PIB Summary- 3rd September, 2021 | PIB (Press Information Bureau) Summary - UPSC PDF Download

Eastern Economic Forum 2021

Context: The 6th Eastern Economic Forum was held in Vladivostok. PM Modi addressed its plenary session virtually.

About the Eastern Economic Forum

• The Eastern Economic Forum was established by decree of the President of the Russian Federation Vladimir Putin in 2015 to support the economic development of Russia’s Far East and to expand international cooperation in the Asia-Pacific region.
• The Forum puts together representatives of a broad range of sectors from more than 60 countries and territories around the world.
• The main theme of this year’s Forum is ‘New Opportunities for the Far East in a Changed World’.

MoU between APEDA and ICAR-Indian Institute of Millet Research

Context: Agricultural and Processed Food Products Export Development Authority (APEDA) signed a Memorandum of Understanding (MoU) with ICAR-Indian Institute of Millet Research (ICAR-IIMR).

Details of the MoU

• The key focus of the MoU would be to promote commercial cultivation of processable varieties developed by ICAR-IIMR for exports which are expected to promote the value addition of millets, a cereal with high nutritive value.
• The MoU is expected to boost value addition and farmers’ income.
• The MoU also envisages the creation of market linkages with farmers as well as Farmer Producers Organizations.
• A joint coordination committee with representatives from APEDA and ICAR-IIMR would be set up to achieve the goals envisaged under the MoU.
• The objective of the MoU is to build the export centric ecosystem with the requisite supply chain linkages, technological repository, clinical studies, awareness creation, policy changes and pipeline of entrepreneurs.
• A Millet Export Promotion Forum would be created in collaboration with all the key stakeholders for identifying export clusters to source sizable quantities of produce and for linking stakeholders with FPOs.
• Other things envisaged under the MoU include developing and implementing novel frameworks such as traceability, artificial intelligence, etc. It also covers handholding activities for start-ups for export compliance.
• Profiling of millets growers or farmers in all major millets growing regions of the country and strengthening of seed supply chain would be taken up by ICAR-IIMR.

Note

• Millets are cereal crops with high nutritive value and categorized as small-seeded grasses.
• The key varieties of millets include Sorghum, Pearl Millet, Ragi, Small Millet, Foxtail Millet, Barnyard Millet, Kodo Millet and others.
• The United Nations General Assembly has passed the resolution to celebrate the International Year of Millets (IYM) in 2023, to promote the health benefits of millets and their suitability under the changing climatic conditions globally.

About ICAR-IIMR

• The Indian Institute of Millets Research (IIMR) is a premier agricultural research institute engaged in basic and strategic research on sorghum and other millets under the Indian Council of Agricultural Research (ICAR).
• IIMR coordinates and facilitates millet research at the national level through All India Coordinated Research Projects on Millets, Pearl Millet and Small Millets and provides linkages with various national and international agencies.
• Founded in 1958, IIMR’s main centre is located in Hyderabad, Telangana.

India and US Agreement

Context: India & US sign Project Agreement for Air-Launched Unmanned Aerial Vehicle.

Details

• The Ministry of Defence and the US Department of Defence signed a Project Agreement (PA) for Air-Launched Unmanned Aerial Vehicle (ALUAV) under the Joint Working Group Air Systems in the Defence Technology and Trade Initiative (DTTI) in July 2021.
• The PA for ALUAV falls under the Research, Development, Testing and Evaluation (RDT&E) Memorandum of Agreement between the Ministry of Defence and the US Department of Defence, which was first signed in January 2006 and renewed in January 2015.
• The agreement is a significant step towards deepening defence technology collaboration between the two nations through the co-development of defence equipment.
• The PA outlines the collaboration between Air Force Research Laboratory, Indian Air Force, and the Defence Research and Development Organisation towards design, development, demonstration, testing and evaluation of systems to co-develop an ALUAV Prototype.
• The Aeronautical Development Establishment (ADE) at DRDO and the Aerospace Systems Directorate at the Air Force Research Laboratory (AFRL), along with the Indian and US Air Forces, are the principal organisations for the execution of the PA.

Defence Technology and Trade Initiative (DTTI)

• The main aim of DTTI is to bring sustained leadership focus to promote collaborative technology exchange and create opportunities for co-production and co-development of future technologies for Indian and US military forces.
• Under DTTI, Joint Working Groups on land, naval, air, and aircraft carrier technologies have been established to focus on mutually agreed projects in respective domains.
• The DTTI was created in 2012 under the Barack Obama administration.
• The DTTI came about to expedite the scope of cooperation on defence technology that becomes narrow due to the presence of differing bureaucratic processes and legal requirements.
• While DTTI is not a treaty or law, it is a flexible mechanism to make sure that senior leaders from both countries are engaged consistently to strengthen the opportunities in the field of defence.
• Its chief goals include strengthening India’s defence industrial base, exploring new areas of technological development and expanding U.S.-India business ties.

Pacific Air Chiefs Symposium 2021 (PACS-21)

Context: Air Chief Marshal RKS Bhadauria PVSM AVSM VM ADC, Chief of the Air Staff (CAS) attended the Pacific Air Chiefs Symposium 2021 (PACS-21) at Joint Base Pearl Harbor-Hickam, Hawaii.

Details

• The event was themed “Enduring Cooperation towards Regional Stability” and was attended by Air Chiefs from countries in the Indo-Pacific region.
• The Indian CAS was nominated as the Dean for the Symposium.
• The Symposium saw deliberations through panel discussions, table top exercises and keynote addresses on topics ranging from aspects of Regional Security and the significance of Air Domain Awareness, to cooperation amongst Air Forces for Humanitarian and Disaster Relief Operations.
• Participation in PACS 2021 provided an opportunity for enhancing mutual understanding and deepening relationships with like-minded nations.

Financial Stability and Development Council

Context: Finance Minister chaired the 24th meeting of the Financial Stability and Development Council.

What is Financial Stability and Development Council (FSDC)?

The Financial Stability and Development Council (FSDC) was constituted by an Executive Order of the Union Government as a non-statutory apex body under the Ministry of Finance in 2010. The Raghuram Rajan Committee (2008) on financial sector reforms first proposed the creation of FSDC.

FSDC – Council Members

The membership of the FSDC is discussed below.

• The Finance Minister is the Chairman of the FSDC.
• Members of FSDC include Heads of the Financial Sector Regulators listed below:
  • Reserve Bank of India (RBI)
  • Insurance Regulatory and Development Authority (IRDA)
  • Securities and Exchange Board of India (SEBI)
  • Pension Fund Regulatory and Development Authority (PFRDA)
• Other members are Finance Secretary, Chief Economics Advisor and  Secretary of the Department of Financial Services.

FSDC Member Reforms

 

The government reconstituted the FSDC to include the following Members in the Council: 

• Minister of State responsible for the Department of Economic Affairs (DEA)
• Secretary of the Department of Electronics and Information Technology
• Revenue Secretary
• Chairman of the Insolvency and Bankruptcy Board of India (IBBI)

The reconstitution would make FSDC more broad-based to incorporate changes in the economic regulatory framework of the country.

Functions of FSDC

The Financial Stability and Development Council was established as an autonomous body dealing with macroprudential and financial regularities in the entire financial sector of India. 

• The body envisages to strengthen and institutionalize the mechanism of maintaining financial stability, financial sector development, inter-regulatory coordination along with monitoring macro-prudential regulation of the economy.
• It must be noted that no funds are separately allocated to the council for undertaking its activities.   

Responsibilities of FSDC

The FSDC’s responsibilities are listed below:

• Bringing about stability in the financial sector
• Development of the Financial Sector
• Coordination of Inter-Regulatory bodies 
• Promoting financial literacy
• Ensuring financial inclusion
• Macroprudential supervision of the economy including the functioning of large financial conglomerates.
• Coordinating India’s international interface with financial sector bodies like the Financial Action Task Force (FATF), Financial Stability Board (FSB) and any such body as may be decided by the Finance Minister from time to time.

Hansa New Generation Aircraft

Context: Hansa New Generation (NG) aircraft completed its maiden flight.

About Hansa New Generation (NG) Aircraft

• Hansa NG aircraft has been designed and developed by CSIR-National Aerospace Laboratories (NAL), Bangalore, a constituent lab of CSIR.
• The unique features of Hansa-NG are glass cockpit with cabin comfort, high efficient digitally controlled engine, electrically operated flaps, Long endurance, low acquisition and Low operating cost.
• The aircraft is expected to be certified within the next 4 months before it gets inducted into service.
• During the maiden flight, the aircraft flew at an altitude of 4000 ft. and gained a speed of 80 knots before it made a successful landing after about 20 minutes.

Corbevax

Context: Centre gives Biological E nod to study its Covid vaccine Corbevax in children, teens.

Details

• The Drugs Controller General of India (DCGI) granted approval to Biological E for two clinical trials of its Covid-19 vaccine candidate Corbevax.
• With this, the homegrown drugmaker can begin midstage studies of its Covid-19 vaccine in children and adolescents.
• The approval has been granted for the Hyderabad-based pharmaceutical firm to conduct Phase 2 and 3 clinical trials for its anti-Covid shots called Corbevax on children between 5 and 18 years of age with certain conditions.
• The permission has been given to Biological E after the recommendation from the Subject Expert Committee.
• The Central Government has made an advance payment of ₹1,500 crore to Biological E for 30 crore Covid-19 vaccines.