COP16 Secures Landmark Agreement on Biodiversity Financing
At the 16th Conference of the Parties (COP16) in Rome, global leaders made significant progress in biodiversity conservation. The conference resumed on February 25, 2025, following a pause in Cali, Colombia. A historic agreement was reached to mobilize $200 billion annually by 2030 for biodiversity protection, with $20 billion per year by 2025, rising to $30 billion by 2030 for developing countries. The Global Biodiversity Framework aims to safeguard 30% of the planet’s land and degraded ecosystems by 2030, marking a critical step forward in conservation efforts.
Indian Government Proposes Reduced Tax Revenue for States
The Indian government is considering reducing the share of federal tax revenues allocated to states from 41% to at least 40%. This proposal will be presented to the Finance Commission of India, which makes recommendations on tax sharing and fiscal relations between the federal and state governments. The reduction aims to address the central government’s increased spending needs, particularly in years of economic slowdown. The Finance Commission, led by economist Arvind Panagariya, will submit its recommendations by October 31, 2025, to be implemented from the fiscal year 2026-27.
Advocates (Amendment) Bill Withdrawn Amid Protests
The Union Ministry of Law and Justice withdrew the draft Advocates (Amendment) Bill on February 23, 2025, in response to widespread lawyer strikes and objections from the Bar Council of India (BCI). The Bill, published on February 13, aimed to expand the definition of “legal practitioner,” permit foreign law firms, and limit lawyers’ right to protest. The legal community argued that these changes would undermine the profession’s autonomy and independence. The Ministry plans to revise the draft and consult stakeholders before reintroducing it.
Income Tax Bill 2025: GAAR Changes to Combat Tax Avoidance
The Income Tax Bill 2025 proposes empowering tax authorities to issue reassessment notices beyond current time limits under the General Anti-Avoidance Rules (GAAR). This change targets more effective tax avoidance detection by allowing reassessment of previously time-barred tax years. GAAR provisions will enable authorities to reclassify transactions as impermissible avoidance arrangements (IAAs) and recompute income and tax liabilities. Safeguards include mandatory approval from a GAAR Approving Panel, led by a High Court judge, to prevent misuse. This amendment ensures tax authorities can address income from previous years despite procedural delays.
India Reaches Milestone with 10,000 Farmer Producer Organisations
The Government of India has achieved the establishment of 10,000 Farmer Producer Organisations (FPOs), a key objective of its flagship scheme launched in February 2020. The registration of the 10,000th FPO in Khagaria district, Bihar, signifies a significant achievement, focusing on maize, banana, and paddy cultivation. These FPOs empower farmers by pooling resources, sharing knowledge, and enhancing market bargaining power. Approximately 30 lakh farmers, including 40% women, now participate in FPOs, conducting business worth thousands of crores in the agricultural sector, thereby boosting productivity and rural economies.
Trump Administration Cancels 5,800 USAID Contracts
The Trump administration has terminated 5,800 contracts under the United States Agency for International Development (USAID), impacting crucial health programs. These cuts affect initiatives aimed at combating HIV, polio, and malaria in impoverished communities. The termination of these contracts has raised global concerns, as many of these programs were previously exempt from funding freezes due to their humanitarian significance. The administration cited the convenience and interests of the U.S. government as the rationale for these terminations.