1. 16th Finance Commission: Addressing Fiscal Challenges
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
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
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
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
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.