30th April, 2024 Current Affairs

NATIONAL
Vice President Calls For Arbitration System Reformation

• Vice President Jagdeep Dhankhar today underlined the need for reformation in the Indian Arbitration system. He also stressed the pivotal role of institutions in fostering meaningful reform and noted that they embody the collective wisdom of their respective domains.
• After the inauguration of the Society of Indian Law Firms (SILF) building in New Delhi.
• Arbitration process should be harmonious.
• India has everything that it needs for emergence of global arbitration hub.

India Strongly Protests Khalistan Slogans Raised At Event Being Addressed By PM Justin Trudeau In Canada

• India  strongly protested Khalistan slogans raised at a public event in Canada, which was being personally addressed by the Prime Minister of Canada.
• The Ministry of External Affairs , summoned the Canadian Deputy High Commissioner in New Delhi.
• India’s deep concern and strong protest was conveyed at such disturbing actions being allowed to continue unchecked at the event.
• This illustrates once again the political space that has been given in Canada to separatism, extremism and violence. Their continued expressions not only impact India-Canada relations but also encourage a climate of violence and criminality in Canada to the detriment of its own citizens.

INTERNATIONAL
IMF Urges Transparency On Bad Loans From Bangladesh Bank

• The International Monetary Fund (IMF) has asked Bangladesh Bank (BB) to disclose detailed and complete information regarding bad and risky loans in the public interest. A 10-Member IMF delegation is in Dhaka to review the progress before the disbursement of the third installment of the $4.7 billion loan taken by Bangladesh to review the overall economic situation.
• The delegation asked to make the financial health of the banks and the inspection report open to the customers. At the same time, it urged to increase the number of inspections to prevent irregularities-corruption and loan scams.
• The IMF delegation has also recommended to abolish VAT and income tax exemptions in various areas in order to accelerate revenue collections from the next fiscal year. At least 33 industries have been enjoying tax rebate facilities at various rates for up to 10 years.
• During a meeting with the National Board of Revenue (NBR) in Dhaka, the visiting mission of the IMF also proposed imposition of a 15 percent VAT on all businesses with over 3 crore Taka annual turnover and offering them input tax credits.
• Bangladesh’s revenue  collection  as a share of GDP is very low and significantly below peers. This has significantly reduced the fiscal space necessary for critical public investments and social sector spending.
• The IMF team also made recommendations to Bangladesh for short and medium-term reforms in the next budget and called for fresh measures that would fetch more revenues in FY25.

Dubai Plans World’s Largest Airport Terminal At Al Maktoum International

• Dubai has revealed plans for the construction of the world’s largest airport terminal at Al Maktoum International Airport.
• The ambitious project, approved by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, is set to revolutionize the aviation industry and solidify Dubai’s position as a global transportation hub. Upon completion, Al Maktoum International Airport will have a staggering capacity for 260 million passengers annually, dwarfing any other airport in the world.
•  This colossal terminal is poised to be five times the size of the current Dubai International Airport, signaling a significant leap forward in infrastructure and operational capabilities.

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SCIENCE AND TECHNOLOGY
U.S. Places India on Priority Watch List for IP Protection

• In the recently released 2024 Special 301 Report by the U.S. Trade Representatives (USTR), India finds itself on the Priority Watch List for intellectual property (IP) protection and enforcement. This decision comes amidst ongoing concerns regarding India’s handling of IP security issues.
• India faces significant challenges in its patent system, with applicants encountering lengthy waiting periods and excessive reporting requirements. Moreover, there are concerns regarding the potential threat of patent revocations, lack of presumption of patent validity, and narrow patentability criteria under the Indian Patents Act, which pose burdens across various sectors.
• While China has taken steps towards IP-related legal and regulatory reform, including amendments to patent, copyright, and criminal laws, USTR notes that these efforts require effective implementation and fall short of comprehensive changes needed to improve the IP landscape.
• Apart from India, several other countries, including Argentina, Chile, China, Indonesia, Russia, Saudi Arabia, Ukraine, and Venezuela, have been placed on the Priority Watch List. Additionally, 23 trading partners are on the Watch List, indicating ongoing concerns about IP protection and enforcement across various regions.

China Launches Shenzhou-18 Crew to Tiangong Space Station

• In the latest advancement of China’s space program, the Shenzhou-18 mission saw the successful launch of a three-member crew aboard the Shenzhou-18 spacecraft. The mission’s objective is to rendezvous with the Tiangong space station, marking another milestone in China’s ambitious space exploration endeavors.
• The Shenzhou-18 spacecraft, dubbed the “Divine Vessel,” lifted off atop a Long March-2F rocket from the Jiuquan Satellite Launch Centre.
• The crew comprises mission commander Ye Guangfu, along with crewmates Li Cong and Li Guangsu, with diverse backgrounds in spaceflight and aviation.
• After reaching orbit, the spacecraft will conduct an automated rendezvous to dock with the Tiangong space station, situated approximately 400 km above the Earth.

India's Largest Hydropower Company Partners with Norway for Floating Solar Technology

• National Hydroelectric Power Corporation (NHPC), India's leading hydropower developer, has joined forces with Ocean Sun, a Norwegian company specializing in floating solar solutions. This collaboration, formalized through a signed Memorandum of Understanding (MoU), aims to explore the potential of Ocean Sun's innovative technology in India.
• The MoU paves the way for NHPC and Ocean Sun to work together on demonstrating Ocean Sun's unique floating solar technology. This technology utilizes photovoltaic panels mounted on special hydro-elastic membranes, allowing for solar energy generation on water surfaces. NHPC will be responsible for identifying suitable locations for these floating solar installations.
• This agreement signifies NHPC's commitment to sustainable development and expanding its renewable energy portfolio. Beyond its core focus on hydropower, NHPC is actively involved in developing other renewable energy sources like solar, wind, and green hydrogen.
• The MoU signing ceremony, held on April 29th, 2024, was a hybrid event. Representing NHPC were Shri V.R. Shrivastava, Executive Director (Renewable Energy and Green Hydrogen), and Shri Raj Kumar Chaudhary, Director (Technical).  Representing Ocean Sun was Mr. Kristian Tørvold, CEO.

Indian Navy Launches 6th Ammunition Barge Built by Local Shipyard
India's Naval arm, the Indian Navy (IN), recently bolstered its capabilities with the launch of the LSAM 20, the sixth barge in its 11 x ACTCM Barge Project. The launch ceremony, held on April 29, 2024, took place at the M/s Suryadipta Project Pvt. Ltd. shipyard in Thane.
Key Highlights:

• LSAM 20 is an Ammunition Cum Torpedo Cum Missile Barge.
• It was constructed by M/s Suryadipta Projects Pvt. Ltd., a MSME shipyard, showcasing India's Make in India initiative.
• The contract for building all 11 barges was signed between the Ministry of Defence (MoD) and M/s Suryadipta Projects Pvt. Ltd. on March 5th, 2021.

Benefits of the ACTCM Barges:

• These barges will significantly enhance the operational efficiency of the Indian Navy.
• They will facilitate the transportation, embarkation, and disembarkation of critical supplies, including ammunition, to Indian Navy ships at jetties and outer harbors.
• The barges are indigenously designed and built, adhering to the stringent standards of the Indian Register of Shipping.
• Model testing was conducted at the Naval Science and Technological Laboratory in Visakhapatnam during the design phase.

Published date : 30 Apr 2024 04:33PM