10th November, 2022 Current Affairs

Archana Lakkavajula

NATIONAL
Finance Minister Nirmala Sitharaman approves Sovereign Green Bonds framework

Finance Minister Nirmala Sitharaman has approved the final Sovereign Green Bonds framework of India. Green bonds are financial instruments that generate proceeds for investment in environmentally sustainable and climate-suitable projects.
This approval will further strengthen India’s commitment towards its Nationally Determined Contribution targets, adopted under the Paris Agreement. It will help in attracting global and domestic investments in eligible green projects.
The proceeds generated from the issuance of such bonds will be deployed in Public Sector projects which help in reducing carbon intensity of the economy.
The framework comes close on the footsteps of India’s commitments under Panchamrit as elucidated by Prime Minister Narendra Modi, at COP26 at Glasgow in November last year.
The Ministry has constituted a Green Finance Working Committee (GFWC) with representation from relevant Ministries and chaired by Chief Economic Adviser, Government of India.
The committee will meet at least twice a year to support Ministry of Finance with selection and evaluation of projects.
The allocation of the proceeds will be reviewed in a time-bound manner by the GFWC to ensure that the allocation of proceeds is completed within 24 months from the date of issuance.

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INTERNATIONAL
Aruna Miller becomes first Indian American to be elected as Lieutenant Governor of Maryland

Indian - American Aruna Miller has made history becoming the first Indian-American politician to win the campaign and be elected as the Lieutenant Governor of Maryland. She will also be the first South Asian woman to serve at such an important position.
Miller thanked the people of Maryland for their verdict.
Ms Miller, who is a former executive director of Indian American Impact, was endorsed by the organization, which supports Indian-American representation at every level of government.She also had the support and endorsement by important Indian-American organizations and people.

UN member States will review India's report on human rights on Nov 10

The 41st Session of the Universal Periodic Review Working Group is being held from 7th to 18 November at the United Nations Human Rights Council, UNHRC in Geneva. During the session, United Nation member States will review India's report on human rights on Thursday. The National Report of India was submitted on 5th of August this year, outlining the steps towards the promotion and protection of human rights. Solicitor General of India, Tushar Mehta will lead the Indian delegation at the UNHRC.
India plays an active role in global promotion and protection of human rights. It said, India has strong commitment for the welfare of entire humanity, inspired by the civilizational ethos of VasudhaivaKutumbkam.
India has been engaged constructively with the members of the UNHRC and other fellow UN member States to promote and protect human rights globally.
Universal Periodic Review is an important mechanism that India fully supports. It is a unique peer review process of Human Rights Council under which UN member States review the human rights performance of fellow member States. The Ministry added that it has emerged as one of the successful human rights mechanisms, due to its universal character, constructive and consultative approach, and cooperation amongst member States.

ECONOMY
India Will Become Third-Largest Economy By 2027: Morgan Stanley

India is on track to become the world’s third largest economy by 2027, surpassing Japan and Germany, and have the third largest stock market by 2030, thanks to global trends and key investments the country has made in technology and energy, says Morgan Stanley.
India’s GDP could more than double from $3.5 trillion today to surpass $7.5 trillion by 2031. Its share of global exports could also double over that period, while the Bombay Stock Exchange could deliver 11% annual growth, reaching a market capitalization of $10 trillion in the coming decade.

Centre allows International Trade Settlements in Indian Rupees for Export Promotion Schemes

Centre has allowed International Trade Settlements in Indian Rupees for Export Promotion Schemes under the Foreign Trade Policy.
According to the Ministry of Commerce and Industry the decision was taken to facilitate and ease international trade transactions in Indian Rupees.
The Ministry said, suitable amendments have been made in the Foreign Trade Policy(FTP) and Handbook of Procedures to allow International Trade Settlement in Indian Rupees including, invoicing, payment, and settlement of exports and imports in Indian Rupees.
It said that the changes have been introduced for grant of exports benefits , incentives, fulfilment of export obligation under FTP for export realisations in Indian Rupees as per the RBI guidelines.
Given the rise in interest in internationalisation of Indian Rupee, the Policy amendments have been undertaken to facilitate and to bring ease in international trade transactions in Indian Rupees.

India and Russia on track to achieve 30 Billion Dollars annual trade

India and Russia are on track to achieve a target of 30 billion dollars annual trade turnover. He was speaking at the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technical and Cultural Cooperation in Moscow on Tuesday.
The cooperation between the two countries continues to make steady progress. He said, the economic cooperation between India and Russia is moving towards long-term stability, but this needs to be balanced if it is to be sustainable.
The Minister expressed confidence that both countries will be successful in realizing the optimum potential of the trade and economic relations. Dr Jaishankar said, he is looking forward to continue to work together in the same spirit to strengthen our bilateral trade and economic relationship.
External Affairs Minister stated that buying oil from Moscow works to India’s advantage and asserted that he would “like to keep that going”. He said, there is stress on the world's energy markets, and being the third largest consumer of such oil and gas it is the need to look for affordable sources as the incomes are not that high.

REPORTS
State of Food and Agriculture Report 2022 Published by FAO

The State of Food and Agriculture (SOFA) is one of the annual flagship report released by the UN Food and Agriculture Organization (FAO). It provides comprehensive insights into the various issues related to the field of food and agriculture based on science-based assessment.
The report assessed various drivers of agricultural automation, including the recently developed digital technologies.
Based on 27 case studies, the report analyzed the business case for the adoption of these digital automation technologies across various agricultural production systems in the world.
It identified various challenges that are preventing inclusive adoption of these technologies, especially by small-scale producers. It recognized two major barriers for their adoption – low digital literacy and lack of supportive infrastructure like connectivity and access to electricity.
The report recommended policies that will enable disadvantaged groups to access the agricultural automation technologies, which will help in the creation of sustainable and resilient agri-food systems.
Agriculture sector in high-income countries in North America, Europe and Oceania are highly mechanized since the 1960s. However, regions dominated by low and middle-income countries are less mechanized.

ENVIRONMENT
India Joins Mangrove Alliance for Climate (MAC) at COP27

Calling for integration of mangroves conservation with the Reducing Emissions from Deforestation and Forest Degradation (REDD+) programmes for carbon sequestering, India joined the Mangrove Alliance for Climate (MAC).
The Mangrove Alliance for Climate (MAC) is an intergovernmental alliance that seeks to expand and hasten the progress towards the conservation and restoration of mangrove ecosystems. Its members include the UAE, Indonesia, India, Sri Lanka, Australia, Japan, and Spain.
The alliance will raise global awareness about the role of mangroves as a nature-based climate change solution. It will ensure the rehabilitation of mangrove forests at the global level.
India is among the first five countries to join the MAC, at the 27th session of the Conference of the Parties (COP27) at Sharm el-Sheikh in Egypt. The others are Australia, Japan, Spain, and Sri Lanka.
The move is in line with India’s Nationally Determined Contributions (NDCs) to create an additional carbon sink of 2.5- 3 billion tonnes of carbon dioxide (CO2) equivalent, through additional forest and tree cover by 2030.

Published date : 10 Nov 2022 04:49PM