Current Affairs for BANK, IBPS Exams 2 June 2017

::National::

India and Russia have signed the much-awaited nuclear agreement

India and Russia have signed the much-awaited agreement on setting up two more units of a nuclear power plant in Tamil Nadu and decided to give a “new direction” to the defence cooperation between the two “great powers“.
The two countries also decided to hold the first tri-Services exercises, named ‘Indra-2017,’ this year and start joint manufacture of frigates, adding to the co-production of Kamov-226 military helicopters.
These decisions were taken at the wide-ranging talks between Prime Minister Narendra Modi and Russian President Vladimir Putin here, which covered issues like terrorism and increasing trade and investment.
Mr. Modi said the relations between the two nations had been unwavering, based on “mutual love, respect and strong trust. From culture to security, our relations have been at par... We speak in one language,” he said.
The two countries called for an end to cross-border movement of terrorists and asserted that a decisive collective response from the international community without “double standards and selectivity” was required to combat the threat of terrorism.
“We call for an early conclusion of negotiations on the Comprehensive Convention on International Terrorism to strengthen the global counter-terrorism normative and legal framework to combat this scourge,” the statement said.
The two nations decided to “upgrade and intensify” bilateral defence cooperation through joint manufacture, co-production and co-development of key military hardware and equipment.

India will formally become a member of the Shanghai Cooperation Organisation

India will formally become a member of the Shanghai Cooperation Organisation (SCO) within a week, Russian President Vladimir Putin said as he met Prime Minister Narendra Modi for the annual bilateral summit.
Mr. Putin said,“I would like to remind that process was launched in 2015 in Ufa, Russia. Russia has always supported this and given full assistance to it.”
“Very soon, in one week, we are going to meet in Kazakhstan (for SCO)” where India’s membership will be confirmed, he told Mr. Modi.
Mr. Modi thanked Putin for his “active role” in getting India SCO membership.

Odisha is the first State in India to have developed automatic coastal warning

Come July, Odisha can warn the vast population residing along its 480 km-long coast by pressing a single button from a control room in the State capital in the event of the occurrence of natural disasters like a tsunami or a cyclone.
The State government is all set to commission the ambitious Early Warning Dissemination System (EWDS) that would enable loud sirens go off simultaneously from towers at 122 locations by July.
Odisha is the first State in India to have developed an automatic public address system that can be activated along its entire coast. Neighbouring Andhra Pradesh is also building up such capability to face natural calamities.

::International::

China will steadfastly implement the Paris climate pact

China will “steadfastly” implement the Paris climate pact, Premier Li Keqiang said, urging others to do likewise as U.S. President Donald Trump was due to announce whether he would keep Washington in the deal.
“China will continue to implement promises made in the Paris Agreement, to move towards the 2030 goal step by step steadfastly,” Mr. Li said in a Berlin joint press conference with German Chancellor Angela Merkel.
China has been investing billions in clean energy infrastructure, as its leaders seek to clear up the notorious choking pollution enveloping its biggest cities, including Beijing.
The withdrawal of key players from the Paris climate deal would “complicate” implementation of the pact.

::Business and Economy::

The country’s manufacturing sector growth cooled

The country’s manufacturing sector growth cooled to a three-month low in May following softer demand causing slower expansions in output and the amount of new work received by firms, according to a monthly survey.
The headline Nikkei India Manufacturing PMI — an indicator of manufacturing activity — was down from 52.5 in April to a three-month low of 51.6. An index reading above 50 indicates an overall expansion, below 50 shows contraction.
With inflation under control and manufacturing growth below par, we may see the RBI changing neutral monetary policy stance to accommodative in coming months in order to support the economy.
The upturn in the Indian manufacturing sector took a step back in May, with softer demand causing slower expansions in output and the amount of new work received by firms.
Moreover, there was a renewed decline in new export orders... Additionally, cost inflationary pressures cooled. The rate of inflation had softened to the slowest in eight months.

Internet users in India grew to an estimated 355 million

Internet users in India grew to an estimated 355 million users in 2016, up 28% from 277 million in the previous year, according to a report.
However, Internet penetration still stands at 27%, according to Mary Meeker Internet Trends 2017 report.
It pointed out that while the average selling price of a smartphone and the cost of wireless data were declining, they were still unaffordable for many people.
Data prices have fallen more than 48% over the past last year as incumbent players were forced to bring down prices in response to low pricing by new entrant Reliance Jio, according to the report.
The dip in data costs, it found, led to a 9x jump in data consumption in the country.
Further, Indians spent 150 billion hours between 2014-16 on Android phone at and are the biggest downloaders of applications from Google Play with more than six billion downloads during the two-year period. This, however, does not include China.
In India, little less than 80% of Internet usage happens via mobiles as opposed to the global average of 50%.

TRAI took cognizance of poor data speed on mobile phones

Taking cognizance of poor data speed on mobile phones despite high tariff, telecom regulator TRAI floated a consultation paper to frame rules to ensure transparency in the claims made by service providers surrounding wireless broadband speed.
Through the present consultation paper, the authority intends to seek the inputs of stakeholders on ensuring transparency and customer awareness regarding data speeds under wireless broadband plans.
At present, service providers are selling SIM cards in the name of 2G, 3G and 4G, however, telcos do not guarantee any fixed speed instead use terms like “up to” which is generally misleading for consumers.