PIB Summary- 4th November, 2022 | PIB (Press Information Bureau) Summary - UPSC PDF Download

Nutrient Based Subsidy (NBS)

Why in News?
Recently, the Union Cabinet approved Nutrient Based Subsidy (NBS) rates for Phosphatic and Potassic (P&K) fertilisers for Rabi season 2022-23 from 1st October, 2022 to 31st March, 2023.

About Nutrient-Based Subsidy Regime

• Under the Nutrient-based subsidy (NBS) regime – fertilizers are provided to the farmers at the subsidized rates based on the nutrients (N, P, K & S) contained in these fertilizers.
• Also, the fertilizers which are fortified with secondary and micronutrients such as molybdenum (Mo) and zinc are given additional subsidy.
• Under the Nutrient-based subsidy (NBS) regime, the subsidy on Phosphatic and Potassic (P&K) fertilizers is announced by the Government on an annual basis for each nutrient on a per kg basis – which are determined taking into account the international and domestic prices of P&K fertilizers, exchange rate, inventory level in the country etc.

Indian Ocean Rim Association

Why in News?
Recently, A Seminar on Illegal, Unreported and Unregulated (IUU) Fishing, under the aegis of Indian Ocean Rim Association (IORA), was conducted by the Indian Navy at Goa.

About Indian Ocean Rim Association

• The Indian Ocean Rim Association is an inter-governmental organizationwhich was established on 7 March 1997.
• The Indian Ocean Rim Association (IORA) is a dynamic inter-governmental organization aimed at strengthening regional cooperation and sustainable development within the Indian Ocean regionthrough its 22 Member States and 10 Dialogue Partners.
• It is a regional forum, tripartite in nature, bringing together representatives of Government, Business and Academia, for promoting co-operation and closer interaction among them.
• IORA is based on the principles of Open Regionalism for strengthening Economic Cooperation particularly on Trade Facilitation and Investment, Promotion as well as Social Development of the region.
• IORA’s apex body is the Council of Foreign Ministers (COM) which meets annually to discuss the developments of IORA.
• The United Arab Emirates is the current Chair of IORA form October 2019-2021.
• The Vice-Chair will be the People’s Republic of Bangladesh which would take Chair as from October 2021-2023.
• Its Secretariat is based in Cyber City, Ebène, Mauritius.