1. Inaugural meeting of I2U2 business forum held in Abu Dhabi
Tags: Economy/Finance International News
The first conference of I2U2 Business Forum, a joint initiative of India, Israel, the US and the United Arab Emirates, was held on 22 February 2023 in Abu Dhabi (UAE).
An overview of the news
According to the Indian Ministry of External Affairs, the I2U2 Forum brought together representatives from the private and public sectors of India, Israel, the United States and the United Arab Emirates to discuss opportunities for cooperation between their business communities.
This is the first such event after its official launch at the I2U2 Leaders' Summit in July 2022.
Economic cooperation is going on in many areas among the member countries of I2U2. Which includes food security, water, energy, space, transport, health and technology.
The Forum aims to leverage private sector capital and expertise to help modernise infrastructure, decarbonize industries, improve public health, and promote the development of green technologies.
It is also known as the 'West Asian Quad' as it was referred to as the 'International Forum for Economic Cooperation' in 2021.
I2U2 aims to encourage joint investments in six mutually identified sectors – water, energy, transport, space, health and food security.
India and the US are already members of the QUAD and India has individual bilateral defence cooperation with each country.
Now I2U2 is set to boost trade and connectivity between partners.
2. Pradhan Mantri Kisan Samman Nidhi Yojana completes 4 years
Tags: Government Schemes National News
On February 24, 2023, the Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KISAN) completed 4 years.
About Prime Minister Kisan Samman Nidhi (PM-Kisan)
It was launched by Prime Minister Modi on February 24, 2019 to meet the financial needs of land holding farmers.
Under this scheme a financial benefit of Rs 6000 per year in three equal instalments is transferred every four months to the bank accounts of farmer families across the country through Direct Benefit Transfer (DBT) mode.
It is a Central Sector Scheme with 100 per cent funding by the Government of India.
It is being implemented by the Ministry of Agriculture and Farmers Welfare.
So far eligible farmer families have received benefits of more than Rs 2 lakh crore in 12 instalments under PM-Kisan.
3. UNGA passes resolution calling for immediate end to hostilities between Ukraine and Russia
Tags: International News
The United Nations General Assembly (UNGA) in its eleventh emergency special session on 23 February passed a new resolution calling for an end to the Russia-Ukraine conflict after completing one year.
An overview of the news
The resolution calls on Russia to end hostilities and withdraw its forces from Ukraine.
141 members voted in favour of the motion while seven members opposed it. 32 members including India abstained from voting.
Belarus, the Democratic People's Republic of Korea, Eritrea, Mali, Nicaragua, Russia and Syria opposed the resolution.
Support for the resolution upholding the territorial integrity of Ukraine was urged.
Through the resolution, the UNGA urged member states to cooperate in a spirit of solidarity to address the global effects of war on food security, energy, finance, environment and nuclear safety and security.
United Nations General Assembly (UNGA)
It is the United Nation’s chief policy-making and representative organ and was created in 1945.
It is one of the six principal organs of the United Nations (UN).
It serves as the main deliberative, policy making and representative organ of the United Nations.
Its powers, structure, functions and procedures are set out in Chapter IV of the United Nations Charter.
Its main functions are to prepare the budget of the United Nations, appoint non-permanent members to the Security Council, appoint the Secretary-General of the United Nations, receive reports from other parts of the United Nations system, and make recommendations through resolutions.
4. Abu Dhabi defence firm signs MOU with India’s HAL at UAE’s defence expo
Tags: International News
EDGE, UAE’s leading defence group signed a Memorandum of Understanding with India’s aerospace firm Hindustan Aeronautics (HAL) on 22 February at the International Defence Exhibition and Conference (IDEX).
An overview of the news
The MoU pertains to the joint design and development of missile systems and unmanned aerial vehicles (drones).
The two businesses will discuss the use of HAL's small gas turbine engines on EDGE's guided missiles, EDGE's use of GPS jamming and spoofing devices on HAL's platforms, and the possibility of additional knowledge sharing.
The two businesses will also examine ways to work together on the use of mission computers, training programs and additive manufacturing of metal parts in India.
UAE Defence Expo
It was held February 20-24. This is the UAE’s flagship defence expo.
IDEX-UAE is internationally recognized as a strategically important tri-services defence exhibition.
Amid the Russia-Ukraine war, the main focus of this edition of IDEX in the UAE is on drones, robotics, cyber security platforms, maritime security, air defence systems and more on secure communications.
It showcases the state-of-the-art technology available globally in the defence sector.
5. Vedanta-Foxconn selects Dholera SIR for first semiconductor facility in India
Tags: Economy/Finance National News
On 20 February Vedanta and manufacturing giant Foxconn announced that it is setting up a semiconductor and display manufacturing facility in the Dholera Special Investment Region near Ahmedabad, Gujarat.
An overview of the news
The Vedanta-Foxconn in September 2022 signed a Memorandum of Understanding (MoU) with the Gujarat government to invest ₹1,54,000 crore to set up semiconductor and display manufacturing plant.
It is the first semiconductor manufacturing facility in India.
The project is in the advanced stage of appraisal by the Government of India.
The Joint Venture would invest ₹1,54,000 crore to set up the facility in Gujarat, which would create one lakh job opportunities.
The Gujarat government will provide cooperation to set up the facility and to make it a success.
The project is likely to get huge subsidies and incentives, such as zero stamp duty on land purchase and subsidised water and electricity, under the 'Gujarat Semiconductor Policy 2022-27' announced by the state government in July 2022.
Gujarat has become the first state in the country to have such a dedicated policy for the semiconductor and display fabrication sector.
Vedanta Group
It is a multinational company headquartered in London, England.
Vedanta Limited is an Indian subsidiary of Vedanta Resources, which is the holding company of Vedanta Group.
It is in the business of Zinc-Lead-Silver, Iron ore, Steel, Copper, Aluminum, Power, Oil and Gas.
The Chairman of Vedanta group: Anil Aggarwal
6. Seattle becomes first US city to ban caste discrimination
Tags: International News
Seattle City became the first US city to ban caste discrimination on February 21, and the first in the world to pass such a law outside South Asia.
An overview of the news
The anti-discrimination law, passed 6-1, states that caste-based discrimination transcends national and religious boundaries and without such a law, those who face caste discrimination would not be protected.
A proposal was introduced by a Hindu representative in Seattle's City Council (City Council), which sparked a debate among people of Indian origin.
There has also been a division among the South Asian community regarding this.
The people of this community are few in number, but they are seen as an influential group.
This step is being considered important in the direction of bringing social justice and equality.
On the other hand, some people are opposing it, alleging that the purpose of this proposal is to target the people of South Asia, especially Indian Americans.
7. MEA's annual flagship event Asia Economic Dialogue begins in Pune
Tags: National National News
External Affairs Ministry’s annual flagship event on Geoeconomics, Asia Economic Dialogue began on 23 February in Pune, Maharashtra.
An overview of the news
It is being hosted in association with the Pune International Center from February 23-25.
The main theme of the dialogue is 'Asia and the Emerging World Order'.
The dialogue will also discuss topics such as Global Growth Prospects, How the Global South Will Shape the G20 Agenda and the Metaverse.
The inaugural session began with talks between External Affairs Minister Dr. S. Jaishankar, H.E. Leonpo Namgye Tshering, Minister of Finance, Royal Government of Bhutan and H.E. Ibrahim Ameer, Minister of Finance of Maldives.
More than 44 speakers from different countries including Brazil, USA, UK, South Africa, Bhutan, Maldives, Switzerland, Singapore and Mexico are participating in this dialogue.
Asia Economic Dialogue (AED)
The Asia Economic Dialogue (AED) is the External Affairs ministry's annual event and is hosted in collaboration with the Pune International Centre.
It is the flagship geo-economics conference.
The dialogue focuses on the dynamics of trade and finance in Asia and its neighbouring countries.
8. MEA's annual flagship event Asia Economic Dialogue begins in Pune
Tags: National National News
External Affairs Ministry’s annual flagship event on Geoeconomics, Asia Economic Dialogue began on 23 February in Pune, Maharashtra.
An overview of the news
It is being hosted in association with the Pune International Center from February 23-25.
The main theme of the dialogue is 'Asia and the Emerging World Order'.
The dialogue will also discuss topics such as Global Growth Prospects, How the Global South Will Shape the G20 Agenda and the Metaverse.
The inaugural session began with talks between External Affairs Minister Dr. S. Jaishankar, H.E. Leonpo Namgye Tshering, Minister of Finance, Royal Government of Bhutan and H.E. Ibrahim Ameer, Minister of Finance of Maldives.
More than 44 speakers from different countries including Brazil, USA, UK, South Africa, Bhutan, Maldives, Switzerland, Singapore and Mexico are participating in this dialogue.
Asia Economic Dialogue (AED)
The Asia Economic Dialogue (AED) is the External Affairs ministry's annual event and is hosted in collaboration with the Pune International Centre.
It is the flagship geo-economics conference.
The dialogue focuses on the dynamics of trade and finance in Asia and its neighbouring countries.
9. Namami Gange Executive Committee approves 9 projects worth over 1,200 crore rupees
Tags: National Government Schemes National News
The National Mission for Clean Ganga (NMCG) held the 47th meeting of the Executive Committee of NMCG on 22nd February under the chairmanship of G. Ashok Kumar, Director General, NMCG.
An overview of the news
Nine projects worth about Rs 1278 crore were approved in the meeting.
7 of them pertain to abatement of pollution in the Ganges basin and 2 pertain to development of ghats.
Project in West Bengal worth Rs 123 crore approved.
In Uttar Pradesh, three projects worth Rs 422 crore were approved.
In UP for rejuvenation of River Kali East by development of in-situ Constructed Wetland System at 8 locations in Muzaffarnagar, Meerut, Hapur and Bulandshahar was approved costing Rs 95.47 crore.
In Bihar, one project for the development of Atal Ghat Manjhi, Saran was approved at an estimated cost of Rs 10 crore.
In Madhya Pradesh a major project costing Rs 511 crore was approved.
For the monitoring of industrial pollution, a project titled ‘Pollution Inventorization, Assessment and Surveillance on River Ganga Basin was approved at an estimated cost of Rs 114.42 crore.
National Mission for Clean Ganga (NMCG)
It was registered on 12 August, 2011 as a society under the Societies Registration Act 1860.
It serves as the implementing arm of the National Ganga River Basin Authority (NGRBA), which was constituted under the provisions of the Environment Protection Act (EPA), 1986.
It was established to address pollution challenges in the Ganga river.
The operational area of the project covers the Ganga basin and all the states through which the river flows, including Delhi.
The objective is to reduce pollution and ensure rejuvenation of the Ganga river.
10. Namami Gange Executive Committee approves 9 projects worth over 1,200 crore rupees
Tags: National Government Schemes National News
The National Mission for Clean Ganga (NMCG) held the 47th meeting of the Executive Committee of NMCG on 22nd February under the chairmanship of G. Ashok Kumar, Director General, NMCG.
An overview of the news
Nine projects worth about Rs 1278 crore were approved in the meeting.
7 of them pertain to abatement of pollution in the Ganges basin and 2 pertain to development of ghats.
Project in West Bengal worth Rs 123 crore approved.
In Uttar Pradesh, three projects worth Rs 422 crore were approved.
In UP for rejuvenation of River Kali East by development of in-situ Constructed Wetland System at 8 locations in Muzaffarnagar, Meerut, Hapur and Bulandshahar was approved costing Rs 95.47 crore.
In Bihar, one project for the development of Atal Ghat Manjhi, Saran was approved at an estimated cost of Rs 10 crore.
In Madhya Pradesh a major project costing Rs 511 crore was approved.
For the monitoring of industrial pollution, a project titled ‘Pollution Inventorization, Assessment and Surveillance on River Ganga Basin was approved at an estimated cost of Rs 114.42 crore.
National Mission for Clean Ganga (NMCG)
It was registered on 12 August, 2011 as a society under the Societies Registration Act 1860.
It serves as the implementing arm of the National Ganga River Basin Authority (NGRBA), which was constituted under the provisions of the Environment Protection Act (EPA), 1986.
It was established to address pollution challenges in the Ganga river.
The operational area of the project covers the Ganga basin and all the states through which the river flows, including Delhi.
The objective is to reduce pollution and ensure rejuvenation of the Ganga river.
