All India Radio News Summary: 23 DECEMBER 2017

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All India Radio News Summary: 23 DECEMBER 2017


 

Government dismisses reports of closing down public sector banks; Says, reform road map for banks firmly on track.

The government has said, there is no question of closure of any public sector bank. Dismissing rumours on the issue, Financial Services Secretary said, the government is strengthening these banks by re-capitalisation plan of over 2 lakh crore rupees. He appealed to people not to believe rumour mongers and said that the reform road map for public sector banks is firmly on track.
The RBI had initiated ‘prompt corrective action’ (PCA) against some banks including the Bank of India.

  • The RBI said under its supervisory framework, it uses various measures and tools to maintain sound financial health of banks.
  • PCA framework is one of such supervisory tools, which involves monitoring of certain performance indicators of the banks as an early warning exercise.
  • The objective is to facilitate the banks to take corrective measures including those prescribed by the RBI, in a timely manner in order to restore their financial health. 

 

  1. Centre formally launches ‘Ganga Gram’ project  for development of villages situated on the banks of the river. 

The government formally launched the ‘Ganga Gram’ project in New Delhi.

  • As part of the clean Ganga mission, ‘Namami Gange’, the project is an integrated approach for holistic development of villages situated on the banks of the holy river with active participation of villagers.
  • It envisages solid and liquid waste management, renovation of ponds and water resources, water conservation projects, organic farming, horticulture, and promotion of medicinal plants.
  • In August, the Centre had declared all 4,470 villages on the banks of the Ganges, located in Uttarakhand, Uttar Pradesh, Bihar, Jharkhand and West Bengal, open defecation-free.
  • Of these, the Centre and the state governments identified 24 villages to transform them into ‘Ganga Grams’.

 

  1. INS Teg and INS Trikand – make port of call in Abu Dhabi

Two ships of the Indian Navy – INS Teg and INS Trikand – made port of call in Abu Dhabi as part of the comprehensive strategic relationship and to strengthen defence cooperation between India and the UAE.

 

Significance:

  • The visit will showcase India’s impressive achievements in the Maritime capabilities.
  • It seeks to underscore India’s peaceful presence and solidarity with its friendly countries in the Gulf.

 

  1. SSB is strengthening its position in Sikkim and Bhutan-border area after Doklam issue between India and China

Union Home Minister said, the Sashastra Seema Bal, SSB is strengthening its position in Sikkim and Bhutan-border area after Doklam issue between India and China.

 

The Home Minister said, government is dedicated to the welfare of people living near border areas.

  • A mobile app was launched to set direct channel of communication between the Home ministry and central armed police forces.
  • SSB has been quite instrumental in setting peace and harmony at the very sensitive border areas of Nepal and Bhutan.

 

  1. India and Russia agree to raise the level of the Joint Working Group on Trade and Economic Cooperation to remove trade barriers.

India and Russia undertook a comprehensive review of economic cooperation in the areas of trade and investment, transport, energy, agriculture, industry and space.

External Affairs Minister met the visiting Russian Deputy Prime Minister co-chaired the meeting of India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) and comprehensively reviewed economic cooperation in several areas.

The meeting enables the two sides to review the progress achieved by various Working groups and Sub-groups under the IRIGC-TEC and also discuss new areas of cooperation that could strengthen bilateral trade and investment

  • India and Russia have agreed to raise the level of the Joint Working Group on Trade and Economic Cooperation to that of Deputy Minister or Commerce Secretary Level in an effort to create a mechanism to discuss and remove trade barriers.
  • They also agreed to create Working Groups on Agriculture and Pharmaceuticals.
  • The two sides decided to actively promote inter-regional cooperation to harness untapped potential.

 

  1. US President signs 1.5 trillion dollar tax overhaul law.

US President signed into law a sweeping overhaul of the US tax code, two days after the Republican plan was adopted by Congress in a major political victory.

President said, US is going to bring back its companies.

 

Impact

  • The 1.5 trillion dollar overhaul is set to impact every corner of the economy through dramatic tax cuts, the most significant revenue bill since the 1980s, makes a permanent cut to the corporate rate from 35 percent to 21 percent and reduces the tax burden for most individuals for several years.
  • Experts say the new tax code will make the United States a better place to do business taking it from the top of the global tax spectrum to the lower end.
  • To the rest of the world, it has the potential to challenge the global economic order, creating an uneven playing field and setting off a race among countries to cut corporate taxes.