Why is it in the News?

India VIX, which is an indicator of the market’s expectation of volatility over the near term, surged past the 21 mark recently.

What is India VIX?

• India VIX is a volatility index computed by the NSE based on the order book of NIFTY Options.
• For this, the best bid-ask quotes of near and next-month NIFTY options contracts, which are traded on the F&O segment of NSE are used.
• India VIX indicates the investor’s perception of the market’s volatility in the near term i.e. it depicts the expected market volatility over the next 30 calendar days.
  • The higher the India VIX values, the higher the expected volatility and vice versa, as per NSE.
• ‘VIX’ is a trademark of the CBOE, and Standard & Poor’s has granted a license to NSE, with permission from the CBOE, to use such a mark in the name of the India VIX and for purposes relating to the India VIX.

What is the Volatility Index?

• The Volatility Index, VIX or the Fear Index, is a measure of the market’s expectation of volatility over the near term.
  • Volatility is often described as the ‘rate and magnitude of changes in prices’ and in finance often referred to as risk.
  • Usually, during periods of market volatility, the market moves steeply up or down and the volatility index tends to rise.
  • As volatility subsides, the Volatility Index declines.
• The Volatility Index is a measure of the amount by which an underlying index is expected to fluctuate in the near term, (calculated as annualised volatility, denoted in percentage e.g. 20 per cent) based on the order book of the underlying index options.
• The Chicago Board of Options Exchange (CBOE) was the first to introduce the volatility index for the US markets in 1993 based on S&P 100 Index option prices.
  • In 2003, the methodology was revised and the new volatility index was based on S&P 500 Index options.
• Since its inception, it has become an indicator of how market practitioners think about volatility.
•  Investors use it to gauge market volatility and base their investment decisions accordingly.

Why is it in the News?

The Central Bureau of Investigation (CBI) is likely to issue a Blue Corner notice against absconding Janata Dal (Secular) MP Prajwal Revanna.

What is Interpol’s Colour-coded Notices?

• A Blue or a Blue Corner notice is a part of Interpol’s elaborate system of colour-coded notices, which enable countries to “share alerts and requests for information [on wanted persons/crimes] worldwide”.
• This sharing of critical crime-related information is crucial for tackling internationally spread-out criminal activities.
• There are seven types of notices — Red Notice, Yellow Notice, Blue Notice, Black Notice, Green Notice, Orange Notice, and Purple Notice. Each has a different implication.
  • Red Notice: To seek the location and arrest of persons wanted for prosecution or to serve a sentence.
  • Yellow Notice: To help locate missing persons, often minors, or to help identify persons who are unable to identify themselves.
  • Blue Notice: To collect additional information about a person’s identity, location or activities in relation to a criminal investigation.
  • Black Notice: To seek information on unidentified bodies.
  • Green Notice: To provide a warning about a person’s criminal activities, where the person is considered to be a possible threat to public safety.
  • Orange Notice: To warn of an event, a person, an object or a process representing a serious and imminent threat to public safety.
  • Purple Notice: To seek or provide information on modus operandi, objects, devices and concealment methods used by criminals.
• These notices are issued by Interpol’s General Secretariat at the request of a member country’s Interpol National Central Bureau and are made available for all member countries.

What is Interpol?

• Interpol, or the International Criminal Police Organization, is an intergovernmental organization that facilitates global police cooperation and crime control.
• Founded in 1923, Interpol enables member countries to share data and collaborate on investigating cross-border crimes, such as terrorism, drug trafficking, cybercrime, and human trafficking.
• Interpol is composed of a network of 194 member countries, each having a National Central Bureau (NCB) that serves as the point of contact for international investigations. Key functions of Interpol include:
  • Providing a secure communication system for member countries to exchange information on criminal activities.
  • Facilitating operational support and assistance for member countries in managing crime-related crises and emergencies.
  • Coordinating training and capacity-building initiatives to enhance the capabilities of law enforcement agencies.
  • Issuing colour-coded notices (e.g., Red Notice for wanted persons) to alert member countries about international criminals and activities.
  • Providing access to databases containing vital data on known criminals, fingerprints, DNA profiles, and stolen and lost travel documents.
• Interpol functions within the framework of international law and operates in accordance with the principle of neutrality, ensuring that it does not interfere in the political, military, religious, or racial affairs of member countries.
• Its main objective is to provide a platform for international police cooperation and create a safer world for all.

Why is it in the News?

As per the Food Waste Index Report for 2024, households worldwide discarded more than one billion meals daily in 2022.

About UNEP Food Waste Index Report 2024:

• The United Nations Environment Programme (UNEP) Food Waste Index Report 2024, co-authored with the Waste and Resources Action Programme (WRAP), offers a comprehensive analysis of the state of global food waste.
• The report reveals alarming trends, including the wastage of over 1 billion meals per day in 2022, highlighting the urgency to address this critical issue.

Key findings from the report include:

• Per Capita Waste: The average annual food waste per person amounts to approximately 79 kilograms (or around 174 pounds).
  • This equates to over a billion meals being wasted daily worldwide, underscoring the significant inefficiencies in current food consumption habits.
• Sources of Waste: Household waste constitutes the majority, around 60%, with food service establishments (such as restaurants) contributing approximately 28%, and retailers making up about 12%.
  • This breakdown suggests that interventions targeting consumer behavior could have a substantial impact on reducing overall waste.
• Environmental Impact: Food loss and waste contribute to 8 to 10% of global greenhouse gas emissions.
  • Comparatively, if food waste were considered a country, it would rank as the third-largest emitter of greenhouse gases globally, trailing only China and the United States.
  • This stark comparison underscores the urgent need to address food waste not only for resource efficiency but also as a crucial aspect of climate action on a global scale.
• Global vs. Local Impact: The report highlights that food waste is a pervasive issue affecting both high-income and lower-income countries alike.
  • This universality implies that solutions must be adaptable and scalable across various socioeconomic contexts.
• Collaborative Solutions: Governments, regional entities, industry stakeholders, and non-profit organizations are increasingly involved in public-private partnerships to combat food waste.
  • Effective strategies, such as food redistribution through initiatives like food banks and charities, are recognized as vital for reducing waste while simultaneously supporting vulnerable communities.

Recommendations:

• The Food Waste Index Report by UNEP emphasizes the urgent need for comprehensive action, both globally and locally, to tackle the issue of food waste.
• By illuminating the extent and origins of waste, as well as its significant environmental and social repercussions, the report advocates for collaborative efforts across all sectors to establish sustainable food systems.
• The target of halving food waste by 2030 is not only in line with environmental goals but also represents a crucial step towards reducing global hunger and promoting a fairer distribution of food resources.
• As nations strive to achieve this objective, the report underscores the interconnectedness of food security, environmental sustainability, and economic viability.
• It presents addressing food waste not only as a moral and environmental imperative but also as a practical opportunity to bolster global food security and combat climate change.

Why is it in the News?

Prime Minister Modi attended the World Government Summit 2024 as guest of honour in Dubai recently.

What is the World Governments Summit?

• The World Governance Summit serves as a worldwide platform committed to shaping the trajectory of government initiatives across the globe.
• This annual gathering takes place in Dubai, United Arab Emirates, convening leaders and experts from various sectors.
• Each year, the Summit sets the agenda for the forthcoming era of governance, emphasising the utilisation of innovation and technology to address pressing global challenges.
• Since its establishment in 2013, the Summit has been steadfast in its mission to influence the evolution of governmental practices and foster a brighter future for humanity.

World Governance Summit Organization:

• The World Governance Summit Organization operates as an impartial, nonprofit entity with a global reach, dedicated to influencing the future landscape of governance.
• Headquartered in Dubai, United Arab Emirates, the organisation serves as a nexus for collaboration and idea exchange among governmental and non-governmental stakeholders.
• 2024 Summit: Dubai, United Arab Emirates
  • Theme - 'Shaping Future Governments'

Key Highlights of PM Modi's Speech:

• Streamlining Government Operations: The Prime Minister addressed the evolving landscape of governance, emphasising India's adoption of transformative reforms under the ethos of "Minimum Government, Maximum Governance.”
• Human-Centred Governance: Drawing from India's experience leveraging digital technology for welfare, inclusivity, and sustainability, he advocated for a human-centred approach to governance.
  • He highlighted India's focus on people's participation, last-mile delivery, and women-led development to foster an inclusive society.
• Need for Global Collaboration: Given the interconnected nature of the world, the Prime Minister stressed the importance of governments collaborating and learning from each other to tackle future challenges effectively.
• Model of Governance: Highlighting the current imperative, the Prime Minister underscored the necessity for governance to be inclusive, technologically adept, transparent, and environmentally sustainable.
  • He outlined priorities such as Ease of Living, Justice, Mobility, Innovation, and Business in public service delivery.
• India's Climate Change Commitment: Reaffirming India's unwavering commitment to climate change action, he urged people to join Mission LiFE (Lifestyle for Environment) to foster a sustainable world.
• Leadership Role of India: The Prime Minister elaborated on India's leadership role, particularly as the chair of G-20, highlighting efforts to address global challenges and elevate development concerns of the Global South.
  • He advocated for reforming multilateral institutions to give greater voice to the Global South in decision-making processes.
• India as a Global Partner: Emphasising India's commitment to global progress, he reiterated India's role as a "Vishwa Bandhu" (friend of the world), pledging continued contributions to global advancement.

Why is it in the News?

The flagship programme of the Ministry of External Affairs (MEA) for the youth diaspora, the ‘Know India Programme’, has completed 20 years.

About the Know India Programme (KIP):

• The Know India Programme is a flagship initiative of the Ministry of External Affairs designed to enhance awareness about India, its cultural heritage, and art, and to familiarize participants with various aspects of contemporary India and their ancestral homeland.
• This program is open to Persons of Indian Origin (21-35 years) (excluding non-resident Indians) from all over the world, with a preference for youth from Girmitiya countries, such as those from Mauritius, Fiji, Suriname, Guyana, Trinidad & Tobago, South Africa, and Jamaica.
  • The program has been in existence since its inception in 2003.

Features of Know India Programme (KIP):

• It is a 21 days’ programme (excluding international travel) during which the participant will visit Delhi, Agra and a select state in India alongwith visits to places of historical, cultural, and religious significance.
  • KIP participants will also have a 2-day orientation programme in New Delhi.
  • Participants will meet opinion makers, leaders, and officials to get an overview of India’s economy, society and ongoing growth and development story.
• Participants are provided local hospitality e.g. boarding and Internal transportation in India, return air tickets from their country of residence to India provided participants bear 10% of the cost of total air fare.
  • Gratis visa shall be granted to participants by the Indian Missions/Posts abroad.
• Some of the key elements of the Programme include:
  • Visits to places of historical and cultural importance;
  • Familiarisation with Yoga, Ayurveda, and classical forms of Music and Dance;
  • Visit to institutions of democracy and governance like Parliament of India, Election Commission of India, Rashtrapati Bhawan;
  • Interaction with leading educational institutions;
  • Exposure to flagship economic and development schemes like Digital India, StartUp India, and Make in India; and
  • visits to industrial sites, public and private firms to highlight India’s strength in Manufacturing & Service sector.

Eligibility Criteria:

• Minimum qualification required for participating in KIP is graduation from a recognized University /Institute or enrolled for graduation and the ability to speak in English.
  • The applicant should not have visited India through any previous Programme of Government of India.
  • Those who have not visited India before will be given preference.
• Applicant must provide documentary evidence to prove Indian origin or an undertaking about Indian origin which must be countersigned by the Indian Embassy/High Commission/Consul General.

Why in the News?

Goa Chief Minister Pramod Sawant hailed the recognition as a great opportunity for the cashew industry in the state and “a milestone towards the Swayampurna Goa mission”.

About Goan cashew:

• Cashew is one of the most important plantation crops in India, with significant cultivation in the state of Goa.
• Its introduction to India traces back to the 16th century (1570) when the Portuguese brought it from its native region in northeast Brazil, Latin America.
• Originally recognized for afforestation and soil conservation, cashews quickly gained prominence in Goa, occupying the largest area among horticultural crops.
• The climatic conditions conducive to its growth are well-suited to the Indian coastal areas, thriving under hot and humid circumstances.

Climatic Conditions:

• Soil and Climate: Well-drained deep sandy loam soils, ranging from sandy to laterite, prove to be ideal for cashew cultivation.
• Goa, known for its sandy loam, is a particularly favourable region for this crop.
• Adaptability: Cashew exhibits excellent adaptability to the coastal regions of India, thriving under temperatures ranging from 20 to 38 degrees Celsius.
• The relative humidity in the range of 60 to 95% is also conducive to its growth.
• Rainfall: Annual precipitation between 2000 to 3500mm supports the cultivation of cashews, ensuring optimal growth and development.
• Geographical Expansion: While traditionally associated with Goa, the cultivation of cashews is expanding to non-traditional areas in the plains of Karnataka, Madhya Pradesh, Chhattisgarh, and some parts of the Northeast hill region.
• Cashew's journey from its introduction by the Portuguese to becoming a vital crop in Goan agriculture highlights its adaptability and significance in the diverse agro-climatic regions of India.

What is a Geographical Indication Tag?

• A Geographical Indication (GI) tag is a distinctive emblem affixed to products originating from a specific geographical area, signifying unique qualities or a reputation inherently tied to that origin.
• Primarily employed for agricultural products, foodstuffs, wine and spirit drinks, handicrafts, and industrial items, the Geographical Indications of Goods (Registration and Protection) Act, 1999 in India aims to facilitate the registration and enhanced safeguarding of geographical indications associated with various goods.
• Under this act, the granted GI tag holds validity for a period of 10 years, with the provision for renewal upon expiration.

Why is it in the News?

Efforts are being made to expand the cultivation of geographical indication (GI)-tagged Onattukara sesame.

About Onattukara Sesame:

• Onattukara sesame is a special sesame seed variety native to the Onattukara region of Kerala.
• It is renowned for its distinctive flavor, rich aroma, and exceptional nutritional and health value.
• In 2023, it received a geographical indication (GI) tag, recognizing its unique characteristics and link to the Onattukara region.
• This recognition serves as a testament to the exceptional qualities of Onattukara sesame and is expected to propel its demand and further empower the farmers of the region.
• Onattukara sesame distinguishes itself from other sesame varieties through its unique flavor profile.
• This distinctive flavor profile makes Onattukara sesame an indispensable ingredient in traditional Kerala cuisine, where it graces a variety of dishes, from curries and chutneys to sweet snacks.
• Distinguishing Features:
• Flavor and Aroma: Onattukara sesame has a nutty, slightly sweet flavor and a rich, earthy aroma.
• Nutritional Value: It is a rich source of vitamins and minerals, including vitamin E, calcium, magnesium, and iron.
• It also contains healthy fats, such as omega-3 and omega-6 fatty acids.
• Medicinal Properties: Traditionally, Onattukara sesame oil has been used in Ayurveda for its medicinal properties, including its ability to promote skin health, reduce inflammation, and relieve joint pain.

Why in the News?

An estimated 11 lakh children in India missed their crucial first dose of measles vaccine in 2022, according to a report by the World Health Organization and US Centres for Disease Control and Prevention (CDC).

What is Measles?

• Measles is a highly contagious disease caused by a virus.
• It is caused by the Morbillivirus of the Paramyxoviridae family.
• It spreads easily when an infected person breathes, coughs, or sneezes.
• It can cause severe disease, complications, and even death.
• Measles can affect anyone but is most common in children.
• Measles infects the respiratory tract and then spreads throughout the body.
• Symptoms: Symptoms include a high fever, cough, runny nose, and a rash all over the body.
• Measles typically starts with a strong fever about 10 to 14 days after getting infected.
• In the beginning, it starts with a runny nose, cough, red and watery eyes, and small white spots inside the cheeks.
• After a few days, a rash appears, usually on the face and upper neck.
• This rash spreads over about three days, reaching the hands and feet, and lasts for five to six days before fading away.
• Any non-immune person (not vaccinated or vaccinated but not developed immunity) can become infected.
• If a woman catches measles during pregnancy, this can be dangerous for the mother and can result in her baby being born prematurely with a low birth weight.
• Treatment: There is no specific treatment for measles.

Why in the News?

The Telangana High Court's division bench recently conveyed its discontentment over the absence of specific information regarding measures taken to manage the outbreak of Lumpy Skin Disease (LSD) in cattle.

What is Lumpy Skin Disease (LSD):

• Lumpy Skin Disease (LSD) is a highly infectious viral disease that affects cattle, ranging from acute to chronic in nature.
• It is caused by the lumpy skin disease virus (LSDV), belonging to the genus Capripoxvirus within the poxviridae family (related to smallpox and monkeypox viruses), but it is not zoonotic, meaning it does not spread to humans.
• Symptoms of LSD include the enlargement of lymph nodes, resulting in lumps on the cattle's skin, primarily appearing on the head, neck, limbs, udder, genitalia, and perineum.
• The cutaneous nodules, usually 2–5 cm in diameter, may develop into ulcers and scabs over time.
• Other signs of infection include high fever, reduced milk yield, nasal and ocular discharge, salivation, loss of appetite, depression, damaged hides, emaciation, infertility, and abortions.
• Transmission occurs through blood-feeding insects such as certain flies, mosquitoes, and ticks, as well as the movement of affected animals and contaminated equipment.
• Direct animal-to-animal transmission can also occur in some cases.
• While no direct antiviral treatment is available for LSD, supportive care is provided to infected animals, including the use of antibiotics, painkillers, and wound care sprays to alleviate symptoms.
• Vaccines are used to control disease transmission, as there is no specific cure.
• LSD is economically significant as it can lead to temporary reductions in milk production, temporary or permanent sterility in bulls, hide damage, and, in some instances, fatalities among the affected cattle population.