Top News Highlights-23 October 2024

India-China Border Agreement

• India and China have agreed on patrolling arrangements along the disputed Line of Actual Control (LAC).
• The standoff began in 2020 following China’s protests over Indian infrastructure projects in the neighborhood of the Galwan Valley.
• The India-China border is divided into three sectors, with the Ladakh or Western sector being the most contentious one.
• Key challenge: China rejects the McMahon Line in the Eastern Sector and disputes boundary demarcations in other sectors.

India’s Solar Imports Could Reach $30 Billion Annually by 2030

• India is heavily reliant on imports of solar modules and cells with more than 80 percent of world production controlled by China.
• A report by the Global Trade Research Initiative throws light on the fact that India lacks in the solar manufacturing capacity of raw materials like polysilicon and wafers.
• Recommendations include an increase in the scope of the PLI Scheme and together deal to reduce dependency on China.

GUESS India 2023 Report on Student Entrepreneurship

• It said that 33% of students in Indian colleges consider themselves nascent entrepreneurs, which is much higher than the global average of 26 percent.
• India ranks 39 on the Global Innovation Index, having more than 110 unicorns, and therefore is sustainably supported by a startup ecosystem.
• Some of the other challenges include a very low transition rate of nascent ventures into active businesses and not much access to programs in entrepreneurship education.

Offshore Areas Mineral (Development and Regulation) Act, 2002

• The government has issued rules regarding regulation of the exploration and production of minerals in the offshore areas it has left hydrocarbons and atomic minerals out.
• Offshore mining is a dire requirement to minimize the importation of minerals and meet the increasing demands of metals.
• Disadvantages include environmental devastation, technological restrictions, and possible damage to the fishing communities.

Volcanic Eruption Linked to Ionospheric Disturbances

• Indian Institute of Geomagnetism discovers a research paper that connects volcanic eruptions with ionospheric disturbances in disturbing satellite communications.
• Volcanic gravity waves induce Equatorial Plasma Bubbles (EPBs) that in turn damage satellite-based technologies.
• Volcanic eruptions, too, have cooled the atmosphere and enriched the soil with recent eruptions observed in Indonesia and New Zealand.

New Wetlands Assessment Post-COP15

• Wetlands International report underlines the usefulness of wetlands during the renewed National Biodiversity Strategies and Action Plans after the COP15.
• Wetlands occupy only 6% of the Earth but house 40% of the planet’s biodiversity and play an important role in carbon sequestration, among other nutrient cycling functions.
• The report demands measurable targets in wetland restoration to halt biodiversity loss

Economic Freedom Report 2024: India Ranks 84th

• India stood at 84th position in the Economic Freedom of the World Report 2024 released by the Fraser Institute.
• The report has measures in terms of the size of government, legal system and property rights, and freedom to trade internationally.
• Hong Kong topped at 1st place and Venezuela lagged at the 165th position.

Namo Bharat Trains: First Anniversary of Operations

• Completion of one year of operations of India’s first Regional Rapid Transit System (RRTS), Namo Bharat Trains
• Operating over a 42-km stretch between Delhi, Ghaziabad, and Meerut, it has been saving time and promoting sustainable urban transport
• The full 82 km corridor will be completed by 2025, further strengthening India’s commitment to sustainable transportation

Key Concepts and Policies

• PLI Scheme: A package of incentives for manufacturing solar components locally that goes on to reduce India’s import dependency.
• National Biodiversity Strategies and Action Plans (NBSAPs): Aim to meet international biodiversity targets, specifically wetland conservation.
• Offshore Areas Mineral (Development and Regulation) Act, 2002: The offshore area mineral development and Regulation Act 2002 provides the legal framework for the regulation of mineral exploration in offshore areas.