What is the News ?

India and the United Nations have introduced a collaborative capacity-building effort known as the 'India-UN Capacity Building Initiative.' Its goal is to promote progress and prosperity in the Global South.

Facts About:

What is the Global South?

• The Global South encompasses countries in regions such as Africa, Latin America and the Caribbean, Asia (excluding Israel, Japan, and South Korea), and Oceania (excluding Australia and New Zealand).
• These regions are generally characterized by lower levels of economic and industrial development.

About the India-UN Capacity Building Initiative:

• This initiative aims to enhance the capabilities of countries in the Global South.
• Its objective is to facilitate the sharing of India's development experiences, best practices, and expertise through capacity-building programs and training.
• The initiative extends the achievements of India's G20 Presidency, which emphasized the inclusion of perspectives from the Global South in the G20 agenda.
• It builds upon India's existing bilateral cooperation in development and capacity-building with partner countries.
• As part of this endeavor, the UN India team will collaborate with the Bill & Melinda Gates Foundation to leverage India's Technical and Economic Cooperation platform. This partnership will enable the dissemination of India's development experiences and best practices worldwide.
• Furthermore, it will translate the development objectives outlined during India's G20 Presidency into action.
• This includes the implementation of the G20 Action Plan for advancing the Sustainable Development Goals (SDGs) and enhancing technology and digital infrastructure.

What is the News ?

The 19th iteration of 'EXERCISE YUDH ABHYAS' is scheduled to take place from September 25th to October 8th, 2023, at Fort Wainwright, Alaska, USA

Facts About:

• Exercise Yudh Abhyas is an annual collaborative military exercise carried out jointly by the Indian Army and the United States Army.
• In this edition, the Indian Army contingent, consisting of 350 personnel, will participate. The lead battalion from the Indian side is associated with the MARATHA Light Infantry Regiment.
• The primary focus of the exercise is to practice a series of tactical drills aimed at improving the ability to work together effectively during United Nations peacekeeping operations.
• The exercise's theme centers on the 'Employment of an Integrated Battle Group in Mountain/ Extreme Climatic Conditions,' as outlined in Chapter VII of the United Nations mandate.
• The Field Training Exercise will encompass various elements, including the validation of Integrated Battle Groups in confronting hostile forces at the Brigade level, the establishment of an Integrated Surveillance Grid at the Brigade/ Battalion level, and the utilization of Heliborne/ Airborne units and Force Multipliers, among others.
• Additionally, the exercise will facilitate the exchange of ideas and best practices in a wide range of combat skills, encompassing combat engineering, obstruction clearance, and tactics for dealing with mines and Improvised Explosive Devices.

Other Exercises involving India and the USA:

• Army: Vajra Prahar
• Navy: MALABAR (Multilateral)
• Air Force: Cope India, Red Flag (Multilateral)

What is the News ?

The Chief Minister of Manipur recently stated that his government has requested the Union Home Ministry to discontinue the free movement arrangement along the India-Myanmar border and finalize the border fencing.

Facts About:

• The Free Movement Regime (FMR) allows all hill tribes, whether they hold citizenship in India or Myanmar, to travel within a 16 km radius on either side of the Indo-Myanmar Border (IMB).
• To cross the border, they need to present a border pass with a one-year validity issued by the relevant authority.

                Each visit can last for up to two weeks.

• The FMR was put into effect in 2018 as part of the Central government's Act East policy.
• Both governments, India and Myanmar, implement the FMR for the benefit of the people residing along the IMB.
• This arrangement facilitates greater cultural integration among residents of trans-border villages.

                They engage in activities like weddings, joint celebrations of festivals, and cross-border trade.

• The FMR underscores the physical, ethnic, linguistic, cultural, and fraternal connections among communities living across the border.
• Indo-Myanmar Border (IMB):

                The IMB stretches over 1,643 km, traversing four states: Mizoram, Manipur, Nagaland, and Arunachal Pradesh.

                It extends from the northern tripoint with China to the southern tripoint with Bangladesh.

                The responsibility of guarding the IMB falls on the Assam Rifles.

What is the News ?

The I2U2 group has just unveiled a new collaborative space project with the goal of developing a one-of-a-kind space tool designed for use by policymakers, organizations, and business innovators.

Facts About:

• The I2U2 Group comprises India, Israel, the United Arab Emirates, and the United States.
• Formation:

This alliance was originally established in October 2021 with the primary objective of addressing infrastructure, transportation, and maritime security issues in the region.

Originally, it was named the "International Forum for Economic Cooperation" and was also referred to as the "West Asian Quad."

• First Virtual Summit: In July 2022, the group conducted its inaugural virtual summit.
• This unique coalition of nations identifies viable projects and initiatives aimed at addressing significant challenges.
• It places special emphasis on collaborative investments and new endeavors in areas such as water, energy, transportation, space, health, food security, and technology.
• The group's objectives encompass mobilizing private sector resources and expertise to achieve various goals, including the modernization of infrastructure, the promotion of low-carbon development pathways, and enhancements in public health.

What is the News ?

JP Morgan Chase & Co will add Indian government bonds to its emerging markets bond index starting in June 2024.

Facts About:

• This index serves as a benchmark for measuring how well international government and corporate bonds from emerging market countries perform.

             These countries must meet specific liquidity and structural requirements.

• Emerging market bonds are debt instruments issued by developing nations.

             They usually offer higher yields compared to bonds from developed countries.

• A total of 23 Indian Government Bonds (IGBs) with a combined notional value of $330 billion are eligible for inclusion.

             They are all categorized as "fully accessible" for non-residents.

• Advantages of this inclusion:

             This development is expected to lead to higher demand for the Indian rupee, potentially protecting it from depreciation.

              Lower borrowing costs could support important infrastructure projects.

              Increased liquidity may result in more efficient trading conditions.

• India's local bonds will become part of JP Morgan's Government Bond Index-Emerging Markets (GBI-EM) index.
• They are expected to make up a maximum of 10 percent of the GBI-EM Global Diversified Index (GBI-EM GD).