4 December 2025 Current Affairs (With PDF)

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Parliamentary Panel Flags Systemic Challenges in the Insolvency and Bankruptcy Code (IBC)

The Standing Committee on Finance, in its 28th Report, has raised concerns about the persistently low recovery rates under the Insolvency and Bankruptcy Code (IBC) when measured against total admitted claims.

Successes and Positive Behavioural Shifts under IBC

1. Post-Resolution Revival

• Companies resolved under IBC show strong recovery trends.
• Average sales increased by 76% within three years of resolution.
• Total assets expanded by ~50%, indicating significant operational rejuvenation.

2. Strengthened Credit Discipline

• Average days for which loan accounts remained overdue fell sharply from 248–344 days to 30–87 days.
• Demonstrates improved borrower behaviour and creditor confidence.

3. Pre-Admission Debt Settlements

• The deterrence effect of IBC has encouraged borrowers to settle dues before cases are admitted, reducing litigation load.

Core Challenges Hindering IBC’s Effectiveness

1. Time Overruns

• Delays due to vacant positions in NCLT/NCLAT.
• Procedural ambiguities before adjudicating authorities prolong resolution timelines.

2. Low Realization & High Haircuts

• Companies typically enter IBC late into financial distress, causing asset value erosion.
• Issues of transparency, accountability, and valuation inconsistencies contribute to deep haircuts.

3. Jurisdictional Conflicts

• Overlaps between IBC and PMLA (2002) create legal uncertainty.
• Frequent recourse to High Courts under Articles 226/227 for stays and injunctions disrupt the resolution process.

Key Recommendations of the Committee

1. Strengthen Institutional Capacity

• Create additional NCLT benches at the earliest.
• Notify dedicated “Adjudicating Authority Rules” for streamlined functioning.

2. Streamline Processes

• Fast-track the Integrated Technology Platform (iPIE) to act as a single source of truth for IBC data.
• Introduce upfront threshold deposits for unsuccessful resolution applicants to curb frivolous litigation.

3. Improve Value Realization

• Shift valuation norms from liquidation value to enterprise value.
• Encourage global investor outreach and deploy transparent e-auction platforms to boost competition.

Supreme Court: Illegal Immigrants Have No Legal Rights in India

The Supreme Court, while hearing a habeas corpus petition regarding the alleged disappearance of certain Rohingya detainees, held that illegal immigrants cannot claim legal rights in India, beyond minimal humanitarian considerations.

Key Observations of the Supreme Court

1. On the Legal Status of Rohingyas

• The Court questioned the classification of Rohingyas as “refugees” without an official declaration by the Government of India.
• Since their entry into India is illegal, they cannot claim legal rights available to citizens or lawfully admitted foreigners.

2. On Obligations Toward Illegal Entrants

• Authorities must maintain basic humanitarian treatment, but illegal migrants cannot demand legal entitlements, protections, or State benefits.

3. On National Priorities and Security

• The Court stressed that the State must prioritize the welfare of its citizens.
• It highlighted security sensitivities, particularly in the Northeast, where illegal infiltration poses strategic and demographic challenges.

Legal Framework Relating to Refugees in India

1. International Law

• 1951 UN Refugee Convention & 1967 Protocol: Define refugee rights and protections.
• India is not a signatory, but follows certain international norms.

2. Customary International Law

• India adheres to Non-Refoulement (no forced return to persecution) as a customary norm, not treaty obligation.

3. Domestic Legal Regime

• Refugees and undocumented migrants are governed primarily by: Foreigners Act 1946, Registration of Foreigners Act 1939, Passports Act 1967, Citizenship Act 1955
• India has no dedicated refugee law; instead, it follows a case-by-case administrative approach.

4. Ad-Hoc Mechanism

• MHA: Handles Tibetan and Sri Lankan Tamil refugees.
• UNHCR: Manages other groups such as Rohingyas, Afghans, Myanmarese, and African nationals, with Government approval.

5. Communities Granted Refugee Status in India

• Tibetan Refugees
• Sri Lankan Tamil Refugees
• Chakma and Hajong Refugees
• Other selected groups based on humanitarian or strategic considerations

Parliamentary Panel Flags Adverse Impact of Rising Medicine Prices on Common Citizens

The Standing Committee on Chemicals and Fertilisers has raised serious concerns over excessive profiteering in the pharmaceutical supply chain, delays in long-pending reforms, and the absence of effective regulatory mechanisms to ensure affordable access to essential medicines.

Key Findings of the Committee

1. Excessive Profit Margins

• Many commonly used medicines carry markups ranging from 500% to 1800%, making essential treatments unaffordable for large sections of the population.

2. Limited Scope of Price Control

• Only medicines listed under the National List of Essential Medicines (NLEM) are subject to statutory price control.
• Non-scheduled medicines (outside NLEM) lack regulation at the initial pricing stage, allowing companies to set exceptionally high MRPs.

3. Lack of Pricing Transparency

• Neither the Government nor NPPA has access to critical cost data such as Price to Stockist (PTS).
• This opacity makes it difficult to determine actual production costs or monitor profit layers.

4. Delay in Trade Margin Rationalisation (TMR)

• Pilot TMR schemes—especially in cancer medicines—successfully reduced prices.
• Despite this, TMR has not been institutionalised as a permanent policy instrument.

Key Recommendations of the Panel

1. Institutionalise Trade Margin Rationalisation

• Make TMR a legal, enforceable mechanism, preventing excessive markups across the supply chain (manufacturer → stockist → retailer → patient).

2. Regulate Non-Scheduled Drug Prices

• Establish a framework to prevent arbitrary price inflation of commonly used medicines that fall outside NLEM coverage.

3. Monitoring and Reducing Stent Prices

• Ensure that cardiac stents are never sold above NPPA-fixed prices.
• Explore further cost reductions to improve affordability.

4. Transparency in Cancer Drug Pricing

• Develop a system to gather real-time price and supply-chain data from manufacturers, hospitals, and e-pharmacies.
• Regulate online platforms to curb counterfeit products and ensure fair pricing.

Drug Regulatory and Institutional Architecture in India

1. Department of Pharmaceuticals (DoP)

• Part of the Ministry of Chemicals and Fertilizers; oversees pharmaceutical policy and pricing.

2. National Pharmaceutical Pricing Authority (NPPA)

• An independent regulator under DoP.
• Implements and enforces the Drugs (Prices Control) Order—DPCO.

3. Drugs (Prices Control) Order (DPCO), 2013

• Empowers NPPA to regulate and fix ceiling prices of medicines included in NLEM.

4. National Pharmaceutical Pricing Policy (NPPP), 2012

• Aims to ensure the availability of essential medicines at reasonable prices through a balanced approach to industry viability and public interest.

FAO Releases “State of the World’s Land and Water Resources for Food and Agriculture (SOLAW) 2025”

Why in News

The Food and Agriculture Organization (FAO) has released the SOLAW 2025 report, published biennially, highlighting the critical pressures on global land and water systems and the potential for sustainable agricultural transformation.

About SOLAW 2025

• It is FAO’s flagship assessment on the condition and management of land, soil, and water resources.
• The 2025 edition focuses on the hidden, underutilised, and regenerative potential of these resources for sustainable food systems, climate resilience, and ecosystem preservation.

Key Highlights of the Report

1. Growing Pressures on Land & Water

By 2050, agriculture must produce

• 50% more food, feed, and fibre compared to 2012 levels.
• 25% more freshwater, despite severe resource constraints.

Expanding cultivation areas is no longer feasible, stressing the need for sustainable intensification.

2. Land Degradation & Water Stress

• Over 60% of human-induced land degradation occurs on agricultural lands.
• Agriculture is responsible for more than 70% of global freshwater withdrawals.
• Unsustainable farming practices—excessive chemical inputs, monocropping, and intensive tillage—are accelerating soil pollution and resource depletion.

Potential Pathways for Sustainable Agricultural Production

1. Enhancing Land Productivity

• Bridging yield gaps through improved agronomy.
• Expanding climate-resilient and region-specific crop varieties.
• Scaling sustainable soil and land management practices.

2. Boosting Rainfed Agriculture

• Adoption of Conservation agriculture, Soil moisture retention techniques, Crop diversification, Drought-resilient farming.
• Example: In Gorakhpur, India, the application of effective microorganism management significantly enhanced farm incomes.

3. Promoting Integrated Farming Systems

• Agroforestry for carbon sequestration and diversified income.
• Rotational grazing and forage improvement for healthier pastures.
• Rice–fish farming, which improves nutrient recycling and water-use efficiency.

4. Strengthening Institutional & Community Capacity

• Deployment of modern extension systems, farmer-centric knowledge sharing, and participatory learning.
• FAO’s Farmer Field Schools (FFS) as a key tool for building local capacity.
• Example: In Andhra Pradesh, the FFS model supports the Community Managed Natural Farming initiative, enhancing ecosystem regeneration and rural livelihoods.

Bioremediation as a Sustainable Tool for Environmental Restoration

Why in News

Bioremediation is increasingly being recognised as a cost-effective and environmentally sustainable solution to India’s growing pollution challenges, especially in soil, water, and industrial waste management.

What is Bioremediation?

Bioremediation refers to the use of biological agents—plants, microbes, fungi, or animals—to degrade, detoxify, or transform pollutants such as: Oil and petroleum hydrocarbons, Pesticides and industrial chemicals, Plastics and sewage, Heavy metals

Modes of Bioremediation

• Phytoremediation: Using plants
• Biostimulation / Microbial remediation: Using microbes
• Mycoremediation: Using fungi
• Biomanipulation: Using animals (e.g., fish in aquatic systems)

Types of Bioremediation

1. In Situ Bioremediation: Treatment carried out at the contamination site.

Example: Oilzapper (oil-degrading bacteria) sprayed on oil spills in India.

2. Ex Situ Bioremediation: Contaminated material is excavated or pumped out and treated externally.

Methods include: Biopiles, Bioreactors, Composting, Slurry-phase treatment

Significance of Bioremediation

1. Cost-effective and Low-Energy

Conventional clean-up processes (chemical/thermal methods) are expensive and resource-intensive. Bioremediation provides an environmentally friendly, low-cost alternative.

2. Ecosystem-friendly Restoration

Biological processes are less invasive and enhance natural ecological recovery, protecting already stressed ecosystems.

3. Utilises India’s Microbial Diversity

India’s rich microbial ecosystems offer numerous indigenous strains suited to local degradation needs, making solutions scalable and locally optimised.

Challenges in Large-scale Adoption

1. Ecological Risks:

• Uncontrolled use—especially of genetically modified microorganisms—may create ecological imbalances or unintended spread.

2. Slow Remediation Rate:

• Bioremediation often takes longer than mechanical or chemical methods.
• Political/industrial pressure for quick results slows adoption.

3. Regulatory Gaps:

• India lacks Standardised national protocols, Regulation for microbial products, Clear operational guidelines
• This discourages industrial-scale deployment.

India’s Efforts

1. Clean Technology Programme (DBT):

• Supports R&D in bioremediation technologies and sustainable waste management.

2. Research Collaborations:

• Institutions like CSIR–NEERI, IITs, and universities are:
• Developing microbial consortia
• Innovating materials for oil spill recovery
• Advancing soil and water detoxification systems

3. TERI’s Fermentation Technology Research Centre:

• A state-of-the-art facility enabling large-scale microbial fermentation, supporting the production of microbial products used widely in bioremediation projects.

Domestic Systemically Important Banks (D-SIBs)

Why in News

The Reserve Bank of India (RBI) has released its 2025 list of Domestic Systemically Important Banks, identifying the State Bank of India (SBI), HDFC Bank, and ICICI Bank as institutions critical to India’s financial stability.

About Domestic Systemically Important Banks (D-SIBs)

1. What are D-SIBs?

• D-SIBs are banks whose failure could trigger a significant disruption in the financial system and the broader economy.
• Referred to as “too big to fail”, these banks require stronger safeguards due to their size, market share, and interconnectedness within the financial ecosystem.

2. Identification Criteria

D-SIBs are designated by the Reserve Bank of India (RBI).
Assessment is based on parameters such as:

• Size of the bank
• Interconnectedness with other financial entities
• Complexity of operations
• Substitutability (how easily its services can be replaced)

3. Regulatory Requirements

• Additional Capital Buffer:
• Must maintain higher Common Equity Tier-1 (CET1) capital than regular banks.
• Bucket Classification:
• Each identified D-SIB is placed into specific risk buckets, depending on the degree of systemic importance.
• Higher bucket = higher additional CET1 requirement.

Significance

• Enhances the resilience of key banks.
• Strengthens financial system stability.
• Supports crisis preparedness and protects depositors and the wider economy.

Navratna Status Granted to Numaligarh Refinery Limited (NRL)

Why in News

Numaligarh Refinery Limited (NRL), a key energy sector enterprise, has been upgraded to Navratna status, enhancing its operational and financial autonomy.

About Numaligarh Refinery Limited (NRL)

• Established in 1993 as a Central Public Sector Enterprise (CPSE).
• Functions under the Union Ministry of Petroleum and Natural Gas.
• Plays a strategic role in refining and petrochemical operations in Northeast India.

Ratna Classification of CPSEs

• Central Public Sector Enterprises are categorized as: Miniratna Category I & II, Navratna, Maharatna
• The classification is based on financial strength, operational performance, and strategic importance.

Eligibility Criteria for Navratna Status

A CPSE must meet the following conditions:

1. Existing Miniratna Category I Status:

• The enterprise must already hold Miniratna-I classification.

2. Strong MoU Performance:

• It should secure ‘Excellent’ or ‘Very Good’ ratings in at least three out of the last five years in its Memorandum of Understanding (MoU) with the government.

3. Minimum Composite Score Requirement:

• Must achieve a composite score of 60 or above based on selected performance metrics such as:
• Net profit to net worth
• Earnings per share
• Profit before interest and taxes (PBIT) to turnover
• Other efficiency and profitability indicators

Biological Weapons Convention (BWC)

Why in News

At the 50th anniversary commemoration of the Biological Weapons Convention (BWC), India urged the global community to enhance biosecurity governance, strengthen compliance mechanisms, and promote peaceful uses of biological sciences.

About the Biological Weapons Convention (BWC)

1. Overview

• The BWC prohibits the development, production, acquisition, transfer, stockpiling, and use of biological and toxin weapons.
• These weapons are designed to spread disease-causing microorganisms or toxins to harm or kill humans, animals, or plants.

2. Historical Significance

• It is the first multilateral, legally binding disarmament treaty that eliminates an entire category of Weapons of Mass Destruction (WMD).
• Opened for signature: 1972
• Entered into force: 1975

3. Membership

• The Convention has 189 State Parties, including India.
• Represents nearly universal acceptance of norms against biological warfare.

4. Administration

• The BWC is overseen by the United Nations Office for Disarmament Affairs (UNODA).
• Secretariat and implementation support are based in Geneva, Switzerland.

Reserve Bank – Integrated Ombudsman Scheme (RB-IOS), 2021

Why in News

The Reserve Bank of India (RBI) reported that credit cards accounted for the highest number of customer complaints under the RB-IOS framework during FY 2025, highlighting growing consumer concerns in digital and retail banking services.

About the RB-IOS, 2021

1. Objective

• To ensure a fast, transparent, and affordable mechanism for resolving customer grievances against entities regulated by RBI.
• Strengthens consumer protection by providing a uniform, simplified, and easily accessible complaint redressal system.

2. Coverage

• Commercial Banks
• Regional Rural Banks (RRBs)
• Non-Banking Financial Companies (NBFCs)
• Credit Information Companies (CICs)
• Other RBI-regulated entities offering financial services.

Key Features

1. Unified Framework

Consolidates three previous schemes into a single system:

• Banking Ombudsman Scheme, 2006
• NBFC Ombudsman Scheme, 2018
• Ombudsman Scheme for Digital Transactions, 2019

Promotes a "One Nation, One Ombudsman" architecture for consistent grievance handling.

2. Compensation Powers

Ombudsman can direct regulated entities to:

• Pay up to ₹20 lakh as compensation for financial loss.
• Award additional ₹1 lakh for time, effort, mental distress, or harassment faced by the complainant.

Alaknanda Galaxy Discovery

Why in News

Indian astronomers have identified a massive spiral galaxy, named Alaknanda, through observations made using NASA’s James Webb Space Telescope (JWST). The finding adds to India's growing contribution to global astronomical research.

About the Alaknanda Galaxy

• Recently detected by Indian researchers using JWST’s advanced infrared imaging capabilities.
• Exhibits two prominent spiral arms encircling a dense and luminous central bulge.
• Estimated to span nearly 30,000 light-years, categorizing it as a large spiral system.

About Spiral Galaxies

1. Structural Characteristics

• Often compared to rotating pinwheels, with broad, flat, disk-like formations of stars.
• Feature a central bulge made of tightly packed, older stars.
• Spiral arms contain young stars, gas clouds, and active star-forming regions.

2. Halo Components

Encircled by extended halos composed of: Old stellar populations, Globular clusters, Dark matter, which does not emit or reflect light but exerts gravitational influence.

Hornbill Festival, Nagaland

Why in News

Nagaland has commenced its 10-day Hornbill Festival, the state’s flagship cultural event, aimed at promoting tribal heritage, inter-community interaction, and tourism.

About the Hornbill Festival

• Named after the hornbill, a bird of cultural and spiritual significance in Naga folklore.
• Location: Naga Heritage Village, Kisama.
• Objectives:Showcase and preserve tribal art, music, dance, and handicrafts, Encourage inter-tribal interaction and cultural exchange, Promote eco-tourism and cultural tourism in the Northeast.

About Hornbills

1. Characteristics

• Tropical birds known for their large, curved bills and a casque on top of the beak.
• Often called “farmers of the forest” for their role in seed dispersal, sustaining forest ecosystems.

2. Hornbill Species in India

India hosts nine species, including:

• Great Hornbill
• Narcondam Hornbill
• Malabar Grey Hornbill

Hornbills are vital for maintaining biodiversity and ecological balance.

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