Daily Current Affairs | April 1 2025

1) BIMSTEC Summit

• The 6th Summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is set to take place on April 4 in Bangkok, Thailand.

• The theme for this year’s summit is “Prosperous, Resilient, and Open BIMSTEC”.

• The summit is being held three years after the 5th Summit in Colombo (which was conducted virtually in 2022).

• The agenda includes adopting the Bangkok Vision 2030.

About BIMSTEC

• A regional grouping of countries from South and South East Asia which was established in 1997 under Bangkok Declaration.

• Members - Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.

• Headquarters - Dhaka, Bangladesh.

• The Chairmanship is rotated in alphabetical order.

History of BIMSTEC

• Originally named BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation).

• On 22 December 1997 during a special Ministerial Meeting in Bangkok, the Group was renamed ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation).

• In 1998, Nepal became an observer.

• In February 2004, Nepal and Bhutan became full members and renamed as BIMSTEC in 2004.

History of BIMSTEC

• Bridging South and Southeast Asia : BIMSTEC acts as a bridge between South Asia and Southeast Asia, facilitating economic integration and cooperation.

• Regional Connectivity : BIMSTEC promotes connectivity through initiatives like the India-Myanmar-Thailand Trilateral Highway and the Kaladan Multi-Modal Transit Transport Project, linking India's northeastern states to Southeast Asian markets.

• Act East Policy : BIMSTEC aligns with India's "Act East" policy, enabling India to strengthen its engagement with Southeast Asian nations.

• Alternative to SAARC : BIMSTEC offers a more functional platform for regional cooperation, free from the political deadlocks that plague SAARC.

• Development : BIMSTEC aims to promote economic development in various sectors, including trade, investment, energy, technology, and infrastructure.

• Other Benefits : Regional security, disaster management, energy security, maritime trade & tourism etc.

2) Controversial Northwest Passage

• International observers have raised concerns about escalating tensions in the Arctic, warning that if left unchecked, they could eventually spark conflict in the region.

• This has brought into question the role of Arctic Council in managing the entire Arctic Region.

Northwest Passage

• The Northwest Passage is a sea route connecting the Atlantic and Pacific Oceans through the Arctic Archipelago of Canada.

• For centuries, Europeans sought a sea route through Arctic to reach Asia.

• Roald Amundsen is credited with being the first to successfully navigate the Northwest Passage, completing the voyage in 1903-1906.

• The melting of Arctic sea ice due to climate change is making the Northwest Passage more accessible, potentially opening it up for commercial shipping in the future.

• Dispute - USA & others view it as international waters while Canada considers it territorial waters.

Arctic Council

• An intergovernmental forum established in 1996 that promotes cooperation among Arctic states and indigenous communities on issues related to environmental protection and sustainable development.

• The Arctic Council was established in 1996 by the Ottawa Declaration.

• The council comprises eight member states: Canada, Denmark (Greenland), Finland, Iceland, Norway, Russia, Sweden, and the United States.

• The chairmanship of the Arctic Council rotates among the member states every two years.

• The Arctic Council has a secretariat located in Tromsø, Norway.

• Unlike the Antarctic Treaty, the Arctic lacks a binding, demilitarised governance treaty.

3) Portal on State Finances

• Amid complaints by Opposition-ruled States that they faced discrimination in the sharing of resources, Union Finance Minister will launch a portal developed by NITI Aayog and National Council of Applied Economic Research (NCAER) on State finances called NITI NCAER States Economic Forum Portal.

• According to NiTi Aayog offers 30 years of consolidated data on social, economic, and fiscal parameters of all Indian states.

About the Portal

• A digital platform offering state-wise data from 1990-91 to 2022-23, to support evidence-based policymaking and research.

• Developed by NiTi Aayog and NCAER.

• Purpose :

  • A centralised data hub for tracking state-level trends.

  • Aid researchers, policy-makers, and academics in comparative analysis and development planning.

  • Encourage transparency & cooperative federalism.

Specific Features

• State Reports : Covers 28 States and structured around demography, economic structure, socio-economic and fiscal indicators.

• Data Repository : Access to raw and categorised data under 5 verticals: Demography, Economic Structure, Fiscal, Health, and Education.

• State Fiscal and Economic Dashboard : Visualises key economic trends and provides easy access to graphs, summaries, and downloadable datasets.

• Research and Commentary : In-depth analyses and expert views on state finances and fiscal policies. This supports long-term academic and policy research.

4) Naini Lake of Nainital

• Naini Lake in Nainital has recorded a five-year low water level at 4.7 feet, raising fears of water scarcity ahead of summer.

• Reasons - Reduced winter snowfall, unregulated construction, and climate change-induced hydrological shifts.

About the Lake

• A natural freshwater lake, tectonic in origin, and crescent-shaped.

• It is surrounded by 7 hills in the Kumaon region of Uttarakhand.

• First recorded by British businessman P. Barron in 1839, leading to the development of Nainital as a colonial hill station.

• Fed by 26 major drains including Balia Nala, its main perennial stream.

• Significance -

  • Supplies 76% of Nainital’s drinking water demand.

  • Supports boating, tourism, and recreation.