National
IREDA gets ‘Infrastructure Finance Company’ status from RBI
⇒ The Reserve Bank of India (RBI) has granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA) on 13 march 2023. It was earlier classified as ‘Investment and Credit Company (ICC)’.
Key Points:
- With the IFC status, IREDA will be able to take higher exposure in RE financing. The IFC status will also help the company to access wider investor base for fund mobilisation, resulting in competitive rates for fund raising.
- The recognition of IREDA as an IFC will increase the investors’ confidence, enhance the brand value, and generate positive outlook in the market.
- The grant of IFC status is a recognition of IREDA’s 36 years of infrastructure financing and development with focused development of Renewable Energy.
- With IFC status, IREDA will keep contributing towards Govt of India’s target of 500 GW installed capacity of non-fossil fuels by 2030.
About IREDA:
- IREDA has been promoting, developing and financing new and renewable sources of energy with the motto: “Energy for Ever” since 1987.
- It finances all RE technologies and value chain such as solar, wind, hydro, bio-energy, waste to energy, energy efficiency, e-mobility, battery storage, biofuel and new and emerging technologies.
Yoga Mahotsav 2023
⇒ Ministry of Ayush along with Morarji Desai National Institute of Yoga (MDNIY) organized Yoga Mahotsav 2023 from 13th to 14th March 2023 at Delhi’s Talkatora Stadium and Post Mahotsav Yoga Workshops on March 15, 2023 at MDNIY.
This year’s International Day of Yoga (IDY) connects with larger global community, as India’s G20 presidency theme “One World, One Health’ resonance with the principle of “Vasudhaiva Kutumbakam”.
The Union Minister of Ayush and Ports, Shipping & Waterways Shri Sarbananda Sonowal inaugurated the Yoga Mahotsav 2023.
- Yoga Mahotsav 2023 was an event to commemorate 100 days countdown to the 9th edition of International Day of Yoga 2023.
Key Points:
- Yoga Mahotsav 2023 witnessed auspicious presence and discourses by eminent dignitaries including revered Yoga Gurus, eminent Yoga Masters, experts of Ayush, delegates and Yoga enthusiasts.
- The three-day Yoga Mahotsav 2023 featured a range of activities including talks/discourses by Yoga gurus, Vice Chancellors Summit- where heads of leading institutes shared their experience, States/UTs Ayush Summit, Yoga Fusion/Demonstration, Yoga rhythmic performance, competitions.
International
India-US bilateral Commercial Dialogue 2023
⇒ On the invitation of Minister of Commerce and Industry Shri Piyush Goyal, the US Secretary of Commerce, Gina Raimondo visited New Delhi, India from March 7 to 10, 2023, to participate in the India-US bilateral Commercial Dialogue 2023.
Co-chaired by the Minister and the Secretary, the Commercial Dialogue was a part of ongoing efforts to strengthen US-India Comprehensive Global Strategic Partnership.
» The India -US Commercial Dialogue meeting was held on 10 March 2023 at Vanijya Bhawan, New Delhi.
- During the meeting, the Minister and the Secretary acknowledged that the bilateral goods and services trade has almost doubled since 2014, surpassing $191 billion recorded in 2022.
- Both sides welcomed further steps to enhance their commercial collaboration and tap into market potential across multiple sectors, and also enable an environment for investment by small and medium-sized industries (MSME) and startups. Secretary Raimondo applauded the steps undertaken under the National Infrastructure Pipeline and PM Gati Shakti National Master Plan.
One of the major outcomes:
» A Memorandum of Understanding (MoU) on establishing semiconductor supply chain and innovation partnership under the framework of India – US Commercial Dialogue was signed between the two countries following the Commercial Dialogue 2023 held in New Delhi.
- The MoU seeks to establish a collaborative mechanism between the two governments on Semiconductor Supply chain resiliency and diversification in view of US’s CHIPS and Science Act and India’s Semiconductor Mission.
- It aims to leverage complementary strengths of both countries and facilitate commercial opportunities and development of semiconductor innovation ecosystems through discussions on various aspects of semiconductor value chain. The MoU envisages mutually beneficial R&D, talent and skill development.
Other Key Outcomes of Commercial Dialogue:
» Both Ministers recognized that small businesses and entrepreneurs are the lifeblood of the U.S. and Indian economies and there is need to facilitate collaboration between the SMEs of the two countries and to foster innovation ecosystems that facilitate their post-pandemic economic recovery and growth. In this context, both sides announced the launch of a new Working Group on Talent, Innovation and Inclusive Growth under the Commercial Dialogue.
- This will further the cooperation on Start-ups, SMEs, Skill Development and Entrepreneurship including in digital and emergent technologies.
- This working group would also support the efforts under iCET, particularly in identifying specific regulatory hurdles that hinder cooperation and fostering of greater connectivity between our innovation ecosystems (including tech start-ups).
» Re-launched the Travel and Tourism Working Group to continue the progress from before the pandemic and to also address the many new challenges and opportunities to create a stronger travel and tourism sector. The activities of this working group also support SMEs as travel & tourism sector comprises SMEs such as hotels, restaurants, travel agents, handicrafts and so on.
» Launched Standards and Conformance Cooperation Program (Phase III) to be carried out in partnership between ANSI (American National Standard Institute) from the US side and BIS (Bureau of Indian Standards from Indian side in furtherance of standards cooperation.
» EAM and Secretary Raimondo launched “strategic trade dialogue” focusing which will address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfer between the two countries.
» US side to send a senior government official-led Clean Energy and Environmental Technology Business Development Mission to India in 2024. The trade mission would be an opportunity to further foster U.S.-Indian business partnerships in grid modernization and smart grid solutions, renewable energy, energy storage, hydrogen, liquefied natural gas, and environmental technology solutions.
» Both sides also pledged to work together in the Global Biofuels Alliance and in the development and deployment of hydrogen technologies.
» Announcement regarding U.S.-India Energy Industry Network (EIN) as a broad platform for facilitating U.S. industry involvement in the Clean EDGE Asia initiative, the U.S. government’s signature initiative to grow sustainable and secure clean energy markets throughout the Indo-Pacific region. EIN will be a platform to discuss opportunities in the Indian energy sector and Indian companies will also be able to participate in the activities under the EIN (roundtable discussions, webinars, and other activities).
» Both sides expressed interest in working together in developing next generation standards in telecommunications, including 6G.
Next Commercial Dialogue meeting:
The next Commercial Dialogue meeting, to be held in Washington, DC, in 2024 contributing towards a growing strategic and economic relationship between India and the United States.
Joint Statement of India-US Commercial Dialogue 2023 (Official Link)
Important Day
133rd Foundation Day of National Archives of India
⇒ On the occasion of 133rd Foundation Day of National Archives of India Shri Arjun Ram Meghwal inaugurated the exhibition “Women and Nation Building: 1857 to the Republic” at National Archives of India, New Delhi on 11 March 2023.
- The exhibition was opened for public viewing till 30 April 2023.
Key Points:
- This exhibition was an endeavor to showcase the contribution of women in the process of nation building. The Exhibition presented a selection of original documents drawn from the attics of the archival repository, i.e., official files of the government, private papers of eminent personalities, as well as from the rich collection of rare books held in the NAI Library.
- The Exhibition includes contributions of known, lesser-known as well as unknown and unsung women in the process of Indian nation building. This encompasses a journey of over 93 years, from 1857 to 1950.
About National Archives of India:
- The National Archives of India is an attached office under the Ministry of Culture.
- Established on 11 March 1891 at Calcutta (Kolkata) as the Imperial Record Department. It is the biggest archival repository in South Asia.
- The National Archives of India is the custodian of the records of enduring value of the Government of India.
- National Archives of India has at present in its repositories a collection of over 18.00 cr pages of Public Records, which include files, volumes, maps, bills assented to by the President of India, treaties, rare manuscripts, oriental records, private papers, cartographic records, important collection of Gazettes and Gazetteers, Census records, assembly and parliament debates, proscribed literature, travel accounts etc. A major chunk of Oriental records is in Sanskrit, Persian, Odia, etc.