Understanding the Windsor framework: The deal between UK and EU
The Windsor Framework replaces the previous Northern Ireland Protocol, agreed by former PM Boris Johnson to prevent a hard border between UK territory Northern Ireland and EU member-state Ireland.
Posted bypiyush Published On March 2nd, 2023
After months of intensive talks, the United Kingdom and European Union have unveiled an agreement on the Northern Ireland Protocol, called the Windsor Framework. This is not a new protocol or a fundamental rewrite of the current treaty. But the package announced this week is an improved deal that could substantively ease how the protocol will operate for businesses as well as individuals. It is a negotiating achievement that marks a turning point in the long road since Brexit for Northern Ireland.
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Table of Contents
What does the Windsor Framework proposes:
What is the Northern Ireland Protocol:
What are the issues with the Northern Ireland Protocol:
Significance of the Windsor framework:
What does the Windsor Framework proposes:
The Windsor Framework Deal proposes two crucial aspects. The first aspect is the introduction of a green lane and red lane system for goods.
The green lane system will be for goods that will stay in Northern Ireland.
The red lane system will be for goods that will go to the EU.
The second aspect is the ‘Stormont Brake’.
It allows Northern Ireland lawmakers and London to veto any EU regulation.
The veto is applicable if they believe that the regulation affects the region adversely.
What is the Northern Ireland Protocol:
After the UK left the European Union, Northern Ireland remained its only constituent that shared a land border with an EU-member, the Republic of Ireland.
Since the EU and the UK have different product standards, border checks would be necessary before goods could move from Northern Ireland to Ireland.
However, the two Irelands have had a long history of conflict, with a hard-fought peace secured only in 1998 under the Belfast Agreement, also called the Good Friday agreement.
Fiddling with this border was thus considered too dangerous, and it was decided the checks would be conducted between Great Britain and Northern Ireland.
This was called the Northern Ireland Protocol.
What are the issues with the Northern Ireland Protocol:
Time & resource wastage – The checks made trade between Great Britain and Northern Ireland cumbersome, with food products losing out on shelf life while they waited for clearance.
Taxation – Some taxation and spending policies of the UK government could not be implemented in Northern Ireland because of EU rules.
The sale of medicines was caught between different British and EU rules.
United UK – Any kind of border in the Irish Sea bothered those who want a United Kingdom.
The Democratic Union Party (DUP) has not allowed Stormont, its Parliament, to function since last year, because of its opposition to the Protocol.
Significance of the Windsor framework:
With the Windsor Framework, UK hopes to improve trade and other ties with the EU.
The deal has allowed Sunak to do away with the Northern Ireland Protocol Bill introduced by his predecessor Boris Johnson.
The bill involved the UK government reneging on the promise it made to the EU to follow the Protocol.... Read more at: https://currentaffairs.adda247.com/understanding-the-windsor-framework-the-deal-between-uk-and-eu/
India Wins GSMA Government Leadership Award 2023
Groupe Speciale Mobile Association (GSMA) has conferred Government Leadership Award 2023 to India for implementing best practices in telecom policy and regulation.
Posted bySumit Arora Published On March 2nd, 2023
Table of Contents
Government Leadership Award 2023
Following initiatives have been taken by India for improving telecom sector and infrastructure in the country-
What is Mobile World Congress (MWC)?
Government Leadership Award 2023
Groupe Speciale Mobile Association (GSMA) has conferred Government Leadership Award 2023 to India for implementing best practices in telecom policy and regulation. GSMA, which represents more than 750 mobile operators and 400 companies in the telecom ecosystem, recognizes one country every year. India was declared winner in the ceremony held at Mobile World Congress Barcelona.
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In a statement, GSMA said India’s biggest-ever spectrum auction for 5G was held in July 2022. In total, 72 GHz spectrum was sold across ten spectrum bands. The government lowered reserve prices by 39 per cent across the spectrum band. Seventy-one of all spectrum on auction was sold for $19 billion. All three mobile operators in India acquired spectrum in key 5G bands such as 700 MHz, 3.5 GHz and 26 GHz. To further support 5G rollouts, the government has also liberalised the spectrum cap limit for telecom operators, expanding their ability to hold more spectrum.
Following initiatives have been taken by India for improving telecom sector and infrastructure in the country-
In India, RoW permissions which used to take more than 230 days, now get approval within 8 days.
More than 85% mobile tower clearances are now instantaneous.
With nearly 1 Lakh sites in 387 districts, India’s 5G roll-out is one of the fastest in the world.
Indian telecom sector has emerged as a sunrise sector and the whole world has taken note of this rise.
In India, several initiatives were carried out such as licensing reforms, creation of PM Gati Shakti Sanchar Portal, streamlining Right of Way (RoW), spectrum reforms, satellite reforms etc.
What is Mobile World Congress (MWC)?
Mobile World Congress (MWC) is an annual trade show and conference for the mobile telecommunications industry. The Mobile World Congress (MWC) event attracts representatives from mobile operators, device manufacturers, technology providers, and other players in the mobile industry. Exhibitors showcase their latest mobile devices, network infrastructure, software, and services. The MWC conference features keynote speeches, panel discussions, and educational sessions covering topics such as- 5G, Artificial intelligence, Internet of Things (IoT), and Mobile security.... Read more at: https://currentaffairs.adda247.com/india-wins-gsma-government-leadership-award-2023/
MoS IT launches Grievance Appellate Committee to ensure safe internet
Minister of State for Electronics and IT, Rajeev Chandrasekhar, launched the Grievance Appellate Committee (GAC) that will look into social media users concern regarding content and other issues.
Posted bypiyush Published On March 1st, 2023
IT Minister Rajeev Chandrasekhar launched a grievance appellate panel mechanism, that will look into appeals by users against decisions of social media platforms. The announcement came in the presence of representatives of Big Tech internet companies like Meta, Snap, Google and others.
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Table of Contents
Significance of The Grievance Appellate Committee (GAC):
Grievance Appellate Committee (GAC) and Its Functions:
IT Rules and Social Media:
Significance of The Grievance Appellate Committee (GAC):
The digital platform, Grievance Appellate Committee (GAC), is a powerful tool for ensuring accountability of platforms to their users, Chandrasekhar, who is the minister of state for IT.
“This is one more milestone in the evolving framework to ensure internet is open, safe and trusted,” he said.
Grievance Appellate Committee (GAC) and Its Functions:
The GACs will function as a “traffic signpost” on the Internet. Every GAC will have three members.
The need for such panels arose due to large numbers of grievances being left unaddressed or unsatisfactorily addressed by Internet Intermediaries.
The GACs are expected to create a culture of responsiveness among all Internet Platforms and Intermediaries towards their consumers.
Users will have the option to appeal against the decision of the grievance officer of the social media intermediaries and other online intermediaries before this new appellate body.
The Committee will endeavour to address the users’ appeal within a stipulated period of 30 days.
The GAC is a critical piece of overall policy and legal framework to ensure that the Internet in India is open, safe, trusted and accountable.
The GAC will be a virtual Digital platform that will operate only online and digitally — wherein the entire appeal process, from filing of appeal to the decision thereof, shall be conducted digitally.
IT Rules and Social Media:
IT rules had been strengthened in October to pave the way for formation of the Centre-appointed panels to settle often-ignored user grievances against the way social media platforms addressed their complaints regarding content and other matters.
Under the IT Rules, social media intermediaries like Facebook, Twitter, and WhatsApp are already required to have a Grievance Officer to whom users may complain about any violation of the Rules.... Read more at: https://currentaffairs.adda247.com/mos-it-launches-grievance-appellate-committee-to-ensure-safe-internet/
Controller General of Accounts celebrates 47th Civil Accounts Day
The Civil Accounts Day was celebrated on 1st March to mark the 47th foundation day of Indian Civil Accounts Service (ICAS).
Posted bySumit Arora Published On March 2nd, 2023
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47th Civil Accounts Day
About the Indian Civil Accounts Service:
47th Civil Accounts Day
The Civil Accounts Day was celebrated on 1st March to mark the 47th foundation day of Indian Civil Accounts Service (ICAS). The Indian Civil Accounts Service was constituted in 1976, after the the maintenance of Accounts of the Union government was separated from that of Audit. Consequently, the Comptroller and Auditor General of India was divested with this responsibility.
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Two Ordinances, the Comptroller and Auditor General’s (Duties, Powers and Conditions of Service) Amendment Ordinance, 1976 and Departmentalisation of Union Accounts (Transfer of Personnel) Ordinance, 1976 were promulgated by the President on 1st of March 1976 to initiate the process of separation of accounts from audit and paving the way for departmentalised accounts. Consequently, every year on 1st of March, organization celebrates its foundation day.
The Office of the Controller General of Accounts is the principal accounting advisor to the Government of India and oversees the country’s payment and accounting system. The organization ensures financial accountability through accounts and helps the executive in decision making. The mission of the organization is to operate an effective, reliable and accountable system for budgeting, payment, accounting and pension disbursement. It aims to provide a world-class and robust government-wide integrated financial information system and decision support system (DSS) across ministries.
About the Indian Civil Accounts Service:
Initially, the ICAS was carved out from the Indian Audit & Accounts Service (IA & AS), through the promulgation of an Ordinance amending the C & AG’s (Duties, Powers and Conditions of Service) Amendment Act, 1976.
Later, the Departmentalisation of Union Accounts (Transfer of Personnel) Act, 1976 was enacted and came into force on 01 March 1976, following which the ICAS celebrates March 1 every year as the “Civil Accounts Day”.
ICAS helps in the delivery of financial management services for the Government of India, such as payment services, supports the tax collection system, performs government-wide accounting, financial reporting functions, preparation of budget estimates and carries out Internal Audit in civil ministries of the Union Government.... Read more at: https://currentaffairs.adda247.com/controller-general-of-accounts-celebrate-47th-civil-accounts-day/
Singapore Airlines receives 25.1% stake in Air India group after investing $267 mn
Singapore Airlines receives 25.1% stake in Air India group: Singapore Airlines will give Air India an additional SGD 360 million. With its acquisition by Tata and merger with Vistara Airlines.
Posted byMadhavi Gaur Published On March 1st, 2023
Table of Contents
Singapore Airlines receives 25.1% stake in Air India group
Singapore Airlines receives 25.1% stake in Air India group: Key Points
Aim of Tata and Singapore Airlines:
Profit of the Airlines:
Singapore Airlines receives 25.1% stake in Air India group
Singapore Airlines will give Air India an additional SGD 360 million (USD 267 million). With its acquisition by Tata and merger with Vistara Airlines, it will give SIA a 25.1% interest in the firm. Through this deal, SIA will strengthen its relationship with Tata and gain an instant strategic position in a company that is four to five times bigger than Vistara in terms of size.
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Singapore Airlines receives 25.1% stake in Air India group: Key Points
● Last year, Tata and Singapore Airlines both committed to provide additional funding if necessary to assist Air India reach its previous peak, when the airline had a glitzier shine, and sustain it.
● Once the brands are amalgamated, Singapore Airlines will own a quarter of a company that will have 218 aircraft and have access to high-paying parking and landing slots all over the world.
● According to the airline, the new organisation will be four to five times bigger than Vistara and support the development of its multi-hub plan.
● Flyers can travel with Vistara, a full-service airline, to 12 foreign locations, including London, Frankfurt, Paris, Abu Dhabi, and Dubai.
Aim of Tata and Singapore Airlines:
● Tata and Singapore Airlines have a long history together, including an ambitious plan to launch an airline with 100 planes in 1994.
● However, because the government forbade a foreign competitor, the plan was shelved. When the government invited bids for a stake in Air India in 2000, the two paired together once more. Political resistance ultimately forced the cancellation of the scheme.
● One of the important strategic objectives for future growth stated in the quarterly financial report is the November 2022 agreement between Singapore Airlines and Tata Sons to further contribute $267 million into Air India.
● The combined company will be four to five times larger in scale than Vistara and will have a significant presence across all of India’s major airline markets.
Vistara Brand To Be Discontinued With Air India Merger
Profit of the Airlines:
● Singapore Airlines Ltd. (SIA) announced a third-quarter net profit increase of more than seven times.
● The airline’s net profit increased significantly from S$85 million a year earlier to S$628 million ($469 million) during the three months that ended on December 31.
● A record SGD 4,846 million ($3,589 million) in revenue was earned by SIA for the three months that ended in December, a rise of SGD 358 million ($265 million), or 8% from the previous quarter.... Read more at: https://currentaffairs.adda247.com/singapore-airlines-receives-25-1-stake-in-air-india-group-after-investing-267-mn/
Japan, U.S., South Korea, Taiwan launch ‘Chip 4’ talks for supply chain
Japan, the United States, South Korea and Taiwan have held the first meeting of senior officials under a new U.S.-led framework to help ensure a stable supply of semiconductors.
Posted bypiyush Published On March 2nd, 2023
Japan, the United States, South Korea and Taiwan have held the first meeting of senior officials under a new U.S.-led framework to help ensure a stable supply of semiconductors, Japan’s industry ministry said. Officials from industry organizations in the four economies took part in the virtual conference of the “Chip 4” alliance on Feb. 16 to discuss ways to maintain supply chain resilience in times of natural disasters and other contingencies.
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Table of Contents
More About The ‘Chip 4’ talks:
US aims to constrain China’s semiconductor industry:
About The Tri-country dialogue: economic security dialogue:
China’s Massive $140 billion package:
Taiwan Concern: 90% of the advanced semiconductors:
The America’s technological leadership: the chip shortage:
More About The ‘Chip 4’ talks:
In a bid to outcompete China technologically, the Biden administration launched a new dialogue forum with Japan and South Korea on friend-shoring semiconductors as it invites companies to compete for a share of the $50 billion already approved to revitalize the U.S. chip industry.
The inaugural meeting of the Economic Security Dialogue among the United States, Japan and South Korea was launched in Honolulu. Japan and South Korea are home to two of the world’s strongest semiconductor industries, and the forum aims to address issues related to critical and emerging technologies, supply chain resilience of semiconductors, batteries and critical minerals, as well as data transparency amid the U.S.-China tech war.
Also, the administration launched the first CHIPS for America funding opportunity — an invitation for companies to compete for a share of the $50 billion approved by Congress under the CHIPS Act last year, specifically the $39 billion allocated to fund the construction of new and expanded domestic manufacturing semiconductor facilities.
Much of the funds will be used by the few companies already producing the world’s most advanced chips — including Taiwan Semiconductor Manufacturing Company (TSMC), Samsung Electronics and Micron Technology — to ramp up their production capacity in the United States.
US aims to constrain China’s semiconductor industry:
As the Biden administration aims to constrain Beijing’s semiconductor industry, there are hurdles to overcome, including whether Seoul will be willing to join Washington’s ban on exports of advanced chip-making equipment to China that Japan and the Netherlands have recently agreed to join. Both are home to companies that are global leaders in chip manufacturing technologies.
There is also concern that Washington’s moves to reshape the global semiconductor ecosystem might weaken Taiwan’s semiconductor industry, which Taipei believes to be one of its strongest security guarantees to deter an invasion by Beijing.
About The Tri-country dialogue: economic security dialogue:
The economic security dialogue is an expansion of the trilateral cooperation among Indo-Pacific partners that previously focused largely on the North Korean nuclear threat. The terms of the partnership were laid on the sidelines of the East Asia Summit in Phnom Penh in November 2022.
The dialogue is an important forum for Washington as it seeks to build a unified front with partners to restrict sales of advanced semiconductor manufacturing equipment to China. A key issue will be where Seoul stands on the U.S. export control ban enacted by the Biden administration in October 2022, said Gregory Allen, director of the artificial intelligence governance project at the Center for Strategic and International Studies.
Seoul is also seeking clarity on how the rules stemming from the export control ban might impact South Korean companies that are running significant semiconductor manufacturing operations in China. South Korea has received a one-year exemption, as details of how the ban might be implemented are still being worked out.
Much work still needs to be done in getting Japanese and South Korean industries to buy into Biden’s strategy of cutting off chips to China, said Samantha Howell, a research assistant with the technology and national security program at the Center for a New American Security.
China’s Massive $140 billion package:
Meanwhile, China is ramping up its own domestic chip capacity. It is reportedly planning on a massive $140 billion package to bolster self-sufficiency and counter U.S. moves.
Earlier this month, Chinese Foreign Ministry spokesperson Mao Ning said Washington has “overstretched the concept of national security, abused export control measures, disrupted normal economic and trade activities, and destabilized global industrial and supply chains” to maintain economic and technological supremacy.
Taiwan Concern: 90% of the advanced semiconductors:
As part of the U.S.-led push to secure global chip supply chains, TSMC has agreed to invest $40 billion to build semiconductor plants in Arizona. The facilities are scheduled to be operational in 2024 and are among the largest foreign investments in U.S. history.
However, as producer of more than 90% of the world’s most advanced semiconductors, some in Taiwan are concerned that moving its production to the U.S. and elsewhere may weaken one of the island’s most important geopolitical assets known as the “silicon shield.”
Theoretically, the silicon shield protects Taiwan from a Chinese military invasion in two ways. First, China depends on TSMC to produce the bulk of the chips it needs for its consumer electronics industry, linking Beijing’s bottom line to Taiwan’s stability, which may push China toward military restraint.
Second, the dependence of major economies, including the U.S. and the European Union, motivates those countries to stand up for Taipei’s sovereignty.
The America’s technological leadership: the chip shortage:
In the coming months, additional funding opportunities for supply chain companies and research and development investments will be announced, U.S. Secretary of Commerce Gina Raimondo said in a speech on the administration’s goals to “build a reliable and resilient semiconductor industry that protects America’s technological leadership for the coming decades.” “In 1990, the U.S. accounted for 37% of global chip manufacturing capacity,” Raimondo said. “Today, that number is only 12%.”
The pandemic-induced semiconductor shortage has wreaked havoc on numerous industries, from automobiles to consumer electronics. The U.S. Department of Commerce estimated that the chip shortage caused a 1% decline in the country’s 2021 GDP growth.... Read more at: https://currentaffairs.adda247.com/japan-u-s-south-korea-taiwan-launch-chip-4-talks-for-supply-chain/
Moody’s expects India to report real GDP growth of 5.5 percent in 2023
Moody's now expects India's real GDP growth to be 5.5% in 2023, up from the earlier projection of 5%, and to be 6.5% in 2024.
Posted bySumit Arora Published On March 1st, 2023
Moody’s now expects India’s real GDP growth to be 5.5% in 2023, up from the earlier projection of 5%, and to be 6.5% in 2024. The upward revisions for India also incorporate a significant increase in capital expenditure budget allocation to ₹10 lakh crore (3.3% of GDP) for fiscal year 2023-24, up from ₹7.5 lakh crore for the fiscal year ending in March 2023.
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Key point of the outlook
Moody’s has published its macro-outlook for G20 economies and has made upward revisions to its 2023 growth forecasts for the US, the euro area and China. Additionally, the credit rating agency has raised growth projections for India, Mexico, Russia, Saudi Arabia and Türkiye.
Moody’s noted that economic momentum in several large emerging market countries, including India, Brazil, Mexico and Türkiye, had proved more resilient to last year’s tightening in the global and domestic financial environment than it had anticipated.
For G-20 economies, Moody’s sees growth moderating to 2 percent this year from 2.7 percent in 2022, and then to improve to 2.4 percent in 2024. For the G-20 advanced economies, the 2022 growth estimate is now 2.3 percent against the earlier expectation of 2.1 percent.
G-20 advanced economies are expected to report a growth of 0.8 percent this year, exceeding the previous estimate of 0.2 percent. The rating agency also sees real GDP growth to accelerate from 3.5 percent in 2022 to 3.9 percent in 2023, up 0.8 percentage point from its November forecasts.... Read more at: https://currentaffairs.adda247.com/moodys-expects-india-to-report-real-gdp-growth-of-5-5-percent-in-2023/
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