Current Affairs for BANK, IBPS Exams 16 August 2016

Current Affairs for BANK, IBPS Exams

16 August 2016

:: National ::

PM’s Independence Day speech mentions PoK and Balochistan

Prime Minister Narendra Modi launched a sharp attack on Pakistan for its support to terrorism and thanked the people of Balochistan, Gilgit and Pakistan-occupied Kashmir (PoK) for their recent messages of support.
Addressing the nation from the ramparts of the Red Fort on Independence Day, Mr. Modi, in an obvious reference to the recent incidents of atrocities against Dalits by cow vigilante groups, also called for social justice.
On the other hand, we have a situation where some people glorify terrorists in our country,” the Prime Minister said, without naming Pakistan that described the slain Hizbul Mujahideen commander BurhanWani as a martyr.
In his 90-minute speech, Mr. Modi said that ever since he had asked the Pakistani establishment to look at human rights abuses in Balochistan, Gilgit and PoK, he had been flooded with messages of gratitude by the people of these areas.
“I am grateful to the people of Balochistan, Gilgit and PoK who have thanked me in the past few days. If people of Balochistan thank me, they are thanking the 125 crore Indians,” he said.
The Prime Minister had, in an all-party meeting on Kashmir last week, said that Pakistan had no business speaking about Jammu and Kashmir when it was “dropping bombs on its own citizens” in Balochistan and other areas.

In a novel initiative by the Mysuru division of railways used drones

The Mysuru division recently completed an aerial survey of the ghat section between Sakleshpur and Subramanya using drones in view of the monsoon.
The concept evolved during their preparatory meeting, and since drones were used even for taking aerial shots by wedding photographers, one of them was commissioned for the task and it was completed in two days.
The drone deployed by the authorities provided them an aerial perspective by way of a high resolution video of nearly two hours which was closely studied and gave the Railway authorities better perspective to act.
It is customary for the zonal and divisional railways to take precautionary measures as part of the annual monsoon preparedness for which there is inspection of waterbodies, canals and reservoirs close to the railway tracks.
Identification of vulnerable sections based on local history of landslips, tree or boulders falling on tracks, identifying them and deputing personnel to take suitable action or closely monitor them.

Committee says drones better to be used for crop estimation

A committee tasked by the government’s apex planning body with studying how unmanned aerial vehicles (UAVs) can be used in crop insurance schemes has said drones trump satellite technology for the purpose.
The committee also maintained that sharing cadastral (land’s location, ownership, tenure) details, Aadhaar card and bank account details is “mandatory” for effective crop insurance policies.
The sub-committee is expected to submit its report to the National Institution for Transforming India (NITI Aayog).
It is constituted of experts from the Indian Institute of Space Science and Technology, Indian Agriculture Research Institute, weather technology firm Skymet and international reinsurance company Swiss Re.
There are several sub-groups too constituted by the NITI Ayog to look at ways to use technology in agriculture insurance schemes.
This year, the government launched the Pradhan MantriFasalBima Yojana (PMFBY), replacing the existing National Agricultural Insurance Scheme, which will allow farmers relatively lower premiums.
It also allows them to be insured against post-harvest losses. The States will bear the bulk of the premiums and farmers pay depending on the type of crop.
The government’s apparent objective is to increase the number of insured farmers from the current 20 per cent to 50 per cent within three years.
Though several crop insurance schemes are available, availing funds and determining the right price is a challenge.
The committee has recommended pilot surveys that can estimate varying risk profiles for different regions of the country, and that for schemes such as PMFBY, drones are a better bet than satellite imagery.

:: India and World ::

Modernisation of Su-30 fighters made significant progress

India and Russia made significant progress in the discussions for modernisation of all Su-30 fighters of the Indian Air Force (IAF) during the visit of a Russian team last month.
The upgrade will give the fight jets new avionics and radar, improved stealth characteristics to reduce the radar cross-section, better electronic warfare capability and new weapons.
Though the quantum of the deal is not finalised, some officials said it could be in the range of $7-8 billion.
Su-30 are the most modern fighters and the main stay of the IAF. Given the delay in procurement of new fighters, they are crucial for maintaining the combat edge of the IAF.
Discussions had been under way for some time for upgrading the aircraft to what was called ‘Super Sukhoi’, but the talks gained momentum recently.
India had signed the initial agreement with Russia in the late 1990s for procuring 50 Su-30 multi-role fighter jets in a fly-away condition.
Then, it ordered 272 Su-30MKI fighter jets to be made by Hindustan Aeronautics Limited (HAL) at Nasik.
Most of the aircraft to be made by HAL have been delivered, and the entire lot of 222 aircraft is expected to be completed in the next couple of years. The HAL has a production rate of 10-12 aircraft a year.
This comes in the backdrop of the delay in concluding the final deal for the Fifth Generation Fighter Aircraft (FGFA) to be developed by India and Russia, besides the delay in concluding an agreement for the purchase of the Rafale fighter jets and in the induction of the indigenous Light Combat Aircraft.
A preliminary design agreement was signed in 2010 between HAL and Russia’s Sukhoi Design Bureau to make the FGFA for use by both countries. So far, both sides have invested $295 million in the preliminary design.
But, the final agreement got stuck because of the disagreements over the work share and investment.

:: Business and Economy ::

Next round of RCEP trade talks to begin in Vietnam

As the next round of RCEP trade talks begin in Vietnam, humanitarian aid organisation Médecins Sans Frontières (MSF) has called for the removal of intellectual property (IP) provisions from the agreement.
The talks are scheduled for August 15-19.
According to the MSF, the provisions like patent term extensions and data exclusivity could hinder access to affordable drugs.
The RCEP is a deal being negotiated between the 10 ASEAN countries, and Australia, China, India, Japan, New Zealand and South Korea.
Nearly two-thirds of all the drugs MSF purchases to treat HIV, TB and malaria are generic medicines from India; data exclusivity provisions under RCEP could delay the entry of generic medicines.

Moody’s says next central bank governor should continue tight policy

RBI Governor Raghuram Rajan’s policy of maintaining a tight leash on inflation has showed results and the Reserve Bank should continue with similar policies and communication going forward, Moody’s Investors Service has said.
Moody’s Investors Service Senior VP Sovereign Risk Group Marie Diron said credibility and effectiveness of monetary policy are factors which impact India’s sovereign ratings.
Moody’s has a ‘Baa3’ rating on India with a positive outlook.
A monetary policy with tight leash on inflation is important especially in India where, in the past, inflation had risen to very high levels, negatively affecting growth and investment prospects.
Consumer price index or retail inflation rose by 6.01 per cent in June, the fastest pace in 23 months and it is expected that the implementation of the new Goods and Services Tax (GST) may push up inflation further.

:: Sports ::

Dipa Karmakar finished 4th in the vault final

Dipa Karmakar impressed all with her ‘Produnova’ vault but an Olympic medal eluded her as she finished fourth in the vault final.
It was an improvement for the 23-year-old Dipa, as she had placed fifth in the last World championship.
Dipa who executed her second vault brilliantly for a score of 15.266 after a 14.866 on the first vault, had a special mention from the announcer for revolutionising gymnastics in India.
It was a great credit to Dipa that she finished ahead of Wang Yan of China, Un Jong Hong of People’s Republic of Korea, Oksana herself and Shallon Olsen of Canada in the eight-member final.
Reaching the Olympic final was great in itself, but Dipa stamped her mark to wind up on a brilliant note.