Current Affairs for SSC CGL Exams - 08 January 2022
Current Affairs for SSC CGL Exams - 08 January 2022
Trincomalee oil tank farm deal to boost energy security, set stage for further eco cooperation
Sri Lanka has inked a deal with the subsidiary of Indian Oil Corporation (IOC) for the long-gestating project to develop the Trincomalee oil tank farm, a move expected to boost energy security for both countries and set the stage for further economic cooperation.
Discussions on the project date back to the time of the India-Sri Lanka Accord of 1987 but there had been no substantial forward movement for a variety of reasons, including resistance in Sri Lanka to completely leasing out the facility built by the British at Trincomalee to India.
The Sri Lanka government, Indian Oil Corporation subsidiary Lanka IOC (LIOC), Ceylon Petroleum Corporation (CPC) and a joint venture between LIOC and CPC signed three lease agreements on Thursday on refurbishing and developing the 850-acre oil storage facility with a capacity of nearly one million tonnes.
According to the deal, 16 tanks which were already developed by LIOC since 2003 will be leased to the firm, 61 tanks will be leased to the joint venture, and 24 tanks to CPC. The lease will be valid for 50 years and there are provisions in the agreements to protect investments, people familiar with the matter said.
The agreements signed on Thursday resulted in the termination of a framework agreement signed by LIOC, CPC and the Sri Lanka government in 2003 that envisaged leasing all the tanks to LIOC. The Sri Lankan side has now ensured that it has a stake in 85 of the tanks at the facility.
The project will ensure energy security for both countries, especially since LIOC already plays a key role in the retail distribution of petrol in Sri Lanka, the people said. The project is also expected to blunt the fallout of the Sri Lanka government’s unilateral cancellation in early 2021 of a tripartite agreement with India and Japan to develop a terminal at Colombo port.
China: PLA to gift Galwan Valley stones to netizens
China’s People’s Liberation Army’s western theatre command (WTC) which oversees the disputed border with India will offer stones from the Galwan Valley in eastern Ladakh to netizens on February 1.
The WTC opened its official account on Twitter-like SinaWeibo on Friday and released a notice that on February 1 it will “..randomly choose 10 lucky netizens from those who reposted the notice and send them a stone from the Galwan Valley as a present,” the tabloid Global Times said in a report on Friday evening.
“A picture with Chinese soldiers patrolling the Galwan Valley, with a rock face seen in the post reading in Chinese characters ‘Splendid landscape, no inch to give up’ was posted together with the notice,” the report added.
This is the Chinese government’s latest effort to use the brutal clash between Indian and Chinese soldiers on the night of June 15 in Galwan Valley as propaganda to push through its narrative, painting India as the aggressor.
Several rounds of military and diplomatic talks have only resulted in partial disengagement of troops until now.
India has consistently rejected China’s allegations that Indian troops crossed over to the Chinese side of the LAC in eastern Ladakh asserting instead that New Delhi has always taken a responsible approach towards boundary management and maintaining peace and tranquillity in the border areas.
That hasn’t stopped the Chinese government from pushing through its narrative through nationalistic videos and commentaries.
India to overtake Japan as Asia's 2nd largest economy by 2030: HIS
India is likely to overtake Japan as Asia's second-largest economy by 2030 when its GDP is also projected to surpass that of Germany and the UK to rank as world's No.3, IHS Markit said in a report on Friday.
Currently, India is the sixth-largest economy in the world, behind the US, China, Japan, Germany and the United Kingdom.
"India's nominal GDP measured in USD terms is forecast to rise from USD 2.7 trillion in 2021 to USD 8.4 trillion by 2030," IHS Markit Ltd said. "This rapid pace of economic expansion would result in the size of Indian GDP exceeding Japanese GDP by 2030, making India the second-largest economy in the Asia-Pacific region."
By 2030, the Indian economy would also be larger in size than the largest Western European economies of Germany, France and the UK.
"Overall, India is expected to continue to be one of the world's fastest-growing economies over the next decade," it said.
For the full fiscal year 2021-22 (April 2021 to March 2022), India's real GDP growth rate is projected to be 8.2 per cent, rebounding from the severe contraction of 7.3 per cent year-on-year in 2020-21, IHS Markit said.
The Indian economy is forecast to continue growing strongly in the 2022-23 fiscal year, at a pace of 6.7 per cent.
The rapidly growing domestic consumer market as well as its large industrial sector has made India an increasingly important investment destination for a wide range of multinationals in many sectors, including manufacturing, infrastructure and services.
The digital transformation of India that is currently underway is expected to accelerate the growth of e-commerce, changing the retail consumer market landscape over the next decade.
::Science and tech::
CryptoWire introduces India’s first global index of cryptocurrencies IC15
Global cryptocurrency super app Cryptowire has launched a crypto index in India to monitor the performance of the 15 most traded cryptocurrencies, listed on leading exchanges in the world. The cryptocurrency index is known as IC15.
Cryptowire is a special business unit of crypto statistics provided TickerPlant. In a statement, the company said the index is aimed at increasing awareness and knowledge of the cryptocurrency and blockchain ecosystem.
It added that the index will help investors understand how virtual coin trading works. The development comes at a time when cryptocurrency trade has seen a massive jump in India, with more retail investors showing interest in virtual currencies despite concerns around regulation.
It may be noted that the IC15 index comprises a governance committee (IGC) that includes domain experts, industry practitioners as well as academicians. They will be in charge of monitoring and maintaining the index, including reshuffling of the top 15 cryptos.
JigishSonagara, Managing Director and CEO of CryptoWire, said, “Our approach is to facilitate market development and mitigate risk to a great degree by presenting all possible tools to evaluate possibilities and make decisions.”
“We want all participants to utilise, to the fullest, this research-oriented, technology-powered opportunity for tracking the market,” he added.
The objective of the IC15 index is to provide insights into index-linked products such as crypto ETFs and funds. It will also help provide information about crypto mining and the overall cryptocurrency market.
It will help investors understand crucial details about the cryptocurrency ecosystem and also provide solutions for diversified investments in cryptos.
It will not only help crypto investors, but also enthusiasts and investment managers, given the fact that it is a fundamental crypto market tracking index that will provide a overall reflection of global markets.
Son Heung-min ruled out for two weeks with injury, says Spurs boss Conte
Tottenham Hotspur forward Son Heung-min will be out of action for up to two weeks after picking up a muscle injury in Wednesday's semi-final League Cup defeat at Chelsea, manager Antonio Conte told reporters.
The injury to the 29-year-old South Korea international is a blow for the London side, who welcome third-tier Morecambe in the FA Cup third round on Sunday before games against Chelsea, Arsenal and Leicester City over the next fortnight.
"It was a strange situation against Chelsea. I made two substitutions together, Lucas Moura and Son. Not for injury, but to try to give them 15 minutes of rest," said Conte.