The Great Reset
- The Great Reset is an initiative by the World Economic Forum.
- It has been conceptualised by the founder and executive chairman of the WEF, Klaus Schwab, and has evolved over the last few years.
- It is based on the assessment that the world economy is in deep trouble.
- The current situation has been made worse by factors, like the effects of the pandemic on global society, the unfolding technological revolution, and the consequences of climate change.
- The world must act jointly to revamp all aspects of our societies and economies, from education to social contracts and working conditions.
- Every country must participate and every industry must be transformed.
- In short, there is a need for ‘Great Reset’ of capitalism.
Regulation of NBFCs
- The Reserve Bank of India (RBI) has created a four-tier structure for a tighter regulation of Non-Banking Financial Companies (NBFCs).
- The regulatory framework will be anchored on proportionality.
- The four-layered structure includes: Base Layer, Middle Layer, Upper Layer (will invite a new regulatory superstructure) and a possible Top Layer (is ideally supposed to be empty).
- The RBI has proposed classification of non-performing assets (NPAs) of base layer NBFCs from 180 days to 90 days overdue.
- If an identified NBFC-Upper Layer does not meet the criteria for classification for four consecutive years, it will move out of the enhanced regulatory framework.
Changes in CSR Rules
- The Ministry of Corporate Affairs (MCA) has introduced below changes to the Corporate Social Responsibility (CSR) Rules,
- Mandating Impact Assessment for big CSR projects,
- Revamping the reporting formats of the Board report,
- Mandatory disclosure of all CSR projects and activities besides CSR Committee's composition on the company’s website,
- Allow CSR activities to be carried through charitable trusts.
- Annual action plan for CSR has to be approved by the company Board.
- Besides new stipulations on the capital assets acquired through CSR funds, the amended Rules provide the transfer of the unspent amount to government notified fund.
- New norms have been introduced for carrying forward and set off of unspent CSR expenditure.
- All CSR projects must be registered from April 1 in new Form CSR-1.
Draft Arctic Policy
- The Indian government has unveiled its draft Arctic policy Roadmap for Sustainable Engagement. This draft rides on five pillars:
- Science and research activities,
- Economic and human development cooperation,
- Transportation and connectivity,
- Governance and international cooperation, and
- National capacity building.
- The draft spells out goals in India’s Arctic Mission such as,
- To better understand the scientific and climate-related linkages between the Arctic and the Indian monsoons;
- To harmonise polar research with the third pole (the Himalayas)
- To advance the study and understanding of the Arctic within India.
- India already has a research station in the Arctic, Himadri, for the research work. Also, India has an ‘Observer’ status in the Arctic Council.
Arctic Council
- It is an intergovernmental forum established by the eight Arctic States through the Ottawa Declaration of 1996.
- It discusses and addresses issues concerning the Arctic region.
- Members - Canada, Denmark, Norway, Russia, USA, Finland, Sweden and Iceland.
- Besides these, 6 organisations representing the indigenous people of the Arctic region is granted the status of permanent participants.
- All decision-making happens through consensus between the eight members, and in consultation with the permanent participants.
Indian Sunderbans
- Zoological Survey of India’s (ZSI’s) publication ‘Birds of the Sundarban Biosphere Reserve’ states that the Indian Sunderbans is home to 428 species of birds.
- Indian Sunderbans is part of the world’s largest mangrove forest.
- It comprises of the Sunderban Tiger Reserve - home to Royal Bengal Tigers - is a World Heritage Site and Ramsar Site.
- Birds, like Masked Finfoot and Buffy fish owl, are recorded only here.
- The area is home to nine out of 12 species of kingfishers of the country as well rare species such as the Goliath heron and Spoon-billed Sandpiper.
- The mudflats and wetlands of Sunderbans act as a stopover site for migratory flight south (south wards) and back.
- [The mudflats exposed in the low tides, rich in microorganism, deposited during tidal activity are ideal feeding for migratory birds.]
Flash Droughts
- Flash droughts are those that occur very quickly, with soil moisture depleting rapidly.
- Normally, developing drought conditions take months, but these happen within a week or in two weeks’ time.
- Several factors including atmospheric anomalies, anthropogenic greenhouse gas emissions play an important role.
- In 1979, India faced a severe flash drought, affecting about 40% of the country and taking a toll on agriculture.
- A new study has now pointed out that India could experience more such flash droughts by the end of this century.
Source: The Indian Express, The Hindu, Business Line, The Wire
