Addapedia Odisha | Daily Current Affairs | 08 May 2024 | Download PDF

• Maharashtra is preparing to relocate tigers to Sahyadri Reserve to boost their population.

Key points:

• • Maharashtra Forest Department plans to transfer tigers from Tadoba-Andhari Tiger Reserve to Sahyadri Tiger Reserve.
• Sahyadri Tiger Reserve (STR) is among five tiger reserves in India without any tigers, along with Kaval, Kamlang, Dampa, and Satkosia.

• The goal is to increase the tiger population in the northern Western Ghats forests.
• STR spans Kolhapur, Satara, Sangli, and Ratnagiri districts in western Maharashtra.

About Sahyadri Tiger Reserve:

• • Established in 2008 by the Indian government, Sahyadri Tiger Reserve is located in Maharashtra.
  • It lies within the Sahyadri Ranges of the Western Ghats.
  • Part of the North Western Ghats moist deciduous forests and North Western Ghats montane rain forests ecoregions.
• These ranges serve as a border between Maharashtra, Karnataka, and Goa, featuring diverse evergreen, semi-evergreen, and moist deciduous forests.

• The reserve includes the Koyna Wildlife Sanctuary in its northern portion, Chandoli National Park in its southern part, and recently, the Radhanagari Wildlife Sanctuary has been added.
• The primary focus of the reserve is to conserve the Bengal tiger, with other animals like leopards also inhabiting the area.

• The Prime Minister’s recent engagement with top gamers underscores India’s ambition to become a leading global gaming hub.

Key points:

• Rapid expansion: Indian online gaming industry witnessed a robust 28% Compound Annual Growth Rate (CAGR) from FY20 to FY23.
• Projected growth: Anticipated to reach ₹33,243 crore by FY28, maintaining a steady 15% CAGR.
• Investments: Attracting significant foreign and domestic investments, leading to substantial job creation.
• IT Potential: India’s IT prowess positions it naturally for success in the gaming industry.
• Global Comparison: Despite the global gaming industry exceeding $300 billion in 2021, India’s online gaming revenue constitutes only 1.1%.

Positive Developments:

• Establishment of a taskforce by the Ministry of Information and Broadcasting.
• The Ministry of Electronics and Information Technology is identified as the nodal ministry.
• Introduction of regulations through IT Rules, 2021, providing clarity and certainty for startups.

Challenges and Proposals:

• Regulatory issues: Ineffective implementation of self-regulatory bodies within IT Rules of 2021.
• NITI Aayog’s proposal: Suggests a self-regulatory model for online fantasy gaming sector.
• Taxation concerns: Imposition of a 28% tax rate effective from October 1, 2023, raises sustainability and job creation concerns.

• • Amritpal Singh, a pro-Khalistan group leader, aims to contest Lok Sabha elections from Punjab’s Khadoor Sahib seat.
  • He can run for elections while in jail, unless convicted, but can’t vote like other accused prisoners in India.
• Legal status of voting and candidacy rights for imprisoned individuals is debated.

Key points:

Statutory Rights:

• The right to vote and be elected are considered “statutory rights.”
• In 1975, the Supreme Court stated in Indira Gandhi v Raj Narain that free and fair elections are part of the Constitution’s “basic structure.” Laws contradicting this could be invalidated.
• However, the Supreme Court ruled in Kuldip Nayar v. Union of India (2006) that these rights aren’t fundamental but statutory, hence changeable by Parliament.

Disqualification Criteria:

• Section 8 of the Representation of People Act, 1951, disqualifies individuals from contesting elections after conviction for certain offenses listed in the Act.
• Disqualification lasts for six years after release and applies only after conviction, not if only charged.
• Challenges to this section have been seen in court, with differing outcomes.

Exceptions to Disqualification:

• The Election Commission of India (ECI) can “remove” or “reduce” the disqualification period under Section 11 of the RP Act.
• The Supreme Court ruled that if a conviction is stayed on appeal, the disqualification doesn’t apply.

Restrictions on Voting Rights:

• Section 62(5) of the RP Act prohibits voting for individuals confined in prison or police custody, except for those in preventive detention.
• The Supreme Court has upheld this rule, citing reasons like the statutory nature of voting rights and the need to keep individuals with a criminal background away from elections.

• The India Vix (volatility index) has surged to a 15-month high, indicating expected swings in the market over the next 30 days.
  • The index rose for a ninth straight day to end at 17, the highest close since January 30, 2023, showing the longest gaining streak since March 2020.
• The fear gauge, as it’s known, had reached a record closing low of 10.2 just on April 23.

• Market experts suggest that some traders are lightening their positions until the election results are out, which is increasing volatility.

About:

• India VIX, also known as the India Volatility Index, is a measure of the market’s expectation of volatility in the Indian stock market over the next 30 days. 
• It is often referred to as the “fear gauge” or “fear index” because it tends to rise when investors are anxious about the market’s future performance and fall when investors are more optimistic.

Key points about India VIX:

• • The National Stock Exchange (NSE) introduced India VIX in 2008, modeling it after the Chicago Board Options Exchange’s (CBOE) VIX.
  • India VIX is calculated using the order book of Nifty options and represents the expected volatility of the Nifty 50 index.
  • It is expressed as a percentage and is usually quoted in real-time on the NSE’s website and other financial platforms.
  • India VIX is used by traders and investors to gauge market sentiment and adjust their strategies accordingly.
• A higher India VIX value indicates a higher expectation of volatility in the market, while a lower value signifies lower expected volatility.

• Investors and traders use India VIX to hedge against potential market risks by employing strategies such as buying or selling options or other derivatives.
• A sudden spike in India VIX can indicate that investors are fearful of potential negative events that could impact the market, such as political uncertainty, economic downturn, or global market instability.
• India VIX is closely monitored by market participants as an indicator of the overall market sentiment and as a tool to manage risk in their portfolios.

• Indian Naval Ships Delhi, Shakti, and Kiltan, led by RAdm Rajesh Dhankhar, Flag Officer Commanding Eastern Fleet, arrived at Singapore on 06 May 24 as part of the Indian Navy’s Eastern Fleet deployment to the South China Sea. 

Key points:

The visit aims to strengthen the longstanding friendship and cooperation between India and Singapore through various engagements and activities. 

INS Delhi (Destroyer):

• • Commissioned on 15 November 1997, built at Mazagon Dock Limited in Mumbai.
  • Among India’s largest warships, part of the Delhi-class destroyers.
  • A guided-missile destroyer with advanced weaponry and sensors for multi-role operations.
  • Designed for anti-aircraft, anti-submarine, and anti-surface warfare.
• Operates as part of carrier battle groups or independently for various naval missions.

INS Shakti (Replenishment Tanker):

• • Deepak-class fleet tanker and replenishment ship of the Indian Navy.
  • Built by Fincantieri, an Italian shipbuilding company.
• Second and final ship of her class, one of the largest in the Indian Navy.

• Provides logistical support at sea with fuel, ammunition, and provisions.
• Enhances operational range and endurance of the fleet by providing underway replenishment capabilities.

INS Kiltan (Corvette):

• • Kamorta-class anti-submarine warfare corvette.
  • Designed for detecting, tracking, and neutralizing enemy submarines, as well as anti-surface and anti-aircraft operations.
• Equipped with advanced sensors, weapons systems, and stealth features.

• Represents India’s indigenous shipbuilding capabilities, constructed at GRSE in Kolkata.

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