INDIA & WORLD
India becomes 1st country to contribute $100000 to UN Tax Fund
India has contributed $100,000 to a UN fund to help developing countries actively participate in the discussion of tax issues, becoming the first country to make the contribution. The UN Tax Trust Fund aims to support the work of the Committee of Experts on International Cooperation in Tax Matters. The UN Tax Committee, a subsidiary body of the UN Economic and Social Council (ESOSOC), has provided guidance on current issues such as double taxation treaties, transfer pricing (profit shifting) taxation of the extractive industries and taxation of services. The committee also provides a framework for dialogues with a view to enhancing and promoting international tax cooperation among national tax authorities, while making recommendations on capacity-building and the provision of technical assistance to developing counties and countries with economies in transition.
India, Portugal sign 11 MoUs in various fields
India and Portugal have signed eleven MOUs for cooperation in areas including double taxation avoidance, science and technology, trade and investment, nanotechnology, space research, administrative reforms and culture. 11 MoU’s were exchanged in the meeting and there was the announcement of the launch of a joint science fund for which both India and Portugal will contribute Euros two million each. 5 of the MoU’s were in the area of science and technology. One of the MoU’s was signed for the creation of an India Portugal Space Alliance and for advancing collaborative research. These agreements will promote India’s science and technology partnership with Portugal, towards the establishment of a unique Centre on the Azores Archipelago – the Atlantic International Research Centre.
India, Russia Sign ‘Military Cooperation Roadmap’
India and Russia have agreed to a roadmap for the development of bilateral defense cooperation. The roadmap includes specific activities to be concluded by both sides, and aims to enhance cooperation in the field of political and military dialogue, exercises, exchange of visits, military cooperation and training of military personnel. The agreement was reached at the 17th meeting of the India-Russia Inter-Governmental Commission on Military-Technical Cooperation which was held in Moscow. The meeting took place was held under the Co-Chairmanship of the Defence Minister Arun Jaitley and the Defence Minister of Russia Sergei Shoigu.
US approves sale of Predator Guardian drones to India
The US has cleared the sale of 22 unmanned Guardian drones to India. This deal has been termed as a “game changer” ahead of Prime Minister Narendra Modi’s visit to Washington for his maiden meeting with President Donald Trump. The deal, estimated to be worth $2 to 3 billion, has been approved by the State Department. The sale of 22 predator drones being manufactured by General Atomics is “a game changer” for US-India relations as it operationalises the status of “major defense partner.” The Indian Navy had made the request for this intelligence, surveillance and reconnaissance (ISR) platform last year.
India, Russia identify areas to boost cooperation in S&T sector
India and Russia have identified key areas to bolster cooperation in the science and technology sector, including space and marine technologies, IT and deep ocean engineering. The areas were chosen at the first meeting of India-Russia Joint Committee on Science and Technology Cooperation in the Siberian city of Novosibirsk. The meeting was co- chaired by Defence Minister Arun Jaitley and Russian Deputy Prime Minister Dmitryi Rogozin. The India-Russia high-level committee on Science & Technology is a newly established committee and it was established to discuss cooperation in high technologies. Inspired by India’s ‘Make in India’ initiative, Moscow has launched a “Do It In Russia” initiative to promote local manufacturing and technology development.
India and Portugal inks Agreement to Promote Cooperation in The Field of Archives
India and Portugal have signed a protocol of cooperation in the field of archives. The agreement has been signed between the National Archives of India and the Ministry of Culture of the Portuguese Republic in Lisbon, Portugal. As a part of the Cooperation, the Torre do Tombo (National Archives of Portugal) has handed over digital copies of 62 volumes of the collection known as ‘Moncoes do Reino’ (Monsoon correspondence) to the National Archives of India. These volumes were originally part of over 456 volumes which is the largest of all record collections in the Goa State Archives. The collection consists of direct correspondence from Lisbon to Goa and covers the period from 1568 to 1914. These volumes serve as the most important primary source for the study of the Portuguese expansion in Asia and their trade rivalries with the Arabs and European powers as well as their relations with neighbouring Kings in South Asia and East Asia.
India becomes 71st country to ratify UN TIR Convention
India has become the 71st country to ratify the United Nations International Convention on Road Transports, TIR, a move that will help boost trade through smoother movement of goods across territories. TIR is managed and developed by IRU – the world road transport organisation. The TIR Convention is part of India’s multi-modal transport strategy that aims to integrate the economy with global and regional production networks through better connectivity. TIR will help India to integrate with Myanmar and Thailand as well as Bangladesh, Bhutan and Nepal. China was the last TIR contracting party who acceded to the Convention in July 2016.
Afghan Prez inaugurates first air corridor with India, bypassing Pak
Afghan President Ashraf Ghani has inaugurated the first Afghanistan-India air corridor at the Kabul International Airport. The corridor is a direct route that will bypass Pakistan and is meant to improve commerce in Afghanistan. The aim of the route is to create more opportunities and make Afghanistan an exporter country. Afghan agricultural products will for the first time head to India on cargo planes. Afghanistan is a mountainous landlocked country and all imports and exports depend on neighboring countries. The first India-bound flight included 60 tons of medicinal plants and a second flight will carry 40 tons of dry fruits from the southern Kandahar province.
India 60th most-innovative globally: GII rankings
India continued to rise in the Global Innovation Index (GII) rankings for the second year in succession, after four consecutive years of decline. In 2017 rankings released in Geneva (Switzerland), India improved its position from 66 to 60. It highlighted the continual improvement of India in terms of investment, tertiary education, quality of its publications and universities, its ICT services exports and innovation clusters. Its improvement is part of a trend both in the middle-income countries and Asian countries, many of which have improved their innovation capacities in recent years. The GII was first developed 10 years ago by the business school INSEAD in Paris.
India top remittance-receiving country in 2016: UN report
India has claimed the top spot among the remittance-receiving nations, surpassing China. The United Nations, in its report, stated that Indians working across the globe sent home 62.7 billion US dollars in 2016. According to the ‘One Family at a Time’ study by the UN International Fund for Agricultural Development, about 200 million migrants globally sent more than 445 billion dollars as remittances in 2016 to their families. Remittance flows have grown over the last decade from 296 billion in 2007 to 445 billion dollars in 2016. It said 80 percent of remittances are received by 23 countries, led by India, China, the Philippines, Mexico, and Pakistan. India, while retaining its top spot as the world’s largest remittance recipient, led the decline with remittance inflows amounting to $62.7 billion last year, a decrease of 8.9 per cent over $68.9 billion in 2015.
India-Australia naval exercise ‘AUSINDEX 17’ begins
Indian warships began a week-long naval exercise off the coast of Western Australia. The second AUSINDEX exercises are aimed at increasing interoperability between Australian and Indian naval forces, executing complex naval manoeuvres. The first AUSINDEX was held in the Bay of Bengal in 2015. As the only countries with the largest Indian Ocean coastline, Australia and India are natural partners in maritime security, particularly in the region where India has its greatest strategic interests.
India ratifies two key ILO conventions on child labour
India ratified two key ILO conventions on child labor, according to a statement issued by the International Labour Organisation (ILO) in Geneva, Switzerland. Labour Minister Bandaru Dattatreya, who is in Geneva stated that the ratification reaffirmed India’s “commitment to a child labor free society”. According to ILO, the Government of India deposited with the International Labour Office the instruments of ratification of the two fundamental ILO Conventions concerning the elimination of child labor, the Minimum Age Convention (No 138) and the Worst Forms of Child Labour Convention (No 182). India is the 170th ILO member state to ratify Convention No 138, which requires states to set a minimum age under which no one shall be admitted to employment or work in any occupation, except for light work and artistic performances. In addition, India is the 181st member to ratify Convention No. 182, which calls for the prohibition and elimination of the worst forms of child labour, including slavery, forced labour and trafficking; the use of children in armed conflict; the use of a child for prostitution, pornography and in illicit activities (such as drug trafficking); and hazardous work.
India, Mauritius sign MoU to institutionalize cooperation between Parliaments
India and Mauritius have signed a Memorandum of Understanding to institutionalize cooperation between Parliaments of the two countries. The MoU was signed by Lok Sabha Speaker Sumitra Mahajan and Speaker of National Assembly of Mauritius Santi Bai Hanoomanjee in Port Louis. Mrs. Mahajan was on a five-day visit to Mauritius from 6th of June with a Parliamentary delegation. She stated that the MoU on a joint framework for parliamentary support and capacity building is a visionary step forward.
EU, France grant 3.5m euros to curb emissions in India
Aiming to reduce emissions and promote sustainability to help India’s smart city programme, France and the European Union have extended a grant of 3.5 million euros under the ‘Moblise Your City’ (MYC) initiative. Three Indian cities- Nagpur, Kochi and Ahmedabad — will get the grant as part of the EU’s commitment under the Paris Climate agreement according to French Development Agency (AFD). More funds would be provided to India as the loan to take forward the smart city and sustainable transport initiatives in the three cities on the pilot basis. The MYC, supported by the French and German government, also has financial support from the European Union (EU).
India, Pakistan Become Full Members Of Shanghai Cooperation Organisation
India and Pakistan became full members of the Shanghai Cooperation Organisation (SCO), the first-ever expansion of the China-dominated security grouping after 2001. With the inclusion of India and Pakistan, SCO now represents over 40% of world population and nearly 20% of the global GDP. 2017 SCO summit was based on the theme “Future Energy”. The document was signed at Astana, Kazakhstan during the SCO Summit. (SCO) member-states viz. China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan.
India signs OECD pact to check tax evasion by MNCs
India signed the OECD (Organisation for Economic Co-operation and Development) multilateral convention that aims to check cross-border tax evasion by multinational companies. Union Finance Minister Arun Jaitley signed the multilateral convention in Paris, France to implement tax treaty- related measures to prevent base erosion and profit shifting. More than 65 countries, including India, signed the convention. As per the Finance Ministry, the Convention will modify India’s treaties in order to curb revenue loss through treaty abuse and base erosion and profit shifting strategies by ensuring that profits are taxed where substantive economic activities generating the profits are carried out and where the value is created. The Multilateral Convention is an outcome of the OECD/ G20 Project to tackle Base Erosion and Profit Shifting (BEPS) which is resorted to by MNCs through tax planning strategies by exploiting gaps and mismatches in tax rules.
India Signs Loan Agreement with the World Bank for the project “Assam Citizen Centric Service Delivery”
An agreement for International Bank for Reconstruction and Development (IBRD) Credit of USD 39.2 Million from World Bank for the project ‘Assam Citizen Centric Service Delivery’ was signed recently. Loan agreement was signed by Shri Raj Kumar, Joint Secretary (MI), Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr. Hisham Abdo, Manager, Operations (India) on behalf of the World Bank. The programme size is USD 49 million, of which USD 39.2 million will be financed by the Bank, and the remaining amount will be funded-out of State Budget. The programme duration is 5 years. The objective of the project is to improve access in the delivery of selected public services in Assam.
India signs agreement with Sri Lanka for developing Railway sector
India signed an agreement to provide fresh assistance of 318 million US Dollar credit line to Sri Lanka for the development of the railway sector in the country. The agreement was signed in Colombo amidst the presence of senior officials of Sri Lanka’s finance and transport ministries. The Indian side was represented by Managing Director of the Export- Import (EXIM) Bank of India David Rasquinha and Deputy High Commissioner Arindam Bagchi. India has already provided four Lines of Credit for the development of railway sector in Sri Lanka through its EXIM Bank amounting to approximately USD 966 million.
India overtakes China to top global retail index: Study
India has surpassed China to secure the top position among 30 developing countries on ease of doing business, according to a study that cited India’s rapidly expanding economy, relaxation of FDI rules and a consumption boom as the key drivers. The 2017 Global Retail Development Index (GRDI), now in its 16th edition, ranks the top 30 developing countries for retail investment worldwide and analyses 25 macroeconomic and retail-specific variables. India’s rapidly expanding economy easing of foreign direct investment (FDI) rules and a consumption boom are the key drivers for India’s top ranking in the GRDI.
India slips to 45th spot in IMD’s World Competitiveness list
India has been ranked 45th, down four notches from last year, in terms of competitiveness in the annual rankings compiled by IMD which saw Hong Kong topping the list. US was pushed out of the top three slots while Hong Kong consolidated its dominance of the annual rankings for the second year in the list compiled by the International Institute for Management Development’s (IMD) World Competitiveness Center. Switzerland and Singapore were ranked second and third respectively, with the USA at the fourth spot – its lowest position in five years and down from third last year. The IMD World Competitiveness Center is a research group at IMD business school in Switzerland. It has been publishing the rankings every year since 1989. This year’s list comprises 63 countries with Cyprus and Saudi Arabia making their first appearance.
India ranked 137th in the Global Peace Index 2017
India has ranked 137th out of 163 countries on Global Peace Index 2017 published by The Institute of Economics and Peace. This is the eleventh edition of the Global Peace Index (GPI). Iceland has been named the world’s most peaceful country, topping the Global Peace Index for the tenth consecutive year followed by New Zealand and Portugal at second and third position while Syria has been named the least peaceful country.
India, Spain strengthen bilateral cooperation to fight against terrorism: PM
PM Modi has said that India and Spain should strengthen their bilateral cooperation to fight against terrorism.Both the nations have faced the security challenge. Modi met Spain’s President Mariano Rajoy at the Moncloa Palace, the official residence of the president and the king of Spain in the first engagement during his stay in the country. Modi said, the focus of his discussion in Spain will be on the international developments. The prime minister praised the Spanish president saying under Rajoy’s leadership the country has undergone economic reforms “which is also the biggest priority of my government.
Read more: Current Affairs June 2017 Study Material | FreeJobAlert.com http://currentaffairs.freejobalert.com/june-2017-current-affairs-study-material/23259/#ixzz5Thrcj9e4
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