India, Bangladesh agree to settle bilateral trade transactions in rupee (GS Paper 2, International Relation)
Why in news?
- Bangladesh and India have agreed to settle a part of the bilateral trade transactions in their own currencies Rupee and Taka to ease pressure on dollar holdings.
Details:
- In order to facilitate cross-country transactions, Sonali Bank and Eastern Bank will open accounts in the State Bank of India and ICICI Bank. The two Indian banks will also open similar accounts in the two Bangladeshi banks.
- The opening of these accounts known as vostro and nostro accounts in global accounting will need the approval of respective central banks.
- Bilateral trade with India in taka and rupee will reduce pressure on the US dollar.
Bilateral trade:
- Bangladesh's import from India in the last fiscal year was around USD 13.69 billion. Of which, USD 2 billion will be traded in rupees while the rest will be paid in US dollars.
- Meanwhile, exports from Bangladesh to India were about USD 2 billion and transactions regarding these will be made in rupees and takas.
- A delegation from the Reserve Bank of India (RBI) and the State Bank of India (SBI) visited Dhaka in April to discuss transaction processes between the two nations.
Way Forward:
- It is expected the arrangement will promote trade and reduce pressure on forex reserves, as per the news report.
Centre to provide Rs 1 crore aid to states for opening 100 food streets
(GS Paper 3, Economy)
Why in news?
- The Union Health Ministry, in partnership with the Ministry of Housing and Urban Affairs, has asked states and union territories to develop 100 food streets in 100 districts across the country.
- The Centre has taken this endeavour to maintain clean and safe food practices.
Focus:
- As a pilot project to serve as a model for other food streets, the project's goal is to encourage safe and healthy food practices among food enterprises and community members, hence reducing foodborne illnesses and improving overall health outcomes.
- Safe food practices not only promote ‘eat right campaign’ and food safety, but will improve hygiene, credibility of local food businesses, boost local employment, tourism and in turn, the economy. It also leads to a cleaner and greener environment.
Why it matters?
- In Indian society, street food has long played an important role and is abundantly available.
- In addition to supplying millions of people with a low-cost daily diet, street food benefits the tourism industry by directly employing a large number of people.
- According to the Union Health Ministry, food safety and hygiene at street food shops and hubs remain a concern.
- While increased urbanisation has resulted in easier access to food, it has also exacerbated the issue of food contamination and associated health risks due to unsanitary and dangerous food practices.
Financial assistance:
- Financial assistance for the initiative will be provided to states and UTs in the form of Rs 1 crore per food street or district to fill critical gaps.
- In 100 districts across the country, 100 such food streets will also be established.
- This assistance will be provided in the ratio of 60:40 or 90:10 under the National Health Mission (NHM), with the condition that standard branding of these food streets be done in accordance with Food Safety Standard Authority of India (FSSAI) guidelines.
Implementation:
- The initiative will be implemented through the National Health Mission (NHM) in convergence with the Ministry of Housing and Urban Affairs, with technical support from the FSSAI.
CM Patnaik launches heavy lift logistics drone in Odisha Skill Conclave
(GS Paper 3, Science and Tech)
Why in news?
- Recently, Odisha Chief Minister launched first of its kind heavy lift logistics drone (can transport 50kg over 10kms) made by Odisha-based start-up BonV Aero on the opening day of "Odisha Skill Conclave 2023".
BonV Aero:
- BonV Aero is an IIT Mandi, AIC CV Raman Global University Odisha and NITI Aayog-backed venture building Electric Aerial Vehicles for Cargo transportation.
Capability of RM001 & RM002:
- Start-up has successfully done a trial of this ‘RM001’ Electric Aerial Vehicle carrying 50-kilogram cargo at the altitude of 8000 to 10,000 feet in the Tawang of Eastern Command of the Indian Army forward post in Arunachal Pradesh and next a high altitude trial on 14,000 to 16,000 feet will be done.
- In its next phase, the startup aims to develop its flagship platform ‘RM002’ that can transport 200 kilograms of freight over 40 kilometres.
- These multi-utility Air vehicles are beneficial in the disaster response and the movement of any kind of cargo/ goods where surface logistics are either unfavourable or time-consuming consuming.
Significance:
- Odisha is highly disaster-prone see the Cyclone and Flood on regular bases, it can be useful in that situation, it is also many times cheaper the current alternatives, so it will help to improve accessibility and efficiency of logistics solutions, especially in the remote and Hilly terrains.
