China’s concerns over India’s New FDI Norms
•China has said that the additional barriers set by India for investors from specific countries violate World Trade Organisation’s principle of non-discrimination, and go against the general trend of liberalisation and facilitation of trade and investment.
What is the issue?
Ministry of Commerce and Industry(GoI) imposed restrictions saying companies from countries that share borders with India can invest ‘only under the government route’.
•India; India’s tweaking FDI rules are not in violation of WTO norms that allow countries to make such changes when issues of national security are at stake.
[India is not the only country to make such modifications in policy. Several countries in Europe had changed their laws or made new ones to cope with similar situations]
•Foreign direct investment (FDI) is an investment from a party in one country into a business or corporation in another country with the intention of establishing a lasting interest
Rural Poor Stimulus Facility (RPSF)
•It is a short-term strategy that feeds into IFAD’s longer-term development objectives
•Given the magnitude of the challenge presented by the COVID-19 crisis, IFAD has launched a multi-donor COVID-19 Rural Poor Stimulus Facility (RPSF)
•It aims to improve the food security and resilience of poor rural people by supporting production, market access and employment.
•The ultimate goal of the RPSF is to accelerate the recovery of poor and vulnerable rural people from the COVID-19 crisis.
•IFAD will initiate the Facility with US$40 million of seed funding from grant resources and expects to mobilize at least US$200 million from Member States and other donors to scale up support.
【All IFAD-supported country programmes that are at risk of not achieving their development outcomes due to COVID-19 are eligible to receive funding from the RPSF】
5th Annual Meeting of New Development Bank(NDB)
•It is a multilateral development bank operated by the BRICS states (Brazil, Russia, India, China and South Africa).
•The New Development Bank was agreed to by BRICS leaders at the 5th BRICS summit held in Durban, South Africa in 2013. [It was established in 2014, at the 6th BRICS Summit at Fortaleza, Brazil.]
•It aims to foster greater financial and development cooperation among the five emerging markets
•Headquartered = Shanghai, China.
【Unlike the World Bank, which assigns votes based on capital share, in the New Development Bank each participant country will be assigned one vote, and none of the countries will have veto power】
•Finance Minister of India recently attended the 5th Annual Meeting of the Board of Governors of the New Development Bank through video-conference
•The Matterhorn is a mountain of the Alps situated on the border of Switzerland and Italy.
[It is the sixth highest mountain in the Alps and in Europe.]
•Switzerland has expressed solidarity with India in its fight against the coronavirus pandemic by projecting the tricolour on the Matterhorn Mountain in the Swiss Alps
•Its summit is 4,478 metres (14,692 ft) high, making it one of the highest summits in the Alps and Europe.
•The Matterhorn is mainly composed of gneisses from the Dent Blanche nappe, lying over ophiolites and sedimentary rocks of the Penninic nappes.
•Sometimes referred to as the Mountain of Mountains, the Matterhorn has become an iconic emblem of the Alps in general
Demo-2 Mission : by NASA and SpaceX
•The Demo-2 mission will use a Falcon 9 rocket (built by SpaceX) to launch Benhken and Hurley on the first crewed test flight of a Crew Dragon spacecraft.
[NASA has not set a specific duration for the mission, describing it only as “an extended stay at the space station,” in an announcement.]
•Once the mission is complete, Behnken and Hurley will return to Earth with a splashdown in the Atlantic Ocean, off Florida’s east coast, to be retrieved by a SpaceX recovery ship.
•NASA will launch astronauts from US soil for the first time in nearly a decade
•Crew Dragon Demo-2 mission was originally planned for launch in July 2019 as part of the Commercial Crew Development contract with a crew of two on a 14-day test mission to the International Space Station (ISS)
[ It will be the first American spacecraft to fly crew into orbit since STS-135 in July 2011]