Prelims Focus 28th June 2024

GI Tag for Dodol

In News: Dodol, a rich, caramel-like dessert from Goa, is being considered for a Geographical Indication (GI) tag by the state government in order to standardize its recipe and preserve its cultural identity.

• A Geographical Indication (GI) is a label used on products that come from a specific vicinity, highlighting traits or popularity related to that location. Internationally, GI is recognized as a part of Intellectual Property Rights (IPRs) under agreements like the WTO’s TRIPS Agreement, Paris Convention, Madrid Agreement, and Lisbon Agreement.
• In India, GI registration is managed by way of the Geographical Indications of Goods (Registration and Protection) Act of 1999. 
• It is overseen by means of the Registrar of Geographical Indications (RGI) and applies to agricultural, natural, or manufactured items. This registration offers legal security for 10 years, which may be renewed.
• The Department for Promotion of Industry and Internal Trade, a part of the Ministry of Commerce and Industry, handles GI registration. This ensures security towards unauthorized use and enables promotion of exports.

Joint Session of Parliament

In News: The President of India addressed the Joint Sitting Of Lok Sabha and Rajya Sabha in Parliament.

• • The President’s Address to the Joint Session of Parliament is a substantial event in India’s democratic technique.
  • It marks the beginning of the Parliamentary Session and describes the Government’s Policies,  Legislative Agenda, Achievements, and Future Plans.

• Constitutional Provisions

• • The Constitution of India offers the President and the Governor the power to cope with a sitting of the legislature. 
  • Article 87 gives two instances while the President specifically addresses both Houses of Parliament. 
  • The President of India addresses both the Rajya Sabha and the Lok Sabha at the start of the first Session after each election while the reconstituted lower house meets for the first time.
  • The President additionally addresses both the houses at the beginning of the primary consultation of each year.
  • Procedure and Tradition: There is no set format for the President’s or Governor’s speech. The Constitution of India states that the President shall ‘inform Parliament of the purpose of the summons’. 
    • The President’s speech essentially highlights the government’s coverage priorities and plans for the upcoming year, and provides a vast framework of the government’s schedule and direction.
    • After the President’s address, the 2 Houses move a ‘Motion to Thank’ the President for her speech.

Exercise HOPEX

In News: Exercise HOPEX, the fourth collaborative training exercise between the Indian Air Force and the Egyptian Air Force, took place in Egypt from June 21 to June 26.

• • Exercise HOPEX (Humanitarian Assistance and Disaster Relief Operations Exercise) is a biennial joint military exercise conducted by the Indian Armed Forces to enhance the country’s operational preparedness and coordination in responding to humanitarian assistance and disaster relief (HADR) situations.

• Objectives

The primary objectives of Exercise HOPEX are:

• Interoperability: To improve interoperability and coordination among the Indian Army, Navy, and Air Force in executing HADR operations.
• Capacity Building: To build the capacity of the armed forces in effectively responding to natural disasters, man-made crises, and other emergencies.
• Coordination with Civilian Agencies: To strengthen the coordination and integration between the military and civilian disaster management agencies for a cohesive HADR response.
• Lessons Learned: To identify best practices and lessons learned from previous HADR operations and incorporate them into future planning and training.

P-Notes

In News:  Investments through participatory notes in the Indian capital markets increased to $1.49 trillion as of March, compared to the previous year.

What are P-Notes?

P-Notes, or Participatory Notes, are financial instruments issued by registered Foreign Portfolio Investors (FPIs) to overseas investors who wish to invest in the Indian securities market without registering directly with the market regulator, the Securities and Exchange Board of India (SEBI).

P-Notes allow foreign investors to take positions in Indian securities without the need for direct registration with SEBI. They are essentially derivative instruments that mirror the underlying Indian securities.

Key Features of P-Notes

• Indirect Investment: P-Notes allow foreign investors to invest in the Indian securities market indirectly, without the need for direct registration with SEBI.
• Anonymity: P-Notes provide a certain degree of anonymity to the end-investors, as their identities are not disclosed to the Indian authorities.
• Ease of Access: P-Notes offer a convenient and flexible way for foreign investors to gain exposure to the Indian market, without the administrative hassle of direct registration.
• Leverage: P-Notes can be used to obtain leveraged exposure to the Indian securities market, as they are derivative instruments.
• Regulatory Oversight: FPIs issuing P-Notes are required to comply with SEBI’s regulations and guidelines, ensuring a certain level of regulatory oversight.

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