Current Affairs for BANK, IBPS Exams - 22 December 2017

::National::

All accused acquitted in 2G case verdict

A Delhi court on December 21 acquitted all accused, including former Telecom Minister A. Raja and DMK Rajya Sabha member Kanimozhi of corruption and money laundering charges in the 2G spectrum allocation cases.
Special Judge O.P. Saini said: "I have no hesitation in holding that the the prosecution has failed to prove the charges beyond reasonable doubt. So all are acquitted."
The court also acquitted all the accused of corruption charges in the Essar Group Loop Telecom case.
The CBI had charged Mr. Raja, Ms. Kanimozhi, then Telecom Secretary Siddhartha Behura, Mr. Raja's former private secretary R.K. Chandolia along with others.
The accused also include three companies namely, Swan Telecom (now Etisalat DB), Unitech Wireless (Tamil Nadu) Pvt Ltd and Reliance Telecom Ltd. According to the CBI charge sheet, the wrongful acts of the accused deprived the exchequer of revenues amounting to ₹30,984.55 crore.
Both the CBI and the Enforcement Directorate have said they would appeal against the trial court verdict. CBI said they would appeal against the special court verdict in Delhi High Court. Similarly, ED Director Karnal Singh said the agency would go on appeal against the verdict.
The ED filed the case relating to money laundering, alleging that a conspiracy was hatched by Mr. Raja, Ms. Kanimozhi, Ms. Dayalu and others and that ₹200 crore were the proceeds of the crime.
The CBI has alleged that the promoters of the Essar Group were the real investors and beneficiaries of the spectrum and licences were issued to Loop Telecom, a front company of Essar to acquire 2G licences and spectrum in 2008.

NCR states getting warmer due to pollution

After a spell of relatively cleaner air thanks to rain and wind earlier this month, Delhi woke up to severe pollution, with the concentration of particulate matter reaching toxic levels.
A foggy morning also led to several train delays and cancellations, with reports of at least 15 trains being cancelled, 30 delayed and 11 rescheduled in several parts of northern India.
The Met department said that visibility fell to 400 metres in the morning in the Capital but there were no delays due to weather at the airport.
The air quality index for Delhi, Ghaziabad and Noida were in the ‘severe’ category with values of 469, 500 and 500 respectively at 4 p.m., according to the Central Pollution Control Board.
Delhi’s AQI had been in the ‘poor’ or ‘very poor’ category for about a month now, after a spell of smog in November.
Gurugram and Faridabad recorded AQIs of 346 and 358 — both in the ‘very poor’ category.
Taking action based on the air quality, the Environment Pollution (Prevention and Control) Authority issued warnings to the NCR State governments to prepare for emergency measures.

Manipur Assembly demands contents of the agreement between the Union and NSCN(I-M)

After a four-hour-long discussion, the Manipur Assembly passed a resolution to demand disclosure of the contents of the framework agreement signed between the Union government and the NSCN(I-M).
The agreement was signed at the residence of Prime Minister Narendra Modi on August 3, 2015, between the government’s interlocutor, R.N. Ravi, and NSCN leader Thuingaleng Muivah.
Opposition leader Okram Ibobi Singh, who was the Chief Minister at the time of singing of the agreement, said that he was not taken into confidence about the pact. He said that no other person knows the details of the agreement.
Cutting across party lines, the members of the Assembly felt that while the territorial integrity is kept intact, there may be some clauses which are alarming.
The House constituted a four-member committee to prepare a memorandum to be submitted to the Prime Minister. It will demand territorial integrity and disclosure of the contents of the peace agreement.

India to share data on black money with Switzerland from 1st Jan

In a move aimed at combating black money stashed abroad, India signed an agreement with Switzerland that would allow automatic sharing of tax-related information from January 1 next year, the CBDT said.
“With the completion of the parliamentary procedure in Switzerland and signing of mutual agreement, India and Switzerland are set for automatic exchange of information for the period beginning from January 1, 2018,” the Central Board of Direct Taxes said.
The policy-making body for the Income Tax Department said the agreement was signed by CBDT chairman Sushil Chandra and Swiss Ambassador to India Andreas Baum at the North Block here.
A joint declaration for the implementation of Automatic Exchange of Information was signed last month between the two sides here, and it provided that both countries would start collecting data in accordance with the global standards in 2018 and exchange it from 2019 onwards.

::India and World::

India voted for a negotiated settlement of the Jerusalem issue at the UN

Reiterating its traditional policy on the Israel-Palestine dispute, India voted for a negotiated settlement of the Jerusalem issue at the UN General Assembly with 127 other member countries.
The dramatic vote came a day after a fortnight-long outreach by the Arab countries to India.
Saudi and Palestinian envoys met diplomats from the Ministry of External Affairs ahead of the vote.
Speaking to the media during the weekly briefing, the MEA spokesperson acknowledged that Arab diplomats held consultation with India on the vote and the Minister of State for External Affairs M.J. Akbar informed them about India’s traditional policy on Jerusalem.
India has maintained since December 7 that it follows an independent policy on the issue of Jerusalem which does not get influenced by “third parties”.
The UN resolution received nine votes against and 35 abstentions.The resolution which expresses deep “regret” on the December 7 declaration by U.S. President Donald Trump recognising Jerusalem as the capital of Israel received India’s vote even as Prime Minister Benjamin Netanyahu is expected to visit India in the new year.
However, it is likely to serve India well as high-level visits are reportedly being planned between several Arab countries and India. Next week, Jordanian Foreign Minister Ayman Al-Safadi will be in New Delhi.
India maintains a consistent approach on this issue and pointed at the speech by External Affairs Minister Sushma Swaraj at the NAM Ministerial Meeting on Palestine on the sidelines of the September UNGA session where India reiterated its traditional policy to have a negotiated settlement to the Palestinian issue.

20th round of negotiations between India-China on border issue

India and China will hold the 20th round of negotiations on the border issues. The meeting, will be headed by special representatives from both sides, National Security Advisor Ajit Doval and his Chinese counterpart Yang Jiechi.
The Ministry of External Affairs made a formal announcement for the talks which were finalised during last week’s bilateral meeting between External Affairs Minister Sushma Swaraj and her Chinese counterpart Wang Yi, held on the sidelines of the trilateral RIC (Russia-India-China) foreign ministers’ meeting.
Ms Swaraj and Mr Wang had both indicated that the two sides realise the need to continue normal dialogue given the importance of overall relationship.
The MEA did not comment on what would be on the agenda of the Doval-Yang dialogue even though there have been some discussion in the Indian policy studies circles about the various issues like the One Belt One Road initiative.
China’s opposition to Indian membership at the Nuclear Suppliers Group (NSG) and the Indian opposition to China-Pakistan Economic Corridor (CPEC) that might feature in the talks.
However, a new issue on the ground that may also feature is the issue of the pollution of the Siang river which has contaminated the flow of the mighty Brahmaputra in Assam.
Though India has raised the issue most recently during last week’s discussion with visiting foreign minister Wang Yi, the Chinese foreign ministry’s spokesperson has dismissed the report.

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::International::

Catalonia votes in an extremely important election

Catalans flocked to the polls for an election that could strip pro-independence parties of absolute control of the region’s Parliament, though prospects of it ending the country’s worst political crisis in decades appear slim.
Final surveys published showed separatists and unionists running neck-and-neck, though the same data suggests the pro-independence camp may still be able to form a minority government.
That would keep national politics mired in turmoil and raise concerns in European capitals and financial markets.
However, the secessionist campaign has lost some momentum since it unilaterally declared independence in October to trigger Thursday’s vote, and one of its leaders took a conciliatory tone towards Madrid.
Long queues formed outside voting stations in the affluent region of northeastern Spain shortly after they opened at 0800 GMT. They will stay open until 1900 GMT in an election expected to draw a record turnout.
Among those queuing in L'Hospitalet de Llobregat, a working class suburb south of Barcelona, was Miguel Rodriguez, a 53 year old doctor, who in October voted for independence in a referendum that Madrid declared unconstitutional.
A new separatist majority might further dampen investors’ confidence in Catalonia, which by itself has an economy larger than that of Portugal and is a key driver of Spain's economic growth.
However, separatist leaders — who have campaigned while Spanish courts investigate them on allegations of rebellion for their roles in the October 1 referendum — have recently backed away from demands for unilateral secession.
Deposed Catalan President Carles Puigdemont has campaigned from self-imposed exile in Brussels and his former deputy and now rival candidate, Oriol Junqueras, has done so from behind bars at a prison outside Madrid.
The independence campaign pitched Spain into its worst political turmoil since the collapse of fascist rule and return of democracy in the 1970s. It has polarised public opinion, dented Spain’s economic rebound and prompted a business exodus from Catalonia to other parts of the country.
Vote has become a de facto referendum on how support for the independence movement has fared in recent months.
None of the six parties in the Catalan Parliament — ranging across the ideological spectrum from separatist Marxists to the Catalan wing of Mr. Rajoy’s conservative People’s Party (PP) — are expected on their own to come close to the 68-seat majority.

::Business and Economy::

With correct focus on infrastructure India’s economy will see a sharp jump

India could become a $7 trillion economy by 2030, according to PMEAC and NITI Aayog Member Bibek Debroy even as another council member said that growth had been 2% lower since 2011 due to the priority given to long-term structural changes.
“In the year 2030, India’s national income will be around $6.5-7 trillion,” Mr. Debroy said. “If exchange rate remains what it is today then, by 2035-40, India will be $10 trillion economy. And if the exchange rate appreciates, then India will be a $10 trillion economy before 2035.”
India needs to grow by 7% annually to become a $10 trillion economy by 2030, said Ashima Goyal, member of the PMEAC, adding this high growth was necessary to reduce poverty and create jobs.
“Since 2014, we have seen macroeconomic vulnerabilities have been reduced but there is some over-reaction (in terms of monetary and fiscal policy),” Ms. Goyal said.
“If you focus only on structural reforms in the long run then in the short run you bear a large irreversible sacrifice. Growth has been 2% lower since 2011. This leads to a $400 per capita loss.”
“The delegation of a more conservative fiscal authority and less conservative monetary authority can change the prisoner’s dilemma into a co-ordination game,” she added.
Ms. Goyal said that the focus of government expenditure should be on non-tradable assets — such as infrastructure — because most of that demand will stay in the economy.
Mr. Bibek Debroy said India would be a “remarkably different” country in the years to come as the size of its economy would increase the country’s role in global matters.

Funding for rural sector and farm areas to increase in 2018-19 budget

India’s government will likely increase funding for the farm and rural sectors in the budget for the coming fiscal year, finance ministry officials said, to shore up political support in the countryside ahead of a raft of elections.
“The next budget will focus on farmers, rural jobs and infrastructure while making all attempts to follow a fiscal prudence path,” a senior finance ministry official told Reuters.
Prime Minister Narendra Modi’s government won an election in his home state of Gujarat this week, but only just as it faced discontent fuelled by falling farm incomes and a lack of jobs.
In 2018 and early 2019, there will be eight state elections in the heartland, leading up to a national election in 2019.
On February 1, Finance Minister Arun Jaitley is expected to present his last full-year budget, for the 2018/19 year that begins April 1.
Annual farm growth dipped to 1.7% in the three months ending September, mainly on lower prices and output, while economic growth accelerated to 6.3% after growing at a three-year low of 5.7% in the previous quarter.
Jaitley has signalled that his priority will be allocating more funds for rural and infrastructure sectors.Modi has indicated that he would like to achieve 7.5% to 8% annual economic growth before entering the election campaign.
Higher procurement prices for different crops could be offered to farmers following lower output this year. There will be tax reforms, the aide said, referring to corporate demand to lower tax rates.

Subsidies for rooftop solar installation

The Ministry of New and Renewable Energy has proposed that subsidies could be provided for encouraging rooftop solar installations in residences, according to a concept paper.
In the paper, the Ministry examines ways to boost the country’s rooftop solar capacity, including the provision of subsidies, since the current electricity tariffs do not make it economically viable for residents to adopt rooftop solar.
The paper also explores the idea of bringing distribution companies to the forefront of implementing rooftop solar.
Accordingly, it is proposed to bring discoms to the forefront in RTS implementation by providing them performance based financial support to accelerate deployment of RTS plants within their distribution area and to make discoms the sole implementing agency for implementation of rooftop solar scheme of MNRE in the next phase.
The paper justified the need for a subsidy for the residential sector by saying that, since this sector enjoyed the benefit of subsidised electricity rates, they would not be inclined to adopt solar until a capital subsidy mechanism was in place.