Daily Current Affairs 1 May 2020 | UPSC Current Affairs 2020

Current Affairs Of Today Are

1) WIHG reveals 35 thousand-year histories of river erosion in Ladakh Himalayas

• Scientists and students from Wadia Institute of Himalayan Geology (WIHG), an autonomous institute under the Department of Science &Technology, Govt. of India studied rivers in Ladakh Himalaya, bringing out 35 thousand-year histories of river erosion and identified hotspots of erosion and wide valleys that act buffer zones. The study showed how rivers in drier Ladakh Himalaya operated in longer time scales and how they responded to varying climate, an understanding of water and sediment routing, which is crucial as the country gears up its infrastructure and develops smart cities.
• The scientists have traced where the rivers draining Himalaya and its foreland erode the most and identify the zones that receive these eroded sediments and fill up. The Ladakh Himalaya forms a high altitude desert between Greater Himalayan ranges and Karakoram Ranges. The Indus and its tributaries are major rivers flowing through the terrain. The Zanskar River is one of the largest tributaries of the upper Indus catchment, draining orthogonally through highly deformed Zanskar ranges. Two prominent tributaries of Zanskar River are the Doda and TsrapLingti Chu, which confluence at Padam village in the upper valley to form the Zanskar River.
• In the study published in the journal Global and Planetary ChangesZanskar catchment was explored by WIHG team to understand the landform evolution in the transitional climatic zone, using morpho stratigraphy and provenance study of landforms like valley fill terraces, alluvial fans(triangle-shaped deposit of gravel, sand, and even smaller pieces of sediment, such as silt).
• Their research suggested that the wide valley of Padam, with an area of 48 square km, in the upper Zanskar, has stored a vast amount of sediments in these landforms. Where, presently, 0.96±0.10 km3 of sediment is stored in its terraces and fans, and since the last 32 thousand years, 2.29±0.11 km3 of sediment has been eroded by the river from Padam, giving it a specific sediment yield of 2.2×103 tons/km2 per year.
• The sediment contribution from such transient basins is significant when compared with the 4–7 km3 of sediment reportedly eroded from the entire Indus system in Ladakh since the Last Glacial Maximum (LGM) and the 7–22 km3 from the Zanskar since last 10 thousand years. ThusPadam valley is a hotspot of sediment buffering in the Zanskar.
• A study of the sediments suggested that most sediments were derived from Higher Himalayan crystalline that lies in the headwater region of Zanskar. It was found out that dominant factors responsible for sediment erosion were deglaciation and Indian Summer Monsoon derived precipitation in the headwaters despite the presence of a geomorphic barrier (the deep, narrow gorge) between the upper and lower catchments of the river, and it remained connected throughout its aggradation history.
• The study by the WIHG team will help to understand river-borne erosion and sedimentation, which are the main drivers that make large riverine plains, terraces, and deltas that eventually become the cradle to evolving civilizations.

Zanskar river makes a deep gorge in its lower reaches with the headwaters in upper Zanskar makes a wide basin called Padam. The basin stores a large number of sediments in the form of fans and river terrace deposits

Source: PIB

2) Bank of Schemes, Ideas, Innovation & Research Portal on MSMEs

• Union Minister of Road Transport & Highways and MSME Shri Nitin Gadkari launched Bank of Schemes, Ideas, Innovation, and Research portal on MSMEs through Video Conference from Nagpur
• The Portal gives access to all Schemes of Union, State, and UT Governments. It has the provision for uploading Ideas, Innovations & Researches in the sector. The portal has unique features of not only crowdsourcing of ideas, but also evaluation and rating the ideas by crowdsourcing. It can also facilitate the inflow of venture capital, foreign collaboration, etc.
• Users who have an idea, innovation, or Research with him/her can share it on this platform which will be reviewed by the concerned Officer and publish them for public view. Registered users can rate these ideas (Crowdsourcing) and venture capitalists can connect with the user having an idea, innovation, and research.
• The online forms for Idea, innovation, and research can be easily filled in 5-6 Minutes. A person can choose Areas (Credit/Finance, Human Capital Development, Technology, Infrastructure, Marketing, Policy, etc)
• The person can indicate his Sector (Rural Technology Innovation, Waste-to-Wealth, Agro-Processing, Manufacturing, Services, Khadi, Coir, etc)
• The portal has the facility to indicate the stage of Idea (Concept, Prototype or Commercialized) to make more user friendly. Papers and photos related to Idea and Video and Social Media links can also be uploaded.
• The portal will benefit the potential entrepreneurs as a One-stop compendium of Ideas, innovation, and research-ready for commercialization. The Rating of Ideas can be seen publicly which will help in decision making. Venture capitalists can interact with Person and MSME having Ideas or innovation. Similarly, options are available for adding Banks, Government Labs, Incubators, Accelerators, Foreign collaboration in the future.

Source: PIB

3) New simulation code helps study electric field structure in Earth’s Magnetosphere where satellites hover

• Scientists at the Indian Institute of Geomagnetism (IIG) an autonomous institution of the Department of Science and Technology have developed a generalized one-dimensional fluid simulation code capable of studying a wide spectrum of coherent electric field structures in near-earth plasma environment or earth’s magnetosphere which can be useful in the planning of future space missions.
• The Earth’s magnetosphere is a vast region that has a finite number of satellites hurtling through this realm. Hence, the in situ observations are finite and discrete. The morphology of the plasma processes around the satellite can be understood quite well. However, when they leave the observational domain of one satellite to enter into another, a vast blind arena is created. How the morphology of these processes changes over space and time can be ideally deciphered only through computer simulations.
• This was the motivation for Dr. Ajay Lotekar to address the problem under the guidance of Dr. Amar Kakad from IIG. To tackle this problem, the team developed a generalized 1D fluid code that modeled the coherent electric field structures in space plasmas. They tested their code for various kinds of wave phenomena that generates coherent electric field structures in near Earth’s plasma environment. These simulations were performed on the High-Performance Computing System at IIG. The results obtained through their fluid simulation code, published in the journal Physics of Plasmas, were found to be well in agreement with the spacecraft observations of coherent electric field structures.
• Almost 99% of matter in the universe is in the form of plasma, Earth’s magnetosphere, too, contains this material and the plasma processes can hamper the working of several satellites that have been placed in orbit in the magnetospheric region.
• Apart from the well being of these expensive satellites, the academic understanding of this region is quite essential to comprehend the cosmos in its entirety. Sun is the major source of plasma deposition in space around the Earth. Sun forces some of its plasma towards the earth in the form of the solar wind. The speed of this wind varies between 300 to 1500 km/s, which carries with it a solar magnetic field, called Interplanetary Magnetic Field (IMF).  The interaction of the IMF with the earth’s magnetic field creates the magnetosphere of the earth.

Schematic of Earth’s magnetosphere (Credit: http://web.archive.org/web/ 20070907134402/http://plasmasphere.nasa.gov/default_story.htm) with its different regions, 1) Bow shock, 2) Magnetosheath, 3) Magnetopause, 4) Northern tail lobe, 5) Southern tail lobe, 6) Plasmasphere, 7) Solar wind.The white stars indicate regions where coherent electric field structures are observed frequently, and the blue stars indicate regions where these structures are observed intermittently.

• The research done by IIG researchers is focused on the coherent electric field structures that are observed in the high-resolution electric field waveform data and can be seen as isolated pulses of various forms viz., monopolar, bipolar and tripolar.

Multi-Spacecraft Mission (MMS) observation of the bipolar electric field structures observed on November 02, 2016

Van Allen radiation probe B observation of unipolar electric field structures observed on November 13, 2012

Characteristic bipolar and unipolar electric field structures observed in the Earth’s magnetosphere.

• The study of complex and nonlinear wave phenomena in the magnetosphere by IIG team will help advance the knowledge of plasma waves, instabilities, and coherent effects associated with wave-particle interactions that are useful in the planning of future space missions. It can also lead to precisely controlled fusion laboratory experiments for ever-expanding energy needs of humanity.

Source: PIB

4) Project Monitoring Unit

• Ministry of Coal (MoC) launched a Project Monitoring Unit (PMU) for the facilitation of early operationalization of coal mines allocated by the Central Government.
• This is an important step forward to promote Ease of Doing Business as it will hand-hold and support Coal mines to allocate in obtaining timely approval/permissions to operationalize the mines.
• PMU has been launched for helping the allocatees of coal mines in obtaining various clearances required from the Central/State government authorities for the operationalization of coal mines. This will lead to ramping up coal production in the country.
• This move is also expected to go a long way in attracting bidders for the ensuing auction round of commercial blocks. This measure will improve the production and business environment in the coal industry.

Source: PIB

5) AYURAKSHA

• The All India Institute of Ayurveda (AIIA), under the Ministry of AYUSH and Delhi Police, organized the AYURAKSHA program for Delhi Police personal at New Delhi today. The joint program titled AYURAKSHA “Corona Se Jung- Delhi Police Ke Sang” aims to fight against corona through simple and time tested Ayurveda immunity-boosting measures.
• These measures are as per the advisory issued by the Ministry of AYUSH. The recommended formulations like Chyawanaprasha (Amla as main content), Anu Taila, and SanshamaniVati (prepared from Guduchi) have simple herbs which are time tested and scientifically proven for enhancing the immunity.
• Delhi Police has come forward with a proposal for maintaining the health of front line COVID warriors like Delhi police personal through Ayurveda immunity-boosting measures. The proposal would be implemented in a phase-wise manner. The distribution will take place for nearly 80000 personal of Delhi police across 15 districts of NCT Delhi. All India Institute of Ayurveda has nominated 3 main coordinators under the Director of Institute. 15 nodal officers of AIIA have been identified for 15 districts of Delhi State who will be working in close coordination with 15 Nodal officers from Delhi Police.
• Phase I: All quarantined police officers and officials
• Phase II: Police officials/officers deputed in containment zones
• Phase III: Police officials/officers deputed in quarantine zones
• Phase IV: All policemen working as front line workers in the field.
• The All India Institute of Ayurveda has also planned for identifying police officials/officers with comorbid conditions like Diabetes, Stress, Hypertension, etc. who are more susceptible to this pandemic. These officials/officers will be provided with additional support and care. A proper health record would be maintained in a digital format for all the officers/officials taking these medicines. For this, a specially designed questionnaire and Digital Arogya Sanjivani developed by the Ministry of AYUSH would be used.
• For distribution of medicines, special Kits are to be prepared which will contain the formulations, method of use, an advisory issued by the Ministry of AYUSH in Hindi and English. The medicines would be procured from government pharmacies (IMPCL) under the Ministry of AYUSH.
• It has also been planned to set up a Kiosk in every Delhi police district headquarters wherein the complete diet and lifestyle-related information, as well as usefulness of Ayurvedic formulations in boosting the immunity, would be explained by consultants of All India Institute of Ayurveda initially for 15 days.
• Promotion of health and prevention of diseases by a healthy daily regimen of lifestyle and immune boosters is the core objective of Ayurveda.

Source: PIB

6) SNBNCBS develops Nanomedicine to alter oxidative stress for better immune power to treat viral infections including COVID-19

• Scientists at S. N. Bose National Centre for Basic Sciences, Kolkata (SNBNCBS) have developed a safe and cost-effective nanomedicine that promises treatment of several diseases by altering oxidative stress in the body. The research may provide a ray of hope in India’s fight against COVID-19, as nanomedicine can decrease or increase reactive oxygen species (ROS) in our body, depending on the situation and cure the disease.
• The ability of this research for controlled enhancement of ROS in mammals raises hopes of a new potential for the application of nanomedicine in controlling virus infections, including COVID-19. Animal trial for the Reduction & Oxidation processes (Redox) healing of several diseases is completed, and now the institute is looking for sponsors to start clinical trials on humans.
• The medicine combines nanoparticles extracted from manganese salt with citrus extracts, like from lemon. A crucial combination of manganese and citrate employing tricks of nanotechnology produces the nanomedicine. The artificially made nanomedicine was found to be important to maintain a balance of reduction and oxidation processes (Redox) in our body’s tissues. Redox reactions in cells add or remove oxygen, and are essential for many processes such as generating energy in cells. The redox reactions can also create products harmful to cells called reactive oxygen species (ROS), which can instantly oxidize lipids (fat), proteins, and nucleic acids, accelerating the aging process. However, it has to be noted that our immune cells naturally produce ROS or generate oxidative stress to kill viruses or bacteria and infected cells in our body. Thus, controlled-increase of ROS or oxidative stress aids our immune cells to perform their natural functions more efficiently.
• Enhancement of oxidative stress by nanomedicine in animal tissue is also commendable and finds application in curing diseases, including neonatal jaundice. Recently the institute has shown that the added oxidative stress upon administration of the nanomedicine can break down bilirubin (the toxic molecule causing jaundice), providing a cure for hyperbilirubinemia (jaundice). In a trial on mice, the nanomedicine was found safe and swift, precisely bringing down bilirubin levels within two and a half hours. This ability of controlled enhancement of oxidative stress (ROS) in mammals paves new potential for the application of nanomedicine in controlling virus infection, including COVID-19. Recently, the local administration of hydrogen peroxide, which is in a class of ROS, is recommended to be a way of surviving COVID-19. The excess ROS was achieved by applying the hydrogen peroxide chemical in respiratory track through a nebulizer is advised to inactivate COVID-19 by breaking down the viral structure. As a direct application of hydrogen peroxide creates several complications, including direct oxidation of normal body cells, replacement of the chemical by nanomedicine would be beneficial.
• These findings have been published in international journals. In October last year, a comprehensive review entitled “Role of Nanomedicine in Redox Mediated Healing at Molecular Level” of all the development has been published in the journal Bimolecular concepts. The concept got the immediate attention of international experts in the field and referred to as “a new front in redox medicine, the emerging field of ROS-based nanomedicine, involving nanomaterials with ROS-regulating properties, holds promise for optimized therapeutic efficacies” in a recent Nature journal in March in this year. The efficacy of the developed nanomedicine in balancing oxidative stress (ROS) in mice was tested recently by injecting Lead (Pb) ions to create higher oxidative stress (ROS) and liver damage. It was found that the nanomedicine reduces the oxidative stress of the mammal due to lead-exposure and also helps to remove the toxic ions from the liver (popularly known as chelation therapy in medicine) reversing the damage of the organ. Recently, ChemMedChem has highlighted this work on the front cover.

Source: PIB

7) Index of Eight Core Industries

• Output at India’s core sector contracted by 6.5% in March, Commerce Ministry data show, reflecting the early impact of the COVID­19 pandemic and the subsequent nationwide lockdown.
• The index of eight core sector industries, which form 40% of the weight of items included in the broader Index of Industrial Production (IIP), reflected a contraction in key parts of the economy in March, according to the data released. 
• Analysts warned that the core sector data signaled a much sharper contraction in the wider IIP, especially in April, as several core sector industries were actually exempted from the lockdown
• Leading the contraction at the core industries where a 13% decline in steel output, and a 7% fall in electricity generation. The two sectors account for almost 40% of the index. Cement production crashed 25%, while natural gas production slid 15%, the data showed. Fertilizer production also fell 12%, while crude oil production slipped 5.5%.
• Coal was the only core sector that saw some growth, with output up 4%. The largest component of the index — refinery production — also dipped by only 0.5%.

Source: The Hindu

8) GI tag to Manipur black rice, Gorakhpur terracotta

• Chak­Hao, which is a black rice variety of Manipur, and Gorakhpur terracotta have bagged the Geographical Indication (GI) tag. 
• The application for ChakHao was filed by the Consortium of Producers of ChakHao (Black Rice), Manipur, and was facilitated by the Department of Agriculture, Government of Manipur, and the North Eastern Regional Agricultural Marketing Corporation Limited (NERAMAC). 
• In the case of Gorakhpur terracotta, the application was filed by Laxmi Terracotta Murtikala Kendra in Uttar Pradesh.
• Chak­Hao, scented glutinous rice which has been in cultivation in Manipur over centuries, is characterized by its special aroma. It is normally eaten during community feasts and is served as Chak­Hao kheer. 
• Chak­Hao has also been used by traditional medical practitioners as part of traditional medicine. According to the GI, an application filed, this rice takes the longest cooking time of 40­45 minutes due to the presence of a fibrous bran layer and higher crude fiber content. 
• At present, the traditional system of Chak­Hao cultivation is practiced in some pockets of Manipur. Direct sowing of pre­soaked seeds and also transplantation of rice seedlings raised in nurseries in puddled fields are widely practiced in the State’s wetlands
• The terracotta work of Gorakhpur is a centuries­old traditional art form, where the potters make various animal figures like horses, elephants, camel, goat, and ox with hand­applied ornamentation. 
• Some of the major products of craftsmanship include the Hauda elephants, Mahawatdar horse, deer, camel, five­faced Ganesha, singled­faced Ganesha, elephant table, chandeliers, and hanging bells. 

Source: The Hindu 

9) U.S. Priority Watch List for IPR

• India continues to be on the ‘Priority Watch List’ of the United States Trade Representative (USTR) for lack of adequate Intellectual Property (IP) rights protection and enforcement, according to the USTRs Annual Special 301 Report.

Key Points

• Concerns:
• Copyright laws not incentivizing the creation and commercialization of content.
• An outdated trade secrets framework.
• India restricted the transparency of information provided on state-issued pharmaceutical manufacturing licenses.
• India continues to apply restrictive patentability criteria to reject pharmaceutical patents.
• Absence of an effective system for protecting against the unfair means to obtain marketing approval for pharmaceuticals and certain agricultural chemical products.
• India maintains extremely high customs duties directed to IP-intensive products such as medical devices, pharmaceuticals, Information, and Communications Technology (ICT) products, solar energy equipment, and capital goods.
• India was ranked among the top five source countries for fake goods by the Organization of Economic Development and Cooperation (OECD) in 2019.
• The government’s 2019 draft Copyright Amendment Rules, if implemented, would have “severe” consequences for Internet-content rights holders as the proposed rules broadened the scope of compulsory licensing from radio and television broadcasting to online broadcasting.
• Trademarks: Trademark counterfeiting levels were “problematic” and there were “excessive delays” in obtaining trademarks due to a lack of examination quality.
• It urged India to join the Singapore Treaty on the Law of Trademarks, a treaty that harmonizes trademark registration.
• Progress Noted
• India had made “meaningful progress” to enhance IP protection and enforcement in some areas in 2019 and had acceded to the World Intellectual Property Organization (WIPO) Internet Treaties and the Nice Agreement.
• The Nice Agreement establishes a classification of goods and services to register trademarks and service marks (the Nice Classification).
• Online IP enforcement: Online IP enforcement in India has improved but progress is undercut by factors including :
• Weak enforcement by courts and the police.
• Lack of familiarity with investigative techniques.
• No centralized IP enforcement agency.

Special 301 Report

• The Special 301 Report identifies trading partners that do not adequately or effectively protect and enforce Intellectual Property (IP) rights or otherwise deny market access to U.S. innovators and creators that rely on the protection of their IP rights.
• The report is released annually by the United States Trade Representative (USTR).
• Trading partners that currently present the most significant concerns regarding IP rights are placed on the Priority Watch List or Watch List. USTR identified 33 countries for these lists in the Special 301 Report:
• Algeria, Argentina, Chile, China, India, Indonesia, Russia, Saudi Arabia, Ukraine, and Venezuela are on the Priority Watch List.
• Barbados, Bolivia, Brazil, Canada, Colombia, Dominican Republic, Ecuador, Egypt, Guatemala, Kuwait, Lebanon, Mexico, Pakistan, Paraguay, Peru, Romania, Thailand, Trinidad & Tobago, Turkey, Turkmenistan, the United Arab Emirates, Uzbekistan, and Vietnam are on the Watch List.

Source: The Hindu

10) Global Report on Internal Displacement 2020

The ‘Global Report on Internal Displacement 2020’ revealed that conflict, violence, and disasters led to 50.8 million internal displacements across the world at the end of 2019.

• Internal Displacement refers to the forced movement of people within the country they live in due to conflict, violence, development projects, disasters, and climate change.
• The report is published by the Norwegian Refugee Council’s Internal Displacement Monitoring Centre (IDMC).

Key Highlights

• Displacement due to conflict
• All regions are affected by conflict displacement, but it is highly concentrated in a few countries. Of the global total of 45.7 million people displaced due to conflict and violence in 2019, three-quarters of 34.5 million, were in just 10 countries
• Top Five countries with the highest displacement by conflict and violence are Syria, Democratic Republic of Congo, Ethiopia, Burkina Faso, and Afghanistan.
• Displacement related to disasters
• Nearly 1,900 disasters sparked 24.9 million new displacements across 140 countries and territories in 2019.
• This is the highest figure recorded since 2012.
• Out of the 24.9 million displaced due to disasters, 23.9 were weather-related, and “much of this displacement took place in the form of pre-emptive evacuations”.
• Noted efforts to prevent and respond to internal displacement
• Countries such as Niger and Somalia improved their policy frameworks on internal displacement.
• Others, including Afghanistan, Iraq, and the Philippines, incorporated displacement in their development plans, in their reporting on the Sustainable Development Goals, or when updating risk management strategies in line with the Sendai Framework for Disaster Risk Reduction.
• The combination of official monitoring of disaster displacement in the Philippines with mobile phone tracking data and social media analysis helped improve planning for shelters, reconstruction, and long term urban recovery.
• Improvements in the quantity and quality of data available also enabled better reporting and analysis, which in turn informed more effective responses and risk mitigation measures.

Data Related to India

• Nearly five million people were displaced in India in 2019
• It is the highest in the world.
• Reasons: The displacements were prompted by increased hazard intensity, high population, and social and economic vulnerability.
• Southwest Monsoon: More than 2.6 million people suffered displacement due to the southwest monsoon. 2019 was the seventh warmest year since 1901 and the monsoon was the wettest in 25 years.
• Cyclones Fani and Bulbul also led to huge displacements.
• Evacuations save lives, but many evacuees had their displacement prolonged because their homes had been damaged or destroyed.
• Over 19,000 conflicts and violence also prompted the phenomenon.
• Political and electoral violence, especially in Tripura and West Bengal, led to the displacement of more than 7,600 people.

Source: Indian Express

11) 1.6 Billion Risk Losing Jobs: ILO

Recently, the International Labour Organization (ILO) has warned that nearly half of the entire global workforce is in immediate danger of having their livelihoods destroyed by the coronavirus pandemic.

Key Points

• Informal workers at risk: Due to the Covid-19 lockdown, three-quarters of workers (some 1.6 billion people) engaged in the informal economy have suffered massive damage to their capacity to earn a living.
• Further, without alternative income, these workers and their families would have no means to survive.
• The global workforce is 3.3 billion people, of which more than two billion people work in the informal economy.
• Hard-hit Sectors: The worst-affected sectors would be accommodation and food services, manufacturing, wholesale and retail trade, and real estate and business activities.
• Suggestions
• The ILO calls for urgent, targeted, and flexible measures to support workers and businesses in the informal economy and others who are vulnerable.
• Measures for economic reactivation should follow a job-rich approach, backed by stronger employment policies and institutions, better-resourced, and comprehensive social protection systems.
• International coordination on stimulus packages and debt relief measures will also be critical to making recovery effective and sustainable.
• International labor standards, which already enjoy tripartite consensus, can provide a framework.
• Informal Sector
• The informal sector, also known as the unorganized sector, is the part of any economy that is neither taxed nor monitored by any form of government.
• The informal sector provides critical economic opportunities for the poor.
• The informal sector is largely characterized by skills gained outside of formal education, easy entry, a lack of stable employer-employee relationships, and a small scale of operations.
• Unlike the formal economy, the informal sector’s components are not included in GDP computations.
• The government of India has launched Pradhan Mantri Shram Yogi Maandhan Yojana as social security for unorganized workers.
• It is a voluntary and contributory pension scheme.

International Labour Organization (ILO)

• Established in 1919 by the Treaty of Versailles as an affiliated agency of the League of Nations.
• League of Nations was disbanded in 1946 and powers and functions of ILO transferred to United Nations
• Became the first affiliated specialized agency of the United Nations in 1946.
• Headquarters: Geneva, Switzerland
• Received the Nobel Peace Prize in 1969.
• For improving peace among classes.
• Pursuing decent work and justice for workers.
• Providing technical assistance to other developing nations.
• The organization has played a key role in
• Ensuring labor rights during the Great Depression of 1929.
• Decolonization process.
• The creation of Solidarność (trade union) in Poland.
• The victory over apartheid in South Africa.
• It is the only tripartite U.N. agency. It brings together governments, employers and workers of 187 member States, to set labor standards, develop policies and devise programs promoting decent work for all women and men.

Source: The Hindu

12) International Financial Services Centres Authority

The central government has established International Financial Services Centres Authority to regulate all financial services in International Financial Services Centres (IFSCs) with headquarters in Gandhinagar (Gujarat).

Key Points

• Functions:
• The authority will regulate financial products such as securities, deposits or contracts of insurance, financial services, and financial institutions which have been previously approved by any appropriate regulator such as Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), etc., in an IFSC.
• It will also regulate any other financial products, financial services, or financial institutions in an IFSC, which may be notified by the central government.
• It may also recommend to the central government any other financial products, financial services, or financial institutions, which may be permitted in an IFSC.
• Members:
• The International Financial Services Centres Authority will consist of nine members, appointed by the central government.
• They will include chairperson of the authority, a member each from the RBI, SEBI, the Insurance Regulatory and Development Authority of India (IRDAI), and the Pension Fund Regulatory and Development Authority (PFRDA); and two members from the Ministry of Finance. Also, two other members will be appointed on the recommendation of a Selection Committee.
• Term: All members of the IFSC Authority will have a term of three years, subject to reappointment.
• Possible Benefits:
• Unification under one authority: The banking, capital markets, and insurance sectors in IFSC which are regulated by multiple regulators - the RBI, SEBI, and IRDAI will be unified under the IFSC authority.
• The single-window regulatory institution would accelerate the development of India's first IFSC at GIFT City, Gandhinagar.
• Both national and international institutions dealing with international financial services would utilize the IFSC platform for inbound and outbound investments with improved ease of doing business, thereby making GIFT IFSC a global financial hub.

International Financial Services Centre:

• An IFSC enables bringing back the financial services and transactions that are currently carried out in offshore financial centers by Indian corporate entities and overseas branches/subsidiaries of Financial Institutions (such as banks, insurance companies, etc.) to India.
• It offers business and regulatory environment that is comparable to other leading international financial centers in the world like London and Singapore.
• IFSCs is intended to provide Indian corporates with easier access to global financial markets and to complement and promote further development of financial markets in India.
• The first IFSC in India has been set up at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar.

Source: Times Of India