Current Affairs for BANK, IBPS Exams 09 June 2016

Current Affairs for BANK, IBPS Exams

09 June 2016

:: National ::

Prime Minister Narendra Modi addressed joint session of the U.S. Congress

Prime Minister Narendra Modi combined poetry, humour and rhetoric to outline his vision for India’s partnership with the U.S in the 21st century, addressing a joint session of the U.S. Congress.
This was Mr. Modi’s first address and he became the fifth Indian Prime Minister to address a joint session of the Congress.
Mr Modi called for deepening U.S.- India security cooperation to tackle global terrorism, based on a policy that “delinks religion from terrorism.”
Effusive in his enthusiasm for India’s partnership with the U.S “in every sector of India’s forward march, I see the U.S as an indispensable partner”.
“As we deepen our partnership, there would be times when we would have differing perspectives. But since our interests and concerns converge, the autonomy in decision-making and diversity in our perspectives can only add value to our partnership,” Mr. Modi said even as a section in the U.S. capital.
With Pakistan in mind, PM Modi said that terrorism was being "incubated in India’s neighbourhood”, and pressed for action without against groups like the Lashkar-e-Taiba who share the “same philosophy of hate, murder and killings".
Mr. Modi said terrorism has to be fought with “one voice” as he commended the American lawmakers for sending out a clear message in refusing to “reward” those who preach and practice terrorism for political gains.
Mr. Modi said India and the U.S. had overcome “the hesitations of history”, and called for ever-stronger economic and defence ties between the two countries.

India has further liberalised the visa regime for Chinese citizens

In line with the decision taken last year, India has further liberalised the visa regime for Chinese citizens.
India has already rolled out electronic tourist visa-on-arrival facility for Chinese and more recently, removed the need for prior approval for conference visas.
Conference visas are issued for seminars, workshops and conferences organised by government departments, Union ministries, public sector undertakings, central educational institutions or public funded universities.
Earlier, China was bracketed with Afghanistan, Pakistan and Iraq, foreigners of Pakistani origin and stateless persons under the restricted category, requiring prior security clearance from the intelligence agencies for obtaining a visa.
However, Beijing is yet to reciprocate to New Delhi demand for a similar arrangement for its citizens.
The timing of the move is being seen as an attempt to soften the atmosphere in the run-up to the meetings of the NSG in Vienna.

Monsoon arrives in western coast

The India Meteorological Department (IMD) declared that the monsoon had arrived over Kerala, a day later than its forecast date of June 7.
Though it has been raining heavily in Kerala for well over a week — prompting private weather forecasters such as Skymet, to declare that the monsoon set in on May 30 — these rains have only qualified as ‘pre monsoon’ showers.
The meteorological department has an elaborate set of criteria to be fulfilled before it declares the onset of the monsoon over Kerala.
After May 10, at least eight of 14 stations across Kerala and Karnataka have to register at least 2.5 mm of rain, and monsoon-bearing winds have to be at least of 30-40 kmph velocity and below 600 hPa (approximately upto 4.5km) over the south Arabian Sea.
Another key parameter, the Outgoing Longwave Radiation — an indicator of convection — has to be below 200 W/m2.

:: India and World ::

On defence and cooperation US and India have made great strides

India and the U.S. have different interpretations of what they agreed upon at the talks on the Paris Agreement on climate change when Prime Minister Narendra Modi and President Barack Obama met.
But on defence and cooperation in Asia-Pacific, both sides agree that they made great strides.
The U.S. has recognised India as ‘major defence partner,’ a classification that will allow India to buy more advanced and sensitive technologies from the U.S.
This move will be complemented by India’s entry into the Missile Technology Control Regime, an exclusive club that restricts trade in sensitive defence technologies.
The U.S. has also declared that it will be its “strong objective to have India voted as a member “of the Nuclear Suppliers Group (NSG), another export control regime, later this month.
The joint statement said, “The leaders reached an understanding under which India would receive licence-free access to a wide range of dual-use technologies...”
While India is enthusiastic about the prospects of technology cooperation, the U.S is more focussed on the progress on climate change.
U.S officials, speaking before and after the release of the joint statement, said India has agreed to complete the ratification process within the year 2016.
In a curious addition to the set of shared objectives, the joint statement called for the promotion of yoga.

India is likely to ask African countries to relax commitment to the Pelindaba Treaty

On the sidelines of its campaign for membership in the Nuclear Suppliers Group (NSG), India is likely to ask African countries to relax commitment to the Pelindaba Treaty which controls supply of uranium from key mineral hubs of Africa to the rest of the world.
President Pranab Mukherjee would begin the process by trying to convince Namibia next week, during his June 15-18 trip, to implement a bilateral treaty with India and supply uranium to Indian nuclear energy projects.
The Pelindaba Treaty signed in 1996, also known as the African Nuclear Weapon Free Zone Treaty, aims at preventing nuclear proliferation and preventing strategic minerals of Africa from being exported freely.
India and Namibia signed two MoUs on Cooperation in the field of geology and mineral resources and Cooperation in peaceful uses of nuclear energy during the visit of President Hifikepunye Lucas Pohamba to India in 2009.
The visit by Mr. Mukherjee will give India a chance to persuade Namibia to ratify the MoUs of 2009.
A major focus of Mr. Mukherjee’s three-nation visit will be on energising India’s existing business ties with Ghana, Namibia and Cote d’Ivoire.

:: International ::

Chinese media downplays Beijing-Washington strategic dialogue

Chinese state media has called the Beijing-Washington strategic dialogue that concluded as being marginally helpful in easing tensions, which had spiralled on account of the growing discord between the two countries over South China Sea.
The China-U.S. Strategic and Economic Dialogue (S&ED) dialogue took place following weeks of tensions that peaked when U.S. Secretary of State, John Kerry, responded harshly to a poser from the Chinese side that Beijing could impose an Air Defence Identification zone (ADIZ) in the South China Sea (SCS).
The remarks had followed an article in South China Morning Post (SCMP), which, quoting sources close to the People’s Liberation Army (PLA), said that China is preparing an ADIZ in the SCS.
The possibility that China may enforce an ADIZ, in turn, was fuelled by the U.S. conduct of “freedom of navigation” patrols in the SCS — moves which evoked a robust response from China.
In May, the U.S. had launched its third “freedom of navigation” operation in the disputed Spratly Islands, followed by the flight of a U.S. EP-3 Aries surveillance aircraft, which was challenged by two Chinese fighter jets.
The back and forth between the U.S. and China mirrored China’s vocal response in the SCS to President Barack Obama’s “Pivot to Asia” doctrine.

Syria’s President plans to take away every part from IS

Syria’s President Bashar Al-Assad promised to retake “every inch” of the country from his foes in a defiant speech.
The speech by Mr. Assad was his first major address since the effort to mediate an end to the civil war broke down in Geneva in April.
It reflected his sense that Russian intervention in the war has bolstered his position — and his ability to remain in power for the foreseeable future — as the war enters its sixth year.
The defiance was notable partly because of efforts in recent months by Secretary of State John Kerry and other leaders of a 17-nation collaboration, known as the International Syria Support Group, to set a series of deadlines and limits that Syria could not violate.
Every one of the directives has been broken. A ceasefire devised in Munich in February collapsed.
Mr. Kerry’s demand at that time — that humanitarian access had to begin within weeks — was briefly observed in a few towns before access was again largely blocked.
Mr. Assad was clearthat he had no intention of compromising with his adversaries, and seemed to reject the next deadline: an Aug. 1 target for developing a “transition plan” that President Barack Obama and Mr. Kerry have said must ultimately result in someone else running what is left of Syria.

:: Business and Economy ::

India has surpassed Japan in oil-consumption

India has surpassed Japan to become the world’s third-largest oil consumer, with its oil demand galloping 8.1 per cent in 2015, according to BP Statistical Review of World Energy released.
With demand of 4.1 million barrels a day, India is the third-largest consumer behind the U.S. (19.39 million bpd) and China (11.96 million bpd). India accounted for 4.5 per cent of world oil consumption in 2015.
India’s demand growth surpassed China’s 6.3 per cent expansion. The U.S. oil consumption grew 1.6 per cent, which accounts for 19.7 per cent of the total world pie of 95 million bpd in 2015.
Japan slipped to the fourth spot after its oil usage contracted 3.9 per cent to 4.15 million bpd in 2015. In 2014, it used 4.3 million bpd, ahead of India’s 3.84 million bpd.
The review shows that global demand for primary energy grew only 1 per cent in 2015, which is significantly slower than the 10-year average.
Oil remained the world’s leading fuel, accounting for 32.9 per cent of global energy consumption and is gaining market share for the first time since 1999. Coal came in as the second-largest fuel by market share (29.2 per cent).
Natural gas’ market share of primary energy consumption stood at 23.8 per cent.

Inflation to average 5 % in 2016-17

A normal monsoon this year will help reign in food inflation and offset rising pressures from crude oil prices and ‘sticky services inflation,’ according to rating agency Crisil.
The Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5 per cent due to a “sharper-than-anticipated upsurge in inflationary pressures emanating from a number of food items (beyond seasonal effects), as well as a reversal in commodity prices.”
A large part of the country is witnessing drought, declining ground-water levels, and shortage in reservoirs, following two consecutive sub-normal monsoons.
Rainfall deficiency in 2014 and 2015 stood at 12 per cent and 14 per cent of normal, respectively.
In 2015 rainfall received by Haryana, Chandigarh, Delhi, Punjab and West Uttar Pradesh was more than 50 per cent below normal.
As per the third advance estimates for 2015, rice output was down two per cent, coarse cereals fell 12 per cent, pulses declined by 0.5 per cent along with sugarcane (0.5 per cent) and oilseeds, (six per cent) exacerbating rural distress.
Agriculture GDP growth averaged 0.4 per cent in the last two fiscals, much below the long-term trend of 3 per cent.
An above-normal monsoon this year will augment groundwater and reservoir levels and in turn increase crop production, according to the report.
The Indian Meteorological Department (IMD) reiterated its April forecast of a good south-west monsoon — at 106 per cent of the long period average (LPA).
However, the report said that the sensitivity of crops to rainfall signals the need for improvement in irrigation facilities, change in cropping patterns, harnessing of rainwater, adoption of water conservation techniques and availability of stable electricity.
Also, efficiency of water usage needs to improve. India currently uses 2,800 cubic metre of water to produce 1 tonne of rice, compared with half that – or 1,321 cubic metre – in China.
An important source of irrigation in India is groundwater, which accounts for as much as 60 per cent of water used for irrigation.
Also, irrigation accounts for close to 90 per cent of the total groundwater consumed in the country — the proportion is 98 per cent and 94 per cent for in Punjab and Haryana, respectively.
During the green revolution, the report said, with excessive use of inputs to pump up farm output, farmers increasingly moved towards using groundwater compared with surface water for irrigation.
This was supported by government subsidies for electricity supply and irrigation equipment.
Excessive use of groundwater has led to depletion of the water table.
Between 1993-94 and 2014-15, the share of wells with groundwater less than 10 metre has fallen by 6 percentage points, while that of wells with groundwater more than 60 metre has risen to 6 per cent from 4 per cent, making it increasingly difficult to access ground water.