1. 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).
2. 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.
3. NHAI exploring to construct roads using Phosphor-Gypsum
Tags: National News
With an aim to reduce the carbon footprint, the Ministry of Road, Transport and Highways is exploring options for construction of national highways using phosphor-gypsum.
An overview of the news
The move is aimed at increasing durability and making construction more affordable.
India has the second largest road network in the world.
In this context, the National Highways Authority of India (NHAI) along with the Department of Fertilizers will soon conduct field trials on their projects to achieve a circular economy in the use of gypsum.
The move is in line with the government's commitment to use waste material in building ecologically sustainable National Highway infrastructure in the country.
What is Phosphor-Gypsum?
Phosphor-gypsum is a by-product of fertilizer production.
The phosphor-gypsum road was first constructed by an Indian fertilizer company.
Later the road was evaluated by CRRI (Central Road Research Institute) and based on their report, the Indian Roads Congress (IRC) formally recognized phosphor-gypsum waste material for road construction for a period of three years.
NHAI is also promoting the use of waste plastic in road construction, which has been successfully tested.
Scientific research has found that roads made using plastic waste are sustainable and extend the life cycle of bitumen (a substance produced through the distillation of crude oil).
4. RBI imposed restrictions on 5 co-operative banks
Tags: Economy/Finance National News
The Reserve Bank of India (RBI) on 24 February imposed restrictions on five cooperative banks due to their deteriorating financial condition.
An overview of the news
RBI has said in its statement that the restrictions imposed on these co-operative banks will remain in effect for six months.
Eligible depositors of all five co-operative banks will receive deposit insurance claim amount of up to ₹5 lakh from the Deposit Insurance and Credit Guarantee Corporation.
The move by the RBI is aimed at protecting the interests of depositors and ensuring the stability of the financial system.
Five co-operative banks on which restrictions have been imposed
Due to the current liquidity position of the following banks, customers will not be able to withdraw funds from their accounts.
HCBL Co-operative Bank,
Adarsh Mahila Nagari Sahakari Bank Maryadit,
Shimsha Sahakara Bank Niyamitha
Customers from following banks can withdraw up to ₹5,000.
Uravakonda Co-operative Town Bank
Shankarrao Mohite Patil Sahakari Bank
5. 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.
6. APEDA inks MoU with Lulu Hypermarket for export promotion of millets in GCC countries
Tags: Economy/Finance National News
In a move to harness export potential of millets to the Gulf Cooperation Countries (GCCs), the Agricultural and Processed Food Products Export Development Authority (APEDA) has signed a Memorandum of Understanding (MoU) with Lulu Hypermarket LLC on 21 February 2023.
An overview of the news
APEDA aims to promote millet products and value-added products worldwide in collaboration with Lulu Group.
Lulu Group is an international retail hypermarket chain that operates stores and shopping malls inBahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
As per the agreement, Lulu Group will facilitate promotional activities for millet products and enable the country to showcase millet and its value-added products.
APEDA will facilitate manufactures to send various samples of millet products to Lulu Hypermarkets, which will be showcased at its various stores.
APEDA, in association with Lulu Group, will also provide assistance in labelling of the products in accordance with the requirement of different importing countries.
As a part of programs to promote the International Year of Millets 2023, APEDA is organising export promotion activities for millets at 16 international trade fairs, includingGulfood 2023.
India has exported millets worthUSD 46.05 million during April-November 2022-23 and UAE is the major importer of Indian millets.
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
7. 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.
8. Pradhan Mantri Kisan Samman Nidhi Yojana completes 4 years
Tags: Government Schemes National News
On February 24, 2023, the Pradhan Mantri Kisan Samman Nidhi Yojana (PM-KISAN) completed 4 years.
About Prime Minister Kisan Samman Nidhi (PM-Kisan)
It was launched by Prime Minister Modi on February 24, 2019 to meet the financial needs of land holding farmers.
Under this scheme a financial benefit of Rs 6000 per year in three equal instalments is transferred every four months to the bank accounts of farmer families across the country through Direct Benefit Transfer (DBT) mode.
It is a Central Sector Scheme with 100 per cent funding by the Government of India.
It is being implemented by the Ministry of Agriculture and Farmers Welfare.
So far eligible farmer families have received benefits of more than Rs 2 lakh crore in 12 instalments under PM-Kisan.
9. 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.
10. 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.
