India and World Current Affairs May 2017
India not Participating in UN Negotiations for Total Ban on Nuclear Weapons
- India is not participating in the conference on negotiations for a total ban on nuclear weapons that began at the United Nations.
- The decision to not participate in the meeting was taken independently by New Delhi on March 27, 2017 taking into account the nation’s own interests and that the Indian mission was -closely monitoring the developments at the conference.
- India was expected later this week to issue a comprehensive statement outlining its stanoe on the meeting that is officially called the Conference to Negotiate a Legally Binding Instrument to Prohibit Nuclear Weapons, Leading Towards their Total Elimination.
India became Associate Member of International Energy Agency
- India has joined the International Energy Agency (IEA) as an associate member, on March 31, 2017. With India as a member, International Energy Agency now formally covers 70% of the world’s energy consumption.
- The International Energy Agency is a Paris-based autonomous intergovernmental organisation established in the framework of the Organisation for Economic Cooperation and Development (OECD) in . 1974 in the wake of the 1973 oil crisis.
- The IEA was initially dedicated to responding to physical disruptions in the supply of oil, as well as serving as an information source‘on statistics about the international oil market and other energy sectors.
India-Nepal Renewed Fuel Supply Pact
- India and Nepal have renewed the supply agreement between IOCL and Nepal Oil Corporation (NOC) for another five years on March 27, 2017.
- The renewed agreement is an umbrella document between the two parties which apart from detailing the supply of petroleum, oil and lubricant products and also puts in place an institutional mechanism for cooperation in the areas of additional services and technical assistance between the two.
- Both the countries are at present working toward further deepening engagement in the oil and gas sector, including construction of petroleum product Motihari-Amlekhganj Pipeline.
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India become Third Largest Domestic Aviation Market Globally
- The Indian aviation market is likely to overtake Japan this year to become the world’s third largest domestic market after the USA and China bn March 25, 2017.
- The Indian domestic market is on track to surpass 100 million passengers in 2017. In fact, domestic air traffic could grow by dose to 25% in 2018 and approach 130 million passengers.
- The reasons for the growth are primarily strong economic fundamentals, although traffic has been over-stimulated by low fares.
India Signed Financing Agreement with World Bank for Uttarakhand Health Systems Development Project
- A financing agreement for IDA credit of $ 100 (equivalent) for the ‘Uttarakhand Health Systems Development Project’ was signed with the World Bank on March 23, 2017.
- The project has two main components, (i) Innovations of engaging the private sector; and (ii) Stewardship and system improvement. Out of the total project size of $ 125 million, $ 25 million will be the counterpart contribution of the State government.
- The objective of the project is to improve access to quality health services, particularly in the hilly districts of the State, and to expand health financial risk protection for residents of the State. The project will benefit the residents of hilly districts in particular.