Current Affairs 2nd February

National Affairs

1. Chandigarh hosted the first meeting of the G20 International Financial Architecture Working Group.

 

The first “G20 International Financial Architecture Working Group Meeting” under the G20 (Group of Twenty) Indian Presidency took place in Chandigarh, a Union Territory, on January 30 and 31, 2023.

 

From December 1, 2022 to November 30, 2023, India held the G20 presidency for a year.

The “International Financial Architecture Working Group” focuses on ways to strengthen the international financial architecture, enhance development finance, and address global financial system vulnerabilities.

 

The first meeting of the G20 International Financial Architecture Working Group in 2023. Union Ministers Narendra Singh Tomar from the Ministry of Agriculture and Farmers Welfare (MoA&FW) and Pashupati Kumar Paras from the Ministry of Food Processing Industries (MoFPI) opened the meeting.

 

The meeting was attended by nearly 100 people from G20 member countries, invitee countries, and international organizations.

 

The Ministry of Finance (MoF) and the Reserve Bank of India (RBI), in addition to France and South Korea, co-chairs of the International Financial Architecture Working Group, co-led the two-day meeting.

 

The meeting looked at a lot of different things, like how to make Multilateral Development Banks stronger and better.

 

The G20 Common Framework for Debt Treatments Beyond the Debt Service Suspension Initiative (DSSI)’s implementation difficulties were examined in light of the expanding debt situation.

 

The G20 (Group of Twenty) 

 

The G20 was established in 1999 as a platform for finance ministers and central bank governors to discuss global economic and financial issues following the Asian financial crisis in 1997. It is the most important venue for global economic cooperation.

 

Members of G20:

 

It has twenty members, which include 19 nations: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom (UK), the United States (US), and the European Union (EU) are the countries that are included in this list.

 

Nearly two-thirds of the world’s population, over 75% of global trade, and approximately 85% of global GDP come from the G20 members.

2. CII and Austrade Sign MoU for Technical Vocational Education and Training Courses

 

A Memorandum of Understanding (MoU) has been signed by the Confederation of Indian Industry (CII) and the Australian Trade and Investment Commission (Austrade) to collaborate on technical and vocational education and training (TVET) programs.

 

The partnership will concentrate on Australian training standards and delivery in industries like mining, information technology (IT), cyber security, renewable energy, logistics, supply chain, and water management, as well as automotive and allied health. The Australia-India Future Skills Initiative team of Austrade in India will carry out these initiatives in conjunction with CII.

 

Future Skills Initiative between Australia and India The Australia-India Future Skills Initiative is a four-year government flagship program. It intends to promote bilateral education and training cooperation between Australia and India.

 

By collaborating with providers of vocational education, training, and skills in Australia, the initiative will assist India’s workforce and skill development.

 

Through trade missions, Government to Government (G2G) agreements, webinars, seminars, and business networking in the field of education and training, the program would also encourage bilateral cooperation in the transfer of Australian skills training to India.

 

Additionally, it will integrate commercial skilling opportunities between Indian and Australian universities and businesses.

3. iCET’s inaugural meeting in 2023: India and the United States present an ambitious plan for a defense and technology partnership.

 

Ajit Doval, India’s National Security Advisor (NSA), and Jake Sullivan, the United States’ National Security Advisor, formally launched the “US-India initiative on Critical and Emerging Technologies (iCET)” in Washington, DC, on January 31, 2023.

 

During the inaugural iCET dialogue, India and the United States unveiled an ambitious plan to become “trusted technology partners” and strengthen their defense partnership through co-production and co-development.

US-India initiative on Critical and Emerging Technologies (iCET) The “U.S.-India initiative on critical and emerging technologies (iCET)” was jointly announced in May 2022 by Indian Prime Minister Narendra Modi and US President Joe Biden.

 

Objective: to expand and strengthen the strategic technology partnership and industrial defense cooperation between two nations’ governments, businesses, and educational institutions.

 

Key Points:

 

Artificial intelligence (AI), quantum, space, semiconductor manufacturing, and scientific research and development (R&D) are among the areas in which the United States and India have pledged to expand their collaboration.

 

By facilitating product co-development and co-production and establishing technology value chains, iCET aimed to make the two nations “trusted technology partners.”

Additionally, it aims to establish a stable system to overcome export controls and regulatory obstacles, particularly on the US side.

 

In the defense manufacturing sector, the two nations decided to concentrate on “joint production of key items of mutual interest.”

 

Additionally, the United States pledged to expeditiously investigate General Electric (GE)’s license application to manufacture jet engines in India for indigenously produced Light Combat Aircraft (LCA).

International Affairs

1. India invited as Theme country of Madrid International Book Fair in 2025

India will be invited to be the focal country at the Madrid International Book Fair in Madrid, Spain, in 2025, as announced by Jose Maria Ridao, the Spanish Ambassador, on February 1, 2023.

 

During the event at the Spain Pavilion of the 46th International Kolkata Book Fair (IKBF 2023) in Salt Lake, Kolkata, West Bengal, the announcement was made.

 

The 46th International Kolkata Book Fair, which will take place from January 31 to February 12, 2023, will have Spain as its theme country.

 

It has been announced that a Bengali-to-Spanish football dictionary with Spanish-to-Bengali terms and phrases will be released at the Kolkata Book Fair.

Banking and Finance

1. SBM Bank India’s restrictions are partially eased by RBI until March 15, 2023 appoints V. Ramachandra to the SIFL & SEFL Advisory Committee.

 

The restrictions that the Reserve Bank of India (RBI) had placed on SBM Bank (India) Limited (referred to as “SBM Bank India”) with regard to LRS transactions have been partially lifted.The relaxation will remain in effect until March 15, 2023, or until the RBI issues a new order.

 

2023. Ramachandra, the former Chief General Manager of Canara Bank, was appointed by the RBI as an immediate member of the Advisory Committees of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) on January 31, 2023.

 

The Srei Group owes around Rs. The Srei Group primarily serves the infrastructure and Micro, Small, and Medium-Sized Enterprises (MSME) sectors. 18,000 crore to approximately fifteen lenders

2. Mobicule introduces the first-of-its-kind Asset Repossession Module for NBFCs and banks.

The mCollect Repossession module, a first in the industry for banks and Non-Banking Financial Companies (NBFCs), has been unveiled by Mobicule, a specialist in debt collection.

 

As a component of its debt collection and recovery product, the company offers the ground-breaking Asset Repossession Solution, which is a comprehensive solution that maps all of the intricate procedures involved in the repossession of an asset.

 

Mobicule is a pioneer in providing solutions that digitize processes and boost productivity by utilizing mobile technologies. Because of this, the introduction of the mCollect Repossession Module appears to be a logical follow-on to its debt collection platform.

Science and Technology

1. Space Radar’s Unfoldable Antenna is Created by DRDO

 

An UnFurlable Reflector Antenna (UFRA), one of the most important radar subsystems, has been developed by the Electronics and Radar Development Establishment (LRDE), a lab of the Defence Research and Development Organization (DRDO) in Bengaluru (Karnataka).

Both the Indian Space Research Organization (ISRO) and the military rely heavily on the UFRA.

 

The UFRA:

The rim truss-based deployable mechanism, primary arm, reflector mesh, tension ties, nets, and motor of the UFRA system were developed by LRDE.

 

An unfurlable deployment mechanism was used to raise the antenna to the required height.

 

One end of a cable is fixed and the other end is pulled by a motor through the diagonal members of the rim truss elements.

 

When the cable is pulled by a motor, the metallic mesh antenna will expand to the desired size.

 

UFRA is required:

 

Electronic radar subsystems and antenna deployment mechanisms for space-borne imaging radar were developed by LRDE and intended for use on satellites.

 

An antenna must be compactly stowed during launch and then deployed in the required shape once the satellite reaches the required orbit for the radars to function.

 

For small radar constellations or missions, the UFRA idea is an affordable option.

Information regarding the Electronics and Radar Development Establishment (LRDE):

 

Location: Bengaluru, Karnataka, Director: P Radhakrishna Mission:

to create cutting-edge radar technologies and systems to meet the needs of the tri-services, paramilitary forces, intelligence, and strategic missions.

 

To achieve complete self-sufficiency in the radar industry by establishing indigenous production capabilities through industry partnership.

 

Note:

Electronic is abbreviated with the first letter of its Latin root, “Lektra,” to distinguish it from electronic.