Current Affairs for BANK, IBPS Exams - 15 December 2021

::National::

Parliament passed the High Court and Supreme Court Judges (Salaries and Conditions of Service) Amendment Bill, 2021

The Bill to amend judges’ salaries and services acts to bring clarity concerning the date of eligibility of additional quantum of pension to a retired judge will be introduced in the RajyaSabha on Monday after it was passed by the LokSabha .
The High Court and Supreme Court Judges (Salaries and Conditions of Service) Amendment Bill, 2021 was introduced in the LokSabha on November 30, 2021 by the Union law minister KirenRijiju and it seeks to amend the High Court Judges (Salaries and Conditions of Service) Act, 1954, and the Supreme Court Judges (Salaries and Conditions of Service) Act, 1958, which together regulate the salaries and conditions of service of the judges of high courts and the Supreme Court of India.
According to PRS Legislative Research, the Bill clarifies that a person will be entitled to the additional pension or family pension from the first day of the month in which they complete the minimum age under the concerned age bracket. The scale contains five age brackets (with a minimum age of 80, 85, 90, 95, and 100 years), and the additional quantum increases with age (from 20% to 100% of the pension or family pension).
The Bill was introduced in the Lower House last week. The Bill amends the 1985 NDPS Act which regulates the manufacture, transport and consumption of narcotic drugs and psychotropic substances. The Bill corrects a drafting error made in a previous amendment which made it impossible to apply a key provision dealing with the punishment of those financing illicit drug trafficking.
As many as 20 leaders from the Opposition parties are scheduled to move a resolution against the Bill. Leaders opposing the Bill include Congress’s AdhirRanjanChowdhary, Trinamool Congress’s Saugata Roy and BijuJanata Dal’s BhartruhariMahtab. The Bill and the resolution against the Bill were on the agenda of the LokSabha on Friday as well.

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::International::

China target our allies while US was hosting democracy summit: Taiwan minister

Nicaragua's decision last week to cut ties with Taiwan was part of a deliberate move by China to target the island's diplomatic allies after it was excluded from a democracy summit hosted by Washington, Taiwan's foreign minister said.
Nicaragua broke its longstanding diplomatic ties with Taiwan last week, switching allegiance to Beijing in recognition of the Chinese Communist Party's One China policy and reducing Taipei's dwindling pool of international allies.
"When democratic countries were holding a democratic summit, China was excluded, China was a target, so China chose this opportunity to set about targeting our diplomatic allies," said Foreign Minister Joseph Wu on the sidelines of a forum on regional security.
China's foreign ministry did not immediately respond to a request for comment.
Beijing has increased military and political pressure on Taiwan to accept its sovereignty claims, drawing anger from the democratically ruled island, which has repeatedly said it would not be bullied and has the right to international participation.
Taiwan President Tsai Ing-wen said the island would not bend to pressure or change its determination to uphold democracy and freedom.
Nicaraguan President Daniel Ortega first cut ties with Taiwan in 1985, but they were re-established with the island in 1990 under then-Nicaraguan President Violeta Barrios de Chamorro.
Wu said all of his colleagues in the foreign ministry "put forth their greatest efforts to maintain these diplomatic ties."
Nicaragua's move to cut ties with Taiwan leaves the island with just 14 formal diplomatic allies, most of them in Latin America and the Caribbean, plus a handful of small states.

::Economy::

Tata Group in talks with Taiwan companies to make chips in India

Mumbai-based conglomerate Tata Group, which has already forayed into manufacturing of hi-tech electronics, is now planning to get into semiconductor manufacturing. The move comes at a time when the Covid-19 pandemic caused and later exacerbated a global shortage of chips and semiconductors.
Tata Sons Chairman N Chandrasekaran said recently: “At the group, we have already set up a business to seize the promise of high-tech manufacturing of electronics, precision manufacturing, assembly and testing, and semiconductors in the medium term.”
The conglomerate has also recently acquired a stake in Tejas Networks, which is involved with manufacturing of telecom equipment. In addition to these, the Tata Group has already laid down its plans for a digital foray through a super-app and has acquired stakes in consumer internet firms like BigBasket, 1mg.com and CureFit.
Currently, the world is experiencing a shortage of chips and semiconductors that have become essential not only for new-age technological products like smartphones and computers, but also for traditional sectors like automobiles.
Several carmakers in the world have delayed deliveries of their vehicles and even pushed the launch of new vehicles because of the chip shortage. Tata Motors’ UK-based unit Jaguar-Land Rover has also done so.
For the Tata Group, while a foray into chip making would mean entering a lucrative business that can find customers not only in India but across the world, it would also be significant for captive use with Tata Motors, Tata Power, etc.
On the one hand, the pandemic caused a surge in demand for electronic devices such as smartphones, laptop and computers, etc.
The manufacturing and logistical bottlenecks meant that the situation was only exacerbated. This shortage that began last year, is expected to go on till 2022, and to prevent a future situation like this, a number of companies are planning to reduce their dependance on the only few large factories that supply to the whole world.

Debroy bats for GST Council-like body for expenditure reforms

BibekDebroy, chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), proposed a forum along the lines of the Goods and Services Tax (GST) Council to initiate expenditure reforms at all levels – Union, states and local bodies.
On a day when India’s wholesale inflation hit a 12-year high, he said the revival of economic growth was a much bigger issue than the rate of price rise.
“In consultation with the states, I think it is high time that, just like the GST Council, we have some forum to have discussions on expenditure,” Debroy said while delivering the keynote address at Business Standard Awards.
As the Union Budget is round the corner, there are demands that the government should spend 10 per cent of the gross domestic product (GDP) on infrastructure, 6 per cent on education, 4 per cent on health, and 3 per cent on defence, which make up 23 per cent of GDP, he said. In comparison, he added, the tax-to-GDP ratio of both the Union government and the states is less than 15 per cent today. “As much as 15 per cent of GDP is garnered as tax revenues,
Suppose there is another pandemic tomorrow, he said. One should note that reactions to a pandemic are determined by the Epidemic Diseases Act, 1897. Now, the Union government has no powers, except at the border, under this Act; powers are at the state level, he said. “The power to declare lockdowns in case the need arises is not even at the state level, but at the local administration level,” Debroy pointed out.
He said the State Finance Commission’s recommendations were not given much attention even as two-thirds of the public expenditure occurred at the state level.
On the revival of private capex, Debroy said there were some sectors where investments had picked up. Excess capacity eases as demand improves, and then capex will also pick up, he said. However, capex at the state government level is lagging due to Covid, he said, while reminding that investments by both the Union and state governments are a necessary trigger to ensure private investments.

::Science and tech::

India launched Supersonic Missile Assisted Torpedo System (SMAT) from Abdul Kalam Island off Odisha coast

India on 13-12-2021 successfully launched Supersonic Missile Assisted Torpedo System (SMAT) from Abdul Kalamisland, formerly known as Wheeler Island, off the Odisha coast, the Defence Research and Development Organisation (DRDO) said. During the mission, the full range capability of the missile was successfully demonstrated. The system has been designed to enhance anti-submarine warfare capability far beyond the conventional range of the torpedo, the DRDO said.
This was a textbook launch, where the entire trajectory was monitored by the electro optic telemetry system, various range radars, including the down range instrumentation and down range ships. The missile carried a torpedo, parachute delivery system and release mechanisms, said the DRDO statement.
The system is launched from a ground mobile launcher and it can cover a range of distances, the DRDO said. Defence Minister Rajnath Singh congratulated the teams involved in the successful test of the supersonic missile assisted torpedo system. The development of the system is a perfect example of building futuristic defence systems in the country, he said.
A number of DRDO laboratories developed various technologies for this advanced missile system. Industry participated in the development and production of various sub-systems. Secretary, Department of Defence R&D, and DRDO Chairman Dr G Satheesh Reddy also congratulated all those involved in the successful test. He said the system will further enhance the strength of our Navy and promote self-reliance in defence, harnessing of expertise and capabilitie.

::Sport::

Asian Champions Trophy: India, South Korea play out 2-2 draw

India was denied a winning start to their campaign at the Men's Asian Champions Trophy with a spirited Korean team holding the defending champions to a thrilling 2-2 draw here at the MaulanaBhasani Hockey Stadium.
For India, Lalit Kumar Upadhyay (3') and Harmanpreet Singh (33') scored while Jonghyun Jang (42') and Kim Hyeongjin (46') scored in Korea's resurgence.
Although it was India who dominated the proceedings in the first and second quarter with better ball possession (58 per cent) and a higher number of circle penetrations (14 for India and 8 for Korea), the Korean side rallied on a strong defensive structure in the third and fourth quarter to deny any opportunity for India to score.