Current Affairs

1. PUTIN REAPPOINTS MIKHAIL MISHUSTIN AS RUSSIAN PRIME MINISTER –

• In a widely anticipated move, Russian President Vladimir Putin has reappointed Mikhail Mishustin as the Prime Minist er of Russia, subject to approval by the lower house of parliament, the State Duma. This decision comes as part of the legal procedure following Putin’s inauguration for his fifth presidential term.
• The Speaker of the State Duma, Vyacheslav Volodin, announced that the house will hold a session later on Friday to consider Mishustin’s candidacy. However, given the Kremlin-controlled nature of the parliament, Mishustin’s approval is considered a mere formality.
• Mikhail Mishustin, aged 58, has held the position of Prime Minister for the past four years. In line with Russian law, he submitted his Cabinet’s resignation, following Putin’s inauguration ceremony.
• Political observers note that Mishustin’s reappointment was widely expected, as Putin values his skills and his lack of political ambition. Mishustin, the former head of Russia’s tax service, has maintained a low profile, steering clear of political statements and avoiding media interviews.

 

2. SRI LANKA INKS 20-YEAR POWER PURCHASE DEAL WITH ADANI GREEN ENERGY –

• The Sri Lankan government has approved an agreement with Adani Green Energy, led by Gautam Adani, for the development of wind power stations in Mannar and Poonerin. The agreement was given the green light by the Sri Lankan cabinet on May 7. Under the power purchase agreement, which h as a duration of 20 years, Adani Green Energy will be paid 8.26 cents per kilowatt-hour (kWh) for the electricity generated from the wind power stations.
• The deal follows Adani Green Energy’s approval in February 2023 to invest $442 million and develop 484 megawatts of wind power plants in the two towns of Mannar and Poonerin in Northern Sri Lanka.
• The Sri Lankan government has appointed a negotiating committee, approved by the Cabinet, to review the project proposals offered by the Indian company.
• The power purchase deal marks a growing presence of the Adani Group in Sri Lanka. The group is already involved in developing a $700 million terminal project at Colombo, which is the island nation’s largest port.
• Sri Lanka faced an economic crisis in 2022, leading to severe power blackouts and fuel scarcity. Since then, the cash-strapped nation has been trying to fast-track renewable energy projects to hedge against surges in imported fuel costs.

 

3. INDIA’S TOY EXPORTS SLIP TO $152.34 MILLION IN 2023-24: GTRI REPORT –

• India’s toy exports experienced a slight decline to US D 152.34 million in the fiscal year 2023- 24, with limited benefits from quality control measures. Despite efforts to bolster the domestic industry and ensure product safety, exports did not see significant improvement.
• Export figures dropped marginally from USD 153.89 million in the previous fiscal year to USD 152.34 million in 2023-24, as outlined by the Global Trade    Research             Initiative              (GTRI). Despite a modest increase in exports from FY’2020 to FY’2022, the subsequent year witnessed a downturn.
• Conversely, imports rose to USD 64.92 million in 2023-24 from USD 62.37 million in the preceding year, indicating a persistent challenge in balancing trade dynamics.
• GTRI Founder Ajay Srivastava emphasized the necessity for a holistic approach to foster the growth of India’s toy industry and bolster exports.
• Developing a robust domestic ecosystem is paramount, alongside measures to encourage renowned global toy brands to establish manufacturing facilities within India’s borders.