1. Central Government launches High Price Day Ahead Market and Surplus Power Portal
Tags: National National News
The Central Government has launched a High Price Day Ahead Market and Surplus Power Portal (PUShP)– an initiative to ensure greater availability of power during the peak demand season recently.
An overview of the news
Power Minister R K Singh virtually launched the portal in New Delhi on 9 March 2023.
Last year, prices in the power exchange had shot up to Rs 20on a few days, prompting the CERC to impose a cap of Rs 12 on the exchange, so that there was no profiteering.
This limit was applicable in day ahead market and real time market from April 1, 2022 and May 6, 2022 across all segments.
This move made the price reasonable for the buyers. Due to high gas prices in the international market; The electricity generated using the gas was expensive – more than Rs 12 per unit – and could not be sold in the market at this price.
Similarly, renewable energy stored in imported coal-fired plants and battery-energy storage systems could not be put into operation because of their high production costs.
High Price Day Ahead Market and Surplus Power Portal
This portal is one of its kind initiatives, which reflects the ingenuity of the Ministry of Power and the regulator.
Distribution companies have entered into long term PPA agreements for power supply.
They have to pay fixed charges even if they do not fix the electricity schedule.
Now discoms will be able to quote their surplus power in block time/days/months on the portal.
Discoms that need power will be able to demand surplus power.
New buyers will pay both variable cost (VC) and fixed cost (FC) as prescribed by the regulators.
Once the power is reassigned, the original beneficiary will have no right of withdrawal, as the entire FC liability will also be transferred to the new beneficiary.
This will reduce the burden of fixed cost on DISCOMs and enable utilization of all available generation capacity.
2. India, US signed MoU on semiconductor supply chain, innovation partnership
Tags: Economy/Finance National News
India and the US on 10 February signed a memorandum of understanding (MoU) on semiconductor supply chain and innovation partnership during the Commercial Dialogue 2023 in New Delhi.
An overview of the news
At the invitation of Commerce and Industry Minister Piyush Goyal, US Commerce Secretary Gina Raimondo visited Delhi from March 7 to 10.
During the visit, the India-US commercial dialogue was resumed on 10 March to discuss cooperation and open up new trade and investment opportunities between the two countries.
The MoU aims to establish a collaborative mechanism between the two governments on semiconductor supply chain resilience and diversification in the wake of the Chips and Science Act of the US and the Semiconductor Mission of India.
It aims to leverage the complementary strengths of both countries and facilitate commercial opportunities and development of the semiconductor innovation ecosystem through discussions on various aspects of the semiconductor value chain.
In addition, the MoU envisages mutually beneficial R&D, talent and skill development.
What are Semiconductor Chips?
It is a material which has conductivity between conductor and insulator.
Compounds of silicon or germanium or gallium, arsenide or cadmium selenide are used in this.
Why are semiconductors or chips so important?
It serves as the center and brain of all modern electronics and information and communication technology products.
The chips are used as data-storing memory chips, or logic chips that run programs.
Manufacturing of chips requires a lot of precision as well as investment.
This requires special conditions where even small disturbances around or inside the manufacturing unit can hamper production.
3. 19th BIMSTEC Ministerial Meeting
Tags: International News
Minister of State for External Affairs and Education, Dr. Rajkumar Ranjan Singh participated in the 19th BIMSTEC Ministerial Meeting hosted by Chair Thailand virtually from Bangkok on 9 March.
An overview of the news
During the meeting, a number of documents including the Core BIMSTEC Working Mechanism, Regional BIMSTEC and Rules of Procedure for BIMSTEC External Relations were approved for submission to the 6th BIMSTEC Summit.
The meeting also approved a draft agreement on the establishment of the BIMSTEC Center for Weather and Climate in India.
Apart from this, BIMSTEC Bangkok Vision 2030 was also approved. This will be brought up at the 6th BIMSTEC Summit.
The leaders also approved the Administrative and Disciplinary Rules of the Secretariat and the Revised Financial Rules and Regulations of the BIMSTEC Secretariat, which will enable expenditure by the Secretariat throughout the financial year with an approved budget.
About BIMSTEC
BIMSTEC whose full form is 'Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation' is an international organization of seven South Asian and South East Asian countries.
It was established in 1997 to advance mutual trade, connectivity and cultural, technological and economic development in the region.
Out of its 7 member countries, 5 members – Bangladesh, Bhutan, India, Nepal and Sri Lanka are from South Asia and two countries – Myanmar and Thailand are from South-East Asia.
Initially, BIMSTEC included six areas - trade, technology, energy, transport, tourism and fisheries - for regional cooperation, which was later expanded to 14 areas, including agriculture.
Secretariat: Dhaka, Bangladesh
4. Ram Chandra Paudel elected as the new President of Nepal
Tags: Person in news International News
On 9 March 2023, senior Nepali Congress leader Ram Chandra Paudel has been elected as the new President of Nepal.
News Overview
Ram Chandra Paudel got votes by 214 MPs of Parliament and 352 Members of Provincial Assemblies.
The President is elected by an electoral college consisting of members of the provincial assemblies and the federal parliament.
The total number of electors for the presidential election in Nepal is 882, including 332 members of the parliament as well as 550 members of the provincial assemblies of the 7 provinces.
He will succeed Bidya Devi Bhandari as the head of state of Nepal.
About Ram Chandra Paudel
He also served as the Deputy Prime Minister, Cabinet Minister and President of Nepal.
He served as the Vice President of Nepali Congress Tanhu District Committee in 1980, General Secretary in 2005, Vice President in 2007 and Acting President of the party in 2015.
Ram Chandra Paudel served as Minister of Local Development in May 1991, Minister of Agriculture in 1992 and Speaker from December 1994 to March 1999.
About Nepal
The kingdom of Nepal was established by the Shah dynasty.
It is a landlocked country in South Asia.
Prime Minister: Pushpa Kamal Dahal
Capital: Kathmandu
Currency: Nepalese Rupee
5. Former Malaysian PM Muhyiddin Yassin arrested on corruption charges
Tags: Person in news International News
The Malaysian Anti-Corruption Commission on 9 March arrested former Malaysian Prime Minister Muhyiddin Yassin on the charges of corruption.
An overview of the news
Muhyiddin, who was Malaysia's prime minister for 17 months between 2020 and 2021, has been charged under laws related to abuse of power and money laundering.
He and his party have faced a corruption investigation after losing the November election to Prime Minister Anwar Ibrahim.
Prime Minister Ibrahim last year ordered a review of billions of dollars of government projects approved by Muhyiddin, including Covid-19 relief programmes, alleging that he did not follow proper procedures.
Muhyiddin, who is also chairman of Barsatu, a major opposition party in Malaysia's ruling coalition, would be the second former prime minister to be indicted.
Another former Malaysian prime minister, Najib Razak, is also serving a 12-year prison sentence for corruption.
About Malaysia
Prime Minister - Anwar Ibrahim
Capital - Kuala Lumpur
Currency - Malaysian ringgit
Official Language - Malay
Official Religion - Islam
6. 3rd session of National Platform for Disaster Risk Reduction begins in New Delhi
Tags: Environment National News
Prime Minister Narendra Modi inaugurated the third session of the National Platform for Disaster Risk Reduction (NPDRR) in New Delhi on 10 March.
An overview of the news
The main theme of the 3rd session of this Platform is “Building Local Resilience in a Changing Climate”.
The theme of the session is in line with the 10-point agenda announced by the Prime Minister for building local capacities, especially in the context of the rapidly changing disaster risk landscape in the wake of climate change.
The session will identify gaps, recommendations and partnerships to further accelerate disaster risk reduction efforts.
During the event, the Prime Minister presented awards to the winners of the Subhash Chandra Bose Aapda Prabandhan Puraskar.
The winners of the 2023 award are Odisha State Disaster Management Authority and Lunglei Fire Station of Mizoram.
The Prime Minister also inaugurated the exhibition to showcase innovative ideas and initiatives and technologies in the field of Disaster Risk Reduction.
More than a thousand dignitaries will participate in this two-day, third session.
Home Minister Amit Shah chaired the ministerial session in which wide-ranging consultations were held with ministers from states and union territories.
About NPDRR
NPDRR is a multi-stakeholder forum constituted by the Government to facilitate dialogue and share experiences, ideas, action oriented research and explore opportunities in the area of disaster risk reduction.
7. Coarse Grain Fair cum Exhibition organised in Madurai
Tags: National
The Union Ministry of Food Processing Industries organised a two-day Coarse Cereals Fair-cum-Exhibition from March 6-7, 2023 in Madurai, Tamil Nadu.
An Overview of the news:
The fair cum exhibition was organised as part of the Mota Anaj Mahotsav series in collaboration with the Department of Micro, Small and Medium Enterprises and the Department of Agricultural Marketing and Agriculture, Government of Tamil Nadu.
Tamil Nadu is known for the production of various coarse cereals. These cereals include Pearl Millet (Bajra), Jowar, Ragi, Little Millet-Kutki (Foxtail Millet-Kangni, Sawan, Kodo, Chena-Punarva) and Small Millet.
During the event, the first Common Incubation Center under the Prime Minister's Formalization of Micro Food Processing Enterprises (PMFME) scheme was inaugurated at Tamil Nadu Agricultural University's Krishi Vigyan Kendra, Madurai.
The objective of the two-day event was to provide a platform to micro and food processing entrepreneurs to interact with leading industry people through B2B and B2C interactions organised during buyer-seller meets.
Megafood Event World Food India 2023
In addition to Mota Anaj Mahotsav, the Ministry will also organise the megafood event World Food India 2023 from 3 to 5 November 2023 at Pragati Maidan, New Delhi.
The event will be the biggest ever gathering of dignitaries, global investors and leaders from leading global and domestic companies that will place India firmly on the global food scene.
2023 has been declared by the United Nations General Assembly as the International Millet Year.
Grown in more than 130 countries, millets are a traditional food for more than half a billion people in Asia and Africa.
India is one of the leading producers of coarse cereals in the world with an estimated share of about 41 per cent in global production.
PMFME Scheme
Prime Minister's Formalization of Micro Food Processing Enterprises (PMFME) scheme is a centrally sponsored scheme launched by the Ministry of Food Processing Industries on 29 June 2020 as part of the Atma Nirbhar Bharat campaign.
Its objective is to enhance the competitiveness of individual micro enterprises in the unorganised sector and encourage formalisation of this sector.
8. Australian Prime Minister Anthony Albanese's visit to India
Tags: International Relations
Australian Prime Minister Anthony Albanese arrived in Ahmedabad on 8 March on a four-day (8-11 March) visit to India to participate in the India-Australia Annual Summit.
An Overview of the news:
After reaching Ahmedabad, the Prime Minister of Australia visited the Sabarmati Ashram and paid homage to Mahatma Gandhi. He also participated in a cultural program at the Raj Bhavan in Gandhinagar, followed by a program at an Australian university in Albany Ahmedabad.
Albanese will visit Ahmedabad, Mumbai and Delhi respectively during his visit. This is the first visit to India by an Australian Prime Minister since 2017.
On the first day of his visit, the Prime Minister of Australia participated in the Holi program at the Raj Bhavan beside the Sabarmati Ashram in Ahmedabad.
Prime Minister Narendra Modi and Prime Minister of Australia Anthony Albanese watched part of the 4th Memorial Cricket Test match of the Border-Gavaskar Trophy, at the Narendra Modi Stadium in Ahmedabad.
On March 9 itself, the Australian Prime Minister went to Mumbai, where he was given a guard of honour at INS Vikrant.
This is the first visit of Anthony Albanese, who became the Prime Minister of Australia in May 2022, and during this time there will be talks on various bilateral issues ranging from economic cooperation, defence cooperation.
Australia and India have committed to a Comprehensive Economic Cooperation Agreement (CECA) to further economic cooperation and trade agreement.
Free Trade Agreement (FTA):
FTA is an agreement between two or more countries to reduce barriers to imports and exports.
Goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to constrain their exchange.
FTAs of India:
India has signed 13 Free Trade Agreements (FTAs) with its trading partners, including 3 agreements:
India-Mauritius Comprehensive Economic Cooperation and Partnership Agreement (CECPA).
India-UAE Comprehensive Partnership Agreement (CEPA).
India-Australia Economic Cooperation and Trade Agreement (IndAus ECTA).
India-Australia ECTA:
Australia exports largely raw materials to India, while India exports finished goods.
ECTA is based on this complementarity, creating better opportunities for both countries.
India's imports from Australia are estimated at US$17 billion, while its exports to Australia are estimated at US$10.5 billion in 2022.
However, India's imports from Australia are mainly (96%) raw materials and intermediate goods.
9. President of India confers Swachh Sujal Shakti Samman 2023
Tags: Awards National News
The “Swachh Sujal Shakti Samman 2023”, organized by the Ministry of Jal Shakti to honour the women champions of rural water and sanitation sector, was graced by the President Droupadi Murmu.
An overview of the news
The President launched the Jal Shakti Abhiyan - Catch the Rain 2023 campaign in New Delhi.
About Swachh Sujal Shakti Samman
The Swachh Sujal Shakti Samman is to highlight and acknowledge the leadership and contribution of women at the grassroots level in the journey of creating a 'Swachh Sujal Bharat'.
Women who have made significant contributions in ODF Plus Model Villages, Har Ghar Jal Villages, Water Conservation etc. under the National Flagship Mission were felicitated.
This year's event was organized by the Union Ministry of Jal Shakti to honor women champions of the rural water and sanitation sector.
About Catch the Rain campaign
It is a mass movement campaign that encourages all stakeholders to build Rain Water Harvesting Structures (RWHS).
Tag Line: Catch the rain where it falls, when it falls.
The campaign is implemented by the National Water Mission (NWM) under Ministry of Jal Shakti.
The campaign is run across the country in both rural and urban areas.
10. UN inks first ‘High Seas Treaty’ in a bid to protect ocean bodies of the world
Tags: Environment International News
For the first time in history, the United Nations signed the 'High Seas Treaty' to protect the world's oceans located outside national boundaries.
An overview of the news
The treaty is the result of nearly a decade of negotiations on environmental concerns.
The treaty was agreed upon on 4 March after 38 hours of negotiations at the United Nations Headquarters in New York.
The last international agreement on ocean conservation was signed 40 years ago in 1982.
What is the UN High Seas Treaty?
The treaty will create a new body to manage the conservation of marine life and establish marine protected areas in the high seas.
The treaty brings 30 percent of the world's oceans into a protected area, spends more on marine conservation, and sets new rules for ocean mining.
The treaty aims to protect against potential impacts such as deep-sea mining.
The treaty would put restrictions on how much fish could be caught in the high seas.
What are High Seas?
International water bodies that cross the boundaries of nations are considered high seas.
They cover about two-thirds of the world's oceans.
These are water bodies where all countries have the right to fish, sail and conduct research.
But so far only about 1% of this water – known as the high seas – has been protected.
These are also important areas for exploration of valuable minerals, pharmaceuticals, oil and gas reserves.
Vulnerable marine species
According to the International Union for Conservation of Nature (IUCN), about 10% of marine species are at risk of extinction.
In addition, 41% of threatened species are affected by climate change.
Shellfish, sharks and whales are under particular pressure due to their use as seafood and medicines.
