Exam View: Free Trade Agreements (FTAs), Preferential Trade Agreement, Comprehensive Economic Partnership Agreement (CEPA), Regional Comprehensive Economic Partnership (RCEP), South Asian Free Trade Area (SAFTA), Asia Pacific Trade Agreement (APTA), Atma Nirbhar Bharat Campaign, Special Economic Zones.

In News: India is negotiating FTAs with countries such as the European Union, Canada, the U.K., and Israel to achieve the export target of $2 trillion by 2030.

FTA is an agreement between the countries or regional blocks to reduce or eliminate trade barriers, through mutual negotiations with a view to enhancing trade. It includes goods, services, investment, intellectual property, competition, government procurement and other areas. This concept of free trade is the opposite of trade protectionism or economic isolationism.

FTAs can be categorized as:

• • Preferential Trade Agreement (PTA)
  • Comprehensive Economic Cooperation Agreement (CECA)
  • Comprehensive Economic Partnership Agreement (CEPA)

India's Free Trade Agreements:

Impact of FTA on the Global Economy

• Boost economy: By blending local production with foreign trade, it helps boost growth in economies.
• Facilitate borderless trade: FTAs help diversify supply chains by making it easier for more businesses to conduct business across borders.
• Increases production and consumption: As selected goods are produced by every country at lower costs due to FTAs, international trade increases production and consumption.

Issues Related to India’s Foreign Trade Policy:

• India needs to strengthen its domestic manufacturing base in value-added products like engineering goods, electronic products, drugs and pharmaceuticals, textiles, and agriculture machinery, that could be used to boost exports. A robust infrastructure network - warehouses, ports, testing labs, certification centres, etc. will help Indian exporters compete in the global market.
• The Committee on Commerce should be tasked with scrutinizing FTAs and discussing different aspects of agreements and negotiations, thus ensuring executive accountability to the legislature.
• India’s trade policy framework must be supported by economic reforms that result in an open, competitive, and technologically innovative Indian economy. Nationalism, populism, nativism, and protectionism exploit people’s sense of being left behind and excluded from the system. That is why we need to focus on ensuring universal inclusion in the economic networks that allow individuals and families to achieve financial security and pursue opportunities for betterment.

https://www.thehindu.com/opinion/op-ed/quest-for-transparency-in-fta-negotiations/article66144419.ece

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In News:

• Supreme Court reprimands the government over the short term of the CECs

About the News:

• Supreme Court has recently pulled government for its lethargy to take steps for ensuring the independence of the Election Commissioners.
• The court’s observation has been evident from the fact that in the past decades, the tenures of Chief Election Commissioners (CECs) have dropped down from over eight years in the 1950s to just about a few hundred days after 2004.
• Recently, Rajiv Kumar has been appointed as the 25th Chief Election Commissioner while the previous CEC had a tenure of 396 days only.
• The findings have been passed by a five-judge Constitution bench comprising Justices K M Joseph, Ajay Rastogi, Aniruddha Bose, Hrishikesh Roy and C T Ravikumar.
• Although the position of CEC has always played a crucial role in the Indian political system, but it was only during T.N. Seshan (1990 to 1996), the office played a crucial role to stop electoral fraud and corruption in India.

Chief Election Commissioner (CEC)

• About: Chief Election Commissioner of India heads the office of Election Commission of India (ECI) which is the constitutional authority to oversee free and fair elections for the President and Vice-President, as well as for state and national legislatures.
• Constitutional status: The office of CEC derives its power and functions from Article 324 of the Indian Constitution and is manned by officers usually coming from the Indian Civil Service.
• Statutory status: As per the Election Commission (Conditions of Service of Election Commissioners and Transaction of Business) Act of 1991, the term of a CEC and Election Commissioner is six years or till the age of 65 years, whichever is earlier.
• Security of tenure: Once nominated by the president, it is exceedingly challenging to remove CEC from office since two-thirds of the Lok Sabha and the Rajya Sabha must present and vote against him for disorderly behaviour or improper actions.
• Mandate: CEC has the authority to enforce clear-cut rules and regulations applicable to the entire country including casting and counting of votes, consideration of “unqualified" votes,
• Importance: With a sizable and diversified population that includes many rural illiterates, the role of CEC becomes crucial for ensuring constitutional democracy.

Major issues:

• Tenure: CECs tenure has been criticised over the years for being highly truncated with successive governments putting no effort to ensure adherence to the security of tenures. For example, between 2015 to 2022 there were eight CECs.
• Political lineage: Government generally picks up the persons who are good in their record books, a trend which seriously compromises the impartiality of the office of this constitutional post.
• Independence: The office of CEC has been questioned several times for its lack of checks and balance mechanism to ensures their functional independence and neutral mechanism outside the control of the government.
• Poor impartiality: At presently, election commissioners are appointed by the President, on the aid and advice of the council of ministers which violate the basic mandates of a democracy.

Source:

https://www.thehindu.com/news/national/supreme-court-on-election-commission-of-india/article66169513.ece/amp/

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Why in news?

• Recently, the Tamil Nadu Government declared Arittapatti in Melur block, Madurai district, a biodiversity heritage site under Section 37 of the Biological Diversity Act, 2002.

About Arittapatti

• Total area: 193.21 hectares
• In Kalinjamalai (located at Arittapatti): Stone inscriptions written in Tamil Brahmi script dating back to Second Century BCE are found.

Historical Significance:

• Earlier the village was called “Paathirikudi”
• Two persons- Nalvazhi Sizhivan and Ilanji Imayavan had given shelter to Jain monks at this cave
• An ancient sculpture of Jain Tirthankara was found near the cave
• 8^th Century rock-cut temple of Lord Shiva with a rare sculpture of Lakulisa was also found
• The Anaikondan tank: was built during the reign of Pandiyan kings in the 16th century

Ecological Significance:

• Rich in ecological and historical significance, houses around 250 species of birds including three important raptors -- birds of prey, namely the Laggar Falcon (Falco jugger), the Shaheen Falcon (Falco peregrines) and Bonelli’s Eagle (Aquila fasciata).
• It is also home to wildlife such as the Indian Pangolin (Manis crassicaudata), Slender Loris (Loris spp) and pythons (Python molurus).
• It is surrounded by a chain of seven hillocks or inselbergs that serve as a watershed, charging ‘72 lakes, 200 natural springs and three check dams.

Significance

• The notification as a 'bio-diversity site' would strengthen the conservation efforts with the participation of the local communities.
• It would help to preserve the rich biological and historical repository of the area.
• It aims at instilling and nurturing conservation ethics in all sections of the society.
• It will put an end to over-exploitation of natural resources and avoid environmental degradation.

Source Link:

• https://indianexpress.com/article/cities/chennai/arittapatti-village-madurai-first-biodiversity-heritage-site-tamil-nadu-8283625/lite/,
  
• https://timesofindia.indiatimes.com/city/chennai/madurai-district-gets-tns-first-biodiversity-heritage-site/articleshow/95681956.cms,
  
• https://www.thehindu.com/sci-tech/energy-and-environment/in-arittapatti-tamil-nadu-gets-its-first-biodiversity-heritage-site/article66169025.ece,
• https://www.deccanherald.com/national/south/arittapatti-tamil-nadus-first-biodiversity-heritage-site-1164826.html

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In News

While COP 27 in Sharm el-Shaikh, Egypt, discusses methods of climate financing, the impacts of global warming and climate change have been witnessed globally. From devastating floods in Pakistan to the worst droughts in Europe, all indicate that the effects of climate change are emerging on the surface.

About the News

• As global leaders discuss the finances for mitigating and adapting to climate change, there were several climate changes induced global catastrophes which severely impacted life on Earth during 2022.
• Although Loss and Damage funds were approved by the COP 27, which would be used to help developing countries recover from the effects of climate change they are already suffering, contribution commitments are yet to be ensured.

What were the major global catastrophic events witnessed this year?

1. Pakistan floods

• As per World Meteorological Department, human-caused climate change increased the intense rainfall that flooded large parts of Pakistan.
• Pakistan recorded the warmest April preceding the monsoon season resulting in melting of glaciers, which led rivers to swell. Extreme rainfall between June to September triggered the most devastating floods.
• Over 1,500 people were killed, with millions being displaced and developing serious health issues such as skin infections, malaria and diarrhoea.

2. Hurricane Ian in the USA

• Warm ocean waters in the Gulf of Mexico powered Hurricane Ian in the US. The escalation brought severe floods, relentless rains and strong winds to southwestern Florida
• It resulted in the loss of 101 lives and monetary losses of more than USD 100 billion.

3. European droughts

• Europe was struck by two extreme heat waves in June and July. Following the deadly summer heat, many regions of Europe witnessed severe droughts since the beginning of this year.
• Water levels in Europe’s biggest rivers – Rhine, Po, Loire, and Danube – shrunk, and dry conditions continued to prevail in different parts of the continent.

4. Spain and Portugal: Driest climate in 1200 years

• Atmospheric high-pressure system, which causes dry air to descend over subtropical regions in the Northern Hemisphere during winter and spring seasons, called Azores high, has the ability to block wet weather outlets.
• This caused dry conditions in Iberian Peninsula and Mediterranean region. Spain and Portugal hence faced the driest weather in 1,200 years, along with wildfires

5. India recorded extreme weather events almost every day in 2022

• India recorded “extreme weather events on 241 of 273 days” in the first nine months of the year.
• Thunderstorms, persistent rains, cyclones, droughts, heat waves, lightning, floods and landslides occurred all throughout these months.
• Overall, these disasters claimed about “2,755 lives, affected 1.8 million hectares (ha) of crop area, destroyed over 416,667 houses and killed close to 70,000 livestock.

Source:https://indianexpress.com/article/explained/explained-climate/pakistan-floods-us-hurricane-india-extreme-weather-climate-disasters-8276503/lite/

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In News:

• Supreme Court seeks clarification from the government on geo-cultural significance ram Setu

About the News:

• Supreme Court has recently notified the government to file a response clarifying its stand on a plea seeking national heritage status for the ‘Ram Setu’.
• While the present government has verbally supported the demand for the Ram Setu to be declared a national monument, it is yet to file the same in court.
• The Ram Setu needs to be preserved not just as a national heritage monument, but as a Geoheritage structure
• Previously, the British had proposed creating a channel to link the Palk Strait with the Gulf of Mannar but it was only in 2005 that the Sethusamudram Ship Channel Project (SSCP) was inaugurated for the same purpose.
• There is a need to maintain a balance between the believer’s point of view as well as consider it from a ‘Geoheritage’ perspective for preserving the natural diversity of the place.

Ram Setu:

• About: It's a chain of shoals called Adam’s Bridge or Ram Setu running between Pamban Island (Rameswaram Island), off the south-eastern coast of India, and Mannar Island, off the north-western coast of Sri Lanka.
• Historical significance: Ancient Indian scriptures such as Ramayana supports the idea of ram Setu which was built by Lord Ram to reach Sri Lanka and rescue sita from the demon king Ravana.
• Ecological significance: The coral reef platforms in the Ram Setu region are a notified marine biosphere reserve harbouring more than 36,000 species of flora and fauna flanked by mangroves and sandy shores which are considered conducive for turtles to nest.
• Setusamudram shipping canal project: It is a proposed 83-km-long deep-water channel project that will run between Rameswaram in Tamil Nadu and Thalaimannar in Sri Lanka.
• Significance: If completed the project is expected to considerably reduce the navigation time between the east and west coasts of India.

Major issues:

• Conflict over origin: While several sources including ASI has questioned the origin of Ram Setu structure to be manmade, religious groups have been opposing it on grounds of religious significance.
• Geological history: According to the scientists, the structure in the satellite image was not natural, but rather built by human beings.
• Environmental concerns: Environmentalists have raised concerns over the stability of the proposed channel and its environmental impact.
• Climatic vulnerability: The area is also vulnerable to cyclonic storms and in 1964 the town of Dhanush Kodi was wiped out due to cyclonic storms.
• Pollution: Emissions from ships traversing the narrow channel can pollute the air and water and could cause an ecological disaster.

Source: 

https://www.thehindu.com/opinion/op-ed/the-geoheritage-value-of-ram-setu/article66164347.ece

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• Context: A Forest Range Officer was allegedly killed by Gutti Koya tribe recently.
• The Gutti Koya tribe is found in the states of Telangana and Andhra Pradesh (around the Godavari and Sabari rivers) and is listed as Scheduled Tribe.
• The Gutti Koyas are considered largely settled cultivators as they cultivate Jowar, Bajra and other such millets. They practice Podu Cultivation which in simple terms is slash-and-burn farming.
• Language: Only a few of them speak their Koya dialect since it is a forgotten dialect and presently, they speak Telugu and consider it their mother tongue.
• Religion and festival:

1. Their important deities are Lord Bhima, Korra Rajulu Mamili and Potaraju.
2. Vijji Pandum (seeds charming festival) and Kondala Kolupu (festival to appease Hill deities) are their main festivals.
3. Permakok ata (Bison horn dance) is a traditional dance form performed during festivals and marriage ceremonies.

• Under the V Schedule of the Indian Constitution, tribals of various states have been given protection.

Source:

https://www.thehindu.com/news/cities/Hyderabad/fro-killed-allegedly-by-gutti-koya-tribals-in-bhadradri-kothagudem-district/article66170552.ece/amp/

Image source: 

https://indiantribalheritage.org/?p=24810#gsc.tab=0

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• Context: As per recent RBI data, banks wrote off more than Rs 10 lakh crore in loans over the last five years.

• Debt that cannot be recovered or collected from a debtor is bad debt. Writing off a bad debt or loan means it will no longer be counted as an asset.
• By writing off loans, a bank can reduce the level of non-performing assets (NPAs) on its books. An additional benefit is that the amount so written off reduces the bank’s tax liability.
• Write off vs. Write Down:
  • When debts are written off, they are removed as assets from the balance sheet because the company does not expect to recover payment.
  • In contrast, when a bad debt is written down, some of the bad debt value remains as an asset because the company expects to recover it. The portion that the company does not expect to collect is written off.

Source:

1. https://indianexpress.com/article/explained/explained-economics/what-is-a-loan-write-off-and-why-do-banks-do-it-8283568/
2. https://investopedia.com/ask/answers/070815/why-do-banks-write-bad-debt.asp#:~:text=What%20Is%20a%20Write-Off,amount%20of%20the%20uncollected%20debt.

Image Source: 

https://www.indiatoday.in/india/story/what-is-loan-write-off-and-how-it-helps-banks-1353388-2018-10-01

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• Context: Tibetan spiritual leader the Dalai Lama receives the Gandhi Mandela award at the Tsuglakhang temple in Dharamshala.

• The award recognises the global leaders who inspire citizens for peace, unity and freedom, promoted by Gandhi Mandela Foundation.
• The Gandhi Mandela Foundation, a Govt. of India registered trust, promotes individual freedom, civil liberties, and human rights across the globe.
• Mahatma Gandhi and Nelson Mandela have been two prominent and inspirational world leaders of the 20th century who fought hard to remove social evils like racism and colonialism.
• The Gandhi Mandela Awards aim at furthering the legacy of the two great leaders by awarding those who have been inspired by the ideas and ideals of the two great men.

Sources:

https://indianexpress.com/article/explained/dalai-lama-gandhi-mandela-award-8278037/

Image Source : 

https://www.gandhimandelafoundation.com/about/

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• Context: A project titled “Comprehensive history of India” will have 12-14 volumes and will be completed over the next three to four years.

• The primary aim and objective of the Indian Council of Historical Research is to promote and give directions to historical research and to encourage and foster objective and scientific writing of history.
• The Indian Council of Historical Research (ICHR) is an autonomous organization under the Ministry of Education, Government of India.
• Currently, The Indian Council of Historical Research (ICHR) has launched a project to “rewrite” India’s history –
  • from the time of the Indus Valley civilization (from the Rakhigardi-archaelogical site) till the present day — using sources available in vernacular languages and scripts,
  • with an aim to give “due credit” to dynasties who have “missed out” and
  • “Correct” texts that have been written in a “Euro-centric” way,
• ICHR has also started the digitisation of historical sources available in various vernacular languages in India.
• The Council is one of the implementing agencies of the Cultural Exchange Agreements, signed by the Government of India, with other countries thus, widening the horizons of historical research in India.

Sources :

• https://www.hindustantimes.com/india-news/ichr-takes-up-project-to-rewrite-indian-history-using-vernacular-sources-101669055844088.html

Image Source :

• https://www.facebook.com/BRKrin/photos/a.665987763517187/4959158410866746/?type=3

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Why in news? Recently, the Prime Minister of India visited Jhansi on the eve of Rani Lakshmibai’s birth anniversary.

About:

• Rani Lakshmibai (Jhansi Ki Rani) was originally named
• She was the queen of the Maratha-ruled princely state of Jhansi.
• She was one of the leading figures of the Indian Revolt of 1857.
• She’s seen as a symbol of resistance to British rule in India.

https://www.mintageworld.com/media/detail/15834-remembering-rani-lakshmi-bai-the-queen-of-jhansi/

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Why in news? Mumbai-Pune expressway ‘missing link’ project 60% over, to have Asia’s widest tunnel.

About:

• This is Tunnel 2 of the ‘missing link project’ of the Mumbai-Pune Expressway.
• The twin tunnels, each 24 metres wide, run through the Sahyadri mountains and under the Lonavala lake, using the controlled-blasting method.
• The link is expected to shave off around 6 km of the distance between the two cities and cut travel time by 20-25 minutes.

https://indianexpress.com/article/cities/mumbai/journey-from-mumbai-to-pune-via-asias-widest-road-tunnels-8280930/lite/

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Why in news? Recently, Varanasi Court Accepted Plea Seeking Prayer At 'Shivling'.

About:

• Gyanvapi Mosque is located next to the famous Kashi Vishwanath temple at Varanasi.
• It was built in 1669 during the reign of Mughal Emperor Aurangzeb.
• It is worth mentioning that in Saqib Khan's book 'Yasir Alamgiri', it is also mentioned that Aurangzeb had demolished the temple in 1669 by ordering Governor Abul Hassan.

https://www.ndtv.com/india-news/up-court-to-hear-petition-for-prayers-at-shivling-inside-gyanvapi-mosque-3529355/amp/1

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Why in news? Recently, the Saudi Crown Prince and Thailand’s prime minister signed agreements to expand diplomatic relations between the two countries.

About:

• Saudi Arabia downgraded its diplomatic relations with Thailand over the theft that led to a string of mysterious killings and became known as the Blue Diamond affair.
  • It all started with the theft of jewellery and other valuable gems from the palace of Prince Faisal bin Fahd of Saudi Arabia, in 1989.
  • A Thai worker stole precious gems worth $20 million, which also included a rare 50-carat blue diamond, which is still missing.
• As the two countries turned a new page in their relationship, many friendly exchanges have taken place between the two countries for cooperation in carbon capture and crude oil sourcing etc.

https://indianexpress.com/article/explained/explained-global/stolen-jewels-several-murders-missing-diamond-affair-saudi-arabia-thailand-8281351/lite/

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Why in news? Recently, Qatar signs the world's 'longest' gas supply deal with China.

About:

• The deal is for 27 years, making it the longest Liquefied Natural Gas (LNG) supply agreement till date.
• The state energy company will send four million tonnes of LNG annually from its new North Field East project to China Petroleum & Chemical Corporation (Sinopec).
• North Field is at the centre of Qatar's expansion of its LNG production by more than 60% to 126 million tonnes a year by 2027.
• China is the first country to seal a deal for North Field East.

https://www.thehindu.com/news/international/qatar-signs-worlds-longest-gas-supply-deal-with-china/article66165270.ece/amp/

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Why in news? Recently, Union Minister of Housing and Urban Affairs (MoHUA) launched Toilets 2.0 campaign at Bengaluru on World Toilet Day 2022.

About:

• The campaign aims to change the face of public and community toilets in urban India through collective action involving citizens and Urban Local Bodies.

• The campaign has five thematic areas:
  • ‘People for Toilets’ will focus on cleaning and maintaining community and public toilets,
  • ‘Partners for Toilets’ aimed at the adoption of public toilets,
  • A design challenge under the ‘Design Toilets’ theme,
  • ‘Rate your Toilet’ for the promotion of user feedback to improve public toilets and
  • ‘My thoughts - Our Toilets’ that will seek to gather public opinion for toilets.

https://www.thehindu.com/news/national/ministry-of-urban-affairs-launches-toilets-20-campaign-launched/article66157770.ece/amp/

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Background:

Meenangadi Village Panchayat of Kerala has come up as a role model for being declared a carbon-neutral village.

About Meenangadi

• In 2016, the panchayat envisaged a project called ‘Carbon neutral Meenangadi’, with the aim of transforming it into a state of carbon neutrality.
• Campaigns and awareness programme was conducted initially to educate people.
• A greenhouse gas emission inventory was prepared to find out that the panchayat was carbon positive.

• An action plan was prepared by organizing gram sabha meetings and carrying out socio-economic surveys and energy-use mapping.
• Several multi-sector schemes were implemented to reduce emissions, increase carbon sequestration, and preserve the ecology and biodiversity.
• ‘Tree banking’ was one of the landmark schemes introduced to aid carbon-neutral activities which encouraged the planting of more trees by extending interest-free loans.
• Local economic development was another thrust area where LED bulb manufacturing and related micro-enterprises were initiated.
• The entire community was involved in the process, with school students, youth, and technical and academic institutions given different assignments.

Examples of other such Transformative villages:

• Palli panchayat in Jammu and Kashmir is India’s first carbon-neutral village.
• Odanthurai panchayat in Tamil Nadu which has its own windmill of 350KW
• Tikekarwadi panchayat in Maharashtra is known for its extensive use of biogas plants and green energy production
• Chapparapadavu panchayat in Kerala has several green islands that have been nurtured by the community

Source:

https://www.thehindu.com/opinion/op-ed/think-local-climate-action-think-meenangadi/article66170804.ece/amp/

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