INDIA will always see Manmohan Singh as the architect of its economic reforms. The Congress party he belonged to should acknowledge his contribution in kinder terms.
The economist entered the political stage as PV Narasimha Rao's finance minister and began to break the licence raj shackles of an emaciated economy. He deregulated it. He did away with the licence raj. He revolutionalised the taxation policy. He re-defined India's FDI and trade outlook.
This story is from the December 27, 2024 edition of The New Indian Express Vijayawada.
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This story is from the December 27, 2024 edition of The New Indian Express Vijayawada.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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Market mechanism debate: Article 6 key to emissions reduction
The 29th United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, concluded amid widespread disappointment and criticism. Though considered a failed COP, one part of the compromise deal was the operationalisation of Article 6 of the Paris Agreement. This article establishes a framework for international cooperation to achieve climate goals through market and non-market mechanisms, facilitating emissions reductions via three pathways: Article 6.2 (nations trading surplus reductions as Internationally Transferred Mitigation Outcomes (ITMOs)); Article 6.4 (a UN-regulated global carbon market); and Article 6.8 (non-market approaches like technology transfer and capacity building). These mechanisms aim to enhance climate finance, foster collaboration, and ensure accountability in emissions reductions. However, a key question remains: Can market mechanisms deliver the deep emissions reductions required?
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