Current Affairs for BANK, IBPS Exams 16 March 2017

Current Affairs for BANK, IBPS Exams

16 March 2017

:: National ::

Union Cabinet approved ‘Special assistance measure’ for the successor State of A.P.

Union Cabinet, approved ‘Special assistance measure’ for the successor State of A.P. by way of special dispensation in funding of Externally Aided Projects (EAPs) and funding of the irrigation component of the Polavaram project.
Centre spelt out the modalities for implementation of the announcements for providing assistance to A.P.
The Centre will provide special assistance measure to A.P., which would make up for the additional Central share the State might have received during 2015-16 to 2019-20.
The special assistance will be provided by way of repayment of loans and interest for the EAPs signed and disbursed during 2015-2016 to 2019-20 by the State.
On the Polvaram project, the Centre would provide 100% funding for the irrigation component.
The A.P. government would execute the project. However, the overall coordination, quality control, design issues, monitoring, clearances-related issues. etc, are to be

Scientists in India have uncovered a pair of 1.6 billion-year-old fossils

Scientists in India have uncovered a pair of 1.6 billion-year-old fossils that appear to contain red algae, which may be the oldest plant-like life discovered on Earth.
Until now, the oldest known red algae was 1.2 billion years old, said the paper in the journal PLOS Biology .
Scientists often debate the question of when complex life began on Earth, but they generally agree that large multicellular organisms became common about 600 million years ago.
No DNA remains in the fossils to be analysed but the material structurally resembles red algae, embedded in fossil mats of cyanobacteria inside a 1.6 billion-year-old phosphorite, a kind of sedimentary rock.
Advanced tools — such as synchrotron-based X-ray tomographic microscopy — allowed scientists to observe regularly recurring platelets in each cell, which they believe are parts of chloroplasts, the organelles within plant cells where photosynthesis takes place.
The fossils were discovered in sedimentary rocks in the Chitrakoot region of Uttar Pradesh and Madhya Pradesh. The earliest traces of life on Earth — in the form of single-celled organisms — go back some 3.5 billion years.

Supreme Court have arrived at a consensus on contentious issue in MoP

The Supreme Court Collegium may have arrived at a consensus with the Union government’s proposal to include the contentious “national security” clause in the draft Memorandum of Procedure (MoP) for appointment of judges.
The clause, which gives veto power to the government to reject a name recommended by the Collegium, has been a bone of contention, delaying the finalisation of the MoP.
The clause may find a place in the new memorandum, provided the government revert to the Collegium with specific and detailed objections against a name under the national security clause.
The MoP draft was handed over to the collegium in August 2016. But no progress was made in resolving the differences till J.S. Khehar took over as the Chief Justice of India.
Chief Justice Khehar has repeatedly given positive signals — once in open court and the other at a function last week — that he would have the MoP finalised soon.
Though both the judiciary and the government have maintained that the pendency of the MoP would not stand in the way of judicial appointments.
An amicable resolution in that issue would clear the air on the procedure for appointments of judges to the higher judiciary.

The government approved the National Health Policy

The government approved the National Health Policy, which proposes to provide “assured health services to all” in the country.
Union Cabinet, chaired by Prime Minister Narendra Modi, gave its nod to the policy which had been pending for the last two years.
Union Minister J.P. Nadda is likely to make a suo motu statement in Parliament, elaborating on the salient features of the policy.
In a major shift, the policy increases the gambit of sectors covered in the Primary Health Centre (PHC) level and envisages a comprehensive approach.
For example, till now, the PHCs were only for immunisation, ante-natal check-ups and others. A major policy shift is that now it will also include screening for non-communicable diseases and a whole lot of other aspects.
Under the new policy, there would also be a bigger focus on upgrading of district hospitals. The health policy, which has been pending for the past two years, aims to provide assured health services to people as an “entitlement”.
A Cabinet note, which had been given earlier, however, had not talked about making health a “fundamental right” as it would have “legal consequences” but proposed assured health services.

:: International ::

Pakistan is planning to declare Gilgit-Baltistan region as its fifth Province

Pakistan is planning to declare the strategic Gilgit-Baltistan region as its fifth Province, a move that may raise concerns in India as it borders the disputed Pakistan-occupied Kashmir.
Pakistan’s Minister for inter-provincial coordination Riaz Hussain Pirzada told Geo TV that a committee headed by Advisor of Foreign Affairs Sartaj Aziz had proposed giving the status of a Province to Gilgit-Baltistan.
He also said that a constitutional amendment would be made to change the status of the region, through which the $46 billion China-Pakistan Economic Corridor passes.
Gilgit-Baltistan is treated as a separate geographical entity by Pakistan. It has a regional Assembly and an elected Chief Minister.
It is believed that China’s concerns about its unsettled status prompted the move, which could signal a historic shift in the country’s position on the future of the wider Kashmir region.

:: Business and Economy ::

The Centre unveiled a scheme to create export-related infrastructure

The Centre unveiled a scheme to create export-related infrastructure and boost the competitiveness of India’s shipments.
The scheme would have a budgetary allocation of Rs. 600 crore, with an annual outlay of Rs. 200 crore per year, and it would be implemented from FY’18 till FY’20, according to a Commerce Ministry statement.
The objective of the proposed scheme — Trade Infrastructure for Export Scheme (TIES) — is to enhance export competitiveness by bridging gaps in export infrastructure, creating focused export infrastructure.
It will also focus on first mile and last mile connectivity for export-oriented projects and addressing quality and certification measures.
The scheme replaces a centrally sponsored scheme — Assistance to States for creating Infrastructure for the Development and growth of Exports (ASIDE).
The focus is not just to create infrastructure but to make sure it is professionally run and sustained. There will be an Empowered Committee to periodically review the progress of the approved projects in the Scheme.

India’s goods exports rose again in February

India’s goods exports rose for a sixth consecutive month in February even as the trade deficit widened due to a jump in the value of imports of gold and oil.
Exports, which grew 17.5% year-on-year to $24.5 billion, increased due to higher shipments of engineering goods and petroleum products among others, according to data released by the Commerce Ministry.
Imports went up 21.76% to $33.4 billion during the month owing to a surge in gold and oil imports.
This led to the trade deficit widening to $8.9 billion last month, from $6.5 billion in February 2016. However, the trade shortfall was narrower than the $9.84 billion posted in January 2017.
Shipments of engineering goods shot up 47.3% to $6.6 billion, while petroleum products’ exports jumped 27.6% to $2.46 billion.
Readymade garments rose 5% to $1.6 billion, while chemicals increased 11.3% to $1.3 billion and gems & jewellery shipments went up 2.3% to $4 billion.
Drugs & pharmaceuticals exports, however, shrank 4.1% to $1.2 billion. Non-petroleum and non-gems & jewellery exports in February rose 20.1% to $18 billion.
He pointed out that 23 out of 30 major export items recorded positive growth in February, adding that going by the current trend, India's goods exports for 2016-17 could touch about $270 billion.
However, due to the prevailing uncertainty in global trade, exporters should further diversify the product basket with more focus on high–tech items where India’s share in global trade is low, he said.
Gold imports in February surged 147.6% to $3.48 billion, and pearls & precious stones imports increased 9% to $2.2 billion. Oil imports jumped 60% to $7.68 billion.
Incidentally, the global Brent prices ($/bbl) and Gold ($/troy oz) increased by 67.14% and 2.89% respectively in February 2017 vis-à-vis February 2016 as per World Bank commodity price data.
Exports during April-February 2016-17 went up by 2.5% to $245.4 billion. Non-petroleum and non-gems & jewellery exports during April-February 2016-17 rose 2.2% to $ 179.1 billion.

Moody's says BJP poll win will be credit positive for India

The BJP’s electoral wins in the recent Assembly polls are a credit positive for the Indian sovereign as they show broad-based popular support for the Centre’s economic, according to global credit rating agency Moody’s Investors Service.
The BJP’s solid overall gains come despite the negative economic hit from demonetisation in late 2016 and, although securing an Upper House majority in Parliament may take time.
A partnership between the Centre and the States under BJP could help circumvent federal hurdles to reforms in areas such as land and labour laws, Moody’s noted.
While Moody’s maintains its lowest investment grade rating of Baa3 for India with a positive outlook, it said the State elections had yielded substantial gains to the government.
Next year, 69 seats in the upper house, including 10 from Uttar Pradesh and one from Uttarakhand, will come up for re-election.
If the BJP-led coalition increases its seat tally to or closer to an outright majority, passage and implementation of additional reforms will be easier.