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Governance:
Significant Government Accomplishments
- In a recent joint session of both Houses of Parliament, the President of India outlined the government’s significant accomplishments.
- What are the Significant Achievements?
- India’s economy has grown to become the world’s fifth largest.
- Direct Benefit Transfer (DBT), the Goods and Services Tax (GST), and faceless assessment have increased financial transparency and accountability.
- Over 50 billion people have received free health care under the PM Ayushman Bharat Yojana, of which 50 per cent are women.
Environment:
The goal of non-fossil fuels constituting forty per cent of the electricity generation capacity was met nine years before the 2023 deadline.
External Affairs:
- India has assumed the presidency of the G-20 and will seek collective solutions to global problems.
- Throughout the year, G-20 meetings will be held across the nation.
- Draft Amendments to IT Rules for the Regulation of Fake News and Online Gambling
- Draft Amendments to the Information Technology (Intermediary Guidelines and Media Ethics Code) Rules, 2021 (IT Rules) have been notified under the Information Technology Act, 2000.
- The Act shields intermediaries from liability for third-party content if they comply with specific requirements, and the 2021 Rules specify intermediaries’ due diligence obligations.
What Amendments are Suggested ?
The Control of False Information and Online Games:
The IT Rules 2021 stipulate restrictions on the types of content users can create, upload, and share.The proposed amendments require all intermediaries (including online gaming intermediaries) to make reasonable efforts to ensure that users do not:
- Publish any information identified as false or fake by the fact-checking unit of the Press Information Bureau or any agency authorized by the central government; or
- Host an online game that is not in compliance with any law.
Online Games:
- The proposed Amendments define an online game as accessible via the internet and for which the user must deposit with the expectation of winning money.
- Any other game may be designated as an online game by the central government.
- A provider of at least one online game is deemed an online gaming intermediary. Among the obligations of online gaming intermediaries is: registering their games with a self-regulatory body;
- Obtaining and displaying a random number generation certificate as well as a no-bot certificate,
- Informing users of the Know-Your-Customer (KYC) procedure for user registration, the risk of financial loss and addiction associated with the game, and the safeguards in place to protect the user’s money, and
- Verifying the identity of account-based users following Reserve Bank of India (RBI) protocols.
- Such intermediaries must maintain a physical location in India.
Environment and Biodiversity
Mission Concerning Green Hydrogen
The Union Cabinet recently approved National Green Hydrogen Mission (NGHM).
By utilizing solar or wind energy to produce hydrogen, green hydrogen addresses the problem of carbon emissions caused by the current methods of large-scale hydrogen production.
What are the Most Important Aspects of the Mission?
About:
It seeks to facilitate the production, demand creation, utilization, and export of green hydrogen and its derivatives, such as green ammonia and green methanol.
By 2030, NGHM initiatives are anticipated to result in a minimum annual production capacity of 5 MMT.
Approximately 125 gigawatts will be added to the renewable energy capacity.
Nodal Ministry: The Ministry of New and Renewable Energy (MNRE) is responsible for drafting regulations and implementing the Mission.
Phases:
Phase 1 (2023-24 to 2025-26) will concentrate on generating demand (via refineries, fertilizers, and city gas sectors) and increasing the production capacity of domestic electrolyzers.
There will be pilot projects to initiate the use of green hydrogen in steel production, long-distance transportation, and shipping.
Regulatory frameworks and standards will also be established for proper engagement with international norms.
Phase 2 (2026-27 to 2029-30): Based on cost structure and market demand, the commercial viability of green hydrogen-based projects in the steel production, transportation, and shipping sectors will be investigated.
Other potential industries, such as railways and aviation, will receive new pilot projects.
Other projects will focus on scaling up research and development activities to create products.
Economy Economic Survey (2022).-23
The Economic Survey 2022-23 was published recently.
What are the Survey’s most salient findings?
(GDP): The Survey estimates 6.5% real GDP growth for 2023-24; however, the actual growth rate would range between 6% and 6.8% (depending on the global economic and political development paths).
Inflation:
- In 2022-23, retail inflation is projected to reach 6.8%, up from 5.5% in 2021-22 due to rising food and crude oil prices.
- The federal government’s total liabilities are projected to decrease from 59.2% of GDP in 2020-21 to 56.7% of GDP in 2021-22.
- In 2022-23, the general government’s outstanding liabilities were projected to reach 86.5%.
- The Survey found India’s public debt profile to be comparatively stable.
- It is denominated in rupees and is owned by locals to 95%.
- During the past six years, the agriculture sector in India has grown by an average of 4.6% annually. The industrial sector is projected to grow 6.7% in 2022-23, while the services sector is projected to grow 9.1%.
- Infrastructural expenditures are projected to increase by 35.4% from 2021-22 to 2022-23 to 7,500,000 crore rupees.
- The National Infrastructure Pipeline (NIP) has provided a roadmap of approximately Rs 111 lakh crore in investible projects between 2019-2020 and 2024-2020 to sustain the investment drive.
- Encourage RuPay debit cards and BHIM UPI Transactions
- Recently, the Union Cabinet approved a plan to encourage using RuPay Debit Cards and BHIM-UPI transactions with low transaction values.
- The Scheme will apply to banks with operations in India and transactions conducted in India, as well as the 2022-23 fiscal year.
What are Scheme’s primary characteristics?
Acquiring banks will receive a financial incentive for promoting POS and e-commerce transactions with RuPay Debit Cards and Person-to-merchant transactions of up to Rs 2,000 on the BHIM UPI platform.
MeitY and the National Payments Corporation of India (NPCI) may include or exclude merchant categories from industry programmes.
The Scheme is anticipated to cost a total of Rs 2,600 billion.
2016 IBC Proposed Amendments
The Ministry of Corporate Affairs has solicited feedback on proposed amendments to the 2016 Insolvency and Bankruptcy Code (IBC).
IBC provides a framework for the time-bound resolution of insolvency involving individuals and businesses.
What are the principal IBC amendments?
Standardized Insolvency Resolution Procedure (PIRP):
- MSMEs can apply for insolvency resolution under the PIRP framework, which resolves within 120 days if approved by 66% of financial creditors.
- The proposed amendments aim to expand the scope of PIRP to include additional types of corporate debtors, which will be specified.
- In order to expedite decision-making, it is also proposed that the approval threshold be lowered to 51%.
Property Insolvency Proceedings:
- In cases of real estate insolvency, those who have paid for a property in development will be considered creditors. They desire ownership of the property and repayment of their money. Occasionally, the failure of a single project causes the entire company to be declared insolvent.
- The proposed amendment would restrict the application of the resolution process to the defaulting project rather than the entire enterprise.
Multiple Resolution Plans for Corporate Debtors: The committee of creditors can only approve one resolution plan during the resolution process for corporate insolvency.
As finding a single applicant to assume control of the entire corporate debtor can be challenging, proposed amendments would permit them to approve multiple plans for individual or collective assets.
Nevertheless, at least one approved plan must resolve the business debtor as a going concern.
Proceeds Distribution:
The Ministry has observed that the distribution of proceeds among creditors is a source of numerous disputes.
According to the proposed amendments, creditors will receive proceeds up to the liquidation value for their claims. Any surplus above that value will be distributed to creditors based on the proportion of their unsatisfied claims.