International Economy - Current Affairs for February, 2017

Giving a fillip to agriculture research in the country, the government will set up a Food Legumes Research Platform (FLRP) at Amlaha, Sehore in Madhya Pradesh.

Its satellite hubs in West Bengal and Rajasthan.

The hub in West Bengal will research in pulses while the one in Rajasthan will focus on natural resource management for sustainable agriculture.

The research institute will be set up with the help of the International Centre for Agricultural Research in Dry Areas (ICARDA) which has an exceptional track record of innovation in climate resilient technologies.

This is including suitable food legume varieties for dry-land production systems.

The proposal in this regard was approved by the Union Cabinet in its meeting on 16^th Feb 2017.

The Cabinet also gave its 'in principle' approval for conferring on the Food Legume Research Platform of ICARDA an "international status" as contemplated in Clause 3 of the United Nations (Privileges and Immunities) Act, 1947.

After setting up the Centre, the ICARDA will carry out research through a multi-disciplinary team of scientists for enhancing productivity of crops and livestock.

FLRP will be reducing poverty, improving food security, improving nutrition and health, and sustaining the natural resource base.

Benefits of FLRP

• The establishment of FLRP in India will enable India to harness the best of international science in meeting the emerging food security challenges.
• India would be able to rapidly and effectively absorb the research output achieved in the country by FLRP.
• A major international R&D institution will make India an even bigger centre for agricultural research in the world.
• This in turn, will attract further research & development investment in the country.
• The research output would benefit farmers of all regions, whether big, small or marginal; and as technologies developed would be eligible for use by all farmers, the project is equitable and inclusive.

The International Monetary Fund (IMF) has opened a first-of-its-kind South Asia Training and Technical Assistance Centre (SARTTAC) in New Delhi for economic capacity building in South Asia.

It will work to support local member countries of South Asia namely India, Bangladesh, Bhutan, Maldives, Nepal and Sri Lanka to build human and institutional capacity and implement policies for growth and poverty reduction.

Financed mainly by its six member South Asia countries (mentioned above) with additional support from Australia, South Korea, European Union and United Kingdom, its strategic goal is to help its member countries strengthen their institutional and human capacity.

The aim is to design and implement macroeconomic and financial policies that promote growth and reduce poverty.

It will permit the IMF to meet more of the high demand for technical assistance and training from the region.

It is expected to become the focal point for the delivery of IMF capacity development services to South Asia.

In 2016, IMF Managing Director Christine Lagarde and Union Finance Minister Arun Jaitley had signed a Memorandum of Understanding (MOU) to establish a capacity development centre for South Asia.

The opening of SARTTAC is part of the MoU and marks a major milestone in the partnership between the IMF and its member countries in the region.