31st AUG, 2023

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AVERAGE TIME TAKEN FOR CORPORATE INSOLVENCY RESOLUTION PROCESS (CIRP)
INCREASED TO THREE YEAR HIGH

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According to a India Ratings and Research report, the timelines for the resolution of cases under CIRP have been highest at 635 and
643 days for Operational Creditors (OCs) and Financial Creditors (FCs) during Q1 of FY 2023-24.

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During same period, average time taken for liquidation was also highest at 480, 458 and 391 days for FCs, OCs, and Corporate
Debtors (CDs).
CIRP under the Insolvency and Bankruptcy Code 2016 (IBC) is a process for resolving the corporate insolvency of a Corporate
Debtor (CD).

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After a default by CD, CIRP can be initiated by a FC, an OC and a corporate applicant of a CD by filing an application before the
Adjudicating Authority (AA).
Every CIRP can have either of the two outcomes - A resolution plan or an order of liquidation of CD if resolution fails.
The CIRP shall be completed within a period of 180 days but AA may grant one time extension of 90 days. The maximum time within

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which CIRP should complete is 330 days.

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The Supreme Court in Satish Kumar Gupta Case held that AA may extend completion timeline beyond 330 days in exceptional cases.

RBI GOVERNOR STRESSED ON STRENGTHENING GOVERNANCE FOR URBAN

COOPERATIVES BANKS (UCBS)
There is a need for the UCBs to strengthen financial and operational resilience to contribute to the overall financial and banking sector

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stability.

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Need to strengthen governance practices, especially the three supporting pillars of Compliance, Risk Management, and Internal
Audit.
On the functioning of the boards, the UCBs should emphasize on certain aspects -
Adequate skills and expertise of

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directors,
Constitution of a professional
board of management,
Diversity and tenure of board
members,
Need for the board's involvement in
upholding rigorous credit risk
management and follow-up of
large NPA borrowers.
About UCBs
They are registered as cooperative
societies under the provisions of
either the State Cooperative Societies Act of the State concerned or the Multi-State Cooperative Societies Act, of 2002.
The RBI regulates and supervises the banking functions.
Recently, RBI based on the cooperativeness’ of the banks and availability of capital, had categorized UCBs into four tiers for
regulatory purposes (refer infographic).
Challenges faced by UCBs: Dual Control by State Registrar of Societies and RBI, political interference, increasing competition from
commercial banks, etc.

 

 

 8468022022 www.visionias.in

UNION GOVERNMENT LAUNCHED THE NATIONAL POLICY ON RESEARCH &

DEVELOPMENT AND INNOVATION IN THE PHARMA-MED TECH SECTOR (PRIP) IN INDIA
Notified by the Ministry of Chemicals and Fertilizers (Department of Pharmaceuticals).
Objective: aims to achieve Atmanirbharata in Pharma- MedTech sector, and enable rapid drug discovery and innovation in medical
devices.
Key measures
Fiscal support for private investments into R&D/ innovation.

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Modernizing the curriculum in pharmaceutical education and institutionalizing industry engagement.
Setting up Institutes of National Importance (INIs) for MedTech education.
Formation of Inter-Departmental Research Council.

THREE FOCUS AREAS OF POLICY

First: Facilitate innovation and research
Creation of a digital portal to offer a single interface between Innovator and Regulator. in product development, safety, and its

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quality.
Need for the Policy
For improving the innovation preparedness of Pharma MedTech in cases of urgencies Second: Incentivize investment in

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like COVID-19. innovation through fiscal, and
non-fiscal measures.
Reduce import dependency on emerging tech e.g., cell, and gene therapy, etc.
Third: Build an ecosystem for innovation,
Align R&D in the pharmaceutical with the One Health approach. cross-sectoral research, and sustainable
growth.
To have acceptable scientific evidence for mainstreaming Traditional medicines.
Development of affordable drugs and devices to contribute to Global Health.

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Challenges of Pharma-Med sector: high import dependence on Active Pharmaceutical Ingredients (API), relatively low pace of
development of biologics, and biosimilars, and low technological capabilities in scanning and imaging equipment.

US-INDIA RENEWABLE ENERGY TECHNOLOGY IMPORTANCE OF ZONING OF

ACTION PLATFORM (RETAP) LAUNCHED UNDER FLOODPLAINS FOR FLOOD

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STRATEGIC CLEAN ENERGY PARTNERSHIP (SCEP) MANAGEMENT

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US-India SCEP is a joint effort to advance energy security, emphasize Experts have pointed out that, despite NGT’s
electrification and decarbonization, and scale up emerging clean energy direction, the lack of floodplain Zoning in
technologies. Punjab is a concern as the state has faced floods
recently.
It was established as one of the two-track engagements launched under the
US-India Climate and Clean Energy Agenda 2030 Partnership. What is floodplain zoning?

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The second engagement is the Climate Action and Finance Mobilization It is recognized as an effective non-structural
Dialogue. measure for flood management.

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It consists of 5 pillars (refer image) It aims at demarcating zones or areas likely
to be affected by floods of different
About RETAP magnitude or frequencies and probability
It aims to accelerate the development of emerging renewable technologies. levels.
It specifies the types of permissible

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It will focus on green/clean hydrogen, wind energy, and long-duration
energy storage, and explore geothermal energy, ocean/tidal energy, etc. developments in these zones so that
whenever floods actually occur, the damage
Launched by: the United States Department of Energy (DOE) and Ministry of can be minimized.
New and Renewable Energy (MNRE), India.
Only few states like Rajasthan and
It will be guided by five themes: Uttarakhand have adopted floodplain zoning
but implementation is limited.
Research & Development.
Steps for floodplain zoning
Piloting and testing of Innovative Technologies.
It falls under the purview of respective state
Advanced Training & Skill Development. governments.
Policy and Planning for advancing enabling technologies. Model Bill for Flood Plain Zoning 1975:
Investment, Incubation, and Outreach programs. outlines provisions for flood zoning authorities,
surveys, etc., for unimpeded water flow.
Significance: aids in achieving net zero targets for India, creates green jobs, and
fosters investment in greenfield renewable energy projects. National Disaster Management Authority
guidelines: It states that important
instalments like hospitals, railway stations, etc.
should be located above the levels
corresponding to a 100-year frequency or
the maximum observed flood levels.
National Mission for Clean Ganga (NMCG)
has advised all states in the Ganga basin for
demarcation and notification of river
floodplains.

 

 

 8468022022 www.visionias.in

CHANGING PATTERN OF SUICIDE DEATHS IN INDIA: LANCET STUDY

Key findings
India’s Suicide Death Rate (SDR) was 14.04 suicide deaths per lakh persons, in 2019 putting the
country at 49th rank globally. RELATED NEWS
Recently, the Supreme
From 2014 to 2021, the SDR among men increased from 17 to 20.6, while among women, it
Court-appointed panel
decreased from 8.5 to 8.1 'suicide deaths'.
on prison reforms,
For women, most suicide deaths were reported in the age-group 18-29 years, compared to men’s headed by Amitava Roy,

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suicide deaths spread across 18-59 years of age. found a steady rise in
Unemployed men and women had very high SDRs of 48.2 and 27.8, respectively. unnatural death among
prison inmates.
Causes: Family problems, health issues, unemployment rate.
Government classifies a death as suicide (intentionally ending life) based on three criteria: unnatural Recommended: suicide
prevention programs in

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death, intent to die originated within the person, and reason for the person to end his or her life
exists, whether specified in a suicide note or not. prisons, a centralized
inmate complaint

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Initiative helpline, building
National Suicide Prevention Strategy was launched that aims to reduce suicide mortality by suicide-proof barracks
10% by 2030. with collapsible material.
Section 115 of the Mental Healthcare Act 2017 decriminalized suicide.

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ALSO IN NEWS
IFC has committed a record $2.97 billion (Rs 24,561 crore) to India across 30 projects in the FY
2022-23.

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HQ:

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International Finance Corporation (IFC)
Washington D.C., USA

Genesis: Established in 1956, IFC is a member of the World Bank Group.

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Objectives: Largest global development institution focused on the private sector in
developing countries.
International Finance

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Other members of the World Bank Group:
Corporation (IFC)
International Bank for Reconstruction and Development (IBRD)
International Development Association (IDA)
Multilateral Investment Guarantee Agency (MIGA)

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International Centre for Settlement of Investment Disputes (ICSID)
India is a member of all World Bank institutions except ICSID.

COFA agreements have become key part of U.S. efforts to counter China's bid to expand its Pacific
influence.
US first signed COFA accords with three Pacific island states - FSM, Palau and Marshall Islands -
in the 1980s.
Compacts of Free
Now, US has signed renewed COFA agreements with Micronesia, PNG and Palau.
Association (COFA)
About ABRY
Aim: Increase the employment generation in post-Covid recovery phase along with social
security benefits.
Implementation: Through Employees Provident Fund Organization (EPFO), Ministry of
Labour and Employment.
Aatmanirbhar Bharat Incentive: Government is covering both the employee and employer EPF contributions (24%
Rozgar Yojana of wages) for establishments with up to 1,000 employees
(ABRY) For establishments with over 1000 employees, only the employee's EPF contributions (12% of
wages) were covered in respect of new employees.

 

 
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 8468022022 www.visionias.in

International Renewable Energy Agency (IRENA) has recently launched a report titled
"Renewable Power Generation Costs in 2022”.
Key Findings
In 2022, the renewable power deployed globally since 2000 saved an estimated USD 521 billion
in fuel costs in the electricity sector.
Renewable Power
In India, thermal coal import costs rose sharply in 2021, by 107%, but power generators
Generation Costs in either scaled back generation or sourced cheaper coal sources, moderating the price increase
2022 in 2022 to 20%.

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An international research team has described seven previously unknown species of leaf insects
(Phylliidae family), also known as walking leaves.
About Walking Leaves:
They are usually green insects and are known for their leaf-like appearance.

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Distribution: islands in the Indian Ocean, across parts of mainland South Asia and Southeast
Asia, to Papua New Guinea and Australia in the western Pacific.

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Walking Leaves Males tend to be smaller than females.

A report by the Wildlife Conservation Society (WCS)-India report flags the illegal trade of red sand boa.
About Red Sand Boa
It is a Non-Venomous and Ovoviviparous snake endemic to India, Pakistan, and Iran.
It is called a "Two-headed snake" due to its round tail that looks like a head.

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It is used for making certain medicines, cosmetics, and in black magic, and is in huge demand in
the international market.
Red Sand Boa IUCN status: Near threatened.
The trade and possession of it is an offense under the Wildlife Protection Act 1972.

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Google has recently launched generative AI capabilities in Google Search for India.
It will be available as a pilot to select users.

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It will offer a chatbot-like experience instead of the typical search bar that has been
synonymous with the search engine so far.
It will enable conversation mode, for follow-up questions can also be asked in voice, in
Search Generative English and Hindi.
Experience (SGE) This will negate the need for typing each query as a separate search.

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Indian Railways’ Kolkata Metro plans to replace steel third rail with composite Aluminium third rail.

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The third rails supply power to the rakes through the third rail current collector (TRCC).
Advantages of aluminium composite Third Rail over steel Third Rail are:
It will facilitate achieving faster acceleration with the same rake.
Reduced maintenance and life cycle cost.
Third Rail Current

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Improvement in the efficiency of train operations.
Collector (TRCC) Reduced carbon footprint.
Kolkata Metro Railway is India’s first Metro built by Indian Railways on 24th October 1984.
Super Blue Moon is the convergence of three lunar occurrences - a full Moon, a Supermoon, and a blue Moon.
Blue moon refers to the second full moon within a single month—a rare event since full moons
typically occur once a month.
When a season experiences four full moons, the third full moon is deemed the blue moon.
Super moon happens when the moon is passing through or is close to its perigee, and is also a full moon.
Super Blue Moon Full moon at perigee (super moon) is about 14% bigger and 30% brighter than a full moon at apogee
(called a “micro moon”).
The next Super Blue moon will occur in January 2037.
The Global Fund announced a deal with generic pharmaceutical manufacturers to reduce the
price of HIV drug.
The Global Fund was created in 2002 as an innovative financing mechanism that aims to reduce
the impact of HIV/AIDS, tuberculosis, and malaria in low- and middle-income countries.
It raises funds on a three-year cycle.
The Global Fund Headquarters: Geneva, Switzerland.
India joined it as a donor in 2006, India pledged US$25 million for the Global Fund's Seventh
Replenishment, covering 2023-2025.

 

 
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