1. India, Netherlands formalise fast track mechanism for investments
Tags: National Economics/Business National News
The Department for Promotion of Industry and Internal Trade (DPIIT) and the Embassy of the Netherlands on 27 September officially signed a Joint Statement to formalize the Bilateral Fast-Track Mechanism (FTM) between India and the Netherlands.
Important facts
The Ambassador of The Netherlands to India, Marten van den Berg, and Secretary, DPIIT, Anurag Jain, formally signed the Joint Statement on 27th September 2022.
It aims to serve as a platform for faster resolution of investment cases of Dutch companies operating in India.
Invest India, the National Investment Promotion and Facilitation Agency, is the executive body of bilateral FTMs.
The FTM will function in close collaboration between DPIIT, the concerned Ministries and Departments, Invest India and the Embassy of the Netherlands.
This mechanism will strengthen bilateral efforts to enhance mutual investment activities, as well as support and develop business cooperation between companies in the two countries.
Diplomatic relations between India and The Netherlands
The diplomatic relations between both countries were established in 1947.
Since then, the two countries have developed strong political, economic and commercial ties and various regional cooperations.
According to official Indian statistics, the Netherlands is the fourth largest foreign direct investor in India.
Between April 2000 and June 2022, the cumulative inflow of foreign direct investment from the Netherlands to India reached approximately US$ 42.3 billion.
In 2021-2022, the bilateral trade between the two countries stood at USD 17 billion.
India exports mainly mineral fuels and mineral based products, organic chemicals, electrical machinery and equipment, aluminum, iron and steel and pharmaceutical products to the Netherlands.
2. Indian fertiliser firms sign MoU with Canada's Canpotex
Tags: National National News
India’s fertiliser companies- Coromandel International, Chambal Fertilizers and Indian Potash Limited signed an MoU with Canpotex, Canada on 27 September 2022.
Important facts
The MoU was presented to Union Minister of Chemicals and Fertilizers Dr Mansukh Mandaviya, at Delhi.
As part of the MoU, Canpotex, Canada will supply 15 LMT of potash annually to Indian fertilizer companies for a period of 3 years.
This supply sharing is expected to improve fertilizer availability within the country and reduce the cost of fertilizers.
It is a significant step towards ensuring long-term fertiliser availability for the farming community.
The MOU will reduce both supply and price volatility and ensure stable long-term supply of Potassic fertilisers to India.
Significance of Potash
Potash is a source of potassium and is used directly as a combination of 'N' (nitrogen) and 'P' (potash) nutrients in MOP (Muriate of Potash) as well as NPK fertilizers.
India meets 100% of its potash requirement through imports.
India imports approximately 40 LMT MOP annually.
About Canpotex
It is a joint venture between leading fertiliser players, Mosaic and Nutrien, and markets Potash being produced at Saskatchewan region in Canada.
Canpotex, Canada is one of the largest suppliers of potash globally, exporting approximately 130 LMT of potash annually.
It exports potash to more than 40 countries and is one of the major suppliers of potash to India.
3. Sixth anniversary of Surgical Strike
Tags: National Defence Important Days National News
The nation celebrates the sixth anniversary of surgical strike on 28 September.
Important facts
On 28 September 2016, the Indian Army launched surgical strikes against terrorist camps situated in Pakistan-occupied Kashmir.
Eleven days after the Uri attack, in which 18 soldiers lost their lives, the Indian Army conducted surgical strikes on the intervening night of 28 and 29 September 2016, in which terrorists inflicted heavy losses.
The Indian Army, including commandos of various units of the Para (Special Forces) stationed in Jammu and Kashmir, raided several positions across the border.
With this action, India gave a befitting message that if needed, it can cross the border and attack terrorist hideouts.
What is a Surgical Strike?
A surgical strike or surgical operation is a military attack carried out only for the purpose of destroying a designated military target.
In a surgical strike, every effort is made to cause less damage to the surrounding construction, vehicles, buildings or other public.
Such an action requires tremendous coordination between the government, intelligence agencies and security forces.
India has conducted surgical strikes against insurgent groups in Myanmar in 2015 and terror launch pads along the Line of Control in Pakistan-occupied Kashmir in 2016.
4. Government bans Popular Front of India (PFI) and its affiliates for five years
Tags: National National News
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The Central Government has declared the Popular Front of India (PFI) and its affiliates an unlawful association with immediate effect for a period of five years.
Important facts
The decision comes a day after the police conducted fresh raids in several states and detained more PFI activists.
In Delhi, 30 people have been detained by raids in Nizamuddin, Rohini district and Shaheen Bagh.
Last week, the National Investigation Agency and the Enforcement Directorate arrested 106 top PFI leaders and booked them on charges of money laundering and terror financing.
The PFI and its following affiliates have been banned – Rehab India Foundation, Campus Front of India, All India Imam Council, National Confederation of Human Rights Organisation, National Women Front, Junior Front, Empower India Foundation and Rehab Foundation, Kerala.
About Popular Front of India (PFI)
It was created in 2007 through the merger of three Muslim organisations in southern India.
These three Muslim organisations are-
The National Democratic Front in Kerala,
The Karnataka Forum for Dignity, and
The Manitha Neethi Pasarai in Tamil Nadu
It describes itself as a non-governmental organisation and a neo-social movement striving for the empowerment of the marginalised, deprived and oppressed sections of India.
Its headquarter is at Delhi.
It merged with various other social organizations and spread to the north, west, east and northeastern states of the country.
It has various wings such as - women's wing, student wing, political wing, an NGO and a think tank with more than 50,000 members.
5. Colombia and Venezuela reopen border crossing after 7 years
Tags: International News
Colombia and Venezuela on 26 September 2022 reopened their border after years of impasse and also re-established diplomatic relations.
The reopening was a key campaign promise of the left-wing Colombian President Gustavo Petro, who assumed office last month.
Colombian President Gustavo Petro and the Venezuelan delegation accompanied the first cargo truck to cross the Simon Bolivar bridge that connects both the countries.
Why were the Border crossing closed ?
The Simon Bolivar Bridge had officially been closed to trade for nearly seven years. Venezuelan President Nicolas Maduro ordered border crossings closed in 2015 as a crackdown on smuggling.
In 2019, tensions between the two countries rose after the right wing government in Colombia attempted to deliver aid to the right wing Venezuelan opposition who are opposed to the left wing President Maduro.
Colombia
It is located in North West South America.
Colombia is the world’s largest producer of emeralds and one of South America’s largest producers of gold.
Capital: Bogota
Currency: Colombian peso
President: Gustavo Petro
Venezuela
It is located at the northern end of South America.
World’s highest waterfall, Angel Fall (979 meters) is in Venezuela.
Capital: Caracas
Currency: bolívar soberano
President: Nicolás Maduro
6. ICAO sign agreement with International Solar Alliance to promote solar use in Aviation sector
Tags: International News
The International Civil Aviation Organization (ICAO) has signed a memorandum of understanding (MoU) with International Solar Alliance (ISA) to reduce the growth of carbon dioxide emissions in the international aviation sector. The agreement was signed in Montreal, Canada on 27 September 2022.
With the headquarter of ISA being in Gurugram, the agreement was received by the Union Civil Aviation Minister Jyotiraditya Scindia as a host country of ISA.
Under the MoU the ICAO and ISA will scale up the deployment of solar energy solutions for aircraft, airports, and other aviation-related applications.
ICAO has become the latest International organisation to Join ISA. In September 2022, Bhutan became the 86th country to ratify the ISA agreement .
The International Solar Alliance was launched by the Indian Prime Minister Narendra Modi and the French President Emmanuel Macron in 2015 to implement the Paris agreement on climate change.
It promotes the use of sun energy so as to reduce the emission of greenhouse gasses.
International Civil Aviation Organization (ICAO)
It is a specialised agency of the United Nations which was set up on 4 April 1947.
The ICAO is dedicated to developing safe and efficient international air transport for peaceful purposes and ensuring a reasonable opportunity for every state to operate international airlines.
Headquarters; Montreal, Canada
Members: 193 countries
ICAO Secretary General: Juan Carlos Salazar
7. Sahar Al Rumaih becomes the first women deputy governor of Kuwait’s Central Bank
Tags: Economy/Finance Person in news International News
Kuwait has appointed Sahar Al Rumaih as the deputy governor of its central bank, Central Bank of Kuwait.
It is for the first time that a woman has been appointed to this post in the country.
The first woman deputy Governor of the Reserve Bank of India was KJ Udeshi . She was appointed for this post in 2003.
Basel A. Al-Haroon is the governor of the Central Bank of Kuwait.
Kingdom of Kuwait
It is an Arab country situated in the Arabian Peninsula along the Persian Gulf in West Asia.
It is a small Kingdom/Emirate, situated between Saudi Arabia and Iraq.
Capital: Kuwait city
Currency: Kuwaiti Dinar
King/Emir: Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah
Prime Minister: Sheikh Ahmed Nawaf Al-Sabah
8. S Jaishankar meets US Secretary of Defense LIoyd J Austin in Washington
Tags: International Relations International News
External Affairs Minister Dr. S Jaishankar met US Secretary of Defense LIoyd J Austin in Washington on 26 September.
Important facts
Jaishankar said defence and security cooperation is a key pillar of the contemporary India-US partnership.
The two leaders noted continued progress in policy exchange, interoperability, defence trade, services and military-industrial cooperation.
They also exchanged their perspectives on the Ukraine conflict, Indo-Pacific development, maritime challenges and regional issues.
Jaishankar also met US Commerce Secretary Gina Raimondo.
The main topics of interaction were - Resilient Supply Chain, Indo-Pacific Economic Framework, High Technology Cooperation, Semiconductors and Trade Promotion.
The External Affairs Minister began his Washington DC program with a round table organized by the National Science Foundation (NSF).
The session covered technical security, credible research and talent development.
S Jaishankar is in the US on a 10-day visit to hold bilateral consultations with several US cabinet ministers.
9. INS Tarkash at Port Gentil, first-ever visit by an Indian Navy ship to Gabon
Tags: Defence International News
The Defence Ministry said on 26 September that INS Tarkash has visited a port in Gabon as part of an ongoing deployment in the Gulf of Guinea for anti-piracy patrols.
Important facts
This marks the first visit by any Indian Naval Ship to Gabon.
During its stay in port, the ship and its crew will participate in official and professional interactions as well as sport fixtures.
Their professional interactions will include discussions and exercises on firefighting and damage control, medical and casualty evacuation issues, and dive operations.
Apart from this, yoga sessions and social interactions are also planned.
About INS Tarkash
INS Tarkash is a state-of-the-art stealth frigate of the Indian Navy.
It is built by Yantar Shipyard at Kaliningrad, Russia.
It is equipped with a versatile range of weapons and sensors capable of addressing threats in all three dimensions.
The ship incorporates the latest stealth features such as low radar, infra-red, acoustic and magnetic signatures, making it difficult to detect at sea.
The ship is part of the Western Fleet of the Indian Navy based at Mumbai under the Western Naval Command.
About Gabon
It is a country on the west coast of Central Africa.
Prime Minister - Rose Christiane Ossouka Raponda
President - Ali Ben Bongo Ondimba
Capital - Libreville
Official Language - French
10. President inaugurated ₹208-crore rocket engine manufacturing facility in Bengaluru
Tags: Defence Science and Technology National News
President Droupadi Murmu inaugurated the Integrated Cryogenic Engines Manufacturing Facility of Hindustan Aeronautics Limited (HAL) in Bengaluru on 27 September.
Important facts
The facility will promote self-reliance in manufacturing high-thrust rocket engines and will fulfil ISRO's desire to manufacture rocket engines.
It has been constructed over a 4,500 square metre space and houses over 70 high-tech tools and testing facilities for the production of cryogenic (CE20) and semi-cryogenic (SE2000) engines for Indian rockets.
This facility (ICMF) will complete the entire rocket engine manufacturing for ISRO under one roof.
An MoU was signed with ISRO in 2013 for setting up a Cryogenic Engine Module production facility in the Aerospace Division of HAL.
It was later amended to set up ICEMF in 2016 with an investment of Rs 208 crore.
This was later updated in 2016 to allow setting up of ICMF with an investment of ₹208 crore.
HAL has said that it will start production of the module by March 2023.
Manufactured by HAL Aerospace Division
The Polar Satellite Launch Vehicle (PSLV),
Geosynchronous Satellite Launch Vehicle (GSLV MK-II),
Geosynchronous Satellite Launch Vehicle (GSLV Mk-III),
Stage integration for GSLV Mk-II
Cryogenic engines
Cryogenic engines are the most commonly used engines in launch vehicles worldwide.
Only France, China, Japan, Russia and the United States have mastered cryogenic technology because of the complexity of the cryogenic engine.
India became the sixth country to develop a cryogenic engine in 2014, when GSLV-D5 was successfully flown using a cryogenic engine.
Hindustan Aeronautics Limited (HAL)
It was set up as Hindustan Aircraft Limited by Walchand Hirachand in 1940 at Bangalore (now Bengaluru), Karnataka.
It was taken over by the government of India and merged with Aeronautics India limited and was renamed as Hindustan Aeronautics Limited on 1 October 1964.
Its main business is to design, develop, manufacture, repair and overhaul of aircraft, helicopters, engines and related systems like avionics, instruments and accessories.
It comes under the Ministry of Defence.
Headquarters: Bengaluru
