1. China inks deal with Pakistan to set up nuclear power plant
Tags: International News
China and Pakistan signed an agreement on 20 June to set up nuclear power plants worth $4.8 billion in Punjab province.
An Overview of the News
The nuclear power plant deal is a symbol of growing economic cooperation between China and Pakistan.
The agreement covers the construction of the 1,200 MW Chashma-5 nuclear plant in Punjab's Mianwali district.
Pakistan is receiving a significant investment of $4.8 billion from China for this project.
Pakistan actively engaged with the International Monetary Fund (IMF) to meet the conditions required for the 9th review, and Prime Minister Sharif of Pakistan acknowledged the support of Saudi Arabia, the United Arab Emirates and Qatar.
About Pakistan
Independence - 14 August 1947
Capital - Islamabad
President - Arif Alvi
Prime Minister - Shahbaz Sharif
Official languages - Urdu, English
About China
Government - Unitary Marxist-Leninist One Party Socialist Republic
President - Xi Jinping
Capital - Beijing
Official Language - Standard Chinese
Currency - Renminbi
2. Fitch raises India's GDP forecast to 6.3% from 6% for FY24
Tags: National Economy/Finance National News
Fitch Ratings has recently revised its forecast for Indian economic growth in the fiscal year 2023-24, increasing it from 6% to 6.3%.
An overview of the news
The revision is based on a stronger first-quarter performance and positive momentum in the near term.
Comparison with previous years
In FY23, the growth forecast compares with a 7.2% GDP expansion. The economy had a growth of 9.1% in FY22.
Factors contributing to the growth forecast change
Fitch Ratings attributes the revised forecast to the overall strength of India's economy.
It highlights a 6.1% year-on-year GDP growth in Q1 2023, robust performance in auto sales, PMI surveys, and credit growth in recent months.
Upgraded forecast and global trade impact
Fitch Ratings considers the stronger first-quarter performance and positive momentum as reasons to upgrade the growth forecast to 6.3%, which it states is one of the highest growth rates globally.
However, it acknowledges that India's economy may be affected by the slowdown in global trade.
Impact of interest rate increase and inflation
Fitch Ratings mentions that the full impact of a 250 basis points increase in interest rates by the Reserve Bank of India (RBI) since May 2022 is yet to be felt.
It also highlights that consumers have experienced a decline in purchasing power due to increased inflation in 2022.
Supportive factors for investment
The rating agency notes that the government's emphasis on increased capital expenditure, moderation in commodity prices, and robust credit growth are expected to support investment.
It anticipates that slowing inflation will gradually benefit consumers, and households are showing increased optimism about future earnings and employment.
RBI's policy rates and inflation
The RBI has maintained policy rates at 6.5% throughout the year, while headline inflation has eased from a peak of 7.8% to 4.3% in May, falling within the RBI's tolerance band of 2-6%.
Growth forecast for future fiscal years
Fitch Ratings estimates a growth rate of 6.5% for both the 2024-25 and 2025-26 fiscal years.
3. Coal India to come under Competition Act: Supreme Court
Tags: National National News
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The Supreme Court recently said that public sector company (PSU) Coal India Limited (CIL) will also come under the purview of the Competition Act.
An overview of the news
Court rejected CIL's argument that the act does not apply to them due to their operation under the Coal Mines (Nationalisation) Act.
A bench of Justices KM Joseph, BV Nagaratna and Ahsanuddin Amanullah said, "Section 54 of the Competition Act empowers the Central Government to grant exemption for any period from the operation of this Act or any provision thereof." which shall be specified in the notification.
The grounds for exemption may be security of the state or public interest.
If the appellant proves a proper case to exclude it from the purview of the Act, the Government will be powerless.
The issue has been sent back to the Competition Commission of India to decide on its merits.
Dismissal of appeals
The tribunal had upheld the Competition Commission of India's (CCI) order, holding CIL guilty of abuse of dominance in the production and supply of non-coking coal, resulting in a penalty imposed by the CCI.
The CCI imposed a penalty of Rs 1,773.05 crore on CIL for unfair and discriminatory conditions in fuel-supply agreements.
The tribunal later reduced the penalty amount to Rs 591.01 crore.
Competition Commission of India (CCI)
The Competition Commission of India (CCI) is the chief national competition regulator in India.
It was set up under the Competition Act, 2002
It comes under the Ministry of Corporate Affairs.
It promotes healthy market competition and prevents activities that have an adverse effect on competition in India.
CCI also approves combinations under the act so that two merging entities do not overtake the market.
Headquarter - New Delhi
Current Chairman - Ashok Kumar Gupta
4. For the first time, US regulators approved the sale of chicken made from animal cells
Tags: Science and Technology International News
The US regulators on 21st June have granted approval for the sale of chicken made from animal cells, making it the first time such products will be available to consumers.
An overview of the news
Two California-based companies, Upside Foods and Good Meat, have received the green light from the Department of Agriculture to offer "cell-cultured" meat, which is produced in laboratories rather than derived from slaughtered animals.
Benefits of Cultivated Meat
The approval of lab-grown meat marks a new era in meat production aimed at addressing concerns related to animal welfare and environmental impact.
This has the potential to significantly reduce animal harm and environmental degradation.
Federal Inspections and Safety
Both Upside Foods and Good Meat have obtained the approvals for federal inspections required to sell meat and poultry in the US.
Prior to this, the US Food and Drug Administration (FDA) had declared the products from these companies as safe for consumption.
Joinn Biologics, a manufacturing company associated with Good Meat, has also been cleared to produce the cultured meat products.
Process of Lab grown meat
Cultivated meat is grown in steel tanks using cells derived from living animals, fertilized eggs, or stored cell banks.
Upside Foods produces large sheets of meat that are then shaped into chicken cutlets and sausages.
Good Meat, which already sells cultivated meat in Singapore, creates various products such as cutlets, nuggets, shredded meat, and satays from chicken cells.
The production of cultured meat begins with the selection of cells from live animals or commercially available cell lines.
These cells are combined with a nutrient-rich mixture in a cultivator, where they grow rapidly.
5. India-United States Defence Acceleration Ecosystem (INDUS X) launched in Washington DC
Tags: International Relations Defence International News
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The U.S. Department of Defense and the Indian Ministry of Defense launched the India-U S Defense Acceleration Ecosystem (INDUS-X) on 21st June at an event hosted by the U S-India Business Council.
An overview of the news
The launch of INDUS-X is a major milestone in promoting US-India defense cooperation, innovation, and job creation.
The initiative seeks to enhance defense capabilities and contribute to global peace, security and prosperity while reaffirming commitment to a free and open Indo-Pacific region.
Significance of INDUS-X
INDUS-X aims to revitalize defense industrial cooperation between the United States and India, promoting the development of new technologies and fostering collaboration in manufacturing.
It represents a strategic effort to strengthen bilateral ties and unlock the potential for advancements in the defense sector.
Job Creation and Economic Growth
INDUS-X holds the potential to create job opportunities for working families in both countries.
By fostering collaboration between U S and Indian start-ups, the initiative aims to generate employment and drive economic growth, contributing to global peace, security, and prosperity.
Collaboration Agenda
This agenda outlines various initiatives that INDUS-X stakeholders intend to pursue, complementing existing government-to-government collaboration.
These initiatives include the formation of a Senior Advisory Group for Start-ups.
Indo-Pacific Defence Capabilities
U S and Indian officials have affirmed that INDUS-X will act as a catalyst for innovation and contribute to equipping their armed forces with the necessary capabilities to ensure the defense of a free and open Indo-Pacific region.
This emphasizes the shared commitment to regional security and stability.
6. The National Internet Exchange of India (NIXI) marked its 20th Foundation Day
Tags: National National News
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National Internet Exchange of India (NIXI) celebrated its 20th Foundation Day on 19th June.
An overview of the news
The day reaffirms NIXI's unwavering dedication towards building India's Internet infrastructure.
Objective of NIXI
NIXI's primary objective is to increase Internet penetration and adoption in India.
It achieves this by focusing on facilitating infrastructure aspects related to the Internet.
About the National Internet Exchange of India (NIXI)
NIXI is a not-for-profit organization registered on 19th June 2003 under Section 8 of the Companies Act 2013.
It operates under the Ministry of Electronics and Information Technology (MeitY) in India.
It aligns with the ministry's vision of 1000 days, which encompasses various initiatives to promote and enhance the country's electronic and information technology landscape.
As a not-for-profit organization, NIXI operates with the goal of serving the public interest rather than generating profits.
Infrastructure Facilitation
NIXI plays a crucial role in facilitating the development and maintenance of Internet infrastructure in India.
It works towards establishing robust and efficient exchange points, managing Internet protocol (IP) addresses, and promoting the use of local Internet traffic exchange.
7. North India's first Skin Bank inaugurated at New Delhi's Safdarjung Hospital
Tags: National National News
North India's first Skin Bank was inaugurated at New Delhi's Safdarjung Hospital on 20th June.
An overview of the news
This facility serves as a repository where deceased donors can donate their skin, which can be utilized in the treatment of burns.
Deceased donors can donate their skin within six hours of death. Once donated, the skin undergoes a processing procedure and can then be used for treating burns and trauma patients.
Benefits for Patients
Union Health Minister Dr. Mansukh Mandaviya highlighted that the Skin Bank facility will be a significant benefit for patients.
It will contribute to providing a better quality of life for individuals suffering from severe burns and injuries.
Skin Bank in India
There are a total of 16 skin banks in the country where the skin of dead persons can be donated.
Out of the 16 skin banks, seven are located in Maharashtra, four in Chennai, three in Karnataka, and one each in Madhya Pradesh and Odisha.
These skin banks are spread across different regions of the country.
Maharashtra has the highest number of skin banks, with a total of seven.
8. Estonia becomes first Central European nation to allow same-sex marriage
Tags: International News
Estonia's parliament passed a law legalizing same-sex marriage, making it the first Central European nation to do so.
An Overview of the News
Same-sex marriage is prohibited in several former communist Central European countries that were once part of the Soviet-led Warsaw Pact.
In 2014, Estonia legalized same-sex partnerships.
In 2016, the government passed an anti-discrimination law to protect LGBTQ+ individuals from discrimination in employment, education, and other areas.
About Estonia Same-sex Marriage Bill:
The bill was passed by 55 votes in the 101-seat parliament, with the support of a coalition of liberal and social democratic parties led by Prime Minister Kailas, who will win the 2023 election.
The new law will go into effect in 2024.
A recent poll by the Center for Human Rights found that 53% of Estonians support same-sex marriage, compared to 34% a decade earlier.
The Estonian parliament voted on the bill and it passed, making Estonia the first country in the Baltic region to legalize same-sex marriage.
Why Same-sex marriage in Estonia?
According to the government, half of Estonians in the LGBTQ+ community have recently experienced harassment.
Tomas Jermalavicius, head of studies at the International Center for Defense and Security, believes that Estonia's successful legalization of same-sex marriage was aided by changing public opinion and Kailas' strong electoral victory.
Latvia and Lithuania, the other two Baltic nations formerly annexed by the Soviet Union, have not yet legalized same-sex marriage.
Same-sex partnership bills in Latvia and Lithuania are stuck in their parliaments.
Same-sex marriage allows same-sex couples to formalize their commitment and build a stable foundation for their families.
9. UNDP partners with DAY-NULM towards empowering women entrepreneurs
Tags: National National News
The United Nations Development Programme (UNDP) and the Deendayal Antyodaya Yojana-National Urban Livelihoods Mission (DAY-NULM) recently have joined forces in a collaborative partnership.
An overview of the news
The objective of this partnership is to empower women to make career choices in the field of entrepreneurship.
The partnership aims to provide support to women who are interested in starting or expanding their own enterprises.
It focuses on sectors such as the care economy, digital economy, electric mobility, waste management, food packaging, and more.
Entrepreneurship Development and Enterprise Growth
The project, which spans three years and is extendable beyond 2025, is centered around fostering entrepreneurship development and accelerating enterprise growth.
In the initial phase, it will cover eight cities.
On-Ground Mobilization and Business Development Services
UNDP and DAY-NULM will work together to engage in on-ground mobilization activities.
This includes identifying areas of urban poverty and potential entrepreneurs.
About The United Nations Development Programme (UNDP)
It is the leading agency of the United Nations.
It works to eradicate poverty and reduce inequality in 170 countries and territories.
It helps countries to develop policies, leadership skills, partnering abilities, institutional capabilities, and to build resilience to achieve the Sustainable Development Goals.
Its work is concentrated in three focus areas; sustainable development, democratic governance and peace building, and climate and disaster resilience.
10. China blocks proposal to declare 26/11 attacks accused Sajid Mir global terrorist
Tags: International News
China has blocked a proposal by India and the U.S. at the United Nations to designate Sajid Mir, a Pakistan-based LeT terrorist, as a global terrorist on 20th June.
An overview of the news
The proposal aimed to blacklist Mir under the 1267 Al Qaeda Sanctions Committee of the UN Security Council, subjecting him to asset freeze, travel ban, and arms embargo.
Involvement in Mumbai Terror Attacks
Sajid Mir is wanted for his involvement in the 26/11 Mumbai terror attacks, which took place in November 2008.
He is considered one of India's most wanted terrorists, with a bounty of 5 million US dollars placed on his head by the U.S.
China's Obstruction
China had previously put a hold on the proposal to designate Mir at the UN in September of the previous year.
However, Beijing has now officially blocked the proposal, preventing his designation as a global terrorist.
Imprisonment and Doubts
In June, Sajid Mir was sentenced to over 15 years in jail in a terror-financing case by an anti-terrorism court in Pakistan.
Previously, Pakistani authorities had claimed that Mir had died, but Western countries remained unconvinced and demanded proof of his death.
This issue became a significant concern during the Financial Action Task Force's assessment of Pakistan's progress on their action plan.
Role in Mumbai Attacks
Mir is a senior member of the Pakistan-based Lashkar-e-Taiba (LeT) terrorist organization.
The U.S. State Department has stated that he was LeT's operations manager for the Mumbai attacks, playing a leading role in planning, preparing, and executing the terrorist acts.
