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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Kirit Parikh committee suggests increase in prices of Diesel, Kerosene and LPG


Kirit Parikh committee on Pricing Methodology for Diesel, Domestic LPG and PDS Kerosene has recommended a price increase of Rs 5 / litre in diesel, Rs 4/ litre in kerosene, and Rs 250 in LPG cylinder with immediate effect.

What are the key recommendations of Kirit Parikh panel?

The Panel recommended:

  • Number of subsidised LPG cylinders should be decreased from the present 9 to 6 cylinders per annum to each household.
  • Subsidy on diesel sales should be capped at Rs 6/litre.
  • Do away with the subsidy on diesel within one year, which could save the exchequer Rs 72000 crore in fuel subsidy.
  • Government should take measures to pass on the impact of rise in price of diesel to consumers, and move speedily towards making the price of diesel market-determined.
  • Continuation of existing pricing principles for controlled petroleum products.

At present, oil marketing firms sell diesel at a discount of Rs 10.52 per litre, kerosene at Rs 38.32 Rupees and LPG at Rs 532.86 rupees per cylinder.

Kirit Parikh Committee

Kirit Parikh panel was set up by the Ministry of Petroleum and Natural Gas in June 2013 assigning it with the task to advice on Pricing Methodology for Diesel, Domestic LPG and PDS Kerosene. The panel was chaired by Planning Commission member Dr. Kirit S. Parikh.

Pragati: India’s newly developed surface-to-surface missile

DRDO (Defence Research and Development Organization) has developed a new tactical surface-to-surface missile Pragati which has a range between 60-170 km.  India will offer the missile to friendly nations.

The Pragati missile is based on the Prahaar missile developed by the DRDO for the Army. The missile was the main exhibit of the DRDO which is showcasing an array of indigenous weapons at the Seoul International Aerospace and Defense Exhibition (ADEX 2013).

Besides ‘Pragati’ tactical missile, DRDO showcased, ‘Akash’ missile system and ‘Tejas’ LCA and its variants. The LCA is a DRDO project which is yet to be accomplished and the aircraft has not been inducted by the IAF as yet.