Commentators often talk of the long decline of industry in the British economy. In
simple terms this is what we mean by de-industrialization – a fall in the contribution made
by the manufacturing sector to national output, employment and income. We can
consider manufacturing as a whole, or focus on individual industries such as steel and
clothing and textiles
De-industrialization is a long-term process of structural change in an economy – leading
to a change in the composition of national output, and important alterations to the
structure of our labour market.
There is a number of different ways of measuring the extent to which our manufacturing
sector is experiencing de-industrialization:
Its impact on the Indian Economy
The economic condition of India in the 19th century started becoming worse due to
several polices of the British government. The Indian manufacturing sector was
sometimes sharply disrupted sue to the import of machine made foreign goods. While
analyzing the economic impact of British rule and consequent poverty, Indian nationalists
has quite convincingly argued that British rule has de-industrialized India. However,
recent researches in modern economic history of India after independence has challenged
this widely accepted hypothesis on many grounds. To reach at final analysis it is
imperative to go through all major views of the scholars and sources of information of
different parts of 19th century India.
Drain of wealth the systematic policy of ferring the economic resources of India to
Britain i.J erished the country. The officials of the British I government were paid out of
the Indian exchequel money went out of India. There was a heavy tax t on the Indian
people because large sums had to b annually as interest on loans contracted by the Gove~
of India. UnemploY}llent increased in India. It was first time in India’s history that the
balance of trade t unfavourable towards India.
De-industrialisation The British caused 1 Dous harm to the traditional handicraft
industry decayed beyond recovery. Heavy customs dutiE imposed on Indian goods. The
British officials! Preference for European goods. This provided an. to the demand for
European goods and contribute decline of Indian handicrafts. The availability of n made
goods in abundance at a comparatively low H greatly contributed to the decline of Indian
handicri failure of the British Government to offer any protE indigenous industry also
contributed to the de Indian handicrafts because they could not compt machine-made
goods produced in bulk, and Consequently cheaper. With the subjugation of Indian
princely 51 patronage to the handicraft industry ceased to exist.

This is our comment on the “power of the subconscious” by author Joseph Murphy. A self-help e-book will help those who are struggling to turn their ideas into reality. Power beyond our daily ability. The book is divided into several parts and contains many items. As the book draws to a close, the theory becomes more complicated. It is easy to follow the examples in the e-book, and these examples can serve as meaningful comparisons for breaking down complex sentences. Sometimes it can be regarded as a self-service e-book, suitable for those who have no motivation to take defensive measures and turn ideas into actions. Because, due to non-public prejudice, whether we want to solve these problems or not, we may become one of the biggest obstacles to our way forward. This is not a new book, it first hit the shelves in 1963. Even after six years, knowledge is still true. In a sense, unconscious thoughts have always attracted me because I was attracted to this idea a few years ago. The idea that we can explore without actively paying attention to the subject or listening to the recording in our sleep still bothers me today.The starting point of this idea is a journey about how the electrical impulses ignited in my talent can lead to physical manifestations in the form of something as simple as housework, and the complexity of my daily tasks that I minimize every day. It’s like owning a service vehicle when you reach a safe experience level; the body just reacts to the situation. In fact, when website visitors actively consider sharing tools or know very little about the content of the tournament, it slows down your reaction because the idea is executed faster when executed unconsciously. The author Joseph Murphy makes some lofty claims that this is still a reality beyond any scientific basis or certification. You should use your personal collective judgements, as well as the statements in the e-book, and try to get things done. Instill it in your life from him. Won’t hurt him. It may also be useful to you, or you may be tired of preparing to present important meanings, but it provides many options in e-books. Your genius should keep this idea and use it to make your existence higher than personalized. Because there is no single method for human thinking. Since subconscious thinking works from the beginning of our business to our last breath, we can find its wider application in the following simple steps. Obviously, he is a spiritual man who uses biblical royalties, and they turn the entire experience into thought, even if it does not include a spiritual perspective. I am a lazy atheist, and giving up the idea of ​​an unnamed god used to be a difficult capsule to swallow, but there is no scientific objection to some factors so I can check it, admit it for a minute, and others will think about it. I can quantify and examine myself.

Causes of Air pollution in India :-

• Increasing usage of Automobiles.
• Dust kicked up by vehicles moving on roads.
• Increasing constructions and demolitions of buildings.
• Increasing demand for houses is leading to deforestation, which is worsening the quality of air further.
• Industrialization.
• Burning of crop residue. This is highly prevalent in Punjab and Haryana.
• Burning of garbage.
• Still many Indians are using firewood and cow dung for cooking.
• Greenhouse gas emissions due to burning of biomass residue.
• Usage of diesel vehicles.
• Adulterated fuel blends by many Indian taxis and auto rickshaws. These adulterants increase emissions of harmful pollutants from vehicles, worsening urban air pollution.

Effects of Air pollution :-

• Negative impact on health of humans as well as other living beings. Mainly, children and old people are vulnerable to adverse health effects caused by air pollution.
• Air pollution is the leading environment cause of death. In 2015, India reported 11 lakh deaths due to air pollution.
• Increase in spread of non-communicable diseases due air pollution has accounted for 62% of the total diseases in India.

Steps Taken by Indian Government :-

• Government of India enacted the “Environment (Protection) Act, 1986 (EPA)” under article 253 of the constitution after the dreadful incident of Bhopal gas tragedy.
• Indian government removed subsidies for polluting cooking gases to improve access to clean fuel for household cooking.
• The Delhi government has tried odd-even rule to reduce air pollution.
• Supreme Court banned registrations of diesel cars above 2000cc in Delhi, which is one of the highest air polluted cities of India.
• Indian government banned firecrackers on weddings.
• Burning of solid waste is banned.

What more needs to be done :-

• Allocation of more funds for afforestation projects.
• Betterment of public transportation.
• Enhancing the quality of roads.
• Encouraging community forests.
• Incentives for Eco-friendly buildings.
• Encouraging the usage of clean fuels.
• Investing more in energy generation from renewable resources.
• Encouraging work from home culture to reduce vehicular pollution.

Best Practices in Other Countries:-

• ‘Paris’ has set few good practices such as implementing odd-even bans on vehicles, making public transport free during high pollution days and encouraging car & bike-pooling.
• ‘Netherlands’ is working on plans to to ban the sale of all petrol and diesel cars from 2025 and allowing only electric or hydrogen vehicles.
• ‘Copenhagen’ now has more bicycles than people.

The Bombay HC has issued notice to the I&B Ministry, Union Ministry of Electronics and Information Technology, Ministry of Law and Justice, Ministry of Home Affairs and the Nagpur police commissioner and asked for their response, in regard to the PIL filed by Divya Ganeshprasad Gontia. The court has advised setting up of a pre-screening committee to regulate the movies and shows which are released directly on online platforms like Netflix & Hotstar. Thus it is clear that censorship for web series and content on digital medium is very much on the cards.

But online platforms like Netflix, Hotstar, AltBalaji, SonyLiv and others have signed self-censorship code, which prohibits signatories from showing any content that has been banned by Indian Courts. Amazon Prime Video, the streaming service of e-commerce giant has kept out of the code stating that the existing laws are adequate.

While the decision of probable censorship has aroused a mixed reaction on social media by Indian film industry and the general public, it is important to understand the pros and cons that would come along.

Pros :-

• Due to the advantage of wide reach, the web series and content on digital media is easily accessible to all. Children are at major disadvantage when they view content that is related to violence, strong language and sex.
• In the past years people have filed legal complaints regarding the harsh content on digital platform and arguing for censorship on series and movies released on internet that have the potential to create bad influence.
• The Central Board of Film Certification (CBFC) has reported that the casual usage of sex and crass language in such web series is a bait to attract the audience. This raises a question if the online entertainment industry should be kept law free and what affects this would have on children.
• Some people feel worried about the increasing foreign culture influence that web series and movies promote censorship will control this to some extent.

Cons :-

• Producer Ritesh Sidhwani, who has produced series like “Inside Edge” and “Mirzapur”, believes that censorship will hamper the originality of the story. He said it the responsibility of the makers to take care of the content and depict only the reality.
• People feel that by making the web series industry regulated the lawmakers will only be covering up for a reality that is widely evident in certain states.
• The censorship norm is being criticized as people feel that it is curbing the freedom and creativity of Indian filmmakers, who are anyways at a disadvantaged position due to constraints on movie content.
• People also feel that rather than censoring the content, it is more important to pay attention to the ratings that are provided. Moreover it is the responsibility of the audience to perceive the content in a respected manner.

Causes :-

• Machines are replacing humans. Automation is causing loss of jobs.
• In India, still many people are not able to afford education, and are forced to live unemployed.
• Our education system is not uniform throughout the country. Quality education is still a dream to many. Because of this, many do not have enough skills to compete in the job market.
• Even in this 21st century, some families in India do not allow women to work, and hence there is so much unemployment in Indian women.
• India ranking second in terms of population with 6 million and still counting people, this problem becomes increasingly serious and hopeless. Providing jobs to this much population is not that easy. Where the government is trying its best to shorten the gap, it becomes worse with the rate of growth of population.

Effects:-

• Increase in unemployment is directly proportional to the rate of growth in the economy of any country. With such enormous number of unemployed people,
• With less money in their pockets, people are restricted to change and upgrade their lifestyle and get in sync with the outside world today. This is causing low standards of living.
• Now that people either don’t have jobs or are poorly paid, in order to meet the demands of daily routine, weak people tend to fall into the trap of illegal jobs and commit criminal offences for money. This is causing robberies, kidnaps, murders, drug trade etc.
• Along with the middle-class family standard gradually moving towards the high-class society, the poor society in moving in the opposite direction which is eventually pulling them below the poverty line. Gap between the rich and poor is widening.

STEPS TAKEN BY GOVERNMENT

• Skill India initiative was launched to train youth for the jobs in demand, and hence bridging the gap of lack of skilled professionals and unemployment.
• Integrated Rural Development Program: IRDP was launched in 1979 to supply more jobs for the rural people. This program brought employment in the areas of agriculture, fisheries, road constructions etc benefitting 182 lakh families and thus became very known.
• Drone Prone Area Program: DPAP was launched in those areas struck with drought for quite some time. This was introduced for the prime reason to delete seasonal employment from the society. Approximately 474 crores were spent on this plan.
• Jawahar Rozgar Yojana: This became very popular in the year of 1989 with the sole objective of providing employment to minimum one member in the family which led to an immediate shoot up in the employment rate.
• Nehru Rozgar Yojana: This also emerged in the year of 1989 with a new idea of introducing three schemes. These schemes included small jobs for poor urban people, employment to cities having the lowest score in terms of daily wage.
• Employment Assurance Scheme: This scheme aimed at providing jobs in 1752 backward class blocks in various cities like West Bengal, Kerala, and Rajasthan.
• Swaran Jayanti Rojgar Yojana: In addition to the Nehru Yojana, this aims at eradicating unemployment in urban areas by offering wage employment by spending 125 crores on this plan.
• Make In India: This was an initiative planned by our Prime Minister Narendra Modi generating employment especially in manufacturing industries and boycotting foreign made goods.

THINGS TO BE DONE

• he steps taken by the government till now have been successful in providing jobs but most of them are temporary. People now demand permanent employment giving them job security.
• Still 22% of Indian population lives below the poverty limit. This strongly discourages India to move forward in the struggle of becoming one of the developed countries.
• In order to make people have a good living, they must acquire a proper education, this being their basic rights. (Right to Education).  Literacy levels should be improved.
• More jobs should be created in corporate sector. For those who have the required skills yet find it hard to get employed and have a decent job, overpopulation of India is making it even more hard with such limited job opportunities.

In January 2017, the Economic Survey of India suggested setting up a ‘Public Sector Asset Rehabilitation Agency‘ (PARA). On May 8th 2018, the then interim finance minister Piyush Goyal hinted towards the possibility of setting up a “Bad Bank” for which a panel was working to assess its possibility in India. A “Bad Bank” is basically an Asset Restructuring Company in its functioning. These steps were taken in light of the increased number of NPAs in the Indian banking sector. The NPAs amount to ₹10 lakh crore as of 2019.

The concept :-

The term Bad Bank first came into existence in 1988 in the USA. A Bad Bank is basically an asset restructuring company which takes on the bad loans/non-performing assets of banks at a discount and sells it off. This provides a clean balance sheet to the banks which in turn are able to perform better in the markets. Banks are usually specialized in lending and not in recovery. Bad Banks, in turn, are specialists in recovery. This division of roles helps in faster lending and recovery for both the entities and, in turn, helps the economy to be free from bad loans.

CHALLENGES TO BE FACED BY BAD BANK IN INDIA

• The first and foremost problem that arises is that of capital required to buy the NPAs from the PSB even at discount rates. The Bad Banks would have to infuse a huge amount of capital for buying off the loans. The government proposed that the required capital would be arranged from the cash reserves of the RBI. This again is a cumbersome and risky proposal.
• The bad loans are mainly due to 25-30 business houses/promoters in the economy. They account for about 50% of the total NPAs. So, just to tackle these 25-30 entities, forming a separate entity would be too costly a proposition.
• Though Bad Banks have been successful in a lot of countries, India differs from them in a significant manner. In other countries, the NPAs are from bankrupt companies mostly, but in India, NPAs are mostly due to loss-making companies. If given the right financial help and restructuring, these companies could easily be revived.
• Bad Banks will only be helpful in case of willful defaulters and not for non-willful defaulters. The Bankers themselves would have to deal with the non-willful defaulters.
• India has diverse companies and NPAs, depending on a single entity and its efficiency to get rid of such behemoth of a task would be illogically optimistic.
• The Insolvency & Bankruptcy Code (IBC) already exists in India to tackle NPAs. A better implementation of the IBC could easily help with the NPAs. All the steps taken by the government so far have all been good, but successful implementation of them could really go a long way.

Subhash Chandra Bise was born on 23rd January 1897 in Cuttak, a part of Bengal Presidency to Janakinath Bose an advocate and Prabhavati Devi. He was admitted in a big European School and at the age of twelve,he was shifted to another school. Beni Madhav Das was his headmaster, kinded the spirit of pratiosim in him. He started to respect wearing Indian Clothing. He also started helping the poor and needy. Bose looked upon his teachers Beni Madhav Das as his Guru. When the village was hit by small pox, he led a group of volunteers and personally looked after the sick.

⭐When he was 15,he came under deep and strong influence of an outstanding spiritual leader, Swami Vivekananda and deeply impressed with his teaching. He also stated practicing yoga to discipline himself. He understood the saying “Work is Worship”.
⭐He was deeply upset by the rude behavior of one of the British teachers, Professor oaten with Indian student. They were called stupid natives and barbarians or primitive people. The professor thought true civilization had been brought in only by the British. Nethaji protested against this view.

⭐More than a thousand students join him to ask for better treatment from their British teachers.After three days professor Oaten finally apologized to the boys.
⭐Later,as Head of Department of the public Instruction in Bengal , Professor Oayen also appreciated Nethaji for his exemplary performance in the University Military Training Crops. This was the forerunner of our NCC training today.

⭐Nethaji also organized a ‘Nursing Brotherhood’ ,to serve the poor and the sick who did not have a any access to medical care.
⭐On landing at Bombay,he called on Mahatma Gandhi and expressed his desire to work for the freedom of India. It became clear to Mahatma Gandhi that Nethaji had questions about his principle if ‘Non- Violence’ , Meanwhile,with his brilliant academic achievement and background,Bose became the principal of the National College, Calcutta.

⭐He made Khadi, or homespun cloth, the official dress of the corporation. He also encouraged the production and sale of other goods made in India.
⭐Nethaji was arrested ad sent to a prison in Ragoon,Burma. The conditions at the jail were horrible. There was no shelter from the sun or the rain. Nethaji was also upset that he had not even been given a chance to explain his point of view. A huge number of people protested his imprisonment. He was released. Nethaji felt that only an armed struggle would liberate India.

⭐Subhash is called ‘Neta’ or leader because he was a true and passionate leader of the Indian struggle for freedom. The Indian Government awarded ‘Bharath Ratna’ to him posthumously.
⭐Nethaji formed the Indian National Army( INA) in 1941 in Singapore with the help of the Indian prisoners who were released by the Japanese. Nethaji told them, ‘Every down is preceded by a thick darkness. The dawn is therefore close at hand . So cheer up! Hold the Indian flag aloft on! on 21st October 1943 Azad Hind Governments was set up on foreign soil. It was here that Nethaji cloned the rousing words of salutation to our motherland — “Jai Hind”.

When Premchand Degra’s father passed away, he was still in the fifth standard and it changed his priorities completely. He decided he needed to look for work and only go to school after work.

But even while growing up, Degra’s strength was impressive. He never took part in any formal sport in his early years but there was always some wrestling to be done in his village and that was a talent that served him well.

He took to wrestling and won medals for his school and at the district level too. After joining the Punjab police in 1975, he continued to wrestle until one day, a former teacher suggested that he should start bodybuilding.

It was a strange suggestion because Degra didn’t know much about bodybuilding and neither did his teacher. Still, it wasn’t until August 14, 1980 that the bug truly bit Degra.

It is a day Degra remembers well. He had decided to go watch Mr Punjab and Mr North India competition but once he got there, he decided to take part in the competition as well.

“At that point, I was very fit because of my wrestling. I used to do around 2000 pushups and sit-ups and lots of running. And I saw that the bodybuilders were repeating the same poses. I thought to myself, ‘I can do this’,” said Degra in an interview.

Degra did his best and when the results came later in the evening, he was surprised to learn that he had managed to claim first place in both competitions.

“I told myself, this is very easy. I didn’t even do much,” Degra recalled.

Getting serious

But now, Degra took to bodybuilding seriously. He finished third in the national championship that very year and by 1983, he was ready to take things up a notch.

He clinched Mr. Asia 1983 (Lahore – Pakistan), Mr. Asia 1984 (Seoul – Korea), Mr. Asia 1985 (Singapore), Mr. Asia 1986 (Taipei – Taiwan), Mr. Asia 1987 (Kuala Lumpur – Malaysia), Gold in Pro-Am Classic in 1990 and 1991 (Singapore), Mr. Asia 1996 (New Delhi – India). In addition to these titles, he also won the Mr India title nine times in a row.

But it was his fourth-place finish at Mr Universe competition in 1985 that truly marked him out as a man on the rise. He had finished 14th in 1984 and the huge improvement won him the award for the most improved bodybuilder.

Degra followed up the fourth-place finish with a silver in the Mr. Universe contest at Tokyo in 1986 and another 4th place at Madrid (Spain) in 1987.

Then, came the year 1988. By this point, Degra was working out for eight hours every day (four hours in the morning and four in the evening). He was also consuming eight vegetarian meals throughout the day.

And the result of all that saw him finally being crowned the 1988 Mr. Universe in Australia after winning a Gold in Middle-Weight class. The title also earned him the opportunity to compete in Mr Olympia, which he did after turning pro in 1989.

He was only the third Indian bodybuilder after Montosh Roy (1951) and Manohar Aich (1952) to claim the prestigious Mr Universe title.

His international wins first earned him the Arjun Award in 1986 – for outstanding achievement in National sports – and then a Padma Shri, India’s fourth highest civilian award, in 1990.

Inflation is an economic phenomenon that describes the general increase in the prices of goods and services in the economy. So inflation is the rate at which the average prices of certain selected goods increase in a given time period.

So inflation also indicates the loss of purchasing power of the consumer. The same unit of currency will buy fewer goods and services as their prices increase. This is the loss of purchasing power of the currency of a country.

EFFECTS OF INFLATION

Persistent inflation in an economy can have some very adverse effects. Many problems currently plaguing our economy are results of inflation in our economy. Rapid inflation can disrupt our entire economy can cause a financial crisis in the country. Let us take a look at some of the adverse effects that are results of inflation in the Indian Economy.

Balance of Payments

India’s current account deficit is around 17 billion dollars for the last quarter of 2018. This is roughly 2.5% of our GDP. This is because for years now India’s imports are mismatched with their exports. With increasing prices of goods in India, exports have seen a further decline. And the imports have actually become cheaper. So the current account deficit will continue to be a problem for our economy.

Industrial Sector

India has seen a stagnation in the industrial growth in the last few years. The industrial growth for the month of February 2019 year-on-year was merely 0.1%. This is because inflation has adversely affected the industrial sector as well.

The rising prices mean that the factors of production like labor and raw materials have also become expensive. The profit margins of the companies are decreasing. And after an extent, the companies pass on the burden of these additional expenses to the final consumer. And the entire economy suffers.

Banks will increase interest rates as inflation increases otherwise real interest rate will be negative. (Real interest =
Nominal interest rate – inflation). This makes borrowing costly for both consumers and corporate. Thus people will
buy fewer automobiles, houses and other goods. Industries will not borrow money from banks to invest in capacity
expansion because borrowing rates are high.

Higher interest rates lead to slowdown in the economy. This leads to increase in unemployment because companies
start focusing on cost cutting and reduces hiring. Remember Jet Airways lay off over 1000 employees to save cost.

Rising inflation can prompt trade unions to demand higher wages, to keep up with consumer prices. Rising wages
in turn can help fuel inflation.

Inflation affects the productivity of companies. They add inefficiencies in the market, and make it difficult for
companies to budget or plan long-term. Inflation can act as a drag on productivity as companies are forced to shift
resources away from products and services in order to focus on profit and losses from currency inflation.

Final Consumer

The person most affected by rising inflation is the final consumer of goods. The prices of goods and services are constantly rising. But the salaries and income of consumer do not rise proportionately, there is a lag. So the goods and services become less affordable to these final consumers. And the population in the lowest income group are the most affected. They cannot even afford basic necessities.

Investments

One of the major results of inflation in an economy is the general slowdown of the economy. When this happens unemployment rates rise, the purchasing power of the consumer decreases, credit becomes expensive. All these cause a strain on the entire financial system of the country. It discourages heavy investment in the economy by both domestic and international players.

After the introduction of the Insolvency and Bankruptcy Code, 2015 in the Lok Sabha on 21st December 2015, it was referred to the Joint Committee. On such a referral the Committee had presented its recommendations and a modified Bill based on its suggestions. In May 2016 both the Houses of Parliament passed the Insolvency and Bankruptcy Code, 2016. The major objective of this economic reforms is to focus on creditor drove insolvency resolution.

nsolvency resolution in India took 4.3 years on an average.  This is higher when compared to other countries such as United Kingdom (1 year) and United States of America (1.5 years).  These delays are caused due to time taken to resolve cases in courts, and confusion due to a lack of clarity about the current bankruptcy framework.

APPLICABILITY OF THE CODE

The provisions of the Code shall apply for insolvency, liquidation, voluntary liquidation or bankruptcy of the following entities:-

1. Any company incorporated under the Companies Act, 2013 or under any previous law.
2. Any other company governed by any special act for the time being in force, except in so far as the said provision is inconsistent with the provisions of such Special Act.
3. Any Limited Liability Partnership under the LLP Act 2008.
4. Any other body being incorporated under any other law for the time being in force, as specified by the Central Government in this regard
5. Partnership firms and individuals

Exceptions: There is an exception to the applicability of the Code that it shall not apply to corporate persons who are regulated financial service providers like-

• Banks;
• Financial Institutions; and
• Insurance companies.

OBJECTIVES OF THE CODE

The 2016 Code applies to companies and individuals.  It provides for a time-bound process to resolve insolvency.  When a default in repayment occurs, creditors gain control over debtor’s assets and must take decisions to resolve insolvency within a 180-day period.  To ensure an uninterrupted resolution process, the Code also provides immunity to debtors from resolution claims of creditors during this period. The Code also consolidates provisions of the current legislative framework to form a common forum for debtors and creditors of all classes to resolve insolvency.

WHO FACILITATES THE INSOLVENCY RESOLUTION UNDER THE CODE ?

The Code creates various institutions to facilitate resolution of insolvency.  These are as follows:

• Insolvency Professionals: A specialised cadre of licensed professionals is proposed to be created. These professionals will administer the resolution process, manage the assets of the debtor, and provide information for creditors to assist them in decision making.
• Insolvency Professional Agencies: The insolvency professionals will be registered with insolvency professional agencies. The agencies conduct examinations to certify the insolvency professionals and enforce a code of conduct for their performance.
• Information Utilities: Creditors will report financial information of the debt owed to them by the debtor. Such information will include records of debt, liabilities and defaults.
• Adjudicating authorities: The proceedings of the resolution process will be adjudicated by the National Companies Law Tribunal (NCLT), for companies; and the Debt Recovery Tribunal (DRT), for individuals. The duties of the authorities will include approval to initiate the resolution process, appoint the insolvency professional, and approve the final decision of creditors.
• Insolvency and Bankruptcy Board: The Board will regulate insolvency professionals, insolvency professional agencies and information utilities set up under the Code.  The Board will consist of representatives of Reserve Bank of India, and the Ministries of Finance, Corporate Affairs and Law.

PROCEDURE FOR RESOLVING INSOLVENCY UNDER THE CODE

• Initiation: When a default occurs, the resolution process may be initiated by the debtor or creditor. The insolvency professional administers the process.  The professional provides financial information of the debtor from the information utilities to the creditor and manage the debtor’s assets.  This process lasts for 180 days and any legal action against the debtor is prohibited during this period.
• Decision to resolve insolvency: A committee consisting of the financial creditors who lent money to the debtor will be formed by the insolvency professional. The creditors committee will take a decision regarding the future of the outstanding debt owed to them.  They may choose to revive the debt owed to them by changing the repayment schedule, or sell (liquidate) the assets of the debtor to repay the debts owed to them.  If a decision is not taken in 180 days, the debtor’s assets go into liquidation.
• Liquidation: If the debtor goes into liquidation, an insolvency professional administers the liquidation process. Proceeds from the sale of the debtor’s assets are distributed in the following order of precedence: i) insolvency resolution costs, including the remuneration to the insolvency professional, ii) secured creditors, whose loans are backed by collateral, dues to workers, other employees, iii) unsecured creditors, iv) dues to government, v) priority shareholders and vi) equity shareholders.

FLAWS IN THE CODE

• The Bankruptcy Board (regulator) will regulate insolvency professional agencies (IPAs), which will further regulate insolvency professionals (IPs).  The rationale behind multiple IPAs overseeing the functioning of their member IPs, instead of a single regulator is unclear. The presence of multiple IPAs  operating simultaneously could enable competition in the sector. However, this may also lead to a conflict of interest between the regulatory and competitive goals of the IPAs.  This structure of regulation varies from the current practice where the regulator directly regulates its registered professionals.  For example, the Institute of Chartered Accountants of India (which regulates chartered accountants) is directly responsible for regulating its registered members.
• The Code provides an order of priority to distribute assets during liquidation. It is unclear why: (i) secured creditors will receive their entire outstanding amount, rather than up to their collateral value, (ii) unsecured creditors have priority over trade creditors, and (iii) government dues will be repaid after unsecured creditors.
• The smooth functioning of the Code depends on the functioning of new entities such as insolvency professionals, insolvency professional agencies and information utilities.  These entities will have to evolve over time for the proper functioning of the system.  In addition, the NCLT, which will adjudicate corporate insolvency has not been constituted as yet, and the DRTs are overloaded with pending cases.

Recently, the Union Cabinet has approved the new National Education Policy (NEP), 2020 with an aim to introduce several changes in the Indian education system – from the school to college level.

• The NEP 2020 aims at making “India a global knowledge superpower”.
• The Cabinet has also approved the renaming of the Ministry of Human Resource Development to the Ministry of Education.
• The NEP cleared by the Cabinet is only the third major revamp of the framework of education in India since independence.
  • The two earlier education policies were brought in 1968 and 1986.

• School Education:
  • Universalization of education from preschool to secondary level with 100% Gross Enrolment Ratio (GER) in school education by 2030.
  • To bring 2 crore out of school children back into the mainstream through an open schooling system.
  • The current 10+2 system to be replaced by a new 5+3+3+4 curricular structure corresponding to ages 3-8, 8-11, 11-14, and 14-18 years respectively.
    • It will bring the uncovered age group of 3-6 years under school curriculum, which has been recognized globally as the crucial stage for development of mental faculties of a child.
    • It will also have 12 years of schooling with three years of Anganwadi/ pre schooling.
  • Class 10 and 12 board examinations to be made easier, to test core competencies rather than memorised facts, with all students allowed to take the exam twice.
  • School governance is set to change, with a new accreditation framework and an independent authority to regulate both public and private schools.
  • Emphasis on Foundational Literacy and Numeracy, no rigid separation between academic streams, extracurricular, vocational streams in schools.
  • Vocational Education to start from Class 6 with Internships.
  • Teaching up to at least Grade 5 to be in mother tongue/regional language. No language will be imposed on any student.
  • Assessment reforms with 360 degree Holistic Progress Card, tracking Student Progress for achieving Learning Outcomes
  • A new and comprehensive National Curriculum Framework for Teacher Education (NCFTE) 2021, will be formulated by the National Council for Teacher Education (NCTE) in consultation with National Council of Educational Research and Training (NCERT).
    • By 2030, the minimum degree qualification for teaching will be a 4-year integrated B.Ed. degree.

• Higher Education:
  • Gross Enrolment Ratio in higher education to be raised to 50% by 2035. Also, 3.5 crore seats to be added in higher education.
    • The current Gross Enrolment Ratio (GER) in higher education is 26.3%.
  • Holistic Undergraduate education with a flexible curriculum can be of 3 or 4 years with multiple exit options and appropriate certification within this period.
  • M.Phil courses will be discontinued and all the courses at undergraduate, postgraduate and PhD level will now be interdisciplinary.
  • Academic Bank of Credits to be established to facilitate Transfer of Credits.
  • Multidisciplinary Education and Research Universities (MERUs), at par with IITs, IIMs, to be set up as models of best multidisciplinary education of global standards in the country.
  • The National Research Foundation will be created as an apex body for fostering a strong research culture and building research capacity across higher education.
  • Higher Education Commission of India (HECI) will be set up as a single umbrella body for the entire higher education, excluding medical and legal education. Public and private higher education institutions will be governed by the same set of norms for regulation, accreditation and academic standards. Also, HECI will be having four independent verticals namely,
    • National Higher Education Regulatory Council (NHERC) for regulation,
    • General Education Council (GEC) for standard setting,
    • Higher Education Grants Council (HEGC) for funding,
    • National Accreditation Council (NAC) for accreditation.
  • Affiliation of colleges is to be phased out in 15 years and a stage-wise mechanism to be established for granting graded autonomy to colleges.
    • Over a period of time, every college is expected to develop into either an autonomous degree-granting College, or a constituent college of a university.

• e country.
• The National Research Foundation will be created as an apex body for fostering a strong research culture and building research capacity across higher education.
• Higher Education Commission of India (HECI) will be set up as a single umbrella body for the entire higher education, excluding medical and legal education. Public and private higher education institutions will be governed by the same set of norms for regulation, accreditation and academic standards. Also, HECI will be having four independent verticals namely,
  • National Higher Education Regulatory Council (NHERC) for regulation,
  • General Education Council (GEC) for standard setting,
  • Higher Education Grants Council (HEGC) for funding,
  • National Accreditation Council (NAC) for accreditation.
• Affiliation of colleges is to be phased out in 15 years and a stage-wise mechanism to be established for granting graded autonomy to colleges.
  • Over a period of time, every college is expected to develop into either an autonomous degree-granting College, or a constituent college of a university.