Prelims – 30 September - Kuniya Institute of IAS Examination

Initial Public Offering (IPO)

The Securities and Exchange Board of India (SEBI) has halved the listing time for Initial Public Offerings (IPOs) to three days from six days.
It will come into effect from December 1, 2023.
Objectives: This is likely to benefit issuers by allowing them to receive their funds faster and allottees to receive their securities in a shorter time period.
SEBI has also tightened the disclosure norms for foreign portfolio investors (FPIs), requiring them to disclose their holdings of Indian securities on a real-time basis.
This is aimed at improving transparency and preventing market manipulation.
IPO: It is a process through which a private company offers its shares to the public for the first time, thereby transitioning from being privately held to becoming a publicly traded company.

The Rajya Sabha on Wednesday passed the Anusandhan National Research Foundation Bill.
The Act repeals the Science and Engineering Research Board Act, 2008 and dissolves the Science and Engineering Research Board set up under it.
Functions of NRF: NRF will be the apex body in the country to provide strategic direction for research, innovation, and entrepreneurship
Fields: Natural sciences, engineering and technology, environmental and earth sciences, health and agriculture, scientific and technology interfaces of humanities and social sciences.
Governing Council: NRF’s functioning will be governed by an Executive Council chairedby the Principal Scientific Adviser to the Government of India.

Changes

Currently, the Act has six schedules for specially protected plants (one), specially protected animals (four), and vermin species (one). Act reduces it to four by:
- Reducing the number of schedules for specially protected animals to two (one for greater protection level)
- Removes the schedule for vermin species
- Inserts a new schedule for specimens listed in the Appendices under CITES (scheduled specimens).
Section 43 of the act amended which permitted the use of elephants for ‘religious or any other purposes’.
Central government is empowered to regulate and stop the import, trade or possession of invasive plant or animal alien species.
Central Government is authorised to designate a Management Authority which will grant export or import permits for the trade of specimens.
One Scientific Authority will also be appointed to advice on aspects related to the impact on the survival of the specimens being traded.
It empowers the central government to regulate or prohibit the import, trade, possession or proliferation of invasive alien species.

India is the 2nd largest tea producer and largest black tea producer after China and 4th largest exporter of Tea in the world.
India is also the largest consumer of black tea and accounts for 18% of the total World tea consumption.
The main tea-growing regions are in the Northeast (including Assam) and in north Bengal (Darjeeling district and the Dooars region).
Tea is also grown on a large scale in the Nilgiris in south India.

Ideal climate condition for tea cultivation:

Originate in tropical and subtropical climates.
- Major tea growing regions are mainly concentrated in Asia, Africa, South America.
Tea requires cool to warm temperatures with at least 5 hours of sunlight per day.
- The average annual temperature for tea plants to grow well is in the range of 15 – 23°C.
- The rainfall needed is between 150-200 cm.

Market Size of Tea Industry in India:

In 2020, nearly 10 million tons of tea was consumed in the country.
The market in the country is projected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 4.2%.
In 2026, the tea industry in India is expected to attain 1.40 million tons.

Tag for Geographical Indication (GI)

The first GI tag product was Darjeeling Tea, also known as the “Champagne of teas” due to its floral aroma.
Green and white tea, the other two Darjeeling tea varieties, also have GI tags.
The Indian tea industry is being developed and promoted by the Tea Board of India.