WHY IN THE NEWS?

• The leading power sector NBFC, Power Finance Corporation Ltd (PFC), successfully issued its maiden Euro Green Bond. The 7-year Euro 300 million Bond has been priced at 1.841 per cent.
• This Euro Green Bond is the first-ever Euro denominated Green bond issuance from India. It is also the first-ever Euro issuance by an Indian NBFC. With the issuance, PFC has also forayed into the European market for its international fundraising.

WHY IN THE NEWS?

• The Ministry of Defence has constituted a High-Level Expert Committee, for a comprehensive review of the National Cadet Corps (NCC). Former Member of Parliament (MP) Baijayant Panda will be the Chairperson of the Committee.
• The 15-member committee will also include Cricketer MS Dhoni and Mahindra Group Chairman Anand Mahindra as members.
• Suggest measures to empower NCC cadets to contribute more effectively towards nation-building.
• Propose ways for gainful engagement of NCC Alumni for the betterment of the organisation
• Recommend best practices of similar international youth organisations for inclusion in the NCC curriculum.

WHY IN THE NEWS?

• The Union Cabinet, chaired by Prime Minister Narendra Modi has approved a number of structural and process reforms in the Telecom sector, to provide relief to ailing telecom service providers, struggling with high levels of debt.
• A total of 9 structural and 5 process reforms have been approved by the Union Cabinet. Some major reforms announced are as follows:
• Change in the definition of AGR: The definition of Adjusted Gross Revenue (AGR) has been changed and now all non-telecom revenue will be removed from AGR.
• Rationalised Spectrum Usage Charges: The monthly compounding of interest on spectrum usage charges is replaced by annual compounding and the interest rate will come down, based on the formula MCLR + 2%. Penalty on payment of licence fees, spectrum user charges and all kinds of charges have been completely scrapped.
• Four-year Moratorium on dues: Moratorium has been announced on statutory dues of the telecom sector for four years. It will be applicable from October 1, 2021
• Foreign Direct Investment (FDI): The government has increased the FDI in the Telecom sector under the automatic route from 49% to 100%.
• Auction calendar fixed: Spectrum auctions will henceforth be held in the last quarter of every financial year.

WHY IN THE NEWS?

• Infosys, a global leader in next-generation digital services and consulting, launched Infosys Equinox to help enterprises securely deliver hyper-segmented, personalized omnichannel commerce experiences for B2B and B2C buyers.
• The platform’s future-ready architecture offers unprecedented flexibility for enterprises to pick and choose out-of-the-box microservices and pre-built experiences to build curated digital journeys that enhance their digital commerce or launch it grounds-up in a matter of weeks.
• Infosys Equinox also brings together best-of-breed service, product, platform and industry capabilities from Infosys, and its partners, in an integrated ecosystem.

WHY IN THE NEWS?

• India is set to host the first-ever Global Buddhist Conference on November 19 and 20, 2021, in Nava Nalanda Mahavihara campus, in Nalanda, Bihar. The academic conference, being organised by Indian Council for Cultural Relations (ICCR), will become an annual feature.
• Four regional conferences in India (Telangana, Saranath, Gangtok and Dharamshala) and abroad (Japan, South Korea, Thailand and Cambodia) will be organised, in the run-up to the conference. The reports of these regional conferences will be presented at the inaugural Global Buddhist Conference.
• Global Buddhist Conference focuses on making India the centre of Buddhism, by promoting Buddhist activities, like academic, cultural, seminars, people travelling for festivals like Buddha Purnima, Vesak.

WHY IN THE NEWS?

Recently, Mura-Drava-Danube (MDD) was declared as the world’s first ‘five-country biosphere reserve’ by the United Nations Educational, Scientific and Cultural Organization (UNESCO).

About MDD:

• The biosphere reserve covers 700 kilometres of the Mura, Drava and Danube rivers and stretches across Austria, Slovenia, Croatia, Hungary and Serbia.
• The total area of the reserve is a million hectares – in the so-called ‘Amazon of Europe’, which is now the largest riverine protected area in Europe.
• The biosphere “represented an important contribution to the European Green Deal (climate action plan) and contributed to the implementation of the EU Biodiversity Strategy in the Mura-Drava-Danube region.”
  • The strategy’s aim is to revitalise 25,000 km of rivers and protect 30% of the European Union’s land area by 2030.

Importance of the MDD:

• The area is one of the richest in Europe in terms of species diversity.
• It is home to floodplain forests, gravel and sand banks, river islands, oxbows and meadows.
• The area is home to the highest density in Europe of breeding pairs of white-tailed eagle and endangered species such as the little tern, black stork, otters, beavers and sturgeons.
• It is also an important stepping stone for more than 2,50,000 migratory waterfowls every year.

WHY IN THE NEWS?

Recently, the Union Minister of State for Power attended the 15th East Asia Summit Energy Ministers Meeting.

• The theme of the meeting was “We Care, We Prepare, We Prosper”.

About the Meeting:

• The meeting was aimed at coordinating efforts of the Association of Southeast Asian Nations (ASEAN) countries in pursuing the goal of energy security and energy transition that will benefit the people of the region.
• India confirmed that ASEAN is a region of great importance and engagement with ASEAN has been, and will remain, a critical element of India’s ‘Act East’ policy and strategy.
  • Acting East is now a central element in India’s Indo-Pacific vision.
• A brief status of the Indian energy transition plans, policies, challenges and efforts towards decarbonisation was also provided.
  • Some of India’s initiatives include National Solar Mission (NSM), Pradhan Mantri Ujjwala Yojana (PMUY), Unnat Jyoti by Affordable LEDs for All (UJALA), Smart City Mission (SCM), etc.

East Asia Summit:

About:

• Established in 2005, it is a forum of 18 regional leaders for strategic dialogue and cooperation on the key political, security, and economic challenges facing the Indo-Pacific region.
• The concept of an East Asia Grouping was first promoted in 1991 by the then Malaysian Prime Minister, Mahathir bin Mohamad.
• There are six priority areas of regional cooperation within the framework of the EAS. These are – Environment and Energy, Education, Finance, Global Health Issues and Pandemic Diseases, Natural Disaster Management, and ASEAN Connectivity.

Membership:

• It comprises the ten member states of the ASEAN which are Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, along with 8 other countries namely Australia, China, Japan, India, New Zealand, the Republic of Korea, Russia and the USA.
• It is an ASEAN-centred forum so it can only be chaired by an ASEAN member.
  • Brunei Darussalam is the chair for 2021.

WHY IN THE NEWS?

Recently, the World Meteorological Organization (WMO) released a report named United in Science 2021.

• It is a multi-organization high-level compilation of the latest climate science information.
• The report is coordinated by the WMO, with inputs from the United Nations Environment Programme, World Health Organization, and Intergovernmental Panel on Climate Change, Global Carbon Project, World Climate Research Programme and the Met Office (UK).

Climate Change:

• The pace of climate change has not been slowed by the global Covid-19 pandemic and the world remains behind in its battle to cut carbon emissions.
  • It has caused only a temporary downturn in carbon dioxide (CO2) emissions in 2020.
  • High latitude regions and the Sahel are likely to be wetter over 2021–2025, than the recent past.
• Reduction targets are not being met and there is a rising likelihood the world will miss its Paris Agreement target of reducing global warming to 1.5 degrees Celsius above pre-industrial levels.
  • There is an increasing likelihood that temperatures would temporarily breach the threshold of 1.5 degrees Celsius above the pre-industrial era, in the next five years.

Temperature:

• Average global temperature for the past five years was among the highest on record.
• Rising global temperatures are fuelling devastating extreme weather throughout the world, with spiralling impacts on economies and societies.
  • Climate hazards such as heatwaves, wildfires and poor air quality combine to threaten human health worldwide, putting vulnerable populations at particular risk.

Greenhouse Gases:

• Concentrations of major greenhouse gases in the atmosphere continued to increase last year and during the first half of 2021.

Fossil Fuel Emissions:

• Fossil fuel emissions from coal, gas, cement, etc were back to 2019 levels or even higher in 2021.

Sea Level:

• Global mean sea levels rose 20 cm from 1900 to 2018. Even if emissions are reduced to limit warming to well below 2°C, global mean sea level would likely rise by 0.3-0.6 m by 2100, and could rise 0.3-3.1 m by 2300.

Loss of Work Hours:

• An excess of 103 billion potential work hours were lost globally in 2019, compared to 2000.
  • It was due to heat-related mortality and work impairment, caused by rising temperatures.

Suggestions:

• More countries should develop long-term strategies that are consistent with the 2015 Paris Agreement.
• Net-zero commitments needed to be translated into strong near-term policies and action.
• Adaptation strategies are needed where they do not exist – especially in low-lying coasts, small islands, deltas and coastal cities.
• Covid-19 recovery efforts should be aligned with national climate change and air quality strategies to reduce risks from compounding and cascading climate hazards, and gain health co-benefits.

Way Forward

• World needs a breakthrough on protecting people and their livelihoods, with at least half of all public climate finance committed to building resilience and helping people adapt.
• And it needs much greater solidarity, including full delivery of the long-standing climate finance pledge to help developing countries take climate action.

WHY IN THE NEWS?

Recently, the Union Cabinet approved the Rs 30,600 crore guarantee to back Security Receipts issued by National Asset Reconstruction Company Limited (NARCL) for acquiring stressed loan assets.

• The NARCL is a part of a new Bad bank structure that was announced in the Budget 2021.

About the New Bad Bank Structure:

• For the resolution of huge NPAs (Non-Performing Assets) in the Indian Banking sector, the government of India has set up two new entities to acquire stressed assets from banks and then sell them in the market.
  • NPA refers to a classification for loans or advances that are in default or in arrears.
• NARCL: NARCL has been incorporated under the Companies Act and has applied to the Reserve Bank of India for a license as an Asset Reconstruction Company (ARC).
  • NARCL will acquire stressed assets worth about Rs 2 lakh crore from various commercial banks in different phases.
  • Public Sector Banks (PSBs) will maintain 51% ownership in NARCL.
• IDRCL: Another entity, India Debt Resolution Company Ltd (IDRCL), will then try to sell the stressed assets in the market.
  • PSBs and Public Financial Institutes (FIs) will hold a maximum of 49% stake in IDRCL. The remaining 51% stake will be with private-sector lenders.
• The NARCL-IDRCL structure is the new bad bank structure.

WHY IN THE NEWS?

Recently, the Khadi and Village Industries Commission (KVIC) launched the SPIN (Strengthening the Potential of India) scheme to make potters self-sustainable.

SPIN Scheme:

About:

Under SPIN, KVIC will facilitate potters to get easy loans from banks that will help the potters to diversify their activities and enhance their income.

Objective:

It is aimed at sustainable development by creating local self-employment which is aligned with the Prime Minister’s commitment of “Job to Every Hand” (Har Hath Me Kaam).

Features:

• It is a no-subsidy program.
• KVIC facilitates potters to get bank loans under Pradhan Mantri Shishu Mudra Yojana.
• No financial burden on the exchequer.
• Beneficiaries can repay the loans in easy installments.

Significance:

• It will reduce their dependence on government subsidy and thus make potters self-reliant.