- BILATERAL
BIMSTEC FTA TALKS NEEDS REVIVAL WITH REALISTIC POSSIBILITIES
- Revival of FTA Talks: Commerce Minister Piyush Goyal emphasized the need to revive negotiations for a Free Trade Agreement (FTA) among the BIMSTEC member nations.
- The FTA talks had stalled over the past six years, necessitating renewed efforts to progress.
- Significance: Enhanced Regional Trade: ○ An FTA among BIMSTEC countries could significantly boost trade and economic integration in the region.
- Reduction of tariffs and non-tariff barriers would facilitate smoother and more efficient trade flows.
- Feedback from Business Community: The minister urged India’s business community to provide feedback on the necessity and potential benefits of an FTA within BIMSTEC.
- Non-Tariff Barriers and Trade Facilitation: Serious efforts are needed to remove non-tariff barriers and adopt international trade facilitation norms to expedite trade talks within BIMSTEC.
- Fair Terms of Trade: Member nations should ensure that trade terms are fair and manage trade deficits better to create a balanced Free Trade Agreement.
- Importance of BIMSTEC: BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) comprises seven member countries: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
- The group aims to foster regional and economic cooperation, with a focus on multiple sectors including trade, investment, and connectivity.
2. POLITY
LOKSABHA PASSES FINANCIAL BILL, AMENDS PROVISIONS ON LTCG TAX
- Finance Bill: A Finance Bill is a Money Bill as defined in Article 110 of the Indian Constitution.
- It is a bill that contains provisions related to taxation, borrowing of money by the government, expenditure from the Consolidated Fund of India, and other financial matters.
- The Finance Bill is introduced every year in the Parliament immediately after the presentation of the Union Budget to give effect to the financial proposals of the government for the next fiscal year.
3. SOCIAL ISSUES
BILL REMOVES POWERS OF WAQF BOARD NON-MUSLIMS AND WOMEN ON BOARD
- The Bill aims to ensure better administration of Auqaf, as the current Waqf Act, 1995, has not been effective.
- It seeks to prevent misuse and wrongful declaration of properties as Waqf
- Criticism – Muslim bodies and Opposition parties criticize the Bill for potentially enabling the government or individuals to usurp Waqf properties.
- The All India Muslim Personal Law Board and other critics argue that the changes could create societal divides and alter the nature of Waqf properties.
4. SCIENCE AND TECHONOLOGY
CHANDRAYAAN -3 TEAM EX-IISC DIRECTOR WIN TOP SCIENCE AWARDS
- Categories of Awards:
- 1. Vigyan Ratna: Recognizes lifetime achievements and contributions in a given field of science and technology.
- Up to 3 awards can be given.
- 2. Vigyan Shri: Recognizes distinguished contributions in science and technology.
- Up to 25 awards can be given.
- 3. Vigyan Yuva: Shanti Swarup Bhatnagar Award:
- Recognizes and encourages young scientists who have made exceptional contributions.
- Up to 25 awards can be given.
- 4. Vigyan Team:
- Recognizes a team of three or more scientists/researchers/innovators who have made exceptional contributions working as a team.
- Up to 3 awards can be given.
- Ceremony: The awards are slated to be given on August 23, National Space Day, to mark Chandrayaan-3’s moon landing.
- Process: The awards were decided through a nomination process on a portal maintained by the Union Home Ministry, which serves as a repository for various national awards.
5. AGRICULTURE
COFFEE OUTPUT MAYBE SIGNIFICANTLY LOWER
- The Coffee Board of India’s recent indication that coffee production for 2024-25 may be significantly lower due to adverse climatic conditions has several implications for agriculture, economy, and policy-making.
- Climatic Impact: High Temperatures: During April and May, high temperatures have caused significant stress to coffee plants.
- Heavy Rainfall and Landslides: In July and August, heavy rains and landslides have further damaged coffee plantations, particularly in key growing areas.
- Geographical Distribution: Karnataka: Accounts for 70% of India’s total coffee production.
- Kerala: The second-largest producer, contributing 23%. Wayanad, a key region, has seen over 200 acres of coffee land washed away due to landslides.
- Response Measures: Survey and Assessment: The Coffee Board has requested coffee-growing districts to form inter-disciplinary teams to conduct comprehensive surveys to assess the extent of the damage.
- Implications for Agriculture and Economy
- Agricultural Impact: Yield Reduction: The loss of plants and berries will lead to a significant reduction in coffee yield for the 2024-25 season.
- Soil Erosion and Land Degradation: Landslides and heavy rains contribute to soil erosion, further degrading the quality of agricultural land.
- Economic Impact: Income Loss for Farmers: Reduced production will directly affect the income of coffee farmers, many of whom are smallholders.
- Export Revenue: India is a significant exporter of coffee. Lower production will impact export volumes and revenue, affecting the overall trade balance.
- Supply Chain Disruptions: Processing and Distribution: Reduced raw material availability will affect coffee processing units and disrupt the supply chain, leading to potential price increases.
- Policy and Governance – Disaster Management and Mitigation:
- Climate Resilience: The need for policies to enhance the climate resilience of coffee plantations, including better irrigation practices, shade management, and soil conservation techniques.
- Insurance Schemes: Strengthening crop insurance schemes to cover losses due to climatic events.
- Research and Development: Climate-Resilient Varieties: Investing in research to develop coffee varieties that are more resilient to high temperatures and heavy rainfall.
- Agroforestry Practices: Promoting agroforestry practices that can help mitigate the impact of extreme weather events.
- Government Support: Financial Assistance: Providing financial assistance and subsidies to affected farmers to help them recover and replant.
- Infrastructure Development: Improving infrastructure to prevent soil erosion and manage water resources effectively
ONE LINER
- Fiji confers highest civilian award (the Companion of the Order of Fiji) to President Droupadi Murmu
- Haryana becomes First State to Procure All Crops at MSP
