What is GIFT NIFTY, which started trading from July 3

GIFT NIFTY is the first cross-border initiative in connecting India and Singapore’s capital markets.

• This is the first cross-border initiative that connects the two financial hubs and offers investors access to both markets. The deal between Singapore Exchange (SGX) and National Stock Exchange (NSE) is based on a five-year agreement that splits the revenue from the product depending on the source of business.
• For transactions originating from Singapore, SGX will receive 75% of the revenue, while NSE will get 25% cent.
• For transactions originating from the International Financial Service Centre (IFSC) at GIFT City, NSE will retain 75% of the revenue, while SGX will get 25%. Once a certain volume threshold is reached, the revenue sharing will become 50:50 for both parties.

GIFT NIFTY

• GIFT NIFTY is the first cross-border initiative in connecting India and Singapore’s capital markets. It is a new product that allows investors to trade futures and options contracts on the NIFTY 50 Index, which is the benchmark index of the National Stock Exchange of India (NSE), on the Singapore Exchange (SGX).
• The GIFT NIFTY stands for Gujarat International Finance Tec-City (GIFT) NIFTY, as the contracts are cleared and settled at the International Financial Services Centre (IFSC) in GIFT City, Gujarat, India.
  • The IFSC is a special economic zone that offers various incentives and benefits to participants, such as lower taxes, relaxed regulations, and access to global markets.
• It is supported by the regulatory authorities of both countries, namely the Securities and Exchange Board of India (SEBI) and the Monetary Authority of Singapore (MAS).
• The GIFT NIFTY started trading on July 3, 2023 and has received positive feedback from market participants.

Objectives

• To provide more opportunities and flexibility for investors who want to gain exposure to the Indian equity market, which is one of the fastest-growing and most dynamic markets in the world.
• Enhances the liquidity and depth of the NIFTY 50 Index, which reflects the performance of the 50 largest and most liquid companies listed on the NSE.

GIFT CITY

●It is a planned smart city that will offer state-of-the-art facilities and services for various financial activities, such as banking, insurance, asset management, capital markets, and fintech.

●The city will also have high-speed connectivity, a green and sustainable environment, and a vibrant social and cultural life.

●The city will also provide employment opportunities for the local population and boost the economic growth of the region.

GIFT NIFTY offers several advantages to investors

Longer trading hours

• The GIFT NIFTY contracts are available for trading from 9:00 am to 11:55 pm Singapore time (6:30 am to 9:25 pm India time), which covers both the Indian and Singapore market hours, as well as some of the European and US market hours.

Lower costs

• The GIFT NIFTY contracts are denominated in US dollars, which reduces the currency risk and conversion costs for international investors. The GIFT NIFTY contracts also have lower transaction fees and margin requirements than the existing NIFTY 50 contracts traded on the NSE.

Higher leverage

• The GIFT NIFTY contracts have a smaller contract size than the existing NIFTY 50 contracts traded on the NSE, which allows investors to trade with higher leverage and lower capital outlay.

Greater diversification

• The GIFT NIFTY contracts enable investors to diversify their portfolios across different markets and asset classes, as well as hedge their exposure to the Indian equity market.

Why the US says China’s amended anti-espionage law puts businesses at risk

The US government’s National Counterintelligence and Security Centre (NCSC) has expressed concerns over China’s newly amended security law, which came into effect on July 1 and extends the scope of the state’s powers.

What does China’s newly amended anti-espionage law say?

• The revised law refines the definition of espionage, specifying acts such as carrying out cyber attacks against state organs, confidential organs or crucial information infrastructure as acts of espionage.
• Additionally, it states that targets of espionage would now include all documents, data, materials and articles that concern “national security and interests”. This has been interpreted to mean that the government can now demand to look at private information of individuals and organisations, citing this law, and documents and such materials can now constitute spying.
• Attempts to illegally obtain or share state secrets, intelligence, or other data, materials, or items related to national security or national interests. Here, the words “or other data, materials, or items related to national security or national interests” are newer additions.
• This has raised alarm bells for corporate ‘due diligence’ companies, those who carry out risk analysis for doing business with another company or in a particular environment.

What has the US said on this law

According to the NCSC, the law has:

• Potential to create legal risks or uncertainty for foreign companies, journalists, academics, and researchers,
• Any documents, data, materials, or items could be considered relevant to the People’s Republic of China’s national security due to ambiguities in the law

Similarly, amid a row with Canada in 2018, after its authorities helped arrest a Huawei executive over charges of theft of technology, within two weeks, China arrested two Canadian men on allegations of spying.

INDIA

Official Secrets Act:

• OSA broadly deals with two aspects — spying or espionage and disclosure of secret information of the government.
  • However, the OSA does not define the secret information, the government follows the Manual of Departmental Security Instructions, 1994 for classifying a document as secret.
  • Generally secret information includes any official code, password, sketch, plan, model, article, note, document, or information.
• If guilty, a person may get up to 14 years’ imprisonment, a fine, or both. Both the person communicating the information and the person receiving the information can be punished under the OSA.
• Background:
  • OSA has its roots in the British colonial era. The Indian Official Secrets Act (Act XIV), 1889 was brought in, with the objective of muzzling the voice of a large number of newspapers that had come up in several languages, and were opposing the British policies.
  • The Act XIV was amended and made more stringent in the form of The Indian Official Secrets Act, 1904, during Lord Curzon’s tenure as Viceroy of India.
  • In 1923, a newer version was notified, the Indian Official Secrets Act (Act No XIX of 1923).
    • It was extended to all matters of secrecy and confidentiality in governance in the country.
• Issues Involved:
  • Conflict with Right to Information Act: It has often been argued that the OSA is in direct conflict with the Right to Information (RTI) Act, 2005.
    • Section 22 of the RTI Act provides for its primacy vis-a-vis provisions of other laws, including OSA. So if there is any inconsistency in OSA with regard to furnishing of information, it will be superseded by the RTI Act.
    • However, under Sections 8 and 9 of the RTI Act, the government can refuse information. Effectively, if the government classifies a document as secret under OSA, that document can be kept outside the ambit of the RTI Act, and the government can invoke Sections 8 or 9.
  • Misinterpretation of Breach of National Security: Section 5 of OSA, which deals with potential breaches of national security, is often misinterpreted.
    • The Section makes it a punishable offence to share information that may help an enemy state.
    • The Section comes in handy for booking journalists when they publicise information that may cause embarrassment to the government or the armed forces.

Ambergris worth Rs 4 crore found in dead whale: What is this rare substance, how it’s used

Ambergris, which means grey amber in French, is a waxy substance that originates from the digestive system of protected sperm whales.

Days after the carcass of a sperm whale washed up on a shore of the Canary Island of La Palma, found ambergris, also known as ‘floating gold’, stuck in its colon, which is estimated to be worth about €500,000 (Rs 4,47,62,500).

What is ambergris?

• Ambergris, which means grey amber in French, is a waxy substance that originates from the digestive system of protected sperm whales.
• While it is incorrectly referred to as ‘whale vomit,’ one of the theories about its formation suggests that it is produced in the gastrointestinal tract of some sperm whales for the passage of hard, sharp objects that are ingested when the whale eats large quantities of marine animals.
• The ambergris is said to be passed like faeces and has a very strong faecal odour combined with a strong marine odour. The freshly passed ambergris is a light yellowish substance and is fatty but as it ages it turns waxy and gets red-brownish, sometimes with shades of grey and black in colour and attains a mild, earthy, sweet smell but still with notes of mild marine odour.

What are the uses of ambergris and why is it so expensive?

Traditionally, it is used to produce perfumes which have notes of musk. While there are records of it being used to flavour food, alcoholic beverages and tobacco in some cultures in the past, it is rarely used for these purposes presently.

Legalities in India

• While there is a ban on the possession and trade of ambergris in countries like the USA, Australia and India, in several other countries it is a tradable commodity, though with limitations in some of them.
• In the Indian context, sperm whales are a protected species under Schedule 2 of the Wildlife Protection Act and possession or trade of any of its by-products, including Ambergris and its byproducts, is illegal under provisions of the Wildlife Protection Act, 1972.

CMV and ToMV: The two ‘mosaic’ viruses that hit tomato crop in Maharashtra and Karnataka

The current sharp increase in the price of tomato is due to lower production of the vegetable. How do these viruses infect the crop, and what can be done to prevent it?

Tomato growers in Maharashtra and Karnataka have blamed two different viruses for the loss of yields earlier this year. Farmers in Maharashtra have said their tomato crop was impacted by attacks of the cucumber mosaic virus (CMV), while growers in Karnataka and other South Indian states have blamed the tomato mosaic virus (ToMV) for crop losses.

What are CMV and ToMV?

• The two plant pathogens have similar names and cause similar damage to crops, but they belong to different viral families, and spread differently.
• ToMV belongs to the Virgaviridae family and is closely related to the tobacco mosaic virus (TMV). ToMV hosts include tomato, tobacco, peppers, and certain ornamental plants.
• CMV has a much larger host pool that includes cucumber, melon, eggplant, tomato, carrot, lettuce, celery, cucurbits (members of the gourd family, including squash, pumpkin, zucchini, some gourds, etc.), and some ornamentals. CMV was identified in cucumber in 1934, which gave the virus its name.

How do these two viruses spread?

• ToMV spreads mainly through infected seeds, saplings, agricultural tools and often, through the hands of nursery workers who have failed to sanitise themselves properly before entering the fields. It would require only a few infected saplings for the virus to take over an entire field in a matter of days.
• CMV is spread by aphids, which are sap-sucking insects. CMV too can spread through human touch, but the chances of that are extremely low.
• Conditions of high temperature followed by intermittent rain, which allow aphids to multiply, are conducive to the spread of CMV,
• Researchers said these conditions were seen in Maharashtra — the late rabi crop (planted in January-February) faced a sudden bout of rain followed by extreme heat.

How do the viruses affect the crop?

• Both viruses can cause almost 100 per cent crop loss unless properly treated on time. The foliage of plants infected with ToMV shows alternating yellowish and dark green areas, which often appear as blisters on the leaves. Distortion of leaves and twisting of younger leaves are also symptoms. The fruit develops necrotic spots, which leads to overripening. Younger plants are dwarfed, and fruit setting is affected.
• CMV too causes distortion of leaves, but the pattern is different. Often leaves at the top and bottom are distorted while those in the middle remain relatively blemish-free. In cucumber, the virus causes a mosaic-like pattern of alternating yellow and green spots. In tomato, fruit formation is affected, and in some cases the fruit is distorted and small.
• While specific effects vary depending on the host, overall, CMV causes stunting and lower production.

Controlling CMV is more difficult, given the large number of hosts the virus can live on. The best way is to stop the aphids, which can be done by spraying quick acting insecticides or mineral oils on the plants. Irritating the aphids can spread the virus to other fields.

Piyush Goyal chairs National Conference of Food Ministers, launches new Sugar-Ethanol portal

• GrainATM, Annapurti, is an automated multi-commodity dispensing solution that provides fast, clean, and precise access to commodities (rice, wheat, grains) to beneficiaries, post biometric authentication.
• It is developed by World Food Programme (WFP) India.
• GrainATM ensures 24×7 access to full entitlements for people entitled to monthly subsidized grains through India’s Public Distribution System.
• Annapurti’ has potential use for food-based safety nets, food grain distribution during emergencies, and increasing market access for smallholder farmers.
• Annapurti, which dispenses the type and quantity of the selected grain (wheat, rice or millet) commodity to each beneficiary after biometric authentication, does away with the possibility of spillage, waste and short-weighing.
• Features:
  • Annapurti dispenses one or two grain commodities, up to 50 kilograms, in five minutes, with an error rate of 0.01 percent.
  • The entire solution, including the volume of the storage unit, is modular or easily assembled and can be put together depending on the amount of space available.
  • To ensure food security with efficient energy access, the machine has been designed to consume only 0.6 Watt per hour.
  • It can also be attached to solar panels, inverter batteries and elevators for automatic refilling.

US says it foiled Iran attempt to seize two oil tankers

Strait of Hormuz

• Strait of Hormuz, also called Strait of Ormuz is a channel linking the Persian Gulf (west) with the Gulf of Oman and the Arabian Sea.
• The strait is 35 to 60 miles (55 to 95 km) wide and separates Iran (north) from the Arabian Peninsula (south).
• It contains the islands of Qeshm (Qishm), Hormuz, and Hengām (Henjām).
• The Strait of Hormuz is the world''s most important oil chokepoint because of the large volumes of oil that flow through the strait.

Gulf of Oman

• The Gulf of Oman or Sea of Oman, also known as the Gulf of Makran or Sea of Makran, forms the only entrance to the Persian Gulf from the Indian Ocean.
• It connects the Arabian Sea with the Strait of Hormuz, which then empties into the Persian Gulf.
• Bordering Countries: It is bordered by Pakistan and Iran in the north, by the United Arab Emirates in the west and by Oman in the south.
• The gulf is relatively shallow because of its origin as a fissure in the mountain spine now divided between Iran and Oman.
• The Gulf of Oman is about 320 km wide at its widest point between Cape al-Hadd in Oman and Gwadar Bay on the Iran-Pakistan border. It narrows to 35 miles (56 km) at the Strait of Hormuz.

Philippine Army Explores BrahMos Missile Deal With India To Strengthen Maritime Defence

Brahmos Missile

• It is a supersonic cruise missile.
• It is a joint venture between the Defence Research and Development Organisation (DRDO) of India and NPOM of Russia.
• It is named after the rivers Brahmaputra and Moskva.
• Features:
  • It is a two-stage missile with a solid propellant engine in the first stage and a liquid ramjet in the second.
  • The system has been designed with two variants for Anti-Ship and Land-Attack roles.
  • Brahmos is one of the fastest cruise missiles currently operationally deployed with the **speed of Mach 2.8,**which is nearly 3 times more than the speed of sound.
  • It has a launch weight of 2,200-3,000 kg.
  • It operates on the "Fire and Forgets" principle, adopting varieties of flights on its way to the target.
  • BrahMos is equipped with stealth technology designed to make it less visible to radar and other detection methods.
  • It has an inertial navigation system (INS) for use against ship targets, and an INS/Global Positioning System for use against land targets.

Leopard found dead in Sohagi Barwa wildlife sanctuary UP’s Maharajganj

Sohagi Barwa Wildlife Sanctuary

• Location: It is situated in the Maharajganj district of Uttar Pradesh.
• Borders: On the northern side, the Sanctuary shares the international boundary with Nepal, and on the eastern border is Bihar’s Valmiki Tiger Reserve.
• It was declared a Wildlife Sanctuary in June 1987.
• Drainage: It is drained by the great Gandak, the little Gandak, Pyas and Rohin rivers.
• Topography:
  • It is almost flat with an average height of 100mtrs above mean sea level.
  • The area gently slopes from North–West to South–East.
• Flora:
  • Nearly 75% of the area consists of Sal forest, and other humid areas are covered with Jaamun, Gutal, Semal, KhairTrees, etc.
  • Lower region of the sanctuary, which is water logged during rains, consists of Grasslands and patches of Cane forests.
• Fauna:
  • It is inhabited by a variety of animals which mainly includes Leopard, Tiger, Jungle Cat, Small Indian Civet, Langur, Deer, Blue Bull, Wild boar, Porcupine etc.
  • The Avifauna is varied with Little Cormorant, Snake Bird, Brahimini Duck, Common Teal, Little Egret, Cattle Egret, Paddy Bird etc.

60 sheep and goats die, 200 fall sick due to contagious animal disease in Himachal’s tribal belt.

Peste Des Petits Ruminants (PPR)

• PPR is a highly contagious viral disease of sheep and goats with high mortality.
• It is caused by a virus of the family paramyxoviridae and genus morbillivirus. It is closely related to other members of the genus, including the rinderpest virus, measles virus, and canine distemper virus.
• Symptoms:
  • PPRV causes disease with an array of clinical signs. It also causes immunosuppression, which makes affected animals more likely to pick up other infections.
  • Clinical signs of PPR: Fever, Eye and nasal discharges, Sores in the mouth, Diarrhoea, Listlessness, Respiratory signs (coughing and pneumonia), Abortion and death, with case fatality rates as high as 90% (though more commonly around 20%).
• Transmission:
  • PPR is mainly spread during close contact when a susceptible animal inhales the virus from infected animals’ coughing and sneezing.
  • Transmission can also occur indirectly through contact with infected objects (fomites) such as feed troughs, bedding etc.
  • Sources of PPRV include secretions from the eyes, nose, and mouth of infected animals, as well as their faeces.
• Once introduced, the virus can infect up to 90 percent of an animal herd, and the disease kills anywhere from 30 to 70 percent of infected animals.
• The PPR virus does not infect humans.
• Disease prevalence:
  • PPR was first described in 1942 in Côte d''Ivoire. Since then, the disease has spread to large regions in Africa, the Middle East and Asia.
  • In India, the disease outbreaks have been reported in Himachal Pradesh, Andhra Pradesh, West Bengal, Telangana, Karnataka and Chhattisgarh.
• Currently, a global initiative driven by the Food and Agriculture Organization of the United Nations (FAO) and the World Organisation for Animal Health (OIE) exists to eradicate PPR by 2030.

Delhi Lieutenant Governor distributes Honey Bee-Boxes and Toolkits to 130 beneficiaries under ''Gramodyog Vikas Yojna''

Gramodyog Vikas Yojana

• It is one of the two components of Khadi Gramodyog Vikas Yojana which aims to promote and develop the village industries through common facilities, technological modernization, training etc.
• It includes the activities carried out under different village industries.
• Components of the Yojana
  • Research & Development and Product Innovation: R&D support would be given to the institutions that intend to carry product development, new innovations, design development, product diversification processes etc.
  • Capacity Building: Under the Human Resource Development and Skill Training components, exclusive capacity building of staff as well as the artisans would be adequately addressed through the existing MDTCs and institutions of excellence.
  • Marketing & Publicity: The V.I. institutions will be provided market support by way of preparation of product catalogue, Industry directory, market research, new marketing techniques, buyer seller meet, arranging exhibitions etc.

KVIC

• It is a statutory body established under the Khadi and Village Industries Commission Act, of 1956.
• The KVIC is charged with the planning, promotion, organisation and implementation of programmes for the development of Khadi and other village industries in the rural areas in coordination with other agencies engaged in rural development wherever necessary.
• Nodal Ministry: Ministry of Micro, Small and Medium Enterprises.

Japan-India Maritime Exercise 2023 (JIMEX 23).

JIMEX 2023

• This edition marks the 11th anniversary of JIMEX, since its inception in 2012.
• This exercise will witness the participation of INS Delhi, INS Kamorta, fleet tanker INS Shakti, a submarine, maritime patrol aircraft P8I and Dornier, ship-borne helicopters and fighter aircraft.
• The exercise will be conducted over six days in two phases.
• A harbour Phase at Visakhapatnam comprising professional, sports and social interactions.
• The two navies will jointly hone their war fighting skills at sea and enhance their interoperability through complex multi-discipline operations in the surface, sub-surface and air domains.
• JIMEX 23 provides an opportunity to learn from each other''s best practices and facilitates operational interactions between IN and JMSDF to foster mutual cooperation and reaffirm their shared commitment towards maritime security in the region.

Other Exercises between India and Japan

• Malabar: India and Japan with the United States and Australia participate in the naval war gaming exercise named Malabar.
• SHINYUU Maitri (Air Force)
• Dharma Guardian (Military Exercise)

India and Asean top recipients of FDI, says UNCTAD report

• India and ASEAN were the most buoyant recipients of the Foreign direct investment (FDI), with increases of 10 and 5%, respectively.
• FDI inflows were higher in developing countries compared with those in developed economies.
• China, the second largest FDI host country in the world, saw a 5% increase.
• FDI in the Gulf region declined, but the number of project announcements increased by two thirds.
• Inflows in many smaller developing countries were stagnant, and FDI to the least developed countries (LDCs) declined.
• Much of the growth in international investment in renewable energy has been concentrated in developed countries.
• The investment gap across all sectors of the Sustainable Development Goals has increased to more than $4 trillion per year from $2.5 trillion in 2015.
• The largest gaps are in energy, water and transport infrastructure.

United Nations Conference on Trade and Development

• It is a permanent inter-governmental body established by the United Nations General Assembly in 1964.
• It is responsible for dealing with development issues, particularly international trade.
• Framing policies in various domains such as trade, technology, finance, aid, and transport are the most important priorities of UNCTAD.
• The Conference ordinarily meets once in four years.
• The second UNCTAD Conference took place in New Delhi, India in 1968.
• Members: 195 countries
• Headquarters: Geneva, Switzerland
• Reports published by the UNCTAD: Trade and Development Report, The Least Developed Countries Report and Commodities and Development Report etc.