Important Current Affairs 7th December 2018 English

(International News)

India inks pact with Iran to pay crude bill in rupee
To pay for crude oil it imports from the Persian Gulf nation in rupees.
Sources said Indian refiners will make rupee payments in a UCO Bank account of the National Iranian Oil Co (NIOC).
Half of these funds would be earmarked for settling payments for exports of Indian goods to Iran.
Under U.S. sanctions, India can export foodgrains, medicines and medical devices to Iran. India, which is the second biggest purchaser of Iranian oil after China. Iranian oil is a lucrative buy for refiners as the Persian Gulf nation provides 60 days of credit for purchases, terms not available from suppliers of substitute crudes – Saudi Arabia, Kuwait, Iraq, Nigeria and the U.S.

(National News)

OPEC agrees to cut oil production
Ready to reduce output by 1 million barrels per day if Russia contributes 1,50,000 bpd of that cut.
Oil prices have crashed as Saudi Arabia, Russia and the United Arab Emirates raised output since June after Mr. Trump called for higher production to offset lower exports from Iran, OPEC's third-largest producer.

Cabinet approves implementation of Shahpurkandi Dam (National Project) on river Ravi in Punjab
Implementation of this project would help minimising some of the water of the River Ravi which at present is going waste through the MadhopurHeadworks downstream to Pakistan. There is requirement for the same for use in Punjab and J&K.
Indus Waters Treaty was signed between India and Pakistan in 1960 for sharing of Indus waters. According to the Treaty, India got the full rights for utilization of waters of the three Eastern Rivers namely Ravi, Beas and Satluj.
Some of the water of the River Ravi at present is going waste through the MadhopurHeadworks downstream to Pakistan. Implementation of the project would minimise such wastage of water.
A Bilateral agreement was signed between Punjab and J&K in Jan, 1979. As per the agreement, construction of RanjitSagar Dam (Thein Dam) and Shahpurkandi Dam was to be taken up by Punjab Govt. RanjitSagar Dam was commissioned in Aug, 2000. The ShahpurKandi Dam project is proposed on River Ravi, 11 d/s of RanjitSagarDam and 8 km u/s of Madhopur Head Works.
Cabinet approves Agriculture Export Policy, 2018
In order to provide an impetus to agricultural exports, the Government has come out with a comprehensive “Agriculture Export Policy” aimed at doubling the agricultural exports.
The Agriculture Export Policy has the following vision: “Harness export potential of Indian agriculture, through suitable policy   instruments, to make India global power in agriculture and raise farmers income.”

(Space News)

GSAT-11
Indian Space Research and Organisation (ISRO) has successfully launched India’s heaviest and most-advanced communication satellite GSAT-11 into space. It was launched on board of Ariane 5 VA-246 rocket from Kourou Launch Base, French Guiana.
Facts
GSAT-11 also called Big Bird has been indigenously developed by ISRO. It weigh 5854 kg making it heaviest Indian-made equipment that has been put into the orbit. It will provide high data rate connectivity to Indian mainland and islands users through 32 user beams in Ku-band and 8 hub beams in Ka-band.  It is three to six times more powerful than any other ISRO’s satellite.