India-Gulf Cooperation Council (GCC) decide to pursue resumption of FTA Negotiations (GS Paper 2, International Relation)
Why in news?
Recently, the Union Minister of Commerce and Industry and the Secretary General, Gulf Cooperation Council (GCC), held a Joint Press Conference, in New Delhi to announce the intent to pursue negotiations on the India-GCC FTA
Key Highlights:
- Both sides agreed to expedite conclusion of the requisite legal and technical requirements for formal resumption of the FTA negotiations. The FTA is envisaged to be a modern, comprehensive Agreement with substantial coverage of goods and services.
- Both sides emphasized that the FTA will create new jobs, raise living standards, and provide wider social and economic opportunities in India and all the GCC countries.
- Both sides agreed to significantly expand and diversify the trade basket in line with the enormous potential that exists on account of the complementary business and economic ecosystems of India and the GCC.
Bilateral trade:
- The GCC is currently India’s largest trading partner bloc with bilateral trade in FY 2021-22 valued at over USD 154 billion with exports valued at approximately USD 44 billion and imports of around USD 110 billion (non-oil exports of USD 33.8 Billion and non-oil imports of USD 37.2 Billion).
- Bilateral trade in services between India and the GCC was valued at around USD 14 billion in FY 2021-22, with exports valued at USD 5.5 Billion and imports at USD 8.3 Billion.
- GCC countries contribute almost 35% of India’s oil imports and 70% of gas imports.
- India’s overall crude oil imports from the GCC in 2021-22 were about $48 billion, while LNG and LPG imports in 2021-22 were about $21 billion.
- Investments from the GCC in India are currently valued at over USD 18 billion.
India wins IEC’s Vice Presidency and Strategic Management Board (SMB) Chair for the 2023-25 term
(GS Paper 3, Science and Tech)
Why in news?
- Recently, India won the International Electrotechnical Commission (IEC) Vice Presidency and Strategic Management Board (SMB) Chair for the 2023-25 term.
- The General Meeting of IEC was held recently in San Francisco, USA.
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Details:
- By securing over 90% of the votes cast by full members of International Electrotechnical Commission (IEC), India’s representative, a member of the Indian National Committee of the International Electrotechnical Commission (IEC) and various technical committees of Bureau of Indian Standards (BIS-India), was elected.
About IEC:
- International Electrotechnical Commission (IEC) is an international standard setting body that publishes international Standards for all electrical, electronic and related technologies.
- Standardization Management Board (SMB) is an apex governance body of IEC responsible for technical policy matters.
- Vimal Mahendru will be the IEC Vice President representing India.
Way Forward:
- Representation of BIS (India) in policy and governance bodies of International Organization for Standardization (ISO) and IEC ensures that Indian viewpoints on the important strategic and policy matters are put forth.
- It also provides opportunities to align the national standardization priorities with International best practices.
Europa Clipper Mission
(GS Paper 3, Science and Tech)
Context:
Reaction wheels:
- The reaction wheels are two feet wide and are made of steel, aluminum, and titanium that spin rapidly to create torque, which causes the orbiter to rotate in the opposite direction.
- The reaction wheels cause the spacecraft to react to the spinning action of the wheels. The reaction wheels will run on electricity provided by the spacecraft’s vast solar arrays.
Function:
- The reaction wheels will help the spacecraft to stay pointed in the right direction.
- The reaction wheels are the same as those installed on rovers that are exploring Mars, trying to find evidence of ancient microbial life on the Red Planet.
- The mission will on these reaction wheels during its journey to Jupiter’s icy moon Europa.
About Europa Clipper Mission:
- The Europa Clipper Mission will arrive at the Jupiter system in 2030 after its 2024 launch to explore the frozen world.
- Scientists believe Europa harbors a vast internal ocean that may have conditions suitable for supporting life.
- The spacecraft will gather data on the moon’s atmosphere, surface, and interior, information that will help scientists learn more about the ocean, the ice crust, and potential plumes that may be venting subsurface water into space.
Govt. forms panel to look into MGNREGA’s efficacy
(GS Paper 2, Social Justice)
Why in news?
- Recently, the Central government has constituted a committee to review the implementation of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme, especially to assess the programme’s efficacy as a poverty alleviation tool.
Sinha Committee:
Background:
- MGNREGA was launched as a poverty alleviation instrument for the rural region, providing them with a safety net in the form of guaranteed work and wages.
- It was felt that States like Uttar Pradesh and Bihar where there is higher level of poverty, haven’t been able to utilise the scheme optimally.
About MGNREGA:
- The Mahatma Gandhi National Rural Employment Guarantee Act was passed in 2005, and the scheme guarantees 100 days of unskilled work per year for every rural household that wants it.
- Currently, 15.51 crore active workers are enrolled in the scheme.
