Current Affairs - International

Hong Kong will implement the Stablecoins Ordinance starting August 1, 2025, in an effort to regulate the use and issuance of stablecoins within its jurisdiction. Stablecoins are a category of cryptocurrencies designed to maintain a stable value by being pegged to stable assets, such as foreign currencies. Unlike Central Bank Digital Currencies (CBDCs), which are issued and controlled by governments, stablecoins can be privately issued. With this ordinance, Hong Kong seeks to establish a legal framework to oversee the operations of stablecoins, ensuring financial stability, investor protection, and alignment with international standards in the evolving digital asset space.

India achieved the position of the world’s 5th largest aviation market in 2024 by carrying 241 million passengers, showing a significant growth of 11.1% compared to 2023. This leap placed India ahead of Japan and just behind the United States, China, the United Kingdom, and Spain. The ranking is based on data from the World Air Transport Statistics (WATS) by the International Air Transport Association (IATA). India’s Mumbai-Delhi route also ranked 7th among the busiest air routes globally, highlighting the country’s expanding role in international and domestic air travel.

India is taking a significant step to address micronutrient deficiencies by introducing bio-fortified potatoes enriched with iron. Developed with support from the International Potato Centre (CIP), these iron-rich potatoes aim to combat hidden hunger, particularly iron deficiency, which affects large segments of the Indian population, especially women and children. The initiative includes collaboration with ICAR-Central Potato Research Institute and the establishment of the CIP South Asia Regional Centre in Agra. These bio-fortified potatoes, along with similar efforts in sweet potatoes and other crops, reflect India’s broader strategy to improve nutritional security through sustainable and targeted agricultural innovations.

India has secured the second position globally in fish production, as announced by Union Minister Rajiv Ranjan Singh. This achievement is the result of a significant 103% increase in fish output between 2013–14 and 2024–25. The growth is largely driven by government initiatives such as the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and support schemes like the Kisan Credit Card (KCC), which have empowered rural communities to actively participate in aquaculture. The collaborative efforts of states like West Bengal, Bihar, Jharkhand, and Chhattisgarh have also played a key role in enhancing productivity and ensuring India’s strong global standing in the fisheries sector.

India hosted the 2nd BIMSTEC Ports Conclave in 2025 at Visakhapatnam, underscoring its strategic commitment to strengthening regional maritime connectivity and advancing sustainable development in the Bay of Bengal. The conclave emphasised themes like blue economy, innovation, and sustainable partnerships, aligning closely with India's Sagarmala initiative. Key developments included progress on the BIMSTEC Agreement on Maritime Transport Cooperation (AMTC), recognition of the Kaladan Corridor as vital for India's northeastern connectivity, and the announcement of the BIMSTEC Sustainable Maritime Transport Centre in Mumbai. Hosting this conclave reaffirmed India's leadership within BIMSTEC and its broader Indo-Pacific engagement through the Act East and Neighbourhood First policies.