Current Affairs for BANK, IBPS Exams - 16 December 2021

::National::

Parliament passes bill to extend the tenure of CBI director to a maximum of five years

Parliament passed two bills to extend the tenure of the chiefs of the Central Bureau of Investigation and the Enforcement Directorate to a maximum of five years from the earlier two years, with RajyaSabha approving them by voice vote amid a walkout by the opposition.
LokSabha had on December 9 cleared the two bills which were brought to replace ordinances issued last month in this regard.
Minister of State for Personnel Jitendra Singh moved 'The Delhi Special Police Establishment (Amendment) Bill, 2021' for consideration in RajyaSabha to extend the maximum duration of the CBI director’s tenure to five years on Tuesday. Most of the opposition parties, however, soon walked out over the issue of the suspension of their 12 members.
Immediately after the passage of the bill by a voice vote, Singh tabled the Central Vigilance Commission (Amendment) Bill, 2021 to extend the tenure of ED director to up to five years from two years which was also passed by voice vote.
Earlier, the Minister of State of Parliamentary Affairs V Muraleedharan proposed for a joint debate on bills but it was opposed by several members following which RajyaSabha Deputy Chairman Harivansh Narayan Singh decided to take them separately.
The methodology of crime has changed and is highly sophisticated and structured which makes crime investigation a far more difficult task, he said, stressing that the bill will help maintain the pace of probe.
The minister underscored that each one-year extension of tenure will have a reason put on record and "we will go through the same selection process''.
During his speech, Singh was interrupted by the opposition members who were protesting against the suspension of 12 members.
While introducing the CVC (Amendment) Bill, 2021, Singh said the amendments are in the interest of national security and for the stability of the financial structure.

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::International::

Researchers find a new strategy to boost vaccine efficacy amid Omicron spread

The researchers of the University of California, Los Angeles discovered that using a component from viral polymerase protein, which is found in SARS-CoV-2 as well as other coronaviruses (SARS, MERS and the common cold) can trigger a more robust immune response from the vaccines.
Amid the emergence of Omicron cases across the globe, researchers have found that adding a component of a viral protein in the Covid-19 vaccines, can boost their immune response and also provide increased protection against new variants.
The researchers of the University of California, Los Angeles (UCLA) discovered in their findings that using a fragment or component from viral polymerase protein, which is found in SARS-CoV-2 as well as other coronaviruses (SARS, MERS and the common cold) can trigger a more robust immune response from the vaccines.
The study, which has been published in the ‘Cell Reports Journal’ comes at a time when the World Health Organisation (WHO) said that the Omicron variant reduces the efficacy of existing Covid-19 vaccines and is also more transmissible.
“Given the current available data, it is likely that Omicron will outpace the Delta variant where community transmission occurs,” the United Nations health agency said in a technical brief on December 12.
According to researchers, most Covid-19 vaccines use a component of the spike protein found on the surface of the SARS-CoV-2 to trigger the immune system of the body to produce antibodies. However, newer variants such as Omicron and Delta, which carry mutations to the spike protein, can make them less detectable to the immune cells and antibodies stimulated by vaccination.

::Economy::

Indian economy recovering well, but Omicron poses a risk: RBI bulletin

The Indian economy “continues to forge ahead, emerging out of shackles of pandemic,” but the rise of the Omicron variant has emerged as the biggest risk factor, said the state of the economy report released with the December bulletin of the Reserve Bank of India (RBI) on Wednesday.
The Indian economy bounced back strongly in the second quarter, as the gross domestic product (GDP) surpassed its pre-pandemic levels, and inflation broadly remained under the 6 per cent range, the upper band of the tolerance range of the RBI. The RBI’s medium-term target is to keep retail inflation at 4 per cent. In November, the retail inflation came at 4.91 per cent, but wholesale price index (WPI), which it no longer targets, came at a 12 year high of 14.23 per cent.
“A host of incoming high frequency indicators are looking upbeat and consumer confidence is gradually returning. Aggregate demand conditions point to sustained recovery, albeit, with some signs of sequential moderation,” the report said.
Consumer confidence is gradually returning, and the “overall outlook remains optimistic on the general economic situation, the employment scenario and household income.” RBI’s recent surveys show for the year ahead, consumers are buoyed by sentiments on income and employment.
Revenue collections under the goods and services tax (GST) in November was the second highest ever although e-way bill issuances moderated somewhat pointing to moderation in GST collections in the month ahead. On the other hand, toll collections remained resilient in November. Coal stock in power plants has risen to nine days, assuaging concerns on supply shortages.
Expenditure by the centre and 18 states together during November-March 2021-22 is expected to grow by 27 per cent, assuming states meet their budgeted targets. Similarly, capital expenditure is expected to grow by 54 per cent in this period.
“The higher revenue expenditure growth, a proxy of government final consumption expenditure, is expected to support economic recovery, while robust capex could crowd in private investment and improve medium-term growth prospects,” the RBI noted.

Govt exploring public financing for road infra projects

The government is working on a scheme to raise funds from the public at 6 per cent annual interest rate for road infrastructure projects, union minister NitinGadkari said on Wednesday in the RajyaSabha.
"... We are working on a scheme to raise funds from the poor and ordinary persons for road projects. We will raise funds at 6 per cent annual interest rate which is higher than what banks provide," he said in the Upper House.
This will benefit the public as they will get a fixed return, he added.
Speaking during the Question Hour, the Road Transport and Highways minister said the country has set several world records in road construction despite COVID-19.
The construction of Zoji La tunnel on the Srinagar-Leh highway will be completed before 2024, while another Z-Morh tunnel will be completed in the next three months, he added.
Highlighting the steps taken to link critical roads with national highways from Leh-Ladakh region, Gadkari said the government is constructing Zoji La tunnel below Kargil and the work is in progress.
This tunnel is to be completed in 3.5 years. About 1,000 laborers are working in minus 8 degree temperature inside the tunnel. "I am sure the tunnel will be ready before 2024," he said.
The Minister said while the cost of the tunnel in the tender was projected at Rs 11,000 crore, the government made special efforts to bring down the cost by Rs 5,000 crore.
The Z-Morh tunnel is "more or less complete" and will be completed fully in the next three months, he said, adding that this will reduce the travel time by 6 hours from Leh-Ladakh.
Further, the minister said 24 green express highways for a length of 8,000 km being constructed will transform the road infrastructure in the country.
He said that the pace of road construction has increased in the last seven years and there is no shortage of funds for implementation of the road projects.

::Science and tech::

China successfully launches new satellites Shijian-6 05

A Long March 4B launched the Shijian-06 (05) group of satellites Dec. 9, marking the 400th launch of China’s Long March family of launch vehicles.
The Long March 4B lifted off from Site 9401 at the Jiuquan Satellite Launch Center at 7:11 p.m. Eastern, rising into a dark blue pre-dawn desert sky.
The Shijian-6 (05) satellites, which could be a pair of satellites to join four earlier pairs satellites in the series, with the previous launch occurring in 2010, were developed by the China Academy of Space Technology (CAST) and Aerospace Dongfanghong Satellite Co., Ltd.
The satellites will be used for space environment exploration and technology verification tests, according to the China Aerospace Science and Technology Corp., (CASC). No images of the satellites have been published.
Western analysis of the series and their roughly 585-kilometer Sun-synchronous orbits suggests Shijian-6 satellites are designed for signals intelligence or electronic intelligence purposes.
The Long March 4B was provided by the Shanghai Academy of Spaceflight Technology (SAST) which like CAST is a major CASC subsidiary. The launcher uses hypergolic propellant and is capable of carrying 2,800 kilograms of payload into Sun-synchronous orbit.
The mission was China’s 49th orbital launch of 2021, extending a new national record for calendar year activity. The vast majority of launches have been Long March rockets, with additional launches from commercial firms Expace, iSpace and Galactic Energy.
Thursday’s launch was also the 400th Long March rocket launch. The official space industry newspaper China Space News marked the Long March achievement with the term “YYDS,” a Chinese equivalent of the abbreviation of GOAT, or “the greatest of all time.”

::Sport::

India to host women's U-18 and U-19 SAFF Championships next year

India will host South Asian Football Federation's (SAFF) U-18 and U-19 Women's Championships next year.
The SAFF U-18 Women’s Championship will be held from March 3-14 while the SAFF U-19 Championship will take place from July 25 to August 3, the All India Football Federation said.
An Indian team is currently playing in the Women's SAFF U-19 Championships in Dhaka.
Bangladesh, Bhutan, Nepal, Sri Lanka and hosts India will compete in the SAFF U-18 Women’s Championship. The five teams will face each other once in a round-robin format before the top two sides square off in the final.