Get a quick overview of the daily current affairs from July 16, 2023, available in Hindi and English. Stay up to date with the latest news and events from around the world.
Welcome to the July 16, 2023 edition of Daily Current Affairs. In this article, we bring you a concise summary of the important events, news, and updates that occurred on this day. Whether you prefer Hindi or English, we have you covered with the latest information to keep you well-informed.
July 16, 2023 Daily Current Affairs
IIT Delhi to Establish First Campus in Abu Dhabi: Boosting Educational Excellence and Innovation
The Indian Institute of Technology Delhi (IIT Delhi) will establish its first campus in Abu Dhabi through a Memorandum of Understanding (MoU) signed between the Ministry of Education, Abu Dhabi Department of Education and Knowledge (ADEK), and IIT Delhi. The move aims to enhance educational excellence, innovation, knowledge exchange, and investments in human capital. The campus will collaborate with key players in Abu Dhabi’s academic and research ecosystem, offering various programs and research centers. Expected to launch in 2024, IIT Delhi – Abu Dhabi will cover disciplines such as energy, sustainability, artificial intelligence, computer science, and engineering.
India-UAE Joint Statement on Climate Change: Commitment, Cooperation, and Collective Action
India’s Prime Minister, Narendra Modi, and UAE’s President, Sheikh Mohamed bin Zayed Al Nahyan, expressed their commitment to address climate change collectively. They emphasized the importance of cooperation, climate ambition, decarbonization, and clean energy. Both leaders urged the international community to fulfill the goals of the Paris Agreement and emphasized the need for balanced outcomes at the upcoming COP28 conference.
They highlighted the significance of the Global Stocktake, adaptation efforts, international cooperation, renewable energy investments, and financial support for developing countries. The leaders also stressed the importance of a just energy transition, universal access to affordable energy, climate finance, and promoting sustainable lifestyles. They recognized the role of the G20 and COP28 in fostering international cooperation to combat climate change. The UAE and India are determined to ensure a successful outcome at COP28 that advances the goals of the UNFCCC and the Paris Agreement.
India and UAE Sign Historic LCS Agreement: Boosting Cross-Border Transactions and Economic Cooperation
India and the United Arab Emirates have signed a historic Memorandum of Understanding on the Local Currency Settlement (LCS) system, aiming to transform cross-border transactions. The LCS system allows the use of the Indian Rupee and UAE Dirham in bilateral trade, reducing dependence on international currencies. The agreement strengthens economic cooperation and opens new avenues for investment. The first transaction under the LCS system involved a UAE gold exporter invoicing 25 kg of gold in rupees, marking a significant milestone. This agreement sets an example for other countries to explore local currency settlement mechanisms and encourages the use of local currencies globally.
Adani Group Hands Over 1600 MW Godda Power Plant to Bangladesh: A Landmark Achievement
Gautam Adani handed over the 1600 MW Godda Power Plant to Bangladesh. The Adani Group chairman, Gautam Adani, presented the power plant to Bangladesh Prime Minister Sheikh Hasina during a visit to Dhaka. The plant was commissioned in a record time of three and a half years, despite the challenges posed by COVID-19. Adani Power has signed a 25-year agreement with the Bangladesh Power Development Board to supply 1600 MW of electricity from the Godda power plant in Jharkhand.
India-UAE Strengthen Economic Cooperation: Local Currency Settlement and Payment System Interlinking
India and the UAE strengthen cooperation through the interlinking of local currency settlement and payment systems. The signing of MoUs between the Reserve Bank of India (RBI) and the Central Bank of the UAE (CBUAE) promotes bilateral economic cooperation, reduces transaction costs, and improves settlement times. The agreements facilitate trade, investments, remittances, and bilateral trade between the two nations. The collaboration includes linking payment and messaging systems, enabling fast, secure, and cost-effective cross-border transactions. This demonstrates the commitment of India and the UAE to expanding economic collaboration and fostering a favorable financial landscape for businesses and individuals.
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