[Newsbits] 1-14.08.2024: Neelakurinji, Africa Mpox Outbreak & more

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/ Women

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The “Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024” was introduced in the Lok Sabha on August 5, 2024, by Law Minister Arjun Ram Meghwal. The Bill seeks to reserve seats for Scheduled Tribes (STs) in the Goa Legislative Assembly, addressing the lack of representation for a significantly increased ST population. The Bill empowers the census commissioner to determine Goa’s ST population, allowing the Election Commission to adjust assembly seats and ensure fair representation for these communities. The Bill is crucial for providing constitutional benefits and improving governance representation for Goa’s STs.

/ Geography

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/ Energy

Summary: The Oilfields (Regulation and Development) Amendment Bill, 2024, introduced in the Rajya Sabha, seeks to stabilize policies in the oil and gas sector to attract more investment. The Bill proposes keeping lease terms consistent throughout their duration, allows for both domestic and international arbitration to resolve disputes, and extends lease periods by combining exploration licenses with mining leases. It also simplifies regulations by changing terminology and shifting penalties from criminal to financial. The Bill aims to reassure investors, streamline processes, and encourage both domestic and foreign participation in India’s oil and gas industry.

/ Judiciary/Justice

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Summary: The yen carry trade is a financial strategy where investors borrow Japanese yen at low interest rates and invest in higher-yield assets in other countries. The trade relies on stable interest rate differentials and favorable currency fluctuations. On August 05, 2024, a significant market downturn occurred, largely due to the unwinding of the yen carry trade following the Bank of Japan’s decision to raise interest rates and reduce its bond-buying program. This shift made the yen carry trade less profitable, leading to a rapid sell-off and severe declines in global markets. Additional factors, including fears of a US recession and geopolitical tensions, exacerbated the market instability.

/ Public Finance

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/ Minorities

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/ Bangladesh

The potential leadership transition in Bangladesh poses significant risks to the strong relationship built with India under Prime Minister Sheikh Hasina since 2009. This relationship, grounded in counter-terrorism cooperation and shared economic and cultural interests, could be threatened, potentially affecting trade, connectivity, and ongoing discussions on a Free Trade Agreement (FTA). Bilateral trade, which reached $13 billion in 2023-24, relies on key exports like cotton and petroleum from India and readymade garments from Bangladesh. The FTA could substantially boost trade if fully realized. However, leadership changes may disrupt these gains, complicating logistics, connectivity, and diplomatic efforts between the two nations.

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