Special Current Affair for IBPS Exams : India & The World Part - 7

Special Current Affair for IBPS Exam

Topic: India & The World [Part - 7]



India, the United States and Australia in the third week of May 2013 came together to develop new climate-resilient varieties of rice and wheat, two of the major crops in the world.The United States Agency for International Development (USAID) will work in collaboration with the Australian Centre for Plant Functional Genomics (ACPFG) and India’s Vibha Agrotech.This collaboration will seek to develop new rice and wheat varieties having greater tolerance to drought and salinity. Now, farmers can have more stable production in wake of sudden drought and salt water intrusion. The new technology will be first developed in Australia and India, but it will be made available to developing countries in South Asia and at world level where adverse climate conditions impact cereal yields, so that farmers could have a good harvest, even as climate change creates more unpredictable growing environments. The ambitious program is part of Feed the Future, the US Government’s global hunger and food security initiative.


India and Germany on 6 June 2013 signed an umbrella agreement on financial and technical cooperation in fields of energy, environment and management of natural resources.

This agreement displays the commitment of both nations towards strengthening the long-standing partnership between the two in field of development co-operation.

Earlier, India and Germany had negotiated about 723 million Euros worth projects in 2012 as part of a pact on development cooperation between them. The umbrella agreement was signed by German Embassy’s Deputy Chief of Mission Cord Meier-Klodt and Joint Secretary in the Department of Economic Affairs Rajesh Khullar. Germany also made a commitment to support the expansion plans of renewable energy in India with one billion Euros. The Agreement on Financial and Technical Cooperation generally contains priority areas such as energy, environmental issues and management of natural resources.


Sri Lanka and India on 24-25 June 2013 held discussion in Colombo on trade, investment and economic cooperation. It is aimed at doubling the bilateral trade volume to the tune of 10 billion US dollars in the next three years. India is Sri Lanka’s leading trade partner and that bilateral trade between the two countries has now reached 5 billion US dollars.

During the talks, India and Sri Lanka decided to expand the bilateral trade in a balanced way by utilising the opportunities available between the two neighbouring nations. The talks included economic, trade and development related issues between the two countries. The Free Trade Agreement (FTA) between India and Sri Lanka was the first ever bilateral trade agreement for both nations.
It was signed in 1998 and enforced since 2000. India is considered as Sri Lanka’s foremost development partner in public investment strategy. India has provided the assistance and credit totaling 1.75 billion US dollars to Sri Lanka.

India is responsible for construction of 50000 houses in the north-east area of Sri Lanka. India is also assisting in public transport network infrastructure rebuilding.


Anand Sharma, Minister of Commerce & Industry, led an official delegation on 19-22 June, 2013, to the St. Petersburg International Economic Forum (SPIEF) 2013. The fourth India-Russia Business Dialogue was organized in the framework of SPIEF 2013 which was co-chaired by Anand Sharma and Denis Manturov, Minister of Industry & Trade of the Russian Federation.

The Business Dialogue was attended by many prominent Indian as well as Russian companies. Both India and Russia expressed satisfaction in the progress of our bilateral trade and economic relations. Presentation on Delhi Mumbai Industrial Corridor was also made, highlighting the opportunities available for Russian companies in the infrastructure sector and stress placed on Russian companies availing of the vast opportunities available in infrastructure as well as in other identified areas. On the sidelines of SPIEF 2013, Comprehensive Economic Cooperation Agreement (CECA) was discussed between India and the Customs Union of Belarus, Kazakhstan and the Russian Federation. India mentioned that there is significant potential for cooperation in areas such as infrastructure development, aviation, power generation, energy, information technology, bio and nano technologies, fertilizer, pharmaceuticals and chemicals, etc.


India and Nepal signed a Memorandum of Understanding (MoU) in the third week of June 2013 to provide assistance for construction of a three – storied school building under India-Nepal Economic Cooperation Programme. The MoU was signed between Indian Embassy in Kathmandu, District Development Committee, Kapilvastu and Shree Higher Secondary School. As per the MoU, India would grant 4.14 crore Nepali rupees for construction of School building in Kapilvastu District under India-Nepal Economic Cooperation Programme. The Indian grant will help in creation of better facilities in the new building of the Shree Higher Secondary School is situated at Barkalpur, Kapilvastu District that was established in 1979. This building will accommodate more than 1000 students with fifty percent population of girls.

India-Nepal Economic Cooperation Programme

The programme of India-Nepal economic cooperation was launched in 1951. The objective of this programme was and remains to supplement the efforts of the Government of Nepal in the national development of the country. India’s assistance programme in Nepal is guided by the vision that alongside progress in political process in Nepal, it is equally important to ensure that economic deliverables, particularly in the areas of education, health and infrastructure, must reach the people without any pre-conditions in a smooth, quick and unencumbered manner.

India and Nepal on 1 June 2013 agreed to address each other’s security concerns and curb illegal activities across the open border. The agreement took place during the annual Home Secretary-level talks held in Kathmandu. Both nations agreed to increase vigilance and cooperation in border areas against criminal activities such as human and drug trafficking, smuggling of Indian counterfeit currency and trade in illegal substances. The Indian Delegation was led by Home secretary RK Singh, while the Nepali delegation was led by his counterpart Navin Kumar Ghimere. India also drew Nepal’s attention to the continued trade in banned red sandalwood from India to Tibet via Nepali routes.