Geopolitics and International Relations
- South China Sea (SCS) Developments: Increased naval maneuvers by certain littoral states following the recent deployment of UNCLOS-mandated monitoring vessels. The 2016 Permanent Court of Arbitration (PCA) ruling regarding the Nine-Dash Line remains a point of diplomatic contention.
- G20 Presidency Outcomes: Key focus areas during the recent presidency included the reform of multilateral development banks (MDBs) and achieving consensus on a framework for global debt resolution, particularly impacting low-income countries.
- India-EFTA Trade Negotiations: Progress noted in the talks for a Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association bloc (Iceland, Liechtenstein, Norway, Switzerland).
- Minamata Convention: India reaffirmed its commitment to the global treaty targeting mercury emissions and discharge, emphasizing phase-out deadlines for industrial processes using mercury.
Domestic Policy and Economics
| Policy/Scheme | Objective | Key Target/Data Point |
|---|---|---|
| National Logistics Policy (NLP) | Reduction of logistics costs as a percentage of GDP. | Target: Lowering costs from 14% to single digits (approx. 8%) by 2030. |
| PM-PRANAM Scheme | Promotion of balanced fertilizer use and reduction of chemical fertilizer subsidy burden. | Encouraging use of alternative fertilizers and bio-inputs. |
| RBI Monetary Policy | Maintained the repo rate at 6.5%. | Rationale cited: Need to anchor inflation expectations, particularly concerning sticky core inflation. |
| Foreign Trade Policy 2023 | Focus on promoting trade settlement in the Indian Rupee (INR). | Aimed at globalizing the INR and minimizing exchange rate volatility for exporters and importers. |
Science, Technology, and Governance
- Space Program Success: ISRO successfully launched the Chandrayaan-3 mission, achieving a soft landing near the lunar south pole region.
- Digital Personal Data Protection (DPDP) Act, 2023: Legislation enacted establishing duties for 'Data Fiduciaries' and recognizing specific rights for 'Data Principals' (individuals). Imposes significant penalties for data breaches.
- Green Hydrogen Mission: Allocation of funds toward scaling up green hydrogen production capacity and establishing export hubs for green ammonia. Target is to achieve 5 MMT (Million Metric Tons) production by 2030.