MoU Current Affairs - 2020

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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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Bandhan: Transfer of Technology Ceremony held at DefExpo

On February 7, 2020, the transfer of technology ceremony was held at DefExpo 2020. According to the agreement, the organization transferred 15 licenses to 17 industries. The licenses transferred were all on technologies developed by DRDO. The ceremony was named Bandhan.

Highlights

The transfer of technologies is in the field of laser technology, electronics, armaments, material science, naval systems, combat vehicles, sensors and aeronautics. In the year 2019, around 114 technologies were transferred.

The transfer of technologies will boost greatly to the development of Uttar Pradesh Defence Corridor.

Why UP in specific?

The GoI is currently targeting to increase the exports of Defence Sector. In order to achieve this, it is encouraging private firms to increase their defence production. The UP state government has allocated land in the Defence Corridors for the private sectors to build defence industries.

Other Key takeaways

The 11th edition of DefExpo 2020 being held at Lucknow is the largest of all the defence exhibition held so far. So far, the DefExpo has launched 13 products, 71 MoUs and 18 transfer of technologies. More than 200 agreements have been signed. The Uttar Pradesh Government alone has signed 23 MoUs of worth Rs 50,000 crores.

The steps will help India achieve its 5 billion USD target in next 5 years.

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