Current Affairs for BANK, IBPS Exams 31 March 2016

Current Affairs for BANK, IBPS Exams

31 March 2016

:: NATIONAL ::

Division bench of Nainital HC stays earlier order of floor test

Complicating the legalities around a floor test in the Uttarakhand Assembly a Division Bench of the High Court in Nainital decided to keep the order “in abeyance” till April 6.
The Centre and the Congress had filed special appeals in the High Court over ambiguities in the March 29 order of the court, where Mr. Rawat was permitted a floor test on March 31.
While the Central government had approached the court questioning the permission for voting in the Assembly when the State was under President’s Rule.
The Congress approached it questioning the rights of the nine disqualified MLAs to participate in the ballot.
Attorney General Mukul Rohtagi and his team represented the Central government in the High Court. He argued that voting could not be allowed since the State was under President’s Rule.
The decision, given by the double Bench comprising Chief Justice K.M. Joseph and Justice V.K. Bisht, of putting the earlier court order “in abeyance” was taken with the consent of both the parties.
A single bench of the court postponed to April 1, hearing in the case of the nine rebel Congress MLAs, who had challenged their disqualification.

Labour Bureau data shows job growth is declining

New jobs in eight labour-intensive industries fell to a six-year low in the first nine months of 2015 — with just 1.55 lakh new jobs being created compared to over three lakh jobs over the same period in 2013 and 2014, according to Labour Bureau data.
This was not a healthy sign, especially since the July-September quarter usually sees more jobs being added, compared to other quarters in the year as companies conduct recruitment drives.
The latest quarterly survey conducted by the Labour Bureau showed 1.34 lakh jobs were created in July-September 2015, the lowest in the similar quarters since 2009 when the survey was started.
In January-March 2015, though the number of jobs increased by 64,000, it declined by 43,000 in the quarter ended June taking the net addition of jobs during 2015 to 1.55 lakh.
By contrast, 3.04 lakh new jobs were added in January-September 2014 and 3.36 lakh in the same period of 2013, a Labour Bureau survey showed. There was a sharp decline in hiring of contract labour in 2015.
Contractual jobs declined by 21,000 in January-September 2015 against an increase of 1.20 lakh in the corresponding period of 2014.
Direct employment rose by 1.76 lakh in 2015 compared to an increase of 1.84 lakh in 2014.
The Labour Bureau, under the Ministry of Labour and Employment, started conducting this quarterly survey after the 2008-09 global crisis to gauge its impact on employment in eight crucial sectors — textiles, leather, metal, automobiles, gems and jewellery, transport, information technology (IT) and handloom.

SC upheld the SOP and protection of road accident victims helpers

The Supreme Court upheld a Central notification issuing standard operating procedure (SOP) for the protection and examination of ‘Good Samaritans’ — those who help road accident victims — and make it binding on all State governments and authorities.
A Bench endorsed the January 21, 2016 notification issued by the Transport Ministry as a positive signal for a concerted effort to change the public’s attitude of turning away from helping a road accident victim reach critical medical care.
The court said wide publicity should be given by the Centre and the States about the guidelines.
The SOP was framed by the government on the orders passed by the Supreme Court on a PIL plea filed by NGO SaveLIFE Foundation in 2012, highlighting the fact that more lives of accident victims can be saved if a law can be made to protect Good Samaritans from legal and procedural hassles at the hands of police and hospitals.
The Centre issued a series of guidelines on May 12, 2015, to protect Good Samaritans.
These included assuring them anonymity, protecting them from any civil or criminal liability for taking the victim to the nearest hospital and even a suitable reward for the life-saving initiative.

Health ministry Drug and Cosmetics Act to exempt clinical trials

With the aim to speed up innovation and research in India, the Health Ministry has amended the Drug and Cosmetics Act, exempting clinical trials conducted at academic institutions from taking the hitherto mandatory permission from the Drug Controller General of India (DCGI).
The once booming clinical trials in India came under the Supreme Court scrutiny in 2013, after at least 370 deaths were attributed to Serious Adverse Events (SEAs) during such trials.
In September 2013, the apex court ruled that no new clinical trials be permitted until the regulatory mechanism was reformed.
Meanwhile, the latest amendment to the D&C Act follows recommendations by the Professor Ranjit Roy Choudhury Committee, which had suggested that academic research should be approved by the Institutional Ethics Committees.
Many students test existing drugs and their study is delayed because of permissions required from the DCGI. Now, their institutions’ ethics committees are authorised to allow them, which should nurture an environment of research in the country.
Chances of misuse are obviously higher if you give anyone a free hand.
In 2013, the Supreme Court banned trials after a public interest litigation petition brought to light that trials conducted in various parts of the country had violated patient rights as informed consent was not taken, and the patients subjected to clinical trials included newborns, children, pregnant women and mentally challenged persons.

SC says law officers should be appointed on merit and not whims

Appointment of law officers, from Advocate Generals to those below, by State governments to fight cases involving crucial public and State interests should not be reduced to an exercise of political aggrandisement, appeasement or personal benevolence by those in power, the Supreme Court said.
In a judgment dealing with a batch of petitions challenging appointment of law officers, including assistant and additional advocate generals in Punjab and Haryana.
A Bench of Chief Justice of India T.S. Thakur and Justice Kurian Joseph said it is “high time” fair, transparent and objective criteria based on merit were adopted for the appointment of law officers.
“Appointments are made not because they are required but because they come in handy for political aggrandisement, appeasement or personal benevolence of those in power towards those appointed.

:: INTERNATIONAL ::

U.S. said the battlefield deployment of nuclear weapons by Pak has enhanced threat

As leaders from more than 50 countries are set to discuss measures to prevent nuclear terrorism, the U.S. said the battlefield deployment of nuclear weapons by Pakistan was an enhanced threat though it has taken several other measures to prevent nuclear material from falling into the hands of terrorists.
Senior U.S. officials, briefing journalists on the agenda and expected outcomes of the fourth Nuclear Security Summit, however, said the risks of nuclear terrorism have been substantially reduced over recent years, thanks to measures taken by various governments and agencies, including Pakistan.
Prime Minister Narendra Modi will be leading the Indian delegation to the summit. Pakistan Prime Minister Nawaz Sharif cancelled his trip to the U.S. capital following the terrorist attack in Lahore on Easter Sunday.
Rose Gottemoeller, Under Secretary of State for Arms Control and International Security, said forward deployment of nuclear weapons enhances the risks.
“It’s not related particularly to any one country. Wherever battlefield nuclear weapons exist, they represent particular nuclear security problems,” the Under Secretary said.
Pakistan continues to reject repeated U.S. calls to hold back its deployment of tactical nuclear weapons.
Ms Gottemoeller, however, added that the U.S. has “a very solid cooperation with Pakistan on nuclear security.”

HtinKyaw swears as Myanmar President

Myanmar has sworn in HtinKyaw, a close aide of pro-democracy leader Aung San Suu Kyi, as the country’s first civilian President in more than 50 years.
The 69-year-old leader, in a brief address to a joint session of Parliament after the swearing-in ceremony, suggested that the military-drafted Constitution, which barred Ms. Suu Kyi from becoming the President, be changed.
The President also gave an undertaking that the government will “enhance the living standard of the people.”
Ms. Suu Kyi has been appointed as a minister in Mr. HtinKyaw’s government. “This is just the beginning of a road,” she said
Until recently, Mr. HtinKyaw was running a charity founded by Ms. Suu Kyi. His wife, daughter of one of the founders of the National League for Democracy, is an MP.
The Indian Ambassador in Myanmar, Gautam Mukhopadhaya, remarked: “With the reforms, peace process, free elections and the new government, we can hope to see greater business interest in India free from residual baggage of the past and a fuller development of relations across the board as democracies under a popularly elected leader and government.”
Even in her moment of conquest, though, she is compelled to walk a tightrope in respect of her ties with the armed forces, if she is to persuade them permanently back to the barracks.
Apart from controlling the ministries of home, defence and borders affairs, the men in uniform occupy 25 per cent of seats in Parliament. Under the existing Constitution, an 80 per cent majority is required to amend any part of it.
While on paper she will be Minister for Foreign Affairs, the President’s Office, Education and Energy, in practice, the buck will stop with her on all non-security matters in the new administration.
Despite being the NLD’s undisputed leader, she was prevented from becoming the head of government.
A law enacted by the armed forces debars her from holding this position as her two sons are British nationals.

ADB reduces growth forecast for India due to weak Tax reforms

With the failure of the government to push through the Goods and Services Tax and the Land and Labour Reforms, the Asian Development Bank has lowered India’s growth forecast to 7.4 per cent from an earlier estimate of 7.6 per cent for the financial year ending March 31, 2017.
The South Asian nation’s gross domestic product is forecast to grow to 7.8 per cent for the fiscal year to March 2018, according to the latest Asian Development Outlook 2016 released on Wednesday.
During the fiscal year ended March 31, 2016, a pickup in manufacturing, private consumption, and capital expenditure by the government helped offset a double-digit decline in exports.
Imports contracted largely due to a sharply lower oil bill, while inflation remained broadly subdued on the back of lower global commodity prices, although there was a pickup in food prices in the second half.
Measures to encourage more foreign direct investment resulted in a dramatic surge in investment, according to the report.
Ongoing efforts to curb spending and increased tax revenues saw the government achieve its budget deficit reduction target.
After two years of decline, consumer inflation is likely to accelerate, fuelled by the salary hike for civil servants and a mild pickup in global oil prices, with inflation expected to average 5.4 per cent in the fiscal year ending March 31, 2017, rising to 5.8 per cent in next year.
During the subsequent financial year, a weak global economy will continue to weigh on exports, particularly India’s refined petroleum products, offsetting a further pickup in domestic consumption, due in part to an impending salary hike for government employees on the implementation of the seventh pay commission award.
Strengthened public banks and corporate deleveraging will result in an uptick in bank credit and boost private spending, including on infrastructure.
India still faces significant challenges to finance the infrastructure it needs to deliver sustainable growth, with funding requirements estimated at around $200 billion a year through 2017-18.
Public banks’ non-performing assets and an overleveraged corporate sector leave limited scope for more private investment in infrastructure and highlight the need for policy actions, according to ADB.
In 2017-18, strengthened public banks and corporate de-leveraging are expected to result in an uptick in bank credit and boost private spending, including on infrastructure.

FDI in e-commerce may not be beneficial for consumers

The government’s foreign direct investment norms for e-commerce marketplaces issued may prove to be a dampener for consumers due to the clampdown on pricing freedom for marketplace operators and lack of adequate post-sales safeguards.
Mr Singhal also said that the new policy will cast a cloud of uncertainty on several Indian start-ups that have raised funding from foreign entities.
The biggest take away is that now e-commerce players will operate as technology providers and not as retailers.
Marketplaces should behave like marketplaces and provide technology platforms to sellers by charging a fee rather than getting into an inventory-based model.
Fees should be their only income; this can put an end to the predatory pricing and provide level playing field for all.
Consumer electronics and cell phone makers, which are among the hardest hit by e-commerce discounts, are also hopeful that the new guidelines would put an end to predatory pricing.
While e-commerce companies said they are still evaluating the implications of the FDI policy stance on pricing decision.
It’s not yet clear whether this will mean an end to all discounting practices or specific marquee sales organised by marketplace operators on specific occasions.
Additionally, the customer might be left in the lurch thanks to two other conditions in the policy. Marketplaces have been allowed to provide services such as warehousing, logistics support, order fulfillment and payment collection to the seller.