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By admin: April 23, 2024

10 MDBs Unveil Global Collaborative Co-Financing Platform

Tags: Economy/Finance

During the 2024 IMF and World Bank Spring meetings in Washington D.C. on April 20th, 10 Multilateral Development Banks (MDBs) introduced the Global Collaborative Co-Financing platform.

An Overview of the News

• The platform, consisting of a Co-Financing Portal and a Co-Financing Forum, aims to revolutionize the development finance sector.

Key Features and Significance:

• Co-Financing Portal:

  • Hosted by the World Bank, this secure platform allows registered co-financiers to share project pipelines conveniently.

• Co-Financing Forum:

  • Providing a space for diverse stakeholders, this forum facilitates discussions on co-financing opportunities, sharing of best practices, and addressing common challenges.

• The platform's launch is expected to streamline processes, minimize administrative burdens, and reduce transaction costs.

• It fosters collaboration, promotes transparency, and enhances the effectiveness and efficiency of MDBs and partner agencies in addressing global challenges.

NGEL and ITL sign MoU for Renewable Energy Ventures

Tags: Science and Technology

NTPC Green Energy Limited (NGEL) and Indus Towers Limited (ITL) have entered into a Memorandum of Understanding (MoU) to support green energy goals and India's carbon-neutral aspirations.

An Overview of the News

• The collaboration aims to jointly develop grid-connected renewable energy projects, including solar, wind, and energy storage solutions.

• Signatories to the MoU are Soumya Kanti Chowdhuri, Chief General Manager of NGEL, and Vikas Poddar, Chief Financial Officer (CFO) of ITL.

• NGEL operates as a wholly-owned subsidiary of NTPC Limited, formerly known as the National Thermal Power Corporation.

About ITL

• Indus Towers Limited, based in Gurugram, Haryana, is an Indian telecommunications infrastructure firm.

• Established in November 2007 by Bharti Infratel, Vodafone Essar, and Idea Cellular.

• It specializes in offering passive infrastructure services to mobile network operators and other wireless service providers.

• The company's primary objective is to provide shared telecom infrastructure to operators without discrimination.

  • Headquarters - DLF Cyber City, Gurugram, Haryana

  • Chairman - N. Kumar

  • MD & CEO - Prachur Shah

2023: Global Military Spending Peaks at $2443bn; US Leads, India 4th: SIPRI Report

Tags: Reports Economics/Business

The Stockholm International Peace Research Institute (SIPRI) published its 'Trends in World Military Expenditure, 2023' report on April 22, 2024.

An Overview of the News

• Global military expenditure reached an unprecedented USD 2443 billion in 2023, marking the ninth consecutive year of increase.

• This surge represents a notable 6.8% rise in real terms from the previous year, the most substantial year-on-year increase since 2009.

• The top five countries contributing to this expenditure in 2023 were the United States of America (USA), China, Russia, India, and Saudi Arabia, collectively responsible for 61% of the world's military spending.

• India secured the fourth position among global military spenders in 2023, with a total expenditure of USD 83.6 billion. This figure reflects a 4.2% increase from 2022 and a substantial 44% rise from 2014.

• In 2023, North Atlantic Treaty Organization (NATO) members, including the USA, contributed a combined total of USD 1341 billion to global military spending, comprising approximately 55% of the overall expenditure.

SIPRI:

• It provides data, analysis and recommendations on armed conflicts, military spending and arms trade.

• SIPRI also focuses on disarmament and arms control.

• Its function is to contribute to global peace and security initiatives.

  • Headquarters - Solna

  • Founded - 6 May 1966

  • Director - Dan Smith

  • Chair -  Stefan Löfven

  • Founders - Tage Erlander, Alva Myrdal

PM Modi Inaugurates 2550th Bhagwan Mahaveer Nirvan Mahotsav

Tags: Festivals

On April 21, 2024, Prime Minister Narendra Modi inaugurated the 2550th Bhagwan Mahaveer Nirvan Mahotsav at Bharat Mandapam in New Delhi, Delhi, coinciding with Mahavir Jayanti.

An Overview of the News

• Alongside the inauguration, PM Modi unveiled a commemorative stamp and coin to mark the occasion.

• Union Minister of State (MoS) Arjun Ram Meghwal from the Ministry of Culture, along with other dignitaries and saints from the Jain community, graced the event with their presence.

Significance of the Mahotsav:

• April 21, 2024, marks the Janma Kalyanak (birth anniversary) of Bhagwan Mahavir Swami.

• The Government of India collaborated with the Jain community to celebrate this occasion by organizing a cultural program at Bharat Mandapam.

• The 2550th Bhagwan Mahaveer Nirvan Mahotsav is observed as a year-long "Ahimsa Mahotsav", emphasizing the teachings of Bhagwan Mahaveer, particularly focusing on non-violence and kindness.

Mahotsav Committee:

• To ensure effective coordination and promotion of the festival, the Bhagwan Mahaveer Nirvan Mahotsav Committee was established. 

• Its primary objective is to spread the teachings of Bhagwan Mahaveer, with a special emphasis on non-violence and compassion.

Commemorative Coin Details:

• Minting and Type:

  • The coin is the 8th commemorative issue of 2024 and belongs to the Non-Circulating type. 

  • It is minted at the India Government Mint, Hyderabad, located in Telangana.

• Denomination and Weight:

  • The coin holds a denomination of Rs 100 and weighs 35 grams.

• Features:

  • The reverse side showcases the Nalanda Pawapuri Jal Mandir, accompanied by the inscription "Bhagwan Mahaveer 2550th Nirvan Kalyanak" in both Devanagari script and English. Additionally, the year 2023 is inscribed at the bottom.

Indian Navy conducts Exercise Poorvi Lehar (XPOL) off the East Coast

Tags: Defence

On April 20, 2024, the Indian Navy conducted Exercise Poorvi Lehar (XPOL) 2024 on the East Coast to assess its preparedness for maritime security challenges.

An Overview of the News

• Vice Admiral Rajesh Pendharkar, Flag Officer-Commanding-in-Chief (FOC-in-C) of the Eastern Naval Command (ENC) headquartered in Vishakapatnam, Andhra Pradesh, oversaw the exercise.

• XPOL comprised multiple phases:

  • Tactical Phase: Involving combat training in realistic scenarios.

  • Weapon Phase: Conducting various firings successfully.

• The exercise saw active participation from ships, submarines, aircraft, and special forces.

• Assets from the Indian Air Force (IAF), Andaman and Nicobar Command, Eastern Naval Command, and Coast Guard participated, showcasing high interoperability among the services.

• Notably, aircraft operated from various locations to ensure continuous Maritime Domain Awareness.

About the Indian Navy:

• Dinesh Kumar Tripathi was appointed as the 26th Chief of the Naval Staff by the Government of India, taking charge on 30 April.

• Indian Navy Day is celebrated every year on 4 December.

  • Headquarters - New Delhi, Delhi

  • Established-1950