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29th January, 2025 Current Affairs

NATIONAL
Tripura Pioneers Multi-Lingual Governance with Bhashini MoU

  • Tripura became the first northeastern state to sign a Memorandum of Understanding (MoU) with the Digital India Bhashini Division (DIBD) of the Ministry of Electronics and Information Technology (MeitY). The agreement will bring revolutionary changes to how regional languages are used in governance, making public services more accessible and inclusive for the people of Tripura.
  • This partnership with Bhashini highlights Tripura’s commitment to bridging the digital divide and strengthening governance through language technology. With the growing importance of digital platforms, this initiative marks a significant step toward making digital governance more user-friendly and connected with the state’s diverse linguistic communities.
  • The signing of the MoU between the Government of Tripura and Bhashini is a game-changer for the state’s governance model. It will help in improving the accessibility of government services for local communities, especially those who speak regional languages. By using AI and Natural Language Processing (NLP) for real-time translation, speech-to-text, text-to-speech, and voice-to-voice translation, Bhashini offers a powerful tool to facilitate communication between citizens and the government. This will make it easier for people to engage with government services and participate in decision-making processes, regardless of the language they speak.

INTERNATIONAL
India and Indonesia Sign Five MoUs to Strengthen Bilateral Ties

  • India and Indonesia have signed five Memorandums of Understanding (MoUs) during Indonesian President Prabowo Subianto’s official visit to New Delhi from January 23 to 26, 2025. This visit, marking President Subianto’s first to India since assuming office in 2024, culminated in his role as the Chief Guest at India’s 76th Republic Day celebrations.
  • The five MoUs encompass a broad spectrum of collaborative efforts:
  1. Health Cooperation: An agreement to enhance collaboration in the health sector, focusing on areas such as medical research, public health, and disease control.
  2. Maritime Safety and Security: A renewal of the agreement between the Indian Coast Guard and Indonesia’s BAKAMLA to strengthen maritime safety and security, including crime prevention, search and rescue operations, and capacity building.
  3. Traditional Medicine Quality Assurance: A pact between India’s Pharmacopoeia Commission for Indian Medicine & Homeopathy and Indonesia’s Food and Drug Authority to ensure the quality and standardization of traditional medicines.
  4. Digital Development: An agreement to collaborate in the digital sector, aiming to enhance cooperation in areas such as digital infrastructure, cybersecurity, and the promotion of digital startups.
  5. Cultural Exchange Program (2025-2028): A program designed to promote cultural exchanges between the two nations, fostering mutual understanding and appreciation of each other’s rich cultural heritage.

India and Oman to Amend Tax Treaty and Accelerate Trade Pact Negotiations

  • India and Oman have taken significant steps to strengthen their economic relationship. The two nations have agreed to expedite discussions for a Comprehensive Economic Partnership Agreement (CEPA) and have signed a protocol to amend their existing Double Taxation Avoidance Agreement (DTAA).
  • The amendment to the DTAA aims to align it with international standards on cross-border taxation. This alignment is expected to simplify tax procedures and enhance cooperation between the tax authorities of both countries, thereby facilitating smoother business operations for companies engaged in bilateral trade.
  • As of the 2023-24 fiscal year, India’s exports to Oman stood at 4.47billion,whileimportswerevaluedat4.5 billion. The bilateral trade encompasses various sectors, including petroleum products, textiles, electronics, pharmaceuticals, machinery, and iron and steel. The CEPA aims to further diversify and expand this trade portfolio, benefiting multiple industries in both nations.
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ECONOMY
Banks Reevaluate Recovery Strategies as IBC Effectiveness Declines

  • The Insolvency and Bankruptcy Code (IBC), once a pivotal tool for resolving distressed assets in India, is experiencing a slowdown in case admissions. Banks are increasingly hesitant to utilize this channel due to diminishing recovery rates and prolonged resolution timelines. This shift has led financial institutions to explore alternative recovery methods.
  • Recent data highlights a significant decrease in recovery rates through the IBC. The Reserve Bank of India (RBI) reports that recovery rates for banks via the IBC channel dropped to 28% in the fiscal year 2023-24, down from 40% in 2022-23. This decline raises concerns about the erosion of non-performing assets (NPAs) during extended resolution periods. Additionally, the number of cases admitted to the National Company Law Tribunal (NCLT) stood at approximately 417 in the first half of the current fiscal year, compared to 501 cases during the same period in the previous fiscal year.

SPORTS
Odisha Warriors Win First Women’s Hockey India League Title

  • The Odisha Warriors, led by Janneke Schopman, clinched the inaugural Women’s Hockey India League (HIL) title, emerging victorious in a thrilling final against Soorma Hockey Club with a 2-1 scoreline.
  • This match, held at the Marang Gomke Jaipal Singh Stadium in Ranchi, marked a redemption moment for Schopman, who had previously faced defeat with India against Japan. The Warriors’ resilience and tactical brilliance, particularly from Ruturaj Dadaso Pisal, were key to their historic win.
  • Odisha Warriors became the first-ever champions of the Women’s Hockey India League, defeating Soorma Hockey Club 2-1 in the final.
Published date : 30 Jan 2025 10:19AM

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