Top News Highlights- 21 August 2024

Voice of Global South Summit (VOGSS)

• Theme: “An Empowered Global South for a Sustainable Future.”
• Highlights: 123 countries participated virtually; however, China and Pakistan were not invited.
• Global Development Compact (GDC): Proposed by India to address debt-related development finance issues and focus on sustainable growth and technology sharing.
• Indian Initiatives: India announced a special fund of $2.5 million for trade promotion and a $1 million Trade policy training fund for capacity building.

Contributions of Indian Diaspora in USA

• Economic Impact: Indian-origin CEOs lead 16 Fortune 500 companies.
• Cultural Influence: Significant contributions include widespread celebration of Indian festivals and promotion of wellness practices.
• Scientific Contributions: 13% of US scientific publications had Indian American co-authors, showcasing significant academic influence.

Banni Grasslands Restoration

• Ecological Value: Banni, Asia’s largest tropical grassland, provides crucial ecosystem services like carbon storage and climate mitigation.
• Restoration Efforts: Divided into categories based on suitability for restoration, with strategies tailored to varying conditions of the land.
• Threats and Management: Addressing challenges like excessive grazing, increased salinity, and water scarcity through targeted restoration projects.

Self-Regulatory Organisations (SROs) Framework in Financial Markets

• Purpose: Enhances self-regulation in financial markets, reducing the regulatory burden on bodies like RBI and SEBI.
• Eligibility and Responsibilities: SROs need to be not-for-profit, maintain a minimum net worth of INR 10 crore, and regularly report to RBI.

FMD-Mukt Bharat by 2030

• Disease Profile: Foot and Mouth Disease is a severe viral disease affecting livestock, leading to significant economic impacts.
• National Efforts: Under the National Animal Disease Control Programme, efforts are focused on eradicating FMD and Brucellosis.

India-Australia RISE Accelerator Program

• Objective: Supports start-ups and MSMEs in Climate Smart Agriculture and Clean Energy sectors.
• Bilateral Cooperation: Aims to facilitate international expansion and technology adaptation between India and Australia.

Key Concepts and Policies

• Global Development Compact (GDC): A framework proposed by India to promote sustainable growth and equitable development finance in the Global South.
• Banni Grasslands: Located in Gujarat, India, it is vital for biodiversity and is under restoration to combat degradation and climate impacts.
• Self-Regulatory Organisations (SROs): Entities that help regulate industry standards and practices in the financial sector to enhance governance and compliance.
• Foot and Mouth Disease (FMD): A contagious disease affecting livestock, with significant implications for agricultural productivity and trade.