The Indian Space Research Organisation (ISRO) is to launch a dedicated satellite for youth next year carrying scientific instruments developed by students from Indian and foreign universities.

“The Launch of this satellite is expected sometimes next year on-board a polar satellite launch vehicle (PSLV) ” Indian Space Research Organization (ISRO) chairman G. Madhavan Nair said.

This project is the brain-child of A P J Abdul Kalam, who at the same event in Bangalore termed this project as an ‘youth satellite.’

The various instruments, developed by graduate and postgraduate students of universities from India, Russia and other countries, will study and share data on earth imaging, atmospheric applications, solar emission and galactic observations. Apart from the payload (auxiliary satellite), the launch vehicle will also carry a mini remote sensing satellite, according to ISRO.

“The less than 100-kg spacecraft is being built at our satellite development center in Bangalore. The dedicated youth satellite is the brain-child of former president A.P.J. Abdul Kalam, who proposed such a mission during his visit to Russia two years ago,” Nair said.

On Tuesday June/24/2008 Reserve Bank of India (RBI) increased the repo rate to 8.75 per cent — a six-year high — from 8.25 per cent, and CRR to 8.75 per cent from 8.25 per cent.

Reserve Bank of India’s move to hike repo rate (the rate at which RBI lends to banks) and cash reserve ratio (CRR or the portion of deposits the banks have to keep with the RBI), this two-pronged move will make it difficult for the economy to maintain its expected growth momentum of 8 to 8.5%.

Banks, which have been holding their lending rates so far, will be forced to hike them in the next few days by at least 100 to 150 basis points (100 basis points is one percentage point).

India’s inflation rate accelerated to a 13-year high on a recent hike in retail fuel prices and because of an increase in non-food items.

India’s wholesale prices jumped 11.05 percent in the week to June 7, the highest since February 1995. The inflation rate was 8.75% in the previous week. India doesn’t calculate wholesale price inflation on a monthly basis.

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