1. India to assume G20 Presidency for one year from December 2022
Tags: International News
As per the Ministry of External Affairs India will chair the G20 meeting for one year starting from December 1, 2022 to November 20, 2023.
IMPORTANT FACTS -
- A total of 200 G20 meetings are likely to be held under the chairmanship of India.
The G20 Leaders' Summit at the level of Heads of State/Government is scheduled to be held in New Delhi on 9 and 10 September 2023.
India is part of the G20 Troika :
India is currently part of the G20 Troika (current, past and upcoming G20 presidencies) which includes Indonesia, Italy and India.
During India's Presidency, India, Indonesia and Brazil would form the troika.
This will be the first time that the troika will include three developing countries and emerging economies, which will give them a boost.
ADDITIONAL INFORMATION -
G-20 Group :
Group of 20 or G-20 is a multilateral organisation which was set up in 1999.
It consists of the world's major developed and developing countries.
It consists of 19 countries and the European Union. The member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States.
Italy was the President of the G-20 in 2021. Indonesia is the President for 2022 and India will be the President in 2023.
The first Summit meeting of the leaders of the G-20 was held in 2008 at Washington, United States.
The G20 has no permanent secretariat.
G-20 members constitute 60% of the world population, 80% of the World economy and 75% of world trade.
2. Centre organizes Virtual Networking Meet for GI Products with Qatar
Tags: International News
The Centre has organized a virtual networking meeting between exporters of India and importers of Qatar to boost agri and food GI products exports in Qatar on 12 September.
IMPORTANT FACTS -
- The meeting was held after India banned the export of broken rice and imposed 20% duty on certain varieties of rice except rice and basmati rice.
More than 80 participants including Exporters, Importers, Representatives of IBPS, Embassy of India and Officials of Agricultural and Processed Food Export Development Authority (APEDA) participated in it.
The meeting provided a forum for dialogue between exporters and importers on India's strengths in exporting agricultural and food products of Indian origin.
The event is expected to further strengthen the confidence of importers in Indian products to facilitate exports.
ADDITIONAL INFORMATION -
About “APEDA”:
The Agricultural and Processed Food Products Export Development Authority (APEDA) was established by the Government of India under the Agricultural and Processed Food Products Export Development Authority Act passed by the Parliament in December 1985.
This authority functions under the Ministry of Commerce and Industry.
Headquarters- New Delhi
Chairman- Dr. M. Angamuthu
3. India signs MoU with Gulf Cooperation Council to facilitate consultation
Tags: International Relations International News
External Affairs Minister S Jaishankar on 10 September signed a Memorandum of understanding (MoU) with the Secretary-General of Gulf Cooperation Council (GCC) Nayef Falah Mubarak Al-Hajraf on the mechanism of consultations between India and the GCC.
IMPORTANT FACTS -
- The External Affairs Minister is on a two-day visit to Saudi Arabia from 10-12 September 2022, his first visit to Saudi Arabia as Foreign Minister of India.
Jaishankar held bilateral meetings with the Secretary General and discussed the relevance of India-GCC cooperation in the context of the current regional and global situation.
About Gulf Cooperation Council (GCC) :
It is a political and economic alliance of six Middle Eastern countries—Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.
It was established in Riyadh, Saudi Arabia, in May 1981.
Its aim is to achieve coordination, cooperation and integration and Arab regional unity among these countries.
The GCC member states have a total GDP of over USD 3.464 trillion and a total population of 54 million.
Why is GCC significant for India ?
About 7.6 million people of the Indian diaspora live in the Middle East.
According to the Reserve Bank of India report, India receives 30% of the total remittances from Middle Eastern countries. Although earlier this figure used to be 50 percent.
The decline in remittances may be due to the Covid-19 pandemic which forced workers to come to India.
ADDITIONAL INFORMATION -
India’s trade and energy interests :
India's third largest trading partner (USD 72.9 billion) in the year 2021-22 was the United Arab Emirates.
Saudi Arabia was India's fourth largest trading partner in the last financial year.
From Qatar, India imports 8.5 million tonnes of LNG annually and exports products ranging from cereals to meat, fish, chemicals and plastics.
Two-way commerce between India and Qatar increased to US$ 15 billion in 2021-22 from US$ 9.21 billion in 2020-21.
Oman and Bahrain have also been a prosperous bilateral trade partner with India.
4. India joins 3 pillars of the US led Indo-Pacific Economic Framework (IPEF)
Tags: Economy/Finance International News
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India has decided not to join the trade pillar of the United States-led Indo-Pacific Economic Framework (IPEF) for now but has agreed to join the other three pillars: supply chains, tax and anti-corruption and clean energy.
IMPORTANT FACTS -
- This was declared by the Union Commerce and Industry Minister Piyush Goel at the end of the trade ministers first in person meeting of the IPEF, held in Los Angeles, United States on 9 September 2022.
Why India has not joined the Trade pillar :
- The Minister said that the trade pillar which deals with trade requires commitment of the member countries on environment, labour, digital trade, and public procurement.
- He said that India is not certain what benefit it will get by joining this trade pillar.
- He expressed the fear that the trade pillar may set high standards of compliance which may discriminate against the developing countries.
- Giving an example he said that the United State has set a high standard on environment protection which is applicable on the energy companies. It has set stringent norms for power plants so that they are low polluting and more environment friendly. This mandates investment in new technology which makes the power produced costly.
- If India follows the US standards then it will adversely impact India’s economic development. India needs cheap power so that it is accessible to all. It cannot afford costly powers.
- Similar concerns are also there in the field of labour, digital trade, and public procurement.
5. King Charles III, Britain's new monarch
Tags: Person in news International News
Charles Philip Arthur George, eldest son of Queen Elizabeth II was proclaimed as the King of the United Kingdom in a ceremony at the St James's Palace, London on 10 September 2022. Before becoming the King he was known as the Prince of Wales.
The new monarch of the United Kingdom is proclaimed at St James's Palace in London, in front of a ceremonial body known as the Accession Council.
IMPORTANT FACTS -
Head of the Commonwealth :
- King Charles is now officially the Head of the Commonwealth .Commonwealth is an association of 56 Independent countries .
- He is also now the Head of State of 14 countries namely; Australia, Antigua and Barbuda, the Bahamas, Belize, Canada, Grenada, Jamaica, Papua New Guinea, St Christopher and Nevis, St Lucia, St Vincent and the Grenadines, New Zealand, Solomon Islands, Tuvalu.
ADDITIONAL INFORMATION -
- Prince Charles has now become Britain's monarch, and his son William has been made Prince of Wales and William's wife, Catherine, Princess of Wales.
Charles said he was given the position by his mother, Queen Elizabeth, in 1958 when he was just nine years old.
Formerly Prince of Wales, Charles is the eldest son of Queen Elizabeth II. He was born in 1948.
Charles married Lady Diana Spencer on 29 July 1981, they have two sons, William and Harry.
Princess of Wales Diana was killed in a car accident in Paris in 1997, later Charles married Camilla Parker on 9 April 2005.
Charles will be succeeded by his eldest son, Prince William.
6. Indian origin Devika Bulchandani appointed as the Global CEO of Ogilvy
Tags: Economy/Finance Person in news International News
The leading global advertising and public relations agency Ogilvy has named India-born American citizen Devika Bulchandani as its Global Chief Executive Officer. Ogilvy is part of the London based British multinational company WPP.
IMPORTANT FACTS -
- The Amritsar born 53 years old Bulchandani is the latest in a number of Indian origin persons taking leadership positions in multinational companies.
- Last week coffee giant Starbucks appointed Laxman Narasimhan as its chief executive.
- The list includes Microsoft CEO Satya Nadella, Adobe CEO Shantanu Narayen, Alphabet CEO Sundar Pichai, Twitter head Parag Agrawal, Leena Nair from Chanel, IBM Group CEO Arvind Krishna, Bata CEO Gunjan Shah, and Novartis CEO Vasant Narasimhan.
7. Piyush Goyal attends the first in-person Ministerial meeting of the Indo-Pacific Economic Forum in Los Angeles
Tags: place in news Summits Economics/Business International News
Union Commerce and Industry Minister Piyush Goel is attending the two day (8-9 September) first in person Ministerial meeting of the Indo-Pacific Economic Forum in Los Angeles, United States.
The meeting is being co- hosted by the U.S. Trade Representative Katherine Tai and the US Commerce Secretary Gina Raimondo.
The first Virtual meeting was held on 26 June 2022 which was hosted by the United States.
The meeting hopes to work out an agreement on the four pillars of the IPEF.
IMPORTANT FACTS -
Indo-Pacific Economic Framework for Prosperity (IPEF) :
- The United States of America President Joe Biden launched the Indo-Pacific Economic Framework for Prosperity (IPEF) on 23 May 2022 in Tokyo, Japan.
- 14 countries Australia, Brunei, Fiji, Indonesia, India, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam along with the United States are members of IPEF.
- Together, these countries represent 40% of world GDP.
Aim of the IPEF :
- It is not a trade bloc where tariffs on goods and services amongst the member countries are reduced to boost trade.
- IPEF is an attempt by the US to offer an alternative supply chain to the countries of Asia-Pacific region against China.
- IPEF will focus on improving the supply chain in the economy so that it can withstand disruption as witnessed during covid pandemic and will make the economy stronger and lower the cost of production .
- To reduce over reliance on China and to diversify the supply chain, the United States is promoting IPEF.
ADDITIONAL INFORMATION -
There are four pillars of IPEF :
- fair and resilient trade (including digital, labour, environmental and other standards);
- supply chain resilience;
- infrastructure, decarbonisation and clean energy; and
- Tax and anti-corruption.
- The Indian government feels that this initiative of the US will help India become a part of the global supply chain. It hopes to attract a sizable global investment in the manufacturing sector as the world moves away from China.
8. Operation Unicorn for Queen Elizabeth II funeral
Tags: place in news Person in news International News
The 96 year old Queen Elizabeth II of United Kingdom died at her remote Highlands residence, Balmoral, in Scotland on 8 September 2022.
The whole of the United Kingdom is in mourning and Buckingham Palace has planned an elaborate funeral for her.
IMPORTANT FACTS -
Operation London Bridge or Operation Unicorn :
- According to Buckingham Palace if the Queen had died in London then the code name of her funeral would have been ‘‘London Bridge' .
- However as she died in Scotland the funeral has now been code named ‘Operation Unicorn.’
- The name was chosen because the unicorn is the national animal of Scotland and forms part of the royal coat of arms, along with the lion of England.
ADDITIONAL INFORMATION -
Another Important point to remember :
She was not only the Head of State of United Kingdom but also the Head of State of 14 other commonwealth countries -Australia, Canada, New Zealand, Antigua and Barbuda, Bahamas, Belize, Grenada, Jamaica, Papua New Guinea, Saint Lucia, Solomon Islands, St Kitts and Nevis, and St Vincent and the Grenadines.
Buckingham Palace :
Buckingham Palace has served as the official London residence of the United Kingdom's Monarch since 1837 and today is the administrative headquarters of the Monarch.
9. India and Japan announces first joint Air Force exercise
Tags: place in news Defence Summits International News
Reflecting the growing security cooperation between the two sides, India and Japan announced plans for their first air force exercise as New Delhi backed Tokyo’s efforts to reinforce its defence capabilities over the next five years.
IMPORTANT FACTS -
- This was announced after the meeting of Defence Minister Rajnath Singh with the Japanese Defence Minister Yasukazu Hamada held in Tokyo, Japan on 8 September 2022.
- Rajnath Singh arrived in Japan after his visit to Mongolia.
- He also participated in India-Japan 2+2 dialogue involving the Defence and Foreign ministers of both the countries. India was represented by External Affairs minister S.Jaishanker and Defence Minister Rajnath Singh while Japan was represented by its Foreign Minister Yoshimasa Hayashi and Defence minister Yasukazu Hamada.
ADDITIONAL INFORMATION -
India -Japan military exercise :
- At present both the countries conduct Dharma Guardian, JIMEX and Malabar exercise. Japan also participated in the MILAN naval exercise 2022 held in Visakhapatnam.
- DHARMA GUARDIAN-2022, an annual exercise between Indian Army and Japanese Ground Self Defence Force was held from 27 February -10 March 2022, Belgaum Karnataka.
- The last edition of the India – Japan Maritime Bilateral Exercise, JIMEX, between the Indian Navy (IN) and the Japan Maritime Self-Defence Force (JMSDF), was held in 2021 Arabian Sea from 06 to 08 October 2021.
- The last edition of Malabar exercise was held in 2021 involving the Australian, United States, Japanese and Indian Navy at sea of Philippines and Bay of Bengal.
10. India ranks 132nd out of 191 in UNDP's human development index
Tags: Economy/Finance International News
According to the United Nations Development Program (UNDP) report released on 8 September, India is ranked 132 out of 191 countries in the Human Development Index (HDI) 2021.
Switzerland tops the rankings, followed by Norway at second and Iceland at third.
South Sudan, Chad and Niger are at the bottom of the HDI scale.
IMPORTANT FACTS -
- In the 2020 report, India had ranked 131st among 189 countries.
The report said that nearly 90 percent of countries have reported a decline in their HDI rankings in 2020 or 2021.
Among India's neighbours, Sri Lanka (73rd), China (79th), Bangladesh (129th), and Bhutan (127th) rank above India, while Pakistan (161st), Nepal (143th) and Myanmar (149th) rank worse.
India's latest HDI value is 0.633 which places the country in the medium human development category, lower than its value of 0.645 in the 2020 report.
The reason for the decline in the ranking of more than 90 percent of the countries is the Covid-19 pandemic.
The report raises concerns over growing polarization that is eroding democratic freedoms and human rights in many parts of the world.
Gender Inequality :
The COVID-19 pandemic has also exacerbated gender inequality, which has risen by 6.7% globally.
India has shown a slight improvement in its Gender Inequality Index value in the latest report as compared to the 2020 index (0.490 vs 0.493).
The index measures inequality between women and men in three dimensions – reproductive health, empowerment and the labour market.
ADDITIONAL INFORMATION -
About Human Development Index :
The United Nations Development Program (UNDP) published its first Human Development Report (HDR) in 1990.
The report attempts to define and measure the level of development of economies.
Three indicators of Human Development Report (HDR)
Health - Measured by the life expectancy at birth
Education - Measured by the mean of years of schooling
Standard of Living - Measured by GNI (Gross National Income/Product) per capita at ‘Purchasing Power Parity
