Rapid Fire
Rapid Fire Current Affairs
- 17 Jun 2023
- 4 min read
International Energy Agency
International Energy Agency (IEA) to review all its full membership conditions for India’s inclusion.
To become a member of the IEA, a candidate country must be a member country of the OECD and demonstrate several requirements. These include having crude oil and/or product reserves equivalent to 90 days of the previous year’s net imports, to which the government has immediate access and could be used to address disruptions to global oil supply; a demand restraint program to reduce national oil consumption by up to 10%; legislation and organization to operate the Coordinated Emergency Response Measures (CERM) on a national basis; legislation and measures to ensure that all oil companies under its jurisdiction report information upon request; and measures in place to ensure the capability of contributing its share of an IEA collective action. India is not a member of IEA.
IEA is an autonomous intergovernmental organization established in 1974 in Paris, France. It focuses on energy policies, including economic development, energy security, and environmental protection. The IEA is made up of 31 member countries.
Read more: IEA Invites India to be a Full-Time Member
Mayon Volcano
Recently, the Mayon volcano began expelling lava on June 11, 2023, night, forcing nearly 18,000 people to flee to emergency shelters. Mayon Volcano is an active volcano located in the southeastern part of Luzon, Philippines, dominating the city of Legaspi. It is known for its picturesque conical shape and is the most active of 24 known volcanoes in the Philippines. Mayon has erupted over 30 times since 1616, with its most destructive eruption occurring in 1814, burying entire villages and leaving more than 1,000 people dead. The volcano is popular with climbers and campers and is the center of Mayon Volcano National Park.
Read more: Semeru Volcano of Indonesia
Government Reduces Import Duty on Refined Edible Oils
The Indian government has taken a significant step to address the availability and pricing concerns of edible oils by reducing the import duty on refined soybean and sunflower oils. The import duty has been lowered from 17.5% to 12.5% , with immediate effect.
While India typically imports crude soybean and sunflower oils, the decision to reduce duties on their refined counterparts aims to boost domestic availability and stabilize prices. Despite this reduction, the effective duty on refined edible oils, including social welfare cess, remains at 13.7%, while major crude edible oils have an effective duty of 5.5 %.
India currently relies on imports to fulfil around 60% of its edible oil demand, highlighting the significance of addressing the supply-demand gap to maintain stability in the domestic market.
Read more: Edible Oil Sector in India
Kari Ishad Mango Receives GI Tag
Kari Ishad mango from Ankola taluk of Uttara Kannada Karnataka has received the Geographical Indication (GI) tag from the Geographical Indications Registry under the Union Government. The GI certificate issued to Matha Totagars Farmer Producer Company Limited.
Recognized for its exceptional attributes, including a distinctive aroma, delightful taste, generous pulp content, and desirable shape and size, the Kari Ishad mango is celebrated as one of the finest mango varieties.
Read more: Geographical Indication Tag
