Is sustainable fashion a myth?

Markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">SEBI</keyword> has proposed expanding the <keyword id="22367248" type="General" weightage="20" keywordseo="sustainable-finance-framework" source="keywords">sustainable finance framework</keyword> in the <keyword id="20922662" type="General" weightage="20" keywordseo="securities-market" source="keywords">securities market</keyword> by introducing a new category of financial instruments. This category will include <keyword id="20518791" type="General" weightage="20" keywordseo="Social-Bonds" source="keywords">social bonds</keyword>, <keyword id="22623575" type="General" weightage="20" keywordseo="Sustainable-Bonds" source="keywords">sustainable bonds</keyword>, and <keyword id="22623576" type="General" weightage="20" keywordseo="Sustainability-linked-Bonds" source="keywords">sustainability-linked bonds</keyword>, in addition to the current <keyword id="22819966" type="General" weightage="20" keywordseo="green-debt-securities" source="keywords">green debt securities</keyword>. It aims to provide issuers with flexibility in raising funds for projects that align with environmental, social, and governance (ESG) objectives. In a consultation paper released on Friday, SEBI proposed that issuers, in addition to existing green debt securities, should be allowed to raise funds through issuance of social bonds, sustainable bonds, and sustainability-linked bonds. These bonds will collectively be known as ESG Debt Securities. This will enable issuers to raise money for more sustainable projects, assisting in closing the funding gap for the Sustainable Development Goals. SEBI said it received representations from market participants including the Confederation of Indian Industry to expand the scope of the regulatory framework pertaining to sustainable finance to include social bonds, in addition to existing green debt securities as a mode of raising sustainable finance, in line with global practices. As per the consultation paper, SEBI said, it "proposed to introduce the concept of sustainable securitised debt instruments for the purpose of providing originators of the underlying credit facilities which are within such international or domestic frameworks for sustainable finance, and thereby provide investors as well an opportunity to participate in the sustainable securitised debt instruments". The consultation paper also addressed the initial and continuous disclosures for sustainable securitised debt instruments that would be based on international frameworks. Initial disclosures could be made in the offer document for the securities, while continuous disclosures might be included in annual reports or other mandated formats. The markets watchdog also suggested that issuers of ESG debt securities and sustainable securitised debt instruments appoint an independent external reviewer or certifier, to facilitate transparency and credibility. The review could take various forms including, second-party opinions, verification, certification, or scoring/ rating. The <keyword id="19901204" type="General" weightage="100" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (SEBI) has invited comments and suggestions from the public on the consultation paper by September 6.

SEBI proposes expansion of sustainable financial framework in securities market

The idea of a <keyword id="22243046" type="General" weightage="100" keywordseo="four-day-work-week" source="keywords">four-day work week</keyword> sounds like a dream: having three whole days to relax each week, reduced stress as result, and the possibility of achieving <keyword id="19901232" type="General" weightage="20" keywordseo="work-life-balance" source="keywords">work-life balance</keyword> — that mythical concept everybody keeps talking about but has so far eluded you. Governments and organisations worldwide are starting to tentatively explore this concept as part of <keyword id="21857250" type="General" weightage="20" keywordseo="flexible-working-arrangements" source="keywords">flexible working arrangements</keyword>. But is it all as rosy as it sounds? Let’s take a look at the potential pros and cons of the four-day work week, as outlined by various studies and experts. <h2>Advantages of a four-day work week</h2>Improved work-life balance: One of the biggest advantages is the enhanced work-life balance. With an extra day off each week, employees have more time to rest, pursue hobbies, or spend with family. This shift helps people recharge and reduces <keyword id="19901233" type="General" weightage="20" keywordseo="burnout" source="keywords">burnout</keyword>, making them happier and more satisfied with their jobs. Increased <keyword id="19959621" type="General" weightage="20" keywordseo="productivity" source="keywords">productivity</keyword>: Contrary to what businessmen like <keyword id="19920910" type="General" weightage="20" keywordseo="narayana-murthy" source="keywords">Narayana Murthy</keyword> might suggest, several studies have shown that compressing the work week can boost productivity. Employees often achieve the same results in four days as they would in five. This has been attributed to sharper focus and time management when knowing there’s a shorter work window. Trials like the one conducted by South Cambridgeshire Council, which reported a 39% reduction in <keyword id="23062899" type="General" weightage="20" keywordseo="staff-turnover" source="keywords">staff turnover</keyword> and savings of over £370,000, underscore the potential success of such a model. Environmental benefits: Reducing the number of commuting days can lower an individual’s carbon footprint. Fewer days of travel means fewer cars on the road, reducing emissions. For companies looking to meet <keyword id="20518989" type="General" weightage="20" keywordseo="sustainability-goals" source="keywords">sustainability goals</keyword>, a four-day week aligns well with eco-friendly initiatives. <keyword id="22541112" type="General" weightage="20" keywordseo="staff-retention" source="keywords">Staff retention</keyword> and recruitment: Companies that offer a four-day work week become more attractive to <keyword id="20019820" type="General" weightage="20" keywordseo="job-seekers" source="keywords">job seekers</keyword>, especially in industries where competition for talent is fierce. This perk not only helps attract candidates but can also help retain current employees who value flexibility over traditional perks. <div type="Article" hostid="261" msid="113021204" title="70-hour work week to sleeping in offices: Golden words on hustle culture from NR Narayana Murthy, Elon Musk, and other billionaires" mstype="2" mssubtype="0"></div> <h2>Pitfalls of the four-day work week</h2>Longer workdays: To make up for the lost day, employees may need to work longer hours on the four days they are in the office. For some, particularly those in physically demanding jobs or with family responsibilities, this can be exhausting. Asda’s recent trial, where employees had to cram 44 hours into four days, revealed that the extended shifts were too taxing for many. Not suitable for all industries: Certain sectors, especially those that require continuous operation, such as healthcare or customer service, may find it difficult to adopt a four-day work week. It’s challenging to ensure smooth operations when employees are absent for an extra day. For these industries, such a change could disrupt services and result in decreased efficiency. Productivity gains are not universal: While many trials have shown positive results, the gains in productivity aren’t always guaranteed. According to Professor André Spicer, Dean at Bayes Business School, the results on productivity are mixed. Some workers thrive under the four-day model, while others might struggle to meet deadlines, ultimately lowering overall performance. The four-day work week presents an appealing opportunity to improve work-life balance, reduce burnout, and attract talent. However, it’s not a one-size-fits-all solution. Companies must carefully weigh the benefits against the potential downsides, such as longer workdays and the risk of burnout. By tailoring the approach to specific industries and offering flexibility in how it's implemented, the four-day work week could become a viable option in the future. For now, it remains an evolving experiment with mixed results but undeniable potential. <div type="Article" hostid="261" msid="112984207" title="Japan is having a hard time convincing employees to take 4-day workweeks" mstype="2" mssubtype="0"></div>

Are four-day work weeks beneficial or not: A debate to end all debates

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<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is planning a <keyword id="22964001" type="General" weightage="100" keywordseo="repairability-index" source="keywords">repairability index</keyword> for <keyword id="20016418" type="General" weightage="20" keywordseo="mobile-phones" source="keywords">mobile phones</keyword> and electronic products to address the growing <keyword id="19932462" type="General" weightage="20" keywordseo="e-waste" source="keywords">e-waste</keyword> problem and encourage manufacturers to produce more easily repairable items, officials said on Thursday. The <keyword id="20026051" type="General" weightage="20" keywordseo="Consumer-Affairs-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Consumer Affairs Ministry" meta.hostid="261" meta.entityid="Consumer Affairs Ministry">Consumer Affairs Ministry</keyword> is spearheading the initiative, which will provide a score on key parameters to inform consumers about the ease with which a product can be repaired, the officials said at a national workshop on the issue. Addressing the workshop, <keyword id="20003684" type="General" weightage="20" keywordseo="consumer-affairs" source="keywords">Consumer Affairs</keyword> Secretary Nidhi Khare said: "As India emerges as the third largest economy in the world, we should have a vibrant and tech-savvy repair system." She also added, "India can become a repair hub for the world." The proposed index will be similar to initiatives in other countries, such as France's repairability index. It will rate products on criteria including availability of technical documents, ease of disassembly, spare parts availability and pricing. The workshop was aimed at establishing a consensus among industry stakeholders on "key parameters for accessing and evaluating repairability index" besides promoting longevity in product design, and democratizing repair information to enhance consumer experiences in reusing the mobile and <keyword id="19896834" type="General" weightage="20" keywordseo="electronics" source="keywords">electronics</keyword> products they own. Additional Secretary Bharat Khera emphasized the need for transparent and affordable repair solutions, increased consumer awareness, and support for local repairers. Joint Secretary Anupam Mishra highlighted concerns about the lack of genuine spare parts in local markets, compatibility issues with product components, and the absence of information for consumers to repair their own devices. He also mentioned that the Repairability Index of France rates products on five criteria, while the EU has additional parameters. <keyword id="20032279" type="General" weightage="20" keywordseo="HCL-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="HCL Technologies" meta.hostid="261" meta.entityid="HCL Technologies">HCL Technologies</keyword> Founder Ajai Chowdhry called for legislation to drive change. "Today, most products are not repairable. We need to design products which can be repaired.... Unless we create a law, things will not change," he said. The government has already launched a <keyword id="22964002" type="General" weightage="20" keywordseo="Right-to-Repair-Portal" source="keywords">Right to Repair Portal</keyword>, with 63 companies onboard, including 23 from the mobile and electronics sector. India is the third largest electronic waste producer globally after China and the US. The initiative aims to reduce e-waste, promote <keyword id="20128078" type="General" weightage="20" keywordseo="sustainable-practices" source="keywords">sustainable practices</keyword>, and create opportunities for third-party repairers in India's growing electronics market.

India plans repairability index for mobile, electronics to tackle e-waste

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the progressive <keyword id="19895440" type="General" weightage="20" keywordseo="expansion" source="keywords">expansion</keyword> of the Central Sector <keyword id="19959865" type="General" weightage="20" keywordseo="scheme" source="keywords">Scheme</keyword> for financing under the '<keyword id="21923535" type="General" weightage="20" keywordseo="Agriculture-Infrastructure-Fund" source="keywords">Agriculture Infrastructure Fund</keyword>' (AIF) to make it more attractive, impactful, and inclusive. According to the official statement, in a major effort to enhance <keyword id="22240269" type="General" weightage="100" keywordseo="agricultural-infrastructure" source="keywords">agricultural infrastructure</keyword> across the country and support the <keyword id="20288671" type="General" weightage="20" keywordseo="farming-community" source="keywords">farming community</keyword>, the government has introduced a range of measures to broaden the scope of the AIF scheme. These initiatives aim to include more eligible projects and integrate additional supportive measures to build a stronger agricultural infrastructure ecosystem. The scheme will now allow all eligible beneficiaries to create infrastructure under 'viable projects for building community farming assets.' This is expected to foster the development of projects that will boost community farming capabilities, thereby improving productivity and <keyword id="19895783" type="General" weightage="20" keywordseo="sustainability" source="keywords">sustainability</keyword> in the sector. Integrated primary and secondary processing projects will now be included in the list of eligible activities under AIF. However, standalone secondary projects will remain ineligible and will be covered under the Ministry of Food Processing Industries (MoFPI) schemes. The government will also allow the convergence of Component-A of the PM-KUSUM scheme with AIF for farmers, groups of farmers, Farmer Producer Organizations (FPOs), Cooperatives, and Panchayats. This alignment aims to promote sustainable clean energy solutions alongside the development of agricultural infrastructure. In addition to the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), the AIF credit guarantee coverage for FPOs will be extended through the NABSanrakshan Trustee Company Pvt. Ltd. This expansion is intended to enhance the financial security and creditworthiness of FPOs, encouraging more investments in agricultural infrastructure projects. Since its launch by the Prime Minister in 2020, the AIF has been instrumental in supporting the creation of 6,623 warehouses, 688 cold stores, and 21 silo projects, resulting in an additional storage capacity of about 500 lakh metric tonnes (LMT) in the country. This includes 465 LMT of dry storage and 35 LMT of cold storage capacity, enabling the annual preservation of 18.6 LMT of food grains and 3.44 LMT of horticulture produce. To date, Rs. 47,575 crore has been sanctioned for 74,508 projects under AIF, mobilizing an investment of Rs. 78,596 crore in the agriculture sector, with Rs. 78,433 crore mobilized from private entities. Additionally, the infrastructure projects sanctioned under AIF have generated over 8.19 lakh <keyword id="21497025" type="General" weightage="20" keywordseo="rural-employment" source="keywords">rural employment</keyword> opportunities in the agriculture sector. The expansion of the AIF scheme is set to further drive growth, improve productivity, increase farm incomes, and contribute to the overall sustainability of agriculture in the country. These measures reflect the government's commitment to strengthening the agricultural sector through the holistic development of farm infrastructure.

Union Cabinet approves expansion of agriculture infrastructure fund to boost farm growth and sustainability

<keyword id="22948419" type="General" weightage="20" keywordseo="Reflect-Orbital" source="keywords" meta.keywordsubtype="org" meta.entityname="Reflect Orbital" meta.hostid="261" meta.entityid="Reflect Orbital">Reflect Orbital</keyword>, a California-based startup, has set its sights on a futuristic goal: providing "<keyword id="22948420" type="General" weightage="100" keywordseo="sunlight-on-demand" source="keywords">sunlight on demand</keyword>" using orbiting mirrors in space. The company's vision is to address one of the biggest challenges in <keyword id="19915217" type="General" weightage="20" keywordseo="solar-energy" source="keywords">solar energy</keyword> — the inability to generate power after sunset or during cloudy days — by using a fleet of <keyword id="20279522" type="General" weightage="20" keywordseo="small-satellites" source="keywords">small satellites</keyword> equipped with highly reflective <keyword id="22948421" type="General" weightage="20" keywordseo="Mylar-mirrors" source="keywords">Mylar mirrors</keyword>. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">How the technology works</h3>Reflect Orbital plans to deploy 57 small satellites into low-Earth orbit. Each satellite will be outfitted with a 33-square-foot reflective Mylar mirror. These mirrors are designed to reflect sunlight down to Earth, targeting <keyword id="20658734" type="General" weightage="20" keywordseo="solar-farms" source="keywords">solar farms</keyword> and extending their operational hours by providing an extra 30 minutes of sunlight after sunset or before sunrise. The mirrors will focus sunlight into a concentrated beam, directed by solar farm operators using a simple interface, where users can log in, provide GPS coordinates, and request sunlight. <div type="twitter" handle="bennbuilds" handlename="bennbuilds" favoritecount="0" retweetcount="0" id="1826682383514697993"></div>The idea is to make solar energy more available when it’s most needed — not just during daylight hours, but also in the early morning and evening when electricity demand is typically higher. This could potentially increase the efficiency and profitability of <keyword id="20423867" type="General" weightage="20" keywordseo="solar-power-generation" source="keywords">solar power generation</keyword>, as energy produced during these periods can be sold at higher rates. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Potential challenges</h3>Despite the excitement around this technology, there are several challenges that Reflect Orbital will need to overcome. Weather conditions such as thick clouds or storms could obstruct the reflected sunlight, limiting its effectiveness. Seasonal changes that affect the angle and duration of sunlight might also present difficulties. Additionally, the potential environmental impact, including light pollution and interference with astronomical observations, has raised concerns among scientists and environmentalists. <div type="Article" hostid="261" msid="112805908" title="How will Sunita Williams’ body have changed when she returns from space in February 2025?" mstype="2" mssubtype="0"></div>Reflect Orbital is aware of these challenges and has designed the mirrors to minimise light pollution. The company has also tested its technology using a hot air balloon, which successfully simulated the satellite mirrors' effect by reflecting sunlight down to a solar farm. According to co-founder <keyword id="22948422" type="General" weightage="20" keywordseo="ben-nowack" source="keywords">Ben Nowack</keyword>, the company was able to generate "500 watts of energy per square metre" of solar panel, which is about "half the brightness of the sun." <div type="twitter" handle="bennbuilds" handlename="bennbuilds" favoritecount="0" retweetcount="0" id="1767961251186163857"></div>Reflect Orbital is still in the early stages, with plans to launch its first test satellite in 2025. Interest in the project has been strong, with over 30,000 applications already submitted by individuals and organisations eager to participate in the initial offering of "sunlight on demand." This ambitious project could mark a significant step forward in renewable energy technology if successful, providing a novel solution to the intermittent nature of solar power and helping to accelerate the transition to <keyword id="21313059" type="General" weightage="20" keywordseo="sustainable-energy-sources" source="keywords">sustainable energy sources</keyword>.

Space startup Reflect Orbital plans to sell "sunlight on demand" — how will it work?

New Delhi: India has proven the 'fallacy' of incompatibility of rapid <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and a democratic political system, and the continuity of government and policies give industry the confidence of <keyword id="22932843" type="General" weightage="20" keywordseo="sustained-high-growth" source="keywords">sustained high growth</keyword>, <keyword id="19909974" type="General" weightage="100" keywordseo="Maruti-Suzuki" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki" meta.hostid="261" meta.entityid="Maruti Suzuki">Maruti Suzuki</keyword> India Chairman R C Bhargava said on Tuesday. In his address to shareholders in the company's Annual General Meeting held virtually, he asserted that India's <keyword id="20442128" type="General" weightage="20" keywordseo="democratic-processes" source="keywords">democratic processes</keyword> will lead it to a sustained and more equitable society. Bhargava also said the industry and the government can work with trust and confidence with each other to achieve the goal of India becoming a developed country by 2047. "Over the years, I've heard people arguing that rapid economic development and a democratic political system are not really compatible. Our country has proved the fallacy of this line of thinking," he said. Asserting his point, Bhargava said, "We are now the fastest growing economy in the world, and our prime minister is one of the most respected global leaders." Periodically, he said, "the world has seen how deeply committed we are to the democratic processes." Referring to the recent general elections, he said it has "once again shown that hundreds of millions of people can vote in a peaceful manner and accept the results of that process." Bhargava, however, admitted that "the policies and strategies for equitable and rapid economic growth and development did take some time in being established". ".. But we did find the right path through peaceful democratic processes. This is in sharp contrast to what we have seen around us in many parts of the world and in our neighborhood," he said, without naming Bangladesh which is currently in turmoil following student-led violent protests that led to a regime change. "The continuity of the government and its policies to bring in faster economic growth with greater inclusivity and equity gives industry confidence of sustained high growth," Bhargava said. He further said industry and government can work with trust and confidence with each other to achieve the goal of India becoming a developed country by 2047. "It is the democratic processes which will lead us to a sustained and more equitable society," he said.

Continuity of government, policies give industry confidence of sustained high growth: Maruti Suzuki Chief

Busting the myth: Why EVs aren't always greener than petrol or diesel vehicles

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<keyword id="20359078" type="General" weightage="20" keywordseo="newspapers" source="keywords">Newspapers</keyword> were rated as the most <keyword id="22860926" type="General" weightage="20" keywordseo="credible-news-source" source="keywords">credible news source</keyword>, not only for older but younger <keyword id="22860927" type="General" weightage="20" keywordseo="readers" source="keywords">readers</keyword> too, according to a study by Humanify, a technology-based research platform. Older aged respondents, gave higher scores to newspapers, citing concerns around fake news and conspiracy theories on internet and social media channels, while as many as half the younger readers, (aged less than 30 years), also favoured newspapers even over channels such as TV, social media and websites as sources of news. While findings seem to underscore enduring trust in traditional media even in the digital age, the study which was conducted on Humanify's app, also showed high preference on receiving the news digitally. Of the total readers, 84.1% reporting a good preference for the digital format, also reflected by the older (&gt;30 years) readers. The top reason for preference of a digital delivery was convenience, with 93.2% scoring the digital format high on convenience. Top reasons for this were easy access to digital media, especially news consumption out of home and while commuting. Interestingly, there were also mentions around how a digital medium would be more sustainable and planet friendly than newspaper prints, reflecting an emerging concern for the planet and <keyword id="20224417" type="General" weightage="20" keywordseo="sustainable-living" source="keywords">sustainable living</keyword>. "While the preference for digital delivery is expected, it's heartening to see that legacy newspapers can still find relevance even with younger readers, by adapting to digital formats," said Geetika Kambli, Founder at Humanify. "The study was run on Humanify's app, capturing conversations by readers around their preferred reading habits, and using AI to convert this unstructured data into a research report in minutes. AI is redefining the way we experience products and express our feelings about them. If we choose to use it well, it can give us the transparency we need, around how we read and decode insights," says Geetika. The report also noted that readers appreciated <keyword id="22860929" type="General" weightage="20" keywordseo="local-news-coverage" source="keywords">local news coverage</keyword>, indicating an emerging trend towards localisation and customisation in news consumption. The study was run on a sample of randomly selected readers based in Mumbai. Respondents were approached across ages 18-50, and across genders. All readers were interviewed to confirm their readership preferences, and with their consent, their conversations around the readership experience were captured and decoded using Artificial Intelligence in the Humanify app. Humanify is an AI company that owns the research-tech platform Explorastory, a sense making AI platform that translates real human behaviour from videos, conversations and surveys, into user research reports designed for product and marketing teams, in minutes. They also note that all survey results may be subject to potential biases, despite best efforts to minimise them.

Newspapers are still the most credible news source, but readers prefer to receive news digitally, reports an AI-based research app

Reserve Bank <keyword id="20595794" type="General" weightage="20" keywordseo="Governor-Shaktikanta-Das" source="keywords">Governor Shaktikanta Das</keyword> on Thursday said the fundamental drivers of the <keyword id="6356076" type="General" weightage="100" keywordseo="indian-economy" source="Orion">Indian economy</keyword> are gaining momentum and the country is moving on a sustainable growth path. In the inaugural address at <keyword id="23048827" type="General" weightage="20" keywordseo="FIBAC-2024" source="Orion">FIBAC 2024</keyword>, the governor said that massive changes are taking shape in various economic sectors and markets, and the country is geared for orbital shifts. "Our nation's journey towards becoming an advanced <keyword id="19931030" type="General" weightage="20" keywordseo="economy" source="keywords">economy</keyword> is drawing strength from a unique blend of factors, and these factors would include a young and a dynamic population, a resilient and diverse economy, robust democracy, and a rich tradition of entrepreneurship and innovation," Das said. Stressing that India's growth story is intact and banks have robust balance sheets, he exhorted the private sector to step up investments in a big way. He said data actually shows that the fundamental growth drivers of the Indian economy are actually gaining momentum and they are not slowing. "This gives us the confidence to say that the Indian growth story remains intact," he said. In his speech, the governor said past reforms like GST and IBC have yielded long-term positive outcomes, and emphasised the need for further reforms in land, labour, and agri markets. While acknowledging that headline inflation matters, he said the balance between inflation and growth is well-poised. With monsoon progressing well and healthy Kharif sowing, food inflation outlook could become more favourable, he added. Das further said the <keyword id="20172097" type="General" weightage="20" keywordseo="financial-sector" source="keywords">financial sector</keyword> must expand access and harness digital platforms to drive inclusive growth. He also made a strong case for tailored products and services for women-led businesses and MSMEs without diluting underwriting standards. Das further noted that only regulated entities will be allowed on Unified Lending Interface (ULI) platform to ensure prudent lending. "ULI will not be a select club of few players," Das said.

Fundamental drivers of economy gaining momentum, India on sustainable growth path: RBI Governor Das

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Saturday said that inadequate access to <keyword id="22821876" type="General" weightage="20" keywordseo="developmental-finance" source="keywords">developmental finance</keyword> is hindering developing economies from achieving <keyword id="19950641" type="General" weightage="20" keywordseo="Sustainable-Development-Goals" source="keywords">Sustainable Development Goals</keyword> (<keyword id="20663125" type="General" weightage="100" keywordseo="SDGs" source="keywords">SDGs</keyword>) and underscored the urgent need to address this USD 4 trillion annual financing gap. Addressing the third <keyword id="22822601" type="General" weightage="20" keywordseo="voice-of-global-south-summit" source="keywords">Voice of Global South Summit</keyword> virtually, Sitharaman said that recent reports reveal that the implementation of many SDGs in developing economies is stagnating, with some indicators even regressing. The SDG financing gap is estimated to be $4 trillion annually for developing countries, she said. Observing that the <keyword id="19930049" type="General" weightage="20" keywordseo="global-South" source="keywords">global South</keyword> is affected by global uncertainties, she said one in four developing countries will be poorer by the end of this year than they were before the pandemic, as per a recent <keyword id="19899824" type="General" weightage="20" keywordseo="World-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="World Bank" meta.hostid="153" meta.entityid="World Bank">World Bank</keyword> report. "Growth thus remains insufficient to drive progress in development and poverty reduction. To accelerate progress on SDGs, there is an urgent need to address the $4 trillion financing gap. "During India's presidency, the G20 recommended wider adoption of social impact instruments and other blended finance instruments, monitoring and measurement frameworks and risk mitigation measures," she said. "Our efforts also led to the G20 Sustainable Finance Technical Assistance Action Plan, which is now being implemented under the Brazilian presidency to build capacity for scaling up sustainable finance tailored to the needs of Global South," she said. Stressing that growth remains the best antidote to many economic and social challenges, she said it creates a positive feedback loop where improved economic performance leads to greater financial opportunities. "Our priority should be a people-centric growth path that empowers the most vulnerable and marginalised to participate in the development journey," she said. Talking about reforms at <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword>, Sitharaman said these institutions need to be comprehensively revamped so that they can mobilize the much-needed additional financial flows to help developing countries meet their development needs and address global challenges. Fresh capital infusion should remain an active option for consideration of MDB boards, along with balance sheet optimization measures and financial innovations, she said, Besides, she said, "It is critical that the financing requests made to MDBs are met with speed and agility. This will require reforms, both at operational levels as well as identifying new additional sources of finance." On concessional finance, she said, while low-income countries will remain the priority, it is important that the dedicated concessional windows are made available for middle-income countries to address climate-related challenges. With regard to <keyword id="22822602" type="General" weightage="20" keywordseo="private-capital-mobilization" source="keywords">private capital mobilization</keyword>, she said, MDBs need to engage with credit rating agencies and explore how to better incentivize the flow of private capital for development financing.

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Is sustainable fashion a myth?

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SEBI proposes expansion of sustainable financial framework in securities market

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Are four-day work weeks beneficial or not: A debate to end all debates

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