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March Mag
March Mag
To know more about the Appointment of Election Commissioner, kindly refer Article 1.3 Appointment of Election
Commissioners, December 2022 Edition of Monthly Current Affairs Magazine.
2.2.1. AUKUS
Why in news?
AUKUS (US, UK and Australia) unveiled details of
plan to create a new fleet of nuclear-powered
submarines.
About AUKUS
• Announced in 2021, it is a new three-way
strategic defence alliance between
Australia, the UK and US.
• It aims to boost defense capabilities, accelerate technological integration, and expand the industrial capacity of
all three nation.
• AUKUS partnership is composed of two pillars (See infographics).
• For facilitating sharing of critical technology, a legally binding tripartite agreement known as the Exchange of
Naval Nuclear Propulsion
Information Agreement (ENNPIA)
was signed in 2021.
Implications of AUKUS
• Shifting US Priorities in Asia: US
withdrawal from Afghanistan caused
US a loss of credibility regarding its
role in regional security. Thereafter,
AUKUS is seen as US’s strong
commitment to security of Indo-
Pacific region.
• Re-establish UK’s strategic
footprint: After UK abandoned its
security responsibilities East of Suez in
late 1960s, it had become marginal to
Asian security all these decades.
AUKUS will renew its claim for a long-
term role in Indo-Pacific security.
• Strategic implication for Indo-Pacific:
By strengthening the defence
capabilities of Australia, AUKUS aims
to achieve the vision of free, open,
resilient and inclusive Indo-Pacific.
• Model for similar collaboration: This
template may be used to build the
defence capabilities of other nations in the region. It would go a long way to contain the Chinese expansionist policy
and thereby bring stability and peace in the region.
• Others:
o AUKUS promotes deeper information and technology sharing fostering deeper integration of security and
defence-related science, technology, industrial bases, and supply chains.
3.1.3. ESG
Environmental, social and governance (ESG) is a framework used to
assess an organization's business practices and performance on various
sustainability and ethical issues (refer infographic).
Reforms by SEBI
• Balanced Framework for ESG (Environmental, Social and
Governance) Disclosures, Ratings and Investing
o ESG Disclosures: It prescribed a glide path for introducing the
BRSR (Business Responsibility and Sustainability Report) Core,
beginning with the top 150 listed entities (by market
capitalization) from FY 2023–24 and gradually extending it to the
top 1000 listed entities by FY 2026-27.
✓ BRSR Core will contain a limited set of Key Performance
Indicators (KPIs), for which listed entities shall need to
obtain reasonable assurance.
o ESG Ratings: ESG Rating Providers (ERPs) shall be required to
consider India/Emerging Market parameters in ESG Ratings.
✓ In order to facilitate the credibility of ESG Ratings, ERPs shall
offer a separate category of ESG Rating called as ‘Core ESG Rating’, based on the assured parameters under
BRSR Core.
o ESG Investing: These measures shall be introduced in order to address the risk of mis-selling and greenwashing,
to enhance stewardship reporting requirements and to promote ESG investing.
✓ Mis-selling: It is a sales practice in which a product or service is deliberately or recklessly misrepresented or
a customer is misled about its suitability for the purpose of making a sale.
✓ Greenwashing: Greenwashing is the process of conveying a false impression or misleading information about
how a company’s products are environmentally sound.
• Regulatory framework for ERPs in Securities Market by introducing a new chapter in the SEBI (Credit Rating Agencies)
Regulations, 1999.
Consumer Protection (E-Commerce) Rules, Foreign Direct Investment (FDI) Other legal mandates
2020 policy, 2020
The rules are issued under the Consumer • FDI backed e-commerce • Information Technology Act, 2000
Protection Act, 2019. entities can engage only in (IT Act): Under it, Information
• Prohibits e-commerce entities from Business to Business (B2B) e- Technology Rules, 2021 (amended
adopting any unfair trade practice, commerce and not in Business 2023) require intermediaries to
manipulating the price, etc. to Consumer (B2C) e- publish their rules and regulations,
• Applies to e-commerce entities but not to a commerce. privacy policy and user agreement,
person. • 100% FDI under the automatic etc.
• Rules have extra-territorial application. route for marketplace-based • Competition Act, 2002: Provides for
• Mandates e-commerce entities to establish model of e-commerce. preventing practices that have an
an adequate grievance redressal • FDI is not permitted in the adverse effect on competition or
mechanism and; inventory-based model. are related to abuse of dominant
o To appoint a nodal person of contact • An e-commerce entity position.
who is resident in India, to ensure providing a marketplace is not • Legal Metrology Act, 2009: Any e-
compliance with the Act or the rules. allowed to exercise ownership commerce entity must comply with
or control over the inventory and meet the standards relating to
purported to be sold. labelling and packaging.
E-Commerce Exports
• Recently, Global Trade Research Institute released a report on Realising India’s E-Commerce Exports Potential.
• Key highlights
o Global B2C e-commerce exports are predicted to increase from $800 billion to $8 trillion by 2030.
o India must plan to export $350 billion, or about one-third of its total goods, through E-Commerce by 2030.
• Key recommendations
o Create separate customs codes for E-Commerce shipments.
Key Highlights
Environmental Impact Assessments (EIA) Fair and Equitable Sharing of Benefits
• Parties obligated to conduct EIA undertaking • Access- and the benefit-sharing committee will frame guidelines for
processes of screening, scoping etc., under EIA. sharing benefits arising from of Marine Genetic Resources (MGR)MGR
before implementation of the project. and digital sequence information on MGR of areas beyond national
• EIA will be followed by an environmental jurisdiction. • No State can claim its right over marine genetic resources
management plan. of areas beyond national jurisdiction.
Conclusion
Though 6G networks is still non-existent but vision document ensures that India takes its rightful place in the world as a
leading supplier of advanced telecom technologies and solutions that are affordable and contribute to the global good.