Facts in News

Facts in News

Business Responsibility and Sustainability Report

• Released by: Securities and Exchange Board of India (SEBI)
  • It will replace the existing business responsibility report that was earlier released in the business sector. Now the emphasis should be on Sustainable reporting.
  • Sustainable Reporting is the disclosure and communication of environmental, social, and governance (ESG) goals. It also includes the company’s progress towards ESG goals.
• Objective: The BRSR report will encourage businesses to go beyond regulatory financial compliance. It will make businesses report on their social and environmental impacts.
• As part of the annual BRSR report, companies will need to provide an overview of their ESG.
• Those companies whose shares are traded on an official stock exchange.
  • It refers to the total market value of a company’s outstanding shares of stock. One can calculate it by multiplying the total number of a company’s outstanding shares by the current market price of one share.
• By the means of Market Capitalization, BRSR will be applicable to the top 1000 listed entities. 
  • Market capitalization refers to how much a company is worth as determined by the stock market. 
  • It is defined as the total market value of all outstanding shares.
• It is published on a voluntary basis for FY 2021 – 22 and a mandatory from FY 2022 – 23 onwards.

Environmental, Social, and Governance (ESG) Criteria

• A set of standards for company’s operations that helps socially conscious investors to look out for potential investments.
• It is considered how a company performs as a steward of nature.
• Social criteria: It will examine how a company manages relationships with its employees, suppliers, customers, and the communities where it operates.
• Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.

Securities and Exchange Board of India (SEBI)

• It is the regulatory body for securities and commodity markets in India.
• It works under the Ministry of Finance, Government of India. 
• Establishment Year: 1988 and Statutory Powers given in the year 1992 through the SEBI Act, 1992.
• Composition:
  • Chairman is nominated by the central government.
  • Two members, i.e., Officers from the Union Finance Ministry.
  • One member from the Reserve Bank of India.
  • The remaining five members are nominated by the central government, out of them at least three shall be whole-time members.

World Food Prize

• The World Food Prize, 2021 has been given to Dr Shakuntala Haraksingh Thilsted.
  • She has made groundbreaking research in developing holistic, nutrition-sensitive approaches to aquaculture and food systems.
• For the first time, this award was given to MS Swaminathan (Father of Indian Green Revolution) in 1987 and then Dr Verghese Kurien (Milk man of India) in 1989.

Key Points

• It is an annual award that recognizes contributions in any field involved in the world food supply including plant, animal, and soil science; food science and technology; nutrition, rural development, etc.
• The Prize is presented on 16th October, on the occasion of World Food Day.
• It is presented by the World Food Prize Foundation which has over 80 companies, individuals, etc. as donors.
  • Headquarters: Des Moines, USA.
• Eligibility: Opened for any individual without regard to race, religion, nationality, or political beliefs.
• Cash Prize: 2,50,000 dollars and also a sculpture designed by the noted artist and designer, Saul Bass.

Special Window for Affordable and Mid Income Housing (SWAMIH) Fund

• Launched in: 2019
• Administered by: Department of Economic Affairs under the Ministry of Finance.

Key Points

• It is a distressed real estate fund, set up by the central government under the Special Window for Affordable and Mid Income Housing (SWAMIH) scheme to complete stalled housing projects.
• SWAMIH is a category 2 Alternate Investment Fund (AIF) with limited ability to take leverage.
• Aim: To help complete over 1,500 stalled housing projects, including those that have been declared non-performing assets (NPAs) or had been admitted for insolvency proceedings. 
• The fund has 14 investors, with the government holding 50% in the fund, Life Insurance Corporation (LIC) and State Bank of India each having 10%, and the rest with public and private-sector players.

Organisation for Economic Co-operation and Development (OECD)

• It is an intergovernmental economic organisation, founded to stimulate economic progress and world trade.
• Member Countries: 61
  • Most OECD members are high-income economies with a very high Human Development Index (HDI) and are regarded as developed countries.
  • India is not a member, but a key economic partner.
• Establishment Year: 1961.
• Headquarters: Paris, France.
• Report/ Indices published by OECD
  • International Migration Outlook.
  • OECD Better Life Index.
• The OECD is an official United Nations observer.
• Key Functions:
  • Analyze the impact of social issues on economic growth (member and non-members) and make recommendations to foster economic growth globally.
  • Eliminate bribery and other forms of financial crimes worldwide.
  • Maintains a “blacklist” of nations that are considered uncooperative tax havens.
  • Eradicate tax avoidance by profitable corporations and in the G-20 countries.

Image Courtesy: Investing Answers

COVAXIN Trials on below 18 age

• The Drug Controller General of India (DCGI) permitted Bharat Biotech to conduct clinical trials of its Covid-19 vaccine ‘COVAXIN’ on children belonging to the age group of 2 to 18 years.
• COVAXIN is developed by Bharat Biotech in association with the Indian Council of Medical Research.

Clinical Trials

• Clinical trials are research studies performed in people that are aimed at evaluating a medical, surgical, or behavioral intervention. 
• They are the primary way that researchers find out if a new treatment, like a new drug or diet or medical device (for example, a pacemaker) is safe and effective in people.

Drug Controller General of India (DCGI)

• DCGI is the head of department of the Central Drugs Standard Control Organization.
• It works under the Ministry of Health and Family Welfare.
• Major responsibilities: Approved licences of specified categories of drugs such as blood and blood products, IV fluids, vaccines, and sera in India.
  • It also sets standards for manufacturing, sales, import, and distribution of drugs in India.

NOK Culture

• Recently, the scientists found traces of beeswax in prehistoric pottery of the West African Nok culture.
  • It was one of the earliest known societies of Western Africa. 
• It existed in modern-day Nigeria from around 500 B.C.E. to 200 C.E.

Key Points

• The Nok people used to farmed crops and used iron tools. 
  • According to recent research, the use of iron technology like tools, weapons by them can be traced back to 4th century B.C.E.
  • They are significant for being one of very few civilizations in the world that transitioned from stone tools straight to iron tools without first learning how to make copper or bronze tools.
• Sculptures 
  • Nok culture is known for its unique terracotta sculptures.
  • The artifacts were first discovered near the modern Nigerian town of Nok.
  • These sculptures represent the oldest figurative art in Africa.
  • Nok sculptures clearly depict the triangular or oval-shaped eyes on human faces. Human figures also often have elaborate hairstyles.
  • In the sculptures, humans are depicted seated, with their hands on their knees.

Image Courtesy: Archeological News

Goa Maritime Symposium (GMS)- 2021

• Held by: Indian Navy under the aegis of Naval War College, Goa.
• The event for the first time was hosted in virtual mode.
• Participating members: Naval representatives from 13 Indian Ocean Littoral countries, which included India, Bangladesh, Comoros, Indonesia, Madagascar, Malaysia, Maldives, Mauritius, Myanmar, Seychelles, Singapore, Sri Lanka and Thailand.
• Theme: Maritime Security and Emerging Non-Traditional Threats: A Case for Proactive Role for IOR Navies.
• Objective: Capacity building amongst the Indian Ocean Region (IOR) Navies to tackle emerging common maritime threats.
• Indian Ocean Region (IOR):
  • IOR comprises of the Indian Ocean and 51 coastal and landlocked states
    • 26 Indian Ocean Rim (IOR) states, 5 Red Sea states, 4 Persian Gulf states, Saudi Arabia, France, Britain and 13 landlocked states.. 
  • Indian Ocean is the 3rd largest ocean in the world, covering around 20% of the Earth’s water surface. 

Image Courtesy: Your Child Learn