Home » Current Affairs Date: 04 August 2021

Current Affairs Date: 04 August 2021

National

Rapid Antigen Test kit for COVID-19 developed by IIT Delhi

⇒ Minister of State for Education Shri Sanjay Dhotre launched a Rapid Antigen Test kit for COVID-19 on 25 June 2021. The technology and its manufacturing are 100% indigenous.

Developed by:

The Rapid Antigen Test kit has been developed by the IIT Delhi researchers led by Dr Harpal Singh, professor at the Institute’s Centre for Biomedical Engineering.

Use:

This kit is used for in vitro qualitative detection of SARS-CoV-2 antigen.

DRDO tested Enhanced Pinaka Rocket

⇒ Defence Research and Development Organisation (DRDO) successfully test fired extended range version of indigenously developed Pinaka rocket from a Multi-Barrel Rocket Launcher (MBRL) on 24th and 25th June 2021 at Integrated Test Range (ITR), Chandipur off the coast of Odisha.

Range of Rocket:

The enhanced range version of Pinaka Rocket System can destroy targets at distances up to 45 kms.

Developed by:

The Artillery rocket system has been developed jointly by Pune based Armament Research and Development Establishment (ARDE) and High Energy Materials Research Laboratory (HEMRL) with manufacturing support from M/s Economic Explosives Limited, Nagpur.

DRDO tested Enhanced Range 122mm Caliber Rocket

⇒ Defence Research and Development Organisation (DRDO) successfully test fired enhanced range versions of indigenously developed 122mm Caliber Rocket from a Multi-Barrel Rocket Launcher (MBRL) on June 25, 2021 at Integrated Test Range (ITR), Chandipur off the coast of Odisha. These rockets have been developed for Army applications.

Range of Rocket:

These enhanced rockets system can destroy targets up to 40 km. This enhanced rocket system would replace the existing 122mm Grad rockets.

Developed by:

The rocket systems have been developed jointly by Pune-based Armament Research and Development Establishment (ARDE) and High Energy Materials Research Laboratory (HEMRL) with manufacturing support from M/s Economic Explosives Limited, Nagpur.

International

Global Investors Roundtable

⇒ The Union Minister for Finance & Corporate Affairs Smt Nirmala Sitharaman participated in the Global Investors Roundtable on 24 June 2021. It was organised by the US-India Strategic Partnership Forum (USISPF).

Participants:

Some of the largest foreign investors participated in the Global Investors Roundtable, including Mastercard, MetLife, Prudential, Air Products, Dell, SoftBank and Warburg Pincus.

Discussion:

During the event, investors engaged with the Union Finance Minister and senior officials of Indian Government to discuss potential investment opportunities.

Investors also deliberated on the role of ongoing policy reforms that will enable greater Ease-of-Doing-Business in India.

Smt Nirmala Sitharaman addressed the event:

Addressing the event, Smt Sitharaman spoke about going ahead with an overall vision to build a self-reliant modern India driven by 5 “I’s” viz Intent, Inclusion, Investment, Infrastructure and Innovation.

She also stated that India is committed for long term relationship with US investors and proposes to meet twice yearly.

About USISPF:

The US-India Strategic Partnership Forum (USISPF) is a non-profit organization.

The primary objective of USISPF is to strengthening the India-US bilateral and strategic partnership through policy advocacy in the fields of economic growth, entrepreneurship, employment-creation, and innovation.

Tax Inspectors Without Borders (TIWB) programme in Bhutan

⇒ Tax Inspectors Without Borders (TIWB) programme has been launched in Bhutan on 23 June 2021. TIWB is a joint initiative of the United Nations Development Programme (UNDP) and the Organisation for Economic Cooperation and Development (OECD).

Partner Jurisdiction:

India has been chosen as the Partner Jurisdiction. India has provided the Tax Expert for this programme.

Duration of Program:

The duration of this program is expected to be of about 24 months’.

Objective:

During this, India, in collaboration with the UNDP and the TIWB Secretariat aims to aid Bhutan in strengthening its tax administration by transferring technical know-how and skills to its tax auditors, and through sharing of best audit practices. 

Focus:

The focus of the programme will be in the area of International Taxation and Transfer Pricing.

Agreement between India and Saint Vincent and The Grenadines

⇒ Recently, the Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved an Agreement between the Republic of India and Saint Vincent and The Grenadines for the Exchange of Information and Assistance in Collection with respect to Taxes.

About the Agreement:
    • This is a new agreement. There was no such agreement in past between the two countries.
    • The agreement proposes to facilitate exchange of information between the two countries and to provide assistance to each other in collection of tax claims.
    • Agreement also contains tax examination abroad provisions.

Source: PIB & Other News Reports

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