Top News Highlights- 20 June 2024

1. China’s BRI Expansion in Southeast Asia

Why in News?

China has announced its willingness to study a proposal to connect Kunming in China to Singapore via high-speed rail through Malaysia and Thailand as part of its Belt and Road Initiative (BRI). This initiative aims to enhance regional connectivity and trade.

Key Aspects:

High-Speed Rail Connectivity: This rail link will connect key cities in Malaysia and Thailand to Singapore, boosting trade, tourism, and economic integration.
Strategic Importance: The railway will serve as a critical component of the Southern Transport Corridor, linking land routes with maritime trade routes.
Economic Benefits: The project is expected to stimulate economic growth by reducing transportation costs and increasing trade efficiency.

2. Comprehensive Economic Cooperation Agreement (CECA) Between India and Australia

Why in News?

Australia is keen to conclude negotiations for the Comprehensive Economic Cooperation Agreement (CECA) with India within the next six to seven months, driven by the upcoming federal elections in mid-2025.

Key Areas of Negotiation:

Digital Trade: Regulations for digital services, data protection, and cybersecurity.
Government Procurement: Rules for government purchases to ensure fair competition.
Economic Benefits: The CECA is expected to boost economic growth in areas like agricultural exports, textiles, pharmaceuticals, and critical minerals.

3. GST on Petrol and Diesel

Why in News?

Petrol and diesel prices in Karnataka have become significantly higher compared to neighboring states like Telangana and Tamil Nadu. This disparity has led to a push for bringing petrol and diesel under the Goods and Services Tax (GST) to create uniform pricing and prevent revenue loss due to tax evasion.

Key Points:

Current Exclusions: Petroleum products are currently excluded from GST.
Challenges: Different tax rates across states lead to tax evasion and competitive disparity.
Benefits of Inclusion: Uniform pricing across the country, increased revenue, and simplified taxation.

4. Sickle Cell Disease and Gene Therapy Development in India

Why in News?

India is on the verge of developing a gene therapy for sickle cell disease using the CRISPR-Cas9 gene-editing tool, focusing on addressing this genetic blood disorder prevalent among the Scheduled Tribes.

Key Points:

CRISPR-Cas9 Technology: This technology identifies and cuts defective DNA sequences, replacing them with correct ones, and promising a permanent cure for genetic disorders like sickle cell disease.
Government Initiatives: Mission 2047 aims to eliminate sickle cell anemia by 2047, including universal screening and awareness programs.

5. Minimum Support Price (MSP) Increase for Paddy

Why in News?

The Indian government has increased the Minimum Support Price (MSP) for paddy by ₹117 to ₹2300 per quintal for the 2024–25 kharif marketing season, following recommendations from the Commission for Agricultural Costs and Prices (CACP).

Key Points:

What is MSP? MSP is a market intervention by the Government of India to insure agricultural producers against sharp falls in farm prices.
Calculation of MSP: Factors include the cost of production, input prices, market price trends, demand and supply conditions, and inter-crop price parity.
Impact: Provides financial stability to farmers, encourages the growth of certain crops, ensures food security, and stabilizes the agricultural market.