SCO Sumit in Kazakhstan

Why in News?

• External Affair Minister S. Jaishankar in Kazakhstan for Shanghai Cooperation Organisation (SCO) Summit.

About SCO Summit

• The Shanghai Cooperation Organisation (SCO) is a strategic partner of the United Nations on issues relating to political affairs and peace and security.

Headquarter: Beijing, China

Members of SCO: The SCO has eight members, including China, India, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Uzbekistan, and Tajikistan. Iran is set to join the SCO.

Observers: Afghanistan, Belarus, and Mongolia are observers of SCO.

Dialogue Partners: The list of current and incipient dialogue partners includes Azerbaijan, Armenia, Egypt, Qatar, Turkey, Saudi Arabia, the United Arab Emirates, Maldives, Nepal, and Sri Lanka.

Significance of the SCO

• The eight member countries of SCO represent around 42 percent of the world population and 25 percent of the global GDP.
• There is an immense tourism potential in the region which can be promoted by increasing awareness about SCO countries.
• The SCO is promoting connectivity among its member states through infrastructure projects, including the China-Pakistan Economic Corridor (CPEC) and the International North-South Transport Corridor (INSTC).
• The main threats which are the focus of the SCO include terrorism, separatism and extremism.
• Regional Anti-Terrorist Structure (RATS) to promote cooperation among member states in the fight against terrorism, separatism, and extremism.
• RATS provides a platform for sharing intelligence, conducting joint exercises and operations, and coordinating actions to prevent and combat terrorism in the region.

SBI Launches MSME Sahaj

Why in News?

• The State Bank of India (SBI) has launched a web-based digital business loan solution for MSME Invoice Financing.
• The name of the web portal is "MSME Sahaj - End to End Digital Invoice Financing."
• Objective: It is developed to offer a seamless process from loan application to documentation and disbursement within 15 minutes, all without any manual intervention.

About MSME Sahaj

• It utilizes data from GSTIN, bank statements, and credit information companies to simplify credit assessments.
• This solution is designed to efficiently address the working capital requirements of MSMEs within the GST framework.

Katchatheevu Island

Why in News?

• Tamil Nadu Chief Minister Mr. Satin says that no tangible effort to retrieve Katchatheevu by three consecutive BJP governments.

About Katchatheevu Island

• They are a pair of uninhabited islands located in the Palk Strait, between the southeastern coast of India (Tamil Nadu) and the northern coast of Sri Lanka.
• The larger island is known as Katchatheevu, while the smaller one is called Imaravan.
• These islands have been historically significant due to their strategic location and their importance in the fishing activities of both India and Sri Lanka.

Fishermen Issue

• The ownership of Katchatheevu has been a significant point of contention between India and Sri Lanka, especially concerning fishing rights in the surrounding waters.
• Fishermen from Tamil Nadu have been particularly affected, as they claim traditional fishing rights in the area.
• The ceding of Katchatheevu to Sri Lanka has resulted in restrictions on Indian fishermen accessing traditional fishing grounds around the island.
• This has led to numerous conflicts and arrests of Indian fishermen by the Sri Lankan authorities.

Political and Legal Stand

• Politically, the issue of Katchatheevu has been used by various parties in India to criticise the government's stance on the matter.
• Legal challenges have also been raised regarding the legality of the agreements ceding the island to Sri Lanka.

Bilateral Discussions

• Despite the contentious nature of the issue, both India and Sri Lanka have engaged in bilateral discussions to address the concerns of fishermen from Tamil Nadu.
• Various proposals, such as joint patrolling and fishing zones, have been suggested to resolve the issue amicably.

Significance of Katchatheevu Island

• Despite its small size, Katchatheevu Island remains a complex issue between India and Sri Lanka due to its strategic location, impact on fishing rights, and cultural significance.
• The transfer of the island to Sri Lanka has strained bilateral ties and highlighted the need for a comprehensive resolution addressing maritime security, livelihood concerns of fishermen, and respecting the historical sentiments of both nations.
• Resolving this long-standing dispute through sustained dialogue, mutual understanding, and innovative resource-sharing mechanisms is crucial for fostering cooperation and stability in the region.

Global India AI Summit 2024

Why in News?

• The ‘Global India AI Summit 2024’ commences on 3rd July 2024 in New Delhi.

About Global AI Summit 2024

• Hosted by the Ministry of Electronics and Information Technology.

Aim

• It aims to foster collaboration and knowledge exchange, underscoring India’s dedication to the ethical and inclusive growth of AI technologies.

About India AI Mission

• The India AI Mission aims to build a comprehensive ecosystem that fosters AI innovation by democratizing computing access, enhancing data quality, developing indigenous AI capabilities, attracting top AI talent, enabling industry collaboration, providing startup risk capital, ensuring socially impactful AI projects, and promoting ethical AI.
• This mission drives responsible and inclusive growth of India's AI ecosystem through the following seven pillars which will be the key focus of Global India AI Summit.