LESSON 1

INTERNATIONAL BODIES

 International and National Affairs

 India is a member & IMF Since 1945

 The International Monetary Fund (IMF) is an organization of 190 countries.
 Working to foster global monetary cooperation, secure financial stability, facilitate
international trade, promote high employment.
 The IMF was established in 1944
 IMF’s fundamental mission is to ensure the stability of the international monetary system.

 Financial Assistance by IMF

 Domestic factors
 External factors

Fast Facts
Membership 190 countries
Headquarters Washington, D.C.
Executive Board 24 Executive Directors each representing a single country
or groups of countries.
Amount available for lending $ 1 trillion
Current Lending Arrangements 34
Recipient Countries of 76
emergency pandemic financing

IMF Leadership
Managing Director Kristalina Georgieva
First Deputy Managing Director [FDMD] Gita Gopinath

 World Bank is an international organization affiliated with the United Nations (UN) and
designed to finance projects that enhance the economic development of member states.
 Headquartered in Washington, D.C.
  Five Constituent Institutions under World Bank

 The International Bank for Reconstruction and Development provides loans at market
rates of interest to middle-income developing countries.
 The International Development Association provides interest-free long-term loans in areas
such as health, education, and rural development.
 The International Finance Corporation operating in partnership with private investors
 The Multilateral Investment Guarantee Agency
 The International Centre for Settlement of Investment Disputes

 World Bank Group- Ajay Banga, President

 World Bank keeps India’s FY25GDP growth estimate unchanged at 6.4%

 The International Finance Corporation (IFC) is a sister organization of the World Bank
 The Bank Group has set two goals for the world to achieve by 2030.
 End Extreme Poverty; and
 Promote shared prosperity in every country.
 IFC was founded in 1956 on a bold idea: that the private sector has the potential to
transform developing countries.

The IFC helps the countries to develop their private sectors in a variety of ways:

 Investing in companies
 Advising businesses and governments
 The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in
Bangkok, Thailand, with the signing of the ASEAN Declaration (Bangkok Declaration).
 Founding countries of ASEAN, namely Indonesia, Malaysia, Philippines, Singapore and
Thailand.
 The current members of the group include Indonesia, Malaysia, Philippines, Singapore,
Thailand, Brunei, Cambodia, Laos, Myanmar and Vietnam.
 The First ASEAN Summit was held in Bali, Indonesia on 23-24 February, 1976.
 The 43rd ASEAN Summits was held on September 4-7, 2023 under the leadership of
President Joko Widodo of Indonesia.
 2023 → Indonesia
 2024 → Laos

 BRICS → 2009 → Formed

  BRICS is an informal group of states comprising the Federative Republic of Brazil, the
Russian Federation, the Republic of India, the People’s Republic of China and the Republic
of South Africa.

 BRICS leaders announced the admission of six new countries – Argentina, Ethiopia, Iron
Saudi Arabia, Egypt and the United Arab Emirates – into the bloc from January 01, 2024
 Summit → Yearly 2021→ India → New Delhi
 Summit → Yearly 2016 → India → Goa
 BRICS is an important group bringing together the major emerging economies from the
world, comprising 41% of the world population, having 24% of the world GDP and over
16% share in the world trade.
 The 15th BRICS summit was hosted by South Africa in Johannesburg.
 16th BRICS summit is scheduled will be held in Russia

 SOUTH ASIAN ASSOCIATION FOR REGIONAL COOPERATION (SAARC)

The South Asian Association for Regional Cooperation (SAARC) was established with the signing of
the SAARC Charter in Dhaka on 8 December 1985. SAARC comprises of eight Member States:
Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka. The Secretariat of
the Association was set up in Kathmandu on 17 January 1987.

 THE GROUP OF TWENTY (G-20)

 The Group of Twenty (G20) is the premier international forum for global economic
cooperation.
 The members of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany,
India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, Republic of
South Africa, Turkey, United Kingdom, United States of America, and the European Union
(EU).
 Representing more than 80% of the global GDP.
 The G20 members represent around 85% of the global GDP, over 75% of the global trade,
and about two- thirds of the world population.
 The G20 was founded in 1999 after The G20 was founded in 1999 after the
the Asian financial crisis as a forum for Asian financial crisis as a forum for the
the Finance Ministers and Central Finance Ministers and Central Bank
Bank Governors to discuss global Governors to discuss global economic
economic and financial issues and financial issues

 The G20 Summit is held annually, under the leadership of a rotating Presidency.
 The presidency of the G20 rotates every year among its members.
 With the country that holds the presidency working together with its predecessor and
successor, also known as Troika.
 The G20 has no permanent secretariat.

THE BAY OF BENGAL INITIATIVE FOR MULTI-SECTORAL TECHNICAL AND ECONOMIC

COOPERATION (BIMSTEC)

 BIMSTEC is a regional organization comprising seven Member States lying in the littoral
and adjacent areas of the Bay of Bengal constituting a contiguous regional unity.
 This sub-regional organization came into being on 6 June 1997 through the Bangkok
Declaration.
 It constitutes seven Member States: five deriving from South Asia, including Bangladesh,
Bhutan, India, Nepal, Sri Lanka, and two from Southeast Asia, including Myanmar and
Thailand.
 Initially, the economic bloc was formed with four Member States with the acronym ‘BIST-
EC’ (Bangladesh, India, Sri Lanka and Thailand Economic Cooperation).
 The regional group constitutes a bridge between South and Southeast Asia.
 The BIMSTEC region is home to around 1.5 billion people which constitute around 22% of
the global population with a combined gross domestic product (GDP) of 2.7 trillion
economy.
 BIMSTEC (Bay of Bengal Initiative for Multi Sectoral Technical and Economics Cooperation)
Aquatic Championship 2024 (February 05, 2024).
  India hosted the BIMSTEC (Bay of Bengal Initiative for Multi Sectoral Technical and
Economics Cooperation) Aquatic Championship 2024 in New Delhi.

 ASIAN DEVELOPMENT BANK

The Asian Development Bank (ADB) was conceived in the early 1960s as a financial institution
that would be Asian in character and foster economic growth and co-operation in one of the
poorest regions in the world. The Asian Development Bank (ADB) envisions a prosperous,
inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate
extreme poverty in the region. ADB assists its member and partners, by providing loans, technical
assistance, growth and other equity investments to promote social and economic development
ADB is composed of 68 members 49 of which are from Asia and the Pacific region.

As a multilateral development finance institution, ADB provides:

 loans
 technical assistance
 grants

NATIONAL BODIES

 NITI AAYOG
 The NITI Aayog’s precursor, the Planning Commission was established in March 1950 by a
Government of India resolution with the Prime Minister as Chairperson.
 The Planning Commission from 1950 to 2014 formulated twelve five-year plans. The Prime
Minister announced the closure of the Planning Commission from the ramparts of Red Fort
on August 15, 2014.
 The NITI Aayog, established in 2015, is one of Indian democracy’s youngest institutions.
 NITI Aayog is the premier policy ‘Think Tank’ of the Government of India.
 NITI Aayog’s entire gamut of activities can be divided into four main heads:
 Policy and Programme Framework
 Cooperative Federalism
 Monitoring and Evaluation
 Think Tank, and Knowledge and Innovation Hub
 Chairperson- Shri Narendra Modi, Hon’ble Prime Minister
 Vice Chairperson- Shri Suman Bery
  Chief Executive Officer- Shri BVR Subrahmanyam

Relevance of NITI Aayog

 Competitive Federalism
 Cooperative federalism
 Greater Accountability
 Think tank of innovative ideas

Niti Aayog bats for easy financing, e-commerce push to boost MSME exports (March 13,
2024)

 SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

The Securities and Exchange Board of India was established on April 12, 1992. Securities and
Exchange Board of India Act, 1992.

The Preamble of the Securities and Exchange Board of India describes the basic functions of the
Securities and Exchange Board of India as “...to protect the interests of investors in securities and
to promote the development of, and to regulate the securities market and for matters connected
therewith or incidental thereto”

Investor Charter issued by SEBI

 Objective to provide protection to investors.

 The Investor Charter was released for investors in Indian securities market in 2021. It
comprises of rights & responsibilities of investors as well as do’s & don’t’s of investing in
securities market

 COMPETITION COMMISSION OF INDIA (CCI)

The Competition Act

The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, follows the
philosophy of modern competition laws. The Act prohibits anti-competitive agreements, abuse of
dominant position by enterprises and regulates combinations (acquisition, acquiring of control
and M&A), which causes or likely to cause an appreciable adverse effect on competition within
India.

The Competition Commission of India

The Competition Commission of India has been established by the Central Government with effect
from 14th October 2003 to achieve the objectives of the Competition Act. CCI consists of a
Chairperson and 6 Members appointed by the Central Government.

Ravneet Kaur is the Chairperson of the Commission.

 THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI)

The Insolvency and Bankruptcy Board of India was established on 1st October, 2016 under the
Insolvency and Bankruptcy Code, 2016 (Code).

It is a unique regulator which regulates a profession as well as processes..

Shri Ravi Mittal currently serves as Chairperson of the Insolvency and Bankruptcy Board of
India.

 G7 SUMMIT

About G7

 G7 originally came into being in 1975 when the heads of the world’s six leading industrial
nations- the US, UK, France, Germany, Japan and Italy decided to hold a meeting in the wake
of the oil shock of 1973 and the following financial crisis.
 The six countries were joined by Canada in 1976.
 Russia joined the group, which then became known as the G8, in 1998 but was suspended
in 2014 after it annexed Crimea from Ukraine.
 Current members are - US, UK, Canada, France, Germany, Italy and Japan.

As the Group of 7 (G7) Presidency in 2024, Italy will host the G7

G7 Summit 2024 Summitin Puglia, Italy, on June 13-15, 2024
In 2023, as the G7 Presidency, Japan hosted the Summit on
G7 Summit 2023 May 19-21,2023 in Hiroshima
 In 2022, as the G7 Presidency, Germany hosted the Summit
G7 Summit 2022 on June26-28, 2022 in Schloss Elmau, Krün, Bavarian Alps.

 BUSINESS PERSONALITIES

Mukesh Ambani

Mr. Mukesh D. Ambani is the Chairman and Managing Director of Reliance Industries Ltd. is a
Chemical Engineer from the Institute of Chemical Technology, Mumbai.

Azim Premji

Azim Premji is an Indian business entrepreneur who served as chairman of Wipro Limited.

Gautam Adani

Mr. Gautam Adani is the Founder and Chairman of the Adani Group.

Kumar Mangalam Birla

Mr. Kumar Mangalam Birla is the Chairman of the Aditya Birla Group.

Tim Cook

Tim Cook is the CEO of the most valuable company in the world, Apple.

Bill Gates

Gates founded Microsoft, the world’s largest PC software company, and each year; he is
consistently near the top of the list of the world’s wealthiest people.

Elon Musk
Elon Musk was born in South Africa and is a businessman, inventor, and investor.

Warren Buffett

Warren Buffett is one of the most successful investors in the world.

“Wizard of Omaha” (his birthplace is Omaha, Nebraska)

The wealthiest people in the world. He has also pledged to give away nearly 99% of his
accumulated.

Narendra Modi

Shri Narendra Modi was sworn-in as India’s Prime Minister on 30th May 2019, marking the start
of his second term in office.

The longest serving Chief Minister of Gujarat with his term spanning from October 2001 to May
2014.

Joe Biden

Joe Biden is an American politician and also the 46th and current president of the United States.

Vladimir Putin

A former intelligence officer, Vladimir Putin is the President of Russia since 2012,

 QUAD LEADERS’ SUMMIT

India participated in the third in-person Quad Leaders’ Summit in Hiroshima, Japan on 20 May
2023,
 LESSON 2
FINANCIAL AFFAIRS
CURRENT DEVELOPMENT IN BANKING

 RESERVE BANK OF INDIA

 Introduction

 Reserve Bank of India was established on April 1, 1935

 Reserve Bank of India Act, 1934.
 The Central Office of the Reserve Bank was initially established in Calcutta.
 but was permanently moved to Mumbai in 1937.
 The Central Office is where the Governor sits and where policies are formulated.

 Main functions of RBI

 Monetary Authority

 Formulates, implements and monitors the monetary policy.

 maintaining price stability

 Regulator and supervisor of the financial system

 broad parameters of banking operations

 maintain public confidence in the system, protect depositors’ interest.

 Manager of Foreign Exchange

 Manages the Foreign Exchange Management Act, 1999.

 Issuer of currency

 Issues and exchanges or destroys currency and coins not fit for circulation.
 ₹ 1 issued by ministry of finance & sign by finance secretary T.V. Somanathan
 Regulator and Supervisor of Payment and Settlement Systems

 Banker to the Government

 Banker to banks:
 RBI has 27 regional offices, most of them in state capitals and 04 Sub-offices.

 Supervisory Action against Kotak Mahindra Bank Limited under Section 35A of the
Banking Regulation Act, 1949 (April 24, 2024)

Directed Kotak Mahindra Bank Limited to cease and desist, with immediate effect, from (i)
on boarding of new customers through its online and mobile banking channels and (ii)
issuing fresh credit cards.

 Shri T. Rabi Sankar re-appointed as RBI Deputy Governor

Reserve Bank of India (RBI) observed the Financial Literacy Week (FLW) 2024 from
February 26 to March 1, 2024 on the theme “Make a Right Start – Become Financially
Smart”.

 Indian travellers can now use PhonePe UPI payments over 8,000 merchants in
Singapore

 RBI 90 Years: PM Narendra Modi on Indian banking system, UPI success, taking Indian
Rupee global & more

 CAPITAL MARKET INDICES

 Broad- market indices

 The Broad market indices are, consisting of the large, liquid stocks listed on the Exchange.
 They serve as a benchmark for measuring the performance of the stocks or portfolios such as
mutual fund investments.
 The NIFTY 50, which comprises the top 50 companies in India.
 SENSEX, comprises the 30 best-performing companies managed by the Bombay Stock
Exchange (BSE).
 Sectoral Indices

 While SENSEX and NIFTY50 provide the overall picture and trend of the economy, sectoral
indices summarise the specific sectors or industries.
 For example, under the NIFTY brand, there are various sectoral indices viz. Automobiles,
Banking, Realty, IT, Financial Services, FMCG, Pharma, Metal, Oil & Gas, Healthcare,
Consumer Durables, Media etc.

 Strategy indices

 NIFTY Alpha 50: tracks the performance of 50 stocks with high Alphas in the last one year.
 NIFTY Low Volatility 30: tracks the performance of 30 stocks in Nifty 100 with the lowest
volatility in the last year.

 Fixed income indices

 The fixed income indices offer independent and comprehensive benchmarks for the fixed
income market in India, covering universe of fixed income assets including government
securities, T-bills.

 Hybrid indices

 The hybrid indices measure the performance of hybrid portfolios comprising indices from
NIFTY 50 and aggregate fixed income indices.

 SOCIAL STOCK EXCHANGE

 This is where a Social Stock Exchange (SSE) steps in. An SSE will act as a bridge between the
less-informed but willing donors and legitimate organizations doing real social work.
 “Social Stock Exchange”, under the regulatory ambit of Securities and Exchange Board of
India (SEBI)

 Forms of Social Enterprises

 For Profit enterprises (FPEs) (which include companies registered under the companies
Act, sole proprietorship firms, HUFs and limited liability partnership) and
 Non- Profit Organizations (NPOs) (which include section 8 companies, trusts and societies).

 Recently, the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) introduced
trading in the T+0 beta version of the settlement cycle in the equity segment on an optional
basis.

 NSE GETS SEBI NOD TO SET UP SOCIAL STOCK EXCHANGE

 LESSON 3
LEGAL AND OTHER AFFAIRS
 SUPREME COURT

 The Supreme Court of India is the highest judicial Court and the final Court of appeal under
the Constitution of India, the highest Constitutional Court, with the power of judicial
review.
 Articles 124 to 147 in Part V of the Constitution deal with the organisation, independence,
jurisdiction, powers and procedures of the Supreme Court.
 The Indian constitution under Article 124(1) states that there shall be a Supreme Court of
India constituting of a Chief Justice of India (CJI) and, until Parliament by law prescribes a
larger number, of not more than seven other Judges.
 Today → ICSI + 33 others Judges.

347

 Presently, Hon’ble Dr. Justice D.Y. Chandrachud is the Chief Justice of India.

Appointment of Judges

CJI Other Judge

Appointed Appointed
by → President of India by → President of India

Consult with other Consult with CJI

Judge Optional is Compulsory

 HIGH COURTS IN INDIA

 India has a cohesive judiciary system and the Supreme Court is the apex court.
  The High Court is the supreme judicial body in a state. According to Article 214, each state
of India shall have a High Court.
 Every High Court shall consist of a Chief Justice and such other Judges as the President may
from time to time deem it necessary to appoint.

Allahabad Delhi Jharkhand Manipur Rajasthan

Andhra Pradesh Gujarat Karnataka Meghalaya Sikkim
Bombay Gauhati Kerala Orissa Telangana
Calcutta Himachal Pradesh Madhya Pradesh Patna Tripura
Chhattisgarh Jammu & Kashmir Madras Punjab and Uttarakhand
Haryana
Z

Specific Purpose Court

Tribunals

NCLT → National Company Law Tribunal

ITAL → Income Tax Appellate Tribunal

NGT → National Green Tribunal

Environment Related Matter

 NATIONAL COMPANY LAW TRIBUNAL

 The Central Government has constituted National Company Law Tribunal (NCLT) under
Section 408 of the Companies Act, 2013 (18 of 2013) w.e.f. 01st June 2016.
  In the first phase, the Ministry of Corporate Affairs has set up eleven Benches, one Principal
Bench at New Delhi.
 These Benches will be headed by the President and 16 Judicial Members and 09 Technical
Members at different locations.
 Presently, Chief Justice (Retd) Ramalingam Sudhakar is the President, National Company
Law Tribunal.

 NATIONAL COMPANY LAW APPELLATE TRIBUNAL

 National Company Law Appellate Tribunal (NCLAT) was constituted under Section 410 of
the Companies Act, 2013.
 Hon’ble Justice Shri Ashok Bhushan is the Chairperson of NCLAT
 SC verdict on abrogation of Article 370
 The court held the Constitutional order that abrogated Article 370 as valid.

CURRENT AFFAIRS RELATED TO ICSI

 ABOUT THE INSTITUTE OF COMPANY SECRETARIES OF INDIA (ICSI)

 The Institute of Company Secretaries of India (ICSI) is the only recognized professional
body in India to develop and regulate the profession of Company Secretaries in India.
 The Company Secretaries Act, 1980.
 ICSI functions under the jurisdiction of the Ministry of Corporate Affairs, Government of
India.
 Headquartered in New Delhi, the ICSI has a nationwide presence with four Regional Offices
in New Delhi, Chennai, Kolkata and Mumbai, 72 Chapter Offices spread all across the
country and Centre for Corporate Governance, Research and Training (CCGRT) in Mumbai,
Hyderabad and Kolkata.
 The Institute also has six overseas centres at Australia, Canada, Singapore, UAE, UK and
USA.

 The ICSI elects its New President and Vice President for the year 2024
 CS B. Narasimhan, elected as President and CS Dhananjay Shukla elected as Vice President
of the Institute of Company Secretaries of India for the year 2024 w.e.f. 19th January 2024.
 ICSI 3rd International Conference concludes today in Singapore (April 05, 2024)
 95% of Apple’s Supply Chain Commits to 100% Renewable Energy Use by 2030 (April 18,
2024)
 Canada to Mandate Plastic Reporting, Tracking from Plastic Manufacturers and Importers
(April 29, 2024)
 The Confederation of Indian Industry (CII) has launched a corporate governance charter for
startups. It will provide suggestions on corporate governance tailored for startups and
offer guidelines suitable for different stages of a startup which is aiming to enhance
governance practices.
 The COP28 UN Climate Change Conference in Dubai, the United Arab Emirates, was the
biggest of its kind. Some 85,000 participants, including more than 150 Heads of State and
Government.
 The Rooftop Solar Programme has been extended till 31.03.2026
 All residential consumers are hereby advised not to pay any additional charges to any
vendor on account of fee for application on the National Portal or any additional charges
for net-metering/testing which are not prescribed by the respective distribution company.
 The subsidy under National Portal has been fixed at Rs. 14,588/- per kW (for capacity upto
3 kW) for the entire country and residential consumers have to install rooftop solar.
 NASA announces plan to build First Railway System on Moon (May 14, 2024)
 India delivers first batch of BrahMos Missiles to Philippines
 Cabinet Approves Over Rs 10,300 Crore for IndiaAI Mission
 Launch of Chandrayaan-3 (July 14, 2023) Launch Date 14/7/2023
 Hon’ble Prime Minister of India, Shri Narendra Modi and Hon’ble Prime Minister of
Singapore, Mr. Lee Hsien Loong on February 21, 2023 witnessed the launch of cross-border
linkage between India and Singapore using their respective Fast Payment Systems, viz.
Unified Payments Interface (UPI) and PayNow.
 Government launches DigiYatra Facility at 3 Airports
 Facial Recognition Technology (FRT).
 LESSON 4
INTERNATIONAL TRADE
AGREEMENTS

FREE TRADE AGREEMENTS (FTAS)

FTAs are arrangements between two or more countries or trading blocs that primarily agree to
reduce or eliminate customs tariff and non- tariff barriers on substantial trade between them.
FTAs, normally cover trade in goods (such as agricultural or industrial products) or trade in
services (such as banking, construction, trading etc.). FTAs can also cover other areas such as
intellectual property rights (IPRs), investment, government procurement and competition policy,
etc.
A historic deal has been signed up between India and the US Government for about 34 billion
dollars. Air India is about to order Boeing Aircraft which will invent one million jobs in America.
On February 14, 2023, US President Joe Biden appreciated Air India’s decision to purchase 220
Boeing Aircraft and further calls it a ‘historic agreement’.

 He also cherished India’s purchase of more than 200 American-made Aircraft through a
historic agreement signed between Air India and Boeing.
 This purchase will support over one million American jobs across 44 states, and many will not
require a four-year college degree.
 International Civil Aviation Group signed a memorandum of understanding (MoU) with the
International Solar Alliance on September 26, 2022.
 The MoU has been signed to check the growth of CO2 emissions in the international aviation
sector.

Virtual Launch of UPI-PayNow Linkage between India and Singapore (February

21, 2023)

 Prime Minister Shri Narendra Modi and Prime Minister of Singapore, Mr. Lee Hsien Loong
virtual launched real time payment linkage between the Unified Payments Interface (UPI) of
India and PayNow of Singapore. Shri Shaktikanta Das, Governor of Reserve Bank of India and
Mr. Ravi Menon, Managing Director, Monetary Authority of Singapore made live cross-border
transactions to each other using their respective mobile phones.

 India extends USD 100 million credits to Maldives to overcome financial crisis

Cabinet approves Air Services Agreement between India and Guyana

 The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi approved the
signing of the Air Services Agreement between the Government of India and the Government
of Co-operative Republic of Guyana. The Air Services Agreement will come into force after the
exchange of diplomatic notes between the parties confirming that each party has completed
the necessary internal procedure for entry into force of this Agreement.

 Indians have a sizeable presence in Guyana and are the largest ethnic group comprising about
40% of the population as per 2012 census.
Investment Incentive Agreement between the Government of India and the Government of
United States of America

 The Government of India and the Government of the United States of America has signed an
Investment Incentive Agreement (IIA) on May 23, 2022 at Tokyo, Japan. The IIA was signed by
Shri Vinay Kwatra, Foreign Secretary, Government of India, and Mr. Scott Nathan, Chief
Executive Officer, U.S. International Development Finance Corporation (DFC).

India-UAE Comprehensive Economic Partnership Agreement (CEPA) enters into force

 The historic India-UAE Comprehensive Economic Partnership Agreement (CEPA) which was
signed between the two nations on 18 February 2022, officially entered into force on May 01,
2022. Secretary, Department of Commerce, Shri BVR Subrahmanyam flagged off the first
consignment of goods comprising of Jewellery products from India to UAE under the IndiaUAE
CEPA at a function in New Customs House in New Delhi.
Rolls-Royce Marine North America and Kalyani Strategic Service sign an Agreement

 A memorandum of understanding (MoU) was signed by Rolls-Royce Marine North America and
Kalyani Strategic Service Limited (KSSL), a 100% subsidiary of Bharat Forge, to investigate the
possibility of KSSL serving as an in-country provider for propeller sales in the Indian market.

Cabinet approves MoU between India, Chile in Agricultural Sector

 The Union Cabinet approved signing of a Memorandum of Understanding (MoU) between India
and Chile for cooperation in the field of agriculture and allied sectors. The MoU will come Nin
force upon its signature and will remain effective for 5 years from the date of execution after
which it will be automatically renewed for another 5 years. Cabinet Approves Signing of the
MoU between the India and South Africa for cooperation in Disability Sector The Union Cabinet
approved the signing of the memorandum of understanding (MoU) between the India and
Republic of South Africa for cooperation in the ‘disability sector’. The bilateral MoU would
encourage cooperation between the Department of Empowerment of Persons with Disabilities,
the Government of India and South Africa through joint initiatives in the disability sector.
India, Fiji Ink MoU on visa exemption for diplomatic, official passport holders

 India and Fiji have signed a pact to exempt visas for holders of diplomatic and official passports.
As of now, India has diplomatic and official passport holders’ visa exemption pacts with 59
other countries as per the PassportIndia.gov.in website.

India signs MoU with Indonesia-Malaysia-Thailand Growth Triangle Joint Business Council
to promote adoption of energy efficiency

 Energy Efficiency Services (EESL), a joint venture of public sector undertakings under the
Ministry of Power, signed a Memorandum of Understanding (MoU) with Indonesia-Malaysia-
Thailand Growth Triangle Joint Business Council (IMT-GT JBC) Malaysia at India Energy Week
(IEW). The MoU aims to promote the adoption of energy efficiency and sustainable practices in
the region.

 MT-GT is positioned as part of the ASEAN building block, linking ASEAN Sustainable
Urbanisation Strategy with IMT-GT Sustainable Urban Development Framework 2019 – 2036
(SUDF).

India welcomes Congo into International Solar Alliance

 India has welcomed Congo to International Solar Alliance. The External Affairs Ministry said
Ambassador of Republic of Congo, Raymond Serge Bale signed the International Solar Alliance
Framework Agreement in the presence of Joint Secretary (Economic Diplomacy).

Reliance announces partnership with Sri Lanka’s Maliban

 Reliance Consumer Products Limited, the FMCG firm and a wholly-owned subsidiary of Reliance
Retail Ventures Limited announced a strategic partnership with Sri Lanka- headquartered
Maliban Biscuit Manufactories Limited.

 Maliban, a biscuit manufacturer, has been well-known for the last 70 years for its range of
quality products including biscuits, crackers, cookies, and wafers. According to the partnership,
the company has expanded its product’s reach to global markets and exports to over 35
countries across five continents.

Indo-Russian Joint Venture Embarked Manufacturing AK-203 Assault Rifles in U.P

 An Indo-Russian Joint venture has started manufacturing Kalashnikov AK-203 assault rifles in
Amethi, Uttar Pradesh. The Indo-Russian Rifles Private Limited plans to ensure 100 percent
localization of the production of AK-203 rifles in India. The company aims to increase output
and upgrade its production facilities to produce advanced rifles based on the Kalashnikov
assault rifle platform.