Current Affairs for BANK, IBPS Exams 2 August 2017

Bank Exam Current Affairs

Current Affairs for BANK, IBPS Exams 2 August 2017

::National::

LeT chief operational commander Abu Dujana gunned down

LeT chief operational commander Abu Dujana, who had survived five major encounters in the past, was gunned down by the security forces in an encounter in the Pulwama district of J & K, setting off violent protests across the State.
His local associate, Arif Nabi Dar, alias Rehan alias Lelhari, a resident of Kakapora, was also killed along with him. Dujana was caught when he went to meet his wife.
A dossier prepared by security agencies said he had “tremendous local support” and that he had trimmed his beard to avoid recognition. “As the militants were inside the residential complex there was no option other than to blow the up the house,” said the official.
“Dujana is believed to have replaced Abu Qasim as LeT head of operations in South Kashmir after the latter was killed in 2015. Dujana was a Pakistani,” said Home Ministry spokesperson Ashok Prasad.

Arvind Panagariya has stepped down as Vice-Chairman of NITI Aayog

Arvind Panagariya has stepped down as Vice-Chairman of the government think tank NITI Aayog. The Columbia University professor will be returning to the U.S. to rejoin academia.
The noted economist, who was appointed to the post by Prime Minister Narendra Modi in January 2015, has written to Mr. Modi requesting to be relieved by the end of the month as he has not been granted an extension of leave from Columbia University.
Mr. Panagariya, 64, told that he had expressed his desire to rejoin academia to the Prime Minister about two months back. He is a Professor of Indian Political Economy at Columbia University.
The Prime Minister is the Chairman of the NITI Aayog.
The economist had recently said that India’s gross domestic product (GDP) could rise to about USD 8 trillion over the next 15 years if the country registers an economic growth of 8% annually.
Mr. Panagariya was often outspoken on issues including labour reforms, privatisation of Air India and sick PSUs, for which BMS had accused the NITI Aayog of furthering the corporate lobby’s agenda in the country.

Many steps are taken by centre to protect data

Highlighting the need for a comprehensive law on data protection, UIDAI informed a nine-judge Bench of the SC that the Centre has constituted a committee of experts, led by former Supreme Court judge, Justice B.N.
Srikrishna, to identify “key data protection issues” and suggest a draft data protection Bill.
Appearing before the Bench led by Chief Justice of India J.S. Khehar hearing the question whether privacy is a fundamental right, UIDAI, the nodal agency for implementation of Aadhaar, said privacy is not a fundamental right; privacy is subjective and dependent on human behaviour.
Any attempt by the court to robe it in the status of a fundamental right would damage the nation and stymie the government's efforts for good governance.
Instead, Additional Solicitor General Tushar Mehta pointed out that the government's focus is now on framing overarching principles for data protection. He said the Justice Srikrishna Committee was constituted on July 31, 2017.

Increasing price of subsidised LPG every month will hasten price deregulation

The government’s recent decision to allow public sector oil marketing companies (OMC) to increase the price of subsidised LPG by Rs. 4 per month instead of two rupees a month earlier will hasten the price deregulation process, rating agency ICRA said.
Petroleum Minister told Parliament that the government had on May 30 authorised OMCs to increase the effective price of subsidised domestic LPG by Rs. 4 per cylinder from June 1 per month until the government’s subsidy was reduced to nil, or till March 2018, whichever was earliest.
“In ICRA’s view, the steeper monthly hike is aimed at achieving the deregulation in subsidised LPG prices in a shorter time frame,” an agency release said.
Now the LPG prices can be deregulated in around two years. OMCs would gain from the marginal savings on interest burden due to lower under-recoveries.

::International::

China will fiercely protect its sovereignty against any organisation says Xi

China will fiercely protect its sovereignty against “any people, organisation or political party”, President Xi Jinping warned, as the country celebrated the 90th anniversary of its military.
The message comes as the ruling CCP faces political resistance in semi-autonomous Hong Kong, where many locals fear Beijing is tightening its grip, and in self-ruled Taiwan, which China views as a rebel province awaiting reunification.
The Asian giant is also mired in several bitter border disputes with its neighbours, including an ongoing stand-off with India over territory on China’s border with Bhutan.
Beijing has of late begun to indulge in more frequent, pointed demonstrations of its power. It held a rare military parade in Inner Mongolia in which Mr. Xi stressed the need to build a world-class Army loyal to the CCP, and capable of “defeating all invading enemies”.
In Hong Kong in June, Mr. Xi helmed the largest military parade there in decades to mark the 20th anniversary of the former British colony’s handover to China.
The country in December also sailed its first aircraft carrier near Taiwan, where the ruling political party has angered Beijing by refusing to acknowledge that both sides are part of “one China”.
Since coming to power in 2012, Mr. Xi has trumpeted the need to build a stronger combat-ready military, while leading efforts to centralise the Communist Party's control over it.
Maintaining control is key for Mr. Xi ahead of a crucial party congress later this year, at which he is expected to further consolidate his grip on power.

::Business and Economy::

Manufacturing PMI records very steep contraction

Manufacturing activity in July slowed to 47.9, the lowest level since February 2009, according to the Nikkei Manufacturing Purchasing Managers’ Index, due almost entirely to the introduction of the Goods and Services Tax on July 1.
The reading was significantly lower than the 59.9 seen in June. A score above 50 implies an expansion of activity while one below 50 denotes a contraction.
PMI survey data indicated that the introduction of the goods & services tax (GST) weighed heavily on the Indian manufacturing industry in July,” the report said.
New orders and output decreased for the first time since the demonetisation-related downturn recorded in December last year, with rates of contraction the steepest since February 2009 in both cases.
“According to Indian manufacturers, higher tax rates sparked greater cost burdens in July,” the report added. “However, the pace at which input costs rose was moderate and much weaker than its long-run average.”
The report also said that the 12-month outlook for output remained positive in July due to companies’ expectation that greater clarity on GST would bolster growth.

Centre has put on hold a plan to enable monetisation of land assets owned by AAI

The Centre has put on hold a plan to amend the law to enable monetisation of land assets owned by the Airports Authority of India (AAI) announced in the Union Budget 2017-18.
The Centre had initiated a proposal for amending the AAI Act, 1994, for liberalising land use at airports owned by AAI as mentioned in the National Civil Aviation Policy (NCAP) 2016.
However, the GMR-led Delhi International Airports Ltd. had challenged the NCAP provision in Delhi High Court which declared it as “ultra-vires.”