest person for the 8th year in a row. Mr. Ambani is ranked 29th globally with net worth of $21 billion. It should be noted that India has 90 billionaires in this edition of list.