World Congress of Biosphere Reserves

The 4th World Congress of Biosphere Reserves: A New Vision for the Decade 2016-2025. 

UNESCO Biosphere Reserves for Sustainable Development  will involve all National Committees of UNESCO’s Man and the Biosphere (MAB) programme and experts directly involved in the practical implementation of biosphere reserves, including: representatives of governments, biosphere reserves, local communities, UN agencies, NGOs, academic institutions, and organizations and institutions from all over the world working with the MAB Programme.

The Congress will address issues related to the Sustainable Development Goals (SDGs) and the Post-2015 Development Agenda, such as education for sustainable development, the economic viability of nature conservation systems, biodiversity, and the protection and sustainable use of natural resources, among others.

During the Congress, experts will discuss progress and obstacles related to biosphere reserve issues and work to develop a new vision for the future.

Objectives of the Congress

The 4th World Congress of Biosphere Reserves has three main objectives:

• Review of the implementation of the Madrid Action Plan for Biosphere Reserves 2008-2013, the Seville Strategy and the Statutory Framework of 1995.
• Assess the lessons learned and the new challenges to be faced by the World Network of Biosphere Reserves.
• Develop and launch an Action Plan for Biosphere Reserves for 2016-2025.

World Happiness Index

World Happiness Report:-

The first "World Happiness Report"was published in support of the April 2, 2012 United Nations High Level Meeting on Happiness and Well Being.

That meeting itself followed the July 2011 Resolution of the UN General Assembly, proposed by the Prime Minister of Bhutan, inviting member countries to measure the happiness of their people and to use this to help guide their public policies.

The report is based of the six factors:

1. GDP per capita, 
2. Healthy years of Life Expectancy, 
3. Social Support (as measured by having someone to count on in times of trouble), 
4. Trust (as measured by a perceived absence of corruption in government and business), 
5. Perceived Freedom to make life decisions, and 
6. Generosity (as measured by recent donations, adjusted for differences in income). 

BHUTAN's GNH (Gross National Index) INDEX:-

Gross National Happiness is a term coined by His Majesty the Fourth King of Bhutan, Jigme Singye Wangchuck in the 1970s. 

The concept implies that sustainable development should take a holistic approach towards notions of progress and give equal importance to non-economic aspects of well being. 

The concept of GNH has often been explained by its four pillars: 

• Good governance, 
• Sustainable Socio-Economic Development, 
• Cultural Preservation, and 
• Environmental Conservation

Lately the four pillars have been further classified into nine domains in order to create widespread understanding of GNH and to reflect the holistic range of GNH values. 

The nine domains are: 

1. Psychological well being,
2. Health,
3. Education, 
4. Time use, 
5. Cultural diversity and resilience, 
6. Good governance, 
7. Community vitality, 
8. Ecological diversity and resilience, and
9. Living standards. 

The domains represents each of the components of well being of the Bhutanese people, and the term ‘well being’ here refers to fulfilling conditions of a ‘good life’ as per the values and principles laid down by the concept of Gross National Happiness.

The GNH Index: What is it?

The Gross National Happiness Index is a single number index developed from 33 indicators categorized under nine domains. 

The GNH Index is constructed based upon a robust multidimensional methodology known as the Alkire-Foster method. 

The Alkire Foster (AF) method is a way of measuring multidimensional poverty developed by OPHI’s (Oxford Poverty and Human Development Initiative) Sabina Alkire and James Foster. 

Building on the Foster-Greer-Thorbecke poverty measures, it involves counting the different types of deprivation that individuals experience at the same time, such as a lack of education or employment, or poor health or living standards. 

These deprivation profiles are analysed to identify who is poor, and then used to construct a multidimensional index of poverty (MPI).

'Pigovian Tax' & 'Tobin Tax '

What is a 'Pigovian Tax'

A Pigovian tax is a special tax that is often levied on companies, traders etc. that pollute the environment or create excess social costs, called negative externalities, through business practices. In a true market economy, a Pigovian tax is the most efficient and effective way to correct negative externalities.

A type of a Pigovian tax is a "sin tax", which is a special tax on tobacco products and alcohol.

In the recent budget FM announced an increase in the STT (Securities Transaction Tax) on equity options from 0.017% to 0.05%. This has been done to neutralize social costs of equity options speculation and promote equity investment for long term.

What is a 'Tobin Tax '?

A means of taxing spot currency conversions that was originally suggested by American economist James Tobin.

The Tobin tax was developed with the intention of penalizing short-term currency speculation, and to place a tax on all spot conversions of currency. Rather than a consumption tax paid by consumers, the Tobin tax was meant to apply to financial sector participants as a means of controlling the stability of a given country's currency.

The Insolvency and Bankruptcy Code, 2015

The Code seeks to create a unified framework for resolving insolvency and bankruptcy in India. 

Insolvency is a situation where individuals or organisations are unable to meet their financial obligations. 

The Code will apply to companies, partnerships, limited liability partnerships, individuals and any other body specified by the central government.

Resolution process for companies and limited liability partnerships: 

The resolution process will have to be completed within a maximum period of 180 days from the date of registration of the case. This period may be extended by 90 days if 75% of the financial creditors agree. The process will involve negotiations between the debtor and creditors to draft a resolution plan. 

The process will end under two circumstances, (i) when a resolution plan is agreed upon by a majority of the creditors and submitted to the adjudicating authority, or (ii) the time period for negotiation has come to an end. In case a plan cannot be negotiated upon, the company will go into liquidation. 

There will be provision for a fast track insolvency resolution process for companies with smaller operations. The process will have to be completed within 90 days, which may be extended if 75% of financial creditors agree. 

Resolution process for individuals and partnerships: 

Before going in for insolvency resolution, the debtor may apply for forgiveness of a specified amount of debt, provided that his assets are below a limit set by the central government. This process will have to be completed within six months. 

In case of insolvency resolution, negotiations between the debtor and creditors will be supervised by an insolvency professional. If negotiations succeed, a repayment plan, agreed upon by a majority of the creditors, will be submitted to the adjudicator. If they fail, the matter will proceed to bankruptcy resolution. 

Insolvency professionals and agencies: 

The IRP will be managed by a licensed professional. The professional will also control the assets of the debtor during the process. The Code also proposes to set up insolvency professional agencies. These agencies will admit insolvency professionals as members and develop a code of conduct and evolve performance standards for them. 

Insolvency regulator: The Code seeks to establish the Insolvency and Bankruptcy Board of India, to oversee insolvency resolution in the country. 

The Board will have 10 members, including representatives from the central government and Reserve Bank of India. It will register information utilities, insolvency professionals and insolvency professional agencies under it, and regulate their functioning. 

Insolvency and Bankruptcy Fund: The Code creates an Insolvency and Bankruptcy Fund. 

Deposits to the Fund will include: 

• (i) grants made by the central government, 
• (ii) amount deposited by persons, and
•  (iii) interest earned on investments made from the Fund. 

Any person who has contributed to the Fund may apply for withdrawal, in case of proceedings against him.

Bankruptcy and Insolvency Adjudicators: 

The Code proposes two separate tribunals to adjudicate grievances related to insolvency, bankruptcy and liquidation of different entities under the law: 

• (i) the National Company Law Tribunal will have jurisdiction over companies and limited liability partnerships, and
• (ii) the Debt Recovery Tribunal will have jurisdiction over individuals and partnership firms. Appeals against orders of these tribunals may be challenged before their respective Appellate Tribunals, and further before the Supreme Court.

Source: PRS Legislative Research