1. Germany to pursue $5.2-billion deal with India to build 6 submarines
Tags: Defence International News
Germanywill sign a $5.2 billion deal to jointly build six conventional submarines with India during German Chancellor Olaf Scholz's visit to India on February 25-26.
An overview of the news
The naval project is the latest attempt by the Western military manufacturing power to end India's dependence on Russia for military hardware.
India is looking to replace 11 of its 16 conventional submarines that are more than two decades old, as it seeks to counter China's growing presence in the Indian Ocean.
The Indian Navy also has two indigenous nuclear-powered submarines.
Germany's ThyssenKrupp Marine Systems (TKMS) is one of the two international bidders for the submarine project Berlin will back the deal.
Under the deal, a foreign submarine maker will have to partner with an Indian company to build submarines in India.
2. Russian space agency launches Soyuz spacecraft to bring back 3 astronauts stranded on ISS
Tags: Science and Technology International News
Recently the Russian space agency, Roscosmos has successfully launched the Soyuz spacecraft to bring back three astronauts stranded on the International Space Station (ISS) following aleak in the cooling system in their Soyuz capsule.
An overview of the news
Two Russian and one American astronauts will board the empty Soyuz spacecraft to return to Earth.
The Soyuz MS-23 spacecraft was launched from the Baikonur Space Center in Kazakhstan and placed in orbit.
US astronaut Francisco Rubio, along with Russian cosmonauts Sergei Prokopyev and Dmitry Petelin, were due to return to Earth after their mission ended.
But two months ago, it got stuck in space due to a leak in the cooling system of Soyuz MS-22 capsule.
According to the Russian space agency Roscosmos, all three Soyuz will return to Earth on the MS-23 vehicle in September.
The leak on the MS-22 spacecraft was caused by a small piece of a micrometeoroid hitting the capsule.
About International Space Station (ISS)
It is a multi-nation construction project that is the largest single structure humans ever put into space.
Its main construction was completed between 1998 and 2011.
It is not owned by a single nation and according to the European Space Agency (ESA) is a "co-operative program" between Europe, the United States, Russia, Canada and Japan.
As of May 2022, 258 individuals from 20 countries have visited the International Space Station.
The top participating countries include the United States (158 people) and Russia (54 people).
3. FATF suspends Russia's membership over Ukraine war
Tags: International News
Global anti-money laundering watchdog Financial Action Task Force (FATF) suspended Russia's membership on February 24 over the Ukraine war.
An overview of the news
The FATF has suspended Russia's membership for its "illegal, unprovoked and unjustified" full-scale military invasion of Ukraine.
Russia's actions "run unacceptably" against the FATF's core principles, which aim to protect, safeguard and promote the integrity of the global financial system.
The FATF is also concerned about information on arms trade between Russia and UN-sanctioned jurisdictions, and Russia's malicious cyber activities.
Russia is accountable for its obligation to implement FATF standards.
South Africa, Nigeria on dirty-money grey list
South Africa and Nigeria have been placed on FATF's gray list, indicating deficiencies in the handling of financial flows to the nations.
It is a move that tarnishes the international reputation of such countries and could raise costs for banks and asset managers.
Morocco and Cambodia have been removed from the list after reforming their controls.
Financial Action Task Force (FATF)
It was formed in the year 1989 at the meeting of G-7 countries held in Paris.
It works to generate the necessary political will to bring about legislative and regulatory reforms in the world on issues like money laundering, terror funding.
Headquarters - Located in the headquarters of the Organisation for the Development of Economic Co-operation (OECD) in Paris.
Member Countries - 39 member countries including India and 2 regional organisations (European Commission and Gulf Cooperation Council).
India became a member of FATF in the year 2010.
Its sessions are held three times a year.
Financial Action Task Force (FATF) President - Raja Kumar
List of FATF
Gray List – Countries that are considered safe havens for supporting terror funding and money laundering are placed on the FATF gray list.
Black List - Countries identified as non-cooperative countries or regions are included in the black list. These countries support terrorist funding and money laundering activities.
4. For the first time, Indian submarine INS Sindhukesari docks Indonesia amid South China Sea conflict
Tags: Defence International News
Indian submarine INS SindhuKesari docks Jakarta, Indonesia for the first time amid the conflict between China and Indonesia in the South China Sea.
An overview of the news
Indonesia is among the countries embroiled in a naval dispute with Beijing in the South China Sea.
It is about strengthening the maritime partnership between India and Indonesia towards a secure Indo-Pacific.
Indian warships frequently visit Indonesia and other ASEAN countries. This is the first time the submarine has been deployed for long distances.
Under the rule of Xi Jinping, China is trying to expand its territory by making incursions into its neighbouring countries.
On the land border, China is trying to enter Indian as well as Bhutanese territories.
This maiden long-range deployment of a submarine also underlines the operational capability and reach of the country's underwater warfare arm.
INS Sindhukesari is the 3,000-tonne diesel-electric submarine.
5. 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.
6. 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.
7. 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.
8. 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.
9. India and Singapore launch joint digital payment mechanism
Tags: Economy/Finance International News
India and Singapore on 21 February launched a joint digital payment mechanism to enable residents of both countries to make easier and faster cross-border transactions.
An overview of the news
The facility was jointly launched by Shaktikanta Das, Governor of the Reserve Bank of India and Ravi Menon, Managing Director of the Monetary Authority of Singapore.
India's Unified Payments Interface (UPI) and Singapore's PayNow have entered into an agreement in this regard to facilitate these transactions.
Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong participated in the virtual launch of Real Time Payment Linkage.
This will add a new chapter in fintech connectivity. Now people can make cost effective and fast money transfers from their mobile phones.
This real-time payment system will help the Indian diaspora in Singapore, especially migrant workers and students.
10. Union Minister of Food Processing Industry inaugurates India Pavillion at Dubai
Tags: International News
India Pavilion’ at Gulfood, Dubai was inaugurated by Pashupati Kumar Paras, Minister of Food Processing Industries, Government of India in the presence of Sunjay Sudhir, Ambassador of India to the UAE on 20 February.
An overview of the news
The 'India Pavilion' is the largest pavilion at Gulfood 2023.
The 'India Pavilion' has 306 companies, including leading SMEs and startups, participating on one platform.
Indian companies are exhibiting in all sectors of Gulffood including beverages, pulses, cereals, food, meat and poultry, dairy, fats and oils etc.
Major Indian companies participating include Amul, MDH, Parle, Rasna, Bikanerwala, Bikaji, Everest Foods, Markfed, Safal and Red Fort.
In the 'India Pavilion', special promotion and branding of millets superfoods will be done as the United Nations celebrates the International Year of Millets 2023.
APEDA will sign an MoU with Lulu Group International for in-store promotion of millets in its supermarkets in the UAE.
Food Processing Industry of India
India is the second largest producer of fruits and vegetables, rice, fish and tea.
India ranks first in terms of production of milk, millets, spices, pulses.
India has agricultural exports of US$ 46.1 billion and 23 operational mega food parks and 12 agro-processing clusters.
India has shown renewed interest in millets because of their nutritional value and sustainability.
