Development vs. Environmental Rights

 Development vs. Environmental Rights

In the case of Auroville Foundation v. Navroz Kersap Mody, the Supreme Court stressed the importance of balancing industrial development with environmental protection.

The Debate:

• Golden Balance: Industrial growth should not come at the expense of the environment; both objectives should be pursued simultaneously.
• Environmental Rights: The right to a clean and healthy environment is fundamental under Articles 14 and 21 of the Constitution.
• Right to Development: The right to development, including industrialization, is safeguarded under Articles 14, 19, and 21.
• Sustainable Growth: Economic development should not compromise environmental concerns, advocating for sustainable growth that integrates both.

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Internationalization of the Rupee

The Reserve Bank of India (RBI) and the Bank of Mauritius have signed a Memorandum of Understanding (MoU) to promote the use of local currencies in cross-border transactions, supporting the internationalization of the Indian Rupee (INR).

About Internationalization of the Rupee (IoR):

• Concept: This refers to increasing the global acceptance of the Indian Rupee in trade, investment, and foreign exchange reserves, reducing dependence on foreign currencies such as the US Dollar.
• Significance: It helps reduce foreign exchange risk, boosts trade, strengthens India’s financial influence, and raises global demand for the INR.

Steps Taken to Promote IoR:

• Bilateral currency swap agreements with countries like Japan, Sri Lanka, and Bhutan.
• Issuance of rupee-denominated bonds, such as Masala bonds.

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