15 May 2024

• Trade: China reclaimed its position as India's largest trading partner in FY2023-24, with bilateral trade reaching USD 118.4 billion.
• Diplomacy: India and Iran signed a 10-year operational contract for the Shahid Beheshti Terminal at Chabahar Port. Indian Ports Global Limited will invest approximately USD 120 million.
• Heritage: Three Indian texts (Ramcharitmanas, Panchatantra, and Sahridayaloka-Locana) were added to the UNESCO Memory of the World Asia-Pacific register.
• Climate: NOAA data showed a record year-over-year CO2 spike of 4.7 ppm in March 2024, the largest annual gain on record.

GS area: Economy (Trade), International Relations

Commerce Ministry data confirmed China replaced the United States as India's largest trading partner in FY2023-24.

• Bilateral trade: India-China merchandise trade stood at USD 118.4 billion in FY2023-24.
• India's imports from China: USD 101.7 billion, an increase of 3.24 per cent year-on-year.
• India's exports to China: USD 16.67 billion, up 8.7 per cent.
• Trade deficit: India's trade deficit with China was approximately USD 85 billion, the largest bilateral trade deficit for India.
• USA comparison: The United States was India's largest export destination (India runs a trade surplus with the US) but bilateral trade volume was lower than with China.
• Context: Despite military tensions following the 2020 Galwan clash, trade with China continued to grow, particularly in electronics, machinery, chemicals, and active pharmaceutical ingredients.
• Ministry: Commerce data compiled by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry.

Static linkage: India's trade relationships, trade deficit, China-India economic ties.

GS area: International Relations (Iran, Connectivity)

Indian Ports Global Limited (IPGL) and Iran's Port and Maritime Organisation (PMO) signed a 10-year operational agreement for the Shahid Beheshti Terminal at Chabahar Port on 13 May 2024. Coverage and analysis continued through 15 May.

• Chabahar: Located in Sistan and Baluchistan province, on the Makran coast, on the Gulf of Oman. It is approximately 72 km from Gwadar (Pakistan's Chinese-backed port).
• Two terminals: Chabahar has two terminals: Shahid Beheshti (under Indian management) and Shahid Kalantari (operated by Iran).
• IPGL: Indian Ports Global Limited, a company under the Ministry of Ports, Shipping and Waterways, is the implementing agency.
• Investment: IPGL is to invest approximately USD 120 million in equipment and development.
• INSTC: The International North-South Transport Corridor connects India to Russia and Central Asia via Iran. The corridor runs from Mumbai by sea to Bandar Abbas or Chabahar, then by road and rail through Iran and Azerbaijan or Central Asia to Russia and Europe.
• Cost savings: The Chabahar route offers approximately 30 per cent cost savings and 40 per cent time savings compared to traditional routes through Pakistan or around the Cape.
• US sanctions risk: The United States had previously waived sanctions on Chabahar development given its humanitarian significance for Afghanistan. The 2024 deal prompted US warnings of potential CAATSA (Countering America's Adversaries Through Sanctions Act) applicability.
• First overseas port management: This is the first time India will manage an overseas port, a significant step in maritime diplomacy.

Static linkage: India's connectivity strategy, Iran relations, INSTC, Gwadar versus Chabahar.

GS area: Art and Culture, International Relations

The UNESCO Memory of the World Committee for Asia and the Pacific (MOWCAP) inducted three Indian texts into its regional register.

• UNESCO Memory of the World Programme: Launched in 1992, it aims to preserve and provide access to documentary heritage. The International Register was established in 1992. MOWCAP covers the Asia-Pacific region and was established in 1998.
• Three texts inducted:
  • Ramcharitmanas: Written by Goswami Tulsidas in the 16th century in Awadhi. A retelling of the Ramayana, it has shaped devotional culture across north India.
  • Panchatantra: Authored by Pandit Vishnu Sharma, a collection of animal fables in Sanskrit containing political and social wisdom. It was translated into Persian, Arabic, and later European languages.
  • Sahridayaloka-Locana: A Sanskrit treatise on poetics and rasa theory by Acharya Anandvardhan (9th century Kashmir). It articulated the dhvani (resonance) theory of aesthetic expression.
• Nominating institution: Indira Gandhi National Centre for the Arts (IGNCA), New Delhi.
• Asia-Pacific register versus international register: The MOWCAP register is a regional step. Texts can subsequently be nominated for the International Memory of the World Register.

Static linkage: UNESCO, cultural heritage, Sanskrit literature, Indian aesthetics.

GS area: Environment (Climate)

NOAA data from the Mauna Loa Observatory in Hawaii showed a year-over-year increase of 4.7 parts per million (ppm) in CO2 concentration in March 2024, the largest single-year gain on record.

• Mauna Loa Observatory: In Hawaii, it has measured atmospheric CO2 continuously since 1958. The resulting dataset, the "Keeling Curve," is the longest continuous record of atmospheric CO2.
• Record spike: The 4.7 ppm increase in March 2024 exceeded the previous record year-over-year gains. The current CO2 level exceeded 420 ppm in 2024.
• El Nino link: Strong El Nino events reduce the ability of land ecosystems (forests, soils) to absorb CO2 by causing droughts and fires, particularly in the Amazon. This temporarily accelerates CO2 accumulation in the atmosphere.
• Pre-industrial baseline: Atmospheric CO2 was approximately 280 ppm before industrialisation. It crossed 350 ppm in 1988 and has been rising since.

Static linkage: Climate science, NOAA, greenhouse gas monitoring.

GS area: Economy (Financial Markets)

The State Bank of India (SBI) became the first commercial bank to join the India International Bullion Exchange (IIBX) as a Trading-cum-Clearing Member (TCM).

• IIBX: The India International Bullion Exchange is located in GIFT City (Gujarat International Finance Tec-City), Gandhinagar, Gujarat.
• Regulation: IIBX is regulated by the International Financial Services Centres Authority (IFSCA), which governs all financial activities within GIFT City.
• GIFT City: India's first operational smart city and International Financial Services Centre. It is being developed as an international financial hub to compete with Singapore, Dubai, and London.
• Trading-cum-Clearing Member (TCM): Can trade on its own account and for clients, and clear and settle trades.
• IBUs: International Banking Units are branches of banks within GIFT City that operate in foreign currency. RBI permitted IBUs to act as special category clients at IIBX, enabling banks to provide gold-linked products to overseas clients.

Static linkage: GIFT City, IFSCA, gold market, financial regulation.

• NHRC accreditation deferred by GANHRI: The Global Alliance of National Human Rights Institutions (GANHRI) deferred India's NHRC 'A' status for the second consecutive year. GANHRI's concerns included lack of transparency in appointments, police officials conducting human rights investigations, and insufficient gender and minority representation. The NHRC was established under the Protection of Human Rights Act, 1993. 'A' status allows participation in UN Human Rights Council proceedings.
• First pig kidney xenotransplant recipient dies: The first human recipient of a genetically modified pig kidney died two months post-surgery, reportedly from causes unrelated to the transplant. Xenotransplantation uses genetically modified pig organs, editing out pig rejection genes and adding human genes.
• Venezuela's last glacier gone: Venezuela's Humboldt glacier in the Andes, covering less than 10 hectares, was reclassified as an ice field, making Venezuela the first country in modern times to lose all its glaciers.