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  • Prices, profits and the pandemic: What RBI could do

    The article discusses the challenges in managing the inflationary pressure while ensuring the low interest rates and sufficient liquidity in the covid battered economy.

    Growing inflationary pressure

    • As the second wave eases, producers could pass on more cost increases to consumers, pushing up inflation.
    • Inflationary pressures are on the rise, globally and domestically.
    • Real rates in India have moved into the negative terrain and some measures of inflation expectations have begun to rise gently.
    •  WPI inflation was subdued last year during the first wave of the pandemic due to falling global commodity prices.
    • This year is different, as inflationary pressures have surfaced in the WPI.
    • And within WPI inflation, input prices are rising much faster than WPI output prices.
    • Producers do not seem to be passing on much of the rise in raw material costs to output prices, perhaps worried that already uncertain demand could weaken further.
    • After states roll back local lockdowns, the demand for goods and services will gradually picks up, producers may feel more confident about passing on raw material cost increases to output prices, pushing core inflation higher, particularly in the second half of FY22.

    RBI’s role: Dealing with impossible trinity?

    • Last year, RBI was faced with conflicting objectives on inflation, bond yields and the rupee, also known as the impossible trinity.
    • It bought dollars to prevent the rupee from strengthening too much and purchased government bonds to keep bond yields from spiralling out of control.
    • But this created excess rupee liquidity in the banking system, which over time can stoke inflation and other financial imbalances.
    • These conflicting objectives are also likely to linger this year, and RBI will have to juggle them carefully.
    • As the year progresses, space could open up for RBI to gradually shift the focus to inflation control.
    • With the current account moving into deficit, the balance of payments surplus is likely to fall, so RBI may not have to purchase as many dollars as last year.
    • The will result in decrease in domestic liquidity and ultimately an important part of the normalization of monetary policy and inflation control.
    • RBI would still need to buy government bonds to support the administration’s borrowing programme.
    •  However, a large carry-over of cash balances could act as a buffer—they totalled ₹2.5 trillion at the end of FY21, almost double the recent average.
    • This could help fund some of the unbudgeted rise in the fiscal deficit.

    Way forward on controlling inflation

    • If the need to buy dollars is lower than last year, RBI could gradually shift the focus to controlling inflation.
    • Starting in 4Q 2021, when the proportion of the population vaccinated will hopefully reach critical mass, RBI need to start reducing the level of surplus liquidity, raise the reverse repo rate, and change its monetary stance to neutral.
    • The aim should be to gradually push up short-end rates towards 4%, so that real rates don’t remain hugely negative for too long.
    • An increase in the benchmark repo rate— currently 4%— can wait, perhaps until there are surer signs that the private investment cycle is rising.

    Conclusion

    Dealing with the three elements of impossible trinity this time is not as difficult for the RBI as it was last year, it needs to shift focus to inflation control at the opportune moment.

    Back2Basics: Real interest rate

    • A real interest rate is an interest rate that has been adjusted to remove the effects of inflation to reflect the real cost of funds to the borrower and the real yield to the lender or to an investor.
    • The real interest rate of an investment is calculated as the difference between the nominal interest rate and the inflation rate.

    Real Interest Rate = Nominal Interest Rate – Inflation (Expected or Actual)

    The impossible trinity

    • A theory that states that, in the long-run, a central bank that hopes to conduct independent monetary policy must choose between maintaining a fixed foreign exchange rate and allowing the free movement of capital.
    • For instance, a central bank that chooses to increase the total money supply by adopting loose monetary policy cannot hope to maintain the foreign exchange value of its currency unless it resorts to restricting the sale of domestic currency in the currency market.
    • The idea is derived from the academic works of Canadian economist Robert Mundell and British economist Marcus Fleming.
  • ESCAPE THE SNOOZE MODE IN YOUR UPSC-CSE PREPARATION

    ESCAPE THE SNOOZE MODE IN YOUR UPSC-CSE PREPARATION

    Click here to fill the Samanvaya form for 1-1 mentorship. We will call you within 24 hours. (Also provided at the bottom of the article)

    We talked to 8000+ aspirants in the last one year and their answers will surprise you.

    Inconsistency in UPSC preparation is like getting up at 5 am. A night before you set up your alarm. The motivation to get up is high at this point. But in the morning, when the alarm rings, we swipe it to the right with a thought “IN 5 MINUTES…FOR SURE!!”. This snooze cycle usually continues for some time till we realize it is 8 am. Already a bad start to the day! To add to it, you will spend the whole day repenting upon not being able to get up early, instead of focusing upon the time we have. The same goes for UPSC preparation. You set your targets but one slight glitch and your whole preparation go off track. Till the time you yourself realize this mismanagement, it is a bit too late. Anxiety builds up, performance levels fall. You are not able to achieve even 10% OF YOUR TRUE POTENTIAL on the D-day.

    WE ASKED 8000+ STUDENTS ONE SIMPLE QUESTION –

    “WHAT IS THE BIGGEST OBSTACLE THAT YOU ARE FACING IN YOUR UPSC PREPARATION?”

    YOU WILL BE ASTOUNDED THAT ONE ANSWER WAS COMMON IN REPLIES – INCONSISTENCY.

    They are Consistently Inconsistent. Meaning, they go through these highs and lows in their preparation. They are able to study for days, week but they hit a sudden gap in preparation. Then, they find it very hard to come back. The good news is that we have the solution.

    Click here to fill the Samanvaya form for 1-1 mentorship. We will call you within 24 hours.

    Our philosophy behind MENTORSHIP is to get you out of this Snooze cycle. This ensures that you are the BEST VERSION of yourself in this journey. If you are under the impression that mentorship is weekly calls you attend, then you are mistaken, my friend. Trust us, your mentor will be your ‘FRIEND, PHILOSOPHER AND GUIDE’.

    How Mentorship can fight inconsistency in preparation?

    TO EACH THEIR OWN – Every aspirant is different. Their strengths and weaknesses are different. Their time availability is also different. Identifying this is important so you don’t end up making unrealistic targets and lose momentum. Your mentor will make sure you start slow but remain consistent to build your confidence. Making your schedule structured based on our experience of working with 2500+ students is our first priority. 

    TRACK YOUR PROGRESS – When you see yourself grow, it becomes easier to motivate yourself to push boundaries. Tracking your progress can happen in many ways like mentorship calls or chat sessions or by regular tests. The idea is to ensure that you don’t go off track in your preparation, and even if you do, we have your back.

    Click here to fill the Samanvaya form for 1-1 mentorship. We will call you within 24 hours.

    EVOLUTION – A constant guidance is important to bring consistency to your UPSC preparation. Guidance is not about clearing your doubts or asking you to study when you don’t. It is also about the evolution of your preparation. This is where you and your mentor work as a team. A constant effort to PLAN AND BUILD UP YOUR ABILITY to learn in a faster and more efficient way.

    Click here to fill the Samanvaya form for 1-1 mentorship. We will call you within 24 hours.

    TALK IT OUT – The biggest hurdle in achieving your highest level of consistency is the emotional part. Every now and then, you. surround yourself with negative thoughts, you feel scared and depressed. Instead of resolving these emotional issues, you avoid them as it seems like a waste of your precious time. You have to understand that ignoring emotional troubles does not solve them. What your doing is building an emotional time bomb that may burst a week before your mains or prelims! This is where your MENTOR AS A FRIEND comes in. All our mentors have been through this journey. We understand your fears and anxieties. So, TALK IT OUT.

    Click here to fill the Samanvaya form for 1-1 mentorship. We will call you within 24 hours.

    Don’t let inconsistency keep you away from your dreams.

    Fill up the SAMANVAYA form given below. Let us know your problems and we will find a solution to it, just like our students say ” TOGETHER WE CAN AND WE WILL”.

  • Challenges federalism faces in India

    The article highlights the challenges faced by the federalism in India in various domains and forms and suggests the ways to deal with these challenges.

    Growing tendency towards Centralisation

    • Moves to erode the powers of State governments are not new.
    • The Centre, on several occasions, has used its powers to dismiss or use the Governor to intimidate democratically elected governments.
    • During the Emergency, education was moved to the Concurrent list which was until then a State subject under the constitutional division of responsibilities.
    • However, the changes to federal relations at present are more systemic.
    • There has been increasing centralisation in resource allocations and welfare interventions.
    • After GST, the gap between the revenue that State governments are allowed to generate and the expenditure that they are expected to incur has been widening.
    • The Centre has been encroaching into domains under State government control through centrally sponsored schemes in sectors such as education and health.

    Three domains in which federalism faces challenges

    1) State-capital relation

    • At present there is growing trend towards centralising economic power in conjunction with political centralisation.
    • The consolidation and expansion of a few big business groups is taking place, probably at the expense of smaller players.
    •  On the one hand, the Centre has sought to insulate Indian big business from global competition by choosing not to enter into the Regional Comprehensive Economic Partnership (RCEP).
    • But the power of small businesses is eroded through support for GST and the call for a single national market.
    • So, big businesses are more likely to benefit from a removal of State-level barriers to trade at the expense of smaller regional players.

    2) Institutional transgression

    • Central institutions are increasingly weakening the policy levers of State institutions.
    • There are growing allegations of the misuse of institutions such as the Income Tax Department, the Enforcement Directorate and the National Investigation Agency are being used to intimidate opponents..
    •  Direct transfers to beneficiaries of welfare schemes bypassing States are also contributing to this dynamic.
    • The Centre is increasingly ignoring elected representatives of State governments, holding meetings with State secretaries and district collectors on issues that are primarily under State control.
    • Governors perform active administrative roles instead of their signatory roles.
    • To ensure national uniformity in educational institutions NEET was introduced in medical education.
    • But it subverts the affirmative action policies developed at the regional level in response to local.
    • In the domain of health, the Centre has now put State governments at a disadvantage in vaccine usage by fixing differential pricing for procuring vaccines.

    3) Socio-cultural foundations

    • Beside the legal-constitutional aspects of federalism, it is diversity in cultural foundation of regions that sustains Indian federalism.
    •  Markers of regional identities and regional socio-cultural practices are now interpreted as belonging to a pan-Indian Hindu tradition.

    Conclusion

    To stem this trend towards centralisation we need to provide more legal and constitutional safeguard to the States, strong regional political assertion and a strong federal coalition.

  • Global minimum tax may help India but can cause international disagreements

    The article deals with the issue of global minimum tax proposal floated by the US, challenges it faces and its implications for India.

    The US proposal for global minimum tax

    • In its recent proposal, the U.S. sought to impose a global minimum tax on foreign income earned by U.S. corporations.
    • The proposal is intended to disincentivise American companies from inverting their structures due to the increase in the U.S. corporate tax rate.
    • The U.S. is now discussing a floor of 15% for the minimum tax rate.
    • The proposal is similar to Pillar Two, except for the rate of the effective minimum tax.

    Similarity with Pillar Two Proposal

    • The Pillar Two proposal was the Organisation for Economic Co-operation and Development’s (OECD) plan to plug the remaining Base Erosion and Profit Shifting (BEPS) issues
    • It provide jurisdictions the right to “tax back” where other jurisdictions have either not exercised their primary taxing right or have exercised it at low levels of effective taxation.
    • For instance, if an Indian-headquartered multinational corporation (MNC) has an entity in Singapore or the Netherlands through which global operations are run, and its income from global operations is not taxed at an effective rate of 10% or 15%, then it can be taxed in India.
    • India has been part of the Pillar Two discussions and has not objected in principle to the proposal.

    How Global Minimum Tax would benefit India?

    • The proposal, along with the increased tax bill for U.S. companies, may benefit the Indian revenue department.
    • The State of Tax Justice report of 2020 notes that India loses over $10 billion in tax revenue due to the use of offshore structures, particularly through investments made by Indian residents through Mauritius, Singapore and the Netherlands.
    • This is supported by the overseas direct investment (ODI) data from 2000 to 2021 published by the Reserve Bank of India.
    • Start-ups and large Indian conglomerates commonly use offshore structures for conducting global operations.
    • Revenue from such operations is often retained offshore and not repatriated to India.
    • Tax advantages incentivise such structures, due to which taxes on such income are not paid in India.
    • Once these proposals are implemented, Indian companies would have to pay additional taxes on their offshore structures to the extent that the effective rate of tax is lower than the global minimum tax rate.

    Challenges

    • Lack of consensus: Several countries have taken a different approach to the rate of global minimum tax.
    • While France and Germany have expressed support, the EU has raised concerns regarding the high rate proposed by the United States.
    • Tax sovereignty issue: Countries have stated that the proposal infringes upon their tax sovereignty and that the fight against unfair tax competition should not become a fight against competitive tax systems.

    Consider the question “What are the factors that led to the demand of global minimum corporate tax? What will be its implications for India?” 

    Conclusion

    As economies struggle amid the COVID-19 pandemic, the necessity of encouraging trade and economic activity should be prioritised over disagreements on tax allocations. A tax-related trade war or entrenchment of unilateral levies may further harm both global and national economies.

  • 3 June 2021 | Nikaalo Prelims Quiz- TS 23- Current Affairs Test 8: February 2021

    [WpProQuiz 657]

    [WpProQuiz_toplist 657]

  • 3rd June 2021 | Prelims Daily with Previous Year Questions

    [WpProQuiz 661]

    [WpProQuiz_toplist 661]

  • ESCAPE THE SNOOZE MODE IN YOUR UPSC-CSE PREPARATION

    ESCAPE THE SNOOZE MODE IN YOUR UPSC-CSE PREPARATION

    Click here to fill the Samanvaya form for 1-1 mentorship. We will call you within 24 hours. (Also provided at the bottom of the article)

    We talked to 8000+ aspirants in the last one year and their answers will surprise you.

    Inconsistency in UPSC preparation is like getting up at 5 am. A night before you set up your alarm. The motivation to get up is high at this point. But in the morning, when the alarm rings, we swipe it to the right with a thought “IN 5 MINUTES…FOR SURE!!”. This snooze cycle usually continues for some time till we realize it is 8 am. Already a bad start to the day! To add to it, you will spend the whole day repenting upon not being able to get up early, instead of focusing upon the time we have. The same goes for UPSC preparation. You set your targets but one slight glitch and your whole preparation go off track. Till the time you yourself realize this mismanagement, it is a bit too late. Anxiety builds up, performance levels fall. You are not able to achieve even 10% OF YOUR TRUE POTENTIAL on the D-day.

    WE ASKED 8000+ STUDENTS ONE SIMPLE QUESTION –

    “WHAT IS THE BIGGEST OBSTACLE THAT YOU ARE FACING IN YOUR UPSC PREPARATION?”

    YOU WILL BE ASTOUNDED THAT ONE ANSWER WAS COMMON IN REPLIES – INCONSISTENCY.

    They are Consistently Inconsistent. Meaning, they go through these highs and lows in their preparation. They are able to study for days, week but they hit a sudden gap in preparation. Then, they find it very hard to come back. The good news is that we have the solution.

    Click here to fill the Samanvaya form for 1-1 mentorship. We will call you within 24 hours.

    Our philosophy behind MENTORSHIP is to get you out of this Snooze cycle. This ensures that you are the BEST VERSION of yourself in this journey. If you are under the impression that mentorship is weekly calls you attend, then you are mistaken, my friend. Trust us, your mentor will be your ‘FRIEND, PHILOSOPHER AND GUIDE’.

    How Mentorship can fight inconsistency in preparation?

    TO EACH THEIR OWN – Every aspirant is different. Their strengths and weaknesses are different. Their time availability is also different. Identifying this is important so you don’t end up making unrealistic targets and lose momentum. Your mentor will make sure you start slow but remain consistent to build your confidence. Making your schedule structured based on our experience of working with 2500+ students is our first priority. 

    TRACK YOUR PROGRESS – When you see yourself grow, it becomes easier to motivate yourself to push boundaries. Tracking your progress can happen in many ways like mentorship calls or chat sessions or by regular tests. The idea is to ensure that you don’t go off track in your preparation, and even if you do, we have your back.

    Click here to fill the Samanvaya form for 1-1 mentorship. We will call you within 24 hours.

    EVOLUTION – A constant guidance is important to bring consistency to your UPSC preparation. Guidance is not about clearing your doubts or asking you to study when you don’t. It is also about the evolution of your preparation. This is where you and your mentor work as a team. A constant effort to PLAN AND BUILD UP YOUR ABILITY to learn in a faster and more efficient way.

    Click here to fill the Samanvaya form for 1-1 mentorship. We will call you within 24 hours.

    TALK IT OUT – The biggest hurdle in achieving your highest level of consistency is the emotional part. Every now and then, you. surround yourself with negative thoughts, you feel scared and depressed. Instead of resolving these emotional issues, you avoid them as it seems like a waste of your precious time. You have to understand that ignoring emotional troubles does not solve them. What your doing is building an emotional time bomb that may burst a week before your mains or prelims! This is where your MENTOR AS A FRIEND comes in. All our mentors have been through this journey. We understand your fears and anxieties. So, TALK IT OUT.

    Click here to fill the Samanvaya form for 1-1 mentorship. We will call you within 24 hours.

    Don’t let inconsistency keep you away from your dreams.

    Fill up the SAMANVAYA form given below. Let us know your problems and we will find a solution to it, just like our students say ” TOGETHER WE CAN AND WE WILL”.

  • 3rd June 2021| Daily Answer Writing Enhancement(AWE)

    Topics for Today’s questions:

    GS-1  Salient aspects of Art Forms, Literature and Architecture.

    GS-2 Welfare schemes for vulnerable sections of the population by the Centre and States and the performance of these schemes; 

    GS-3 Indian Economy and issues relating to planning, mobilization, of resources, growth, development; Effects of liberalization on the economy.

    GS-4 Ethics and Human Interface: Essence, determinants and consequences of Ethics in-human actions; dimensions of ethics; ethics – in private and public relationships.

    Following are the questions:

    Question 1)

     

    Q.1) Despite being flourishing almost at the same time Mathura school of art had been remarkably different from its contemporary North-West School. (10 Marks)

     

    Question 2)

    Q.2) What are the policy measures and interventions made by the government of India to deal with the challenge of child labour? Assess the impact of Covid-19 pandemic on child labour and suggest the measures to mitigate the impact. (15 Marks)

    Question 3)

    Q.3) What are the factors that led to the demand of global minimum corporate tax? What will be its implications for India? (10 Marks)

    Question 4)  

    Q.4) “Both Law and Ethics are instrumental in controlling human conduct for peaceful social existence but ethics are not necessarily to do with being Law-abiding” Do you agree with this view? Justify your answer. (10 Marks)

     

    HOW TO ATTEMPT ANSWERS IN DAILY ANSWER WRITING ENHANCEMENT(AWE)?

    1. Daily 4 questions from General studies 1, 2, 3, and 4 will be provided to you.

    2. A Mentor’s Comment will be available for all answers. This can be used as a guidance tool but we encourage you to write original answers.

    3. You can write your answer on an A4 sheet and scan/click pictures of the same.

    4.  Upload the scanned answer in the comment section of the same question.

    5. Along with the scanned answer, please share your Razor payment ID, so that paid members are given priority.

    6. If you upload the answer on the same day like the answer of 1st June is uploaded on 1st June then your answer will be checked within 72 hours. Also, reviews will be in the order of submission- First come first serve basis

    7. If you are writing answers late, for example, 1st June is uploaded on 3rd June, then these answers will be evaluated as per the mentor’s schedule.

    8. Also, if you are uploading an answer late then tag the mentor like @Swatantra so that the mentor is notified about your answer

    *In case your answer is not reviewed, reply to your answer saying *NOT CHECKED*. Swatantra Sir’s tag is available, tag him.

    For the philosophy of AWE and payment: 

    CLICK HERE To join Daily AWE

  • What explains the surge in FDI inflows?

    The article analyses the factors contributing to the claim of 10% rise in total Foreign Direct Investment in 2020-21 and its impact on economy.

    Making sense of increased FDI

    • Total foreign direct investment (FDI) inflow in 2020-21 is $81.7 billion, up 10% over the previous year, reported a recent Ministry of Commerce and Industry press release.
    •  The short press release highlighted industry and State-specific foreign investment figures without detailed statistical information.
    • The Reserve Bank of India (RBI) bulletin, which was released a week earlier, has the details.

    What explains increased gross inflows

    • The gross inflow consists of (i) direct investment to India and (ii) repatriation/disinvestment.
    • The disaggregation shows that direct investment to India has declined by 2.4%.
    • Hence, an increase of 47% in “repatriation/disinvestment” entirely accounts for the rise in the gross inflows.
    • In other words, there is a wide gap between gross FDI inflow and direct investment to India.
    • Similarly, measured on a net basis (that is, “direct investment to India” net of “FDI by India” or, outward FDI from India), direct investment to India has barely risen (0.8%) in 2020-21 over the last year.
    • What then accounts for the impressive headline number of 10% rise in gross inflow?
    • It is almost entirely on account of “Net Portfolio Investment”, shooting up from $1.4 billion in 2019-20 to $36.8 billion in the next year.
    • That is a whopping 2,526% rise.
    • Further, within the net portfolio investment, foreign institutional investment (FIIs) has boomed by an astounding 6,800% to $38 billion in 2020-21, from a mere half a billion dollars in the previous year.
    • This explains the surge in gross FDI inflows which is entirely on account of net foreign portfolio investment.

    How FDI is different from FII

    • FDI inflow, in theory, is supposed to bring in additional capital to augment potential output (taking managerial control/stake).
    • In contrast, foreign portfolio investment, as the name suggests, is short-term investment in domestic capital (equity and debt) markets to realise better financial returns.
    • But the conceptual distinctions have blurred in official reporting, showing an outsized role of FDI and its growth in India.

    How FPI distorted equity markets?

    • The deluge of FII inflow did little to augment the economy’s potential output.
    • It added a lot of froth to the stock prices.
    • When GDP has contracted by 7.3%  in 2020-21 on account of the pandemic and the economic lockdown, the BSE Sensex nearly doubled from about 26,000 points on March 23, 2020 to over 50,000 on March 31, 2021.
    • BSE’s price-earnings (P-E) multiple — defined as share price relative to earnings per share — is among the world’s highest, close behind S&P 500 in the U.S.

    FDI inflow’s contribution to domestic output

    • As Figure below shows, between 2013-14 and 2019-20, the ratio of net FDI to GDP has remained just over 1% (left-hand scale), with no discernible rising trend in it.
    • The proportion of net FDI to gross fixed capital formation (fixed investment) is range-bound between 4% and 6%.
    • These stagnant trends are evident when the economy’s fixed investment rate — gross fixed capital formation to GDP ratio — has plummeted from 31.3% in 2013-14 to 26.9% in 2019-20 (right-hand scale).
    • Thus, FDI inflow’s contribution to domestic output and investment remains modest.

    Conclusion

    The flood of FIIs has boosted stock prices and financial returns. These inflows did little to augment fixed investment and output growth.

  • International organizations related to environment conservation

     
    02nd June 2021

    Earth System Governance Project (ESGP)

    Established When and by Whom:  Developed under the auspices of the International Human Dimensions Programme on Global Environmental Change. It started in January 2009.

    Headquarter: The Earth System Governance Project Office is hosted at Lund University, Sweden.

    Key Functions:

    The Earth System Governance Project aims to contribute to science on the large, complex challenges of governance in an era of rapid and large-scale environmental change. 

    The project seeks to create a better understanding of the role of institutions, organizations and governance mechanisms by which humans regulate their relationship with the natural environment

    The Earth System Governance Project aims to integrate governance research at all levels. The project aims to examine problems of the ‘global commons’, but also local problems from air pollution to the preservation of waters, waste treatment or desertification and soil degradation

    However, due to natural interdependencies local environmental pollution can be transformed into changes of the global system that affect other localities. Therefore, the Earth System Governance Project looks at institutions and governance processes both local and globally

    The Earth System Governance Project is a scientific effort, but also aims to assist policy responses to the pressing problems of earth system transformation

     

    Global Environment Facility (GEF)

    Established When and by Whom: The Global Environment Facility was established in October 1991 as a $1 billion pilot program in the World Bank to assist in the protection of the global environment and to promote environmental sustainable development.

    Headquarter: Washington, District of Columbia, United States of America

    Key Functions:

    The Global Environment Facility (GEF) unites 183 countries in partnership with international institutions, civil society organizations (CSOs), and the private sector to address global environmental issues while supporting national sustainable development initiatives.

    Today the GEF is the largest public funder of projects to improve the global environment.

    An independently operating financial organization, the GEF provides grants for projects related to biodiversity, climate change, international waters, land degradation, the ozone layer, and persistent organic pollutants.

    Funding: The GEF also serves as the financial mechanism for the following conventions:

    • Convention on Biological Diversity (CBD)
    • United Nations Framework Convention on Climate Change (UNFCCC)
    • UN Convention to Combat Desertification (UNCCD)
    • Stockholm Convention on Persistent Organic Pollutants (POPs)
    • Minamata Convention on Mercury

    India specific trivia:

    *India has formed a permanent Constituency in the Executive Council of the GEF together with Bangladesh, Sri Lanka, Bhutan, Nepal and Maldives. 

    The Council Meetings are held semi-annually or as frequently necessary. At each meeting, the Council elects a Chairperson from among its members for the duration of that meeting. India’s Executive Director in the World Bank represents the GEF Council from our Constituency.

    India is both a donor and a recipient of GEF. It has been a leading developing country participant in the GEF since its inception in 1991 and has played a major role in shaping the restructuring of the GEF. It had contributed US $ 6.0 million to the core fund in the GEF Pilot Phase.

    India has pledged an amount of US $ 9.0 million towards the resources of each of the Five GEF replenishments. The total funds pledged so far amounts to US$ 51 million and an amount of US$ 48.75 million has been paid by December 2012 towards GEF replenishments.

    Ministry of Finance is the political focal point while Ministry of Environment & Forests is the Operational Focal Point for the GEF Projects.

     

    Global Green Growth Institute

    Established When and by Whom: GGGI was first launched as a think tank in 2010 by Korean President Lee Myung-bak, and was later converted into an international treaty-based organization in 2012 at the Rio+20 Summit in Brazil.

    Headquarter: It is headquartered in Seoul, Republic of Korea

    Key Functions: GGGI works to produce three major outcomes: adoption and implementation of green growth plans; provision of research for policymakers; and private sector engagement in the implementation of the national green growth plans. The organization uses three approaches to achieve these outcomes: Green Growth Planning & Implementation (GGP&I), Knowledge Development & Management (KDM), and Public-Private Cooperation (PPC).

    Funding: Funds are given by Contributing members. Contributing members are defined as Member countries that make a multi-year financial contribution of core funding of no less than USD 15 million over three years. Participating members are defined as Member countries that are not contributing members.

    India specific trivia:

    GGGI has been working in India to promote green growth and sustainable development since 2013.

    GGGI has worked at national, state, and city levels to develop and implement green growth strategies that reconcile short-term priorities with long-term vision of higher economic growth, environmental sustainability, and social inclusion

    At the state level, GGGI worked closely with the governments of Karnataka, Himachal Pradesh (HP), and Punjab to develop comprehensive green growth strategies together with each.

    GGGI also supported each of the three state governments in adopting integrated analytical approaches to assess green growth challenges and prioritize opportunities across key sectors, including energy, water, agriculture, and forestry

    Building on these strategies, in 2015, GGGI supported the state governments in implementing specific green growth opportunities by formulating detailed project proposals, policy implementation roadmaps, and capacity building initiatives.

     

    KIMO (Local Authorities International Environmental Organisation)

    Established When and by Whom: KIMO was founded in August 1990 by four municipalities and from this modest start has grown in size to represent over 70 members in Belgium, Denmark, The Faroe Islands, Germany, The Netherlands, Sweden and the United Kingdom.

    Headquarter: Esbjerg, Denmark

    Key Functions:

    • KIMO is committed to the development of sustainable coastal communities by:
    • Preventing pollution of the seas and coastal waters of North Western Europe and preserving, improving and enhancing them for future generations
    • Protecting coastal communities from the impacts of marine pollution and climate change.
    • Representing its member local authorities and associated members at an international and national level.

     

    Intergovernmental Panel on Climate Change (IPCC)

    Established When and by Whom:   It was first established in 1988 by two United Nations organizations, the World Meteorological Organization (WMO) and the United Nations Environment Programme (UNEP), and later endorsed by the United Nations General Assembly.

    Headquarter: Geneva, Switzerland

    Key Functions:

    • The IPCC produces reports that support the United Nations Framework Convention on Climate Change (UNFCCC).
    • IPCC reports cover all relevant information to understand the risk of human-induced climate change, its potential impacts and options for adaptation and mitigation.
    • The IPCC does not carry out its own original research.
    • Thousands of scientists and other experts contribute on a voluntary basis.
    • The 2007 Nobel Peace Prize was shared, in two equal parts, between the IPCC and an American Environmentalist.

    The aims of the IPCC are to assess scientific information relevant to:

    1. Human-induced climate change,
    2. The impacts of human-induced climate change,
    3. Options for adaptation and mitigation.

    Funding: The IPCC receives funding through the IPCC Trust Fund, established in 1989 by the United Nations Environment Programme (UNEP) and the World Meteorological Organization (WMO).

    India specific trivia: India will have its own climate change models to project the impact of global warming over the decades and these will form part of the forthcoming Sixth Intergovernmental Panel on Climate Change Reports that is expected to be available in 2020.

     

    International Union for Conservation of Nature (IUCN)

    Established When and by Whom: The International Union for Conservation of Nature (IUCN) is the world’s oldest and largest global environmental organisation.

    Founded in 1948, today IUCN the largest professional global conservation network. IUCN has more than 1,200 member organizations including 200+ government and 900+ non-government organizations.

    Headquarter: The Union’s headquarters are located in Gland, near Geneva, in Switzerland.

    Key Functions: Conserving biodiversity is central to the mission of IUCN. The main areas of function are:

    1. Science  – the IUCN Red List of Threatened Species™.
    2. Action – hundreds of conservation projects all over the world.
    3. Influence – through the collective strength of more than 1,200 government and non-governmental Member organizations.

    Funding:  Funded by governments, bilateral and multilateral agencies, foundations, member organisations and corporations.

    More about the IUCN

    Governance by a Council elected by member organizations every four years at the IUCN World Conservation Congress.

    Observer Status at the United Nations General Assembly.

    India specific trivia:

    • India became a State Member of IUCN in 1969, through the Ministry of Environment, Forest and Climate Change (MoEFCC).
    • The IUCN India Country Office was established in 2007 in New Delhi.
    • IUCN India works with Members and Commissions to reduce ecosystem and species loss by providing the necessary tools and knowledge to value, conserve and use biodiversity sustainability; enhance governance and policy for better management of ecosystems and habitats, including protected areas; and address challenges related to poverty alleviation, food security and climate change.  

     

    United Nations Environment Programme (UNEP)

    Established When and by Whom: It was founded as a result of the UN Conference on the Human Environment (Stockholm Conference) in 1972

    Headquarter: Nairobi, Kenya

    Key Functions:

    • It coordinates UN’s environmental activities, assisting developing countries in implementing environmentally sound policies and practices.
    • Its activities cover a wide range of issues regarding the atmosphere, marine and terrestrial ecosystems, environmental governance and green economy.
    • UNEP has also been active in funding and implementing environment related development projects
    • UNEP has aided in the formulation of guidelines and treaties on issues such as the international trade in potentially harmful chemicals, transboundary air pollution, and contamination of international waterways
    • UNEP is also one of several Implementing Agencies for the Global Environment Facility (GEF) and the Multilateral Fund for the Implementation of the Montreal Protocol
    • The International Cyanide Management Code, a program of best practice for the chemical’s use at gold mining operations, was developed under UNEP’s aegis.

    Funding:  The three main sources of funding of UN Environment are the UN Regular Budget, the Environment Fund, the core funding that enables UN Environment to implement its global and regional work, and Earmarked Contributions.

    India specific trivia: UN Environment has sponsored the development of solar loan programs, with attractive return rates, to buffer the initial deployment costs and entice consumers to consider and purchase solar PV systems.

    The most famous example is the solar loan program sponsored by UN Environment helped 100,000 people finance solar power systems in India.

    Success in India’s solar program has led to similar projects in other parts of the developing world like Tunisia, Morocco, Indonesia and Mexico.

     

    World Nature Organization (WNO)

    Established When and by Whom:  WNO initiative was born in 2010 by states which are threatened by rising sea levels. The WNO Treaty officially entered into force on 1st May 2014.

    Location : Geneva

    Key Functions:

    • It is an intergovernmental organisation which promotes global environmental protection.
    • WNO acts as a centre of competence for environmental protection, green technologies and sustainability, and as a mediator and initiator, making available experience of practical applications and strategies, offering support on all issues related to responsible conduct as regards the natural environment and its resources and assisting States to benefit from efficient development and from scientific and technology transfer.
    • The World Nature Organization  promotes sustainable conduct as regards the natural environment, together with new, environments-friendly technologies, green economies and renewable energies.

    India specific trivia: India is not a member

    World Food Programme

    Established When and by Whom:  The WFP was formally established in 1963 by the FAO and the United Nations General Assembly.

    Headquarter: Rome

    Key Functions:

    • The WFP strives to eradicate hunger and malnutrition, with the ultimate goal in mind of eliminating the need for food aid itself.
    • WFP’s efforts focus on emergency assistance, relief and rehabilitation, development aid and special operations.  
    • WFP food aid is also directed to fight micronutrient deficiencies, reduce child mortality, improve maternal health, and combat disease, including HIV and AIDS.
    • WFP has coordinated the five-year Purchase for Progress (P4P) pilot project which assists smallholder farmers by offering them opportunities to access agricultural markets and to become competitive players in the marketplace.

    Funding:  The WFP operations are funded by voluntary donations from world governments, corporations and private donors

    India specific trivia: The World Food Programme has been working in India for over 50 years. In line with the developments in India, WFP has realigned its focus from a food aid provider to a catalytic partner to the Government of India, strengthening food-based social safety nets.

     

    International Whaling Organization

    Established When and by Whom:  The IWC was set up under the International Convention for the Regulation of Whaling which was signed in Washington DC on 2nd December 1946.

    Headquarter:

    Key Functions:

    • The preamble to the Convention states that its purpose is to provide for the proper conservation of whale stocks and thus make possible the orderly development of the whaling industry.  
    • An integral part of the Convention is its legally binding ‘Schedule.’  The Schedule sets out specific measures that the IWC has collectively decided are necessary in order to regulate whaling and conserve whale stocks.
    • These measures include catch limits (which may be zero as it the case for commercial whaling) by species and area, designating specified areas as whale sanctuaries, protection of calves and females accompanied by calves, and restrictions on hunting methods. Unlike the Convention, the Schedule can be amended and updated when the Commission meets (a change requires at least three quarters majority agreement).
    • There are a number of reasons why changes to the Schedule may be necessary.  These include new information from the Scientific Committee, and variations in the requirements of aboriginal subsistence whalers.
    • The Commission also co-ordinates and, in several cases, funds conservation work on many species of cetacean. In addition to research, this includes building an international entanglement response capacity, working to prevent ship strikes, and establishment of Conservation Management Plans for key species and populations.  
    • The Commission has also adopted a Strategic Plan for Whalewatching to facilitate the further development of this activity in a way which is responsible and consistent with international best practice.

    Funding:  Financial contributions from member governments form the IWC’s core income, but additional voluntary donations to support particular work programmes are generously made by non-governmental organisations (NGOs), industry bodies, and also by member governments.

    India specific trivia: India is a Member

     

    Bio-carbon Fund initiative

    Established When and by Whom:  The BioCarbon Fund Initiative for Sustainable Forest Landscapes (ISFL) is a multilateral fund, supported by donor governments and managed by the World Bank. It is has been operational from 2013.

    Headquarter: USA

    Key Functions:

    • It seeks to promote reduced greenhouse gas emissions from the land sector, from deforestation and forest degradation in developing countries (REDD+), and from sustainable agriculture, as well as smarter land-use planning, policies and practices.
    • The initiative will be managed by the BioCarbon Fund, a public-private program housed within the World Bank that mobilizes finance for activities that sequester or conserve carbon emissions in forest and agricultural systems.
    • The new Initiative for Sustainable Forest Landscapes seeks to scale up land-management practices across large landscapes, including improved livestock management, climate-smart agriculture, and sustainable forest management, with a focus on protecting forests and greening and securing supply chains.
    • It will engage a broader range of actors, including the private sector, initially through a portfolio of four to six programs in Africa, Asia, and Latin America.

    Funding: Norway, the United Kingdom, and the United States together committed $280 million – up to $135 million from Norway, $120 million from the U.K, and $25 million from the U.S. – as part of their efforts to slow climate change.

     

    Arctic Council

    Established When and by Whom: The Arctic Council was founded on the initiative of the Government of Finland in September 1989 where officials from the 8 Arctic Countries met in Rovaniemi, Finland, to discuss cooperative measures to protect the Arctic environment.

    Headquarter: The location of the Secretariat was rotated biennially with the Chairmanship of the Arctic Council.

    Key Functions:

    The Arctic Council is an intergovernmental forum promoting cooperation, coordination, and interaction among the Arctic States, Arctic indigenous communities and other Arctic inhabitants on common Arctic issues, in particular on issues of sustainable development and environmental protection in the Arctic.

    The main focus areas of the Arctic Council are:

    1. The Environment and climate change
    2. Bio-diversity
    3. Oceans
    4. The indigenous Arctic peoples

    Funding: By member states

    India specific trivia: India is an Observer State

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