Current Affairs for BANK, IBPS Exams 02 March 2017

Current Affairs for BANK, IBPS Exams

02 March 2017

:: National ::

The government is unlikely to be able to clean the Ganga by 2018

The government is unlikely to be able to clean the Ganga by 2018, a target set by Water Resources Minister Uma Bharti.
Key reasons include “unreasonable” directions by the National Green Tribunal questioning the operating capacity of sewage treatment plants in Uttar Pradesh and a delay in clearances by State governments to execute projects.
Work at developing the sewage treatment plants (STPs) in Uttar Pradesh had stopped because different expert groups, tasked by the court to estimate the sewage in the drains, had conflicting figures.
These estimates are necessary to determine the processing capacity of a treatment plant.
Ever since the Supreme Court had transferred 30-year-old cases, which dealt with the tardiness in cleaning the Ganga, to the NGT, it has routinely pulled up officials, for poorly executing projects.
The NGT has fined officials for inaccurate information on the 30 drains in the State and “wasting public money” on commissioning projects that didn’t properly account for the pollution load in the city.
It has also tasked the Central Bureau of Investigation (CBI) with probing how certain projects were cleared by the Uttar Pradesh Jal Nigam in Garhmukteshwar.
Out of a Rs. 20,000-crore clean-up programme, only Rs. 2,000 crore has been sanctioned to the National Mission for Clean Ganga, the executive authority tasked with commissioning treatment plants, cleaning and beautifying the ghats and setting up improved crematoria.

DRDO successfully carried out a test of an interceptor missile

DRDO successfully carried out a test of an interceptor missile, further validating the reliability of the under-development, two-layered Ballistic Missile Defence (BMD) in shooting down enemy missiles.
The missile intercepted the incoming missile at an altitude of 15 km scoring a direct hit.
Last month, the DRDO carried out a successful test of the exo-atmospheric interceptor missile destroying the target outside the earth’s atmosphere at an altitude of over 85 km.
Research Centre Imarat (RCI) of the DRDO which had played a role in the development of all strategic missiles has speared the design and development of the BMD programme.
The BMD consists of two interceptor missiles, the Prithvi Defence Vehicle (PDV) for exo-atmospheric ranges and the Advanced Area Defence (AAD) missile for endo-atmosphere or lower altitudes.
The BMD is critical to protect the country from the long-range ballistic missiles proliferating in the neighbourhood. DRDO expects to have shield ready for deployment by 2022.

Supreme court says govt is following its order on police reforms

Supreme Court sounded resigned about how its orders to usher in police reforms have fell on deaf ears over the past several years.
“Police reforms are going on and on. Nobody listens to our orders,” Chief Justice of India J.S. Khehar remarked, declining a plea for an urgent hearing on a petition seeking reforms within the policing infrastructure of the country.
The reforms include fixed tenure for senior officers and sealing the police force from political influences.
In 2006, after hearings which carried on for years, the SC in Prakash Singh versus Union of India had laid down seven binding directives to trigger reforms in the police force.
However, three years later, met with defiance, the SC had remarked: “Not a single State government is willing to cooperate. What can we do?”

DRDO signed deal for manufacturing High Nitrogen Steel

The Defence Research and Development Organisation (DRDO) signed a technology transfer agreement with Jindal Stainless (Hisar) Limited (JSHL) for manufacturing High Nitrogen Steel (HNS).
The alloy has significant applications in the defence sector, but currently the country is largely dependent on imports.
The “non-exclusive” licencing agreement for armour applications was signed between the Defence Metallurgical Research Laboratory (DMRL), the Hyderabad-based laboratory of the DRDO and the JSHL.
Officials believe HNS steel, which has a much higher ballistic strength than normal steel, will free the country of imports.
HNS is not only tough but also has good strength. In addition to being non-magnetic and corrosion-resistant, the HNS cost is about 40% less compared to Rolled Homogenous Armour Steel (RHA).
HNS, by virtue of its strength and characteristics, has potential application in all armoured vehicles, and the JSHL has several upcoming programmes, including the Infantry Combat Vehicle (ICV), Light Specialty Vehicle (LSV) and such others.

:: International ::

U.S. President called for adopting a merit-based immigration system

U.S. President called for adopting a merit-based immigration system that could benefit high-tech professionals from countries like India, modifying his hard-line campaign rhetoric with a promise to revive the ‘American spirit’
Mr. Trump, during his first address to Congress, noted that “nations around the world, like Canada, Australia and many others have a merit-based immigration system“.
He said that such a system will save countless dollars and raise workers’ wages. He introduced the idea of a merit—based immigration system after invoking the memory and words of late.
“Protecting our workers also means reforming our system of legal immigration,” he said.

:: Business and Economy ::

Purchasing Managers’ Index shows growth in second month as well

An expansion in manufacturing business activity strengthened in February as compared to January, with data showing an increase in new orders, according to a private sector survey.
The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) registered a value of 50.7 in February, an increase from January’s 50.4. A reading above 50 implies an expansion while a value below that shows a contraction.
Greater output needs encouraged some firms to step up buying levels, but production requirements were insufficient to generate job creation.
However, while the reading was above 50 for a second month, the February figure was still much weaker than the long-term average of 54.2 “largely reflecting below-trend rates of growth for output and new business”.
Manufacturing PMI fell below 50, to 49.6, for the first time in 12 months in December amid a contraction in business activity following demonetisation.

Govt to push less cash economy even further

In a further push to promote a less-cash economy, the government has asked all the banks to provide mobile banking facility to all customers by March 31.
Any customer who accesses UPI or BHIM app should automatically be enabled for mobile banking “because it means they want mobile banking.”
The Ministry for IT has recently been given the mandate of spearheading the NDA-government’s drive to push digital payments.
Prior to this, NITI Aayog was made responsible for promotion of digital transactions.
Government would roll out a programme in the coming weeks to bring more women into the start-up ecosystem by offering them mentoring and capital for setting up business.

Demonetisation will be credit positive for India says Moody's

Demonetisation will be credit positive for India as it is likely to reduce tax avoidance and corruption, Moody’s Investors Service said.
Besides, it said, the country remains resilient to economic disruption and the worst of the liquidity crunch has passed, which should support a rebound in consumption and investment.
The U.S.—based agency however projected growth to slow to 6.4% in the January—March quarter, from 7% in the previous three months.
“Looking ahead, we expect remonetisation to continue at a similar pace,” Moody’s said in its report on demonetisation.
“We continue to believe that in the medium term demonetisation will strengthen India’s institutional framework by reducing tax avoidance and corruption.
It should also result in efficiency gains through greater formalisation of economic and financial activity, which would help broaden the tax base and expand usage of the financial system.
The agency said that if most of the old notes are deposited into the banking system, legitimising previously undeclared incomes and wealth, the benefits to the government related to higher future tax collection will accrue from measures aimed at leveraging the information obtained when notes were deposited.