Today in History (July 7th, 1978)
On this day in 1978, the Solomon Islands, a nation in Melanesia, gained independence from Britain. Honiara is the capital of the Solomon Islands.
Summary of Today’s News
Internationalization of Rupee:
The Indian Government’s roadmap for the internationalization of the Rupee is viewed as a positive step. Currently, the Rupee has limited international demand, and its share in the global foreign exchange market is low. To internationalize the Rupee, reforms such as making it fully convertible, developing a liquid rupee bond market, promoting invoicing in rupees for trade transactions, and establishing currency swap agreements are needed. Stable currency management and implementing fiscal and banking sector improvement recommendations are crucial. The internationalization of the Rupee is expected to benefit Indian businesses, enhance liquidity, and strengthen financial stability.
Internet Shutdown:
Between 2016 and 2022, India experienced 60% of global internet shutdowns. While authorities claim these shutdowns are necessary for maintaining public order, critics argue that they often lack proportionality and infringe upon their Fundamental Rights (Article 19 and Article 21). The impact of the internet shutdown on people’s lives, including education, healthcare, and livelihoods, is substantial. Alternatives to complete shutdowns, such as blocking specific websites or allowing access to essential services, should be explored. Transparency, adherence to guidelines, and a careful assessment of the necessity of shutdowns are crucial.
Marine Biodiversity of Areas Beyond National Jurisdiction (BBNJ) Treaty:
The UN Marine Biodiversity of Areas Beyond National Jurisdiction (BBNJ) Treaty, adopted on June 19, 2023, aims to address the overexploitation of marine biodiversity and pollution in areas beyond national jurisdiction. The treaty establishes marine protected areas, promotes the fair sharing of benefits from marine genetic resources, and emphasizes capacity building and technology transfer. The lengthy negotiation process was due to disagreements over issues like information sharing and the rights of coastal states. Countries like the USA and Russia opposed the treaty.
India-France Partnership:
India and France are set to focus on co-development rather than co-production as they celebrate 25 years of strategic partnership. Prime Minister Narendra Modi’s visit to France will discuss defense, energy, space, and technology cooperation. The talks are expected to result in contracts and agreements, including deals for Rafale-M planes for the Navy and the joint development of jet engines. Additionally, collaborations in the space sector and progress on the long-pending nuclear deal for reactors in India are anticipated.
