1. India’s Insolvency and Bankruptcy Code: Striking the Right Balance Between Resolution and Recovery

Context: Over the past eight years, India’s Insolvency and Bankruptcy Code (IBC) has emerged as a cornerstone of the country’s credit and resolution ecosystem. Enacted in 2016, the IBC was introduced to tackle the growing burden of Non-Performing Assets (NPAs) and to replace ineffective debt recovery mechanisms with a more streamlined, time-bound framework.

Today, the IBC stands not just as a legal tool, but as a strategic enabler of business continuity, credit discipline, and financial ecosystem stability.

IBC at a Glance: Core Objectives

The IBC was envisioned to deliver on multiple fronts:

• Revival of Viable Businesses: By enabling restructuring, new ownership, or strategic mergers.
• Maximization of Asset Value: To ensure assets are not eroded during long insolvency delays.
• Promotion of Credit Culture: By balancing the rights and interests of creditors, debtors, employees, and other stakeholders.
• Time-Bound Resolution: With a statutory cap of 330 days for completing the Corporate Insolvency Resolution Process (CIRP), failing which, liquidation is initiated.

The Resolution Process: A Step-by-Step Mechanism

1. Initiation: Creditors (financial or operational) or the debtor itself can file an application before the National Company Law Tribunal (NCLT).
2. Interim Management: Upon admission, an Interim Resolution Professional (IRP) takes over, and a moratorium is imposed on all legal and recovery actions.
3. Claims and Creditors’ Committee: The IRP verifies claims and forms the Committee of Creditors (CoC), composed primarily of financial creditors.
4. Resolution Planning: A Resolution Professional (RP)—either the IRP or a newly appointed one—invites and evaluates resolution plans.
5. Approval: A resolution plan must be approved by at least 66% of the CoC, and then confirmed by the NCLT to become binding.
6. Liquidation: If no viable plan is approved within 330 days, liquidation proceedings begin.

Key Outcomes: What Has the IBC Achieved?

• Global Recognition: India’s Ease of Doing Business ranking in “Resolving Insolvency” improved from 136 (2016) to 52 (2020), according to the World Bank.
• Major Share of Recoveries: As per the RBI’s Trend and Progress of Banking in India 2024, the IBC framework accounted for 48% of total recoveries by banks in FY 2023–24.
• Market Discipline: The IBC has introduced accountability, making borrowers more cautious and ensuring better credit behavior.

Persistent Challenges: Areas That Need Attention

Despite the achievements, the IBC faces multiple bottlenecks:

• Judicial Delays: As of March 31, 2025, nearly 78% of CIRP cases exceeded 270 days, despite the 330-day ceiling. These delays often persist even after CoC approval.
• Judicial Overreach: Cases like Bhushan Power and Steel highlight how post-resolution litigation has discouraged resolution applicants and impacted investor confidence.
• High Haircuts: Creditors, on average, have recovered just 33% of their admitted claims—an average haircut of 67%, leading to questions about the economic efficiency of resolutions.
• Capacity Issues: The NCLT and NCLAT are plagued with manpower shortages and infrastructure constraints, causing procedural bottlenecks.
• Modern Enterprise Gaps: The current IBC does not effectively address complexities like intellectual property rights, employee stock ownership plans, or technology-dependent businesses.

Looking Ahead: Reforms to Strengthen IBC

To enhance the effectiveness of the IBC and reduce delays, the following reforms are crucial:

• Infrastructure Expansion: Increase NCLT benches, improve digital case management, and recruit more judicial and technical members.
• Pre-Pack Insolvency for MSMEs: A wider rollout of pre-packaged insolvency schemes can help resolve cases more efficiently, especially for Micro, Small, and Medium Enterprises (MSMEs).
• Institutional Clarity: Define roles and responsibilities more clearly between regulatory bodies, tribunals, and resolution professionals.
• Valuation Framework: Develop guidelines for the valuation of intangible assets, like data and software, in knowledge-based industries.

Global Comparison: Where India Stands

Countries like Singapore and the UK have resolution processes that offer pre-packaged insolvency and out-of-court settlements, significantly reducing time and costs. India’s IBC needs to evolve towards such hybrid models, combining speed, value maximization, and stakeholder fairness.

Final Thoughts:

India’s Insolvency and Bankruptcy Code has laid a strong foundation for creditor empowerment and corporate accountability. However, to fulfill its true potential, it must now focus on speed, adaptability, and capacity-building. Striking the right balance between resolution and recovery is not just about numbers—it’s about creating a sustainable, trustworthy, and forward-looking insolvency ecosystem.

2. Blue NDC Challenge: Pioneering Ocean-Centric Climate Action

Context: In a significant move towards sustainable ocean governance, France and Brazil have jointly launched the Blue Nationally Determined Contributions (Blue NDC) Challenge—an international call to integrate ocean-based solutions into global climate commitments. The initiative was unveiled ahead of the 30th UN Climate Conference (COP30), scheduled to be held in Belem, Brazil, a region rich in marine and coastal ecosystems.

What is the Blue NDC Challenge?

The Blue NDC Challenge encourages countries to explicitly include marine and coastal ecosystem protection, ocean-based mitigation and adaptation strategies within their Nationally Determined Contributions (NDCs)—the national climate action plans under the Paris Agreement.

Supported by leading organizations such as:

• Ocean Conservancy
• World Resources Institute (WRI) through Ocean Resilience and Climate Alliance (ORCA)
• WWF-Brazil
• Ocean & Climate Platform

The initiative seeks to mainstream the ocean’s role in climate action and policy-making.

Why Oceans Matter in Climate Action:

Oceans are critical allies in the fight against climate change. Their importance is manifold:

• Natural Carbon Sinks: Oceans absorb around 25% of global CO₂ emissions and 90% of the excess heat, effectively buffering the impacts of climate change.
• Blue Carbon Ecosystems: Coastal habitats such as mangroves, seagrasses, and salt marshes store carbon up to five times more efficiently than terrestrial forests.
• Biodiversity Hotspots: Oceans host more than two million marine species, playing a vital role in ecosystem resilience and planetary health.
• Economic & Social Lifeline: Over 3 billion people globally rely on oceans for food, livelihoods, and economic development—particularly in Small Island Developing States (SIDS) and coastal communities.

Existing Global Efforts in Ocean Conservation:

The Blue NDC Challenge aligns with several ongoing global marine conservation efforts:

• The Ocean Cleanup (2013): A non-profit initiative developing advanced technologies to remove plastic from oceans and rivers.
• UN Decade of Ocean Science for Sustainable Development (2021–2030): An effort to harness ocean science for sustainable ocean governance and climate resilience.
• High Seas Treaty (2023): Also known as the BBNJ Agreement, it is the first legally binding treaty to conserve marine biodiversity in international waters.
• Blue Carbon Initiatives: Focused on enhancing carbon capture through coastal ecosystems.

• National Marine Protected Areas (MPAs): Countries are increasingly establishing MPA networks to safeguard critical marine habitats.
• Integrated Coastal Zone Management (ICZM): A holistic approach to managing coastal areas, addressing challenges like erosion, overfishing, habitat loss, and pollution.

Barriers to Effective Implementation:

While ocean-based solutions offer immense potential, several hurdles remain:

• Funding Shortages: Many developing and island nations lack access to adequate climate finance for implementing large-scale marine conservation.
• Scientific and Technical Gaps: Effective ocean governance requires cutting-edge research, data collection, and technology—resources that are often lacking.
• Policy Fragmentation: Many nations still lack integrated marine policies, making cross-sectoral coordination difficult.
• Limited Local Capacity: Coastal communities need capacity building and institutional support to implement sustainable ocean solutions on the ground.

The Road Ahead: Embedding the Ocean in Climate Policy

The Blue NDC Challenge presents an urgent opportunity to reshape global climate efforts by recognizing the ocean not just as a victim, but also as a solution provider.

By integrating marine conservation, coastal restoration, and blue carbon strategies into climate plans, countries can:

• Enhance their mitigation and adaptation potential
• Protect marine biodiversity
• Strengthen coastal resilience
• Support millions of livelihoods globally

A Call to Action:

As the world prepares for COP30, the Blue NDC Challenge calls on all nations to act decisively. Embedding ocean priorities in NDCs is not just an environmental imperative—it is a moral, economic, and planetary responsibility.

3. Shahed Drones: Iran’s Lethal Loitering Weapons in Modern Warfare

Context: Shahed drones, developed by Iran’s Shahed Aviation Industries, have emerged as a significant force in contemporary warfare. These unmanned aerial vehicles (UAVs), particularly the Shahed-136, are widely deployed for surveillance and precision strikes, most notably by Russia in the Ukraine conflict. Their use represents a shift toward low-cost, high-impact warfare in the modern battlefield.

Design and Tactical Role:

The Shahed series, especially the Shahed-136, falls under the category of loitering munitions—commonly known as “kamikaze drones”. Unlike traditional UAVs that return after surveillance, these drones are built for one-way missions, detonating their warhead on impact with the target.

• Aerodynamics: The Shahed-136 features a delta-wing configuration, offering better stability and longer endurance in flight.
• Dimensions: It weighs approximately 200 kilograms and spans 2.5 to 3 meters in wingspan.
• Alias: When deployed by Russia, the Shahed-136 is renamed Geran-2, often used to mask its Iranian origin.

Performance and Propulsion:

These drones are engineered for long-range and endurance-based operations:

• Range: Capable of flying between 1,000 and 2,500 kilometers, they can strike deep into enemy territory with minimal detection.
• Speed: Operates at a speed of around 185 km/h.
• Launch System: Deployed using disposable rocket-assisted launchers, after which a piston engine takes over—producing the now-infamous “moped-like” buzzing sound during flight.

Advanced Navigation and Guidance Systems:

• Navigation: The drones rely on pre-programmed GPS or Russia’s GLONASS navigation systems, allowing them to maintain their trajectory even in electronically jammed environments.
• Next-Gen Upgrades: Recent versions are believed to be equipped with AI-powered targeting systems and adaptive flight algorithms, enhancing their ability to avoid detection and strike with precision.

Warhead Versatility and Combat Impact:

Shahed drones can be fitted with a range of warhead types, designed for maximum lethality:

• High-Explosive Fragmentation: Causes widespread damage over large areas.
• Thermobaric Warheads: Create high-temperature, high-pressure blasts ideal for enclosed environments.
• Shrapnel-Filled Payloads: Designed to injure or kill personnel and damage unarmored vehicles and infrastructure.

These payloads make the Shahed drones particularly effective against command posts, radar stations, artillery units, and civilian infrastructure—contributing to their controversial use in conflict zones.

Strategic and Global Implications:

The deployment of Shahed drones has reshaped the dynamics of warfare in Ukraine and beyond. Their low cost, ease of mass production, and ability to bypass traditional air defenses make them an attractive tool for nations seeking asymmetric advantages.

Estimated cost per Shahed-136 drone: Between $20,000 and $50,000—a fraction of the cost of traditional missiles or combat aircraft.

This affordability allows saturation attacks, where multiple drones are launched simultaneously to overwhelm defense systems.

Final Thoughts:

The Shahed drone program illustrates how relatively inexpensive UAV technology can transform military tactics, providing non-superpower nations with a means to challenge superior air forces and carry out long-range strikes. As these drones evolve with enhanced AI, stealth features, and precision targeting, their role in future conflicts is expected to expand even further.

4. Gangotri National Park: A Himalayan Sanctuary Under Ecological Scrutiny

5. Heeng (Asafoetida): From Imports to Indigenous Cultivation in India

Context: In a significant breakthrough, scientists at CSIR-Institute of Himalayan Bioresource Technology (IHBT), Palampur, have successfully reported the first flowering and seed setting of Heeng (Ferula assa-foetida) in Indian soil. This achievement marks a major step toward making India self-reliant in asafoetida production, ending centuries of dependence on imports from Central Asia.

What is Heeng?

Heeng, or asafoetida, is a perennial herbaceous plant belonging to the Apiaceae family. Renowned for its pungent aroma and culinary flavoring properties, it also holds immense value in Ayurveda and traditional medicine for its anti-flatulent, antimicrobial, and anti-inflammatory properties.

• The plant typically takes five years to reach maturity and start flowering.
• It is native to the cold, dry highlands of Iran, Afghanistan, and Central Asia.

Ideal Growing Conditions for Heeng:

The cultivation of Heeng demands a unique set of climatic and soil conditions, most commonly found in cold desert regions:

• Soil: Prefers well-drained, sandy soil with low moisture content.
• Rainfall: Optimal annual precipitation is below 200 mm, though it can adapt to up to 300 mm in Himalayan cultivation areas.
• Temperature: Grows well in cool climates ranging from 10°C to 20°C, but can endure extremes from –4°C to 40°C.
• In harsh winters, the plant becomes dormant, which is part of its natural growth cycle.

How Asafoetida is Extracted:

The prized product—asafoetida resin—is obtained from the plant’s thick taproot and rhizome, which are rich in oleo-gum resin:

• Incisions are made in the root to allow the milky latex to exude.
• The latex dries and hardens into a resinous mass, which is then processed into powder or crystal form.
• This resin contains about 40–64% of the total dry gum, making it highly potent.

Heeng Cultivation in India: From Potential to Practice

Historically, India has been the largest consumer of Heeng, yet 100% of its supply was imported—primarily from Afghanistan, Iran, and Uzbekistan.

• Although around 130 species of the Ferula genus are found worldwide, only Ferula assa-foetida yields true asafoetida.
• In India, related species like Ferula jaeschkeana (found in Himachal Pradesh) and Ferula narthex (from Kashmir and Ladakh) do not produce the oleo-gum resin needed for commercial use.

This makes the introduction and cultivation of Ferula assa-foetida in India all the more critical. With support from CSIR and ICAR, experimental plantations in regions like Lahaul-Spiti, Palampur, and Leh have shown promising results.

Why This Matters:

• Reduces import dependency, saving foreign exchange.
• Encourages agro-diversification in high-altitude regions.
• Creates income opportunities for Himalayan farmers.
• Supports the Make in India and Atmanirbhar Bharat initiatives.

Final Thoughts:

The success of Heeng cultivation in India is a game-changer. With the right research, climate adaptation, and farmer engagement, India is poised to become not just a consumer but a producer of this globally valued spice and medicinal resin.

6. India’s Declining Fertility Rate: A New Demographic Reality with Far-Reaching Implications

Context: According to the United Nations Population Fund (UNFPA) 2025 report – State of World Population, India’s fertility rate has declined to 1.9, falling below the replacement level of 2.1. This marks a historic demographic shift, as India transitions from a high-fertility country to one experiencing sustained fertility decline.

Despite this, India continues to be the world’s most populous country, with an estimated population of 146.39 crore as of April 2025. Population projections suggest India will peak at around 170 crore over the next 40 years before entering a gradual decline phase.

A Journey from Six to Two: India’s Demographic Transformation

In 1960, an average Indian woman had six children. Fast forward to today, improved access to reproductive healthcare, greater female education, and empowerment initiatives have reduced this dramatically.

Unlike coercive population control strategies seen in some countries, India’s fertility reduction is seen as a voluntary, organic transition fueled by public awareness campaigns and supportive policy measures.

According to NFHS-5 (National Family Health Survey) data:

• The national fertility rate in 2022 stood at 2.0
• Urban areas: 1.6
• Rural areas: 2.1

However, some states continue to report above-average fertility:

• Bihar: 2.98
• Meghalaya: 2.9
• Uttar Pradesh: 2.35
• Jharkhand: 2.26
• Manipur: 2.2

Economic Pressures Shaping Parenthood Choices:

The UNFPA report highlights that economic insecurity is a leading factor in family planning decisions:

• 38% of Indians cited financial strain
• 21% mentioned job insecurity or unemployment

This mirrors a global trend, where 39% of respondents across 14 countries reported the same concern.

Interestingly, a gap has emerged between the ideal family size and the expected reality:

• 41% of women in India say two children is ideal
• 7% of respondents under 50 expect to have fewer children than ideal due to financial and social pressures

Evolving Social Norms and Family Dynamics:

Beyond economics, social factors and personal relationships are also influencing fertility rates:

• 19% of respondents said their partner preferred fewer children
• 15% cited lack of domestic support in childcare and housework
• 14% said health professionals pressured them into limiting family size

These responses point to an emerging concern: the erosion of reproductive autonomy—where personal preferences are shaped or constrained by external influences, including institutional practices.

Demographic Dividend: A Window That Won’t Stay Open Forever

India currently benefits from a large working-age population (15–64 years)—approximately 68% of its total population. This demographic dividend provides an opportunity for sustained economic growth—but only if it is backed by robust investments in employment, healthcare, and education.

Meanwhile, India’s ageing population is steadily growing:

• Life expectancy: 71 years (men), 74 years (women)
• Current elderly population: 7%
• Expected to rise significantly in the coming decades

The burden of elderly care, along with declining fertility, demands long-term planning in social security, healthcare infrastructure, and retirement systems.

The Real Issue: Fertility Intentions, Not Just Fertility Rates

The UNFPA warns that the true crisis is not overpopulation or underpopulation, but the inability of individuals to achieve their desired fertility. The focus must shift from controlling numbers to protecting reproductive rights and enabling informed, supported choices about family life.

This rights-based perspective emphasizes:

• Reproductive agency
• Access to contraception and fertility counselling
• Support for women and couples to balance work and family

Policy Priorities for a Changing India:

To navigate its demographic shift effectively, India must recalibrate its population policies toward a people-first, rights-based approach. Critical policy directions include:

• Promoting women’s participation in the workforce
• Expanding childcare and eldercare support systems
• Reforming workplace norms to ease the economic pressure of parenting
• Ensuring universal access to quality reproductive healthcare

The much-awaited 2027 Census, postponed from 2021, will be essential in understanding these evolving trends and crafting informed responses.

Conclusion: From Numbers to Choices

India is entering a new demographic era—marked by lower fertility, an ageing population, and shifting social dynamics. Rather than a cause for alarm, this moment offers an opportunity to build a future centered on empowerment, equality, and sustainability.