Ø With the appointment of former IMF economist Arvind
Subramanian as the Chief Economic Adviser and Rajasthan
cadre IAS officer Rajiv Mehrishi as the finance secretary, the Narendra Modi
government has brought in a new team to steer the economy, five months after it
came to power. Mr. Subramanian, earlier a senior fellow at the Washington-based
Peterson Institute for International Economics, is pronouncedly pro-market. He
has in the past argued for quicker subsidy reforms, fast introduction of GST,
and faster deficit reduction than the temporal target set by the government.
The medium term fiscal policy envisages a progressive reduction of the deficit
to three per cent of the GDP by 2016-17.
Ø on October 16, 2014, the PSLV-C26 lobbed the
1,425 kg Indian Regional Navigation Satellite System (IRNSS-1C) satellite into its precise orbit. This mission
was ISRO’s twenty-seventh consecutively successful PSLV flight. The IRNSS-1C is
the third among seven navigation satellites, with a wide range of applications
from helping truck drivers to submarines, missiles and battle tanks locate
their positions.
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