1. 16th Finance Commission: Addressing Fiscal Challenges
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Why in News?
The 16th Finance Commission has started its work on addressing contemporary fiscal challenges, including the devolution of funds to local bodies.
Key Aspects:
- Revenue Sharing: Evaluating GST’s impact on state revenues and recommending tax distribution between Centre and States.
- Grants-in-Aid: Establishing principles for state and local body grants.
- Debt and Fiscal Responsibility: Reviewing debt status and suggesting sustainable fiscal management measures.
- Local Government Finances: Assessing financial health and enhancing local governments’ financial autonomy.
- Disaster Management: Allocating funds for disaster management and mitigation.
2. Comprehensive Economic Partnership Agreement (CEPA) between India and South Korea
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Why in News?
India has requested South Korea to eliminate tariffs on specific items under the CEPA to reduce the trade deficit, which stood at $8.1 billion in 2022-23.
Key Aspects:
- Trade Deficit: Despite the CEPA, India’s trade deficit with South Korea remains substantial.
- CEPA Overview: Signed in 2009, covering trade in goods, services, and investments.
- Tariff Concessions: India seeks more tariff concessions on items like automobiles and rubber products.
3. Project-75I: Indian Navy’s Advanced Submarine Initiative
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Why in News?
The Indian Navy has completed the field evaluation trials for Project-75I, marking a critical milestone in procuring advanced submarines.
Key Aspects:
- Objective: Building six new-generation diesel-electric submarines with Air Independent Propulsion (AIP).
- Estimated Cost: Over ₹43,000 crore.
- Make in India: Significant step towards self-reliance in defense manufacturing.
- Key Players: Contenders include Germany’s Thyssenkrupp Marine Systems and Navantia of Spain.
4. Project Nexus: RBI’s Cross-Border Payment Initiative
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Why in News?
The Reserve Bank of India (RBI) has joined Project Nexus, a multi-lateral international initiative to connect cross-border real-time payment systems.
Key Aspects:
- Concept and Purpose: Interlinking countries’ real-time payment systems to enable instant cross-border payments.
- Partners: Includes India’s UPI, Malaysia’s RTPS, Philippines’ RTPS, Singapore’s FAST, and Thailand’s PromptPay.
- Benefits: Faster transactions, cost efficiency, enhanced security, and financial inclusion.
5. Kozhikode Secures ‘City of Literature’ Status
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Why in News?
Kozhikode has been awarded the title of “City of Literature” at the UNESCO Creative Cities Network (UCCN) conference held in Braga, Portugal.
Key Aspects:
- Significance: Recognition of Kozhikode’s cultural richness and literary heritage.
- Implications: Enhances the city’s cultural profile, promotes literary activities, boosts tourism and economy, and fosters international collaboration.