INTERNATIONAL NEWS

NZIA and CRMA

The European Union (EU) has recently announced two major legislations.

They are the Net Zero Industry Act (NZIA) and the Critical Raw Materials Act

The NZIA aims to meet at least 40 per cent of the EU’s green technology needs through domestic manufacturing by 2030.

Eight technologies are identified as “strategic net zero technologies”.

The CRMA aims reduce the EU’s reliance on imports of critical raw materials by setting goals for their extraction, processing, and recycling within the EU.

The expected reduction level is, at least 10 per cent of the EU’s annual consumption for extraction, 40 per cent for processing, and 15 per cent for recycling by 2030.

Egypt joins BRICS bank as new member weeks after President Sisi’s India visit

After President Abdel-Fattah El-Sisi visited India as a chief guest for the Republic Day celebrations, Egypt has become a member of the BRICS New Development Bank (NDB). According to sources familiar with the matter, Egypt officially joined the NDB on February 20, with a formal notification issued on March 22. The African-Arab nation intends to enhance its infrastructure, and NDB funding can make a significant contribution toward achieving this goal.

NATIONAL NEWS

India participates in IPEF negotiations in Bali

India participates in the second round of Indo-Pacific Economic Framework for Prosperity negotiations in Bali
An Indian delegation led by the Department of Commerce recently participated in the second round of negotiations for the Indo-Pacific Economic Framework for Prosperity (IPEF) in Bali, Indonesia. Representatives from 13 other countries also took part in the discussions covering all four pillars of the IPEF: Trade, Supply Chains, Clean Economy, and Fair Economy. India was involved in talks related to the latter three pillars.

India reaffirms commitment to inclusive development at Indo-Pacific Economic Framework for Prosperity negotiations in Bali
The discussions that took place in Bali as part of the IPEF negotiations were an extension of previous rounds held in Brisbane and New Delhi, with the objective of promoting a common vision for an Indo-Pacific region that is open, well-connected, prosperous, and resilient. The Chief Negotiator from India reaffirmed their belief that the IPEF will lead to increased economic engagement and foster inclusive development in the region by facilitating better trade and investment opportunities.

DEFENCE NEWS

Exercise Cobra Warrior

Indian Air Force (IAF) Mirage-2000 aircraft have been participating in Exercise Cobra Warrior in the United Kingdom over the past three weeks. This joint training exercise has been taking place alongside six other Air Forces, including those from the United Kingdom, Finland, Sweden, South Africa, Saudi Arabia, the United States, and Singapore. This exercise involves high-intensity, large force, and tactical air war fighting operations. The Mirage-2000s were drawn from all three existing squadrons, including those that took part in the Balakot air strike in February 2019.

Exercise Cobra Warrior is held twice a year and is the largest air exercise hosted by the Royal Air Force. This edition saw around 70 aircraft take part and was directed by staff at RAF Waddington airbase. The exercise invites participating nations to operate with each other and with the United Kingdom. The fighter jets in the exercise were supported by RAF Voyager mid-air refuelling aircraft flying from RAF Brize Norton, and the RAF’s Air Mobility Force also participated in the exercise.

TAMIL NADU

TN Ethanol blending policy

The Tamil Nadu Ethanol Blending Policy (EBP) 2023 was released by the Industries Department.

Under the EBP programme, the State will encourage sugar industries to set up molasses-based ethanol plants and improve capacity utilisation.

The policy also will present an opportunity for reviving the sugar industry in the State by improving the capacity utilisation of existing plants.

Oil marketing companies (OMCs) presently source ethanol from other States,including Maharashtra and Karnataka.

In the present OMCs, the State currently has installed plant capacity of 664 kilolitres per day (KLPD).

They are specifically used to produce fuel grade ethanol under the EBP were blending up to 12% of ethanol with petrol in the State.

TN Logistics policy and integrated logistics plan

The Tamil Nadu Logistics Policy and Integrated Logistics Plan 2023 was released by the Chief Minister.

The vision of the Policy is “to promote an integrated, reliable, cost-efficient and sustainable logistics system in the State for enhanced competitiveness and fasttracked economic development of the State.”

Adopting new age technologies, enabling skill development, and building resilience and sustainability in logistics eco-system form part of key objectives.

The policy aims at

o Reduction of cost of logistics (for export-import as well as domestic freight) in the State;

o Leveraging private participation for development of logistics infrastructure;

o Formulating an effective coordination mechanism between State and Central agencies towards facilitation and execution of initiatives concerning the logistics sector.

ECONOMY NEWS

Income tax dept launches mobile app AIS for Taxpayers

On March 22, the Income Tax Department launched a mobile application called “AIS for Taxpayer” that enables taxpayers to view their tax-related information in the Annual Information Statement (AIS) or Taxpayer Information Summary (TIS). The app has become essential and beneficial since starting from the new financial year on April 1, Form 26AS will only show information related to tax deducted at source (TDS) and tax collection at source (TCS). Taxpayers can get a detailed summary of their information from Form 26AS by referring to the Annual Information Statement (AIS). The AIS not only provides a comprehensive overview of the taxpayer’s information, but it also has a feedback mechanism.

SCIENCE& TECHNOLOGY

NASA and ISRO have jointly manufactured an earth science satellite named, NISAR

Dr. Jitendra Singh, the Union Minister of State for Science & Technology, announced in the Rajya Sabha that NASA and ISRO have collaboratively built an earth science satellite called NISAR (NASA-ISRO Synthetic Aperture Radar). The satellite’s primary objectives are to design, develop, and launch a dual-frequency (L and S band) radar imaging satellite, and to explore new application areas using L & S Band microwave data, particularly in surface deformation studies, terrestrial biomass structure, natural resource mapping and monitoring, and research on the dynamics of ice-sheets, glaciers, forests, oil slicks, etc.

IMPORTANT DAYS

World Tuberculosis Day 2023 observed on 24 March

World Tuberculosis Day is observed on March 24th every year to raise awareness about the global epidemic of tuberculosis (TB) and efforts to eliminate the disease. The World Health Organization (WHO) aims to end the TB epidemic by 2030. The organization works with governments, non-governmental organizations, and other partners to increase access to TB prevention, diagnosis, and treatment, and to develop new tools and strategies for TB control.The theme for this year’s World Tuberculosis Day is “Yes! We can end TB!” and it focuses on urging leaders from around the world to take action to stop the TB epidemic.