Lok Sabha Passes Coastal Shipping Bill, 2024 The Lok Sabha has passed the Coastal Shipping Bill, 2024, which aims to regulate vessels engaged in trade within Indian coastal waters. This includes territorial waters and adjoining maritime zones, extending up to 12 and 200 nautical miles, respectively. The Bill is designed to promote coasting trade and encourage domestic participation by consolidating and amending existing laws related to coastal shipping. Key highlights of the Bill include: India’s shipping sector has seen significant growth, with coastal cargo traffic surging by 119% from 2014 to 2024. The Ministry of Ports, Shipping, and Waterways has increased cargo handling capacity by 103% in the last decade. India aims to establish a new shipping company to expand its fleet by at least 1,000 ships within a decade. USA’s ‘Reciprocal Tariffs’ on India & World In a move to address trade imbalances, the US has introduced ‘reciprocal tariffs’ on imports from various countries, including India. This measure aims to create a level playing field by mirroring the duties imposed on US exports. The tariffs range from 10% to 50%, with India facing a 26% discounted reciprocal tariff. Key highlights of the reciprocal tariffs include: The total goods trade between the U.S. and India was estimated at $129.2 billion in 2024, with a trade deficit of $45.7 billion. India’s top exports to the USA include precious stones and metals, pharmaceutical products, apparel and textiles, engineering goods, organic chemicals, and IT services. Forest Rights Act (FRA) The Forest Rights Act (FRA), enacted in 2006, aims to recognize historical injustices against forest-dwelling communities by granting them legal rights over forest land and resources. However, concerns have been raised about the government’s handling of rejected claims under the FRA ahead of a crucial Supreme Court hearing. Key aspects of the FRA include: Undersea Cables India has seen a significant boost in its digital backbone with the landing of new undersea cable systems, enhancing its international bandwidth capacity and global internet connectivity. Two major systems, 2Africa Pearls and SEA-ME-WE-6, have landed in India in 2024. Key points about undersea cables include: Tipitaka Tipitaka, the sacred Buddhist scriptures, hold significant cultural and religious importance. They are a collection of teachings attributed to the Buddha and are revered in Buddhist communities worldwide. Bharani Festival The Bharani Festival is celebrated in Kerala, India, and is associated with the Bharani Nakshatra. It is a significant cultural event, often marked by traditional dances and rituals. Parliament Adopts Statutory Resolution Confirming President’s Rule in Manipur The Parliament has adopted a statutory resolution confirming President’s Rule in Manipur, following political instability in the state. This move allows the central government to take control of the state’s administration. Baku to Belem Roadmap The Baku to Belem Roadmap is a strategic initiative aimed at enhancing cooperation between countries along the Silk Road and beyond. It focuses on economic development, cultural exchange, and infrastructure connectivity. GI Tag to Chapata Chilli The Chapata Chilli has been granted a Geographical Indication (GI) tag, recognizing its unique characteristics and geographical origin. This tag helps protect local producers and promotes the product globally. Axiom-4 Mission (Ax-4) The Axiom-4 mission is a private spaceflight initiative aimed at conducting scientific research and space exploration. It highlights the growing role of private companies in space exploration. GI Tag for Kannadippaya Kannadippaya, a traditional rice variety, has been granted a GI tag. This recognition supports local farmers and preserves cultural heritage. US Tariff Impact on Seafood Export The US tariffs have impacted India’s seafood exports, posing challenges for exporters due to increased costs and reduced competitiveness. Pope’s Pit Viper Venom Research on Pope’s Pit Viper venom has shown potential for medical applications, highlighting the importance of biodiversity in drug discovery. National Centre for Polar and Ocean Research (NCPOR) NCPOR is a leading research institution focused on polar and oceanic studies. It plays a crucial role in understanding climate change and its impacts on global ecosystems. Heard and McDonald Islands Heard and McDonald Islands are remote Australian territories in the Southern Ocean, known for their unique biodiversity and scientific research opportunities.
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