1. 27th Meeting of the Financial Stability and Development Council
Tags: Economy/Finance National News
Union Finance and Corporate Affairs Minister Nirmala Sitharaman chaired the 27th Meeting of the Financial Stability and Development Council (FSDC) on 8th May in New Delhi.
An overview of the news
During the meeting of the Council, it was discussed that necessary policy and legislative reform measures can be formulated to further develop the financial sector.
This will not only help in increasing the financial access of the people but also enhance their overall economic well-being.
Highlights of the meeting
Regulators should maintain constant vigil to ensure that 'financial sector stability is a shared responsibility'.
Regulators should adopt a focused approach to reduce the compliance burden further and ensure a streamlined and efficient regulatory environment.
The regulators need to be proactive and ensure cyber-security preparedness of the information technology systems to reduce the risk of cyber-attacks.
Safeguarding the stability and resilience of the Indian financial ecosystem.
Regulators should conduct a special drive to facilitate the settlement of unclaimed deposits and claims in the financial sector.
Action Taken Report on Budget announcements made since 2019 was discussed.
Financial Stability and Development Council (FSDC)
It was set up on the recommendation of the Raghu Ram Rajan committee on “Financial Sector Reform”.
FSDC was set up by the Government of India in 2010.
Function of the FSDC
The Council monitors macro prudential supervision of the economy, including functioning of large financial conglomerates, and addresses inter-regulatory coordination and financial sector development issues.
It also focuses on financial literacy and financial inclusion.
2. 6th India- Canada Ministerial Dialogue on Trade and Investment
Tags: International Relations International News
Sixth India- Canada Ministerial Dialogue on Trade and Investment (MDTI) held on 9th May in Ottawa.
An overview of the news
Union Minister of Commerce & Industry, Piyush Goyal along with Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, Government of Canada co-chaired the discussions.
The Ministers also reviewed the India-Canada CEPA (Comprehensive Economic Partnership Agreement) negotiations.
In the last MDTI meeting in March 2022, the two ministers launched CEPA negotiations with the possibility of having an interim agreement or EPTA (Early Progress Trade Agreement). Since then seven rounds of talks have taken place.
Goyal participated in various events to promote trade and investment in Toronto from 9 to 10 May 2023.
Piyush Goyal inaugurated the India Pavilion at SIAL Canada-2023, the largest food innovation trade show in North America with participation of over 1000 national and international exhibitors from 50 countries.
Topics of Dialogue
Strengthening bilateral trade relations between India and Canada
Investment Promotion and Cooperation
Green transition - discussions on critical minerals and promotion of new areas of cooperation such as B2B engagement.
About Canada
Canada, the second largest country in the world in area (after Russia).
Prime Minister - Justin Trudeau
Capital - Ottawa
Currency - Canadian dollar
King of Canada (British Monarch) - Charles III
Official Languages - English; French
3. Petersberg Climate Dialogue 2023
Tags: Environment International News
The Petersberg Dialogue on Climate Change was held in Berlin from May 2-3, 2023.
An overview of the news
The Petersberg Climate Dialogue (PCD) was hosted by Germany and the United Arab Emirates, which is hosting the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change.
Ministers from 40 countries attended the conference to discuss the way forward towards COP28.
The main topics of discussion at the event were renewable targets, climate finance and global stocktake.
Key points of the summit
To limit global warming to 1.5°C, the world needs to cut its greenhouse gas emissions at a rapid pace.
The conference agreed to focus on phasing out fossil fuel emissions while phasing out viable, affordable zero-carbon alternatives.
It calls for tripling renewable energy capacity by 2030 and then doubling it by 2040.
2023 is the year of Global Stocktech. The Global Stocktake is essentially a periodic review of global climate action aimed at assessing whether current efforts will enable us to reach the objectives set out in the Paris Agreement.
Conference of Parties(COP)
Every year, the United Nations organizes a climate summit where the main agenda of the parties is to limit global temperature rise.
These summits are called Conference of the Parties (COPs).
Participants come from 197 countries that have signed the 1992 United Nations Climate Accord.
Its purpose is to stabilize greenhouse gas concentrations in the atmosphere to prevent dangerous interference from human activity on the climate system.
The agreement seeks to limit global warming to well below 2 °C, preferably 1.5 °C, compared to pre-industrial levels.
It was signed in Rio de Janeiro, Brazil. Since 1994, COPs have been organised every year. Year 2023 marks the 28th summit, called the COP28 summit.
The COP28 conference will be held in Dubai from 30 November to 12 December 2023.
4. Project-SMART for Station Area Development
Tags: National National News
The Ministry of Housing & Urban Affairs (MoHUA) and Ministry of Railways jointly signed an MoU with Japan International Cooperation Agency (JICA) for ‘Station Area Development along Mumbai-Ahmedabad High Speed Rail’ (Project-SMART).
An overview of the news
MoUs were signed for four high speed rail stations – Sabarmati, Surat in Gujarat and Virar and Thane in Maharashtra.
Surat, Virar and Thane are green fields while Sabarmati is a brown field development.
Project-SMART
Project-SMART envisages developing areas around Mumbai-Ahmedabad High Speed Railway (MAHSR) stations to enhance accessibility and convenience for commuters and other stakeholders.
The project will facilitate institutional capacity of state governments, municipal corporations and urban development authorities for planning, development and management of areas around MAHSR stations.
MoHUA, Govts of Gujarat, Maharashtra and JICA are organizing a series of Seminars and field visits for the Project–SMART in Delhi, Ahmedabad and Mumbai.
The first seminar of the Series has been organized at Nirman Bhawan, New Delhi on 8th May, 2023.
5. Indian Air Force's MiG-21 crashes near Hanumangarh in Rajasthan
Tags: Defence National News
Three people died after a MiG-21 fighter aircraft of the Indian Air Force (IAF) crashed in Rajasthan's Hanumangarh on 8th May.
An overview of the news
The fighter jet was doing a routine training sortie earlier in the day when it crashed.
According to IAF sources, the MiG-21 jet had taken off from Suratgarh.
MiG 21 and its high crash rates :
Mikoyan and Gurevich were two Soviet engineers who designed the MiG series of fighter jets for the Soviet Union.
India inducted MiG-21 fighters in 1963 and it inducted a total 874 planes.
More than 400 MiG-21s have been involved in accidents that have claimed the lives of around 200 pilots during the last six decades.
One of the main reasons for the high rates of crashes is that it is the largest number of planes in the IAF.
The IAF has been forced to fly Mig-21 despite the fact that it has outlived its age.
The government of India has failed to buy an adequate number of planes to replace existing MiG -21 planes.
Now the government plans to replace the MiG-21 plane with the various versions of the indigenously developed Tejas fighter Aircraft.
6. Defense Minister Rajnath Singh inaugurated the Indian Air Force Heritage Center in Chandigarh
Tags: Defence National News
Defense Minister Rajnath Singh inaugurated the Indian Air Force Heritage Center in Chandigarh on 8 April.
An Overview of the News
During the function, the minister also laid the foundation stone of Center for Cyber Ops and Security.
The Heritage Center displayed artefacts, simulators and interactive boards highlighting various aspects of operations in the Indian Air Force.
The centre also displayed vintage aircraft and underlined the important role played by the Air Force in humanitarian assistance and disaster relief as well as its combat capabilities.
The Heritage Center aims to inspire the youth of Chandigarh to pursue a career in the Indian Air Force.
The inauguration of the Indian Air Force Heritage Center was a momentous event that celebrated the history, achievements and contribution of the Indian Air Force to the nation.
About Chandigarh
It is the capital of two northern Indian states, both Punjab and Haryana.
The city was designed in the 1950s by Le Corbusier, a Swiss-French modernist architect.
The Capitol Complex, which includes the High Court, the Secretariat and the Legislative Assembly, is one of Le Corbusier's most prominent buildings in Chandigarh.
The Open Hand Monument is another iconic structure in the city, designed by Le Corbusier to represent "the hand to give and the hand to take".
The Rock Garden, located near the Capitol Complex, is a popular tourist attraction in Chandigarh.
Mayor - Sarabjit Kaur
Official Animal - Indian Gray Mongoose
Official Bird - Indian Gray Hornbill
Official Flower - Sacred Tree
Official tree - Mangifera indica
7. Border Haat between India and Bangladesh inaugurated at Bholaganj in Sylhet
Tags: International Relations International News
On 6 May a new border-haat was inaugurated between India and Bangladesh at Bholaganj under Companyganj Upazila of Sylhet.
An overview of the news
Bangladesh's Minister for Migrant Welfare and Overseas Employment Imran Ahmed and India's Assistant High Commissioner Neeraj Kumar Jaiswal jointly inaugurated the border-haat.
The opening of the border haat at Bholaganj on the border between Sylhet in Bangladesh and the East Khasi Hills of Meghalaya was greeted with great enthusiasm by people on both sides of the border.
This is the fourth border haat in Sylhet division, out of which three are currently functioning. There are plans to open three more border haats in Sylhet division.
The Border Haat will open from 10 am to 4 pm on Wednesdays and Saturdays.
The Bholaganj Border Haat will have 26 stalls from India and 24 stalls from Bangladesh, where traditional items from both the countries will be sold duty free.
The first border haats were inaugurated in 2011 at Kalaichar in West Garo Hills district of Meghalaya and Kurigram in Bangladesh.
8. Border Roads Organisation Project Dantak 64th Raising Day
Tags: National Government Schemes National News
The Prime Minister has praised the initiative by Border Roads Organisation Project Dantak to commemorate 64th Raising Day.
About Project Dantak
Project Dantak is one of the oldest projects of the Border Roads Organization (BRO).
It was established on 24th April1961.
It was a result of the visionary leadership of the King of Bhutan and Jawahar Lal Nehru, then Prime Minister of India.
It was established under the provision of the Indo-Bhutan Treaty of Peace and Friendship, 1949.
The project is playing a major role in identifying the most important aspects of connectivity and promoting the socio-economic growth and development of Bhutan.
It is tasked with the construction and maintenance of roads suitable for motorized transport in Bhutan.
About Border Roads Organisation (BRO)
BRO, a pioneer in the field of infrastructural development in the border areas of the country.
BRO is a major road construction agency under the Ministry of Defence with the primary objective of providing road connectivity to the border areas.
BRO was formed on 7th May 1960.
It develops and maintains the road network in India's border areas and friendly neighbouring countries.
This includes operating infrastructure in 19 states and three union territories (including the Andaman and Nicobar Islands) and neighbouring countries such as Afghanistan, Bhutan, Myanmar, Tajikistan and Sri Lanka.
One of the biggest infrastructural achievements of BRO - longest highway tunnel built in Himachal Pradesh, and its name is Atal Tunnel.
Atal tunnel under Rohtang Pass is an 8.8-kilometer-long tunnel.
This will reduce the distance between Manali and Leh by 46 kms and will save on transportation costs.
Director General of BRO - Lieutenant General Rajeev Chaudhry
9. Minister Sarbananda Sonowal to receive first Indian cargo ship at Sittwe port
Tags: Economics/Business National News
Ports, Shipping and Waterways Minister Sarbananda Sonowal will receive the first Indian cargo ship at Sittwe Port in Myanmar on 9th May.
An Overview of the News
- Sittwe Port is a part of the Kaladan Multimodal Transit Transport Project and its development will enable multi-modal transit connectivity with Southeast Asia.
- The port has been built under a framework agreement between India and Myanmar to set up a multimodal transit transport facility on the Kaladan River, which connects Sittwe Port in Myanmar to Mizoram in India.
- The Kaladan River route has the potential to open up economic opportunities for the entire Bay of Bengal peninsula.
About Myanmar
- It is a country located in Southeast Asia and is bordered by India, Bangladesh, China, Laos and Thailand.
- The capital city of Myanmar is Naypyidaw, which was officially designated as the capital in 2005.
- President - Myint Swe (Acting)
- SAC President and Prime Minister - Min Aung Hlaing
- SAC Vice President and Deputy Prime Minister - Soe Win
10. Japan to train 1000 Indian engineers for bullet train project
Tags: National News
Japan has decided to provide specialized training to 1,000 Indian engineers ahead of starting work on the high-speed rail track system for the Mumbai-Ahmedabad High Speed Rail Corridor (MAHSR).
Important Points:
- National High Speed Rail Corporation Limited (NHSRCL) has signed an MoU with Japan Railway Technical Service (JARTS) to operationalize bullet trains in the country.
- Work on the high-speed rail track system will be started only under this agreement.
- The bullet train being built between Mumbai and Ahmedabad will use a ballastless slab track system, similar to that used in the Japanese Shinkansen high-speed railway. Because the Japanese Shinkansen high speed railway will be used in the Indian bullet train.
- The ballastless slab track system is known as J slab track system.
- The Japanese track system is one of the best in the world and its construction requires a very high level of skill from all the technicians.
- According to the National High Speed Rail Corporation Limited (NHSRCL) in this regard, the track is the most important part of the HSR system and needs to be laid with a very high degree of precision.
- For this purpose, 20 Japanese experts will provide intensive training to Indian engineers, supervisors and technicians and certify their skills.
Mumbai-Ahmedabad High Speed Rail Corridor (MAHSR):
- The total length of the corridor between Ahmedabad and Mumbai is 508 km, of which 348 km falls in Gujarat and 156 km in Maharashtra. The remaining four kilometers will fall in Dadra Nagar Haveli.
- A total of 12 stations will be set up in the journey between Ahmedabad and Mumbai, of which eight stations will be in Gujarat and four in Maharashtra.
Rajendra Prasad, MD, National High Speed Rail Corporation Limited
