MoU signed to establish 1st campus of IIT Delhi in Abu Dhabi (GS Paper 3, Science and Technology)
Why in news?
- Recently, a Memorandum of Understanding (MoU) was signed between the Ministry of Education and Abu Dhabi Department of Education and Knowledge (ADEK), and the Indian Institute of Technology Delhi (IIT Delhi) to establish 1st campus of IIT Delhi in Abu Dhabi.
Potential:
- Complementing the ongoing UAE-India Comprehensive Economic Partnership Agreement (CEPA), the MoU reflects the shared vision of both nations to prioritize educational excellence, innovation, knowledge exchange, and investments in human capital as the foundations for future prosperity and enablers of long-term economic growth and sustainable development.
- An example of New India’s innovation and expertise, the IIT Delhi campus in UAE will be an edifice of India-UAE friendship.
Key Highlights:
- IIT Delhi - Abu Dhabi will complement the academic, research and innovation ecosystem in Abu Dhabi through collaboration with key players such as Mohamed bin Zayed University of Artificial Intelligence, Khalifa University, New York University Abu Dhabi, Technology Innovation Institute, and Hub71 to offer complimentary programs, conduct cutting edge research, and advance the local startup ecosystem.
- It is expected to launch its academic programs in 2024 and a host of bachelor’s, master’s and Ph.D. programs, and operate research centers related to sustainable energy and climate studies, as well as computing and data sciences.
- It is expected to offer a diverse range of programs covering Energy and Sustainability, Artificial Intelligence, Computer Science and Engineering, Mathematics and Computing and other disciplines of engineering, sciences, and humanities.
Global ranking:
- IIT Delhi - Abu Dhabi graduates will join an illustrious alumni network of graduates from 23 campuses across India. With outstanding credentials, IIT Delhi recently ranked among the world’s top 50 institutions for engineering and technology.
- It also scored a top 30 rank for global employability in the 2022 QS World University Rankings. IIT Delhi has been a frontline contributor to India's R&D ecosystem in sectors ranging from defense, healthcare, and rural development, to transportation, IT, and software.
India and UAE set to use rupee, dirham for trade
(GS Paper 2, International Relation)
Why in news?
- India recently moved a step closer to increasing circulation of the rupee in the Gulf region with the signing of two memoranda of understanding (MoU) between the Reserve Bank of India and the Central Bank of the United Arab Emirates.
Key Highlights:
- The first agreement between the RBI and the UAE Central Bank will establish a framework to promote the use of local currencies (rupee and dirham) for cross border transactions.
- The other MoU between the two central banks is aimed at interlinking their “payment and messaging systems”.
Background:
- The two agreements between the central banks came in the backdrop of Indian entities commencing payment in yuan to Russian energy majors and are likely to enhance the trend of doing business in local currencies that gained greater acceptance since the beginning of the Ukraine crisis in February 2022.
Indian PM’s visit to the UAE:
- This was the fifth visit by Mr. Modi to the UAE.
- Apart from the MoUs on trade in local currencies, the two leaders also witnessed the signing of an MoU on establishing a branch of the Indian Institute of Technology-Delhi in Abu Dhabi.
- The discussion also included the agenda of the groupings such as the I2U2 (India, Israel, UAE and USA) and the UAE-France-India trilateral cooperation under which both sides are in collaboration with other powers.
Bilateral trade:
- India-UAE trade rose to $85 billion in 2022.
- According to the External Affairs Ministry, UAE is India’s third-largest trading partner for 2022-23 and India’s second-largest export destination.
- Bilateral trade has increased by approximately 15% since the entry into force of the CEPA on 1 May 2022.
