Insolvency and Bankruptcy Board of India
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1. Establishment: It was established in 2016 as a code of conduct to regulate the banking system.
2. Purpose: IBBI aims to efficiently implement the IBC by resolving insolvency cases for individuals, partnership firms, and corporate entities within a specified time frame.
3. Functions:
- Regulates insolvency professionals and agencies.
- Oversees insolvency resolution, liquidation, and bankruptcy processes.
- Sets eligibility criteria for insolvency professionals and regulates exams.
- Manages information related to insolvency and bankruptcy cases.
4. Regulatory Powers: IBBI has the authority to enforce corporate and individual insolvency resolutions and ensure adherence to time-bound processes.
5. Standards & Compliance: It creates regulatory frameworks for insolvency professionals, setting operational standards for effective management.
6. Composition:
- Three government representatives from key ministries (Finance, Corporate Affairs, Law).
- One representative from the Reserve Bank of India (RBI).
- Five additional members, including three full-time members, appointed by the Central Government.
7. Chairperson: The chairperson leads the board and is appointed by the government.
8. Ex-officio Members: Representatives from ministries and RBI serve as ex-officio members on the board.
9. Tenure: The chairperson and non-ex-officio members have a tenure of five years or until the age of 65, with the possibility of re-appointment.
10. Annual Celebration: IBBI celebrated its eighth annual day on 1st October 2024, marking key achievements since its establishment.
Healthcare need and insurance scheme
Current Scenario India's Aging Population
1. Status: World's most populous country and among fastest aging.
2. Life expectancy: 70 years, but Healthy life years: 63.5 years.
Overall India’s Health Challenges:
1. Limited health insurance coverage: Only 1 in 5 persons over 60 has health insurance.
2. High Premiums: wrt Private insurance premiums, specially for elderly.
3. 92% workforce employed in informal sectors, leading to lack of usage healthcare benefits.
4. NCDS: Increasing burden of non-communicable diseases.
5. Rising disabilities.
6. High out-of-pocket (OOP) expenses for inpatient care costs for elderly.
AB-PMJAY Extension Analysis
1. Budget allocation: Additional Rs 3,437 crore allocated.
2. Estimated requirements:
a. Eligible households: 5.6 crore.
b. Expected annual users: 43.5 lakh families.
c. Estimated annual cost: Rs 14,282 crore.
d. Gap: More than 4 times the allocated amount.
3. Limitations:
a. Inadequate Funding: The current funding is insufficient. Also, Stagnant at 0.9% to 1.35% of GDP for over 70 years.
b. Focus on Secondary and Tertiary Care, ignoring the need for outpatient and palliative care, essential for long-term elderly care.
4. Suggestions:
a. Increase the public healthcare spending and bridging the Gap
Holistic reforms required:
i. Integration of primary and tertiary care support.
ii. Focus on continuous care for the aging population.
d. Focus on infrastructural needs:
i. improved public healthcare infrastructure.
ii. More hospitals and health centers.
Future Implications
1. Changes in age structure and disease profile
2. Disruptions in labor market structure
3. Altered migration patterns
Fertilizer to fuel production
Chemical Fertilizer Production and Resource Competition
1. Fossil fuels and minerals used in fertilizer production have alternative industrial uses.
2. Ammonia, a key ingredient in nitrogenous fertilizers (e.g., urea), is derived from natural gas, which is also used as a transportation fuel and for power generation.
3. Rock phosphate ore: Used as a raw material for manufacturing di-ammonium phosphate (DAP) and other phosphorus-based fertilizers, is now being repurposed for lithium iron phosphate (LFP) batteries in electric vehicles.
Current Fertilizer Usage Trends and Policies
1.Fertilisers like urea (46% nitrogen), DAP (46% phosphorus), and muriate of potash (60% potassium) contain high concentrations of nutrients but contribute to over-fertilisation and reduced efficiency.
2. Subsidies Leading to Overuse of Urea and di-ammonium phosphate.
India's Vulnerability in Fertilizer Production
1. Import Dependence:
a. Imports nearly half of its natural gas consumption
b. Lacks domestic reserves of key mineable minerals like phosphate, potash, and elemental sulphur reserves
c. Imports both finished fertilizers and raw materials for domestic production.
2. Leading to Vulnerability to global price spikes and Susceptible to supply disruptions.
Suggestions
1. Capping Consumption of Bulk Fertilizers: Target fertilizers like urea (46% nitrogen), DAP (46% phosphorus),and muriate of potash (60% potassium).
2. Promoting Alternative Fertilizers: Shift to complexes and water-soluble fertilizers; Lower nutrient content.
