Current affairs 08 October 2024

Indian e-commerce market to reach USD 325 billion by 2030: Deloitte.

• India’s e-commerce market to reach $325 billion by 2030 at 21% CAGR.
• Government focuses on establishing internationally recognized Indian standards.
• Retail, FMCG, and e-commerce sectors are key to economic growth and self-reliance.
• Plans for 50 food irradiation units and 100 testing labs to reduce food wastage.

India-UAE Bilateral Investment Treaty 2024 Enters into Force.

• The India-UAE BIT 2024, effective from August 31, 2024, replaces the 2013 BIPPA.
• Key features include arbitration for dispute settlement, protection against expropriation, and national treatment.
• Provisions safeguard state rights to regulate and prevent claims involving corruption or fraud.
• UAE is a key FDI source for India, with $19 billion invested from 2000 to mid-2024.

77th session of the WHO Southeast Asia Region was held in New Delhi.

• Union Health Minister, Jagat Prakash Nadda highlighted the following keypoints:
• Ayushman Bharat scheme provides over 120 million families with healthcare benefits
• India supports the WHO's Global Traditional Medicine Centre initiative.
• National Programme for NCDs established clinics and centers for early preventive care.
• Jagat Prakash Nadda elected Chairperson of WHO SE Asia session.

US scientists awarded Nobel Prize in Medicine for microRNA discovery.

• Victor Ambros and Gary Ruvkun Win 2024 Nobel Prize for MicroRNA Discovery.
• Their research is key to understanding how organisms develop and function.
• The Nobel Prize includes a 1.1 million dollar reward.
• This is the 115th Nobel Prize in Physiology or Medicine since 1901.
• Of 229 laureates in this category, only 13 have been women.

CBDT Invites Public Inputs for Comprehensive Review of Income-tax Act.

• The review aims to reduce litigation and provide greater tax certainty.
• Public can submit suggestions under four categories, including language simplification and compliance reduction.
• A dedicated webpage for submissions is live from October 6, 2024, on the e-filing portal.
• Suggestions must specify relevant provisions and include section or rule references.