20th June, 2023 Current Affairs

Sakshi Education

NATIONAL
G20 Sustainable Finance Working Group takes deeper view on carbon reduction

The G 20 sustainable finance working group had a side event on policy measures and financial instruments for catalyzing the rapid development and deployment of green and low-carbon technologies today.
After the inaugural session, the participants gathered to take a deeper view of the various aspects relating to the reduction of carbon emissions and related initiatives.
The participants expressed that the goals of climate change should include partnerships at all levels. The aspect of clean energy and the importance to address ecological issues with regard to developing and developed countries were put forth.
Prior to the formal G 20 sustainable finance working group, a round table discussion was held yesterday. The round table recognized the role of public finance in increasing climate investments while emphasizing the need for scaling up private finance through policy, regulatory and market-making measures, creating a better enabling environment for innovation and deployment of low-carbon technologies.
Developing countries have several challenges to face and suffer from the consequences of climate change. Brazil's relationship with India is super strategic and appreciated India for achieving some of its sustainable development goals.

India to gift indigenously-built in-service Missile Corvette INS Kirpan to Vietnam

Raksha Mantri Rajnath Singh today held bilateral talks with Minister of National Defence of Vietnam General Phan Van Giang in New Delhi.
Progress on various bilateral defence cooperation initiatives was reviewed during the meeting, with both sides expressing satisfaction at the ongoing engagements. Both Ministers identified means to enhance existing areas of collaboration, especially in the field of defence industry cooperation, maritime security and multinational cooperation. The Raksha Mantri also announced the gifting of an indigenously-built in-service Missile Corvette INS Kirpan which will be a milestone in enhancing the capabilities of Vietnam People’s Navy.
As part of his engagements, the Defence Minister of Vietnam also visited DRDO headquarters and discussed ways to enhance defence industrial capabilities by cooperation in defence research and joint production.
India and Vietnam share a comprehensive strategic partnership and bilateral defence relations are a strong pillar of this partnership. Defence engagements between the two nations have diversified to include wide-ranging contacts between the services, military-to-military exchanges, high-level visits, capacity building, training programmes, cooperation in UN Peacekeeping and bilateral exercises.

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INTERNATIONAL
Oman Creates History as First Foreign Government to Promote Country through Yoga

In a pioneering initiative, the Indian Embassy in the Sultanate of Oman has introduced an innovative video called 'Soulful Yoga, Serene Oman' on the eve of the International Day of Yoga 2023.
The Indian Embassy partnered with 'Visit Oman,' a subsidiary of Oman's Ministry of Tourism, to produce the video. This marks the first instance of a foreign government using yoga to promote its own country.
The video not only demonstrates the increasing popularity and acceptance of yoga as a health practice worldwide but also highlights its growing prominence in Oman.
With a significant Indian community of 700,000 in Oman, yoga has gained considerable traction in recent years.
In 2022, 'Muscat Yog Mahotsav,' a 75-day celebration featuring over 75 yoga events across major cities in Oman timed with the 75 years of India’s independence under ‘Azadi ka Amrit Mahotsav.’
The collaboration between the Indian Embassy and the Government of Oman aims to visually demonstrate the fusion of yoga's tranquility with Oman's picturesque landscapes.
This initiative not only promotes tourism but also signifies the power of wellness practices in fostering cultural exchange between nations.

World Bank likely to approve substantial aid package worth 700 million to crisis-hit Sri Lanka

World Bank is likely to approve a substantial aid package worth $700 million to crisis-hit Sri Lanka. Agency sources report that the board meeting, scheduled for 28th of June, would allow the largest funding tranche the island nation has received since securing a deal with the International Monetary Fund in March.
The proposed funding would comprise $500 million for budgetary support, likely to be disbursed in two installments of $250 million each. The initial tranche is anticipated to be granted immediately following board approval, with the second installment potentially arriving in October, contingent upon Sri Lanka's progress in debt restructuring and the upcoming first review of the IMF program in September.
Additionally, an allocation of $200 million will be earmarked for programs aimed at assisting the country's impoverished population, which has swelled to 25% in the wake of last year's severe economic crisis. The country experienced a record 7.8% contraction last year, primarily due to depleted foreign exchange reserves.
In March, the International Monetary Fund approved a rescue package of nearly $3 billion. Sri Lanka anticipates that this endorsement will attract additional funding of up to $4 billion from the World Bank, the Asian Development Bank, and other multilateral institutions.

India, Sri Lanka to accelerate implementation of digital education project in Galle District

India and Sri Lanka look to accelerate implementation of a digital education project in the Galle District. High Commissioner of India to Sri Lanka, Gopal Baglay exchanged diplomatic notes with Secretary of the Sri Lankan Ministry of Education M.N. Ranasinghe to expedite the establishment of modern computer labs and smart boards equipped with customized curriculum software in 200 schools.
The project, supported by a grant from the Government of India, aims to enhance digital literacy among students in underprivileged areas. It is one of several grant projects in the education sector undertaken by the Indian government in Sri Lanka.
India's development assistance to Sri Lanka currently amounts to approximately USD 5 billion, with nearly USD 600 million provided as grants. Over 65 grant projects have already been implemented across the country's 25 districts, and more than 20 projects are in various stages of implementation.

ECONOMY
Bureau of Indian Standards makes license mandatory for 24 footwear products from 1st July

The Bureau of Indian Standards, BIS license will be mandatory for 24 footwear products from the 1st of next month.
A BIS Licence will be mandatory for the manufacturing, importing or selling of products under these Quality Control Orders.
The standards for footwear products are developed in consultation with trade and industry bodies, consumer organisations and representatives of various stakeholder groups to ensure quality and authenticity.
In order to make compliance convenient for small-scale and micro-scale industries, the implementation date will be the 1st of January next year.
The government recently announced an 80 percent cut on testing charges for footwear products under the Quality Control Orders for the certified start-ups and micro industrial units.

ENVIRONMENT
United Nations adopt first-ever treaty to protect marine life in high seas

The United Nations has adopted the first-ever treaty to protect marine life in the high seas. UN Secretary-General António Guterres hailed the historic agreement as giving the ocean a fighting chance.
Delegates from the 193 member nations approved the treaty with jubilation yesterday.
There wasn't a single objection. Guterres told delegates that the adoption of the treaty comes at a critical time, with the oceans are under threat on many fronts. He said, the treaty is vital to address these threats and he urged all countries to spare no efforts to ensure that it is signed and ratified as soon as possible.
The treaty to protect biodiversity in waters outside national boundaries, known as the high seas, covering nearly half of earth's surface, had been under discussion for more than 20 years as efforts to reach an agreement had repeatedly stalled.
The new treaty will be opened for signatures on September 20, during the annual meeting of world leaders at the General Assembly, and it will take effect once it is ratified by 60 countries.

Published date : 20 Jun 2023 06:19PM