CII Current Affairs - 2020

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CII sets up COVID-19 Rehabilitation and Relief Fund

The Confederation of Indian Industries has set up funds to assist rehabilitation of micro, small and medium enterprises. The fund is to be raised from the members of the confederation.

Highlights

The MSMEs are the most affected sectors due to the outbreak of Corona Virus. This is mainly because of the steps taken to contain the virus like Lock Down, travel bans, closure of theatres, malls and educational institutions.

The GoI has launched several measures to help MSME sustain in the scenario of Lock Down.

GoI Measures

The GoI has allowed late repayment of loans by the MSMEs. The Government will suspend Section 7, Section 9 and Section 10 of the IBC code for six months if the situation is to continue till April 30, 2020.

Section 7

Under Section 7 of the Insolvency Bankruptcy Code, the creditor or the Government may file an application to initiate insolvency procedure.

Section 9

Corporate Insolvencies are initiated under this section

Section 10

The section gives powers to defaulting company to approach an adjudicating authority to declare it insolvent.

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What is Greenco Rating System followed in India?

On March 19, 2020, the Ministry of Railways presented the details of Greenco System in the country in Lok Sabha. As on 2018, 42 Railway Production units have implemented Greenco Rating.

What is GreenCo?

The assessment of major workshops and production units in various industries based on their ecological sustainability. The assessment helps the comapnies in resource conservation and reduction. It also helps to track the environmental impact caused by the infrastructural projects undertaken

Greenco Certification

The Greenco Certification or rating is provided by the Confederation of Indian Industry (CII). The factors considered while providing the certification is greenhouse gas mitigation; zero waste; recycling and material conservation; world class energy efficiency and toxicity reduction.

The CII is to conduct Greenco Summit in June 16, 17 and 18, 2020. The summit will discuss green concepts and technologies. It will also aim at promoting sustainable models.

INDC of UNFCCC

The Greenco rating was acknowledged in the INDC (Intended Nationally Determined Contributions) submitted by India to United Nations Framework Convention on Climate Change (UNFCCC) in 2015.

The INDC are the commitments made by the countries on climate actions to be taken after 2020.

India’s major INDCs
  • To reduce emissions by 33% to 35% by 2030 as compared to 2005
  • To create carbon sink of 3 billion tonnes of Carbon Dioxide. A carbon sink is a natural reservoir that absorbs carbon and lowers concentration of carbon dioxide. It mainly includes vegetation and ocean.

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