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1. The Indian government will manufacture a Glucagon-like peptide receptor agonist (GLP-1RA) drug, used for diabetes and weight loss, under the Production Linked Incentive (PLI) scheme from 2026. This initiative will also produce other drugs like Ozempic (for diabetes) and Wegovy (for obesity). The PLI scheme, launched in March 2020, aims to enhance domestic manufacturing, reduce imports, and generate employment. It covers 14 sectors and offers financial rewards to domestic and foreign companies for manufacturing in India, based on a percentage of their revenue over up to five years.
2. The Reserve Bank of India (RBI) has implemented a revised framework for currency swap arrangements for SAARC (South Asian Association for Regional Cooperation) countries from 2024 to 2027. A currency swap agreement allows countries to exchange currencies under set terms for liquidity support, avoiding Balance of Payments (BOP) crises without market risks. The SAARC currency swap facility, initiated in 2012, provides up to USD 2 billion in swaps in US dollars, euros, or Indian rupees. The new framework introduces a separate INR swap window with a corpus of Rs. 250 billion and continues USD and Euro swaps with a USD 2 billion corpus. This facility supports short-term foreign exchange needs and ensures economic stability among SAARC member countries, which include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
3. Recently, the National Financial Reporting Authority (NFRA) initiated inspections of the audit arms of the Big-5 firms: BSR & Co, Deloitte Haskins & Sells, SRBC & Co, Price Waterhouse Chartered Accountants, and Walker Chandiok & Co. These audit arms are responsible for auditing company financial statements. Early reports indicate that most of these firms have begun segregating their audit and non-audit services. The NFRA's findings highlight areas of weaknesses that need to be addressed as potential opportunities for improvement.
4. Recently, Borneo elephants (Elephas maximus Borneensis) have been classified as 'Endangered' on the IUCN Red List. Only about 1,000 remain, with 400 being breeding adults. Major threats include human-elephant conflict, poaching, and habitat loss due to logging and oil palm plantations, which have caused the loss of 60% of their forest habitat in the last four decades. These elephants, a subspecies of the Asian elephant, are native to Borneo and found primarily in Sabah, Malaysia, and Kalimantan, Indonesia. They are smaller and genetically distinct from other Asian elephants. Asian elephants are protected under the IUCN Red List (Endangered), CITES (Appendix I), and India's Wildlife (Protection) Act, 1972 (Schedule I). Borneo, the world's third-largest island, is shared by Malaysia, Brunei, and Indonesia.
5. The Reserve Bank of India (RBI) has introduced a revised framework for currency swap arrangements for SAARC countries for 2024-2027. A currency swap agreement allows countries to exchange currencies under predetermined terms to support liquidity and manage short-term foreign exchange needs or avoid a Balance of Payments crisis without exchange rate risks. The SAARC facility, operational since November 2012, offers a USD 2 billion corpus for swaps in US dollars, euros, or Indian rupees, with certain concessions for the rupee. The new framework introduces a separate INR swap window with a corpus of Rs. 250 billion, alongside continued USD/Euro swaps. India has similar bilateral agreements with Japan and Sri Lanka. SAARC, established in 1985, includes Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, with its secretariat in Kathmandu, aiming to enhance regional welfare and economic growth.
6. The International Seabed Authority (ISA), an agency under the United Nations Convention on the Law of the Sea (UNCLOS), recently celebrated its 30th anniversary. Established to oversee the exploration and utilization of non-living marine resources in international waters, the ISA is an autonomous international organization headquartered in Kingston, Jamaica. It has 168 member states, including India, and the European Union. The ISA's jurisdiction covers about 54% of the world's ocean area, ensuring the effective protection of the marine environment from harmful deep-seabed activities. Its mandate includes regulating exploration and exploitation of deep-sea minerals, protecting the marine environment, and encouraging marine scientific research. India, a member of the ISA, has submitted two applications for exploration in the Indian Ocean and currently holds contracts for exploring polymetallic nodules and sulphides in the Central Indian Ocean Basin and Ridge.