Current Affairs for BANK, IBPS Exams - 02 March 2022

::National::

Excess rain led to coldest winter days since 1951-52: IMD data

The Intergovernmental Panel on Climate Change (IPCC) released the second part of its sixth assessment report on February 28, its latest analysis of the wide-ranging and complex impact that the climate crisis is likely to have, with some irreversible changes having already taken place.
In India, February 28 was also the last day of the 2021-22 winter season, which runs from December to February. According to India Meteorological Department’s (IMD) gridded temperature dataset, this was the coldest winter India has experienced since the winter of 1951-52 by maximum temperature, largely a result of unseasonal rainfall. Here are four charts that explain how it turned out to be so.
The average maximum temperature in India this winter (up to February 27) is 24.29 degrees Celsius. This is 1.51 degrees less than the average temperature for the December-February interval in the 1981-2010 period, considered the normal. In the second coldest winter since 1951-52 by this metric, which was the winter of 1983-84, maximum temperature was 1.15 degrees less than normal.
On no day this winter was India’s average maximum temperature above normal, although it was the closest to this benchmark in December, when the average temperature for the month was 1.2 degrees or 4.7% below normal. January saw the most negative deviation of 2.02 degrees or 8.2%.
This winter was also anomalous because winter temperatures have been rising historically in India, as can be seen in decadal averages. Minimum temperatures this winter held on to that trend, reaching an average of 11.95 degrees Celsius, only 0.01 degrees lower than normal and only the 30th coldest in 71 years. Since the data for February 28, 2022 will become available with a lag, all comparisons in this analysis are for the December 1-February 27 period.

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::International::

Ukraine fight will weaken both US and Russia, China is the winner

Chinese Foreign Minister Wang Yi, while discussing the Ukraine situation with his German counterpart AnnalenaBaerbock over the phone, lectured her on why Russia’s security concerns must be addressed in the “context of NATO’s five consecutive rounds of eastward expansion”.
A close confidante of Chinese President Xi Jinping, Wang said that the Cold War was long over and that it was, therefore, important that NATO reconsider its positioning and responsibilities. He bluntly told the German Minister that China was not in favour of sanctions against Russia as it would lead to a lose-lose situation.
The game-changing events of February 24, the day Russia invaded Ukraine, have ensured that the Cold War is back in Europe with the US-led NATO leading the charge against Moscow and its allies. The security situation in Europe is further complicated with Russian proxy Belarus amending its constitution by removing the word neutrality and allowing the placement of Russian nuclear weapons (read tactical nukes) on its soil. With US-NATO staring at Russia for the time to come, China will get a free pass in the Indo-Pacific, perhaps even allowing its PLA to indulge in some adventurism regarding Taiwan.
The scenario where China joins hands with Russia to tackle the US-led NATO will again benefit the former; it will put India in a tight spot due to its military hardware relationship with Moscow. A Russia-China alliance will hit Indian security as 60% of India’s supply and spares of the existing military hardware still come from Moscow. Given that past Indian governments were more interested in purchasing military equipment from abroad and less in indigenous development, India will take a long time to decouple this buyer-seller relationship with Russia. The number of arms purchases scandals in the past clearly show why purchasing weapons in foreign currency was a preferred option. To add to Indian concerns, Pakistan could join the Russia-China alliance.

::Economy::

₹1 lakh crore funding budget provision may not be part of state loans

The Budget provision of ₹1 lakh crore, 50-year interest-free loan to states in 2022-23 will not be part of their annual borrowing limit, but will be given on condition that the money will be spent on capital investments and specified reforms that will spur country’s overall economic growth, two officials said.
The Union government will soon announce a mechanism for states to avail the loan facility for the next financial year that is in addition to their current borrowing entitlement, which is 4% of their gross state domestic product (GSDP), the officials aware of the development said requesting anonymity.
“Currently, conditions related to the power sector reforms are known to states, which is required to avail 0.5% out of the total 4% borrowing limit. Comprehensive details for the ₹1 lakh crore additional borrowing are being worked out,” one of the two officials added.
Finance minister NirmalaSitharaman on February 1 announced that the states would be allowed a fiscal deficit of 4% of GSDP in 2022-23 in accordance with the recommendations of the 15th Finance Commission, with 0.5% of that being tied to power sector reforms.
The ₹1 lakh crore additional long-term interest free borrowing is meant to support capital spending by states in the wake of the recent economic downturn due to the Covid-19 pandemic, he said. “Higher capital expenditure in the current financial year has helped in quicker economic recovery. As states are the real implementors of infrastructure projects, money is being provided to them for capital spending,” he added.

India's economy faces headwinds amid Russia-Ukraine crisis, says Emkay

India could face economic headwinds in the fourth quarter and the weakness could spill into the next quarter as Russia’s invasion of Ukraine slows global growth and fans inflation, according to Emkay Global Financial Services.
“Fourth quarter implied growth is also likely to be sub 5%,” MadhaviArora, lead economist at Emkay, said in an interview with Bloomberg TV. “You could see some bump down in the first quarter of the next fiscal because of the Ukraine impact,” the Mumbai-based economist said.
India will see lower than previously forecast economic growth because of disruptions from the latest wave of coronavirus cases and as risks mount from higher commodity prices amid Russia’s invasion of Ukraine. It will expand 8.9% in the year ending March, according to data released Monday by the Statistics Ministry, which is slower than the government’s projected 9.2% expansion.
Potential trade disruptions could be expected in energy and other commodities as a fallout of the Ukraine crisis, which could alter global energy policy, she said. Still, the energy price shock may resolve in the coming months and may not leave a lasting mark on India’s growth, she said. While Emkay still expects 8.7% growth in the year ending in March 2023, this could change if geopolitical tensions drag, she said.

::Science and tech::

World poverty to rise as climate change shrinks food supplies: United Nations

Climate change and extreme weather are already hurting the world economy and if unchecked will plunge millions more into poverty while pushing up food prices and disrupting trade and labour markets, U.N. climate experts warned.
The finding was part of a report by the Intergovernmental Panel on Climate Change (IPCC) that concluded there remained only "a brief and rapidly closing window of opportunity to secure a liveable and sustainable future for all".
The report - the latest global consensus on climate science - made clear that climate change was impacting the world faster than scientists anticipated, even as countries failed to rein in carbon emissions driving the rise in global temperatures.
"Economic damages from climate change have been detected in climate-exposed sectors, with regional effects to agriculture, forestry, fishery, energy and tourism and through outdoor labour productivity," the report summary said.
"Individual livelihoods have been affected through changes in agricultural productivity, impacts on human health and food security, destruction of homes and infrastructure, and loss of property and income, with adverse effects on gender and social equity," it added.
"Significant regional variation in aggregate economic damages from climate change is projected with estimated economic damages per capita for developing countries often higher as a fraction of income," it concluded.
Under what it called a "high vulnerability-high warming scenario", it estimated that up to 183 million additional people would become undernourished in low-income countries due to climate change by 2050.
The report comes amid rising world fuel prices and inflation that have prompted some politicians to resist efforts to promote cleaner energy sources, arguing that doing so will only add to the overall cost of living for the poorest.

::Sport::

Badminton, rowing, skiing federations ban athletes from Russia and Belarus

More sporting bodies sanctioned Russian and Belarusian athletes on Tuesday over Russia's invasion of Ukraine, with the governing bodies for badminton, rowing and skiing banning athletes from the two countries from international competition.
Since the start of what Russian President Vladimir Putin has called "a special military operation" last week, sports bodies across the world have already moved against Russia and Belarus by refusing to host or play against teams from the countries.
Belarus has been a key staging area for Russia's invasion of Ukraine.
On Monday, the International Olympic Committee's (IOC) executive board recommended sports federations ban Russian and Belarusian athletes and officials from competing in events.
The badminton federation's (BWF) move comes a day after it cancelled tournaments in Russia and Belarus.