Saturday, 3 June 2017

Daily Update On Current Affairs - June 02, 2017

current affairs
Here's your daily summary of Current Affairs.

TRAI Floats Paper To Frame Rules For Mobile Data Speed

The Telecom Regulatory Authority of India, TRAI has floated a consultation paper to frame rules for mobile data speed. Taking cognizance of poor data speed on mobile phones despite high tariff, TRAI yesterday floated this consultation paper to ensure transparency in the claims made by service providers surrounding wireless broadband speed. The authority has sought views from the public on the paper by 29th of this month and counter comments by 13th of next month. At present, service providers are selling SIM cards in the name of 2G, 3G and 4G, however, telecom operators do not guarantee any fixed speed. The Telecom Regulatory said, the surge in the number of broadband connections in the country has been accompanied by increasing reports of consumer dissatisfaction with the speed of data being provided to them. 

Second Scorpene-Class Submarine Ready For Sea Trials: Jaitley

Defence Minister Arun Jaitley has said that the second Scorpene-class submarine is ready for surface sea trials. The first Scorpene-class submarine INS Kalvari has already undergone various trials and is expected to be inducted into the Indian Navy later this year. In a tweet, Mr Jaitley congratulated engineers of Mazagon Dock Limited where the submarine has been built. Mr Jaitley said, the Scorpene-class submarines will significantly enhance India's naval power and strength but also make the country ocean safe and secure. Six Scorpene-class submarines are being built under Project 75 of the Navy.

India, Russia Sign St Petersburg Declaration

India and Russia have signed St Petersburg Declaration as a roadmap to enhance cooperation after the 18th annual bilateral summit. Both countries released their vision for bilateral partnership in the 21st century, yesterday. A joint statement has been issued regarding it. The statement said India and Russia will cooperate in all possible areas, including defence, counter-terror, intelligence sharing, connectivity initiatives trade and nuclear energy. The statement said that the leaders of both countries, in the year that marks the 70th anniversary of the establishment of diplomatic relations note that the Indian-Russian special is a unique relationship of mutual trust between two great powers. They call for early conclusion of negotiations on a comprehensive convention on international terrorism.

Railways Introduces Buy Now Pay Later Scheme

Indian Railways has introduced the concept of Buy Now Pay Later Scheme w.e.f 1st June 2017. Bookings can be done online and payments can be made within a window of 15 days. The facility will give the passengers the option of travelling after 5 days after booking the ticket. It will be available for confirmed, waitlisted and RAC berths. The IRCTC is in partnership with the Mumbai-based ePaylater company for this scheme.

Trump Announces US Withdrawal From Paris Agreement On Climate Change

US President Donald Trump has announced his decision to withdraw the US from the Paris Agreement on climate change. Trump claimed, the deal that was agreed upon by over 190 countries during the previous Obama administration is renegotiable. Announcing his decision today, Mr Trump argued that countries like China and India are benefiting the most from the Paris Agreement. Trump said that the agreement on climate change was unfair to the United States, as it badly hit its businesses and jobs. He claimed that New Delhi would get billions of dollars for meeting its commitment under the Paris Agreement and it along with Beijing would double its coal-fired power plants in the years to come. Mr Trump also claimed, the agreement does not eliminate coal jobs and it just transfers those jobs out of America and the United States and ships them to foreign countries. 

Russia To Support India In Its Fight Against Terrorism And Bilateral Relations Will Not Be Diluted By Moscow's Growing Ties With Pakistan

Russian President Vladimir Putin asserted today that Russia's trust-based relations with India will not be diluted by Moscow's growing ties with Pakistan and other countries. Describing India as one of its closest friends during an interaction with PTI, Putin said that there is no other country in the world that Russia has deep cooperation with, in delicate areas such as missiles, and it benefits from cooperation with India. Putin said, no matter where the threat of terrorism comes from, it's unacceptable and will always support India in its fight against terrorism. Refusing to have any tight military relations with Pakistan, he said, Russia's relations with Pakistan will not have any impact on trade between India and Russia. The President said, both countries have a lot of context and mutual interests.

India To Regain Crown Of Fastest Growing Major Economy: Arvind Panagariya

NITI Aayog Vice Chairman Arvind Panagariya said today that India will regain the crown of the fastest growing major economy, overtaking China, as early as the first quarter of 2017-18. Mr Panagariya said India, on an annual basis, is ahead of China and will regain the growth momentum soon on the back of a host of reforms initiated by the Narendra Modi Modi government. India lost the tag to China in the March quarter with the GDP growth slipping to 6.1 percent. China recorded a growth rate of 6.9 percent during the January-March quarter. However, on an annual basis, India grew by 7.1 percent in 2016-17.

Reform Measures Undertaken By Indian Govt Broaden Tax Base: Moody's

Ratings agency, Moody's today said that reform measures undertaken by the Indian government will broaden the tax base, and help cut down debt. Moody's said, effective implementation of key fiscal and banking sector reforms will address India's core credit challenges. It also said that while GST will have a muted short-term impact, its benefits will accrue over the medium term. It said recent government measures to address Non-Performing Assets, NPAs, and the promulgation of the Insolvency and Bankruptcy Code 2016 are credit positive, as they provide a clearer framework for NPA resolution. But Moody's added that until NPAs are resolved, banks' ability to finance potential investment will be constrained.

Dip In GDP Not Due To Note Ban Alone: Jaitley

The fall in GDP growth to a three-year low of 7.1 percent in 2016-17 could be attributed to several factors and not the note-ban exercise alone, Finance Minister Arun Jaitley said on Thursday. Even a growth rate of 7-8 percent — now seen as the ‘Indian normal’ — in the current situation is “very good by global standards” and “fairly reasonable by our own standards of growth,” Jaitley said at a press conference to address the ‘achievements’ of the Finance Ministry over the past three years. Asserting that the note-ban exercise had brought three distinct advantages and helped create a “new normal” in the economy, he dismissed the view that the demonetisation exercise had crippled economic activity, leading to a sharp fall in output in the fourth quarter, when GDP declined to 6.1 percent. Jaitley said typically several factors determine GDP movements in a quarter, and the “cumulative” factors may have impacted growth in 2016-17.

Manufacturing PMI Slips To 3-Month Low In May

Manufacturing sector activity cooled to a three-month low in May despite an upturn in factory orders, according to a monthly survey. The Nikkei Markit India Manufacturing Purchasing Managers’ Index (PMI) fallen to 51.6 in May from 52.5 in April. Despite being above the no-change mark of 50, the PMI was the lowest in three months, but indicated expansion for the fifth straight month. A reading above 50 on the index denotes expansion, while that below indicates contraction. “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,” said Pollyanna De Lima, Economist at IHS Markit and author of the report, noting that there was also a fresh decline in new export orders. The data comes just a day after official estimates pegged gross value added in the economy in the fourth quarter of last fiscal at a mere 6.1 percent. It is likely to add to calls for a cut in key rates in the second bi-monthly monetary policy on June 6 and 7.

World TT Championships: Mouma-Manika Make History By Becoming First Indian Pair To Reach Quarters

Manika Batra and Mouma Das made history by becoming the first Indian pair to reach the quarterfinals of the World Table Tennis Championships in Dusseldorf yesterday.  In the men's singles, top-ranked Indian Sharath Kamal stormed into the round of 32 beating Ukraine’s Kou Lei in straight games of 11-3, 11-9, 14-12, 11-3. Mouma and Manika created history with luck on their side as they got a walkover from the Netherlands and Polish combination of Li Jie and Li Quian, the latter reportedly was hopsitalised last night after falling sick.

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