International Financial Services Centres Authority (IFSCA) has constituted an Expert Committee in a bid to recommend approach towards development of Sustainable Finance Hub.

Key Points

• The expert committee is being chaired by C.K. Mishra, Former Secretary to the “Ministry of Environment, Forest & Climate Change”.
• In all, committee has 10-members, who will recommend ways to develop a sustainable financial hub.
• Committee comprise of leaders from the sustainable finance sector, including international agencies, funds, academia, standard setting bodies, and consultancies.

IFSC visualises GIFT-City as a global hub for sustainable finance and a gateway to channelize foreign capital into India. This committee was set up because, raising financial resources for climate change adaptation and its mitigation needs active participation of international investors.  Committee would help in developing the required ecosystem.

Government of India has set up the International Financial Services Centres Authority (IFSCA) in 2020 in order to develop and regulate international financial services centres in India. Primary goal of IFSCA is to promote ease of doing business across IFSC and to provide a world class regulatory environment.  Presently, there is only one IFSC called “Gift City” in Gandhinagar, Gujarat.

GIFT-City stands for “Gujarat International Finance Tec-City”.

Ministry of Social Justice and Empowerment operationalised the “SACRED portal” on the occasion of International Day of Older Persons on October 1, 2021. Portal has been developed in order to provide a platform for senior citizens in India seeking employment opportunities.

• This portal has been developed by the Ministry of Social Justice and Empowerment.
• SACRED stands for “Senior Able Citizens for Re-Employment in Dignity.
• Portal has been developed with the aim of finding ways to ensure that Senior Citizens live a happy, healthy, dignified, empowered and self-reliant life.
• The Portal does not guarantee to provide a job or employment but will serve as an enabler for stakeholders in order to meet and decider their course of action.
• Citizens aged 60 and more can register on this portal and find jobs & work opportunities.

This day was observed on October 1, 2021 under the Theme- “Digital Equity for All Ages”. United Nations General Assembly has also declared 2021-2030 the “Decade of Healthy Aging”.

NITI Aayog released its “State Nutrition Profile” report on October 1, 2021. In the report, nineteen States and Union Territories received their nutrition profiles.

The State Nutrition Profiles (SNPs) report comprises of a comprehensive compilation of crucial data that can positively affect policy decisions and facilitate research in that area. It analyse data on wasting (low weight-for-height), stunting, underweight, overweight and anaemia, besides diabetes and high blood pressure.

• The SNPs have been prepared by NITI Aayog in association with the UNICEF, International Food Policy Research Institute (IFPRI), Indian Institute of Population Sciences (IIPS), and the Institute of Economic Growth (IEG).
• It gives comprehensive idea regarding the nutrition outcomes, immediate & underlying determinants and interventions on the basis of National Family Health Survey (NFHS)-rounds 3, 4 and 5.
• Outcomes under the report have been prepared on the basis of headcount analyses and it also uses data from the NFHS-5 (2019-20).
• Report highlights the best and worst performing districts, highest burden districts as well as top coverage districts of the country.
• It has incorporated key takeaways for children, women & men as well as identifies areas where the state can improve further.

Union Minister Piyush Goyal inaugurated India’s Pavilion at Dubai Expo 2020, on October 1, 2021.

Key Points

• At the expo, India has deployed the largest number of participants.
• It has a state-of-the-art 8,750 square metre pavilion with the message that “India is out to grab once-in-a-lifetime opportunity in order to explore solutions to challenges that hampers its growth.

India Pavilion at Dubai Expo has been conceived as a hi-tech structure. It is a civilisational confluence of ancient India as well as future India. It is a massive four-floor structure that has been designed to attract anyone who walks in with the popular exports in India including yoga, literature, Ayurveda, heritage, arts, cuisine and space technology. Exterior of the pavilion is real showstopper.

Innovative facade comprises of 600 individual kinetic blocks. Each of the facade can turn on its own axis in order to construct a picture on the basis of multiple themes. Pavilion has been installed under the overarching theme of ‘India on the move’ and ‘India the diverse’. Facade on both the sides of the pavilion comprise of face of Mahatma Gandhi while metamorphosing front will showcase “constant change” and “timeless endurance” to mark the 75-year-old journey of India.

Zones in the pavilion are identified on the basis of 11 primary themes namely, Climate & Biodiversity; Urban & Rural Development; Space; Tolerance & Inclusivity; Knowledge & Learning; Golden Jubilee; Travel & Connectivity; Health & Wellness; Global Goals; Food Agriculture & Livelihoods and Water.

American Space Agency, National Aeronautics and Space Administration (NASA) recently decided to stop sending active commands to its missions on the MARS for next few weeks till the time “Mars solar conjunction” remains in effect.

What is Solar Conjunction?

• As per NASA, during the Mars solar conjunction period, Earth and the MARS will be on opposite sides of the Sun.
• This position of both the planets will affect any communication attempt made by NASA for connecting with its Mars missions because Sun radiates hot & ionized gas from its corona.

• These gases can interfere with radio signals if the agency try to communicate with spacecraft at Mars.
• These radiations will stand in the middle of both the planets and corrupt commands. It could also result in unexpected behaviour from NASA’s deep space explorers.
• Thus, NASA has decided to stop sending signals.

According to US Fish and Wildlife Services, the American bumblebee population has decreased by 89% in past 20 years, and it could be declared as “endangered species”.

Key Facts

• US Fish & Wildlife Services will conduct a one-year review, after which the species would become protected under “Endangered Species Act (ESA)”.
• The ESA act provides a legal framework to safeguard endangered species from extinction.

This announcement was made in the backdrop of a petition of August 2021 that was filed in support of listing made by “Center for Biological Diversity (CBD)” and Albany Law School student group named as “Bombus Pollinator Association of Law Students”.

As per CBD, the American bumblebee has completely vanished across eight states namely Rhode Island, Maine, New Hampshire, Idaho, Vermont, North Dakota, Wyoming and Oregon in the North America. Its population has also declined by 99% in New York. In other 19 states in Southeast & Midwest, its population has declined by 50%.

According to CBD, population of American bumblebee has decline due to habitat destruction, climate change, exposure to disease & pesticides, loss of genetic diversity along with competition with the non-native bees.

This species is scientifically called as Bombus pensylvanicus. It is a threatened species of bumblebee and is a native to North America. It is also found in eastern Canada, eastern United States, and Mexico. The species live and nest in open farmland & fields. It feeds on food plants like favouring sunflowers & clovers.

World Bank has approved about $150 million program to support Chennai’s Sustainable Urban Services and to turn it into a “world-class city”.

Highlights

• This programme will fulfil Tamil Nadu’s vision of making Chennai into a city which is more green, liveable, and resilient towards climate change.
• Apart from programme in Tamil Nadu, World Bank has also approved a $40 million project that will improve the quality of health services in the state Meghalaya. It will also strengthen capacity of state in handling health emergencies like COVID-19 pandemic.

Chennai City Partnership: Sustainable Urban Services Program is a $150 million programme that will help in strengthening institutions. It will also help in improving the financial health of service agencies and bring in significant improvements in quality of four key urban services:

• Water supply and sewerage
• Mobility
• Health, and
• Solid Waste Management.

India and United States (US) held their Industrial Security Agreement (ISA) summit between September 27 to October 01, 2021 at New Delhi.

Key facts

• The summit was organised in order to develop a protocol to exchange classified information between the defence industries of both the countries.
• It was led by “Designated Security Authorities (DSAs)” viz., Anurag Bajpai from Indian side and David Paul Bagnati from US sides.
• It was held to create a roadmap to implement the ISA.
• DSAs also visited the Indian defence industry in preparation for the creation of roadmap.
• During the summit, they agreed to establish the Indo-US Industrial Security Joint Working Group.

The joint working group will meet periodically to align the policies and procedures that will allow the defence industries in collaborating on cutting edge defence technologies.

ISA is the part of India-U.S. General Security of Military Information Agreement (GSOMIA). It was signed at the second 2+2 dialogue in Washington in December 2019. 

New species of blind freshwater eel has been by four scientists from the Zoological Survey of India (ZSI).

• Eel species was discovered from a well in Mumbai, Maharashtra.
• As per scientists, eel is a blind freshwater hypogean.
• This is the first such discovered species from Maharashtra and Northern western Ghats.

• Species has been named as ‘Rakthamichtys mumba’ to pay tribute to the city it was found in.
• Newly discovered freshwater bright-pink coloured species is completely blind and a subterranean freshwater fish.
• The blind eel has a genetic distance of 21.6 – 22.8% as compared to other known species of Rakthamicthys genus.
• This is the 5th species from Rakthamicthys genus to have originated from India.

The species was discovered by four scientists namely, Anil Mohapatra, Tejas Thackeray, Praveenraj Jayasimhan and Annam Pavan Kumar. This discovery is the most remarkable one till date.

8th Edition of the “India Sri Lanka bilateral joint Exercise” called Mitra Shakti will be conducted from October 4 to October 15, 2021 at Combat Training School, Ampara in Sri Lanka.

• In the joint exercise, all arms contingent of 120 personnel from the Indian Army will participate along with the battalion of the Sri Lankan Army.
• This exercise will be conducted with the aim of promoting close relations between Armies of India and Sri Lanka.
• It also seeks to enhance inter-operability and share best practices to counter insurgency and terrorism operations.
• It will involve tactical level operations at the sub unit level.
• Operations will be held in international Counter Insurgency and Counter Terrorism environment.
• The exercise will act as the catalyst to bring synergy and cooperation at grass root level between the Indian army and Sri Lankan Army.

The Indian men’s table tennis team has won bronze medal at the Asian Table Tennis Championships on October 1, 2021.

Highlights

• Indian team won bronze after losing to South Korea by 0-3 in the semi-finals.
• Team was assured of winning a medal after beating Iran by 3-1 in the quarterfinals on September 29.
• Both the semi-finalists won a bronze medal.

It is a biennial table tennis tournament and is regarded as continental championships by the International Table Tennis Federation (ITTF). The tournament was organized by the Table Tennis Federation of Asia (TTFA) from 1952 to 1972. Asian Table Tennis Union (ATTU) started its own Asian Championships because of conflict between national table tennis associations in Asia.

The International Monetary Funds (IMF) has released its report called “Global Financial Stability Report”, highlighting how digital currency assets brings in financial stability challenges.

Key findings of report

• In its report, IMF notes that rapid growing crypto ecosystem presents new opportunities to the world. However, this digital currency assets also pose several financial stability challenges.
• According to report, Technological innovation is starting a new era of making payments and other financial services faster, cheaper, more accessible. Such transaction also allows to flow across borders swiftly.

In its report, IMF highlights that, crypto asset technologies are a potential tool for faster and cheaper cross-border payments. Using these technologies, bank deposits can be transformed into a stable coin, allowing instant access to financial products from digital platforms. It also allows instant currency conversion. According to IMF, the decentralised finance can become a platform for more inclusive innovative and transparent financial services.

The Reserve Bank of India (RBI) has mandated new auto-debit rules on October 1, 2021 in order to strengthen the safety and security of card transactions.

Key Points

As per RBI’s directive, there will be no automatic recurring payment for several services like utility bills, DTH, recharge of phone and OTT because additional factor of authentication (AFA) will become mandatory onwards.

Under new directives, banks will have to inform the customers in advance regarding the recurring payments due. Transactions will not be automatic but will be done after customer has authenticated it.

Customers are required to follow a one-time registration process. After this process, further transactions can be performed without any additional factor authentication. Customers can provide the validity period for future transactions, while registering for the process.

Under the new norms, banks are required to send a one-time password to the customers for recurring payments of more than Rs 5000.

• Though the revenue growth came on a lower base, the average monthly GST collections in the second quarter have improved, rising 5 per cent as against the average GST collection in the first quarter this year.Gross Goods and Services Tax (GST) revenue collections in September (for sales in August) rose 22.5 per cent year-on-year to Rs 1,17,010 crore. Though the revenue growth came on a lower base, the average monthly GST collections in the second quarter have improved, rising 5 per cent as against the average GST collection in the first quarter this year.
• How much are the GST collections?
• Gross GST collections came in at Rs 1,17,010 crore in September, 22.5 per cent higher than Rs 95,480 crore collected in the same period last year. Out of the total Rs 1.17 lakh crore collection, CGST is Rs 20,578 crore, SGST is Ra 26,767 crore, IGST is Rs 60,911 crore (including Rs 29,555 crore collected on import of goods) and cess is Rs 8,754 crore (including Rs 623 crore collected on import of goods).
• What does it indicate?
• The GST collections have picked up pace in the second quarter indicating an improvement in economic activity. The average monthly gross GST collection for the second quarter this year has been Rs 1.15 lakh crore, which is 5 per cent higher than the average monthly collection of Rs 1.10 lakh crore in the first quarter. “This clearly indicates that the economy is recovering at a fast pace. Coupled with economic growth, anti-evasion activities, especially action against fake billers have also been contributing to the enhanced GST collections. It is expected that the positive trend in the revenues will continue and the second half of the year will post higher revenues,” the Finance Ministry said in a statement.GST revenue in September 2020 grew 4 per cent over the revenue of Rs 91,916 crore in September 2019.
• Is GST revenue growth a concern?
• Though GST revenues are picking up pace after the impact of the Covid-19 pandemic, revenue buoyancy under GST is being seen as a concern, especially after the legally mandated compensation to states for revenue shortfall from the GST implementation comes to an end in June 2022.
• In a move towards structural overhaul of the GST regime after its July 2017 rollout, a “review” of the current rate slab structure of GST has been explicitly incorporated in the Terms of Reference (ToR) of the two ministerial panels formed for spelling out a blueprint for GST reforms, as per an order dated September 24. The panel’s brief incorporates an overarching mandate: an evaluation of introducing “special rates” within the tax structure, rationalisation measures that include “a merger of tax rate slabs aimed at simplifying the rate structure”, alongside a review of instances of inverted duty structure and an identification of potential sources of evasion to shore up revenues.
• The GST has five key tax slabs: zero, 5 per cent, 12 per cent, 18 per cent and 28 per cent. A compensation cess, ranging between 1 per cent to 290 per cent, is levied on demerit and luxury goods over and above the topmost rate of 28 per cent. A merger of 5 per cent and 12 per cent slabs or 12 per cent and 18 per cent slabs has been deliberated upon earlier as well but has not been taken up formally for a decision.
• The Ministry of Finance has constituted a seven-member Group of Ministers (GoM) under Karnataka’s Chief Minister Basavaraj S Bommai for “rate rationalisation” and another eight-member GoM under Maharashtra’s Deputy Chief Minister Ajit Pawar for “GST system reforms”. The GoM on rate rationalisation has been mandated to suggest changes that may be implemented immediately and the roadmap for implementation for the changes that should be implemented in the short and medium term”. The Group will submit an interim report for such immediate measures and will have to submit its report in two months.
• Draft e-commerce rules need to be reexamined, and concerns raised must be addressed
• Rajiv Kumar, vice chairman, Niti Aayog, has cautioned that the rules “will severely harm ease of doing business and impact small businesses”. The DPIIT has flagged several anomalies. Even the Ministry of Finance has raised red flags.
• The draft e-commerce rules released by the Department of Consumer Affairs are facing a significant pushback, with sections of the government raising apprehensions over many of the proposed provisions. As reported in this paper, Rajiv Kumar, vice chairman, Niti Aayog, has cautioned Piyush Goyal, Minister of Consumer Affairs, that the rules “will severely harm ease of doing business and impact small businesses”. Separately, the Department for Promotion of Industry and Internal Trade (DPIIT) has flagged several anomalies, and questioned some of the provisions. Even the Ministry of Finance has raised red flags. Reportedly, the Department of Consumer Affairs is reexamining some of the provisions of the draft e-commerce rules. That is the right approach. It must take into consideration the concerns raised by both industry and sections of the government.Take, for instance, the fallback liability clause. Under the draft rules, e-commerce players are to be held liable in case a seller on their platform “fails to deliver goods or services due to negligent conduct”. However, under the current rules, foreign direct investment is permitted only in “marketplace” models where the e-commerce platforms do not hold inventory, they merely connect buyers and sellers. So if firms have no control over the inventory on their platform, can they be held liable for the sellers? Also under the regulatory scanner are flash sales. But it is unclear how flash sales adversely affect prices, and consumer choice. Moreover, don’t even offline retailers indulge in end-of-season sales? There is also considerable lack of clarity over the rules concerning related parties. This, as Niti Aayog notes, “appears to be a case of overreach.” The rules do not just limit themselves to the welfare of the consumer. For instance, they mandate platforms to provide “fair opportunity” to domestic players. This raises a question: Shouldn’t the consumer protection rules seek to protect only the interest of consumers? As Kumar has said, “the rules go far beyond consumer protection.” They encroach upon areas that can be deemed to fall beyond the jurisdiction of the consumer affairs ministry. For instance, the Ministry of Corporate Affairs has pointed out that there is an overlap between some of the proposed provisions and the Competition Act. Whose jurisdiction will be enforced ? This, as the corporate affairs ministry has pointed out, could lead to “forum shopping”, and thus “divergent rulings”.
• The absence of a similarly restrictive regulatory architecture for the traditional brick and mortar stores, and the considerable room for bureaucratic discretion, given the ambiguity in some of the provisions in the draft rules, raise apprehensions over the intent behind the draft e-commerce rules, whether concerns of consumers or other considerations dominated their framing. After all, policy should be guided by the imperative of enhancing consumer welfare, not constricting it.

• As per the action plan, the control board has identified several areas as hotspots for industrial air emissions, traffic congestion and road dust.Taking a proactive approach for abating air pollution in the city, the Gurgaon district administration has issued directions listing out several key measures to be implemented from October 1. An order issued to 41 agencies, including police, municipal corporation, Haryana Shehri Vikas Pradhikaran (HSVP), department of town and country planning, and SDMs, states that nodal officers should be appointed for implementation of pollution action plan and all agencies should constitute teams for night patrolling.With winter approaching, the air quality is set to deteriorate in NCR.
• As per the action plan, the control board has identified Udyog Vihar phases 1-5, sector 18, sector 37, IMT Manesar, Behrampur, Begumpur Khatola as hotspots for industrial air emissions. For vehicular air emission and traffic congestion, Delhi-Gurgaon border, Iffco chowk, Rajeev Chowk, Sohna road, Subhash Chowk, Vatika Chowk, Hero Honda Chowk, Sohna Chowk, Kherki Daula toll plaza, Gurgaon-Faridabad toll plaza, Dwarka expressway, HUDA city centre, Hamilton court DLF phase 4, Pataudi road, Gurgaon bus stand, Rampura flyover and Bilaspur Chowk have been identified as hotspots.
• Thirteen hotspots for road dust have also been identified.“Large construction projects including highways and metro will need to provide an undertaking to state pollution control board within 15 days that they will assure adherence to prescribed norms for dust management. Solid waste dumping issues have to be addressed on priority. Mechanised sweeping machines, where available, have to be used for regular cleaning of roads in shifts (day and night) and sprinkling of water and other necessary measures have to be undertaken by all agencies concerned. Compliance of action plans on the identified pollution hotspots should be ensured,” the order read.
• It also stated that all industries will have to provide an undertaking to the state pollution board within a fortnight that they will only use authorised fuel. The order further called for an enhanced vigil at industrial stacks and garbage dumping sources and for extensive use of smog guns to control dust emission.Kuldeep Singh, regional officer of Haryana State Pollution Control Board (HSPCB), Gurgaon (North), said, “Directions have been issued to the departments and officials concerned. They have been instructed to submit an action taken report on a daily basis. Violators would be penalised. The state pollution board and administration have taken proactive measures to combat air pollution based on past experience and planned strategy.”

• Rajiv Ranjan Mishra, Director General, NMCG, said, “Today Executive Committee of NMCG has decided upon engagement with Chacha Chaudhary character for sensitising children and youth for rejuvenation of Ganga and other rivers."THE CENTRE will use Chacha Chaudhary, the popular comic book character, for sensitising children and youths about the cleaning of Ganga and other rivers, a top official of the National Mission for Clean Ganga (NMCG) said on Friday.
• Rajiv Ranjan Mishra, Director General, NMCG, said, “Today Executive Committee of NMCG has decided upon engagement with Chacha Chaudhary character for sensitising children and youth for rejuvenation of Ganga and other rivers. Let’s say ‘Ganga ki Baat, Chacha Choudhary Ke Sath’ is a public engagement activity under overall public outreach activities of Namami Gange mission.”
• Mishra said that the NMCG has undertaken various public outreach programmes like Ganga Quest and a television series– Rag Rag Mein Ganga, and the ‘Ganga ki Baat, Chacha Choudhary Ke Sath’ will be one such activity. Under this series, different comic stories will be created in which Chacha Chaudhary will talk about keeping rivers clean, he said.He said that 5-6 months ago, Diamond Toons, the publisher of the Chacha Chaudhary series, had submitted a proposal to work with the NMCG to spread awareness about the Namami Gange programme. The NMCG has also discussed the proposal with the World Bank, which is supporting the Namami Gange programme.
• Meanwhile, a statement issued by the Ministry of Jal Shakti said the Executive Committee of the NMCG has decided to declare Chacha Chaudhary as the mascot of the Namami Gange Programme.
• “At the 37th Executive Committee meeting of the National Mission for Clean Ganga (NMCG), chaired by Shri Rajiv Ranjan Mishra, Director General, NMCG, Chacha Chaudhary was declared as the mascot of the Namami Gange Programme and some major projects in Uttar Pradesh and Bihar were discussed and evaluated,” the statement said.
• “The NMCG has been focusing on youth as part of its outreach and public communications efforts as they are the impellers of change. As a step towards this NMCG has tied-up with Diamond Toons to develop and distribute comics, e-comics and animated videos,” it said.
• “The content will be designed with the objective of bringing about behavioral change amongst children towards Ganga and other rivers. The total estimated budget for the project is Rs 2.26 crore. Shri Ashok Kumar Singh, Executive Director (ED), Projects, presented the project details and shared that Chacha Chaudhary can be useful in ground-level activation for Ganga rejuvenation,” the statement said, adding that initially, the comics will be launched in Hindi, English and Bengali.