The International Energy Agency (IEA) is currently deliberating upon alterations to their membership criteria for India’s inclusion. The IEA, an autonomous body that operates out of Paris, France, is known for its work related to energy policies aimed at economic development, energy security, and environmental protection. Presently, the agency has 31 member countries. Additionally, the Indian government has undertaken noteworthy measures to address issues related to edible oil availability and pricing, while the Kari Ishad mango from Ankola taluk, Uttara Kannada Karnataka, has been awarded the Geographical Indication (GI) tag.
IEA Membership Conditions Under Review for India
To qualify as an IEA member country, specific requirements need to be met. These criteria encompass having crude oil and/or product reserves that amounted to 90 days of the past year’s net imports, which the government could utilize during disruptions in global oil supply. Other requisites include a program to decrease national oil consumption by up to 10%, legislation and organization to operate the Coordinated Emergency Response Measures (CERM) on a national level, and measures to ensure all oil companies under its jurisdiction provide necessary information when requested. Lastly, prospective members must demonstrate their capability of contributing their share to an IEA collective action. Currently, India is not a part of the IEA.
Mayon Volcano Activity
In the Philippines, the Mayon volcano started ejecting lava on June 11, 2023, leading approximately 18,000 residents to seek shelter in emergency zones. The volcano, which boasts a distinct conical shape, is located in the southeastern region of Luzon and overlooks the city of Legaspi. It is the most active of the 24 known volcanoes in the country, with over 30 eruptions recorded since 1616. The most devastating eruption was recorded in 1814, which resulted in the destruction of entire villages and over 1,000 casualties.
Reduction in Import Duty of Edible Oils
A significant move by the Indian government to reduce the import duty on refined soybean and sunflower oils aims to address concerns about availability and pricing of edible oils. The reduction in the import duty from over 17.5% to 12.5% intends to boost domestic availability and stabilize prices. Despite this step, the effective duty on refined edible oils, including social welfare cess, stands at approximately 13.7%, while major crude edible oils retain an effective duty of around 5.5 %. Considering that India currently meets nearly 60% of its edible oil demand through imports, the need for measures to bridge the supply-demand gap is crucial.
Kari Ishad Mango Awarded Geographical Indication Tag
The Kari Ishad mango from Ankola taluk in Uttara Kannada Karnataka recently received the prestigious Geographical Indication (GI) tag from the Geographical Indications Registry under the Union Government. This recognition comes on account of the mango’s unique attributes, such as its distinctive aroma, delightful taste, generous pulp content, and desirable shape and size. The Kari Ishad mango variety is acclaimed as one of the finest mango varieties in the world.