Agreements Current Affairs - 2020

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India and Israel sign Rs 880 crore Defence Deal

On March 19, 2020, the Indian Armed Forces operating under Ministry of Defence signed an agreement with the Israel Weapons Industry. According to the agreement, India is to procure 16, 479 LMG (Light Machine Guns) for Rs 880 crores.

Light Machine Gun

The Light Machine Guns are used as squad automatic weapons. The LMG were first used in Second World War. The name of the LMGs India is buying from Israel is called Negev. Negev is gas operated LMG.

The weapon is important as it will boost the confidence of the frontline troops. It will provide them the combat power they need.

India-Israel Defence Relations

India sees Israel’s Defence Industry as a useful source of weapons. In 2016, India signed a 600 million USD deal with Israel making Israel the second largest Defence partner of India in 2016. The Heron Drones of India used in Indian Air Force were bought from Israel. Later in 2017, the countries signed another deal of 2 billion USD.

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Cabinet Approval: India-Iceland MoU in Sustainable Fisheries Development

On February 12, 2020 the Union Cabinet approved the Memorandum of Understanding signed between India and Iceland in the field of fisheries.

Highlights

The countries had signed agreements in September 2019, to develop inland fisheries. According to the agreement, the countries agreed to create facilities of technical experts and scientists in shore areas and deep sea areas. They also agreed on exchange of scientific research literature, scientific experts in the field of fisheries.

The agreement strengthens bilateral cooperation between India and Iceland.

Fisheries in India

According to the Economic Survey 2020, fisheries contribute to 6.58% of India’s GDP along with agriculture and forestry. The export of marine products for the year 2018-19 was 13.92 lakh tonnes. The survey also says that the total fish production of the country stood at 13.42 million tonnes in the year 2018-19. The major fisheries resources of India is spread across the vast coast line. It stands at 2.02 million square km of the Exclusive Economic Zone.

The GoI in 2018-19 allocated Rs 7,522 crores of rupees towards Fisheries and Aquaculture Development Fund (FIDF).

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