Current Affairs for BANK, IBPS Exams 02 September 2016

Current Affairs for BANK, IBPS Exams

02 September 2016

:: National ::

Unions across India go on strike

All trade unions, except Bharatiya Mazdoor Sangh (BMS), have joined hands to make the national bandh on Friday a success.
Condemning the government for “making a mockery” of their main demand of minimum wages, the union leaders have pledged to take up a sustained agitation till the demands are met.
The union leaders have been addressing gate-meetings at major industrial units since the last couple of days to create awareness among the workers on their demands.
The government has agreed for Rs. 9,100 per month, which is not acceptable. The minimum wage per day now is Rs. 307, and the government has increased it by Rs. 43 to make it Rs. 350.

Reliance Jio comes up with free voice calls and free roaming

Reliance Industries Chairman Mukesh Ambani threw down the gauntlet to rival telecom operators by announcing lifetime free voice calls and free roaming, and data plans priced at an average of Rs.50 per GB.
RIL customers will also enjoy free data till the end of 2016. “The era of paying for voice calls is ending,” Mr. Ambani said at the company’s annual general meeting.
His statements were interrupted by repeated rounds of applause from the shareholders.
As part of the introductory offer, users will have access to unlimited LTE data and national voice, video and messaging services free of cost up to December 31.

India’s space capacity of 34 working satellites is not sufficient

India’s space capacity of 34 working satellites is barely half of what the country needs and is severely limited to meet increasing demands from the Centre, States and businesses, Chairman of the ISRO, said.
ISRO plans to put 12–18 satellites in space each year to meet this demand and also wants to be free to pursue higher technologies.
Domestic industry should urgently step in to make satellites and launch vehicles, he told a gathering of Indian and overseas space supplies companies.
ISRO’s satellites for communication, earth observation and navigation can connect people, tell fisher folk where to find fish; forecast crop yields, locate people or places; and help governments govern and plan projects.
Today, over 60 Central departments – compared to 15 departments until recently – and all State governments were demanding satellite-based solutions for governance.
While industry already supplied small systems and components for spacecraft and rockets, he said this was not adequate.
ISRO was working out ways for itself, its commercial arm — Antrix Corporation — and industry to provide practical solutions.
At least three of ISRO’s overseas counterparts have floated interesting possibilities to be pursued jointly with India.
The Swiss Space Centre which has earlier launched a tiny satellite on the PSLV has discussed with ISRO the possibility of jointly sending a small space craft to clear space debris.
Six more small commercial satellites of foreign customers are slated to be launched this month-end along with the ocean data gleaning Scattsat-1.

Odisha became the 16th State to ratify the constitutional amendment for GST

Odisha became the 16th State to ratify the constitutional amendment that will pave the way for the roll-out of the Goods & Services Tax (GST).
Ratified now by more than half the 29 States, the amendment requires only the President’s assent — which, it is expected, to receive expeditiously — before the Centre can notify it.
Following the notification of the Constitutional (122nd Amendment) Act, 2014, no State will be able to remain outside the GST regime. Upon its notification, all States will lose the powers to levy and collect value-added tax.
This will be regardless of whether a State has ratified the amendment or not. Further, to receive a share in the revenue collected from the GST, a State will have to pass the model GST laws.
Even States such as Tamil Nadu — where the ruling All India Anna Dravida Munnetra Kazhagam has been opposing the GST in its proposed form are participating in the ongoing discussions for thrashing out the GST’s roll-out.
After the notification, the Centre and the States will immediately move to set up the proposed GST Council.
Union Finance Minister Arun Jaitley had earlier indicated that the Empowered Committee of State Finance Ministers itself is likely to be made the Council.
While the committee is headed by West Bengal Finance Minister Amit Mitra, the council is expected to be chaired by the Union Finance Minister.
Earlier, starting with Assam, Maharashtra, Haryana, Bihar, Jharkhand, Himachal Pradesh, Chhattisgarh, Gujarat, Telangana, Madhya Pradesh, Delhi, Mizoram, Nagaland, Sikkim and Goa ratified the amendment.

:: International ::

The Australian court asks newspaper to provide leaked data to shipbuilder DCNS

An Australian court confirmed its preliminary decision made earlier this week asking The Australian newspaper to provide all leaked data of Scorpene to the French shipbuilder DCNS and to stop publishing any more details.
The paper, which has already withdrawn information published on its website after the first decision of the court, will provide the DCNS with the documents in its possession and is prohibited from publishing any additional document.
Underlining that confidentiality of information and communication was a matter of utmost importance, the DCNS said, “It welcomes this decision of the court.”
In parallel to this action, the DCNS filed a complaint against unknown persons for breach of trust, receiving the proceeds of an offence and aiding and abetting before the Paris Public Prosecutor, it added.
Over 22,000 pages of top secret data on the capabilities of six highly advanced submarines being built for the Indian Navy in Mumbai, in collaboration with the French company, have been leaked.

:: India and World ::

Prime Minister Narendra Modi heads to Southeast Asia and China

Prime Minister Narendra Modi heads to Southeast Asia and China to participate in a series of bilateral and multilateral meetings.
The eastern outreach is important in view of the July 12 declaration of the Permanent Court of Arbitration challenging China’s territorial and maritime claims in the South China Sea region, the heart of Southeast Asia.
The outreach will begin on September 2 with Mr. Modi leaving for Vietnam before proceeding to Hangzhou in China for the G-20 summit.
The trip to Vietnam will highlight growing strategic convergence between the two sides, which includes the possibility of India transferring BrahMos missiles to Vietnam.
Parallel to security and strategic partnership, India and Vietnam are cultural partners and the bilateral agenda will include archaeological support to Vietnam to safeguard the Cham temples of the country.
Vietnam is a significant partner of India as it is the country-coordinator of India in ASEAN. The Prime Ministerial delegation will then move to Hangzhou in China which is the venue of the 2016 G 20 summit.
The delegation for G 20 will include Foreign Secretary S. Jaishankar and the Indian sherpa for G20, NITI Aayog Vice-Chairman Arvind Panagariya.
The Obama-Modi dialogue will be the first since both sides signed the landmark Logistics Exchange Memorandum of Agreement.
Mr. Modi will return to the region on September 7 to attend the 14th India-ASEAN summit and the 11th East Asian Summit which will be held in Vientiane, Lao PDR.

:: Business and Economy ::

Chief Economic Advisor says India will grow between 8-10%

Despite registering the slowest growth rate in the last six quarters in April-June period, India has the potential to sustain 8 to 10 per cent growth rate during the next two to three years, said Arvind Subramanian, Chief Economic Advisor.
If we continue to do all the things the government is doing and if world economy picks up a little bit as it did in 2000, then the growth rate would even clock double-digit in next two to three years.
“Where would this growth come from? China has been growing at 10.5 per cent for last 25 years. India, since mid-1970 or 1980, has been growing at 6 per cent, which is not bad.
Till 1980, we were growing at 3 per cent which is called Hindu rate of growth. After that we have grown at significantly higher rate. But, it is well below the growth rate of China.
According to the renowned economist, in the long run, the country’s economic development will depend its political stability.
For India, on the other hand, the process of normalisation is going to involve much faster growth because we are underperforming.
Dr. Subramanian batted for one price for one product in the market and expanding the scope of the direct benefit transfer model for achieving faster growth.

Indian manufacturing activity rose to a 13-month-high

Indian manufacturing activity rose to a 13-month-high in August, driven by a pickup in both foreign and domestic demand, according to a private sector survey.
The Nikkei India Manufacturing Purchasing Managers’ Index came in at 52.6 in August, up from 51.8 in July.
A reading over 50 implies expansion, while one below 50 suggests a contraction.
Higher consumption in August, along with an expected increase over the next few months, is likely to bolster GDP growth in the next quarter, analysts said.
The expansion comes at a time when the first quarter of this financial year saw a 9.1 per cent growth in manufacturing.
Apart from this, new business inflows grew at their fastest pace since December 2014, according to the report.