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GS Paper: GS3

  • Is India’s current investor rush too much of a good thing?

    Human traits driving financial markets

    • To imitate and to conform — do what others around us are doing — are common and very powerful human tendencies.
    •  In financial markets, “herd behaviour” is a warning sign: When markets are doing well, people invest for no other reason than their neighbours having become wealthier (and vice versa).
    • There is another human trait that affects markets — success increases risk appetite.
    • If someone’s financial investments work, they are very likely to invest more, and ignore safety measures.

    Factors driving the private equity investments

    • Better physical infrastructure (rural roads, electrification, phone penetration, data access).
    • Several layers of innovation (universal bank account access, surging digital payments on the “India Stack”).
    • 45 lakh software developers (largest in the world).
    • Maturing industries (for example, as research budgets of Indian pharmaceutical manufacturers have grown 10 times in the last 15 years.
    • The ecosystem can take on more challenging projects now, versus just generic filings a decade back).
    • Strong medium-term economic growth prospects create fertile ground for private equity investments.
    • Investors with patient capital (knowing that the businesses will not make money for several years) are now betting on and financing a faster transition to electric vehicles than was earlier anticipated.
    • In financial services, innovative methods of lending, insurance underwriting and wealth management are being experimented with, which are likely to only expand the market meaningfully.
    • An army of Software-as-a-Service (SaaS) firms have been funded in the hope of revolutionising the development and distribution of software.
    • There are also new-age distribution and logistics companies, education technology firms, and branded consumer goods suppliers, in addition to “normal” e-commerce, gaming and food-delivery startups.

    Risks involved in a rapid infusion of capital

    • Allocation inefficiency: Theoretically, an economy India’s size is capable of absorbing the $52 billion of PE funding seen over the last 12 months, but in practice, such a rapid surge creates allocation inefficiency. 
    •  As investors rush to deploy ever-larger sums of money, they appear to be running out of companies to invest in that can productively deploy this capital.
    • The result is companies’ valuations rising manifold within months and small firms getting more capital inflows than they can deploy, often resulting in wasteful business plans.
    • When investors rush to deploy funds, the risk of fraud rises — inadequate disclosures and weak due diligence are compounded by incentives to misrepresent financial data.
    • The discovery of any such frauds would likely freeze funding for the industry for a few quarters.

    Why now?

    • India has never lacked entrepreneurs, but lacked risk capital given the low per capita wealth.
    • As savers like pension and insurance funds in the developed world responded to record-low interest rates by allocating more to PE as an asset class, private funding markets have grown rapidly in the last 15 years globally.
    • In India, PE funding has exceeded public-market fund-raising every year in the past decade.
    • While earlier, only a few business groups could muster sizeable amounts of risk capital to establish new businesses and disrupt old ones, entrepreneurs can now lay hands on hundreds of millions of dollars if the idea makes sense.

    Conclusion

    For now, this flow of funds is a welcome booster for the economy as it recovers from the scars of the pandemic-driven lockdowns. While valuations can be volatile in the near term, we are in the early stages of this reshaping of India’s corporate landscape.

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  • Climate finance

    Context

    In the run-up to the 26th UNFCCC media reports have claimed that developed countries are inching closer to the target of providing $100 billion annually. This view has been bolstered by the Organisation for Economic Co-operation and Development (OECD), which claimed that climate finance provided by developed countries had reached $78.9 billion in 2018.

    Issue of climate financing and claim of reaching the target of $100 billion

    • These claims reaching the target of $100 billion annually is erroneous.
    • First, the OECD figure includes private finance and export credits.
    • Public finance: Developing countries have insisted that developed country climate finance should be from public sources and should be provided as grants or as concessional loans.
    • However, the OECD report makes it clear that the public finance component amounted to only $62.2 billion in 2018, with bilateral funding of about $32.7 billion and $29.2 billion through multilateral institutions.
    • Nature of finance: Significantly, the final figure comes by adding loans and grants. Of the public finance component, loans comprise 74%, while grants make up only 20%.
    • The report does not say how much of the total loan component of $46.3 billion is concessional.
    • Non-concessional loans: From 2016 to 2018, 20% of bilateral loans, 76% of loans provided by multilateral development banks and 46% of loans provided by multilateral climate funds were non-concessional.
    • Between 2013 and 2018, the share of loans has continued to rise, while the share of grants decreased.
    • The OECD reports on climate finance have long been criticised for inflating climate finance figures.
    •  In contrast to the OECD report, Oxfam estimates that in 2017-18, out of an average of $59.5 billion of public climate finance reported by developed countries, the climate-specific net assistance ranged only between $19 and $22.5 billion per year.
    •  The 2018 Biennial Assessment of UNFCCC’s Standing Committee on Finance reports that on average, developed countries provided only $26 billion per year as climate-specific finance between 2011-2016.

    Broken commitments from the US on climate financing

    • U.S. President Joe Biden recently said that the U.S. will double its climate finance by $11.4 billion annually by 2024.
    • It is Congress that will decide on the quantum after all.
    • The U.S. also has a history of broken commitments, having promised $3 billion to the Green Climate Fund (GCF) under President Barack Obama, but delivering only $1 billion.
    • The future focus of U.S. climate finance is the mobilisation of private sector investment.
    • The bulk of the money coming in would be through private funds, directed to those projects judged “bankable” and not selected based on developing countries’ priorities and needs.

    Finance skews toward mitigation

    • Climate finance has also remained skewed towards mitigation, despite the repeated calls for maintaining a balance between adaptation and mitigation.
    • The 2016 Adaptation Gap Report of the UN Environment Programme had noted that the annual costs of adaptation in developing countries could range from $140 to $300 billion annually by 2030 and rise to $500 billion by 2050.
    • Currently available adaptation finance is significantly lower than the needs expressed in the Nationally Determined Contributions submitted by developing countries.

    Conclusion

    Delivering on climate finance is fundamental to trust in the multilateral process. Regrettably, while developing countries will continue to pressure developed countries to live up to their promises, the history of climate negotiations is not in their favour.

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  • Kunming Declaration on Biodiversity Conservation

    The Kunming Declaration was adopted by over 100 countries at the first part of the ongoing virtual 15th meeting of the Conference of the Parties to the United Nations Convention on Biological Diversity.

    Kunming Declaration

    • It calls upon the parties to “mainstream” biodiversity protection in decision-making and recognise the importance of conservation in protecting human health.
    • The theme of the declaration is Ecological Civilization: Building a Shared Future for All Life on Earth.
    • By adopting this, the nations have committed themselves to support the development, adoption and implementation of an effective post-2020 implementation plan for the Cartagena Protocol on biosafety.
    • Signatory nations will ensure that the post-pandemic recovery policies, programs and plans contribute to the conservation and sustainable use of biodiversity.

    About Convention on Biological Diversity (CBD)

    • The CBD (wef 1993) known informally as the Biodiversity Convention, is a multilateral treaty.
    • The convention has three main goals:
    1. the conservation of biodiversity
    2. the sustainable use of its components
    3. the fair and equitable sharing of benefits arising from genetic resources
    • Its objective is to develop national strategies for the conservation and sustainable use of biological diversity, and it is often seen as the key document regarding sustainable development.
    • It has two supplementary agreements, the Cartagena Protocol and Nagoya Protocol.

    (1) Cartagena Protocol

    • It is an international treaty governing the movements of living modified organisms (LMOs) resulting from modern biotechnology from one country to another.

    (2) Nagoya Protocol

    • It deals with Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization (ABS).

     

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  • India retains 3rd position in RE Investment Attractiveness Index

    India has retained the third rank in the Renewable Energy Country Attractiveness Index released by consultancy firm EY.

    RE Country Attractiveness Index (RECAI)

    • The RECAI ranks the world’s top 40 markets on the attractiveness of their renewable energy investment and deployment opportunities.
    • The rankings reflect assessments of market attractiveness and global market trends.

    India’s performance

    • India remained at the third position since three consecutive years.
    • India’s thriving renewable energy market conditions, inclusive policy decisions, investment and technology improvements focusing on self-reliant supply chains have pushed the transition.
    • RECAI highlights that corporate power purchase agreements (PPAs) are emerging as a key driver of clean energy growth.
    • A new PPA Index – introduced in this edition of RECAI – focuses on the attractiveness of renewable power procurement and ranks the growth potential of a nation’s corporate PPA market.
    • India is ranked sixth among the top 30 PPA markets.

    Global scenario

    • The US, mainland China and India continue to retain the top three rankings and Indonesia is a new entrant to the RECAI.
    • The top-performing markets have held their ground in this latest issue – with no movement into or out of the top eight.
    • France (fourth position, up by one) and the UK (fifth position, down by one), while Germany (sixth position, up by one) has edged back ahead of Australia (seventh position, down by one).

     

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  • Mass Emission Standards for E12 AND E15 fuels

    The Ministry of Road Transport and Highways (MoRTH) has notified mass emission standards for E 12 (12% Ethanol with Gasoline) and E15 (15% Ethanol 12 with gasoline) fuels.

    What is the news?

    • The ministry has notified test standards for vehicles compliant with ethanol-blended fuel variants E12 and E15.
    • The ministry made it mandatory for all automobile manufacturers to put “clearly visible stickers” on every vehicle informing about its compatibility to the level of ethanol blend (E12, E15, E20).
    • Currently, India is using E10 fuel (petrol blended with 10% ethanol).

    Ethanol Blended Petrol (EBP) Programme

    • Ethanol Blended Petrol (EBP) programme was launched in January, 2003 for supply of 5% ethanol blended Petrol.
    • The programme sought to promote the use of alternative and environment-friendly fuels and to reduce import dependency for energy requirements.
    • OMCs are advised to continue according priority of ethanol from 1) sugarcane juice/sugar/sugar syrup, 2) B-heavy molasses 3) C-heavy molasses and 4) damaged food grains/other sources.
    • At present, this programme has been extended to whole of India except UTs of Andaman Nicobar and Lakshadweep islands with effect from 01st April, 2019 wherein OMCs sell petrol blended with ethanol up to 10%.

    Why ethanol blending?

    • Agricultural waste management: Ethanol blending will solve the problem of agricultural waste as well as sugar rates due to excess production, therefore providing security to sugarcane farmers.
    • Reducing emission: It can help accomplish dual goal of strengthening energy security with low carbon emission.
    • Enhanced participation: It will enable local enterprises and farmers to participate in the energy economy.
    • Reducing import bill: It is another significant benefit. India imports 85% of crude oil.
    • Fuel efficiency: Ethanol blending increases octane number thereby increasing fuel quality in terms of anti-knocking tendency (engine sound)

    Also read:

    [RSTV ARCHIVE] Ethanol Blending: Significance & Road Ahead

     

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  • Agri-food systems need a transformative change

    Context

    There is an urgent need for reorientation of the long-term direction of agri-food systems to not only enhance farm incomes but also ensure better access to safe and nutritious foods.

    Challenge of malnutrition in India

    • The findings from the first round of the Fifth National Family Health Survey suggest that nutrition-related indicators have worsened in most States.
    • In addition, findings from the Comprehensive National Nutrition Survey (2016-18) have highlighted the role of micro-nutrient malnutrition.
    • Pathways for nutritional security consist of improving dietary diversity, kitchen gardens, reducing post-harvest losses, making safety net programmes more nutrition-sensitive, women’s empowerment, enforcement of standards and regulations, improving Water, Sanitation and Hygiene, nutrition education, and effective use of digital technology.

    Agri-food system: Significance and challenges it faces

    • The agri-food systems are the most important part of the Indian economy.
    • India produces sufficient food, feed and fibre to sustain about 18% of the world’s population (as of 2020). Agriculture contributes about 16.5% to India’s GDP and employs 42.3% of the workforce (2019-20).
    • A sustainable agri-food system is one in which a variety of sufficient, nutritious and safe foods are made available at an affordable price to everyone, and nobody goes hungry or suffers from any form of malnutrition.
    • However, the country’s agri-food systems are facing new and unprecedented challenges, especially related to economic and ecological sustainability, nutrition and the adoption of new agricultural technologies.
    • The edifice of India’s biosecurity remains vulnerable to disasters and extreme events.

    Way forward: Reorienting agri-food systems

    • There is an urgent need for reorientation of the long-term direction of agri-food systems to not only enhance farm incomes but also ensure better access to safe and nutritious foods.
    • Additionally, the agri-food systems need to be reoriented to minimise cost on the environment and the climate.
    • This need is recognised by the theme of World Food Day 2021: ‘Our actions are our future. Better production, better nutrition, a better environment and a better life’.
    • FAO’s support for the transformation of agri-food systems is rooted in agro-ecology.
    • The more diverse an agricultural system, the greater its ability to adapt to shocks.
    • Different combinations of integrated crop-livestock-forestry-fishery systems can help farmers produce a variety of products in the same area, at the same time or in rotation.
    • In January this year, FAO in collaboration with NITI Aayog and the Ministry of Agriculture convened a National Dialogue to evolve a framework for the transition to a more sustainable agri-food systems by 2030 and identify pathways for enhancing farmers’ income and achieving nutritional security.

    Consider the question “What are the challenges facing agri-food systems in India? Suggest the pathways to transform the agri-food system to enhance farm income and ensure food and nutrition security.”

    Conclusion

    Food systems can help combat environmental degradation or climate change. Sustainable agri-food systems can deliver food security and nutrition for all, without compromising the economic, social and environmental bases.

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  • Issues with Free power

    Context

    With elections around the corner in many States, political parties are competing with one another in promising free power.

    Problems with free power

    • Supported by state subsidy, electricity tariff to agriculture is low in most States – often less than â‚č1/unit – and is free in some States such as Punjab, Tamil Nadu and Karnataka.
    • There is inefficient use of electricity and water, neglect of service quality by the distribution companies leading to frequent outages and motor burn outs, and high subsidy burden on the State governments.
    • Inflated consumption estimates: Since nearly three-fourth of the agriculture connections in the country are unmetered, consumption estimates are often inflated by distribution companies to increase subsidy demand and project low distribution losses.
    • Any metering effort faces resistance as it is perceived as the first step towards levying charges.
    • Opting-out schemes are being made but do not seem to have uptake.
    • Difficulty in implementing DBT: Free power provision along with issues of metering make implementation of Direct Benefit Transfer difficult.
    • All this leaves farmers, distribution companies and State governments frustrated.
    • Subsidy burden on Governments: Due to free power in Delhi, the total state subsidy amounts to 11% of the total expenses.
    • In Tamil Nadu, where free power is available to households, half of the total subsidy is earmarked for this.
    • If there is further increase in number and consumption limits of free power, the subsidy burden on State governments will substantially increase.
    • Low adoption of solar power: Roof-top solar and energy efficiency are good environment-friendly options for homes but providing free power to well-off households will discourage them from taking these up.

    Way forward

    • Free or low-tariff power is at best a short-term relief, which should be provided to those who desperately need it.
    • Give fixed rebate: A fixed rebate of up to â‚č200/month for residential consumers can be provided in the electricity bill.
    • As the rebate is delinked from consumption, distribution companies won’t have an incentive to inflate consumption.
    • Rebate for adopting energy-efficient appliances: There can be additional rebates for adopting energy-efficient appliances like refrigerators, combined with State-level bulk procurement programmes to reduce the cost.
    • Addressing mutual mistrust: The atmosphere of mutual mistrust between small consumers and distribution companies has to change.
    • There should be quick resolution of arrears and one-time offers for settlements.

    Conclusion

    There is a need to question the wisdom of broad-brush promises such as free power, which cannot be sustained in the long run.

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  • The sanctions cloud over India-U.S. ties

    Context

    The delivery of the S-400 Triumf air defence systems from Russia is expected according to schedule. In response, U.S. Deputy Secretary of State Wendy Sherman hoped that both the U.S. and India could resolve the issue.

    Background of the CAATSA

    • The Countering America’s Adversaries through Sanctions Act (CAATSA) was passed when the U.S. sought to discourage trade in the defence and intelligence sectors of Russia.
    • The Act mandates the President to impose at least five of the 12 sanctions on persons engaged in a “significant transaction” with Russian defence and intelligence sectors.
    • These sanctions include suspending export licence, banning American equity/debt investments in entities, prohibiting loans from U.S. financial institutions and opposing loans from international finance institutions.
    • The Act also built in a safety valve in the form of a presidential waiver.
    • The “modified waiver authority” allows the President to waive sanctions in certain circumstances.
    • There are a few more provisions including one that allows for sanctions waivers for 180 days, provided the administration certifies that the country in question is scaling back its ties with Russia.

    Implications of CAATSA sanctions against India and scope for waiver

    • Impact on bilateral relationship: Sanctions have the tremendous potential of pulling down the upward trajectory of the bilateral relationship between the U.S. and India, which now spans 50 sectors, especially in the field of defence.
    • India turned sullen over the manner in which the U.S. negotiated the exit deal with the Taliban.
    • Quad engagement: Yet, on the strategic plane, India remained on course by agreeing to the upgrading of the Quadrilateral Security Dialogue and sharing the same vision as the U.S. on the Indo-Pacific construct.
    • The U.S.’s apprehension is that bringing India under a sanctions regime could push New Delhi towards its traditional military hardware supplier, Russia.
    • The U.S. Sanctions can stir up the latent belief in India that Washington cannot be relied upon as a partner.
    • While the administration will have to do the heavy lifting, the role of Indian-Americans should be significant just as they rallied around to support the Civil Nuclear Deal in the face of stiff resistance from Democrats opposed to nuclear proliferation.
    • Decrease in imports from Russia: India’s import of arms decreased by 33% between 2011-15 and 2016-20 and Russia was the most affected supplier, according to a report by the Stockholm-based defence think-tank SIPRI.
    • In recent years, though, there have been some big deals worth $15 billion including S400, Ka-226-T utility helicopters, BrahMos missiles and production of AK-203 assault rifles.
    • Increase in defence import from US: On the other hand, over the past decade, government-to-government deals with the U.S. touched $20 billion and deals worth nearly $10 billion are under negotiation.

    Conclusion

    The CAATSA test will determine the course of the India-U.S. strategic partnership. Whether the Biden administration sail through opposition within his party remains to be seen.

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  • Reforms-based and Results-linked, Revamped Distribution Sector Scheme: Ensuring sustainable turnaround in financial health of discoms

    Context

    In its budget 2021-22, the Union government had announced the launch of a “reforms-based and results-linked” scheme for the distribution sector.

    Precarious financial condition of discoms

    • Their overall debt burden, despite the implementation of the UDAY scheme, is estimated to increase to around Rs 6 lakh crore in the ongoing financial year.
    • Moreover, their annual cash losses are estimated to be about Rs 45,000-50,000 crore (excluding UDAY grants and regulatory income).
    • Due to highly subsidised nature of power tariffs towards agriculture and certain sections of residential consumers, the overall subsidy dependence is likely to be roughly Rs 1.30 lakh crore this year at the all-India level.

    Revamped Distribution Sector Scheme

    • In its budget 2021-22, the Union government had announced the launch of a “reforms-based and results-linked” scheme for the distribution sector.
    • Subsequently, the Revamped Distribution Sector Scheme was notified in July with an overall outlay of Rs 3.03 lakh crore. 
    • Under the scheme, AT&C losses are sought to be brought down to 12-15 per cent by 2025-26, from 21-22 per cent currently.
    • Operational efficiencies of discoms are to be improved through smart metering and upgradation of the distribution infrastructure, including the segregation of agriculture feeders and strengthening the system.
    • The scheme has two parts — Part A with an outlay of Rs 3.02 lakh crore, pertains to the upgradation of the distribution infrastructure and metering related works.
    • Part B, with an outlay of Rs 1,430 crore, is for training and capacity building, besides other enabling and support activities.
    • Discoms and their state governments will have to sign a tripartite agreement with the central government in order to avail benefits under the scheme.
    • Only those discoms that meet all the pre-qualifying criteria will be eligible for the release of funds.
    • A loss-making discom will not be eligible unless it draws up plans to reduce its losses, approved by the state government and filed with the central government.
    • As far as the agricultural sector is concerned, the use of solar power projects to supply electricity to these consumers through the agriculture feeder route is likely to result in savings.
    • This is because of a combination of high tariff competitiveness offered by solar power, lower technical losses due to proximity to load centres, and the ability to meet demand during the day when sunlight is available.
    • In addition, the delicencing initiative proposed by the central government can effect significant changes in the distribution segment, facilitating competition and placing emphasis on the quality and reliability of power supply and consumer services.

    Issue of tariff determination

    • A continuing area of concern affecting discom finances is the significant delay in the process of tariff determination in many states.
    • As of now, only 19 out of 28 states have issued tariff orders for 2021-22, indicating sluggish progress.
    • Further, there is upward pressure on the cost of power supply for distribution utilities, considering the dominant share (around 70 per cent) of coal in the fuel mix for energy generation, the strengthening of imported coal prices and the possibility of domestic coal price revisions by Coal India.
    • As a consequence, a cost-reflective tariff determination process, coupled with the timely pass-through of power purchase costs, remains critical for the utilities.

    Consider the question “Examine the factor that explains the continuing financial woes of state-owned discoms despite implementing several schemes. How Revamped Distribution Sector Scheme seeks to address the issue?”

    Conclusion

    On the whole, while the focus on improving the operational efficiency, and ensuring the financial sustainability of discoms is indeed welcome, timely implementation of the reforms is critical to achieving the milestones.

     

  • Extended Producer Responsibility (EPR) for Plastic Waste Collection

    The Environment Ministry has issued draft rules that mandate producers of plastic packaging material to collect all of their produce by 2024 and ensure that a minimum percentage of it be recycled as well as used in subsequent supply.

    What is EPR?

    • Extended Producer Responsibility (EPR) means the responsibility of a producer for the environmentally sound management of the product (plastic packaging) until the end of its life.
    • India had first introduced EPR in 2011 under the Plastic Waste (Management and Handling) Rules, 2011 and E-Waste Management and Handling Rules, 2011.

    What are the new EPR rules for Plastic Waste?

    (A) Plastic packaging

    • The new EPR guidelines covers three categories of plastic packaging including:
    1. Rigid plastic
    2. Flexible plastic packaging of single layer or multilayer (more than one layer with different types of plastic), plastic sheets and covers made of plastic sheet, carry bags (including carry bags made of compostable plastics), plastic sachet or pouches
    3. Multi-layered plastic packaging which has at least one layer of plastic and at least one layer of material other than plastic.
    • It has also specified a system whereby makers and users of plastic packaging can collect certificates — called Extended Producer Responsibility (EPR) certificates — and trade in them.

    (B) Ineligible plastics for EPR

    • Only a fraction of plastic that cannot be recycled will be eligible to be sent for end-of-life disposal such as road construction, waste to energy, waste to oil and cement kilns.
    • Only methods prescribed by the Central Pollution Control Board will be permitted for their disposal.

    Targets for recycling

    • In 2024, a minimum 50% of their rigid plastic (category 1) will have to be recycled as will 30% of their category 2 and 3 plastic.
    • Every year will see progressively higher targets and after 2026-27, 80% of their category 1 and 60% of the other two categories will need to be recycled.
    • If entities cannot fulfil their obligations, they will on a “case by case basis” be permitted to buy certificates making up for their shortfall.

    Effects on non-compliance

    • Non-compliance, however, will not invite a traditional fine.
    • Instead, an “environmental compensation” will be levied, though the rules do not specify how much this compensation will be.

    Challenges in mandatory EPR

    There are several challenges faced by both producers and bulk consumers that hinder proactive participation.

    • Consumer awareness: Waste segregation has been the greatest challenge in India owing to lack of consumer awareness.
    • Lack of compliance: The plastic producers do not wish to engage in the process holistically and take the effort to build awareness.
    • Large scale involvement: The EPR doesn’t take into account the formalization of informal waste pickers, aggregators and dismantlers.
    • Lack of recycle infrastructure: These challenges range from lack of handling capacity to illegitimate facilities in the forms of multiple accounting of waste, selling to aggregators and leakages.

    Way forward

    • Tracking mechanism: What India needs is to develop tracking mechanisms and provide oversight of waste compliance, in order to ensure that the mechanism of waste disposal is streamlined.
    • Strict enforcement: While enforcement strictness is of paramount importance, it is also vital to build an incentive structure around this to ensure better complicity by the producers.
    • Innovation: The time is ripe for innovators to come up with an alternative for plastics and the strong will of the Government to rid the toxic waste in a sustainable and safe manner.

    Try answering this PYQ:

    Q.In India, ‘extended producer responsibility’ was introduced as an important feature in which of the following?

    (a) The Bio-medical Waste (Management and Handling) Rules, 1998

    (b) The Recycled Plastic (Manufacturing and Usage) Rules, 1999

    (c) The e-Waste (Management and Handling) Rules, 2011

    (d) The Food Safety and Standard Regulations, 2011

     

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    Also read:

    [Burning Issue] Ban on Single Use Plastics

     

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