Category: Miscellanea

1. TECHNOLOGY AND AI

# Italian newspaper says it has published world’s first AI-generated edition

An Italian newspaper has said it is the first in the world to publish an edition entirely produced by artificial intelligence. The initiative by Foglio, a conservative liberal daily, is part of a month-long journalistic experiment aimed at showing the impact AI technology has “on our way of working and our days”, the newspaper’s editor, Claudio Cerasa, said.

“It will be the first daily newspaper in the world on newsstands created entirely using artificial intelligence,” said Cerasa. “For everything. For the writing, the headlines, the quotes, the summaries. And, sometimes, even for the irony.” He added that journalists’ roles would be limited to “asking questions and reading the answers”.

The experiment comes as news organisations around the world grapple with how AI should be deployed. Earlier this month, the Guardian reported that BBC News was to use AI to give the public more personalised content. The front page of the first edition of Foglio AI carries a story referring to the US president, Donald Trump, describing the “paradox of Italian Trumpians” and how they rail against “cancel culture” yet either turn a blind eye, or worse, “celebrate” when “their idol in the US behaves like the despot of a banana republic”.

The front page also features a column headlined “Putin, the 10 betrayals”, with the article highlighting “20 years of broken promises, torn-up agreements and words betrayed” by Vladimir Putin, the Russian president.

The final page runs AI-generated letters from readers to the editor, with one asking whether AI will render humans “useless” in the future. “AI is a great innovation, but it doesn’t yet know how to order a coffee without getting the sugar wrong,” reads the AI-generated response.

Cerasa said Il Foglio AI reflected “a real newspaper” and was the product of “news, debate and provocations”. But it was also a testing ground to show how AI could work “in practice”, he said, while seeing what the impact would be on producing a daily newspaper with the technology and the questions “we are forced to ask ourselves, not only from a journalistic nature”.

(Source: www.theguardian.com dated 18^th March, 2025)

2 STARTUPS

# Nandan Nilekani predicts that India will have one million startups by 2035

Infosys cofounder Nandan Nilekani predicts that India will have one million startups by 2035. He said that there are 150,000 startups today growing at a compound annual growth rate of 20%. He also noted that among 2000 funded startups, 100 unicorns have been created. He outlined a strategic roadmap for India to achieve an 8% annual growth rate and become an $8 trillion economy by 2035.

He stressed that while a 6% growth rate is commendable, a focused effort is needed to elevate living standards and accelerate progress. He noted that 50% of India’s wealth is in land.

He cautioned that significant headwinds, including income disparity, regional imbalances, and low productivity, threaten to impede progress. Nilekani revealed that only 13 districts contribute to half of India’s GDP, underscoring the stark spatial disparities. He also noted the vast income gap and the challenges posed by a largely informal economy.

Nilekani emphasised the need to leverage AI to bridge the digital divide and reach a billion Indians. He advocated for the development of low-cost, population-scale AI solutions, particularly in regional languages.

Nilekani predicted that India will have one million startups by 2035, driven by a thriving entrepreneurial ecosystem. He highlighted the “binary fission” effect, where successful startups spawn new ventures, creating a ripple effect of innovation.

His key recommendations for an $8 trillion economy included AI for a billion Indians: focus on last mile consumers and MSMEs, and emphasis on health, education and agriculture. His second recommendation was to accelerate capital investments, maximise AA penetration, and land monetisation via tokenisation.

Nilekani also suggested “unshackling” entrepreneurs and MSMEs by funding entrepreneurs outside the eight metros, and enabling credit and market access for 10 million MSMEs. He also recommended “turbocharging” formalisation, via portable credentials and benefits, and suggested deregulation for ease of business.

(Source: www.economictimes.com dated 12^th March, 2025)

3. ENVIRONMENT

# ‘Unexpected’ rate of sea level rise in 2024: NASA

Sea levels rose faster than expected around the world in 2024 — the Earth’s hottest year on record, according to new findings from the United States’ NASA space agency, which attributed the rise to warming oceans and melting glaciers.

“With 2024 as the warmest year on record, Earth’s expanding oceans are following suit, reaching their highest levels in three decades,” NASA’s Nadya Vinogradova Shiffer, head of physical oceanography programmes said.

Josh Willis, a sea level researcher at NASA, said the rise in the world’s oceans last year was “higher than expected”, and while changes take place each year, what has become clear is that the “rate of rise is getting faster and faster”.

According to the NASA-led study of the information sourced via the Sentinel-6 Michael Freilich satellite, the rate of sea level rise last year was 0.59cm (0.23 inches) per year — higher than an initial expected estimate of 0.43cm (0.17 inches) per year.

Satellite recordings of ocean height started in 1993, and in the three decades up to 2023, the rate of sea level rise has more than doubled, with average sea levels around the globe rising by 10cm (3.93 inches) in total, according to NASA.

Rising sea levels are among the consequences of human-induced climate change, and oceans have risen in line with the increase in the Earth’s average surface temperature — a change which itself is caused by greenhouse gas emissions.

NASA said trends from recent years showed additional water from land due to melting ice sheets and glaciers to be the biggest contributor, accounting for two-thirds of sea level rise.

In 2024, however, the increased rise in sea levels was largely driven by the thermal expansion of water – when ocean water expands as it warms — which accounts for about two-thirds of the increase.

The UN has warned of threats to vast numbers of people living on islands or along coastlines due to rising sea levels, with low-lying coastal areas of India, Bangladesh, China and the Netherlands flagged as areas of particular concern, as well as island nations in the Pacific and Indian Oceans.

(Source: www.aljazeera.com dated 14^th March, 2025)

# Purpose defeated: Brazil cuts thousands of trees to make way for climate summit

Brazil is facing growing criticism after clearing large sections of the Amazon rainforest to build a highway for the upcoming COP30 climate summit, set to take place in Belém, a northern city in Brazil, this November.

The four-lane highway, designed to accommodate tens of thousands of delegates, including world leaders, has sparked concerns about the environmental impact in one of the world’s most biodiverse regions.

The highway project, which was proposed by the state government of Pará over a decade ago, was delayed several times due to concerns about its environmental impact. However, with the summit approaching, the project has moved forward as part of a broader plan to prepare Belém for the influx of visitors. The state is also undertaking other major infrastructure projects, such as expanding the airport, redeveloping the port for cruise ships, and constructing new hotels.

The state government defends the highway, claiming it will be sustainable. They point to features like cycle lanes and wildlife crossings designed to help animals move through the area safely. Adler Silveira, the state’s infrastructure secretary, also highlighted that the road would use solar-powered lighting, further emphasizing its environmental credentials.

Despite these claims, many locals and environmental groups are outraged. Residents like Claudio Verequete, who lives about 200 meters from the new road, argue that the construction is devastating their livelihoods. Verequete, who once made his living harvesting açaí berries, shared his frustration with the BBC, saying, “Everything was destroyed. Our harvest has already been cut down. We no longer have that income to support our family.”

Conservationists have also raised alarms, warning that the deforestation could harm wildlife and disrupt the delicate balance of the Amazon ecosystem. The region is crucial for absorbing carbon dioxide and preserving global biodiversity, and many critics argue that the destruction of the forest for a highway goes against the very purpose of hosting a climate summit in the area.

As the summit draws closer, the debate over the highway and its environmental impact is intensifying, with critics questioning whether the destruction of part of the Amazon can be justified in the name of hosting a global climate event.

(Source: www.timesofindia.com dated 13^th March, 2025)

BCAJ Admin

1. INFORMATION TECHNOLOGY

Large Language Models could ‘revolutionise the finance sector within two years’

Large Language Models (LLMs) have the potential to improve efficiency and safety in the finance sector by detecting fraud, generating financial insights and automating customer service, according to research by The Alan Turing Institute.

Because LLMs have an ability to analyse large amounts of data quickly and generate coherent text, there is growing understanding of the potential to improve services across a range of sectors including healthcare, law, education and in financial services including banking, insurance and financial planning.

This report, which is the first to explore the adoption of LLMs across the finance ecosystem, shows that people working in this area have already begun to use LLMs to support a variety of internal processes, such as the review of regulations, and are assessing its potential for supporting external activity like the delivery of advisory and trading services.

Alongside a literature survey, researchers held a workshop of 43 professionals from major high street and investment banks, regulators, insurers, payment service providers, government and legal professions.

The majority of workshop participants (52 per cent) are already using these models to enhance performance in information-oriented tasks, from the management of meeting notes to cyber security and compliance insight, while 29 per cent use them to boost critical thinking skills, and another 16 per cent employ them to break down complex tasks.

The sector is also already establishing systems to enhance productivity through rapid analysis of large amounts of text to simplify decision-making processes, risk profiling and to improve investment research and back-office operations.

When asked about the future of LLMs in the finance sector, participants felt that LLMs would be integrated into services like investment banking and venture capital strategy development within two years.

They also thought it likely that LLMs would be integrated to improve interactions between people and machines; for example, dictation and embedded AI assistants could reduce the complexity of knowledge-intensive tasks such as the review of regulations.

But participants also acknowledged that the technology poses risks which will limit its usage. Financial institutions are subject to extensive regulatory standards and obligations which limit their ability to use AI systems that they cannot explain and do not generate output predictably, consistently or without risk of error.

Based on their findings, the authors recommend that financial services professionals, regulators and policymakers collaborate across the sector to share and develop knowledge about implementing and using LLMs, particularly related to safety concerns. They also suggest that the growing interest in open-source models should be explored and could be used and maintained effectively, but that mitigating security and privacy concerns would be a high priority.

Professor Carsten Maple, lead author and Turing Fellow at The Alan Turing Institute, said: “Banks and other financial institutions have always been quick to adopt new technologies to make their operations more efficient and the emergence of LLMs is no different. By bringing together experts across the finance ecosystem, we have managed to create a common understanding of the use cases, risks, value and timeline for implementation of these technologies at scale.”

Professor Lukasz Szpruch, programme director for Finance and Economics at The Alan Turing Institute, said: “It’s really positive that the financial sector is benefiting from the emergence of large language models and their implementation into this highly regulated sector has the potential to provide best practices for other sectors. This study demonstrates the benefit of research institutes and industry working together to assess the vast opportunities as well as the practical and ethical challenges of new technologies to ensure they are implemented safely.”

(Source: artificialintelligence-news.com dated 27^th March, 2024)

2. SCIENCE

Max Planck scientists find ‘Shiva’ and ‘Shakti’, earliest building blocks of Milky Way

The Max Planck Institute for Astronomy on Thursday announced that astronomers have discovered what could be the earliest building blocks of the Milky Way, named “Shiva” and “Shakti”. These seem to be the remnants of the two galaxies that merged between 12 and 13 billion years ago with an earlier version of the Milky Way, contributing to its growth.

Astronomers from the institute named the components Shakti and Shiva and identified them after combining data from the European Space Agency’s Gaia satellite and the SDSS survey. This can be thought of like finding traces of an initial settlement that eventually grew into a metropolitan city, albeit on a cosmic scale.

The collisions and mergers of galaxies put several things in motion. Each galaxy will carry its own reservoir of hydrogen gas and when colliding, these clouds are de-stabilised and many new stars will be formed inside. Of course, both the galaxies will have their own sets of stars before they collide and these “accreted stars” will only account for some of the stellar population that forms the newly combined galaxy. The tricky part is identifying which stars came from which predecessor galaxy when the merger is done.

But basic physics provides the clues. When galaxies collide and their stars mingle, most of the stars retain some basic properties which are linked to the speed and direction of the galaxy they originally came from. Stars that were from the same predecessor galaxies share similar values of energy and what scientists call angular momentum, the momentum associated with their rotation. Both angular momentum and energy are conserved for stars moving in a galaxy’s gravitational field.

For this research, astronomers looked at Gaia data combined with stellar spectra data from the Sloan Digital Sky Survey. SDSS provided detailed information about the stars’ chemical compositions. “We observed that, for a certain range of metal-poor stars, stars were crowded around two specific combinations of energy and angular momentum,” said researcher.

For their present search, Malhan and Rix used Gaia data combined with detailed stellar spectra from the Sloan Digital Sky Survey (DR17). The latter provided detailed information about the stars’ chemical composition.

“We observed that, for a certain range of metal-poor stars, stars were crowded around two specific combinations of energy and angular momentum. Shakti and Shiva might be the first two additions to the ‘poor old heart’ of our Milky Way, initiating its growth towards a large galaxy,” said researcher Khyati Malhan, in a press statement. It was Malhan that named the two constituent galaxies Shiva and Shakti.

(Source: Indianexpress.com dated 26^th March, 2024)

3. ENVIRONMENT

Almost one-fifth of all food available to consumers ends up as waste: UNEP Food Waste Index Report 2024

Globally, 1.05 billion tonnes of food waste isgenerated (including inedible parts) which is almostone-fifth of all food available to consumers, and each person, on average, wasted 79 kg of food annually in households in the world compared to 55 kg per capita per year in India, said the United Nations Environment Programme (UNEP) Food Waste Index Report 2024 released recently.

The report that factored in the data of the year 2022 underlined that the toll of both food loss in supply chain and waste on the global economy is estimated at roughly $1 trillion.

It noted that the aggregated households’ food waste amounted to at least one billion meals of edible food worldwide every single day while 783 million people were affected by hunger and a third of humanity faced food insecurity.

The weight of the global food waste in 2022 was, incidentally, more than India’s total production of food grain, oilseeds, sugarcane and horticultural produce, put together, in 2022–23.

Out of the total food wasted globally in 2022, 60 per cent happened at the household level, 28 per cent at food services level and 12 per cent at retails. The country-wise food waste data confirms that such waste is not just a ‘rich country’ problem, with levels of household food waste differing in observed average levels for high-income, upper-middle and lower-middle-income countries by just 7 kg per capita.

At the same time, hotter countries appear to generate more food waste per capita in households, potentially due to higher consumption of fresh foods with substantial inedible parts and a lack of robust cold chains.

This is the second such report of UNEP after the first one in 2021 that factored in the food waste in the year 2019. Its comparison with the latest one, released on Wednesday, shows that the per capita per year food waste at household level globally increased from 74kg in 2019 to 79 kg in 2022. Similarly, it increased in India from 50 kg/capita/year to 55 kg/capita/year during the same period. Per capita per year food waste at household level was the highest in Maldives at 207 kg/capita/year in 2022.

“Food waste is a global tragedy. Millions will go hungry today as food is wasted across the world. Not only is this a major development issue, but the impacts of such unnecessary waste are causing substantial costs to the climate and nature,” said Inger Andersen, executive director of UNEP.

According to recent data, food loss and waste generates 8–10 per cent of annual global greenhouse gas(GHG) emissions — almost five times that of theaviation sector — and significant biodiversity loss by taking up the equivalent of almost a third of the world’s agricultural land.

Still, only 21 countries have included food loss and / or waste reduction in their national climate plans — called nationally determined contributions (NDCs) — under the Paris Agreement. Besides, only four G20 countries (Australia, Japan, UK, the USA) and the European Union have food waste estimates suitable for tracking progress to 2030.

In this context, the Food Waste Index report may serve as a practical guide for countries to consistently measure and report food waste, and also try to integrate it in their next round of NDCs in 2025 to raise their climate ambition.

Currently, many low- and middle-income countries continue to lack adequate systems for even tracking progress to meet Sustainable Development Goal (SDG) of halving food waste by 2030, particularly in retail and food services.

(Source: timesofindia.com dated 28^th March, 2024)

BCAJ Admin

1. Spiritual

1.      
When You Are Aware, Life Is a
Movement of Joy

Someone met me recently and said, “I find it
difficult to listen to my spouse; he speaks so much, most of the time, I don’t
understand what he is saying.” I told her, “Listening to your spouse is like
reading the terms and conditions of a freeware you want to download from the
internet. It is long, and you don’t understand much, but still you click on
agree.” In the same way, to build a rapport with your spouse, just agree, and
when he calms down, try to discuss. Next time, when you find your spouse giving
a long lecture, and you need to convince him, do not be in a hurry. Wait for an
opportunity to explain your point of view.

We should learn the art of handling
difficulties gracefully. There is no one way. We have to be alert and let the
purity of alertness and goodness to guide you in handling difficult situations.
Our past knowledge is trapping us often. At the same time, we have to transform
gracefully. Our past should be a point of reference for increased awareness,
rather than a block.

Our past knowledge, conclusions, opinions,
hurts; they influence our listening and thinking. Our unconscious is leading
our life mechanically. When we are alert, we become conscious of our
unconscious and that enables us to lead a better life instead of bitter life.

Are you conscious of the fact that one is
unconscious to oneself? You say this is mine or that is mine. But, if you are
alert and conscious, you will realise that all that you have said as ‘mine’ is
not yours. You are riding a dream.

What you think is mine is not in the true
sense yours. You are using them for your need in a remarkably subtle sense. You
say your son is yours, for you have a dream that he will do this and that to
you. But, your son also has a dream and he feels this or that will make him
complete. So, one is using the other for fulfilling one’s dream, and in that
sense wants others to serve him.

All things and persons can be snatched away
from you, and what is capable of being snatched away is not yours. What cannot
be snatched away from you is your consciousness. Your body is given to you by
your parents. Your knowledge is given to you by books and other sources. These
can be snatched away from you.

Only our consciousness is intrinsically
ours, and in the true sense, we are not unaware what this consciousness is. We
are unconscious of our consciousness. When we are dependent on the things that
can be snatched away, and when it is snatched away by time, we feel cheated and
betrayed. It is our error in understanding.

If one understands that all things are
capable of being snatched one will not depend on it emotionally. Hence emotions
will have clarity and is free. You will be a giver of life, and not a beggar of
life. You will put your energy in understanding yourself, and when you
understand yourself as conscious, you will realise this consciousness, which is
your nature, is fullness and completeness. With fullness when you live life,
your life will be a movement of joy and not wanting joy.

(Source: Times of India dt 14.03.2017)

2. 
Social

2.      
Hawking won the world’s respect
– and gave disabled people like me hope – Frances Ryan

Growing up disabled, I had few role models.
But this brilliant, witty scientist helped shift the negative stereotypes many
face. As with most of the famous figures whose passing now hits us via a news
alert on our phones, I never met Stephen Hawking. In the vastness of the entire
universe, you could say I was one speck and he was another. And yet I thought
of him as a continual presence in my life, who – perhaps paradoxically, in the
light of his illness, not to mention of his work on time – would always be
there, somehow.

Growing up disabled in Britain, I didn’t
have many role models. There are hardly any statues of disabled leaders, no
great lives with chronic disability documented in the history books. As a
child, it’s easy to believe that disabled people have never really existed, and
that when they did, it was as cripples to be pitied or burdens on society. In
Hawking, we had a figure – brilliant, witty, kind – who confounded the negative stereotypes and the low expectations
so often forced on those of us with a disability.

He wasn’t without faults (accusations of
sexism were notable). He was also afforded opportunities – from wealth to
healthcare to being non-disabled throughout school – that clearly enabled his
success, opportunities too few young disabled people, facing cuts to multiple
strands of support, enjoy today. But his groundbreaking research, as well as
tireless commitment to the NHS and concern over Brexit, established him as
someone who, though physically stripped of his voice, should be listened to.

In the rush to eulogise a figure such as
Hawking the risk is that the media coverage either fails to acknowledge his
disability – and to ignore him being a disabled person is as regressive as a
white person saying they “don’t see colour” – or falls into condescending
cliches and objectification. Within hours of the news of his death breaking, I
saw headlines that reflected the (often well-intentioned) negative attitudes
that so often plague discussions of disabled people: ones of “inspiration”,
“overcoming disability” and references to “tragedy”. BBC Radio 5 Live asked
listeners if Hawking had “inspired” them – a question unlikely to be posed
about non-disabled academics. The Daily Mail referred to his “total disability”
while at the other end of the spectrum, John Humphrys used Radio 4’s tribute
segment to ask: “Did the science community cut him a lot of slack because he
was so desperately disabled?”

Even the Guardian’s obituary mentioned how
“despite his terrible physical circumstance, he almost always remained positive
about life”, as if it was a surprise that a world-renowned scientist with a
loving family could ever find happiness. Cartoonists illustrated him in heaven
– a place Hawking did not believe existed – standing up, as if finally free
from his wheelchair (an invention, much like his voice synthesiser, that
actually empowered him to engage with society). Even sentiments such as “He
didn’t let his disability define him” – as Marsha de Cordova, shadow
disabilities minister (and herself disabled) tweeted – verge on repeating the
ingrained belief that disability is an inherently negative thing: a part of
identity that, unlike race or sexuality, should be played down.

This is not to say that Hawking’s disability
didn’t help shape him. The thought that he had a sharply limited life
expectancy – it was originally believed he would die within two years of his
motor neurone disease diagnosis – by all accounts inspired Hawking to enjoy the
present, and spurred on his hunger for scientific discovery. But to reduce a
world-famous academic’s existence to one of tragedy and pluck respects neither
the reality of a disabled life nor the love, success, humour and fulfilment
that clearly marked Hawking’s. It is reminiscent of the countless “inspirational”
memes and posters that throughout his life featured Hawking’s image – often
using his body as inspiration for non-disabled people (“If he can succeed, so
can you!”) or criticising “lesser” disabled people (“The only disability is a
bad attitude”). Hawking, like all of us, deserves more than lazy, ableist
tropes.

Amid all the tributes to Hawking’s
contribution to scientific discovery, I would like to remember what he
contributed – perhaps unknowingly – to many disabled people: a sense of pride,
encouragement and hope. This was a genius who gained the world’s respect from
his wheelchair. Hawking’s achievements alone will not have begun to overturn
deep-seated prejudice, but he has played a significant part in shifting the
misconceptions that still routinely mark too many disabled people’s lives.
Hawking’s lesser-known lesson is one I hope others growing up disabled will be
left with: we can all reach for the stars.

(Source: www.theguardian.com)

3. World News

3.      
Plastic particles found in
bottled water

Tests on major brands of bottled water have
found that nearly all of them contained tiny particles of plastic. In the
largest investigation of its kind, 250 bottles bought in nine different
countries were examined. Research led by journalism organisation Orb Media
discovered an average of 10 plastic particles per litre, each larger than the
width of a human hair.

Companies whose brands were tested told the
BBC that their bottling plants were operated to the highest standards. The
tests were conducted at the State University of New York in Fredonia.

Commenting on the results, Prof Mason said:
“It’s not catastrophic, the numbers that we’re seeing, but it is
concerning.” Currently, there is no evidence that ingesting very small
pieces of plastic (microplastics) can cause harm, but understanding the
potential implications is an active area of science.

(Source: bbc.com)

4.      
A cheap Chinese TV threatens to
topple LG, Samsung & Sony’s India apple cart

Can Xiaomi replicate its smartphone success
in televisions? Its entry into the segment with TVs priced at as much as half
that of the top three —LG, Samsung and Sony — has taken the market by surprise
over the past few weeks. The leaders don’t yet have a strategy to counter the
Chinese company’s disruptive pricing, four senior industry executives said,
asking not to be named.

“While it’s a wait-and-watch scenario right
now, we have been asked to keep our ears to the ground to closely track
Xiaomi,” said a senior executive with one of the largest television makers.
“The scope to react right now is also limited for they are selling models at
almost throwaway prices which, if we have to match, it will completely disrupt
the pricing strategy.”

In less than a month of its foray into
televisions, Xiaomi has launched 32-inch, 43-inch and 55-inch models — sizes
that together account for 80% of the total television market by volume.

Its 32-inch set is sold at Rs.13,999
compared with a starting price of Rs. 24,000 for a similar specification model
from one of the three top brands. The 43-inch set is priced at Rs. 22,999
compared with Rs. 36,000-plus for a rival model while in the 53-inch segment,
Xiaomi’s model is tagged at Rs. 39,999, about half that of one from the top
three. The executives cited above said the top three brands are hoping that the
Chinese company won’t be as successful in TVs as the business calls for sales
and servicing strategies that differ from those for handsets.

(Source: gadgetsnow.com)

5.      
Wipro chairman unveils 3D metal
printing facility in Bengaluru

Global software major Wipro’s three
dimensional (3D) metal printing facility was unveiled by its Chairman Azim
Premji in this tech hub on 14 March. “The 12,000 sq.ft. centre has various
capabilities that include building up technology, post-processing, research,
characterisation and validation facilities,” said the city-based IT major
in a statement here. The company, however, did not disclose the cost of this
high-tech facility.

The software major’s 3D printing business
unit, Wipro3D, has been providing services to aerospace, space, industrial,
automotive, healthcare, oil and gas and heavy engineering sectors in the
country. Wipro3D was set up in 2012 here under the Wipro Infrastructure
Engineering, a hydraulic cylinder manufacturing unit of the software major. The
company soon plans to take its 3D printing services across the world, said the
statement, although no details were specified of its expansion plans.

(Source: firstpost.com)  

BCAJ Admin

1.  Economy

1.   1.   
Startups cheer as rule changes ease path for receiving new investments

CBDT clarifies relief like an increase in the limit
to Rs 25 crore and raising of benefit period to 10 years will be available from
February 19.

Indian startups are cheering the bonanza of the
proposed implementation of the recent changes to the ‘angel tax’ from February
19. The Department for Promotion of Industry and Internal Trade (DPIIT) has
announced new norms including a change in the definition of startups to help
budding entrepreneurs to benefit from the full range of the angel tax
concession, media reports say.

The new norms that the Central Board of Direct
Taxation (CBDT) has issued raise the limit of investments that can benefit from
angel tax norms to Rs 25 crore. The angel tax is the income tax payable on
capital unlisted companies raise through the issue of shares where the share
price is in excess of the fair market value of the shares sold. The excess
realisation is treated as income and taxed accordingly. The angel tax was first
introduced in the 2012 Union Budget by then finance minister Pranab Mukherjee
to tackle money laundering. The tax has come to be called angel tax because it
mostly affects angel investments in startups.

The CBDT will implement the detailed framework the
DPIIT has formulated for which it recently issued a new clarification,
according to a report in The Economic Times. The CBDT has said section 56
(2)(viib) of the Income Tax Act prescribing the angel tax will not apply to
consideration in excess of the fair value of shares issued to an investor if
the funds had been received in accordance with the DPIIT’s conditions. In the
past, the amount a startup raises by the issue of shares in excess of the fair
market value was being deemed as income from other sources liable to be taxed
at 30 per cent, deterring angel investors.

The new provisions have also raised the investment
limit for a startup to seek exemption under the section to Rs 25 crore from Rs
10 crore. The startups would also be able to avail themselves of the tax
benefits for up to 10 years as against seven years earlier, according to
reports. The only condition is that the startup will have to submit a
self-declaration about the use of the raised amount to the DPIIT, which will be
forwarded to the CBDT.

“……this was a procedural notification which the
CBDT was required to issue to put in place the mechanism for claiming benefit
given to startups by the earlier DPIIT notification. Startups are elated the
notification came at a time when many said they had received notices under
Section 56(2)(viib), adversely affecting their businesses. The CBDT has
reportedly directed the field staff to clear the proceedings if the tax demands
have been raised.

(Source: International Business Times – By
Prathapan Bhaskaran, 8 March 2019)

2.    2.  
Government completely bans import of solid plastic waste to fight pollution

It is to be noted that China had banned such
imports a few years ago, in the meanwhile India became one of the largest
importers of plastic waste.

The central government has now completely banned
the imports of solid plastic waste/scrap into the country. The decision has
been taken to fight the ever-growing plastic waste in India. As per the
official data, the country generates 25,940 tonnes of plastic waste daily. In
the past, such imports were partially banned as only the special economic zones
(SEZ) were allowed to import such solid wastes. Additionally, the government
had also allowed the imports of plastic waste/scrap by export-oriented units
(EOUs) which used to procure it from abroad as post-recycling resources.

Quoting one of the environment ministry officials,
national daily, the Times of India reported that keeping up with India’s
commitment to completely phase out single-use plastic by 2022, the government
has now entirely banned the imports of solid plastic waste. He added, “The
country has now completely prohibited the import of solid plastic waste by
amending the Hazardous Waste (Management & Trans-boundary Movement) Rules
on March 1.” He further said that the rules were changed because of the huge
mismatch between waste generation and recycling capacity in the country.

It is to be noted that China had banned such
imports a few years ago. Meanwhile, India became one of the largest importers
of plastic waste. In India, many companies were misusing the partial ban on the
pretext of being in an SEZ. The country lacks the adequate capacity to recycle
plastic waste and it is because of this reason a huge amount of such wastes
remains uncontrolled. This eventually causes heavy damages to soil and water
bodies. A study conducted by the Central Pollution Control Board (CPCB) shows
that out of 25,940 tonnes of plastic waste per day around 10,376 tonnes remains
uncollected. The figures are astonishingly high as it is almost 40 per cent of
the total waste generated.

The ministry has made changes in the existing
rules, now white category (practically non-polluting or very less polluting) of
industries will dump their hazardous wastes generated to authorised users,
waste collectors or disposal facilities. Since its inception in 1950, global
plastic production has increased exponentially, from 2 million tonnes to 380
million tonnes in 2015. Its sheer convenience — lightweight and durability –
has made this man-made material present in every sphere of human existence. In
the last 70 years, 8.3 billion tonnes of plastic have been produced.

(Source: International Business Times – By Ashesh
Shukla, 7 March 2019)

3.    3.  
Cross-border insolvency law changes to boost ease of doing business in India

A separate section in the Insolvency and Bankruptcy
Code (IBC) modelled after international best practices will help partners in
foreign tie-ups.

A proposal by the Narendra Modi government to tweak
the bankruptcy law to tackle cross-border insolvency is expected to boost the
country’s ease of doing a business ranking, media reports say. India made huge
strides in the World Bank’s Ease of Doing Business ranking to reach 77^th
spot among 190 countries in 2018 from 100 in 2017.

The government proposes to bring about the changes
through an ordinance amending the Insolvency and Bankruptcy Code (IBC) and
adding a chapter on cross-border insolvency, a report said. The amended law is
aimed at giving comfort to foreign investors in India and vice-versa. The new
law will reduce the time for exchanging information with another country,
encouraging foreign investors and multi-lateral agencies such as the World
Bank.

A panel headed by Corporate Affairs Secretary
Injeti Srinivas recommended using the model law formulated by the United
Nations Commission on International Trade Law, known as the UNCITRAL model,
which has been accepted by 44 nations including some from where India’s major
investments originate like the US, the UK and Singapore. A cabinet nod for the
new law is soon expected, according to a report in Business Standard.

In view of the general election 2019 in a couple of
months, only the next government may introduce a bill in parliament. Such
cross-border insolvency provisions empower foreign creditors to get back money
lent to Indian corporate entities. The reciprocity of the law makes it easier
for Indian companies to claim their dues from foreign companies. The
cross-border insolvency provisions in sections 234 and 235 of the IBC have not
yet been notified and cannot be enforced. The amended law will replace the
provisions and make the Indian law up to international best practices.

The government is aware of the limitations of any
law handling cross-border insolvency because in the case of some foreign
governments bilateral treaties are required for effective execution, an
unidentified official in the Ministry of Corporate Affairs told the newspaper.

Such treaties take a long time finalising as each
one is different and all through the protracted negotiations, foreign investors
will be uncertain of the provisions. The ambiguity will also affect Indian
courts and the National Company Law Tribunal (NCLT), which have to handle each
case separately.

The compulsion for an altogether separate section
for handling insolvency of cross-border investors is to make the law more
comprehensive based on a global model so to encourage its global acceptance.
The new law will revolutionise the key aspects of cross-border insolvency
litigation. The law will give direct access to foreign insolvency professionals
and foreign creditors to participate in or commence domestic insolvency
proceedings against a defaulting debtor. Under the law, foreign proceedings and
remedies will find acceptance in Indian courts. It will enable cooperation
between domestic and foreign courts and domestic and foreign insolvency practitioners
as also coordination between two or more concurrent insolvency proceedings in
different countries, according to sources.

(Source: International Business Times – By
Prathapan Bhaskaran, 5 March 2019)

2.  Science

4.    4.  
New study finds evidence of extraterrestrial life on Mars; could revolutionise
future space missions

The discovery of alien life on Mars is expected to
revolutionise future Mars missions and planetary colonisation projects.

Conspiracy theorists including popular
extraterrestrial researcher Scott C Waring have been long alleging that alien
life might be thriving or might have thrived on Mars. Adding heat to these long
spanning claims, a new study published in the Journal of Astrobiology and Space
Science has suggested the possible presence of alien life forms on the Red
Planet.

As per the new study report, NASA’s Curiosity Rover
has snapped images of fungi and algae on Mars. Even though NASA has not
admitted or denied the conclusions made in the study, several space experts
strongly believe that this research report is indisputable proof of alien
presence on Mars.

It should be noted that the potential alien life
which has been now spotted on Mars are not evolved, but rather simple living
beings like fungi and algae.

As per Dr Regina Dass of the Department of
Microbiology, School of Life Sciences, India, the lead author of the study,
Curiosity Rover has sent at least 15 images that show fungi and algae growing
on the Martian surface.

“There are no geological or other abiogenic
forces on Earth which can produce sedimentary structures, by the hundreds,
which have mushroom shapes, stems, stalks, and shed what looks like spores on
the surrounding surface. In fact, fifteen specimens were photographed by NASA
growing out of the ground in just three days,” said Dass, Express.co.uk
reports.

Dr Vincenzo Rizzo, a
National Research Council biogeologist revealed that the seasonal fluctuations
of methane in the Martian atmosphere can be connected with natural life-and-death
cycles of organic matter on earth.