Current Affairs for SSC CGL Exams - 15 May 2016

:: National ::

India’s bid to Nuclear Security Group may be opposed by China

The U.S. has reiterated its support for India’s membership of the Nuclear Suppliers Group (NSG) in the face of opposition from China.
The 48-member NSG that regulates trade in nuclear technology and material will have its plenary next month in New York where it is expected to consider India’s admission into the exclusive club.
China, acting in concert with Pakistan, has thrown a spanner in the works for India, by linking New Delhi’s candidacy to Islamabad’s. NSG operates by consensus and all its current members are signatories to the Nuclear Non-Proliferation Treaty.
“Not only India, many other non-NPT members have voiced their aspirations to join the NSG.”said Chinese Foreign Ministry spokesman.
Pakistan had earlier said it was coordinating with China to block India from the NSG. Bruised by the successful Indian diplomacy that recently stalled the U.S. sale of F-16 fighter planes to it, Pakistan has found an opportunity to hit back.

Due to malpractices in election poll dates in T. N. Deferred

The Election Commission of India late decided to defer the polls in the Aravakurichi Assembly constituency, in Karur district, following widespread seizure of cash and complaints of voters being bribed.
Separately, the EC issued notices to the AIADMK and the DMK, asking them to explain the rationale behind the promises made in their election manifestos and indicate how they would meet the financial outlays (for freebies).
Polling in Aravakurichi will now be held on May 23, and the results declared on May 25, a week after the results are announced in the remaining 233 constituencies where voting will take place on May 16.
In a release, the EC said over Rs. 6.75 crore had been seized in the constituency, including from the house of one Anbunathan.
In addition, 429 litres of liquor had been seized and 33 complaints of money distribution had been received, while seven FIRs have been registered.

Defence minister wants $2 billion defence exports in two years

The Union government has set a target of $2 billion in defence exports in the next two years, Defence Minister Manohar Parrikar said.
The Ministry had noted the concerns expressed over the issue of strategic partners in manufacturing and would hold discussions with the industry.
The government intends to identify major private companies eligible to take the lead in critical defence projects so as to boost domestic manufacturing.
From a meagre $140-150 million, this year I think we have crossed $330-odd million. I have set a target for myself, in the next two years, why not touch $2 billion. It is not an impossible target.” Said the Defence Minister
Mr. Parrikar said offsets were an area where “exports and expertise can come.” During 2014 and 2015, offset obligations brought in $990 million, and this was likely to touch $2 billion in the next two years as major deals for fighter aircraft and helicopters were expected to be signed.
As part of the offset requirements, foreign companies are required to invest a part of the contract value back in the country.

Space-based information system from ISRO for rural development

Indian Space Research Organisation (ISRO) is working on a space-based information system for decentralised planning to help rural development.
Though there are scores of rural development programmes and welfare measures launched in the country, there is little planning at the local level owing to lack of information.
The space-based information system will reach out to the villages to enable them to plan and improve their economy.
The system is expected to optimise the benefits of various welfare programmes to a maximum number of people in the areas of health, sanitation, infrastructure, etc. besides monitoring their benefits and impacts in the villages.

:: International ::

Sri Lankan Govt to tone down emphasis on Eelam war

The Sri Lankan government, in continuation of its policy of de- emphasising the military victory over the Liberation Tigers of Tamil Eelam, has decided not to have any military parade this year at an event to mark the conclusion of the Eelam War.
Last year, after MaithripalaSirisena became President, the government renamed the Victory Day as Day of Remembrance, marking the shift from triumphalism to commemoration.
Since the end of the civil war in May 2009, military parades constituted an important element of the celebration on May 19.
Between 2010 and 2015, such parades were held either on the Galle Face Main, Colombo, or in Matara, a city in the Southern Province. Even last year, the southern city witnessed one such event.
Instead, on May 18, a function would be held at the War Memorial near the Parliament, which would be attended by the President. A cultural show would take place at the Independence Square in the evening.
The statement said that as the Independence Day was celebrated in a grand manner, the funds that would have otherwise been spent for “lavish shows” would be used for welfare schemes of war heroes and their families.
The government also clarified that as in the previous year, there would be no bar on remembering those who died during the civil war but the authorities would not allow any event to hail the LTTE.

Venezuela declares emergency

Embattled Venezuelan President Nicolas Maduro declared a three-month state of emergency to face “threats from abroad”, as his emboldened foes geared for a vote to oust him.
In an address to the nation, Mr. Maduro said he had signed a new state of emergency decree “to neutralise and defeat foreign aggression”, which he says is closing in on the country. Mr. Maduro said the measures will likely last through 2017.

:: India and World ::

Pentagon warned India of increased Chinese military presence

China has increased defence capabilities and deployed more troops along the Indian border, the Pentagon has said, as it warned of increasing Chinese military presence including bases in various parts of the world, particularly Pakistan.
“We have noticed an increase in capability and force posture by the Chinese military in areas close to the border with India,” Deputy Assistant Secretary of Defence for East Asia told reporters.
The Defence Department also warned of China’s increasing military presence including bases in various parts of the world, in particular Pakistan — with which it has a “longstanding friendly relationship and similar strategic interests”
The Pentagon in its report expressed its concerns about Chinese military build-up near the Indian border.Tensions remain along disputed portions of the Sino-Indian border, where both sides patrol with armed forces.
“After a five-day military standoff in September 2015 at Burtse in Northern Ladakh, China and India held a senior-level flag-officer meeting, agreed to maintain peace, and retreated to positions mutually acceptable to both sides,” it said.
The Pentagon also said that the defence capabilities possessed by the U.S,. Russia and India are among the main factors driving China to modernise its nuclear force and bolster its strategic strike capabilities.
It said that China insists that the new generation of mobile missiles are intended to ensure the viability of its strategic deterrent in the face of continued advances in the U.S. and, to a lesser extent, Russian capabilities.

:: Business and Economy ::

Four-month window for declaring black money

The four-month window for declaring black money held in the country will open on June 1.
Under the Income Declaration Scheme 2016, individuals can come clean by paying 45 per cent tax and penalty while avoiding scrutiny and enquiry by the Tax Department.
The scheme also provides immunity from prosecution under the Income-tax Act and Wealth Tax Act.
Immunity from prosecution is provided under Benami Transactions (Prohibition) Act, 1988 subject to transfer of asset to actual owner within the period specified in the rules.
The Income Declaration scheme 2016 will remain in force till September 30 for filing declarations.
Tax, surcharge and penalty must be paid latest by November 30, according to a statement from the Union Finance Ministry.
No scrutiny and enquiry under the Income-tax Act or the Wealth tax Act (now abolished) shall be undertaken in respect of such declarations.
The scheme will apply to undisclosed income whether in the form of investment in assets or otherwise.

India’s GDP is estimated to grow at 7.6 per cent in 2015–16 and 7.7 per cent in 2016– 17

India’s GDP is estimated to grow at 7.6 per cent in 2015–16 and 7.7 per cent in 2016– 17 due to a favourable monsoon, the National Council of Applied Economic Research (NCAER) said.
The Delhi-based think-tank said the numbers mark significant revision upwards from its January 2016 forecast, when it had predicted a 7.4 per cent growth for 2015-16 as well as for 2016-17.
The current forecast is mainly due to monsoon prediction. But, it also sounded a note of caution by stating, “It is hard to conjecture whether the economy has finally reached the tipping point where positives outweigh the negatives.”
Exports are expected to contract by 1.6 per cent while wholesale price inflation is projected to grow at 0.9 per centfor 2016-17.
Current Account Balance as a percentage of GDP is expected to contract by 1 per cent. Fiscal deficit of the Centre as a percentage of GDP is forecast at 3.5 per cent for 2016-17.
The agriculture sector witnessed feeble average growth rate of 0.5 per cent in 2014-15 and 2015-16 due to drought in two successive years.
The manufacturing sector, after showing robust growth in the second quarter, slowed down consistently in the third and fourth quarters.
The growth in Index of Industrial Production (IIP) slowed to 2.4 per cent in 2015-16 from 2.8 per cent in 2014-15. In the fourth quarter, manufacturing was in “recession” (-1.1%) and the overall IIP barely grew 0.2 per cent, it said.
Even as select indicators show improvement, it is much too early to conclude that the economy is on course to a full-fledged recovery as the improvement is not sufficiently broad-based.
It red-flagged the much slower growth in services exports, notably software and business service exports which together account for approximately 50 per cent of the total service exports.
Inflation ranged between 3.66 per cent in August 2015 and 5.7 per cent in January 2016.