CURRENT AFFAIRS 05 October, 2024
- NEPAL, INDIA, AND BANGLADESH SIGN HISTORIC ELECTRICITY TRADE AGREEMENT-
- Nepal, India, and Bangladesh have recently entered into a significant tripartite agreement aimed at facilitating cross-border electricity trade, marking a notable step in regional energy cooperation.
- This agreement allows Nepal to export its surplus electricity to Bangladesh via India during the rainy season, specifically from June 15 to November 15 each year.
- In the initial phase, Nepal is set to export 40 MW of hydroelectricity, leveraging India’s infrastructure for transmission. The agreed rate per unit of electricity is fixed at 6.4 cents, with Nepal expected to generate approximately USD 9.2 million annually from this trade.
- UK AGREES TO TRANSFER CHAGOS ISLANDS SOVEREIGNTY TO MAURITIUS –
- The United Kingdom and Mauritius reached an historical agreement to cede sovereignty of the Chagos Islands, a strategically significant archipelago in the Indian Ocean to hand over to Mauritius.
- The agreement allows Mauritius to regain sovereignty while ensuring the continued operation of the U.S. military base on Diego Garcia.
- Under Former PM Rishi Sunak government’s time negotiations were started for this agreement in 2022 and after 11 rounds of negotiations with the last government and with 2 rounds of negotiations with the present government made to finalize the decision.
- INDIA’S FOREX RESERVES SURPASS $700 BILLION MILESTONE FOR THE FIRST TIME-
- India’s foreign exchange reserves have exceeded $700 billion for the first time, reaching $704.89 billion in the week ending September 27, 2024. This marks a record increase of $12.58 billion, with foreign currency assets (FCAs) rising by $10.4 billion to $616 billion and gold reserves increasing by $2 billion to $65.7 billion.
- The surge is attributed to RBI’s dollar purchases and favorable valuation adjustments, driven by declining U.S. Treasury yields, a weakening dollar, and rising gold prices.
- With this achievement, India joins China, Japan, and Switzerland as the only economies to have surpassed $700 billion in forex reserves. This growth has been bolstered by robust economic fundamentals, increased foreign inflows, and RBI’s proactive market interventions.
- EAM JAISHANKAR TO VISIT PAKISTAN FOR SCO MEETING AFTER 9 YEARS –
- External Affairs Minister S. Jaishankar will lead India’s delegation to Pakistan for the Shanghai Cooperation Organisation’s (SCO) Heads of Government meeting in Islamabad on October 15-16, 2024.
- This marks the first visit by an Indian External Affairs Minister to Pakistan since Sushma Swaraj attended a conference in 2015. The visit is focused on the SCO’s regional cooperation agenda, with no bilateral meetings confirmed as of now, according to the Ministry of External Affairs.
- The last high-level visit by India to Pakistan was in December 2015, when then-EAM Sushma Swaraj attended the Heart of Asia Ministerial Conference.
- That visit led to the announcement of a Comprehensive Bilateral Dialogue between India and Pakistan. Later that month, Prime Minister Narendra Modi made a surprise visit to Lahore, engaging in talks with then-PM Nawaz Sharif.
- PM MODI INAUGURATES GAIL’S FIRST CBG PLANT IN JHARKHAND –
- Prime Minister Narendra Modi inaugurated GAIL (India) Limited’s Compressed Bio Gas (CBG) plant in Ranchi, Jharkhand, via virtual mode during a ceremony at Vigyan Bhawan, New Delhi, marking Swachh Bharat Diwas 2024.
- represents an investment of ₹26 crore and aims to convert the organic fraction of Municipal Solid Waste (MSW) into renewable energy.