Current Affairs – October, 2013

Latest Current Affairs October, 2013 with Current Affairs, news summary on current events of National and International importance of October, 2013 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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GoM discards proposal to impose duty on cotton exports

The Group of Ministers (GoM), headed by Agriculture Minister Sharad Pawar, rejected the proposal of the Textile Ministry to impose a 10% duty on overseas sales of cotton beyond the declared exportable surplus limit.

As per the GoM, there should be no restrictions on export of raw cotton and no duty on export. It advocated a free market for cotton, and was of the view that any quantitative restriction or export duty would harm farmers.

As per the Textile Ministry, it had proposed to impose the duty with a view to create a stable, transparent, production and tariff-driven cotton market to balance the interests of stakeholders in the entire value chain.

Currently, duty-free cotton exports are permitted after registering contracts with the Directorate-General of Foreign Trade (DGFT), and there is no restriction on shipments.

As per the estimates of the Textile Ministry, for the 2013-14 marketing year (October-September), the total production of cotton has been at 37-37.5 million tonnes and cotton exports at 10 million bales (of 170 kg each).

India is the world’s second largest producer and exporter of cotton. It exports more than 70% its cotton to China.

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Mukesh Ambani remains wealthiest Indian

As per the the China-based Hurun India Rich List, Reliance Industries Chairman Mukesh Ambani is India’s richest man with personal assets of $18.9 billion. Mr. Ambani retained the top rank for the second consecutive year even after a wealth decline of 2%.

According to the list, the top rich persons are:

  1. Mukesh Ambani : Chairman Reliance Industries
  2. L.N. Mittal: Chairman and CEO of ArcelorMittal, the world’s largest steelmaking company based in London ($15.9 billion)
  3. Dilip Shanghvi : Founder of Sun Pharmaceuticals
  4. Azim Premji: Chairman Wipro ($12 billion)
  5. Shiv Nadar: HCL Technology’s ($8.6 billion)
  6. Kumar Mangalam Birla: Chairman Grasim Industries ($8.4 billion)
  7. Adi Godrej: Chairman Godrej Group’s ($8.1 billion)
  8. Pallonji Mistry: Chairman Shapoorji Pallonji & Co ($8 billion)
  9. Shashi & Ravi Ruia: Essar Energy ($7.6 billion)
  10. Sunil Mittal: Chaiman Bharti Airtel ($7.3 billion)
  11. Anil Ambani: Chairman Anil Dhirubhai Ambani Group ($7.1 billion)

Bollywood superstar Shah Rukh Khan, who set up Red Chillies Entertainment, was ranked 114th and has personal assets of $400 million.

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