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- Why in News?
- A senior official recently stated that the 10-member Association of Southeast Asian Nations (ASEAN) is stalling efforts to review the ASEAN-India Trade in Goods Agreement (AITIGA).
- Key Provisions:-
- Signed in 2009 and effective since January 2010, AITIGA was based on a broader 2003 Framework Agreement aimed at enhancing economic cooperation.
- The pact covers trade in goods, not services, with a separate agreement signed in 2014 for services, and together with the Investment Agreement, they form the ASEAN-India Free Trade Area.
- AITIGA aims to eliminate tariffs on over 76% of traded goods and liberalize tariffs on more than 90%. Due to diverse economic conditions, it allows different tariff schedules for less developed ASEAN countries.
- India’s sensitive products, such as palm oil, tea, and pepper, receive special tariff treatment. The agreement also addresses non-tariff barriers, transparency, and customs procedures, while establishing a Joint Committee to oversee implementation and resolve disputes through structured mechanisms.
- Why in News?
- The Adani Group has recently commissioned India’s first off-grid 5-megawatt green hydrogen pilot plant in Kutch, Gujarat, marking a significant milestone in the country’s clean energy transition.
- Key Provisions:-
- Developed by Adani New Industries Limited (ANIL), this facility produces green hydrogen entirely using solar power without any connection to the national electricity grid.
- The plant integrates a Battery Energy Storage System (BESS) to ensure continuous operation, even during periods of low sunlight. Using an advanced automated electrolyser system, it can dynamically adjust to varying solar inputs, maintaining efficiency and safety.
- This closed-loop setup allows for flexible and reliable hydrogen production, crucial for industrial applications. The project supports the goals of the National Green Hydrogen Mission (NGHM), which aims to enhance India’s energy independence, cut down on fossil fuel imports, and decarbonize key sectors.
- This pioneering initiative also aligns with the vision of Atmanirbhar Bharat, promoting domestic capabilities in clean energy technology.
- Why in News?
- The Digital Public Infrastructure for Prevention of Financial Frauds (DPIP) is being developed under the guidance of the Reserve Bank of India (RBI) to enhance fraud risk management across the banking sector.
- Key Provisions:-
- As a Digital Public Infrastructure (DPI), DPIP will function as a secure, accessible, and interoperable digital platform—similar to Aadhaar and UPI—that supports real-time intelligence sharing among banks.
- By leveraging advanced technologies, it aims to improve coordination and boost existing fraud detection systems. A dedicated committee chaired by Shri A.P. Hota has been formed to evaluate the initiative.
- The Reserve Bank Innovation Hub (RBIH) has been tasked with building a prototype in collaboration with 5–10 public and private sector banks.
- The urgency for DPIP arises from a steep rise in banking frauds, with reported cases reaching ₹36,014 crore in FY25, up from ₹12,230 crore the previous year.
- Other RBI measures include multi-factor authentication, zero liability for customers, and verified domain names like bank.in and fin.in.