[Newsbits] 1-15.12.2024: Sora AI, SAMPARK 4.0 & more

The Geological Survey of India (GSI) Geoscience Museum, inaugurated by Vice President Jagdeep Dhankhar in Gwalior, Madhya Pradesh, showcases Earth’s geological history and evolution. With two galleries, “Planet Earth” focuses on Earth’s features like volcanoes and fossils, while “Evolution of Life” covers life’s origins and mass extinctions. It highlights rare specimens such as Deccan Trap minerals and dinosaur eggs. The museum aims to educate the public on geology’s significance and foster sustainable resource management. Its opening commemorates GSI’s contributions to geological research and public awareness.

The first India-Philippines Maritime Dialogue was held in Manila, focusing on maritime security, adherence to international laws like the UN Convention on the Law of the Sea, and enhancing bilateral ties. Both nations explored opportunities in the maritime industry, ocean economy, and disaster relief cooperation. Discussions included strengthening Navy and Coast Guard operations and addressing maritime challenges. The dialogue commemorated 75 years of diplomatic relations, highlighting shared values. The next meeting is scheduled for 2025 in New Delhi, emphasizing continued collaboration to bolster regional security and economic growth.

Switzerland has suspended the Most-Favoured-Nation (MFN) clause from its tax agreement with India, effective January 1, 2025. This decision follows a 2023 Indian Supreme Court ruling on the applicability of MFN clauses. The dividend tax rate for Indian companies in Switzerland will rise from 5% to 10%, increasing operational costs and affecting competitiveness. The move reflects Switzerland’s reassessment of tax reciprocity. Experts predict this decision may influence other nations to reconsider tax treaties, reshaping international tax relations. India and Switzerland originally signed the tax agreement in 1994, with updates in 2000 and 2010.

India observes National Energy Conservation Day on December 14 annually to promote awareness of energy efficiency and sustainable practices. Initiated in 1991, it features the National Energy Conservation Awards (NECA), recognizing innovative energy-saving measures by organizations. Key initiatives include the PAT scheme, which saves ₹55,000 crore annually and reduces CO2 emissions, and the UJALA scheme, promoting LED bulb distribution. The “Go Electric” campaign fosters the adoption of electric vehicles and appliances. These efforts by the Bureau of Energy Efficiency (BEE) aim to integrate energy conservation into daily life and accelerate India’s transition toward a greener future.

The Asian Development Bank (ADB) has approved a $500 million loan for India to support sustainable infrastructure through the India Infrastructure Finance Company Limited (IIFCL). The funds target critical sectors such as transportation, energy, urban development, education, and healthcare. The initiative will establish a sustainability unit within IIFCL and develop a scoring system to assess project eco-friendliness. Aimed at addressing India’s $1 trillion climate funding gap, the loan supports climate-resilient infrastructure while enhancing green practices. This step promotes resilience against climate challenges and strengthens India’s commitment to eco-friendly infrastructure development.